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)

Ronald A. Holinsky, 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, 2017

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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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, 2017

LVIP American 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 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 Allocation Funds

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,078.10		0.23%		$1.19
Service Class Shares		1,000.00		1,076.40		0.58%		2.99
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.65		0.23%		$1.15
Service Class Shares		1,000.00		1,021.92		0.58%		2.91

LVIP American Growth Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,091.30		0.23%		$1.19
Service Class Shares		1,000.00		1,089.30		0.58%		3.00
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.65		0.23%		$1.15
Service Class Shares		1,000.00		1,021.92		0.58%		2.91

LVIP American Income Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,056.20		0.26%		$1.33
Service Class Shares		1,000.00		1,054.40		0.61%		3.11
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.51		0.26%		$1.30
Service Class Shares		1,000.00		1,021.77		0.61%		3.06

* “Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Each Fund operates under a fund of funds structure. Each Fund invests a substantial 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 American Allocation Funds–1

LVIP American Allocation Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2017

LVIP American Balanced Allocation Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investment	3.02%
Fixed Income Fund	3.02%
Unaffiliated Investments	97.06%
Asset Allocation Fund	15.93%
Equity Funds	27.95%
Fixed Income Funds	32.18%
International Equity Funds	18.99%
International Fixed Income Fund	2.01%
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	3.02%
Fixed Income Fund	3.02%
Unaffiliated Investments	97.05%
Asset Allocation Fund	11.95%
Equity Funds	31.97%
Fixed Income Funds	24.14%
International Equity Funds	28.99%
Total Value of Securities	100.07%
Liabilities Net of Receivables and Other Assets	(0.07%)
Total Net Assets	100.00%

LVIP American Income Allocation Fund

Security Type/Sector	Percentage of Net Assets
Unaffiliated Investments	100.04%
Asset Allocation Fund	14.90%
Equity Funds	20.93%
Fixed Income Funds	54.21%
International Equity Funds	6.98%
International Fixed Income Fund	3.02%
Total Value of Securities	100.04%
Liabilities Net of Receivables and Other Assets	(0.04%)
Total Net Assets	100.00%

LVIP American Allocation Funds–2

LVIP American Balanced Allocation Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–3.02%
Fixed Income Fund–3.02%
✢American Funds Insurance Series® – Mortgage Bond Fund		2,481,390	$	26,352,362
Total Affiliated Investment (Cost $25,458,234)				26,352,362
UNAFFILIATED INVESTMENTS–97.06%
Asset Allocation Fund–15.93%
²American Funds® – Capital Income Builder		2,269,471		139,095,872
				139,095,872
Equity Funds–27.95%
²American Funds® –
AMCAP Fund		1,774,902		52,483,848
American Mutual Fund		1,337,223		52,071,462
✢American Funds Insurance Series® –
Blue Chip Income & Growth Fund		3,815,395		52,423,528
Growth Fund		745,585		52,250,588
Growth-Income Fund		764,594		34,842,561
				244,071,987
Fixed Income Funds–32.18%
²American Funds® – Intermediate Bond Fund of America		3,929,857		52,699,376

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds (continued)
✢American Funds Insurance Series® –
Bond Fund		19,402,004	$	210,705,763
High-Income Bond Fund		1,668,549		17,553,133
				280,958,272
International Equity Funds–18.99%
✢American Funds Insurance Series® –
Global Growth & Income Fund		1,190,128		17,435,371
Global Growth Fund		628,287		17,397,260
Global Small Capitalization Fund		1,536,234		34,933,960
International Fund		3,554,457		69,916,176
New World Fund		1,157,476		26,112,649
				165,795,416
International Fixed Income Fund–2.01%
✢American Funds Insurance Series® – Global Bond Fund		1,501,740		17,600,397
				17,600,397
Total Unaffiliated Investments (Cost $760,290,145)				847,521,944

TOTAL VALUE OF SECURITIES–100.08% (Cost $785,748,379)		873,874,306
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.08%)		(729,788	)
NET ASSETS APPLICABLE TO 68,392,788 SHARES OUTSTANDING–100.00%	$	873,144,518

^²  Class R-6 shares.

✢ Class 1 shares.

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

LVIP American Allocation Funds–3

LVIP American Growth Allocation Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–3.02%
Fixed Income Fund–3.02%
✢American Funds Insurance Series® – Mortgage Bond Fund		2,460,523	$	26,130,759
Total Affiliated Investment (Cost $25,583,886)				26,130,759
UNAFFILIATED INVESTMENTS–97.05%
Asset Allocation Fund–11.95%
²American Funds® – Capital Income Builder		1,686,685		103,376,933
				103,376,933
Equity Funds–31.97%
²American Funds® –
AMCAP Fund		1,760,070		52,045,268
American Mutual Fund		1,547,581		60,262,785
✢American Funds Insurance Series® –
Blue Chip Income & Growth Fund		4,414,195		60,651,037
Growth Fund		739,982		51,857,957
Growth-Income Fund		1,137,332		51,828,201
				276,645,248

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds–24.14%
²American Funds® – Intermediate Bond Fund of America		1,948,417	$	26,128,277
✢American Funds Insurance Series® –
Bond Fund		15,227,804		165,373,951
High-Income Bond Fund		1,654,570		17,406,079
				208,908,307
International Equity Funds–28.99%
²American Funds® – EuroPacific Growth Fund		332,857		17,281,910
✢American Funds Insurance Series® –
Global Growth & Income Fund		1,770,289		25,934,729
Global Growth Fund		934,539		25,877,385
Global Small Capitalization Fund		1,904,260		43,302,873
International Fund		5,287,138		103,998,002
New World Fund		1,530,447		34,526,894
				250,921,793
Total Unaffiliated Investments (Cost $739,465,779)				839,852,281

TOTAL VALUE OF SECURITIES–100.07% (Cost $765,049,665)		865,983,040
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)		(565,825	)
NET ASSETS APPLICABLE TO 65,100,506 SHARES OUTSTANDING–100.00%	$	865,417,215

^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 Income Allocation Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS–100.04%
Asset Allocation Fund–14.90%
✢American Funds® – Capital Income Builder		487,323	$	29,867,999
				29,867,999
Equity Funds–20.93%
²American Funds® –
AMCAP Fund		338,880		10,020,685
American Mutual Fund		255,126		9,934,612
✢American Funds Insurance Series® –
Blue Chip Income & Growth Fund		582,620		8,005,192
Growth Fund		113,808		7,975,694
Growth-Income Fund		131,717		6,002,350
				41,938,533
Fixed Income Funds–54.21%
²American Funds® – Intermediate Bond Fund of America		1,500,912		20,127,229

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds (continued)
✢American Funds Insurance Series® –
Bond Fund		6,112,644	$	66,383,312
High-Income Bond Fund		573,327		6,031,396
Mortgage Bond Fund		757,934		8,049,259
U.S. Government/AAA-Rated Securities Fund		657,165		8,043,699
				108,634,895
International Equity Funds–6.98%
✢American Funds Insurance Series® –
Global Small Capitalization Fund		175,943		4,000,937
International Fund		305,312		6,005,483
New World Fund		176,740		3,987,260
				13,993,680
International Fixed Income Fund–3.02%
✢American Funds Insurance Series® – Global Bond Fund		516,036		6,047,938
				6,047,938
Total Unaffiliated Investments (Cost $187,671,925)				200,483,045

TOTAL VALUE OF SECURITIES–100.04% (Cost $187,671,925)		200,483,045
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)		(87,920	)
NET ASSETS APPLICABLE TO 17,130,913 SHARES OUTSTANDING–100.00%	$	200,395,125

^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 Allocation Funds

Statements of Assets and Liabilities

June 30, 2017 (unaudited)

	LVIP American Balanced Allocation Fund			LVIP American Growth Allocation Fund			LVIP American Income Allocation Fund
ASSETS:
Affiliated investment, at value		$	26,352,362		$	26,130,759		$	—
Unaffiliated investments, at value			847,521,944			839,852,281			200,483,045
Total investments, at value			873,874,306			865,983,040			200,483,045
Receivable for investments sold			43,098			301,085			109,526
Receivable for fund shares sold			42,484			1,918			36,860
Dividends receivable from investments			22,216			11,125			11,937
TOTAL ASSETS			873,982,104			866,297,168			200,641,368
LIABILITIES:
Due to manager and affiliates			417,070			415,269			96,018
Payable for fund shares redeemed			327,519			124,709			10,722
Cash due to custodian			45,849			310,397			121,415
Other accrued expenses payable			27,800			27,936			18,088
Payable for investments purchased			19,348			1,642			—
TOTAL LIABILITIES			837,586			879,953			246,243
TOTAL NET ASSETS		$	873,144,518		$	865,417,215		$	200,395,125
Affiliated investment, at cost		$	25,458,234		$	25,583,886		$	—
Unaffiliated investments, at cost			760,290,145			739,465,779			187,671,925
Total investments, at cost		$	785,748,379		$	765,049,665		$	187,671,925
Standard Class:
Net Assets		$	32,107,926		$	13,988,600		$	7,562,097
Shares Outstanding			2,509,923			1,050,138			645,142
Net Asset Value Per Share		$	12.792		$	13.321		$	11.722
Service Class:
Net Assets		$	841,036,592		$	851,428,615		$	192,833,028
Shares Outstanding			65,882,865			64,050,368			16,485,771
Net Asset Value Per Share		$	12.766		$	13.293		$	11.697
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)		$	753,512,011		$	726,880,668		$	182,791,465
Undistributed net investment income			3,711,953			3,194,685			910,447
Accumulated net realized gain on investments			27,794,627			34,408,487			3,882,093
Net unrealized appreciation of investments			88,125,927			100,933,375			12,811,120
TOTAL NET ASSETS		$	873,144,518		$	865,417,215		$	200,395,125

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

LVIP American Allocation Funds–6

LVIP American Allocation Funds

Statements of Operations

Six Months Ended June 30, 2017 (unaudited)

	LVIP American Balanced Allocation Fund				LVIP American Growth Allocation Fund				LVIP American Income Allocation Fund
INVESTMENT INCOME:
Dividends from unaffiliated investments		$	6,053,752			$	5,552,527			$	1,494,691
Dividends from affiliated investment			78,873				77,437				—
			6,132,625				5,629,964				1,494,691
EXPENSES:
Distribution fees-Service Class			1,428,751				1,450,426				331,703
Management fees			1,059,594				1,053,679				246,344
Accounting and administration expenses			45,195				45,094				22,024
Shareholder servicing fees			42,347				41,847				9,755
Professional fees			18,896				19,143				11,529
Reports and statements to shareholders			12,135				9,557				4,358
Trustees’ fees and expenses			11,330				11,309				2,642
Custodian fees			6,782				7,183				2,780
Consulting fees			1,783				1,772				1,066
Pricing fees			48				44				11
Other			5,730				5,961				1,301
			2,632,591				2,646,015				633,513
Less:
Management fees waived			(211,919	)			(210,736	)			(49,269	)
Total operating expenses			2,420,672				2,435,279				584,244
NET INVESTMENT INCOME			3,711,953				3,194,685				910,447
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investments			13,542,464				13,963,083				2,646,159
Distributions from affiliated investment			160,095				157,221				—
Sale of unaffiliated investments			2,929,169				4,564,052				425,622
Sale of affiliated investment			(13,926	)			(10,233	)			—
Net realized gain			16,617,802				18,674,123				3,071,781
Net change in unrealized appreciation (depreciation) of:
Unaffiliated investments			42,060,964				50,422,224				6,507,716
Affiliated investment			161,469				159,796				—
Net change in unrealized appreciation (depreciation)			42,222,433				50,582,020				6,507,716
NET REALIZED AND UNREALIZED GAIN			58,840,235				69,256,143				9,579,497
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	62,552,188			$	72,450,828			$	10,489,944

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

LVIP American Allocation Funds–7

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 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,711,953		$	13,162,874		$	3,194,685		$	12,450,293		$	910,447		$	3,320,996
Net realized gain		16,617,802			19,373,333			18,674,123			24,449,679			3,071,781			3,060,450
Net change in unrealized appreciation (depreciation)		42,222,433			13,868,453			50,582,020			12,706,103			6,507,716			3,322,592
Net increase in net assets resulting from operations		62,552,188			46,404,660			72,450,828			49,606,075			10,489,944			9,704,038
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(641,069	)		—			(312,758	)		—			(176,601	)
Service Class		—			(14,073,966	)		—			(13,697,791	)		—			(3,586,143	)
Net realized gain:
Standard Class		—			(1,471,927	)		—			(706,457	)		—			(209,830	)
Service Class		—			(32,803,483	)		—			(38,155,745	)		—			(5,116,191	)
		—			(48,990,445	)		—			(52,872,751	)		—			(9,088,765	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,688,674			11,029,343			932,837			4,974,358			980,671			1,644,173
Service Class		49,903,834			83,162,842			35,608,071			60,262,671			16,683,025			34,037,807
Reinvestment of dividends and distributions:
Standard Class		—			2,112,996			—			1,019,215			—			386,431
Service Class		—			46,877,448			—			51,853,536			—			8,702,334
		51,592,508			143,182,629			36,540,908			118,109,780			17,663,696			44,770,745
Cost of shares redeemed:
Standard Class		(2,415,467	)		(12,696,961	)		(3,663,706	)		(4,341,222	)		(1,607,346	)		(1,637,747	)
Service Class		(63,845,964	)		(115,338,686	)		(70,672,878	)		(112,969,084	)		(19,458,283	)		(35,409,021	)
		(66,261,431	)		(128,035,647	)		(74,336,584	)		(117,310,306	)		(21,065,629	)		(37,046,768	)
Increase (decrease) in net assets derived from capital share transactions		(14,668,923	)		15,146,982			(37,795,676	)		799,474			(3,401,933	)		7,723,977
NET INCREASE (DECREASE) IN NET ASSETS		47,883,265			12,561,197			34,655,152			(2,467,202	)		7,088,011			8,339,250
NET ASSETS:
Beginning of period		825,261,253			812,700,056			830,762,063			833,229,265			193,307,114			184,967,864
End of period	$	873,144,518		$	825,261,253		$	865,417,215		$	830,762,063		$	200,395,125		$	193,307,114
Undistributed net investment income	$	3,711,953		$	—		$	3,194,685		$	—		$	910,447		$	—

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

LVIP American Allocation Funds–8

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    6/30/171    (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.865		$	11.893			$	12.768			$	12.820			$	11.416			$	10.545
Income (loss) from investment operations:
Net investment income2			0.075			0.235				0.237				0.279				0.246				0.270
Net realized and unrealized gain (loss)			0.852			0.503				(0.328	)			0.453				1.463				0.947
Total from investment operations			0.927			0.738				(0.091	)			0.732				1.709				1.217
Less dividends and distributions from:
Net investment income			—			(0.256	)			(0.363	)			(0.297	)			(0.257	)			(0.337	)
Net realized gain			—			(0.510	)			(0.421	)			(0.487	)			(0.048	)			(0.009	)
Total dividends and distributions			—			(0.766	)			(0.784	)			(0.784	)			(0.305	)			(0.346	)
Net asset value, end of period		$	12.792		$	11.865			$	11.893			$	12.768			$	12.820			$	11.416
Total return3			7.81%			6.20%				(0.68%	)			5.74%				14.98%				11.58%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	32,108		$	30,474			$	30,201			$	30,939			$	29,314			$	17,492
Ratio of expenses to average net assets4			0.23%			0.23%				0.22%				0.22%				0.22%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.28%			0.28%				0.27%				0.27%				0.28%				0.28%
Ratio of net investment income to average net assets			1.21%			1.94%				1.85%				2.13%				2.01%				2.40%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.16%			1.89%				1.80%				2.08%				1.95%				2.32%
Portfolio turnover			15%			30%				25%				19%				49%				24%

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 American Allocation Funds–9

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    6/30/171    (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.860		$	11.890			$	12.765			$	12.818			$	11.416			$	10.549
Income (loss) from investment operations:
Net investment income2			0.053			0.192				0.192				0.233				0.202				0.231
Net realized and unrealized gain (loss)			0.853			0.501				(0.328	)			0.452				1.462				0.945
Total from investment operations			0.906			0.693				(0.136	)			0.685				1.664				1.176
Less dividends and distributions from:
Net investment income			—			(0.213	)			(0.318	)			(0.251	)			(0.214	)			(0.300	)
Net realized gain			—			(0.510	)			(0.421	)			(0.487	)			(0.048	)			(0.009	)
Total dividends and distributions			—			(0.723	)			(0.739	)			(0.738	)			(0.262	)			(0.309	)
Net asset value, end of period		$	12.766		$	11.860			$	11.890			$	12.765			$	12.818			$	11.416
Total return3			7.64%			5.83%				(1.03%	)			5.37%				14.59%				11.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	841,037		$	794,787			$	782,499			$	819,047			$	778,627			$	685,676
Ratio of expenses to average net assets4			0.58%			0.58%				0.57%				0.57%				0.57%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.63%			0.63%				0.62%				0.62%				0.63%				0.63%
Ratio of net investment income to average net assets			0.86%			1.59%				1.50%				1.78%				1.66%				2.05%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.81%			1.54%				1.45%				1.73%				1.60%				1.97%
Portfolio turnover			15%			30%				25%				19%				49%				24%

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 American Allocation Funds–10

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    6/30/171     (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.207		$	12.265			$	13.298			$	13.297			$	11.526			$	10.485
Income (loss) from investment operations:
Net investment income2			0.070			0.229				0.243				0.287				0.247				0.253
Net realized and unrealized gain (loss)			1.044			0.561				(0.369	)			0.459				1.820				1.120
Total from investment operations			1.114			0.790				(0.126	)			0.746				2.067				1.373
Less dividends and distributions from:
Net investment income			—			(0.251	)			(0.370	)			(0.303	)			(0.247	)			(0.327	)
Net realized gain			—			(0.597	)			(0.537	)			(0.442	)			(0.049	)			(0.005	)
Total dividends and distributions			—			(0.848	)			(0.907	)			(0.745	)			(0.296	)			(0.332	)
Net asset value, end of period		$	13.321		$	12.207			$	12.265			$	13.298			$	13.297			$	11.526
Total return3			9.13%			6.45%				(0.89%	)			5.63%				17.94%				13.15%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	13,988		$	15,462			$	13,884			$	15,753			$	14,903			$	10,649
Ratio of expenses to average net assets4			0.23%			0.22%				0.22%				0.22%				0.22%				0.21%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.28%			0.27%				0.27%				0.27%				0.28%				0.29%
Ratio of net investment income to average net assets			1.10%			1.84%				1.82%				2.11%				1.97%				2.25%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.05%			1.79%				1.77%				2.06%				1.91%				2.17%
Portfolio turnover			12%			30%				23%				19%				42%				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.

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 American Allocation Funds–11

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    6/30/171    (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.203		$	12.263			$	13.295			$	13.295			$	11.527			$	10.490
Income (loss) from investment operations:
Net investment income2			0.048			0.185				0.196				0.239				0.202				0.214
Net realized and unrealized gain (loss)			1.042			0.560				(0.368	)			0.458				1.818				1.118
Total from investment operations			1.090			0.745				(0.172	)			0.697				2.020				1.332
Less dividends and distributions from:
Net investment income			—			(0.208	)			(0.323	)			(0.255	)			(0.203	)			(0.290	)
Net realized gain			—			(0.597	)			(0.537	)			(0.442	)			(0.049	)			(0.005	)
Total dividends and distributions			—			(0.805	)			(0.860	)			(0.697	)			(0.252	)			(0.295	)
Net asset value, end of period		$	13.293		$	12.203			$	12.263			$	13.295			$	13.295			$	11.527
Total return3			8.93%			6.08%				(1.23%	)			5.26%				17.53%				12.74%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	851,429		$	815,300			$	819,345			$	845,384			$	783,260			$	642,165
Ratio of expenses to average net assets4			0.58%			0.57%				0.57%				0.57%				0.57%				0.56%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.63%			0.62%				0.62%				0.62%				0.63%				0.64%
Ratio of net investment income to average net assets			0.75%			1.49%				1.47%				1.76%				1.62%				1.90%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.70%			1.44%				1.42%				1.71%				1.56%				1.82%
Portfolio turnover			12%			30%				23%				19%				42%				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.

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 American Allocation Funds–12

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    6/30/171    (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.098		$	11.047			$	11.827			$	11.937			$	11.208			$	10.660
Income (loss) from investment operations:
Net investment income2			0.072			0.234				0.226				0.266				0.231				0.286
Net realized and unrealized gain (loss)			0.552			0.388				(0.310	)			0.469				0.771				0.635
Total from investment operations			0.624			0.622				(0.084	)			0.735				1.002				0.921
Less dividends and distributions from:
Net investment income			—			(0.258	)			(0.361	)			(0.300	)			(0.254	)			(0.365	)
Net realized gain			—			(0.313	)			(0.335	)			(0.545	)			(0.019	)			(0.008	)
Total dividends and distributions			—			(0.571	)			(0.696	)			(0.845	)			(0.273	)			(0.373	)
Net asset value, end of period		$	11.722		$	11.098			$	11.047			$	11.827			$	11.937			$	11.208
Total return3			5.62%			5.62%				(0.70%	)			6.20%				8.95%				8.66%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	7,562		$	7,772			$	7,355			$	8,346			$	6,351			$	5,799
Ratio of expenses to average net assets4			0.26%			0.25%				0.25%				0.24%				0.25%				0.23%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.31%			0.30%				0.30%				0.29%				0.30%				0.31%
Ratio of net investment income to average net assets			1.26%			2.06%				1.91%				2.17%				1.97%				2.56%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.21%			2.01%				1.86%				2.12%				1.92%				2.48%
Portfolio turnover			23%			31%				31%				22%				61%				30%

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 American Allocation Funds–13

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    6/30/171    (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.094		$	11.044			$	11.823			$	11.934			$	11.207			$	10.663
Income (loss) from investment operations:
Net investment income2			0.052			0.194				0.184				0.223				0.190				0.247
Net realized and unrealized gain (loss)			0.551			0.387				(0.308	)			0.468				0.769				0.633
Total from investment operations			0.603			0.581				(0.124	)			0.691				0.959				0.880
Less dividends and distributions from:
Net investment income			—			(0.218	)			(0.320	)			(0.257	)			(0.213	)			(0.328	)
Net realized gain			—			(0.313	)			(0.335	)			(0.545	)			(0.019	)			(0.008	)
Total dividends and distributions			—			(0.531	)			(0.655	)			(0.802	)			(0.232	)			(0.336	)
Net asset value, end of period		$	11.697		$	11.094			$	11.044			$	11.823			$	11.934			$	11.207
Total return3			5.44%			5.25%				(1.04%	)			5.84%				8.57%				8.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	192,833		$	185,535			$	177,613			$	203,605			$	208,183			$	195,751
Ratio of expenses to average net assets4			0.61%			0.60%				0.60%				0.59%				0.60%				0.58%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.66%			0.65%				0.65%				0.64%				0.65%				0.66%
Ratio of net investment income to average net assets			0.91%			1.71%				1.56%				1.82%				1.62%				2.21%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.86%			1.66%				1.51%				1.77%				1.57%				2.13%
Portfolio turnover			23%			31%				31%				22%				61%				30%

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 American Allocation Funds–14

LVIP American Allocation Funds

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantial 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 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. Investments in government money market funds have a stable NAV.

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 2016), 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, 2017, 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.

LVIP American Allocation Funds–15

LVIP American Allocation Funds

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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, 2017.

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 calculated daily and paid monthly. 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, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, 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		$	24,046		$	23,967		$	5,592
Legal			5,804			5,785			1,350

Lincoln Life also provides certain contractholder and additional corporate services to the Funds. Effective May 1, 2017, the each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the average daily net assets of each Fund, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The fees are calculated daily and paid annually. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2017, these fees were as follows:

	LVIP American Balanced Allocation Fund		LVIP American Growth Allocation Fund		LVIP American Income Allocation Fund
Printing and mailing		$8,379		$5,798		$2,140

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to their distribution and service plan, the Funds are authorized to pay out of the assets of the Service Class shares, Lincoln Life, LNY, or other, an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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 Allocation Funds–16

LVIP American Allocation Funds

Notes to Financial Statements (continued)

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

At June 30, 2017, 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		$	144,375		$	142,847		$	33,193
Distribution fees payable to LFD			243,382			245,911			55,872
Printing and mailing fees payable to Lincoln Life			8,379			5,798			2,140
Shareholder servicing fees payable to Lincoln Life			20,934			20,713			4,813

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 investments, 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 issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Funds and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

LVIP American Balanced Allocation Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/31/17			Dividends			Capital Gain Distributions
American Funds Insurance Series® - Mortgage Bond Fund		$	24,794,514		$	2,581,311		$	1,171,006		$	(13,926	)		$	161,469		$	26,352,362		$	78,853		$	160,095

LVIP American Growth Allocation Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
American Funds Insurance Series® - Mortgage Bond Fund		$	24,966,580		$	2,580,674		$	1,566,058		$	(10,233	)		$	159,796		$	26,130,759		$	77,437		$	157,221

3. Investments

For the six months ended June 30, 2017, 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		$	132,314,931		$	104,146,572		$	44,849,554
Sales			130,831,602			125,320,172			45,005,371

At June 30, 2017, 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, 2017, 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		$	785,748,379			$	765,049,665			$	187,671,925
Aggregate unrealized appreciation		$	89,515,606			$	102,100,071			$	13,054,821
Aggregate unrealized depreciation			(1,389,679	)			(1,166,696	)			(243,701	)
Net unrealized appreciation		$	88,125,927			$	100,933,375			$	12,811,120

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

LVIP American Allocation Funds–17

LVIP American Allocation Funds

Notes to Financial Statements (continued)

3. Investments (continued)

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, 2017:

Level 1	LVIP American Balanced Allocation Fund			LVIP American Growth Allocation Fund			LVIP American Income Allocation Fund
Investments:
Assets:
Affiliated Investment		$	26,352,362		$	26,130,759		$	—
Unaffiliated Investments			847,521,944			839,852,281			200,483,045
Total Investments		$	873,874,306		$	865,983,040		$	200,483,045

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

During the six months ended June 30, 2017, 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 6/30/17			12/31/16			Six Months Ended 6/30/17			12/31/16			Six Months Ended 6/30/17			12/31/16
Shares sold:
Standard Class		137,145			893,691			74,064			401,133			85,956			146,485
Service Class		4,050,524			6,899,895			2,787,913			4,926,830			1,460,608			2,999,806
Shares reinvested:
Standard Class		—			175,472			—			82,413			—			34,315
Service Class		—			3,900,671			—			4,198,845			—			773,215
		4,187,669			11,869,729			2,861,977			9,609,221			1,546,564			3,953,821
Shares redeemed:
Standard Class		(195,733	)		(1,040,137	)		(290,559	)		(348,926	)		(141,103	)		(146,241	)
Service Class		(5,180,191	)		(9,599,470	)		(5,551,022	)		(9,126,678	)		(1,698,464	)		(3,131,472	)
		(5,375,924	)		(10,639,607	)		(5,841,581	)		(9,475,604	)		(1,839,567	)		(3,277,713	)
Net increase (decrease)		(1,188,255	)		1,230,122			(2,979,604	)		133,617			(293,003	)		676,108

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.

LVIP American Allocation Funds–18

LVIP American Allocation Funds

Notes to Financial Statements (continued)

6. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

7. 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 Allocation Funds–19

LVIP American Century Select Mid Cap Managed Volatility Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,055.20		0.06	%		$0.31
Service Class Shares		1,000.00		1,053.40		0.41	%		2.09
Hypothetical (5% return before expenses)*
Standard Class Shares		$1,000.00		$1,024.50		0.06	%		$0.30
Service Class Shares		1,000.00		1,022.76		0.41	%		2.06

* “Expenses Paid During Period” are equal to a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 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, 2017

Security Type/Sector	Percentage of Net Assets
Affiliated Investments	92.98%
Equity Funds	92.98%
Unaffiliated Investment	6.86%
Money Market Fund	6.86%
Total Value of Securities	99.84%
Receivables and Other Assets Net of Liabilities	0.16%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–92.98%
Equity Funds–92.98%
*American Century VP–
Capital Appreciation Fund		4,302,282	$	63,630,752
Mid Cap Value Fund		11,915,679		254,876,376
Total Affiliated Investments (Cost $290,119,568)				318,507,128

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT–6.86%
Money Market Fund–6.86%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		23,506,303	$	23,506,303
Total Unaffiliated Investment (Cost $23,506,303)				23,506,303

TOTAL VALUE OF SECURITIES–99.84% (Cost $313,625,871)		342,013,431
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.16%		562,198
NET ASSETS APPLICABLE TO 26,184,259 SHARES OUTSTANDING–100.00%	$	342,575,629

*  Class I shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
3	British Pound	$	240,572	$	244,594		9/19/17	$	4,022	$	—
3	Euro		425,203		430,013		9/19/17		4,810		—
3	Japanese Yen		345,272		334,125		9/19/17		—		(11,147	)
									8,832		(11,147	)
Equity Contracts:
21	E-mini Russell 2000 Index		1,469,615		1,485,015		9/18/17		15,400		—
82	E-mini S&P 500 Index		9,948,588		9,925,690		9/18/17		—		(22,898	)
52	E-mini S&P MidCap 400 Index		9,181,193		9,079,720		9/18/17		—		(101,473	)
12	Euro STOXX 50 Index		487,106		470,246		9/18/17		—		(16,860	)
3	FTSE 100 Index		290,565		282,990		9/18/17		—		(7,575	)
2	Nikkei 225 Index (OSE)		357,681		355,990		9/8/17		—		(1,691	)
									15,400		(150,497	)
Total								$	24,232	$	(161,644	)

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:

FTSE–Financial Times Stock Exchange

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Affiliated investments, at value	$	318,507,128
Unaffiliated investment, at value		23,506,303
Total investments, at value		342,013,431
Cash collateral held at broker for futures contracts		854,198
Receivable for fund shares sold		154,471
Foreign currencies collateral held at broker for futures contracts, at value		125,135
Expense reimbursement from Lincoln Investment Advisor Corporation		24,551
Unrealized appreciation on futures contracts		24,232
Dividends receivable from investments		15,120
Foreign currencies, at value		9,463
TOTAL ASSETS		343,220,601
LIABILITIES:
Cash due to custodian		304,010
Unrealized depreciation on futures contracts		161,644
Due to manager and affiliates		135,087
Other accrued expenses payable		22,992
Payable for fund shares redeemed		17,135
Payable for investments purchased		4,104
TOTAL LIABILITIES		644,972
TOTAL NET ASSETS	$	342,575,629
Affiliated investments, at cost	$	290,119,568
Unaffiliated investment, at cost		23,506,303
Total investments, at cost	$	313,625,871
Foreign currencies, at cost	$	9,476
Foreign currencies collateral held at broker for futures contracts, at cost	$	125,135
Standard Class:
Net Assets	$	13,640
Shares Outstanding		1,041
Net Asset Value Per Share	$	13.103	*
Service Class:
Net Assets	$	342,561,989
Shares Outstanding		26,183,218
Net Asset Value Per Share	$	13.083
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	302,511,303
Undistributed net investment income		1,959,835
Accumulated net realized gain on investments		9,854,357
Net unrealized appreciation of investments and derivatives		28,250,134
TOTAL NET ASSETS	$	342,575,629

*Net Asset Value 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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from affiliated investments	$	1,623,922
Dividends from unaffiliated investment		62,463
		1,686,385
EXPENSES:
Management fees		1,170,454
Distribution fees-Service Class		546,188
Accounting and administration expenses		25,662
Professional fees		17,760
Shareholder servicing fees		16,437
Reports and statements to shareholders		14,974
Trustees’ fees and expenses		3,982
Custodian fees		2,240
Consulting fees		2,135
Pricing fees		141
Other		996
		1,800,969
Less:
Management fees waived		(1,076,818	)
Expenses reimbursed		(84,326	)
Total operating expenses		639,825
NET INVESTMENT INCOME		1,046,560
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from affiliated investments		7,697,050
Sale of affiliated investments		(136,943	)
Foreign currencies		2,041
Futures contracts		1,301,799
Net realized gain		8,863,947
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		5,397,081
Futures contracts		(23,136	)
Foreign currencies		(1	)
Net change in unrealized appreciation (depreciation)		5,373,944
NET REALIZED AND UNREALIZED GAIN		14,237,891
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,284,451

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,046,560		$	2,139,083
Net realized gain		8,863,947			3,830,204
Net change in unrealized appreciation (depreciation)		5,373,944			27,023,080
Net increase in net assets resulting from operations		15,284,451			32,992,367
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(197	)
Service Class		—			(3,064,802	)
		—			(3,064,999	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		—			—
Service Class		84,631,460			96,050,060
Reinvestment of dividends and distributions:
Standard Class		—			197
Service Class		—			3,064,802
		84,631,460			99,115,059
Cost of shares redeemed:
Standard Class		—			—
Service Class		(16,848,809	)		(29,205,299	)
		(16,848,809	)		(29,205,299	)
Increase in net assets derived from capital share transactions		67,782,651			69,909,760
NET INCREASE IN NET ASSETS		83,067,102			99,837,128
NET ASSETS:
Beginning of period		259,508,527			159,671,399
End of period	$	342,575,629		$	259,508,527
Undistributed net investment income	$	1,959,835		$	913,275

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 6/30/171 (unaudited)			Year Ended								1/2/143 to 12/31/14
				12/31/162				12/31/15
Net asset value, beginning of period		$	12.418		$	10.706			$	11.348			$	10.000
Income (loss) from investment operations:
Net investment income4			0.065			0.164				0.177				0.116
Net realized and unrealized gain (loss)			0.620			1.740				(0.618	)			1.300
Total from investment operations			0.685			1.904				(0.441	)			1.416
Less dividends and distributions from:
Net investment income			—			(0.192	)			(0.201	)			(0.068	)
Total dividends and distributions			—			(0.192	)			(0.201	)			(0.068	)
Net asset value, end of period		$	13.103		$	12.418			$	10.706			$	11.348
Total return5			5.52%			17.83%				(3.91%	)			14.17%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	14		$	13			$	11			$	12
Ratio of expenses to average net assets6			0.06%			0.04%				0.00%				0.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.80%			0.83%				0.85%				0.95%
Ratio of net investment income to average net assets			1.02%			1.43%				1.57%				1.11%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.28%			0.64%				0.72%				0.16%
Portfolio turnover			2%			28%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 6/30/171 (unaudited)				Year Ended								1/2/143 to 12/31/14
					12/31/162				12/31/15
Net asset value, beginning of period		$	12.420			$	10.708			$	11.349			$	10.000
Income (loss) from investment operations:
Net investment income4			0.043				0.125				0.137				0.084
Net realized and unrealized gain (loss)			0.620				1.739				(0.616	)			1.293
Total from investment operations			0.663				1.864				(0.479	)			1.377
Less dividends and distributions from:
Net investment income			—				(0.152	)			(0.162	)			(0.028	)
Total dividends and distributions			—				(0.152	)			(0.162	)			(0.028	)
Net asset value, end of period		$	13.083			$	12.420			$	10.708			$	11.349
Total return5			5.34%				17.43%				(4.24%	)			13.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	342,562			$	259,496			$	159,660			$	88,120
Ratio of expenses to average net assets6			0.41%				0.39%				0.35%				0.35%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.15%				1.18%				1.20%				1.30%
Ratio of net investment income to average net assets			0.67%				1.08%				1.22%				0.76%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.07%	)			0.29%				0.37%				(0.19%	)
Portfolio turnover			2%				28%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2014–December 31, 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 six months ended June 30, 2017, 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 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 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)

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, 2017.

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. 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, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. The fee is calculated daily and paid monthly.

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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for the administrative and legal services were as follows:

Administrative	$	8,501
Legal		2,054

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $11,462 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and Service Class shares. The two classes of shares are identical except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	24,551
Management fees payable to LIAC		16,897
Distribution fees payable to LFD		98,561
Printing and mailing fees payable to Lincoln Life		11,462
Shareholder servicing fees payable to Lincoln Life		8,167

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 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)

Affiliated investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
American Century VP Capital Appreciation Fund		$	47,857,957		$	15,878,992		$	3,154,349		$	(30,667	)		$	3,078,819		$	63,630,752		$	—		$	2,913,464
American Century VP Mid Cap Value			193,306,676			62,741,207			3,383,493			(106,276	)			2,318,262			254,876,376			1,623,922			4,783,586
Total		$	241,164,633		$	78,620,199		$	6,537,842		$	(136,943	)		$	5,397,081		$	318,507,128		$	1,623,922		$	7,697,050

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	78,620,199
Sales		6,537,842

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	313,625,871
Aggregate unrealized appreciation	$	28,387,560
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	28,387,560

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)

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)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2017:

	Level 1
Investments:
Assets:
Affiliated Investment	$	318,507,128
Unaffiliated Investments		23,506,303
Total Investments	$	342,013,431
Derivatives:
Assets:
Futures Contracts	$	24,232
Liabilities:
Futures Contracts	$	(161,644	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Service Class		6,591,905			8,262,655
Shares reinvested:
Standard Class		—			16
Service Class		—			248,366
		6,591,905			8,511,037
Shares redeemed:
Service Class		(1,302,712	)		(2,528,058	)
		(1,302,712	)		(2,528,058	)
Net increase		5,289,193			5,982,979

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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)

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location		Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Currency contracts)		Unrealized appreciation on futures contracts	$	8,832	Unrealized depreciation on futures contracts	$	(11,147	)
Futures contracts (Equity contracts)		Unrealized appreciation on futures contracts		15,400	Unrealized depreciation on futures contracts		(150,497	)
Total			$	24,232		$	(161,644	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Currency contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	38,499		$	6,974
Futures contracts (Equity contracts)	Net realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			1,263,300			(30,110	)
Total			$	1,301,799		$	(23,136	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (Average notional value)		$20,687,313		$—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 Century Select Mid Cap Managed Volatility Fund–12

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, 2017

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 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 American Funds

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Service Class II Shares		$1,000.00		$1,184.00		0.63%		$3.41
Hypothetical (5% return before expenses)
Service Class II Shares		$1,000.00		$1,021.67		0.63%		$3.16

LVIP American Global Small Capitalization Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Service Class II Shares		$1,000.00		$1,124.60		0.65%		$3.42
Hypothetical (5% return before expenses)
Service Class II Shares		$1,000.00		$1,021.57		0.65%		$3.26

LVIP American Growth Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Service Class II Shares		$1,000.00		$1,148.00		0.62%		$3.30
Hypothetical (5% return before expenses)
Service Class II Shares		$1,000.00		$1,021.72		0.62%		$3.11

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Service Class II Shares		$1,000.00		$1,095.80		0.60%		$3.12
Hypothetical (5% return before expenses)
Service Class II Shares		$1,000.00		$1,021.82		0.60%		$3.01

LVIP American International Fund

Expense Analysis of an Investment of $ 1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Service Class II Shares		$1,000.00		$1,183.50		0.62%		$3.36
Hypothetical (5% return before expenses)
Service Class II Shares		$1,000.00		$1,021.72		0.62%		$3.11

*  “Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.06%
International Equity Fund–100.06%
American Funds Insurance Series® – Global Growth Fund Class 1		5,770,903	$	159,796,329
Total Investment Company (Cost $138,243,249)				159,796,329
TOTAL VALUE OF SECURITIES–100.06% (Cost $138,243,249)				159,796,329
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)				(102,014	)
NET ASSETS APPLICABLE TO 8,585,302 SHARES OUTSTANDING–100.00%				$159,694,315
NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL GROWTH FUND SERVICE CLASS II ($159,694,315 / 8,585,302 Shares)				$18.601
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)				$128,096,802
Distributions in excess of net investment income				(249,920	)
Accumulated net realized gain on investments				10,294,353
Net unrealized appreciation of investments				21,553,080
TOTAL NET ASSETS				$159,694,315

« Of this amount, $86,542 represents due to manager and affiliates, $525,514 payable for investments purchased, and $154,870 payable for fund shares redeemed as of June 30, 2017.

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.08%
International Equity Fund–100.08%
American Funds Insurance Series® – Global Small Capitalization Fund Class 1		3,175,291	$	72,206,114
Total Investment Company (Cost $61,443,333)				72,206,114
TOTAL VALUE OF SECURITIES–100.08% (Cost $61,443,333)				72,206,114
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.08%)				(55,359	)
NET ASSETS APPLICABLE TO 4,412,319 SHARES OUTSTANDING–100.00%				$72,150,755
NET ASSET VALUE PER SHARE–LVIP AMERICAN GLOBAL SMALL CAPITALIZATION FUND SERVICE CLASS II ($72,150,755 / 4,412,319 Shares)				$16.352
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)				$52,227,163
Undistributed net investment income				75,094
Accumulated net realized gain on investments				9,085,717
Net unrealized appreciation of investments				10,762,781
TOTAL NET ASSETS				$72,150,755

« Of this amount, $5,659 represents expense reimbursement receivable from Lincoln Investment Advisors Corporation, $46,250 due to manager and affiliates, and $26,708 payable for fund shares redeemed as of June 30, 2017.

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.06%
Equity Fund–100.06%
American Funds Insurance Series® – Growth Fund Class 1		6,583,538	$	461,374,331
Total Investment Company (Cost $403,862,601)				461,374,331
TOTAL VALUE OF SECURITIES–100.06% (Cost $403,862,601)				461,374,331
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)				(290,591	)
NET ASSETS APPLICABLE TO 23,205,823 SHARES OUTSTANDING–100.00%			$	461,083,740
NET ASSET VALUE PER SHARE–LVIP AMERICAN GROWTH FUND SERVICE CLASS II ($461,083,740 / 23,205,823 Shares)				$19.869
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)			$	336,514,221
Distributions in excess of net investment income				(544,545	)
Accumulated net realized gain on investments				67,602,334
Net unrealized appreciation of investments				57,511,730
TOTAL NET ASSETS			$	461,083,740

« Of this amount, $273,844 represents due to manager and affiliates and $210,033 payable for fund shares redeemed as of June 30, 2017.

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.05%
Equity Fund–100.05%
American Funds Insurance Series® – Growth-Income Fund Class 1		8,564,947	$	390,304,665
Total Investment Company (Cost $341,446,488)				390,304,665
TOTAL VALUE OF SECURITIES–100.05% (Cost $341,446,488)				390,304,665
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)				(212,726	)
NET ASSETS APPLICABLE TO 19,574,822 SHARES OUTSTANDING–100.00%			$	390,091,939
NET ASSET VALUE PER SHARE–LVIP AMERICAN GROWTH-INCOME FUND SERVICE CLASS II ($390,091,939 / 19,574,822 Shares)				$19.928
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)			$	291,139,916
Undistributed net investment income				13,220
Accumulated net realized gain on investments				50,080,626
Net unrealized appreciation of investments				48,858,177
TOTAL NET ASSETS			$	390,091,939

« Of this amount, $195,598 represents due to manager and affiliates, $106,332 payable for investments purchased, and $172,239 payable for fund shares redeemed as of June 30, 2017.

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANY–100.06%
International Equity Fund–100.06%
American Funds Insurance Series® – International Fund Class 1		8,444,507	$	166,103,473
Total Investment Company (Cost $141,575,729)				166,103,473
TOTAL VALUE OF SECURITIES–100.06% (Cost $141,575,729)				166,103,473
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)				(104,157	)
NET ASSETS APPLICABLE TO 11,101,755 SHARES OUTSTANDING–100.00%			$	165,999,316
NET ASSET VALUE PER SHARE–LVIP AMERICAN INTERNATIONAL FUND SERVICE CLASS II ($165,999,316 / 11,101,755 Shares)				$14.953
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)			$	131,591,219
Undistributed net investment income				81,809
Accumulated net realized gain on investments				9,798,544
Net unrealized appreciation of investments				24,527,744
TOTAL NET ASSETS			$	165,999,316

« Of this amount, $88,375 represents due to manager and affiliates and $177,049 payable for fund shares redeemed as of June 30, 2017.

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, 2017 (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		$	188,817			$	300,386			$	726,098			$	1,064,173			$	563,972
EXPENSES:
Distribution fees-Service Class II			382,275				190,631				1,134,233				966,070				425,347
Accounting and administration expenses			19,810				17,407				29,230				27,228				20,413
Professional fees			12,204				11,562				14,869				14,296				12,385
Reports and statements to shareholders			12,105				13,108				56,282				13,646				10,973
Shareholder servicing fees			7,544				3,468				21,964				18,367				7,976
Trustees’ fees and expenses			1,803				905				5,345				4,607				2,025
Consulting fees			1,008				926				1,311				1,237				1,019
Custodian fees			961				503				2,532				2,146				977
Pricing fees			14				9				26				24				13
Other			1,013				563				4,851				3,332				1,035
			438,737				239,082				1,270,643				1,050,953				482,163
Less:
Expenses reimbursed			—				(13,790	)			—				—				—
Total operating expenses			438,737				225,292				1,270,643				1,050,953				482,163
NET INVESTMENT INCOME (LOSS)			(249,920	)			75,094				(544,545	)			13,220				81,809
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from investment companies			4,647,932				—				43,282,282				24,545,853				1,890,960
Sale of investment companies			(187,802	)			(48,735	)			(30,096	)			(40,797	)			(55,550	)
Net realized gain (loss)			4,460,130				(48,735	)			43,252,186				24,505,056				1,835,410
Net change in unrealized appreciation (depreciation) of investment companies			19,035,824				8,101,692				12,830,930				6,865,051				24,031,185
NET REALIZED AND UNREALIZED GAIN			23,495,954				8,052,957				56,083,116				31,370,107				25,866,595
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	23,246,034			$	8,128,051			$	55,538,571			$	31,383,327			$	25,948,404

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 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(249,920	)	$	667,089		$	75,094		$	(103,179	)	$	(544,545	)	$	1,475,379
Net realized gain (loss)		4,460,130			7,780,460			(48,735	)		10,454,683			43,252,186			27,691,201
Net change in unrealized appreciation (depreciation)		19,035,824			(7,539,998	)		8,101,692			(9,182,377	)		12,830,930			1,846,332
Net increase in net assets resulting from operations		23,246,034			907,551			8,128,051			1,169,127			55,538,571			31,012,912
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Service Class II		—			(1,121,354	)		—			(81,402	)		—			(1,516,081	)
Net realized gain:
Service Class II		—			(9,441,562	)		—			(5,050,522	)		—			(67,210,496	)
		—			(10,562,916	)		—			(5,131,924	)		—			(68,726,577	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Service Class II		26,642,624			25,761,733			4,289,697			6,097,075			67,926,125			41,809,686
Reinvestment of dividends and distributions:
Service Class II		—			10,562,916			—			5,131,925			—			68,726,578
Cost of shares redeemed:
Service Class II		(11,993,143	)		(25,747,930	)		(6,544,629	)		(12,547,918	)		(25,426,307	)		(45,300,517	)
Increase (decrease) in net assets derived from capital share transactions		14,649,481			10,576,719			(2,254,932	)		(1,318,918	)		42,499,818			65,235,747
NET INCREASE (DECREASE) IN NET ASSETS		37,895,515			921,354			5,873,119			(5,281,715	)		98,038,389			27,522,082
NET ASSETS:
Beginning of period		121,798,800			120,877,446			66,277,636			71,559,351			363,045,351			335,523,269
End of period	$	159,694,315		$	121,798,800		$	72,150,755		$	66,277,636		$	461,083,740		$	363,045,351
Undistributed (Distributions in excess of) net investment income	$	(249,920	)	$	—		$	75,094		$	—		$	(544,545	)	$	—

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 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	13,220		$	3,458,864		$	81,809		$	1,445,705
Net realized gain		24,505,056			29,212,789			1,835,410			9,727,399
Net change in unrealized appreciation (depreciation)		6,865,051			(335,747	)		24,031,185			(6,307,541	)
Net increase in net assets resulting from operations		31,383,327			32,335,906			25,948,404			4,865,563
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Service Class II		—			(5,131,682	)		—			(1,475,782	)
Net realized gain:
Service Class II		—			(38,482,883	)		—			(8,351,893	)
		—			(43,614,565	)		—			(9,827,675	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Service Class II		58,435,385			38,783,168			13,080,098			12,846,660
Reinvestment of dividends and distributions:
Service Class II		—			43,614,565			—			9,827,675
Cost of shares redeemed:
Service Class II		(17,702,534	)		(38,595,676	)		(14,571,713	)		(20,331,216	)
Increase (decrease) in net assets derived from capital share transactions		40,732,851			43,802,057			(1,491,615	)		2,343,119
NET INCREASE (DECREASE) IN NET ASSETS		72,116,178			32,523,398			24,456,789			(2,618,993	)
NET ASSETS:
Beginning of period		317,975,761			285,452,363			141,542,527			144,161,520
End of period	$	390,091,939		$	317,975,761		$	165,999,316		$	141,542,527
Undistributed net investment income	$	13,220		$	—		$	81,809		$	—

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    6/30/171    (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14			12/31/13				12/31/12
Net asset value, beginning of period		$	15.711			$	17.092			$	17.617			$17.456			$	13.672			$	11.301
Income (loss) from investment operations:
Net investment income (loss)2			(0.031	)			0.090				0.139			0.152				0.142				0.079
Net realized and unrealized gain (loss)			2.921				(0.013	)			0.946			0.175				3.780				2.415
Total from investment operations			2.890				0.077				1.085			0.327				3.922				2.494
Less dividends and distributions from:
Net investment income			—				(0.146	)			(0.255	)		(0.159	)			(0.138	)			(0.118	)
Net realized gain			—				(1.312	)			(1.355	)		(0.007	)			—				—
Return of capital			—				—				—			—				—				(0.005	)
Total dividends and distributions			—				(1.458	)			(1.610	)		(0.166	)			(0.138	)			(0.123	)
Net asset value, end of period		$	18.601			$	15.711			$	17.092			$17.617				$17.456				$13.672
Total return3			18.40%				0.24%				6.57%			1.87%				28.69%				22.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	159,694			$	121,799			$	120,877			$93,841			$	77,575			$	54,199
Ratio of expenses to average net assets4			0.63%				0.62%				0.62%			0.64%				0.65%				0.65%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.63%				0.62%				0.62%			0.64%				0.68%				0.78%
Ratio of net investment income (loss) to average net assets			(0.36%	)			0.55%				0.76%			0.87%				0.93%				0.62%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.36%	)			0.55%				0.76%			0.87%				0.90%				0.49%
Portfolio turnover			2%				15%				8%			5%				9%				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.

⁴ Expense ratios do not include expenses of the Underlying Fund 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    6/30/171    (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13			12/31/12
Net asset value, beginning of period		$	14.540		$	15.433			$	15.556			$	15.314			$12.010			$	10.298
Income (loss) from investment operations:
Net investment income (loss)2			0.017			(0.022	)			(0.107	)			(0.047	)		0.031				0.112
Net realized and unrealized gain			1.795			0.300				0.086				0.306			3.306				1.712
Total from investment operations			1.812			0.278				(0.021	)			0.259			3.337				1.824
Less dividends and distributions from:
Net investment income			—			(0.018	)			(0.035	)			—			(0.033	)			(0.112	)
Net realized gain			—			(1.153	)			(0.067	)			(0.017	)		—				—
Total dividends and distributions			—			(1.171	)			(0.102	)			(0.017	)		(0.033	)			(0.112	)
Net asset value, end of period		$	16.352		$	14.540			$	15.433			$	15.556			$15.314			$	12.010
Total return3			12.46%			1.68%				(0.15%	)			1.69%			27.79%				17.76%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	72,151		$	66,278			$	71,559			$	70,830			$68,715			$	53,497
Ratio of expenses to average net assets4			0.65%			0.65%				0.65%				0.65%			0.65%				0.65%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.69%			0.67%				0.66%				0.67%			0.69%				0.78%
Ratio of net investment income (loss) to average net assets			0.22%			(0.15%	)			(0.65%	)			(0.30%	)		0.23%				0.98%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			0.18%			(0.17%	)			(0.66%	)			(0.32%	)		0.19%				0.85%
Portfolio turnover			3%			15%				14%				10%			12%				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.

⁴ Expense ratios do not include expenses of the Underlying Fund 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    6/30/171    (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	17.307			$	19.682			$	19.398			$	18.116			$	14.048			$	11.986
Income (loss) from investment operations:
Net investment income (loss)2			(0.025	)			0.081				0.053				0.165				0.095				0.065
Net realized and unrealized gain			2.587				1.559				1.158				1.309				4.070				2.026
Total from investment operations			2.562				1.640				1.211				1.474				4.165				2.091
Less dividends and distributions from:
Net investment income			—				(0.073	)			(0.052	)			(0.180	)			(0.097	)			(0.029	)
Net realized gain			—				(3.942	)			(0.875	)			(0.012	)			—				—
Total dividends and distributions			—				(4.015	)			(0.927	)			(0.192	)			(0.097	)			(0.029	)
Net asset value, end of period		$	19.869			$	17.307			$	19.682			$	19.398			$	18.116			$	14.048
Total return3			14.80%				9.10%				6.47%				8.13%				29.65%				17.45%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	461,084			$	363,045			$	335,523			$	315,752			$	278,925			$	211,217
Ratio of expenses to average net assets4			0.62%				0.61%				0.61%				0.61%				0.61%				0.64%
Ratio of net investment income (loss) to average net assets			(0.27%	)			0.43%				0.27%				0.88%				0.60%				0.48%
Portfolio turnover			1%				8%				8%				6%				9%				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.

⁴ Expense ratios do not include expenses of the Underlying Fund 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    6/30/171    (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	18.186		$	19.032			$	19.921			$	18.273			$	13.864			$	11.976
Income (loss) from investment operations:
Net investment income2			0.001			0.220				0.206				0.191				0.169				0.187
Net realized and unrealized gain (loss)			1.741			1.787				(0.020	)			1.686				4.408				1.852
Total from investment operations			1.742			2.007				0.186				1.877				4.577				2.039
Less dividends and distributions from:
Net investment income			—			(0.298	)			(0.263	)			(0.211	)			(0.168	)			(0.151	)
Net realized gain			—			(2.555	)			(0.812	)			(0.018	)			—				—
Total dividends and distributions			—			(2.853	)			(1.075	)			(0.229	)			(0.168	)			(0.151	)
Net asset value, end of period		$	19.928		$	18.186			$	19.032			$	19.921			$	18.273			$	13.864
Total return3			9.58%			11.16%				1.12%				10.26%				33.02%				17.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	390,092		$	317,976			$	285,452			$	262,235			$	230,210			$	169,256
Ratio of expenses to average net assets4			0.60%			0.59%				0.59%				0.59%				0.61%				0.64%
Ratio of net investment income to average net assets			0.01%			1.17%				1.03%				1.00%				1.05%				1.41%
Portfolio turnover			1%			8%				6%				7%				9%				6%

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.

⁴ Expense ratios do not include expenses of the Underlying Fund 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    6/30/171    (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.634		$	13.115			$	13.985			$	14.566			$	12.135			$	10.577
Income (loss) from investment operations:
Net investment income2			0.007			0.131				0.170				0.158				0.133				0.143
Net realized and unrealized gain (loss)			2.312			0.308				(0.846	)			(0.594	)			2.433				1.690
Total from investment operations			2.319			0.439				(0.676	)			(0.436	)			2.566				1.833
Less dividends and distributions from:
Net investment income			—			(0.133	)			(0.192	)			(0.125	)			(0.135	)			(0.264	)
Net realized gain			—			(0.787	)			(0.002	)			(0.020	)			—				—
Return of capital			—			—				—				—				—				(0.011	)
Total dividends and distributions			—			(0.920	)			(0.194	)			(0.145	)			(0.135	)			(0.275	)
Net asset value, end of period		$	14.953		$	12.634			$	13.115			$	13.985			$	14.566			$	12.135
Total return3			18.35%			3.15%				(4.84%	)			(3.00%	)			21.15%				17.45%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	165,999		$	141,543			$	144,162			$	145,005			$	142,730			$	116,870
Ratio of expenses to average net assets4			0.62%			0.61%				0.61%				0.61%				0.63%				0.65%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.62%			0.61%				0.61%				0.61%				0.63%				0.67%
Ratio of net investment income to average net assets			0.11%			1.02%				1.19%				1.08%				1.01%				1.25%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.11%			1.02%				1.19%				1.08%				1.01%				1.23%
Portfolio turnover			5%			11%				6%				6%				10%				8%

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.

⁴ Expense ratios do not include expenses of the Underlying Fund 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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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, 2017 and for all open tax years (years ended December 31, 2013-December 31, 2016), 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, 2017, 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, 2017.

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 calculated daily and paid monthly. This 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, 2017, 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 Distribution fees and Underlying Funds’ fees and expenses) exceed 0.10% of the average daily net assets. This agreement will continue at least through April 30, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, 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		$	3,832		$	1,917		$	11,338		$	9,743		$	4,313
Legal			926			463			2,738			2,353			1,041

Lincoln Life also provides certain contractholder and additional corporate services to the Funds. Effective May 1, 2017, the Funds pay Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The fees are calculated daily and paid annually. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2017, 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		$	10,701		$	11,888		$	54,147		$	11,683		$	9,511

The Funds currently offer one class of shares: Service Class II. The Service Class II shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class II shares, Lincoln Life, LNY, or others, an annual 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. The 12b-1 Fee is 0.55% of the average daily net assets of the Service Class II shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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

LVIP American Funds–17

LVIP American Funds

Notes to Financial Statements (continued)

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

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, 2017, the Funds had receivables due from and liabilities payable 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		$	—		$	5,659		$	—		$	—		$	—
Distribution fees payable to LFD			72,042			32,641			208,693			174,703			74,914
Printing and mailing fees payable to Lincoln Life			10,701			11,888			54,147			11,683			9,511
Shareholder servicing fees payable to Lincoln Life			3,799			1,721			11,004			9,212			3,950

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, 2017, 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		$	22,563,085		$	2,184,547		$	88,471,064		$	67,531,354		$	7,948,908
Sales			3,488,766			4,355,627			3,132,680			2,195,314			7,447,883

At June 30, 2017, 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, 2017, 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		$	138,243,249		$	61,443,333		$	403,862,601		$	341,446,488		$	141,575,729
Aggregate unrealized appreciation		$	21,553,080		$	10,762,781		$	57,511,730		$	48,858,177		$	24,527,744
Aggregate unrealized depreciation			—			—			—			—			—
Net unrealized appreciation		$	21,553,080		$	10,762,781		$	57,511,730		$	48,858,177		$	24,527,744

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, 2017:

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
Investments:
Assets:
Investment Companies		$	159,796,329		$	72,206,114		$	461,374,331		$	390,304,665		$	166,103,473

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

During the six months ended June 30, 2017, 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 Global Growth Fund						LVIP American Global Small Capitalization Fund						LVIP American Growth Fund
	Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Service Class II		1,521,239			1,594,655			270,913			422,026			3,565,944			2,244,834
Shares reinvested:
Service Class II		—			650,087			—			346,847			—			4,102,975
Shares redeemed:
Service Class II		(688,149	)		(1,564,848	)		(416,941	)		(847,424	)		(1,336,897	)		(2,417,875	)
Net increase (decrease)		833,090			679,894			(146,028	)		(78,551	)		2,229,047			3,929,934

	LVIP American Growth-Income Fund						LVIP American International Fund
	Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Service Class II		3,005,245			2,070,470			926,298			1,016,401
Shares reinvested:
Service Class II		—			2,458,576			—			749,067
Shares redeemed:
Service Class II		(915,080	)		(2,042,807	)		(1,027,681	)		(1,554,696	)
Net increase (decrease)		2,090,165			2,486,239			(101,383	)		210,772

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

LVIP American Funds–19

LVIP American Funds

Notes to Financial Statements (continued)

7. 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–20

                        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, 2017

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	5
Statements of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
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 American Global Allocation Managed Risk Funds

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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 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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,063.00		0.28%		$1.43
Service Class Shares		1,000.00		1,061.20		0.63%		3.22
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.41		0.28%		$1.40
Service Class Shares		1,000.00		1,021.67		0.63%		3.16

LVIP American Global Growth Allocation Managed Risk Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,084.50		0.28%		$1.45
Service Class Shares		1,000.00		1,082.70		0.63%		3.25
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.41		0.28%		$1.40
Service Class Shares		1,000.00		1,021.67		0.63%		3.16

* Expenses Paid During Period are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 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, 2017

LVIP American Global Balanced Allocation

Managed Risk Fund

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment		3.71%
Fixed Income Fund		3.71%
Unaffiliated Investments		96.30%
Asset Allocation Fund		15.92%
Equity Funds		24.96%
Fixed Income Funds		37.13%
International Equity Funds		12.97%
International Fixed Income Fund		1.86%
Money Market Fund		3.46%
Total Value of Securities		100.01%
Liabilities Net of Receivables and Other Assets		(0.01%)
Total Net Assets		100.00%

LVIP American Global Growth Allocation

Managed Risk Fund

Security Type/Sector	Percentage   of Net Assets
Affiliated Investments		23.84%
Fixed Income Funds		18.85%
International Equity Fund		4.99%
Unaffiliated Investments		76.16%
Asset Allocation Fund		11.95%
Equity Funds		33.98%
Fixed Income Funds		4.28%
International Equity Funds		21.97%
Money Market Fund		3.98%
Total Value of Securities		100.00%
Liabilities Net of Receivables and Other Assets		0.00%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–3.71%
Fixed Income Fund–3.71%
✢American Funds Insurance Series®–Mortgage Bond Fund		6,747,801	$	71,661,643
Total Affiliated Investment (Cost $70,664,095)				71,661,643
UNAFFILIATED INVESTMENTS–96.30%
Asset Allocation Fund–15.92%
²American Funds®–Capital Income Builder		5,009,903		307,056,967
				307,056,967
Equity Funds–24.96%
²American Funds® –
AMCAP Fund		6,530,088		193,094,708
American Mutual Fund		4,433,136		172,626,309
✢American Funds Insurance Series®–Growth-Income Fund		2,539,777		115,737,619
				481,458,636
Fixed Income Funds–37.13%
²American Funds®–Intermediate Bond Fund of America		9,349,126		125,371,776
✢American Funds Insurance Series®–
Bond Fund		46,169,512		501,400,896
High-Income Bond Fund		5,099,097		53,642,502
U.S. Government/AAA-Rated Securities Fund		2,920,137		35,742,478
				716,157,652

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
International Equity Funds–12.97%
²American Funds® –
EuroPacific Growth Fund		1,483,829	$	77,040,425
New Perspective Fund		1,392,171		57,594,111
✢American Funds Insurance Series® –
Global Growth & Income Fund		1,318,454		19,315,356
Global Small Capitalization Fund		2,544,481		57,861,499
New World Fund		1,701,538		38,386,688
				250,198,079
International Fixed Income Fund–1.86%
✢American Funds Insurance Series®–Global Bond Fund		3,054,691		35,800,974
				35,800,974
Money Market Fund–3.46%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		66,818,437		66,818,437
				66,818,437
Total Unaffiliated Investments (Cost $1,730,582,132)				1,857,490,745

TOTAL VALUE OF SECURITIES–100.01% (Cost $1,801,246,227)		1,929,152,388
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.01%)		(288,892	)
NET ASSETS APPLICABLE TO 168,813,201 SHARES OUTSTANDING–100.00%	$	1,928,863,496

^²  Class R-6 shares.

✢ Class 1 shares.

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–23.84%
Fixed Income Funds–18.85%
✢American Funds Insurance Series®–
Bond Fund		55,174,961	$	599,200,078
Mortgage Bond Fund		8,906,910		94,591,383
				693,791,461
International Equity Fund–4.99%
✢American Funds Insurance Series®–New World Fund		8,140,297		183,645,091
				183,645,091
Total Affiliated Investments (Cost $861,682,232)				877,436,552
UNAFFILIATED INVESTMENTS–76.16%
Asset Allocation Fund–11.95%
²American Funds® – Capital Income Builder		7,173,838		439,684,550
				439,684,550
Equity Funds–33.98%
²American Funds® –
AMCAP Fund		14,979,841		442,953,886
American Mutual Fund		10,352,124		403,111,703
✢American Funds Insurance Series®–Growth-Income Fund		8,876,532		404,503,571
				1,250,569,160

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds–4.28%
²American Funds®–Intermediate Bond Fund of America		7,052,269	$	94,570,932
✢American Funds Insurance Series®–High-Income Bond Fund		5,975,140		62,858,472
				157,429,404
International Equity Funds–21.97%
²American Funds® –
EuroPacific Growth Fund		7,081,305		367,661,368
New Perspective Fund		5,317,516		219,985,631
✢American Funds Insurance Series® –
Global Growth & Income Fund		2,505,844		36,710,616
Global Small Capitalization Fund		8,101,636		184,231,208
				808,588,823
Money Market Fund–3.98%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%) 146,393,159				146,393,158
				146,393,158
Total Unaffiliated Investments (Cost $2,506,426,931)				2,802,665,095

TOTAL VALUE OF SECURITIES–100.00% (Cost $3,368,109,163)		3,680,101,647
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–0.00%		(17,435	)
NET ASSETS APPLICABLE TO 309,989,750 SHARES OUTSTANDING–100.00%	$	3,680,084,212

^²  Class R-6 shares.

✢ Class 1 shares.

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

LVIP American Global Allocation Managed Risk Funds–4

LVIP American Global Allocation Managed Risk Funds

Statements of Assets and Liabilities

June 30, 2017 (unaudited)

	LVIP American Global Balanced Allocation Managed Risk Fund				LVIP American Global Growth Allocation Managed Risk Fund
ASSETS:
Affiliated investments, at value		$	71,661,643			$	877,436,552
Unaffiliated investments, at value			1,857,490,745				2,802,665,095
Total investments, at value			1,929,152,388				3,680,101,647
Receivable for investments sold			1,012,617				1,814,352
Dividends receivable from investments			111,194				132,223
Receivable for fund shares sold.			61,370				588,229
TOTAL ASSETS			1,930,337,569				3,682,636,451
LIABILITIES:
Due to manager and affiliates			1,029,256				1,943,155
Other accrued expenses payable			54,902				87,090
Payable for fund shares redeemed			389,915				521,994
TOTAL LIABILITIES			1,474,073				2,552,239
TOTAL NET ASSETS		$	1,928,863,496			$	3,680,084,212
Affiliated investments, at cost		$	70,664,095			$	861,682,232
Unaffiliated investments, at cost			1,730,582,132				2,506,426,931
Total investments, at cost		$	1,801,246,227			$	3,368,109,163
Standard Class:
Net Assets		$	696,746			$	642,490
Shares Outstanding			60,861				54,016
Net Asset Value Per Share		$	11.448			$	11.894
Service Class:
Net Assets		$	1,928,166,750			$	3,679,441,722
Shares Outstanding			168,752,340				309,935,734
Net Asset Value Per Share		$	11.426			$	11.872
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)		$	1,797,080,106			$	3,404,446,697
Undistributed net investment income			8,235,559				12,369,104
Accumulated net realized loss on investments			(4,358,330	)			(48,724,073	)
Net unrealized appreciation of investments			127,906,161				311,992,484
TOTAL NET ASSETS		$	1,928,863,496			$	3,680,084,212

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 Operations

Six Months Ended June 30, 2017 (unaudited)

	LVIP American Global Balanced Allocation Managed Risk Fund				LVIP American Global Growth Allocation Managed Risk Fund
INVESTMENT INCOME:
Dividends from affiliated investments		$	226,061			$	4,782,417
Dividends from unaffiliated investments			13,870,235				18,799,383
			14,096,296				23,581,800
EXPENSES:
Distribution fees-Service Class			3,377,683				6,384,773
Management fees			2,413,478				4,561,386
Shareholder servicing fees			94,395				179,014
Accounting and administration expenses			84,546				146,475
Professional fees			34,115				51,763
Reports and statements to shareholders			29,946				39,013
Trustees’ fees and expenses			26,180				49,503
Custodian fees			13,229				30,389
Consulting fees			3,873				5,818
Pricing fees			32				193
Other			8,757				16,502
Total operating expenses			6,086,234				11,464,829
NET INVESTMENT INCOME			8,010,062				12,116,971
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from affiliated investments			458,973				11,199,673
Distributions from unaffiliated investments.			18,017,119				34,448,706
Sale of affiliated investments			(19,005	)			(7,398,726	)
Sale of unaffiliated investments			1,807,955				9,985,965
Net realized gain			20,265,042				48,235,618
Net change in unrealized appreciation (depreciation) of:
Affiliated investments			479,161				37,126,047
Unaffiliated investments			86,993,797				195,080,163
Net change in unrealized appreciation (depreciation)			87,472,958				232,206,210
NET REALIZED AND UNREALIZED GAIN			107,738,000				280,441,828
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	115,748,062			$	292,558,799

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 Changes in Net Assets

	LVIP American Global Balanced Allocation Managed Risk Fund						LVIP American Global Growth Allocation Managed Risk Fund
	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,010,062		$	29,961,096		$	12,116,971		$	48,639,135
Net realized gain (loss)		20,265,042			(10,068,157	)		48,235,618			(71,572,368	)
Net change in unrealized appreciation (depreciation)		87,472,958			62,739,812			232,206,210			132,892,531
Net increase in net assets resulting from operations		115,748,062			82,632,751			292,558,799			109,959,298
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(13,250	)		—			(15,459	)
Service Class		—			(32,520,371	)		—			(51,764,390	)
		—			(32,533,621	)		—			(51,779,849	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		176			76,313			11,313			467,051
Service Class		40,712,211			134,654,449			47,588,436			141,248,058
Reinvestment of dividends and distributions:
Standard Class		—			13,250			—			15,459
Service Class		—			32,520,371			—			51,764,390
		40,712,387			167,264,383			47,599,749			193,494,958
Cost of shares redeemed:
Standard Class		(6,345	)		(11,925	)		(317,119	)		(518,990	)
Service Class		(176,121,144	)		(263,717,671	)		(349,039,128	)		(508,612,319	)
		(176,127,489	)		(263,729,596	)		(349,356,247	)		(509,131,309	)
Decrease in net assets derived from capital share transactions		(135,415,102	)		(96,465,213	)		(301,756,498	)		(315,636,351	)
NET DECREASE IN NET ASSETS		(19,667,040	)		(46,366,083	)		(9,197,699	)		(257,456,902	)
NET ASSETS:
Beginning of period		1,948,530,536			1,994,896,619			3,689,281,911			3,946,738,813
End of period	$	1,928,863,496		$	1,948,530,536		$	3,680,084,212		$	3,689,281,911
Undistributed net investment income	$	8,235,559		$	225,497		$	12,369,104		$	252,133

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

LVIP American Global Allocation Managed Risk Funds–7

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    6/30/171    (unaudited)			Year Ended																3/16/123 to 12/31/12
				12/31/162				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	10.770		$	10.503			$	11.223			$	11.066			$	10.144			$	10.000
Income (loss) from investment operations:
Net investment income4			0.065			0.200				0.199				0.241				0.237				0.337
Net realized and unrealized gain (loss)			0.613			0.287				(0.434	)			0.366				1.110				(0.038	)
Total from investment operations			0.678			0.487				(0.235	)			0.607				1.347				0.299
Less dividends and distributions from:
Net investment income			—			(0.220	)			(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			—			(0.220	)			(0.485	)			(0.450	)			(0.425	)			(0.155	)
Net asset value, end of period		$	11.448		$	10.770			$	10.503			$	11.223			$	11.066			$	10.144
Total return5			6.30%			4.64%				(2.10%	)			5.49%				13.29%				3.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	696		$	662			$	567			$	553			$	657			$	11
Ratio of expenses to average net assets6			0.28%			0.27%				0.27%				0.27%				0.27%				0.25%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.28%			0.27%				0.27%				0.27%				0.28%				0.30%
Ratio of net investment income to average net assets			1.18%			1.86%				1.77%				2.11%				2.17%				4.32%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.18%			1.86%				1.77%				2.11%				2.16%				4.27%
Portfolio turnover			13%			22%				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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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–8

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    6/30/171    (unaudited)			12/31/162				Year Ended								12/31/13				3/16/123 to 12/31/12
								12/31/15				12/31/14
Net asset value, beginning of period		$	10.767		$	10.501			$	11.221			$	11.065			$	10.144			$	10.000
Income (loss) from investment operations:
Net investment income4			0.046			0.162				0.159				0.201				0.197				0.318
Net realized and unrealized gain (loss)			0.613			0.287				(0.433	)			0.365				1.111				(0.047	)
Total from investment operations			0.659			0.449				(0.274)				0.566				1.308				0.271
Less dividends and distributions from:
Net investment income			—			(0.183	)			(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			—			(0.183	)			(0.446	)			(0.410	)			(0.387	)			(0.127	)
Net asset value, end of period		$	11.426		$	10.767			$	10.501			$	11.221			$	11.065			$	10.144
Total return5			6.12%			4.27%				(2.45%)				5.13%				12.91%				2.72%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,928,167		$	1,947,869			$	1,994,330			$	1,885,717			$	1,375,950			$	569,265
Ratio of expenses to average net assets6			0.63%			0.62%				0.62%				0.62%				0.62%				0.60%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.63%			0.62%				0.62%				0.62%				0.63%				0.65%
Ratio of net investment income to average net assets			0.83%			1.51%				1.42%				1.77%				1.82%				3.97%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.83%			1.51%				1.42%				1.77%				1.81%				3.92%
Portfolio turnover			13%			22%				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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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    6/30/171    (unaudited)			12/31/162				Year Ended								12/31/13				3/16/123 to 12/31/12
								12/31/15				12/31/14
Net asset value, beginning of period		$	10.967		$	10.803			$	11.574			$	11.648			$	10.214			$	10.000
Income (loss) from investment operations:
Net investment income4			0.058			0.176				0.190				0.232				0.243				0.325
Net realized and unrealized gain (loss)			0.869			0.182				(0.555	)			0.069				1.542				0.037
Total from investment operations.			0.927			0.358				(0.365)				0.301				1.785				0.362
Less dividends and distributions from:
Net investment income			—			(0.194	)			(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			—			(0.194	)			(0.406	)			(0.375	)			(0.351	)			(0.148	)
Net asset value, end of period		$	11.894		$	10.967			$	10.803			$	11.574			$	11.648			$	10.214
Total return5			8.45%			3.31%				(3.16%	)			2.56%				17.49%				3.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	642		$	890			$	914			$	878			$	488			$	19
Ratio of expenses to average net assets6			0.28%			0.27%				0.27%				0.26%				0.26%				0.23%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.28%			0.27%				0.27%				0.26%				0.27%				0.29%
Ratio of net investment income to average net assets			1.01%			1.62%				1.63%				1.95%				2.13%				4.15%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.01%			1.62%				1.63%				1.95%				2.12%				4.09%
Portfolio turnover			11%			25%				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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 (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    6/30/171    (unaudited)			Year Ended																3/16/123 to 12/31/12
				12/31/162				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	10.965		$	10.802			$	11.572			$	11.647			$	10.214			$	10.000
Income (loss) from investment operations:
Net investment income4			0.038			0.138				0.149				0.190				0.198				0.304
Net realized and unrealized gain (loss)			0.869			0.181				(0.553	)			0.069				1.547				0.030
Total from investment operations			0.907			0.319				(0.404	)			0.259				1.745				0.334
Less dividends and distributions from:
Net investment income			—			(0.156	)			(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			—			(0.156	)			(0.366	)			(0.334	)			(0.312	)			(0.120	)
Net asset value, end of period		$	11.872		$	10.965			$	10.802			$	11.572			$	11.647			$	10.214
Total return5			8.27%			2.94%				(3.49%	)			2.20%				17.10%				3.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	3,679,442		$	3,688,392			$	3,945,825			$	3,768,318			$	2,544,418			$	789,986
Ratio of expenses to average net assets6			0.63%			0.62%				0.62%				0.61%				0.61%				0.58%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.63%			0.62%				0.62%				0.61%				0.62%				0.64%
Ratio of net investment income to average net assets			0.66%			1.27%				1.28%				1.60%				1.78%				3.80%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.66%			1.27%				1.28%				1.60%				1.77%				3.74%
Portfolio turnover			11%			25%				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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 Allocation Managed Risk Funds

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 substantially all 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, 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. Investments in government money market funds have a stable NAV.

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, 2017 and for the open tax years (years ended December 31, 2013-December 31, 2016) 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, 2017, 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 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.

LVIP American Global Allocation Managed Risk Funds–12

LVIP American Global Allocation Managed Risk 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, 2017.

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 calculated daily and paid monthly. The fee is in addition to the management fees indirectly paid to the investment advisers of the Underlying Funds (including LIAC).

Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Funds’ managed risk strategy. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, 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		$55,371		$104,675
Legal.		13,363		25,261

Lincoln Life also provides certain contractholder and additional corporate services to the Funds. Effective May 1, 2017, the each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the average daily net assets of each Fund, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The fees are calculated daily and paid annually. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2017, these fees were as follows:

	LVIP American Global Balanced Allocation Managed Risk Fund	LVIP American Global Growth Allocation Managed Risk Fund
Printing and mailing	$22,647	$26,827

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Funds had liabilities payable 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		$	400,163		$	761,730
Distribution fees payable to LFD			560,027			1,066,237
Shareholder servicing fees payable to Lincoln Life			46,419			88,361
Printing and mailing fees payable to Lincoln Life			22,647			26,827

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 American Global Allocation Managed Risk Funds–13

LVIP American Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

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

Affiliated investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Funds and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

LVIP American Global Balanced Allocation Managed Risk Fund

	Value      12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value       6/30/17			Dividends			Capital Gain Distributions
American Funds Insurance Series® - Bond Fund*		$	639,157,709		$	—		$	—		$	—			$	—		$	—		$	—		$	—
American Funds Insurance Series® - Mortgage Bond Fund			75,107,944			3,110,168			7,016,625			(19,005	)			479,161			71,661,643			226,061			458,973
Total		$	714,265,653		$	3,110,168		$	7,016,625		$	(19,005	)		$	479,161		$	71,661,643		$	226,061		$	458,973

*Issuer is not an affiliated investment of the Fund at June 30, 2017.

LVIP American Global Growth Allocation Managed Risk Fund

	Value     12/31/16			Purchases			Sales			Net Realized   Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value      6/30/17			Dividends			Capital Gain Distributions
American Funds Insurance Series® - Bond Fund		$	745,289,989		$	41,289,000		$	192,329,001		$	(5,505,618	)		$	10,455,708		$	599,200,078		$	4,154,961		$	10,552,281
American Funds Insurance Series® - Mortgage Bond Fund			106,351,919			5,175,208			17,592,785			9,293				647,748			94,591,383			318,865			647,392
American Funds Insurance Series® - New World Fund			175,883,458			1,542,236			17,900,793			(1,902,401	)			26,022,591			183,645,091			308,591			—
Total		$	1,027,525,366		$	48,006,444		$	227,822,579		$	(7,398,726	)		$	37,126,047		$	877,436,552		$	4,782,417		$	11,199,673

3. Investments

For the six months ended June 30, 2017, 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		$	252,650,320		$	385,763,536
Sales			360,877,563			633,007,183

LVIP American Global Allocation Managed Risk Funds–14

LVIP American Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

3. Investments (continued)

At June 30, 2017, 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, 2017, 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		$	1,801,246,227			$	3,368,109,163
Aggregate unrealized appreciation		$	133,079,216			$	315,887,340
Aggregate unrealized depreciation			(5,173,055	)			(3,894,856	)
Net unrealized appreciation		$	127,906,161			$	311,992,484

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

	Post-Enactment Losses (No Expiration)
	LVIP American Global Balanced Allocation Managed Risk Fund		LVIP American Global Growth Allocation Managed Risk Fund
Short term.		$7,416,528		$45,295,413
Long-term		—		7,177,433
Total		$7,416,528		$52,472,846

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, 2017:

Level 1 Investments: Assets:	LVIP American Global Balanced Allocation Managed Risk Fund			LVIP American Global Growth Allocation Managed Risk Fund
Affiliated Investments		$	71,661,643		$	877,436,552
Unaffiliated Investments			1,857,490,745			2,802,665,095
Total Investments		$	1,929,152,388		$	3,680,101,647

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

During the six months ended June 30, 2017, 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–15

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 6/30/17			Year Ended      12/31/16			Six Months   Ended 6/30/17			Year Ended      12/31/16
Shares sold:
Standard Class		16			7,358			992			42,704
Service Class		3,654,681			12,586,537			4,134,186			13,045,339
Shares reinvested:
Standard Class		—			1,230			—			1,407
Service Class		—			3,018,412			—			4,714,426
		3,654,697			15,613,537			4,135,178			17,803,876
Shares redeemed:
Standard Class		(568	)		(1,106	)		(28,123	)		(47,539	)
Service Class		(15,807,721	)		(24,611,427	)		(30,580,629	)		(46,654,098	)
		(15,808,289	)		(24,612,533	)		(30,608,752	)		(46,701,637	)
Net decrease		(12,153,592	)		(8,998,996	)		(26,473,574	)		(28,897,761	)

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

7. 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–16

LVIP American Preservation Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17	Ending Account Value 6/30/17	Annualized Expense Ratio	Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$1,000.00	$1,014.50	0.19%		$0.95
Service Class Shares	1,000.00	1,012.70	0.54%		2.69
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,023.85	0.19%		$0.95
Service Class Shares	1,000.00	1,022.12	0.54%		2.71

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 American Preservation Fund–1

LVIP American Preservation Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2017

Security Type/Sector	Percentage of Net Assets
Affiliated Investments	10.00%
Fixed Income Fund	5.00%
Money Market Fund	5.00%
Unaffiliated Investments	90.06%
Fixed Income Funds	89.06%
International Fixed Income Fund	1.00%
Total Value of Securities	100.06%
Liabilities Net of Receivables and Other Assets	(0.06%)
Total Net Assets	100.00%

LVIP American Preservation Fund–2

LVIP American Preservation Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–10.00%
Fixed Income Fund–5.00%
✢American Funds Insurance Series® – Mortgage Bond Fund		3,035,515	$	32,237,167
				32,237,167
Money Market Fund–5.00%
*Lincoln Variable Insurance Products Trust–LVIP Government Money Market Fund (seven-day effective yield 0.47%)		3,227,179		32,271,788
				32,271,788
Total Affiliated Investments (Cost $64,409,177)				64,508,955
UNAFFILIATED INVESTMENTS–90.06%
Fixed Income Funds–89.06%
✧American Funds® –
Bond Fund of America		1,002,584		12,953,381
Intermediate Bond Fund of America		13,000,664		174,338,901
Short-Term Bond Fund of America		27,952,245		277,845,320

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds (continued)
✢American Funds Insurance Series® –
Bond Fund		2,969,131	$	32,244,766
High-Income Bond Fund		1,836,796		19,323,089
U.S. Government/AAA-Rated Securities Fund		4,743,985		58,066,380
				574,771,837
International Fixed Income Fund–1.00%
✢American Funds Insurance Series® – Global Bond Fund		551,112		6,459,037
				6,459,037
Total Unaffiliated Investments (Cost $581,567,990)				581,230,874

TOTAL VALUE OF SECURITIES–100.06% (Cost $645,977,167)		645,739,829
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)		(394,829	)
NET ASSETS APPLICABLE TO 65,120,556 SHARES OUTSTANDING–100.00%	$	645,345,000

✧ 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, 2017 (unaudited)

ASSETS:
Affiliated investments. at value	$	64,508,955
Unaffiliated investments. at value		581,230,874
Total investments, at value		645,739,829
Receivable for investments sold		1,842,295
Dividends receivable from investments		616,703
Receivable for fund shares sold		72,806
TOTAL ASSETS		648,271,633
LIABILITIES:
Cash due to custodian		2,458,713
Due to manager and affiliates		287,902
Payable for fund shares redeemed		153,248
Other accrued expenses payable		26,770
TOTAL LIABILITIES		2,926,633
TOTAL NET ASSETS	$	645,345,000
Affiliated investments, at cost	$	64,409,177
Unaffiliated investments, at cost		581,567,990
Total investments, at cost	$	645,977,167
Standard Class:
Net Assets	$	124,804
Shares Outstanding		12,572
Net Asset Value Per Share	$	9.927
Service Class:
Net Assets	$	645,220,196
Shares Outstanding		65,107,984
Net Asset Value Per Share	$	9.910
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	645,864,686
Undistributed net investment income		3,304,778
Accumulated net realized loss on investments		(3,587,126	)
Net unrealized depreciation of investments		(237,338	)
TOTAL NET ASSETS	$	645,345,000

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from affiliated investments	$	120,917
Dividends from unaffiliated investments		4,037,095
		4,158,012
EXPENSES:
Distribution fees-Service Class		1,080,631
Management fees		772,036
Accounting and administration expenses		36,706
Shareholder servicing fees		31,214
Professional fees		18,974
Reports and statements to shareholders		10,516
Trustees’ fees and expenses		8,110
Custodian fees		3,886
Consulting fees		1,524
Pricing fees		40
Other		1,774
		1,965,411
Less:
Management fees waived		(308,814	)
Total operating expenses		1,656,597
NET INVESTMENT INCOME		2,501,415
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from affiliated investments		202,747
Distributions from unaffiliated investments		795,117
Sale of affiliated investments		(14,883	)
Sale of unaffiliated investments		(888,551	)
Net realized gain		94,430
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		183,848
Unaffiliated investments		5,051,042
Net change in unrealized appreciation (depreciation)		5,234,890
NET REALIZED AND UNREALIZED GAIN		5,329,320
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,830,735

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,501,415		$	5,774,386
Net realized gain		94,430			137,039
Net change in unrealized appreciation (depreciation)		5,234,890			897,219
Net increase in net assets resulting from operations		7,830,735			6,808,644
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(4,218	)
Service Class		—			(7,116,062	)
		—			(7,120,280	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		9,337			344,438
Service Class		120,270,552			248,744,755
Reinvestment of dividends and distributions:
Standard Class		—			4,218
Service Class		—			7,116,062
		120,279,889			256,209,473
Cost of shares redeemed:
Standard Class		(136,446	)		(175,104	)
Service Class		(62,820,513	)		(110,298,784	)
		(62,956,959	)		(110,473,888	)
Increase in net assets derived from capital share transactions		57,322,930			145,735,585
NET INCREASE IN NET ASSETS		65,153,665			145,423,949
NET ASSETS:
Beginning of period		580,191,335			434,767,386
End of period	$	645,345,000		$	580,191,335
Undistributed net investment income	$	3,304,778		$	803,363

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
	6/30/171			Year Ended																to
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	9.785		$	9.755			$	9.888			$	9.788			$	10.020			$	10.000
Income (loss) from investment operations:
Net investment income3			0.057			0.145				0.150				0.137				0.153				0.239
Net realized and unrealized gain (loss)			0.085			0.042				(0.119	)			0.073				(0.264	)			(0.187	)
Total from investment operations			0.142			0.187				0.031				0.210				(0.111	)			0.052
Less dividends and distributions from:
Net investment income			—			(0.157	)			(0.164	)			(0.110	)			(0.121	)			(0.032	)
Total dividends and distributions			—			(0.157	)			(0.164	)			(0.110	)			(0.121	)			(0.032	)
Net asset value, end of period		$	9.927		$	9.785			$	9.755			$	9.888			$	9.788			$	10.020
Total return4			1.45%			1.92%				0.31%				2.14%				(1.09%	)			0.50%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	125		$	250			$	81			$	128			$	224			$	10
Ratio of expenses to average net assets5			0.19%			0.18%				0.18%				0.19%				0.23%				0.25%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed5			0.29%			0.28%				0.28%				0.29%				0.35%				1.39%
Ratio of net investment income to average net assets			1.16%			1.45%				1.50%				1.38%				1.54%				6.98%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.06%			1.35%				1.40%				1.28%				1.42%				5.84%
Portfolio turnover			15%			14%				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
	6/30/171			Year Ended																to
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	9.786		$	9.755			$	9.888			$	9.789			$	10.018			$	10.000
Income (loss) from investment operations:
Net investment income3			0.040			0.110				0.115				0.102				0.118				0.227
Net realized and unrealized gain (loss)			0.084			0.043				(0.119	)			0.073				(0.262	)			(0.188	)
Total from investment operations			0.124			0.153				(0.004	)			0.175				(0.144	)			0.039
Less dividends and distributions from:
Net investment income			—			(0.122	)			(0.129	)			(0.076	)			(0.085	)			(0.021	)
Total dividends and distributions			—			(0.122	)			(0.129	)			(0.076	)			(0.085	)			(0.021	)
Net asset value, end of period		$	9.910		$	9.786			$	9.755			$	9.888			$	9.789			$	10.018
Total return4			1.27%			1.57%				(0.04%	)			1.78%				(1.43%	)			0.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	645,220		$	579,941			$	434,686			$	301,155			$	162,846			$	32,209
Ratio of expenses to average net assets5			0.54%			0.53%				0.53%				0.54%				0.58%				0.60%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed5			0.64%			0.63%				0.63%				0.64%				0.70%				1.74%
Ratio of net investment income to average net assets			0.81%			1.10%				1.15%				1.03%				1.19%				6.63%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.71%			1.00%				1.05%				0.93%				1.07%				5.49%
Portfolio turnover			15%			14%				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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially 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. Investments in government money market funds have a stable NAV.

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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, 2017.

LVIP American Preservation Fund–8

LVIP American Preservation 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, 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 calculated daily and paid monthly. 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 the Fund’s average daily net assets. This agreement will continue through at least April 30, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	17,291
Legal		4,175

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $6,557 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	79,787
Distribution fees payable to LFD		186,133
Shareholder servicing fees payable to Lincoln Life		15,425
Printing & mailing fees payable to Lincoln Life		6,557

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 investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value     12/31/16			Purchases			Sales			Net Realized  Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value     6/30/17			Dividends			Capital Gain Distributions
American Funds Insurance Series® - Mortgage Bond Fund		$	28,954,664		$	4,035,241		$	921,703		$	(14,883	)		$	183,848		$	32,237,167		$	99,861		$	202,747
LVIP Money Market Fund			11,615,760			21,059,556			403,528			—				—			32,271,788			21,056			—
Total		$	40,570,424		$	25,094,797		$	1,325,231		$	(14,883	)		$	183,848		$	64,508,955		$	120,917		$	202,747

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	155,843,261
Sales		94,292,586

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	645,977,167
Aggregate unrealized appreciation	$	1,774,164
Aggregate unrealized depreciation		(2,011,502	)
Net unrealized depreciation	$	(237,338	)

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No  Expiration)
Short-Term	Long-Term	Total
$193,084	$1,069,595	$1,262,679

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 American Preservation Fund–10

LVIP American Preservation 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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investments	$	64,508,955
Unaffiliated Investments		581,230,874
Total Investments	$	645,739,829

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		948			34,309
Service Class		12,216,657			25,077,891
Shares reinvested:
Standard Class		—			431
Service Class		—			727,190
		12,217,605			25,839,821
Shares redeemed:
Standard Class		(13,946	)		(17,505	)
Service Class		(6,373,405	)		(11,102,526	)
		(6,387,351	)		(11,120,031	)
Net increase		5,830,254			14,719,790

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 American Preservation Fund–11

            LVIP Baron Growth Opportunities Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,172.10		0.96	%	$5.17
Service Class Shares		1,000.00		1,170.60		1.21	%	6.51
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,020.03		0.96	%	$4.81
Service Class Shares		1,000.00		1,018.79		1.21	%	6.06

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector	Percentage   of Net Assets
Common Stock		92.30%
Building Products		3.98%
Capital Markets		8.59%
Diversified Consumer Services		3.93%
Diversified Telecommunication Services		1.00%
Electronic Equipment, Instruments & Components		0.68%
Equity Real Estate Investment Trusts		7.65%
Food & Staples Retailing		1.79%
Food Products		1.40%
Health Care Equipment & Supplies		6.07%
Health Care Technology		0.54%
Hotels, Restaurants & Leisure		20.48%
Household Products		1.25%
Insurance		6.82%
Internet & Direct Marketing Retail		0.48%
Internet Software & Services		5.35%
IT Services		5.82%
Life Sciences Tools & Services		2.56%
Machinery		1.39%
Media		1.12%
Software		7.45%
Specialty Retail		0.63%
Textiles, Apparel & Luxury Goods		1.95%
Thrift & Mortgage Finance		0.23%
Trading Companies & Distributors		1.14%
Convertible Preferred Stock		0.20%
Master Limited Partnerships		1.37%
Money Market Fund		7.14%
Total Value of Securities		101.01%
Liabilities Net of Receivables and Other Assets		(1.01%	)
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		8.23%
Marriott Vacations Worldwide		4.05%
CoStar Group		3.99%
Arch Capital Group		3.73%
Gartner		3.73%
IDEXX Laboratories		3.62%
Choice Hotels International		3.47%
Gaming and Leisure Properties		3.02%
ANSYS		2.67%
SS&C Technologies Holdings		2.53%
Total		39.04%

IT–Information Technology  

LVIP Baron Growth Opportunities Fund–2

LVIP Baron Growth Opportunities Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–92.30%
Building Products–3.98%
†Caesarstone		115,000	$	4,030,750
†Masonite International		131,000		9,890,500
†Trex		132,500		8,964,950
				22,886,200
Capital Markets–8.59%
Cohen & Steers		191,000		7,743,140
FactSet Research Systems		50,900		8,458,562
Financial Engines		215,000		7,869,000
Moelis & Co. Class A		151,000		5,866,350
Morningstar		84,000		6,580,560
MSCI Class A		125,000		12,873,750
				49,391,362
Diversified Consumer Services–3.93%
†Bright Horizons Family Solutions		165,000		12,739,650
†Nord Anglia Education		301,741		9,827,704
				22,567,354
Diversified Telecommunication Services–1.00%
†Iridium Communications		519,673		5,742,387
				5,742,387
Electronic Equipment, Instruments & Components–0.68%
Littelfuse		23,870		3,938,550
				3,938,550
Equity Real Estate Investment Trusts–7.65%
Alexander’s		11,100		4,678,206
Alexandria Real Estate Equities		57,000		6,866,790
American Assets Trust		63,027		2,482,634
Douglas Emmett		330,000		12,609,300
Gaming and Leisure Properties		460,000		17,328,200
				43,965,130
Food & Staples Retailing–1.79%
†Performance Food Group		247,000		6,767,800
†Smart & Final Stores		386,000		3,512,600
				10,280,400
Food Products–1.40%
†TreeHouse Foods		98,200		8,021,958
				8,021,958
Health Care Equipment & Supplies–6.07%
†Glaukos		116,522		4,832,167
†IDEXX Laboratories		129,000		20,823,180
†Neogen		32,550		2,249,531
West Pharmaceutical Services		74,000		6,994,480
				34,899,358
Health Care Technology–0.54%
†Evolent Health Class A		9,000		228,150

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Technology (continued)
†Inovalon Holdings Class A		220,000	$	2,893,000
				3,121,150
Hotels, Restaurants & Leisure–20.48%
Boyd Gaming		145,000		3,597,450
Choice Hotels International		310,000		19,917,500
ClubCorp Holdings		265,000		3,471,500
Marriott Vacations Worldwide		197,500		23,255,625
†Penn National Gaming		363,500		7,778,900
†Pinnacle Entertainment		303,819		6,003,463
Red Rock Resorts Class A		270,100		6,360,855
Vail Resorts		233,300		47,320,239
				117,705,532
Household Products–1.25%
Church & Dwight		138,000		7,159,440
				7,159,440
Insurance–6.82%
†Arch Capital Group		230,000		21,456,700
Kinsale Capital Group		92,129		3,437,333
Primerica		188,512		14,279,784
				39,173,817
Internet & Direct Marketing Retail–0.48%
†AO World		1,825,871		2,764,548
				2,764,548
Internet Software & Services–5.35%
†Benefitfocus		189,112		6,874,221
†CoStar Group		87,000		22,933,200
†Wix.com		13,115		912,804
				30,720,225
IT Services–5.82%
†Gartner		173,600		21,441,336
MAXIMUS		191,500		11,993,645
				33,434,981
Life Sciences Tools & Services–2.56%
Bio-Techne		48,500		5,698,750
†Mettler-Toledo International		15,300		9,004,662
				14,703,412
Machinery–1.39%
†Middleby		65,850		8,001,434
				8,001,434
Media–1.12%
Manchester United Class A		396,063		6,436,024
				6,436,024
Software–7.45%
†ANSYS		126,000		15,331,680
†Guidewire Software		95,000		6,527,450

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)
Software (continued)
Pegasystems		110,000	$	6,418,500
SS&C Technologies Holdings		379,000		14,557,390
				42,835,020
Specialty Retail–0.63%
Camping World Holdings Class A		23,500		724,975
Dick’s Sporting Goods		73,000		2,907,590
				3,632,565
Textiles, Apparel & Luxury Goods–1.95%
†Under Armour Class A		274,000		5,962,240
†Under Armour Class C		261,251		5,266,820
				11,229,060
Thrift & Mortgage Finance–0.23%
†Essent Group		36,000		1,337,040
				1,337,040
Trading Companies & Distributors–1.14%
Air Lease		175,000		6,538,000
				6,538,000
Total Common Stock (Cost $219,346,078)				530,484,947

	Number of Shares		Value (U.S. $)
CONVERTIBLE PREFERRED STOCK–0.20%
Iridium Communications
6.75% exercise price $7.47		2,926	$	1,129,436
Total Convertible Preferred Stock (Cost $731,500)				1,129,436
MASTER LIMITED PARTNERSHIPS–1.37%
Carlyle Group		162,500		3,209,375
Oaktree Capital Group		100,000		4,660,000
Total Master Limited Partnerships (Cost $6,920,059)				7,869,375
MONEY MARKET FUND–7.14%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		41,014,122		41,014,122
Total Money Market Fund (Cost $41,014,122)				41,014,122

TOTAL VALUE OF SECURITIES–101.01% (Cost $268,011,759)	580,497,880
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.01%)	(5,791,632	)
NET ASSETS APPLICABLE TO 12,202,740 SHARES OUTSTANDING–100.00%	$574,706,248

NET ASSET VALUE PER SHARE–LVIP BARON GROWTH OPPORTUNITIES FUND STANDARD CLASS ($36,330,823 / 754,392 Shares)	$	48.159
NET ASSET VALUE PER SHARE–LVIP BARON GROWTH OPPORTUNITIES FUND SERVICE CLASS ($538,375,425 / 11,448,348 Shares)	$	47.026

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	215,530,793
Accumulated net investment loss		(504,694	)
Accumulated net realized gain on investments		47,194,028
Net unrealized appreciation of investments		312,486,121
TOTAL NET ASSETS	$	574,706,248

†   Non-income producing for the period.

« Includes $6,343,258 payable for securities purchased, $96,508 payable for fund shares redeemed, $579,418 due to manager and affiliates and $18,443 expense reimbursement receivable from Lincoln Investment Advisors Corporation as of June 30, 2017.

IT–Information Technology

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

LVIP Baron Growth Opportunities Fund–4

LVIP Baron Growth Opportunities Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	2,692,660
EXPENSES:
Management fees		2,665,831
Distribution fees-Service Class		633,662
Accounting and administration expenses		66,193
Reports and statements to shareholders		33,835
Shareholder servicing fees		27,449
Professional fees		22,606
Trustees’ fees and expenses		7,053
Custodian fees		5,586
Consulting fees		1,437
Pricing fees		116
Other		3,897
		3,467,665
Less:
Management fees waived		(240,583	)
Expenses reimbursed		(29,728	)
Total operating expenses		3,197,354
NET INVESTMENT LOSS		(504,694	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		25,625,564
Foreign currencies		(3,390	)
Net realized gain		25,622,174
Net change in unrealized appreciation (depreciation) of:
Investments		58,098,806
Foreign currencies		(6	)
Net change in unrealized appreciation (depreciation)		58,098,800
NET REALIZED AND UNREALIZED GAIN		83,720,974
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	83,216,280

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

LVIP Baron Growth Opportunities Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended    12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(504,694	)	$	1,729,293
Net realized gain		25,622,174			22,124,821
Net change in unrealized appreciation (depreciation)		58,098,800			3,322,963
Net increase in net assets resulting from operations		83,216,280			27,177,077
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(175,577	)
Service Class		—			(2,403,811	)
Net realized gain:
Standard Class		—			(1,589,935	)
Service Class		—			(33,844,955	)
		—			(38,014,278	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		11,821,682			8,191,603
Service Class		35,199,505			42,818,568
Reinvestment of dividends and distributions:
Standard Class		—			1,765,512
Service Class		—			36,248,766
		47,021,187			89,024,449
Cost of shares redeemed:
Standard Class		(3,143,836	)		(12,079,842	)
Service Class		(49,722,671	)		(106,499,335	)
		(52,866,507	)		(118,579,177	)
Decrease in net assets derived from capital share transactions		(5,845,320	)		(29,554,728	)
NET INCREASE (DECREASE) IN NET ASSETS		77,370,960			(40,391,929	)
NET ASSETS:
Beginning of period		497,335,288			537,727,217
End of period	$	574,706,248		$	497,335,288
Accumulated net investment loss	$	(504,694	)	$	—

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    6/30/171			Year Ended
	(unaudited)			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Net asset value, beginning of period	$	41.088		$	41.922		$	47.819		$	45.941		$	35.526		$	31.857
Income (loss) from investment operations:
Net investment income (loss)2		0.011			0.240			(0.017	)		0.092			0.032			0.681
Net realized and unrealized gain (loss)		7.060			2.219			(2.102	)		2.244			13.978			5.155
Total from investment operations		7.071			2.459			(2.119	)		2.336			14.010			5.836
Less dividends and distributions from:
Net investment income		—			(0.305	)		—			(0.197	)		(0.184	)		(0.483	)
Net realized gain		—			(2.988	)		(3.778	)		(0.261	)		(3.411	)		(1.684	)
Total dividends and distributions		—			(3.293	)		(3.778	)		(0.458	)		(3.595	)		(2.167	)
Net asset value, end of period	$	48.159		$	41.088		$	41.922		$	47.819		$	45.941		$	35.526
Total return3		17.21%			5.83%			(4.53%	)		5.12%			40.41%			18.54%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	36,331		$	23,668		$	26,105		$	8,964		$	16,739		$	10,415
Ratio of expenses to average net assets		0.96%			1.01%			1.01%			1.01%			1.03%			1.04%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.06%			1.05%			1.05%			1.05%			1.06%			1.08%
Ratio of net investment income (loss) to average net assets		0.05%			0.58%			(0.03%	)		0.20%			0.08%			1.97%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.05%	)		0.54%			(0.07%	)		0.16%			0.05%			1.93%
Portfolio turnover		3%			8%			12%			12%			6%			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    6/30/171			Year Ended
	(unaudited)			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Net asset value, beginning of period	$	40.172		$	41.063		$	47.034		$	45.201		$	35.084		$	31.488
Income (loss) from investment operations:
Net investment income (loss)2		(0.044	)		0.133			(0.133	)		(0.022	)		(0.071	)		0.586
Net realized and unrealized gain (loss)		6.898			2.168			(2.060	)		2.201			13.783			5.092
Total from investment operations		6.854			2.301			(2.193	)		2.179			13.712			5.678
Less dividends and distributions from:
Net investment income		—			(0.204	)		—			(0.085	)		(0.184	)		(0.398	)
Net realized gain		—			(2.988	)		(3.778	)		(0.261	)		(3.411	)		(1.684	)
Total dividends and distributions		—			(3.192	)		(3.778	)		(0.346	)		(3.595	)		(2.082	)
Net asset value, end of period	$	47.026		$	40.172		$	41.063		$	47.034		$	45.201		$	35.084
Total return3		17.06%			5.57%			(4.77%	)		4.85%			40.06%			18.24%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	538,375		$	473,667		$	511,622		$	576,278		$	590,082		$	404,872
Ratio of expenses to average net assets		1.21%			1.26%			1.26%			1.26%			1.28%			1.29%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.31%			1.30%			1.30%			1.30%			1.31%			1.33%
Ratio of net investment income (loss) to average net assets		(0.20%	)		0.33%			(0.28%	)		(0.05%	)		(0.17%	)		1.72%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.30%	)		0.29%			(0.32%	)		(0.09%	)		(0.20%	)		1.68%
Portfolio turnover		3%			8%			12%			12%			6%			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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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 (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in the foreign exchange rates from that which is due to changes in market prices. These changes 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. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. 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, 2017, 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 $196 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly. LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.06% on the first $250 million of average daily net assets of the Fund; 0.11% on the next $250 million, 0.16% on the next $200 million; 0.17% on the next $50 million; and 0.22% in excess of $750 million of average daily net assets of the Fund. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2017, LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.96% of the average daily net assets for the Standard Class and 1.21% for the Service Class. This agreement will continue through at least April 30, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, cost for these administrative and legal services were as follows:

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)

Administrative	$	14,895
Legal		3,596

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $27,754 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had receivable due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	18,443
Management fees payable to LIAC		426,562
Distribution fees payable to LFD		111,440
Shareholder servicing fees payable to Lincoln Life		13,662
Printing and mailing fees payable to Lincoln Life		27,754

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	14,510,965
Sales		49,941,795

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	268,011,759
Aggregate unrealized appreciation	$	320,585,453
Aggregate unrealized depreciation		(8,099,332	)
Net unrealized appreciation	$	312,486,121

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 Baron Growth Opportunities Fund–10

LVIP Baron Growth Opportunities 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, 2017:

	Level 1
Investments:
Assets:
Common Stock	$	530,484,947
Convertible Preferred Stock		1,129,436
Master Limited Partnerships		7,869,375
Money Market Fund		41,014,122
Total Investments	$	580,497,880

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		248,641			198,522
Service Class		790,701			1,060,985
Shares reinvested:
Standard Class		—			42,482
Service Class		—			893,952
		1,039,342			2,195,941
Shares redeemed:
Standard Class		(70,288	)		(287,678	)
Service Class		(1,133,451	)		(2,623,278	)
		(1,203,739	)		(2,910,956	)
Net decrease		(164,397	)		(715,015	)

5. 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.

LVIP Baron Growth Opportunities Fund–11

LVIP Baron Growth Opportunities Fund

Notes to Financial Statements (continued)

5. Market Risk (continued)

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, 2017. 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, 2017, there were no Rule 144A securities.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 Baron Growth Opportunities Fund–12

        LVIP BlackRock Dividend Value Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17	Ending Account Value 6/30/17	Annualized Expense Ratio	Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$1,000.00	$1,063.40	0.66%		$3.38
Service Class Shares	1,000.00	1,062.10	0.91%		4.65
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,021.52	0.66%		$3.31
Service Class Shares	1,000.00	1,020.28	0.91%		4.56

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector	Percentage of Net Assets
Common Stock		89.74%
Aerospace & Defense		2.73%
Air Freight & Logistics		0.44%
Automobiles		0.06%
Banks		12.97%
Beverages		1.35%
Capital Markets		3.73%
Chemicals		2.39%
Commercial Services & Supplies		0.35%
Communications Equipment		0.55%
Containers & Packaging		1.32%
Distributors		0.31%
Diversified Consumer Services		0.13%
Diversified Telecommunication Services		1.52%
Electric Utilities		6.03%
Electrical Equipment		0.52%
Energy Equipment & Services		0.54%
Equity Real Estate Investment Trusts		0.27%
Food & Staples Retailing		0.69%
Food Products		0.43%
Gas Utilities		0.12%
Health Care Equipment & Supplies		0.69%
Health Care Providers & Services		5.11%
Hotels, Restaurants & Leisure		0.85%
Household Durables		0.76%
Household Products		1.10%
Industrial Conglomerates		4.10%
Insurance		5.21%
Leisure Products		0.15%
Machinery		0.77%
Media		2.04%
Metals & Mining		0.06%
Multiline Retail		1.20%
Multi-Utilities		3.87%

Security Type/Sector	Percentage of Net Assets
Oil, Gas & Consumable Fuels		8.77%
Paper & Forest Products		0.19%
Personal Products		1.08%
Pharmaceuticals		5.95%
Professional Services		0.93%
Road & Rail		0.39%
Semiconductors & Semiconductor Equipment		1.48%
Software		3.65%
Specialty Retail		1.27%
Technology Hardware, Storage & Peripherals		1.85%
Thrift & Mortgage Finance		0.07%
Tobacco		1.37%
Wireless Telecommunication Services		0.38%
Money Market Fund		9.90%
Total Value of Securities		99.64%
Receivables and Other Assets Net of Liabilities		0.36%
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
JPMorgan Chase & Co.		2.85%
Citigroup		2.60%
Bank of America		2.55%
Pfizer		2.49%
Oracle		2.08%
Dow Chemical		1.90%
Wells Fargo & Co.		1.88%
Lockheed Martin		1.70%
Anthem		1.64%
Merck & Co.		1.64%
Total		21.33%

LVIP BlackRock Dividend Value Managed Volatility Fund–2

LVIP BlackRock Dividend Value Managed Volatility Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–89.74%
Aerospace & Defense–2.73%
Lockheed Martin		74,654	$	20,724,697
Northrop Grumman		48,790		12,524,881
				33,249,578
Air Freight & Logistics–0.44%
United Parcel Service Class B		48,100		5,319,379
				5,319,379
Automobiles–0.06%
Ford Motor		68,441		765,855
				765,855
Banks–12.97%
Bank of America		1,282,500		31,113,450
Bank of Hawaii		33,061		2,743,071
BB&T		34,457		1,564,692
Citigroup		474,430		31,729,878
FNB		44,078		624,144
JPMorgan Chase & Co.		380,720		34,797,808
KeyCorp		268,780		5,036,937
PacWest Bancorp		49,820		2,326,594
People’s United Financial		51,432		908,289
SunTrust Banks		150,205		8,519,628
Trustmark		39,883		1,282,637
U.S. Bancorp		239,010		12,409,399
United Bankshares		42,290		1,657,768
Valley National Bancorp		51,326		606,160
Wells Fargo & Co.		412,760		22,871,032
				158,191,487
Beverages–1.35%
Coca-Cola		185,234		8,307,745
Diageo		275,778		8,148,158
				16,455,903
Capital Markets–3.73%
CME Group		66,659		8,348,373
Federated Investors Class B		47,851		1,351,791
Goldman Sachs Group		48,670		10,799,873
Invesco		120,524		4,241,240
Lazard Class A		88,867		4,117,208
Morgan Stanley		321,320		14,318,019
Waddell & Reed Financial Class A		121,676		2,297,243
				45,473,747
Chemicals–2.39%
CF Industries Holdings		56,569		1,581,669
Dow Chemical		367,290		23,164,980
Huntsman		31,493		813,779
Olin		34,988		1,059,437
Praxair		18,810		2,493,266
				29,113,131

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Commercial Services & Supplies–0.35%
Pitney Bowes		79,583	$	1,201,703
RR Donnelley & Sons		53,415		669,824
Waste Management		32,834		2,408,374
				4,279,901
Communications Equipment–0.55%
Motorola Solutions		76,760		6,658,162
				6,658,162
Containers & Packaging–1.32%
International Paper		130,487		7,386,869
Packaging Corp. of America		37,793		4,209,762
Sonoco Products		39,023		2,006,563
WestRock		43,487		2,463,973
				16,067,167
Distributors–0.31%
Genuine Parts		40,414		3,748,803
				3,748,803
Diversified Consumer Services–0.13%
H&R Block		51,785		1,600,674
				1,600,674
Diversified Telecommunication Services–1.52%
AT&T		65,425		2,468,485
BCE		47,060		2,119,582
CenturyLink		134,163		3,203,812
Verizon Communications		241,510		10,785,837
				18,577,716
Electric Utilities–6.03%
Alliant Energy		45,762		1,838,260
American Electric Power		50,507		3,508,721
Edison International		38,730		3,028,299
Entergy		66,205		5,082,558
Eversource Energy		46,056		2,796,060
Exelon		179,076		6,459,271
FirstEnergy		281,204		8,199,909
Great Plains Energy		54,229		1,587,825
IDACORP		38,224		3,262,418
NextEra Energy		133,653		18,728,795
OGE Energy		46,480		1,617,039
PG&E		138,193		9,171,869
Pinnacle West Capital		45,133		3,843,526
PPL		60,712		2,347,126
Xcel Energy		46,638		2,139,751
				73,611,427
Electrical Equipment–0.52%
Eaton		46,586		3,625,788
Emerson Electric		44,774		2,669,426
				6,295,214

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)
Energy Equipment & Services–0.54%
Halliburton		79,700	$	3,403,987
Helmerich & Payne		58,725		3,191,117
				6,595,104
Equity Real Estate Investment Trusts–0.27%
Weyerhaeuser		98,760		3,308,460
				3,308,460
Food & Staples Retailing–0.69%
Kroger		285,870		6,666,488
Sysco		35,170		1,770,106
				8,436,594
Food Products–0.43%
General Mills		44,565		2,468,901
Mondelez International		64,020		2,765,024
				5,233,925
Gas Utilities–0.12%
New Jersey Resources		37,608		1,493,038
				1,493,038
Health Care Equipment & Supplies–0.69%
Becton Dickinson & Co.		29,920		5,837,691
Smith & Nephew		147,680		2,548,582
				8,386,273
Health Care Providers & Services–5.11%
Aetna		115,123		17,479,125
Anthem		106,570		20,049,014
Cardinal Health		23,790		1,853,717
McKesson		45,930		7,557,322
Quest Diagnostics		61,540		6,840,786
UnitedHealth Group		46,060		8,540,445
				62,320,409
Hotels, Restaurants & Leisure–0.85%
Darden Restaurants		41,543		3,757,149
Hilton Worldwide Holdings		6,130		379,141
McDonald’s		40,929		6,268,686
				10,404,976
Household Durables–0.76%
Garmin		54,710		2,791,851
Leggett & Platt		38,929		2,044,940
Tupperware Brands		62,603		4,396,609
				9,233,400
Household Products–1.10%
Kimberly-Clark		40,875		5,277,371
Procter & Gamble		93,880		8,181,642
				13,459,013
Industrial Conglomerates–4.10%
3M		30,000		6,245,700

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Industrial Conglomerates (continued)
General Electric		717,300	$	19,374,273
Honeywell International		85,070		11,338,980
Koninklijke Philips		366,860		13,029,089
				49,988,042
Insurance–5.21%
Allstate		42,740		3,779,926
American International Group		259,730		16,238,320
Arthur J. Gallagher & Co.		38,737		2,217,693
Cincinnati Financial		38,535		2,791,861
Marsh & McLennan		79,134		6,169,287
Mercury General		59,459		3,210,786
MetLife		216,740		11,907,696
Old Republic International		51,677		1,009,252
Prudential Financial		96,240		10,407,394
Travelers		45,990		5,819,115
				63,551,330
Leisure Products–0.15%
Mattel		84,531		1,819,952
				1,819,952
Machinery–0.77%
Caterpillar		46,063		4,949,930
PACCAR		32,315		2,134,083
Pentair		35,160		2,339,546
				9,423,559
Media–2.04%
Cinemark Holdings		38,592		1,499,299
Comcast Class A		369,980		14,399,622
Meredith		45,156		2,684,524
Publicis Groupe		84,850		6,329,285
				24,912,730
Metals & Mining–0.06%
Commercial Metals		36,737		713,800
				713,800
Multiline Retail–1.20%
Dollar General		97,280		7,012,915
Kohl’s		75,721		2,928,131
Macy’s		66,311		1,541,068
Target		60,820		3,180,278
				14,662,392
Multi-Utilities–3.87%
Avista		51,855		2,201,763
Black Hills		38,959		2,628,564
CenterPoint Energy		54,369		1,488,623
CMS Energy		42,464		1,963,960
Dominion Energy		118,786		9,102,571
DTE Energy		45,961		4,862,214
NiSource		42,398		1,075,213

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)
Multi-Utilities (continued)
NorthWestern		51,327	$	3,131,974
Public Service Enterprise Group		221,434		9,523,876
SCANA		50,250		3,367,253
Sempra Energy		42,302		4,769,551
WEC Energy Group		49,677		3,049,174
				47,164,736
Oil, Gas & Consumable Fuels–8.77%
Anadarko Petroleum		36,970		1,676,220
Chevron		163,353		17,042,618
ConocoPhillips		32,192		1,415,160
Enbridge		86,250		3,433,613
Exxon Mobil		91,010		7,347,237
Hess		187,864		8,241,594
HollyFrontier		67,538		1,855,269
Marathon Oil		317,080		3,757,398
Marathon Petroleum		125,370		6,560,612
Occidental Petroleum		271,772		16,270,990
ONEOK		62,625		3,266,520
Royal Dutch Shell ADR Class A		143,330		7,623,723
Suncor Energy		439,080		12,821,136
TOTAL ADR		236,906		11,748,169
Valero Energy		58,382		3,938,450
				106,998,709
Paper & Forest Products–0.19%
Domtar		60,978		2,342,775
				2,342,775
Personal Products–1.08%
Nu Skin Enterprises Class A		39,908		2,507,819
Unilever (New York Shares)		193,490		10,694,192
				13,202,011
Pharmaceuticals–5.95%
AstraZeneca		216,311		14,467,054
Eli Lilly & Co		34,770		2,861,571
Johnson & Johnson		36,930		4,885,470
Merck & Co		312,477		20,026,651
Pfizer		904,150		30,370,399
				72,611,145
Professional Services–0.93%
Experian		332,590		6,822,614
Nielsen Holdings		117,340		4,536,364
				11,358,978
Road & Rail–0.39%
Union Pacific		43,162		4,700,773
				4,700,773
Semiconductors & Semiconductor Equipment–1.48%
Intel		40,709		1,373,522
QUALCOMM		85,190		4,704,192

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
Taiwan Semiconductor Manufacturing ADR		344,220	$	12,033,931
				18,111,645
Software–3.65%
Constellation Software		3,530		1,846,690
Microsoft		250,530		17,269,033
Oracle		506,090		25,375,353
				44,491,076
Specialty Retail–1.27%
Gap		156,810		3,448,252
Home Depot		50,560		7,755,904
L Brands		65,749		3,543,214
Staples		75,219		757,455
				15,504,825
Technology Hardware, Storage & Peripherals–1.85%
Lenovo Group		5,974,000		3,772,271
†Samsung Electronics GDR		15,475		16,016,625
Seagate Technology		73,033		2,830,029
				22,618,925
Thrift & Mortgage Finance–0.07%
New York Community Bancorp		66,316		870,729
				870,729
Tobacco–1.37%
Altria Group		92,519		6,889,890
Philip Morris International		84,144		9,882,713
				16,772,603
Wireless Telecommunication Services–0.38%
SK Telecom ADR		180,240		4,626,761
				4,626,761
Total Common Stock (Cost $870,103,509)				1,094,726,832
MONEY MARKET FUND–9.90%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		120,761,847		120,761,847
Total Money Market Fund (Cost $120,761,847)				120,761,847

LVIP BlackRock Dividend Value Managed Volatility Fund–5

LVIP BlackRock Dividend Value Managed Volatility Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–99.64% (Cost $990,865,356)	$1,215,488,679
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.36%	4,445,680
NET ASSETS APPLICABLE TO 62,862,639 SHARES OUTSTANDING–100.00%	$1,219,934,359

NET ASSET VALUE PER SHARE–LVIP BLACKROCK DIVIDEND VALUE MANAGED VOLATILITY FUND STANDARD CLASS ($320,371,593 / 16,474,798 Shares)	$	19.446
NET ASSET VALUE PER SHARE–LVIP BLACKROCK DIVIDEND VALUE MANAGED VOLATILITY FUND SERVICE CLASS ($899,562,766 / 46,387,841 Shares)	$	19.392

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$1,040,070,113
Undistributed net investment income	11,432,068
Accumulated net realized loss on investments	(55,807,631	)
Net unrealized appreciation of investments, foreign currencies and derivatives	224,239,809
TOTAL NET ASSETS	$1,219,934,359

† Non-income producing for the period.

« Includes $2,302,002 cash collateral and $970,569 foreign currencies collateral held at broker for futures contracts, $29,638 cash due to custodian, $197,965 payable for fund shares redeemed, $1,518,134 payable for securities purchased and $869,299 due to manager and affiliates as of June 30, 2017.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
20	British Pound	$	1,603,810	$	1,630,625		9/19/17	$	26,815	$	—
19	Euro		2,692,950		2,723,413		9/19/17		30,463		—
16	Japanese Yen		1,841,448		1,782,000		9/19/17		—		(59,448	)
									57,278		(59,448	)
Equity Contracts:
13	Dow Jones U.S. Real Estate Index		409,558		410,280		9/18/17		722		—
507	E-mini S&P 500 Index		61,518,144		61,369,815		9/18/17		—		(148,329	)
39	E-mini S&P MidCap 400 Index		6,881,099		6,809,790		9/18/17		—		(71,309	)
80	Euro STOXX 50 Index		3,247,376		3,134,973		9/18/17		—		(112,403	)
18	FTSE 100 Index		1,743,388		1,697,939		9/18/17		—		(45,449	)
11	Nikkei 225 Index (OSE)		1,967,247		1,957,946		9/8/17		—		(9,301	)
									722		(386,791	)
Total								$	58,000	$	(446,239	)

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

FTSE–Financial Times Stock Exchange

GDR–Global Depository Receipt

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	16,400,521
Foreign tax withheld		(318,876	)
		16,081,645
EXPENSES:
Management fees		4,223,258
Distribution fees-Service Class		1,068,552
Accounting and administration expenses		145,805
Reports and statements to shareholders		67,544
Shareholder servicing fees		58,586
Index fees		42,160
Professional fees		28,301
Trustees’ fees and expenses		15,825
Custodian fees		12,390
Consulting fees		3,059
Pricing fees		1,289
Other		4,571
		5,671,340
Less:
Management fees waived		(729,651	)
Total operating expenses		4,941,689
NET INVESTMENT INCOME		11,139,956
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Investments		28,635,061
Foreign currencies		20,933
Foreign currency exchange contracts		21,067
Futures contracts		6,075,503
Net realized gain		34,752,564
Net change in unrealized appreciation (depreciation) of:
Investments		25,672,194
Foreign currencies		5,296
Futures contracts		(263,732	)
Net change in unrealized appreciation (depreciation)		25,413,758
NET REALIZED AND UNREALIZED GAIN		60,166,322
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	71,306,278

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	11,139,956		$	18,659,843
Net realized gain		34,752,564			7,926,139
Net change in unrealized appreciation (depreciation)		25,413,758			88,720,636
Net increase in net assets resulting from operations		71,306,278			115,306,618
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(5,789,538	)
Service Class		—			(12,838,820	)
		—			(18,628,358	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,084,602			19,974,258
Service Class		82,157,472			199,065,525
Reinvestment of dividends and distributions:
Standard Class		—			5,789,538
Service Class		—			12,838,820
		85,242,074			237,668,141
Cost of shares redeemed:
Standard Class		(20,782,670	)		(40,537,736	)
Service Class		(40,350,188	)		(69,104,288	)
		(61,132,858	)		(109,642,024	)
Increase in net assets derived from capital share transactions		24,109,216			128,026,117
NET INCREASE IN NET ASSETS		95,415,494			224,704,377
NET ASSETS:
Beginning of period		1,124,518,865			899,814,488
End of period	$	1,219,934,359		$	1,124,518,865
Undistributed net investment income	$	11,432,068		$	292,112

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  6/30/171  (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/123
Net asset value, beginning of period		$	18.287		$	16.634			$	17.805			$	17.455			$	14.977			$	12.887
Income (loss) from investment operations:
Net investment income4			0.196			0.355				0.296				0.295				0.299				0.221
Net realized and unrealized gain (loss)			0.963			1.636				(1.162	)			0.314				2.428				1.966
Total from investment operations			1.159			1.991				(0.866	)			0.609				2.727				2.187
Less dividends and distributions from:
Net investment income			—			(0.338	)			(0.305	)			(0.259	)			(0.249	)			(0.097	)
Total dividends and distributions			—			(0.338	)			(0.305	)			(0.259	)			(0.249	)			(0.097	)
Net asset value, end of period		$	19.446		$	18.287			$	16.634			$	17.805			$	17.455			$	14.977
Total return5			6.34%			11.97%				(4.87%	)			3.49%				18.21%				16.99%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	320,371		$	318,457			$	304,296			$	337,563			$	351,809			$	322,496
Ratio of expenses to average net assets			0.66%			0.68%				0.72%				0.72%				0.76%				0.78%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.79%			0.80%				0.81%				0.81%				0.84%				0.83%
Ratio of net investment income to average net assets			2.09%			2.07%				1.72%				1.68%				1.84%				1.54%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.96%			1.95%				1.63%				1.59%				1.76%				1.49%
Portfolio turnover			14%			51%				24%				24%				14%				103%

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

² Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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  6/30/171  (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/123
Net asset value, beginning of period		$	18.258		$	16.613			$	17.781			$	17.434			$	14.961			$	12.874
Income (loss) from investment operations:
Net investment income4			0.172			0.312				0.252				0.251				0.261				0.186
Net realized and unrealized gain (loss)			0.962			1.628				(1.158	)			0.312				2.419				1.962
Total from investment operations			1.134			1.940				(0.906	)			0.563				2.680				2.148
Less dividends and distributions from:
Net investment income			—			(0.295	)			(0.262	)			(0.216	)			(0.207	)			(0.061	)
Total dividends and distributions			—			(0.295	)			(0.262	)			(0.216	)			(0.207	)			(0.061	)
Net asset value, end of period		$	19.392		$	18.258			$	16.613			$	17.781			$	17.434			$	14.961
Total return5			6.21%			11.68%				(5.09%	)			3.23%				17.92%				16.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	899,563		$	806,062			$	595,518			$	499,132			$	332,144			$	75,798
Ratio of expenses to average net assets			0.91%			0.93%				0.97%				0.97%				1.01%				1.03%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.04%			1.05%				1.06%				1.06%				1.09%				1.08%
Ratio of net investment income to average net assets			1.84%			1.82%				1.47%				1.43%				1.59%				1.29%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.71%			1.70%				1.38%				1.34%				1.51%				1.24%
Portfolio turnover			14%			51%				24%				24%				14%				103%

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

² Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 (“NAV”). Investments in government money market funds have a stable NAV. 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 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 Dividend Value Managed Volatility Fund–10

LVIP BlackRock Dividend Value 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 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.

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, 2017.

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. The fee is calculated daily and paid monthly. LIAC has contractually agreed to waive a portion of its advisory fee as follows; 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, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

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. SSGA Funds Management, Inc. (“SSGA”) is 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	33,071
Legal		7,983

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $59,688 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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)

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	596,188
Distribution fees payable to LFD		184,371
Printing and mailing fees payable to Lincoln Life		59,688
Shareholder servicing fees payable to Lincoln Life		29,052

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	171,959,868
Sales		148,719,784

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	990,865,356
Aggregate unrealized appreciation	$	244,490,427
Aggregate unrealized depreciation		(19,867,104	)
Net unrealized appreciation	$	224,623,323

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, 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)*
2017	Short-Term	Long-Term	Total
$36,214,077	$47,650,993	$—	$83,865,070

*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 BlackRock Dividend Value Managed Volatility Fund–12

LVIP BlackRock Dividend 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, 2017:

	Level 1
Investments:
Assets:
Common Stock	$	1,094,726,832
Money Market Fund		120,761,847
Total Investments	$	1,215,488,679
Derivatives:
Assets:
Futures Contracts	$	58,000
Liabilities:
Futures Contracts	$	(446,239	)

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

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. 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    6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		163,207			1,172,979
Service Class		4,379,884			11,608,818
Shares reinvested:
Standard Class		—			315,857
Service Class		—			701,538
		4,543,091			13,799,192
Shares redeemed:
Standard Class		(1,103,207	)		(2,367,134	)
Service Class		(2,139,443	)		(4,010,304	)
		(3,242,650	)		(6,377,438	)
Net increase		1,300,441			7,421,754

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 already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. 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

LVIP BlackRock Dividend Value Managed Volatility Fund–13

LVIP BlackRock Dividend Value Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives					Liability Derivatives
	Statement of Net Assets Location		Fair Value			Statement of Net Assets Location		Fair Value
Futures Contracts (Currency contracts)		Receivables and other assets net of liabilities		$	57,278		Receivables and other assets net of liabilities		$	(59,448	)
Futures contracts (Equity contracts)		Receivables and other assets net of liabilities			722		Receivables and other assets net of liabilities			(386,741	)
Total				$	58,000				$	(446,239	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	21,067		$	—
Futures contracts (Currency contracts)	Net realized gain from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			233,998			77,988
Futures contracts (Equity contracts)	Net realized gain from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			5,841,505			(341,720	)
Total			$	6,096,570		$	(263,732	)

LVIP BlackRock Dividend Value Managed Volatility Fund–14

LVIP BlackRock Dividend Value 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, 2017.

	Long Derivative Volume			Short Derivative Volume
Foreign currency exchange contracts (average cost)		$	42,454		$	2,749
Futures contracts (average notional value)			79,564,204			—

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At June 30, 2017, the Fund had 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		$	58,000			$	(446,239	)		$	(388,239	)
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
Goldman Sachs Capital		$	(388,239	)		$	—			$	—			$	—		$	388,239		$	—

^aNet 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 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, 2017. 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

LVIP BlackRock Dividend Value Managed Volatility Fund–15

LVIP BlackRock Dividend Value Managed Volatility Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

are determined to be liquid, are not subject to the Fund’s limit on investments in illiquid securities. As of June 30, 2017, there were no Rule 144A securities held by the Fund.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 Global Allocation V.I. Managed Risk Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2017

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

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 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 Allocation V.I. Managed Risk Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,073.80		0.11%		$0.57
Service Class Shares		1,000.00		1,072.00		0.46%		2.36
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,024.25		0.11%		$0.55
Service Class Shares		1,000.00		1,022.51		0.46%		2.31

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 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, 2017

Security Type/Sector	Percentage   of Net Assets
Affiliated Investment		96.04%
Global Multi-Asset Fund		96.04%
Unaffiliated Investment		4.05%
Money Market Fund		4.05%
Total Value of Securities		100.09%
Liabilities Net of Receivables and Other Assets		(0.09%)
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–96.04%
Global Multi-Asset Fund–96.04%
*BlackRock Global Allocation V.I. Fund		57,579,705	$	962,156,866
				962,156,866
Total Affiliated Investment (Cost $963,771,145)				962,156,866

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT–4.05%
Money Market Fund–4.05%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		40,635,737	$	40,635,737
				40,635,737
Total Unaffiliated Investment (Cost $40,635,737)				40,635,737

TOTAL VALUE OF SECURITIES–100.09% (Cost $1,004,406,882)		1,002,792,603
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.09%)		(924,832)
NET ASSETS APPLICABLE TO 97,608,308 SHARES OUTSTANDING–100.00%	$	1,001,867,771

* Class I shares.

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, 2017 (unaudited)

ASSETS:
Affiliated investment, at value	$	962,156,866
Unaffiliated investment, at value		40,635,737
Total investments, at value		1,002,792,603
Cash		74,630
Receivable for fund shares sold		34,658
Dividends receivable from investments		24,870
TOTAL ASSETS		1,002,926,761
LIABILITIES:
Due to manager and affiliates		397,221
Payable for investments purchased		365,568
Payable for fund shares redeemed		263,536
Other accrued expenses payable		32,665
TOTAL LIABILITIES		1,058,990
TOTAL NET ASSETS	$	1,001,867,771
Affiliated investment, at cost	$	963,771,145
Unaffiliated investment, at cost		40,635,737
Total investments, at cost	$	1,004,406,882
Standard Class:
Net Assets	$	180,460
Shares Outstanding		17,449
Net Asset Value Per Share	$	10.342
Service Class:
Net Assets	$	1,001,687,311
Shares Outstanding		97,590,859
Net Asset Value Per Share	$	10.264
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	1,043,436,781
Undistributed net investment income		5,303,953
Accumulated net realized loss on investments		(45,258,684	)
Net unrealized depreciation of investments		(1,614,279	)
TOTAL NET ASSETS	$	1,001,867,771

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment	$	107,193
EXPENSES:
Management fees		3,700,376
Distribution fees-Service Class		1,726,534
Accounting and administration expenses		50,420
Shareholder servicing fees		48,586
Professional fees		24,676
Reports and statements to shareholders		22,487
Trustees’ fees and expenses		13,411
Custodian fees		5,283
Consulting fees		2,880
Pricing fees		60
Other		4,368
		5,599,081
Less:
Management fees waived		(3,305,669	)
Total operating expenses		2,293,412
NET INVESTMENT LOSS		(2,186,219	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss from:
Sale of affiliated investment		(8,149,763	)
Net change in unrealized appreciation (depreciation) of:
Affiliated investment		79,308,467
NET REALIZED AND UNREALIZED GAIN		71,158,704
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,972,485

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 Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(2,186,219	)	$	7,746,245
Net realized loss		(8,149,763	)		(29,157,019	)
Net change in unrealized appreciation (depreciation)		79,308,467			46,659,605
Net increase in net assets resulting from operations		68,972,485			25,248,831
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,277	)
Service Class		—			(7,549,486	)
Net realized gain:
Standard Class		—			(822	)
Service Class		—			(4,849,230	)
		—			(12,400,815	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		417			24,746
Service Class		37,962,076			122,489,292
Reinvestment of dividends and distributions:
Standard Class		—			2,099
Service Class		—			12,398,716
		37,962,493			134,914,853
Cost of shares redeemed:
Standard Class		(2,982	)		(126,996	)
Service Class		(94,203,608	)		(134,620,651	)
		(94,206,590	)		(134,747,647	)
Increase (decrease) in net assets derived from capital share transactions		(56,244,097	)		167,206
NET INCREASE IN NET ASSETS		12,728,388			13,015,222
NET ASSETS:
Beginning of period		989,139,383			976,124,161
End of period	$	1,001,867,771		$	989,139,383
Undistributed net investment income	$	5,303,953		$	7,490,172

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																5/1/133
	6/30/171				Year Ended												to
	(unaudited)				12/31/162				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	9.631			$	9.480			$	10.490			$	10.709			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.005	)			0.107				0.109				0.299				0.235
Net realized and unrealized gain (loss)			0.716				0.162				(0.565	)			(0.319	)			0.490
Total from investment operations			0.711				0.269				(0.456)				(0.020)				0.725
Less dividends and distributions from:
Net investment income			—				(0.072	)			(0.107	)			(0.108	)			—
Net realized gain			—				(0.046	)			(0.447	)			(0.091	)			(0.016	)
Total dividends and distributions			—				(0.118	)			(0.554	)			(0.199	)			(0.016	)
Net asset value, end of period		$	10.342			$	9.631			$	9.480			$	10.490			$	10.709
Total return5			7.38%				2.85%				(4.32%	)			(0.21%	)			7.25%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	181			$	170			$	265			$	304			$	2,961
Ratio of expenses to average net assets6			0.11%				0.10%				0.11%				0.10%				0.10%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.78%				0.78%				0.81%				0.80%				0.84%
Ratio of net investment income (loss) to average net assets			(0.09%	)			1.13%				1.05%				2.77%				3.42%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.76%	)			0.45%				0.35%				2.07%				2.68%
Portfolio turnover			2%				9%				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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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																5/1/133
	6/30/171				Year Ended												to
	(unaudited)				12/31/162				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	9.575			$	9.459			$	10.466			$	10.684			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.022	)			0.074				0.072				0.260				0.213
Net realized and unrealized gain (loss)			0.711				0.160				(0.561	)			(0.317	)			0.487
Total from investment operations			0.689				0.234				(0.489	)			(0.057	)			0.700
Less dividends and distributions from:
Net investment income			—				(0.072	)			(0.071	)			(0.070	)			—
Net realized gain			—				(0.046	)			(0.447	)			(0.091	)			(0.016	)
Total dividends and distributions			—				(0.118	)			(0.518	)			(0.161	)			(0.016	)
Net asset value, end of period		$	10.264			$	9.575			$	9.459			$	10.466			$	10.684
Total return5			7.20%				2.50%				(4.66%	)			(0.55%	)			7.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,001,687			$	988,969			$	975,859			$	806,422			$	329,225
Ratio of expenses to average net assets6			0.46%				0.45%				0.46%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.13%				1.13%				1.16%				1.15%				1.19%
Ratio of net investment income (loss) to average net assets			(0.44%	)			0.78%				0.70%				2.42%				3.07%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(1.11%	)			0.10%				0.00%				1.72%				2.33%
Portfolio turnover			2%				9%				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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 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. Investments in government money market funds have a stable NAV.

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, 2017 and for all open tax years (years ended December 31, 2013-December 31, 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 six months ended June 30, 2017, 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, 2017.

LVIP BlackRock Global Allocation V.I. Managed Risk Fund–8

LVIP BlackRock Global Allocation V.I. Managed Risk 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-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 calculated daily and paid monthly. 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 0.67% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Fund’s managed risk strategy. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	28,204
Legal		6,807

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $17,272 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	66,231
Distribution fees payable to LFD		289,709
Shareholder servicing fees payable to Lincoln Life		24,009
Printing and mailing fees payable to Lincoln Life		17,272

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 investments, 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 issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value     12/31/16		Purchases		Sales		Net Realized       Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)		Value       6/30/17		Dividends		Capital Gain Distributions
BlackRock Global Allocation V.I. Fund		950,225,202		14,621,913		73,848,953		(8,149,763	)		79,308,467		962,156,866		—		—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	14,621,913
Sales		73,848,953

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,004,406,882
Aggregate unrealized appreciation	$	—
Aggregate unrealized depreciation		(1,614,279	)
Net unrealized depreciation	$	(1,614,279	)

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$4,046,229	$11,229,575	$15,275,804

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 BlackRock Global Allocation V.I. Managed Risk Fund–10

LVIP BlackRock Global Allocation V.I. Managed Risk 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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investment	$	962,156,866
Unaffiliated Investment		40,635,737
Total Investments	$	1,002,792,603

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		42			2,625
Service Class		3,787,892			13,059,620
Shares reinvested:
Standard Class		—			219
Service Class		—			1,301,976
		3,787,934			14,364,440
Shares redeemed:
Standard Class		(294	)		(13,151	)
Service Class		(9,479,934	)		(14,251,203	)
		(9,480,228	)		(14,264,354	)
Net increase (decrease)		(5,692,294	)		100,086

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 BlackRock Global Allocation V.I. Managed Risk Fund–11

        LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP BlackRock Global Growth ETF

Allocation Managed Risk Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	4
Statements of Changes in Net Assets	4
Financial Highlights	5
Notes to Financial Statements	7

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 January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,073.40		0.33	%	$	1.70
Service Class Shares		1,000.00		1,071.50		0.68	%		3.49
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.16		0.33	%	$	1.66
Service Class Shares		1,000.00		1,021.42		0.68	%		3.41

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Sector	Percentage of Net Assets
Investment Companies		101.19%
Equity Funds		49.06%
Fixed Income Funds		28.41%
International Equity Funds		18.61%
Money Market Fund		5.11%
Total Value of Securities		101.19%
Liabilities Net of Receivables and Other Assets		(1.19%)
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–101.19%
Equity Funds–49.06%
iShares Core S&P 500 ETF		153,752	$	37,424,774
iShares Core S&P Mid-Cap ETF		49,093		8,539,727
iShares Edge MSCI Min Vol USA ETF		656,150		32,105,420
iShares Russell 2000 ETF		60,909		8,583,296
				86,653,217
Fixed Income Funds–28.41%
iShares Core U.S. Aggregate Bond ETF		229,417		25,123,456
iShares Core U.S. Credit Bond ETF		72,809		8,131,309
iShares Core U.S. Treasury Bond ETF		336,765		8,506,684
iShares MBS ETF		78,781		8,410,660
				50,172,109

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
International Equity Funds–18.61%
iShares Edge MSCI Min Vol EAFE ETF		323,497	$	22,398,932
iShares Edge MSCI Min Vol Emerging Markets ETF		188,885		10,464,229
				32,863,161
Money Market Fund–5.11%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		9,020,916		9,020,916
				9,020,916
Total Investment Companies (Cost $170,776,023)				178,709,403

TOTAL VALUE OF SECURITIES–101.19% (Cost $170,776,023)		178,709,403
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.19%)		(2,101,483	)
NET ASSETS APPLICABLE TO 16,297,848 SHARES OUTSTANDING–100.00%	$	176,607,920

NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL GROWTH ETF ALLOCATION MANAGED RISK FUND STANDARD CLASS ($4,940,297 / 455,159 Shares)	$	10.854
NET ASSET VALUE PER SHARE–LVIP BLACKROCK GLOBAL GROWTH ETF ALLOCATION MANAGED RISK FUND SERVICE CLASS ($171,667,623 / 15,842,689 Shares)	$	10.836

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	167,822,625
Undistributed net investment income		1,094,238
Accumulated net realized loss on investments		(242,323	)
Net unrealized appreciation of investments		7,933,380
TOTAL NET ASSETS	$	176,607,920

« Includes $86,661 due to manager and affiliates, $2,324,771 payable for investments purchased, and $21,755 payable for fund shares redeemed as of June 30, 2017.

Summary of Abbreviations:

EAFE–Europe Australasia Far East

ETF–Exchange-Traded Fund

MBS–Mortgage-Backed Security

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund–3

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Statement of Operations

Six Months Ended to June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	1,554,091
EXPENSES:
Distribution fees-Service Class		231,708
Management fees		170,131
Professional fees		20,409
Accounting and administration expenses		19,397
Shareholder servicing fees		7,832
Reports and statements to shareholders		2,778
Custodian fees		2,565
Consulting fees		1,948
Trustees’ fees and expenses		1,590
Pricing fees		31
Other		1,464
Total operating expenses		459,853
NET INVESTMENT INCOME		1,094,238
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on investments		(18,774	)
Net change in unrealized appreciation (depreciation) of investments		7,902,271
NET REALIZED AND UNREALIZED GAIN		7,883,497
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,977,735

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

LVIP BlackRock Global Growth ETF Allocation

Managed Risk Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			5/2/16* to 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,094,238		$	910,487
Net realized loss		(18,774	)		(232,809	)
Net change in unrealized appreciation (depreciation) of investments		7,902,271			31,109
Net increase in net assets resulting from operations		8,977,735			708,787
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(25,117	)
Service Class		—			(896,172	)
Return of capital:
Standard Class		—			(88	)
Service Class		—			(3,959	)
		—			(925,336	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,614,008			2,984,848
Service Class		73,191,250			103,006,267
Reinvestment of dividends and distributions:
Standard Class		—			25,205
Service Class		—			900,131
		75,805,258			106,916,451
Cost of shares redeemed:
Standard Class		(108,747	)		(799,584	)
Service Class		(8,817,882	)		(5,148,762	)
		(8,926,629	)		(5,948,346	)
Increase in net assets derived from capital share transactions		66,878,629			100,968,105
NET INCREASE IN NET ASSETS		75,856,364			100,751,556
NET ASSETS:
Beginning of period		100,751,556			—
End of period	$	176,607,920		$	100,751,556
Undistributed net investment income	$	1,094,238		$	—

*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–4

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

Financial Highlights

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

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

	Standard Class
	Six Months Ended 6/30/171              (unaudited)				5/2/162 to             12/31/16
Net asset value, beginning of period		$	10.112			$	10.000
Income from investment operations:
Net investment income3			0.102				0.213
Net realized and unrealized gain			0.640				0.018
Total from investment operations			0.742				0.231
Less dividends and distributions from:
Net investment income			—				(0.119	)
Return of capital			—				—	4
Total dividends and distributions			—				(0.119	)
Net asset value, end of period		$	10.854			$	10.112
Total return5			7.34%				2.31%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	4,940			$	2,185
Ratio of expenses to average net assets6			0.33%				0.35%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.33%				0.40%
Ratio of net investment income to average net assets			1.94%				3.14%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.94%				3.09%
Portfolio turnover			0%	7			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 Return of capital distributions of $88 were made by the Fund’s Standard Class, which calculated to de minimis 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, 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 Portfolio turnover is calculated to less than 0.50%.

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 (continued)

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

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

	Service Class
	Six Months ended 6/30/171                 (unaudited)				5/2/162 to                  12/31/16
Net asset value, beginning of period		$	10.113			$	10.000
Income from investment operations:
Net investment income3			0.084				0.189
Net realized and unrealized gain			0.639				0.018
Total from investment operations			0.723				0.207
Less dividends and distributions from:
Net investment income			—				(0.094	)
Return of capital			—				—	4
Total dividends and distributions			—				(0.094	)
Net asset value, end of period		$	10.836			$	10.113
Total return5			7.15%				2.07%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	171,668			$	98,567
Ratio of expenses to average net assets6			0.68%				0.70%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.68%				0.75%
Ratio of net investment income to average net assets			1.59%				2.79%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.59%				2.74%
Portfolio turnover			0%	7			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 Return of capital distributions of $3,959 were made by the Fund’s Service Class, which calculated to de minimis 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, 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 Portfolio turnover is calculated to less than 0.50%.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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. Investments in government money market fund have a stable NAV.

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, 2017 and for the open tax year ended December 31, 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 six months ended June 30, 2017, 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.

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)

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, 2017.

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 0.25% of the average daily net assets of the Fund. The fee is calculated daily and paid monthly. 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, 2018, 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 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	3,510
Legal		848

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $128 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	34,934
Distribution fees payable to LFD		47,547
Shareholder servicing fees payable to Lincoln Life		4,052
Printing & mailing fees payable to Lincoln Life		128

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	66,226,667
Sales		413,197

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	170,776,023
Aggregate unrealized appreciation	$	8,147,685
Aggregate unrealized depreciation		(214,305	)
Net unrealized appreciation	$	7,933,380

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$9,203	$27,539	$36,742

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 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)    

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2017:

	Level 1
Investments:
Assets:
Investment Companies	$	178,709,403

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

During the six months ended June 30, 2017, 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 6/30/17			5/2/16* to 12/31/16
Shares sold:
Standard Class		249,410			291,876
Service Class		6,930,601			10,164,196
Shares reinvested:
Standard Class		—			2,490
Service Class		—			88,911
		7,180,011			10,547,473
Shares redeemed:
Standard Class		(10,298	)		(78,319	)
Service Class		(834,694	)		(506,325	)
		(844,992	)		(584,644	)
Net increase		6,335,019			9,962,829

* Date of commencement of operations.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 BlackRock Global Growth ETF Allocation Managed Risk Fund–10

            LVIP BlackRock Inflation Protected Bond Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP BlackRock Inflation Protected Bond Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Credit Quality Breakdown	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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17			Ending Account Value 6/30/17			Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$	1,000.00		$	1,004.60		0.48	%		$	2.39
Service Class Shares			1,000.00			1,003.50		0.73	%			3.63
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,022.41		0.48	%		$	2.41
Service Class Shares			1,000.00			1,021.17		0.73	%			3.66

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP BlackRock Inflation Protected Bond Fund–1

LVIP BlackRock Inflation Protected Bond Fund

Security Type/Sector Allocation and Credit Quality Breakdown (unaudited)

As of June 30, 2017

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		0.06%
Non-Agency Commercial Mortgage-Backed Securities		0.30%
Sovereign Bonds		44.85%
Australia		1.59%
Canada		0.86%
Denmark		0.40%
France		10.66%
Germany		4.83%
Italy		8.39%
Japan		5.15%
New Zealand		0.90%
Spain		2.39%
Sweden		1.05%
United Kingdom		8.63%
U.S. Treasury Obligations		53.64%
Money Market Fund		1.84%
Total Value of Securities		100.69%
Liabilities Net of Receivables and Other Assets		(0.69%	)
Total Net Assets		100.00%

Credit Quality Breakdown (as a % of fixed income investments)*
U.S. Government	54.26%
AAA	8.98%
AA	19.53%
A	5.21%
BBB	10.92%
BB	0.03%
Not Rated	1.07%
Total	100.00%

*For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s Rating Services (“S&P”) or Moody’s Investor Service, Inc. (“Moody”) or Fitch Inc. (“Fitch”). U.S. Treasury Obligations appear under “U.S. Government”. “Not Rated” is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

LVIP BlackRock Inflation Protected Bond Fund–2

LVIP BlackRock Inflation Protected Bond Fund

Statement of Net Assets

June 30, 2017 (unaudited)

		Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.06%
ABN Amro Mortgage
Series 2003-4 A4 5.50% 3/25/33			63,444	$	63,967
Series 2003-6 1A4 5.50% 5/25/33			114,723		117,673
◆Cendant Mortgage Capital Pass Through Series 2003-6 A3 5.25% 7/25/33			211,899		212,582
◆CHL Mortgage Pass Through Trust Series 2004-5 2A4 5.50% 5/25/34			101,950		103,174
•PHHMC Trust Series 2007-6 A1 5.829% 12/18/37			67,063		68,900
◆WaMu Mortgage Pass Through Certificates Trust Series 2003-S11 3A5 5.95% 11/25/33			223,953		234,328
Wells Fargo Mortgage Backed Securities Trust Series 2007-3 3A1 5.50% 4/25/22			29,232		29,834
Total Non-Agency Collateralized Mortgage Obligations (Cost $839,819)					830,458
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.30%
#BAMLL Commercial Mortgage Securities Trust Series 2012-PARK A 144A 2.959% 12/10/30			1,014,000		1,032,393
#BB-UBS Trust Series 2012-SHOW A 144A 3.43% 11/5/36			930,000		952,190
#Goldman Sachs Mortgage Securities Trust Series 2012-ALOH A 144A 3.551% 4/10/34			883,000		925,997
#•Irvine Core Office Trust Series 2013-IRV A2 144A 3.279% 5/15/48			798,000		819,611
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 A4 2.918% 2/15/46			357,000		361,879
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $4,062,586)					4,092,070
DSOVEREIGN BONDS–44.85%
Australia–1.59%
Australia Government Bonds
1.00% 11/21/18	AUD		4,875,000		4,027,963
1.25% 2/21/22	AUD		4,928,375		4,332,523
3.00% 9/20/25	AUD		5,835,000		6,311,096

		Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Australia (continued)
Australia Government Bonds (continued)
4.00% 8/20/20	AUD		4,780,000	$	6,821,088
					21,492,670
Canada–0.86%
Canadian Government Real Return Bonds
4.00% 12/1/31	CAD		3,881,358		4,459,701
4.25% 12/1/21	CAD		7,801,061		7,106,377
					11,566,078
Denmark–0.40%
Denmark Inflation Linked Government Bond
0.10% 11/15/23	DKK		32,794,364		5,337,170
					5,337,170
France–10.66%
French Republic Government Bond O.A.T.
0.10% 3/1/21	EUR		8,143,760		9,724,330
0.10% 7/25/21	EUR		4,452,160		5,339,225
0.10% 3/1/25	EUR		13,221,138		15,988,403
0.25% 7/25/18	EUR		56,714,833		65,889,065
0.25% 7/25/24	EUR		5,805,540		7,138,385
1.10% 7/25/22	EUR		2,621,763		3,329,674
1.30% 7/25/19	EUR		1,986,243		2,390,359
#144A 2.00% 5/25/48	EUR		2,510,000		2,966,664
2.10% 7/25/23	EUR		12,387,680		16,828,331
2.25% 7/25/20	EUR		11,169,721		14,159,878
					143,754,314
Germany–4.83%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond
0.75% 4/15/18	EUR		12,042,503		13,814,973
Deutsche Bundesrepublik Inflation Linked Bonds
0.10% 4/15/23	EUR		1,775,485		2,156,031
0.10% 4/15/26	EUR		13,039,995		16,039,249
1.75% 4/15/20	EUR		26,828,625		33,058,092
					65,068,345
Italy–8.39%
Italy Buoni Poliennali Del Tesoro Inflation Linked Bonds
#144A 1.25% 9/15/32	EUR		1,100,902		1,225,684
#144A 1.30% 5/15/28	EUR		21,316,473		24,329,177
2.10% 9/15/21	EUR		9,514,748		11,874,426
2.35% 9/15/19	EUR		3,773,809		4,582,448
#144A 2.35% 9/15/24	EUR		25,101,681		31,852,586
2.55% 9/15/41	EUR		608,108		794,144
2.60% 9/15/23	EUR		17,903,646		23,170,058
#144A 2.70% 3/1/47	EUR		3,520,000		3,591,190
3.10% 9/15/26	EUR		8,671,372		11,694,196
					113,113,909

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–5.15%
Japanese Government CPI Linked Bonds
0.10% 9/10/23	JPY		1,001,246,400	$	9,225,087
0.10% 3/10/24	JPY		809,411,400		7,464,792
0.10% 9/10/24	JPY		1,026,443,000		9,511,994
0.10% 3/10/25	JPY		3,150,300,000		29,221,676
0.10% 3/10/26	JPY		1,435,236,516		13,338,544
0.10% 3/10/27	JPY		75,450,600		703,893
					69,465,986
New Zealand–0.90%
New Zealand Government Bonds
2.50% 9/20/35	NZD		5,694,000		4,511,000
3.00% 9/20/30	NZD		8,909,000		7,640,028
					12,151,028
Spain–2.39%
Spain Government Bond #144A 5.15% 10/31/44	EUR		1,598,000		2,655,894
Spain Government Inflation Linked Bonds
0.30% 11/30/21	EUR		6,631,423		7,928,479
#144A 0.55% 11/30/19	EUR		6,491,094		7,678,720
#144A 1.80% 11/30/24	EUR		10,852,457		14,007,393
					32,270,486
Sweden–1.05%
Sweden Inflation Linked Bonds
0.25% 6/1/22	SEK		29,680,000		3,991,160
1.00% 6/1/25	SEK		31,395,000		4,548,468
4.00% 12/1/20	SEK		30,130,000		5,657,668
					14,197,296
United Kingdom–8.63%
United Kingdom Gilt Inflation Linked Bonds
0.125% 11/22/19	GBP		3,845,502		5,385,970
0.125% 3/22/24	GBP		6,742,150		10,150,460
0.125% 3/22/26	GBP		14,125,018		21,737,257
1.25% 11/22/17	GBP		42,526,489		56,438,240
1.875% 11/22/22	GBP		3,526,280		5,698,405
2.50% 4/16/20	GBP		3,540,000		17,030,719
					116,441,051
Total Sovereign Bonds (Cost $574,662,976)					604,858,333

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS–53.64%
U.S. Treasury Inflation Index Bonds
0.875% 2/15/47		5,307,963	$	5,156,797
1.00% 2/15/46		3,085,650		3,086,138
2.00% 1/15/26		3,277,120		3,674,782
¥2.125% 2/15/41		15,155,923		18,965,182
2.50% 1/15/29		9,746,906		11,731,756
U.S. Treasury Inflation Index Notes
0.125% 4/15/19		8,285,787		8,291,794
0.125% 4/15/20		25,011,004		25,056,699
0.125% 4/15/21		5,137,966		5,131,995
0.125% 1/15/22		25,427,245		25,402,606
0.125% 4/15/22		93,070,405		92,673,087
0.125% 7/15/22		23,132,527		23,115,362
0.125% 1/15/23		38,092,467		37,765,291
0.125% 7/15/24		26,445,521		25,992,060
0.125% 7/15/26		80,008,012		77,225,013
0.25% 1/15/25		71,802,029		70,569,332
0.375% 7/15/23		27,523,872		27,716,540
0.375% 7/15/25		37,274,988		37,015,703
0.375% 1/15/27		8,229,755		8,088,187
¥0.625% 7/15/21		27,781,763		28,486,503
0.625% 1/15/24		35,222,272		35,744,195
0.625% 1/15/26		29,889,919		30,098,252
1.125% 1/15/21		45,433,946		47,187,515
1.25% 7/15/20		35,668,569		37,190,796
1.375% 1/15/20		10,301,315		10,681,207
2.375% 1/15/25		23,432,125		26,708,826
2.375% 1/15/27		551,701		643,411
Total U.S. Treasury Obligations (Cost $720,786,288)				723,399,029
	Number of Shares
MONEY MARKET FUND–1.84%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		24,806,560		24,806,560
Total Money Market Fund (Cost $24,806,560)				24,806,560

TOTAL VALUE OF SECURITIES–100.69% (Cost $1,325,158,229)	1,357,986,450
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.69%)	(9,240,599	)
NET ASSETS APPLICABLE TO 132,260,456 SHARES OUTSTANDING–100.00%	$1,348,745,851

NET ASSET VALUE PER SHARE–LVIP BLACKROCK INFLATION PROTECTED BOND FUND STANDARD CLASS ($504,760,265 / 49,461,025 Shares)	$10.205
NET ASSET VALUE PER SHARE–LVIP BLACKROCK INFLATION PROTECTED BOND FUND SERVICE CLASS ($843,985,586 / 82,799,431 Shares)	$10.193

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, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	1,450,880,171
Undistributed net investment income		19,597,677
Accumulated net realized loss on investments		(148,311,561	)
Net unrealized appreciation of investments, foreign currencies and derivatives		26,579,564
TOTAL NET ASSETS	$	1,348,745,851

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $92,037,499, which represents 6.82% 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, 2017. Interest rates reset periodically.

« Includes $15,858 cash due to custodian, $787,048 cash collateral held at broker for future contracts, $239,459 foreign currencies collateral due to broker for futures contracts, $716,607 due to manager and affiliates, $10,144,611 payable for securities purchased and $863,024 payable for fund shares redeemed as of June 30, 2017.

◆ 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.

° 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 foreign currency exchange contracts and futures contracts were outstanding at June 30, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)				In Exchange For				Settlement Date		Unrealized Appreciation			Unrealized Depreciation
ANZB		JPY	(74,427,000	)		USD	669,256			7/6/17		$	7,364		$	—
ANZB		NZD	(20,682,540	)		USD	14,729,484			7/6/17			—			(425,263	)
BAML		EUR	(2,660,000	)		USD	3,002,674			7/6/17			—			(36,379	)
BCLY		EUR	(6,008,000	)		USD	6,780,409			7/6/17			—			(83,739	)
BCLY		GBP	2,742,938			USD	(3,500,000	)		7/6/17			73,246			—
BCLY		NZD	3,703,000			USD	(2,636,888	)		7/6/17			76,416			—
BCLY		SEK	(119,450,788	)		USD	13,806,627			7/6/17			—			(376,731	)
CITI		AUD	(27,410,000	)		USD	20,325,238			7/6/17			—			(740,678	)
CITI		GBP	1,919,000			USD	(2,472,885	)		7/6/17			27,009			—
GSC		EUR	6,458,000			USD	(7,282,438	)		7/6/17			95,835			—
GSC		GBP	(629,000	)		USD	800,260			7/6/17			—			(19,142	)
GSC		JPY	(521,324,000	)		USD	4,715,943			7/6/17			79,716			—
HSBC		CAD	(14,974,000	)		USD	11,105,580			7/6/17			—			(442,830	)
HSBC		EUR	(9,714,000	)		USD	10,965,046			7/6/17			—			(133,212	)
HSBC		GBP	7,788,000			USD	(10,104,879	)		7/3/17			39,603			—
HSBC		GBP	(5,410,000	)		USD	7,020,189			7/6/17			—			(27,456	)
MSC		EUR	(293,977,000	)		USD	331,855,466			7/6/17			—			(4,013,671	)
MSC		GBP	(88,462,000	)		USD	113,994,884			7/6/17			—			(1,245,194	)
MSC		GBP	415,000			USD	(539,568	)		8/3/17			1,572			—
MSC		JPY	195,457,000			USD	(1,754,328	)		7/6/17			—			(16,094	)
NT		DKK	(34,044,690	)		USD	5,164,120			7/6/17			—			(66,885	)
NT		EUR	(9,107,000	)		USD	10,280,145			7/6/17			—			(124,615	)
RBS		JPY	(7,466,506,000	)		USD	67,547,144			7/6/17			1,146,170			—
Total												$	1,546,931		$	(7,751,889	)

LVIP BlackRock Inflation Protected Bond Fund–5

LVIP BlackRock Inflation Protected Bond Fund

Statement of Net Assets (continued)

Futures Contracts

Contracts to Buy (Sell)			Notional Cost (Proceeds)				Notional Value				Expiration Date		Unrealized Appreciation			Unrealized Depreciation
	Interest Rate Contracts:
	(27)	Australia 10 yr Bonds		$	(2,721,304	)		$	(2,682,424	)		9/18/17		$	38,880		$	—
	(229)	Euro-BTP			(35,740,351	)			(35,346,185	)		9/8/17			394,166			—
	(159)	Euro-Bund			(29,596,793	)			(29,395,891	)		9/8/17			200,902			—
	57	Euro-Buxl 30 yr Bonds			10,717,206				10,645,569			9/8/17			—			(71,637	)
	35	Euro-O.A.T.			6,042,161				5,935,525			9/8/17			—			(106,636	)
	348	Euro-SCHATZ			44,508,473				44,456,818			9/8/17			—			(51,655	)
	(10)	Japan 10 yr Bonds (OSE)			(13,380,720	)			(13,346,076	)		9/13/17			34,644			—
	40	Long Gilt			6,677,362				6,541,946			9/28/17			—			(135,416	)
	(1)	Short Euro-BTP			(128,388	)			(128,697	)		9/8/17			—			(309	)
	358	U.S. Treasury 2 yr Notes			77,423,233				77,367,156			10/2/17			—			(56,077	)
	(493)	U.S. Treasury 5 yr Notes			(58,299,683	)			(58,093,117	)		10/2/17			206,566			—
	295	U.S. Treasury 10 yr Notes			37,177,040				37,031,719			9/21/17			—			(145,321	)
	(288)	U.S. Treasury 10 yr Ultra Notes			(38,790,918	)			(38,826,000	)		9/21/17			—			(35,082	)
	(166)	U.S. Treasury Long Bonds			(25,273,283	)			(25,512,125	)		9/21/17			—			(238,842	)
	(183)	U.S. Treasury Ultra Bonds			(30,128,488	)			(30,355,125	)		9/21/17			—			(226,637	)
	Total													$	875,158		$	(1,067,612	)

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

ANZB–Australian and New Zealand Banking Group Limited

BAML–Bank of America Merrill Lynch

BAMLL–Bank of America Merrill Lynch Large Loan

BB–Barclays Bank

BCLY–Barclays Bank

BTP–Buoni del Tesoro Poliennali

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

MSC–Morgan Stanley Capital

NT–Northern Trust

NZD–New Zealand Dollar

O.A.T.–Obligations Assimilables du Trésor (French Treasury Bond)

OSE–Osaka Securities Exchange

RBS–Royal Bank of Scotland

SCHATZ–German Treasury Security

SEK–Swedish Krona

USD–United States Dollar

yr–Year

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

LVIP BlackRock Inflation Protected Bond Fund–6

LVIP BlackRock Inflation Protected Bond Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Interest	$	11,784,678
Dividends		30,586
		11,815,264
EXPENSES:
Management fees		2,827,082
Distribution fees-Service Class		1,036,915
Accounting and administration expenses		168,676
Shareholder servicing fees		66,517
Reports and statements to shareholders		46,017
Professional fees		41,702
Custodian fees		32,559
Trustees’ fees and expenses		18,228
Pricing fees		7,760
Consulting fees		2,324
Other		5,641
Total operating expenses		4,253,421
NET INVESTMENT INCOME		7,561,843
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		521,807
Foreign currencies		(2,530,517	)
Foreign currency exchange contracts		(26,044,832	)
Futures contracts		(581,690	)
Net realized loss		(28,635,232	)
Net change in unrealized appreciation (depreciation) of:
Investments		39,871,182
Foreign currencies		242,947
Foreign currency exchange contracts		(13,629,449	)
Futures contracts		(45,461	)
Net change in unrealized appreciation (depreciation)		26,439,219
NET REALIZED AND UNREALIZED LOSS		(2,196,013	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,365,830

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	7,561,843		$	758,327
Net realized gain (loss)		(28,635,232	)		27,953,984
Net change in unrealized appreciation (depreciation)		26,439,219			15,852,871
Net increase in net assets resulting from operations		5,365,830			44,565,182
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(6,860,168	)
Service Class		—			(6,436,716	)
		—			(13,296,884	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		32,196,291			57,672,731
Service Class		76,800,074			90,560,771
Reinvestment of dividends and distributions:
Standard Class		—			6,860,168
Service Class		—			6,436,716
		108,996,365			161,530,386
Cost of shares redeemed:
Standard Class		(60,329,161	)		(83,533,256	)
Service Class		(40,715,258	)		(106,633,288	)
		(101,044,419	)		(190,166,544	)
Increase (Decrease) in net assets derived from capital share transactions		7,951,946			(28,636,158	)
NET INCREASE IN NET ASSETS		13,317,776			2,632,140
NET ASSETS:
Beginning of period		1,335,428,075			1,332,795,935
End of period	$	1,348,745,851		$	1,335,428,075
Undistributed net investment income	$	19,597,677		$	12,035,834

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

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  6/30/171				Year Ended
	(unaudited)				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.158			$	9.936			$	10.351			$	10.189			$	11.480			$	11.023
Income (loss) from investment operations:
Net investment income2			0.064				0.021				0.010				0.120				0.035				0.097
Net realized and unrealized gain (loss)			(0.017	)			0.334				(0.302	)			0.194				(0.997	)			0.618
Total from investment operations			0.047				0.355				(0.292	)			0.314				(0.962	)			0.715
Less dividends and distributions from:
Net investment income			—				(0.133	)			(0.123	)			(0.152	)			(0.057	)			—
Net realized gain			—				—				—				—				(0.272	)			(0.258	)
Total dividends and distributions			—				(0.133	)			(0.123	)			(0.152	)			(0.329	)			(0.258	)
Net asset value, end of period		$	10.205			$	10.158			$	9.936			$	10.351			$	10.189			$	11.480
Total return3			0.46%				3.57%				(2.82%	)			3.07%				(8.37%	)			6.51%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	504,760			$	530,309			$	537,382			$	370,362			$	311,319			$	334,673
Ratio of expenses to average net assets			0.48%				0.47%				0.46%				0.46%				0.48%				0.51%
Ratio of net investment income to average net assets			1.27%				0.21%				0.10%				1.14%				0.32%				0.85%
Portfolio turnover			43%				82%				367%				378%				438%				483%

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–8

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    6/30/171    (unaudited)				Year Ended
					12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.158			$	9.912			$	10.352			$	10.164			$	11.450			$	11.022
Income (loss) from investment operations:
Net investment income (loss)2			0.052				(0.004	)			(0.016	)			0.094				0.008				0.068
Net realized and unrealized gain (loss)			(0.017	)			0.332				(0.301	)			0.193				(0.993	)			0.618
Total from investment operations			0.035				0.328				(0.317	)			0.287				(0.985	)			0.686
Less dividends and distributions from:
Net investment income			—				(0.082	)			(0.123	)			(0.099	)			(0.029	)			—
Net realized gain			—				—				—				—				(0.272	)			(0.258	)
Total dividends and distributions			—				(0.082	)			(0.123	)			(0.099	)			(0.301	)			(0.258	)
Net asset value, end of period		$	10.193			$	10.158			$	9.912			$	10.352			$	10.164			$	11.450
Total return3			0.35%				3.30%				(3.07%	)			2.82%				(8.60%	)			6.24%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	843,986			$	805,119			$	795,414			$	846,056			$	804,355			$	392,748
Ratio of expenses to average net assets			0.73%				0.72%				0.71%				0.71%				0.73%				0.76%
Ratio of net investment income (loss) to average net assets			1.02%				(0.04%	)			(0.15%	)			0.89%				0.07%				0.60%
Portfolio turnover			43%				82%				367%				378%				438%				483%

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

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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 (“NAV”). 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. Investments in government money market funds have a stable NAV. 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, 2017 and for the open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 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

LVIP BlackRock Inflation Protected Bond Fund–10

LVIP BlackRock Inflation Protected Bond 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. 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. 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, 2017.

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. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	38,506
Legal		9,295

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $39,396 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	470,340
Distribution fees payable to LFD		174,261
Printing and mailing fees payable to Lincoln Life		39,396
Shareholder servicing fees payable to Lincoln Life		32,610

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–11

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	259,173,982
Purchases of U.S. government securities		312,365,281
Sales other than U.S. government securities		306,709,417
Sales of U.S. government securities		306,548,358

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,325,158,229
Aggregate unrealized appreciation	$	42,825,470
Aggregate unrealized depreciation		(9,997,249	)
Net unrealized appreciation	$	32,828,221

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$56,779,908	$48,268,187	$105,048,095

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 BlackRock Inflation Protected Bond Fund–12

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, 2017:

	Level 1				Level 2				Total
Investments:
Assets:
Non-Agency Collateralized Mortgage Obligations		$	—			$	830,458			$	830,458
Non-Agency Commercial Mortgage-Backed Securities			—				4,092,070				4,092,070
Sovereign Bonds			—				604,858,333				604,858,333
U.S. Treasury Obligations			—				723,399,029				723,399,029
Money Market Fund			24,806,560				—				24,806,560
Total Investments		$	24,806,560			$	1,333,179,890			$	1,357,986,450
Derivatives:
Assets:
Foreign Currency Exchange Contracts		$	—			$	1,546,931			$	1,546,931
Futures Contracts		$	875,158			$	—			$	8 75,158
Liabilities:
Foreign Currency Exchange Contracts		$	—			$	(7,751,889	)		$	(7,751,889	)
Futures Contracts		$	(1,067,612	)		$	—			$	(1,067,612	)

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

During the six months ended June 30, 2017, there were no transfers between Level 1 investments or Level 2 investments that had a material impact to the Fund. International fair value pricing was not utilized at June 30, 2017. 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		3,165,541			5,682,552
Service Class		7,531,917			8,939,845
Shares reinvested:
Standard Class		—			674,521
Service Class		—			633,438
		10,697,458			15,930,356
Shares redeemed:
Standard Class		(5,911,106	)		(8,232,103	)
Service Class		(3,988,514	)		(10,561,832	)
		(9,899,620	)		(18,793,935	)
Net increase (decrease)		797,838			(2,863,579	)

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 already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract’s value is recorded as an unrealized gain or loss. When the

LVIP BlackRock Inflation Protected Bond Fund–13

LVIP BlackRock Inflation Protected Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts and foreign cross currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Foreign currency exchange contracts (Currency contracts)	Liabilities net of receivables and other assets	$	1,546,931	Liabilities net of receivables and other assets	$	(7,751,889	)
Futures contracts (Interest rate contracts)	Liabilities net of receivables and other assets		875,158	Liabilities net of receivables and other assets		(1,067,612	)
Total		$	2,422,089		$	(8,819,501	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(26,044,832	)		$	(13,629,449	)
Futures contracts (Interest rate contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(581,690	)			(45,461	)
Total			$	(26,626,522	)		$	(13,674,910	)

LVIP BlackRock Inflation Protected Bond Fund–14

LVIP BlackRock Inflation Protected Bond 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, 2017.

	Long Derivative Volume			Short Derivative Volume
Foreign currency exchange contracts (Average cost)		$	44,822,579		$	646,162,355
Futures contracts (Average notional value)			160,449,939			347,355,781

At June 30, 2017, the Fund pledged and received U.S. Treasury Obligations with a value of $3,123,445 and $127,146, respectively, 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 currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At June 30, 2017, the Fund had 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	$	—	$	(36,379	)	$	(36,379	)
Barclays Bank		149,662		(460,470	)		(310,808	)
Citigroup Global Markets		27,009		(740,678	)		(713,669	)
Goldman Sachs Capital		175,551		(19,142	)		156,409
Hong Kong Shanghai Bank		39,603		(603,498	)		(563,895	)
JPMorgan Chase Bank		875,158		(1,067,612	)		(192,454	)
Morgan Stanley Capital		1,572		(5,274,959	)		(5,273,387	)
Royal Bank of Scotland		1,146,170		—			1,146,170
Total	$	2,414,725	$	(8,202,738	)	$	(5,788,013	)

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
Bank of America Merrill Lynch		$	(36,379	)		$	—		$	—		$	—		$	—		$	(36,379	)
Barclays Bank			(310,808	)			—			—			—			—			(310,808	)
Citigroup Global Markets			(713,669	)			—			—			—			—			(713,669	)
Goldman Sachs Capital			156,409				—			—			—			—			156,409
Hong Kong Shanghai Bank			(563,895	)			—			—			—			—			(563,895	)
JPMorgan Chase Bank			(192,454	)			—			—			—			192,454			—
Morgan Stanley Capital			(5,273,387	)			—			—			—			—			(5,273,387	)
Royal Bank of Scotland			1,146,170				—			—			—			—			1,146,170
Total		$	(5,788,013	)		$	—		$	—		$	—		$	192,454		$	(5,595,559	)

^aNet exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

LVIP BlackRock Inflation Protected Bond Fund–15

LVIP BlackRock Inflation Protected 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 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 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. 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–16

LVIP BlackRock Multi-Asset Income Fund       a series of Lincoln Variable       Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17	Ending Account Value 6/30/17	Annualized Expense Ratio	Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$1,000.00	$1,040.40	0.36%	$1.82
Service Class Shares	1,000.00	1,039.20	0.61%	3.08
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,023.01	0.36%	$1.81
Service Class Shares	1,000.00	1,021.77	0.61%	3.06

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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 Multi-Asset Income Fund–1

LVIP BlackRock Multi-Asset Income Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2017

Security Type/Sector	Percentage of Net Assets
Investment Companies		99.67	%
Equity Funds		20.69	%
Fixed Income Funds		66.72	%
International Equity Funds		10.98	%
Money Market Fund		1.28	%
Options Purchased		0.06	%
Total Value of Securities		99.73	%
Receivables and Other Assets Net of Liabilities		0.27	%
Total Net Assets		100.00	%

LVIP BlackRock Multi-Asset Income Fund–2

LVIP BlackRock Multi-Asset Income Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–99.67%
Equity Funds–20.69%
Alerian MLP ETF		46,450	$	555,542
iShares Core Dividend Growth ETF		6,828		213,853
iShares Core High Dividend ETF		6,780		563,621
iShares U.S. Preferred Stock ETF		36,768		1,440,203
iShares U.S. Real Estate ETF		2,628		209,636
				2,982,855
Fixed Income Funds–66.72%
iShares 0-5 Year High Yield Corporate Bond ETF		19,605		938,295
iShares 1-3 Year Credit Bond ETF		26,420		2,782,290
iShares 10+ Year Credit Bond ETF		16,161		996,164
iShares CMBS ETF		8,345		428,933
iShares Floating Rate Bond ETF		8,503		432,973
iShares iBoxx $ High Yield Corporate Bond ETF		39,186		3,463,651
iShares Intermediate Credit Bond ETF		5,236		574,808
				9,617,114
International Equity Funds–10.98%
iShares Emerging Markets Dividend ETF		7,094		284,966
iShares Europe ETF		8,123		360,011
iShares International Developed Real Estate ETF		7,537		214,654
iShares International Select Dividend ETF		22,077		722,359
				1,581,990

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Money Market Fund–1.28%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		184,998	$	184,998
				184,998
Total Investment Companies (Cost $13,962,350)				14,366,957
	Number of Contracts
OPTIONS PURCHASED–0.06%
Equity Put Options–0.06%
S&P 500 Index strike price $2,300, expiration date 10/31/17 (JPMC)		1		3,045
S&P 500 Index strike price $2,300, expiration date 9/15/17 (JPMC)		1		1,657
S&P 500 Index strike price $2,350, expiration date 10/31/17 (JPMC)		1		4,010
Total Options Purchased (Premium paid $9,999)				8,712

TOTAL VALUE OF SECURITIES–99.73% (Cost $13,972,349)		14,375,669
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.27%		38,790
NET ASSETS APPLICABLE TO 1,482,040 SHARES OUTSTANDING–100.00%	$	14,414,459
NET ASSET VALUE PER SHARE–LVIP BLACKROCK MULTI-ASSET INCOME FUND STANDARD CLASS ($1,793,257 / 184,183 Shares)		$9.736
NET ASSET VALUE PER SHARE–LVIP BLACKROCK MULTI-ASSET INCOME FUND SERVICE CLASS ($12,621,202 / 1,297,857 Shares)		$9.725
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	14,401,189
Undistributed net investment income		192,407
Accumulated net realized loss on investments		(573,455	)
Net unrealized appreciation of investments, foreign currencies and derivatives		394,318
TOTAL NET ASSETS	$	14,414,459

« Includes $51,965 cash collateral and $32 foreign currencies collateral due to broker for futures contracts, $6,647 due to manager and affiliates, $10,209 expense reimbursement receivable from Lincoln Investment Advisors Corporation, and $292 payable for fund shares redeemed as of June 30, 2017.

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, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)			Notional Value				Expiration Date		Unrealized Appreciation			Unrealized Depreciation
Currency Contracts:
(3)  Euro		$	(424,445)		$	(430,012	)		9/19/17		$	—		$	(5,567	)
Equity Contracts:
1   E-mini S&P 500 Index			121,320			121,045			9/18/17			—			(275	)
Interest Rate Contracts:
(7)  U.S. Treasury 2 yr Notes			(1,513,892)			(1,512,765	)		10/2/17			1,127			—
(6)  U.S. Treasury 5 yr Notes			(709,029)			(707,016	)		10/2/17			2,013			—
(1)  U.S. Treasury 10 yr Notes			(125,864)			(125,531	)		9/21/17			333			—
(2)  U.S. Treasury Long Bonds			(305,368)			(307,375	)		9/21/17			—			(2,007	)
(2)  U.S. Treasury Ultra Bonds			(326,427)			(331,750	)		9/21/17			—			(5,323	)
												3,473			(7,330	)
Total											$	3,473		$	(13,172	)

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

JPMC–JPMorgan Chase Bank

MLP–Master Limited Partnership

S&P–Standard & Poor’s

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	240,164
EXPENSES:
Management fees		46,063
Professional fees		18,429
Distribution fees-Service Class		14,769
Reports and statements to shareholders		3,358
Accounting and administration expenses		1,808
Consulting fees		866
Custodian fees		744
Shareholder servicing fees		685
Pricing fees		462
Trustees’ fees and expenses		226
Other		141
		87,551
Less:
Management fees waived		(28,451	)
Expenses reimbursed		(19,945	)
Total operating expenses		39,155
NET INVESTMENT INCOME		201,009
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(1,460	)
Foreign currencies		415
Futures contracts		(10,096	)
Options purchased		(15,142	)
Net realized loss		(26,283	)
Net change in unrealized appreciation
(depreciation) of:
Investments		367,411
Foreign currencies		699
Futures contracts		(20,035	)
Options purchased		(1,287	)
Net change in unrealized appreciation (depreciation)		346,788
NET REALIZED AND UNREALIZED GAIN		320,505
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	521,514

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	201,009		$	330,251
Net realized loss		(26,283	)		(297,839	)
Net change in unrealized appreciation
(depreciation)		346,788			642,659
Net increase in net assets resulting from operations		521,514			675,071
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(48,697	)
Service Class		—			(291,936	)
Return of capital:
Standard Class		—			(642	)
Service Class		—			(4,199	)
		—			(345,474	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		86,205			941,636
Service Class		1,757,864			3,697,603
Reinvestment of dividends and distributions:
Standard Class		—			49,339
Service Class		—			296,135
		1,844,069			4,984,713
Cost of shares redeemed:
Standard Class		(71,634	)		(44,979	)
Service Class		(762,939	)		(1,179,371	)
		(834,573	)		(1,224,350	)
Increase in net assets derived from capital share transactions		1,009,496			3,760,363
NET INCREASE IN NET ASSETS		1,531,010			4,089,960
NET ASSETS:
Beginning of period		12,883,449			8,793,489
End of period	$	14,414,459		$	12,883,449
Undistributed (Distributions in excess of) net investment income	$	192,407		$	(8,602	)

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         6/30/171         (unaudited)			Year Ended								5/1/142             to             12/31/14
				12/31/16				12/31/15
Net asset value, beginning of period		$	9.358		$	9.005			$	9.699			$	10.000
Income (loss) from investment operations:
Net investment income3			0.151			0.311				0.347				0.284
Net realized and unrealized gain (loss)			0.227			0.320				(0.727	)			(0.339	)
Total from investment operations			0.378			0.631				(0.380	)			(0.055	)
Less dividends and distributions from:
Net investment income			—			(0.274	)			(0.314	)			(0.244	)
Return of capital			—			(0.004	)			—				(0.002	)
Total dividends and distributions			—			(0.278	)			(0.314	)			(0.246	)
Net asset value, end of period		$	9.736		$	9.358			$	9.005			$	9.699
Total return4			4.04%			7.01%				(3.92%	)			(0.55%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,793		$	1,709			$	757			$	765
Ratio of expenses to average net assets5			0.36%			0.36%				0.36%				0.36%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			1.07%			1.04%				1.09%				1.32%
Ratio of net investment income to average net assets			3.18%			3.31%				3.60%				4.20%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.47%			2.63%				2.87%				3.24%
Portfolio turnover			7%			35%				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       6/30/171       (unaudited)			Year Ended								5/1/142             to             12/31/14
				12/31/16				12/31/15
Net asset value, beginning of period		$	9.358		$	9.006			$	9.699			$	10.000
Income (loss) from investment operations:
Net investment income3			0.139			0.286				0.322				0.266
Net realized and unrealized gain (loss)			0.228			0.321				(0.725	)			(0.337	)
Total from investment operations			0.367			0.607				(0.403	)			(0.071	)
Less dividends and distributions from:
Net investment income			—			(0.251	)			(0.290	)			(0.228	)
Return of capital			—			(0.004	)			—				(0.002	)
Total dividends and distributions			—			(0.255	)			(0.290	)			(0.230	)
Net asset value, end of period		$	9.725		$	9.358			$	9.006			$	9.699
Total return4			3.92%			6.74%				(4.16%	)			(0.72%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	12,621		$	11,174			$	8,036			$	5,546
Ratio of expenses to average net assets5			0.61%			0.61%				0.61%				0.61%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			1.32%			1.29%				1.34%				1.57%
Ratio of net investment income to average net assets			2.93%			3.06%				3.35%				3.95%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.22%			2.38%				2.62%				2.99%
Portfolio turnover			7%			35%				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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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. The Fund currently 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”).

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 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 (“NAV”). Investments in government money market fund have a stable NAV. 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.

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, 2017 and for all open tax years (years ended December 31, 2014–December 31, 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 six months ended June 30, 2017, 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 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 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.

LVIP BlackRock Multi-Asset Income Fund–8

LVIP BlackRock Multi-Asset Income 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. 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, 2017.

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, 2017.

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. The fee is calculated daily and paid monthly. 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, 2018, 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 Funds fees and 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, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	479
Legal		116

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $730 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	10,209
Management fees payable to LIAC		3,032
Distribution fees payable to LFD		2,547

LVIP BlackRock Multi-Asset Income Fund–9

LVIP BlackRock Multi-Asset Income Fund

Notes to Financial Statements (continued)

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

Printing and mailing fees payable to Lincoln Life	730
Shareholder servicing fees payable to Lincoln Life	338

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, 2017, Lincoln Life directly owned 36.64% of the Fund.

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	2,136,806
Sales		917,775

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	13,972,349
Aggregate unrealized appreciation	$	416,491
Aggregate unrealized depreciation		(11,884	)
Net unrealized appreciation	$	404,607

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from November 1, 2016 through December 31, 2016, that, in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen on the first day of the following fiscal year. At December 31, 2016, the Fund deferred $8,602 of qualified late year ordinary losses.

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term		Total
$100,941		$126,016		$226,957

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 BlackRock Multi-Asset Income Fund–10

LVIP BlackRock Multi-Asset 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, 2017:

	Level 1
Investments:
Assets:
Investment Companies	$	14,366,957
Options Purchased		8,712
Total Investments	$	14,375,669
Derivatives:
Assets:
Futures Contracts	$	3,473
Liabilities:
Futures Contracts	$	(13,172	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		8,977			98,175
Service Class		183,572			395,998
Shares reinvested:
Standard Class		—			5,274
Service Class		—			31,648
		192,549			531,095
Shares redeemed:
Standard Class		(7,488	)		(4,807	)
Service Class		(79,696	)		(125,991	)
		(87,184	)		(130,798	)
Net increase		105,365			400,297

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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

LVIP BlackRock Multi-Asset Income Fund–11

LVIP BlackRock Multi-Asset Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; and to facilitate investments in portfolio securities.

Options Contracts–During the six months ended June 30, 2017, 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 caused by interest rates or market conditions 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 facilitate investments in portfolio securities; as a cash management tool; and to generate income. 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 on effecting a closing purchase 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 because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. There were no options written during the six months ended June 30, 2017.

During the six months ended June 30, 2017, the Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions; to adjust the Fund’s overall exposure to certain markets; and to protect the value of portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Futures contracts (Currency contracts)	Receivables and other assets net of liabilities	$        —	Receivables and other assets net of liabilities		$	(5,567	)
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities	—	Receivables and other assets net of liabilities			(275	)
Futures contracts (Interest rate contracts)	Receivables and other assets net of liabilities	3,473	Receivables and other assets net of liabilities			(7,330	)
Options purchased (Equity contracts)	Receivables and other assets net of liabilities	8,712	Receivables and other assets net of liabilities			—
Total		$12,185			$	(13,172	)

LVIP BlackRock Multi-Asset Income Fund–12

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, 2017 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
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(6,307	)		$	(6,878	)
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			9,127				(3,579	)
Futures contracts (Interest rate contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(12,916	)			(9,578	)
Options purchased (Equity contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased			(15,142	)			(1,287	)
Total			$	(25,238	)		$	(21,322	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$220,508		$2,450,228
Options contracts (average notional value)		5,392		—

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held 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, 2017, the Fund had 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		$3,473		$(14,459)		$(10,986)

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)
JPMorgan Chase Bank		$(10,986)		$—		$—		$—		$10,986		$—

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

LVIP BlackRock Multi-Asset Income Fund–13

LVIP BlackRock Multi-Asset Income Fund

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 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–14

LVIP BlackRock Scientific Allocation Fund (formerly LVIP Delaware Foundation® Moderate Allocation Fund) a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2017

LVIP BlackRock Scientific 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	23
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 BlackRock Scientific Allocation Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17	Ending Account Value 6/30/17	Annualized Expense Ratio	Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$1,000.00	$1,066.50	0.73%	$3.74
Service Class Shares	1,000.00	1,065.30	0.98%	5.02
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,021.17	0.73%	$3.66
Service Class Shares	1,000.00	1,019.93	0.98%	4.91

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP BlackRock Scientific Allocation Fund–1

LVIP BlackRock Scientific Allocation Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and

Geography Allocation (unaudited)

As of June 30, 2017

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

Security Type/Sector Percentage
of Net Assets

Common Stock	49.36	%
U.S. Markets	25.41	%
Aerospace & Defense	0.43	%
Air Freight & Logistics	0.08	%
Auto Components	0.23	%
Banks	0.75	%
Beverages	0.50	%
Biotechnology	0.77	%
Building Products	0.27	%
Capital Markets	1.17	%
Chemicals	0.42	%
Commercial Services & Supplies	0.13	%
Communications Equipment	0.53	%
Construction & Engineering	0.01	%
Consumer Finance	0.25	%
Diversified Financial Services	0.06	%
Electric Utilities	0.01	%
Electrical Equipment	0.10	%
Electronic Equipment, Instruments & Components	0.15	%
Energy Equipment & Services	0.03	%
Equity Real Estate Investment Trusts	0.59	%
Food & Staples Retailing	0.31	%
Food Products	0.93	%
Gas Utilities	0.01	%
Health Care Equipment & Supplies	0.34	%
Health Care Providers & Services	1.17	%
Hotels, Restaurants & Leisure	0.68	%
Household Products	0.27	%
Industrial Conglomerates	0.16	%
Insurance	0.51	%
Internet & Direct Marketing Retail	0.32	%
Internet Software & Services	1.60	%
IT Services	0.78	%
Leisure Products	0.35	%
Life Sciences Tools & Services	0.26	%
Machinery	0.77	%
Media	1.14	%
Multiline Retail	0.33	%
Multi-Utilities	0.41	%
Oil, Gas & Consumable Fuels	0.39	%
Pharmaceuticals	1.18	%
Professional Services	0.35	%
Road & Rail	0.67	%
Semiconductors & Semiconductor Equipment	1.14	%
Software	1.93	%
Specialty Retail	1.65	%
Technology Hardware, Storage & Peripherals	1.04	%
Textiles, Apparel & Luxury Goods	0.09	%
Water Utilities	0.14	%

Security Type/Sector Percentage
of Net Assets

Wireless Telecommunication Services	0.01	%
Developed Markets	18.67	%
Aerospace & Defense	0.14	%
Air Freight & Logistics	0.05	%
Airlines	0.25	%
Auto Components	0.27	%
Automobiles	0.61	%
Banks	3.03	%
Beverages	0.24	%
Biotechnology	0.13	%
Building Products	0.09	%
Capital Markets	0.14	%
Chemicals	1.21	%
Commercial Services & Supplies	0.18	%
Construction & Engineering	0.52	%
Construction Materials	0.02	%
Consumer Finance	0.09	%
Containers & Packaging	0.01	%
Distributors	0.01	%
Diversified Financial Services	0.06	%
Diversified Telecommunication Services	1.08	%
Electric Utilities	0.09	%
Electrical Equipment	0.20	%
Electronic Equipment, Instruments & Components	0.15	%
Energy Equipment & Services	0.18	%
Equity Real Estate Investment Trusts	0.01	%
Food & Staples Retailing	0.20	%
Food Products	0.19	%
Gas Utilities	0.17	%
Health Care Equipment & Supplies	0.20	%
Health Care Providers & Services	0.02	%
Hotels, Restaurants & Leisure	0.26	%
Household Durables	0.27	%
Household Products	0.12	%
Independent Power & Renewable Electricity Producers	0.00	%
Industrial Conglomerates	0.09	%
Insurance	1.25	%
Internet & Direct Marketing Retail	0.01	%
Internet Software & Services	0.03	%
IT Services	0.54	%
Life Sciences Tools & Services	0.46	%
Machinery	0.24	%
Media	0.18	%
Metals & Mining	0.40	%
Multiline Retail	0.01	%
Multi-Utilities	0.17	%
Oil, Gas & Consumable Fuels	1.05	%
Paper & Forest Products	0.28	%

LVIP BlackRock Scientific Allocation Fund–2

LVIP BlackRock Scientific Allocation Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and

Geography Allocation (unaudited) (continued)

Security Type/Sector Percentage
of Net Assets

Pharmaceuticals	0.83	%
Professional Services	0.15	%
Real Estate Management & Development	0.41	%
Road & Rail	0.07	%
Semiconductors & Semiconductor Equipment	0.07	%
Software	0.20	%
Specialty Retail	0.04	%
Technology Hardware, Storage & Peripherals	0.12	%
Textiles, Apparel & Luxury Goods	0.20	%
Thrift & Mortgage Finance	0.01	%
Tobacco	0.75	%
Trading Companies & Distributors	0.21	%
Transportation Infrastructure	0.12	%
Water Utilities	0.01	%
Wireless Telecommunication Services	0.58	%
Emerging Markets	5.28	%
Auto Components	0.01	%
Automobiles	0.05	%
Banks	0.66	%
Beverages	0.02	%
Biotechnology	0.01	%
Capital Markets	0.01	%
Chemicals	0.05	%
Construction & Engineering	0.21	%
Construction Materials	0.05	%
Diversified Financial Services	0.07	%
Diversified Telecommunication Services	0.19	%
Electric Utilities	0.12	%
Electrical Equipment	0.02	%
Electronic Equipment, Instruments & Components	0.64	%
Food & Staples Retailing	0.01	%
Food Products	0.25	%
Health Care Providers & Services	0.04	%
Household Durables	0.01	%
Household Products	0.02	%
Independent Power & Renewable Electricity Producers	0.05	%
Industrial Conglomerates	0.09	%
Insurance	0.05	%
Internet Software & Services	0.73	%
IT Services	0.07	%
Leisure Products	0.03	%
Machinery	0.02	%
Marine	0.06	%
Media	0.03	%
Metals & Mining	0.30	%
Oil, Gas & Consumable Fuels	0.68	%
Personal Products	0.00	%
Pharmaceuticals	0.02	%
Real Estate Management & Development	0.05	%
Semiconductors & Semiconductor Equipment	0.22	%
Technology Hardware, Storage & Peripherals	0.06	%

Security Type/Sector Percentage
of Net Assets

Textiles, Apparel & Luxury Goods	0.03	%
Thrift & Mortgage Finance	0.09	%
Tobacco	0.01	%
Transportation Infrastructure	0.03	%
Wireless Telecommunication Services	0.22	%
Preferred Stock	0.35	%
Agency Mortgage-Backed Securities	18.94	%
Corporate Bonds	19.96	%
Aerospace & Defense	0.43	%
Automobiles	0.96	%
Banks	3.33	%
Beverages	0.24	%
Biotechnology	0.18	%
Building Products	0.10	%
Capital Markets	2.65	%
Chemicals	0.21	%
Diversified Financial Services	0.13	%
Diversified Telecommunication Services	0.74	%
Electric Utilities	1.24	%
Electronic Equipment, Instruments & Components	0.04	%
Equity Real Estate Investment Trusts	0.66	%
Food Products	0.05	%
Health Care Equipment & Supplies	0.86	%
Health Care Providers & Services	0.44	%
Hotels, Restaurants & Leisure	0.30	%
Household Durables	0.21	%
Industrial Conglomerates	0.05	%
Insurance	0.47	%
Internet & Direct Marketing Retail	0.22	%
Internet Software & Services	0.32	%
IT Services	0.22	%
Life Sciences Tools & Services	0.11	%
Machinery	0.06	%
Media	0.84	%
Metals & Mining	0.04	%
Multi-Utilities	0.44	%
Oil, Gas & Consumable Fuels	1.46	%
Paper & Forest Products	0.07	%
Pharmaceuticals	0.67	%
Professional Services	0.03	%
Road & Rail	0.09	%
Semiconductors & Semiconductor Equipment	0.47	%
Software	0.18	%
Specialty Retail	0.04	%
Technology Hardware, Storage & Peripherals	0.68	%
Tobacco	0.73	%
Municipal Bonds	0.24	%
Non-Agency Asset-Backed Securities	2.65	%
Non-Agency Commercial Mortgage-Backed Security	0.04	%

LVIP BlackRock Scientific Allocation Fund–3

LVIP BlackRock Scientific Allocation Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and

Geography Allocation (unaudited) (continued)

Security Type/Sector Percentage
of Net Assets

Sovereign Bonds	0.80	%
U.S. Treasury Obligations	23.24	%
Rights	0.00	%
Money Market Fund	3.38	%
Total Investments	118.96	%
TBA Sales	(0.24	%)
Liabilities Net of Receivables and Other Assets	(18.72	%)
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

Alphabet Class A & Class C	1.08	%
Johnson & Johnson	0.72	%
Apple	0.62	%
Microsoft	0.61	%
Union Pacific	0.52	%
Adobe Systems	0.52	%
Home Depot	0.52	%
Comcast Class A	0.51	%
Lowe’s	0.51	%
Bank of Nova Scotia	0.50	%
Total	6.11	%

Geography* Percentage
of Net Assets

Australia	1.31	%
Austria	0.28	%
Belgium	0.05	%
Brazil	0.24	%
Canada	1.77	%
Cayman Islands	0.04	%
China	1.87	%
Colombia	0.52	%
Denmark	0.51	%
Finland	0.67	%
France	1.32	%
Germany	2.18	%
Guernsey	0.42	%
Hong Kong	0.55	%
Hungary	0.07	%
India	0.51	%
Indonesia	0.17	%
Ireland	0.32	%
Israel	0.14	%
Italy	0.42	%
Japan	4.06	%
Luxembourg	0.32	%
Malaysia	0.07	%
Mexico	0.32	%
Netherlands	0.64	%
Norway	0.52	%
Philippines	0.15	%
Poland	0.39	%
Portugal	0.12	%
Republic of Korea	0.69	%
Russia	0.08	%
Singapore	0.12	%
South Africa	0.05	%
Spain	0.57	%
Sweden	0.69	%
Switzerland	0.76	%
Taiwan	0.90	%
Thailand	0.43	%
Turkey	0.42	%
United Kingdom	2.86	%
United States	87.76	%
Uruguay	0.06	%
Total	115.34	%

*Allocation includes all investments except for money market fund.

IT–Information Technology

LVIP BlackRock Scientific Allocation Fund–4

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–49.36%
U.S. MARKETS–25.41%
Aerospace & Defense–0.43%
Boeing		1,663	$	328,858
Curtiss-Wright		76		6,975
Lockheed Martin		265		73,567
				409,400
Air Freight & Logistics–0.08%
FedEx		355		77,152
				77,152
Auto Components–0.23%
Lear		1,483		210,705
Tenneco		156		9,021
				219,726
Banks–0.75%
Bank of America		6,818		165,405
Bank of Hawaii		113		9,376
Citigroup		3,023		202,178
Citizens Financial Group		8,103		289,115
Investors Bancorp		395		5,277
JPMorgan Chase & Co.		500		45,700
				717,051
Beverages–0.50%
Dr Pepper Snapple Group		2,744		250,006
PepsiCo		1,966		227,053
				477,059
Biotechnology–0.77%
AbbVie		1,826		132,403
†Alexion Pharmaceuticals		252		30,661
†Alkermes		170		9,855
Amgen		839		144,501
†Biogen		246		66,755
†BioMarin Pharmaceutical		192		17,437
†Celgene		869		112,857
Gilead Sciences		1,480		104,754
†Incyte		190		23,923
†Regeneron Pharmaceuticals		87		42,729
†Seattle Genetics		111		5,743
†United Therapeutics		49		6,357
†Vertex Pharmaceuticals		278		35,826
				733,801
Building Products–0.27%
Fortune Brands Home & Security		1,586		103,471
Masco		3,645		139,275
Owens Corning		170		11,376
				254,122
Capital Markets–1.17%
Ameriprise Financial		1,819		231,540
Charles Schwab		944		40,554

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Capital Markets (continued)
CME Group		3,682	$	461,134
Evercore Partners Class A		250		17,625
Intercontinental Exchange		353		23,270
Legg Mason		171		6,525
S&P Global		1,388		202,634
SEI Investments		964		51,844
TD Ameritrade Holding		1,715		73,728
				1,108,854
Chemicals–0.42%
Air Products & Chemicals		450		64,377
Cabot		120		6,412
Eastman Chemical		267		22,425
LyondellBasell Industries Class A		3,348		282,538
Praxair		86		11,399
Westlake Chemical		160		10,594
				397,745
Commercial Services & Supplies–0.13%
KAR Auction Services		278		11,668
Republic Services		459		29,252
Waste Management		1,154		84,646
				125,566
Communications Equipment–0.53%
Cisco Systems		14,666		459,046
†F5 Networks		297		37,737
InterDigital		145		11,209
				507,992
Construction & Engineering–0.01%
EMCOR Group		107		6,996
				6,996
Consumer Finance–0.25%
American Express		2,224		187,350
Discover Financial Services		768		47,762
				235,112
Diversified Financial Services–0.06%
Voya Financial		1,667		61,496
				61,496
Electric Utilities–0.01%
OGE Energy		165		5,740
				5,740
Electrical Equipment–0.10%
Emerson Electric		965		57,533
Rockwell Automation		234		37,899
				95,432
Electronic Equipment, Instruments & Components–0.15%
†Flex		5,076		82,790

LVIP BlackRock Scientific Allocation Fund–5

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Electronic Equipment, Instruments & Components (continued)
†Sanmina		329	$	12,535
TE Connectivity		548		43,117
				138,442
Energy Equipment & Services–0.03%
Baker Hughes, a GE company		483		26,328
				26,328
Equity Real Estate Investment Trusts–0.59%
Brixmor Property Group		610		10,907
DCT Industrial Trust		524		28,003
Equity LifeStyle Properties		115		9,929
First Industrial Realty Trust		368		10,532
Host Hotels & Resorts		2,743		50,115
Park Hotels & Resorts		859		23,159
RLJ Lodging Trust		2,323		46,158
Simon Property Group		2,034		329,020
Ventas		96		6,670
Weingarten Realty Investors		1,478		44,488
				558,981
Food & Staples Retailing–0.31%
CVS Health		293		23,575
†US Foods Holding		320		8,710
Walgreens Boots Alliance		192		15,036
Wal-Mart Stores		3,243		245,430
				292,751
Food Products–0.93%
Archer-Daniels-Midland		7,153		295,991
Hershey		688		73,871
Ingredion		2,038		242,950
Kraft Heinz		—		0
McCormick & Co.		2,094		204,186
†Pilgrim’s Pride		2,028		44,454
Pinnacle Foods		353		20,968
				882,420
Gas Utilities–0.01%
UGI		160		7,746
				7,746
Health Care Equipment & Supplies–0.34%
Baxter International		549		33,236
Danaher		898		75,782
†IDEXX Laboratories		903		145,762
†Masimo		781		71,212
				325,992
Health Care Providers & Services–1.17%
AmerisourceBergen		1,793		169,492
Cardinal Health		1,209		94,205
†Express Scripts Holding		3,479		222,099

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Health Care Providers & Services (continued)
Humana		172	$	41,387
McKesson		246		40,477
Quest Diagnostics		200		22,232
UnitedHealth Group		2,371		439,631
†WellCare Health Plans		471		84,573
				1,114,096
Hotels, Restaurants & Leisure–0.68%
Carnival		4,051		265,624
Domino’s Pizza		494		104,496
Extended Stay America		930		18,005
†Hyatt Hotels Class A		106		5,958
McDonald’s		1,530		234,335
Papa John’s International		258		18,514
				646,932
Household Products–0.27%
Clorox		628		83,675
Energizer Holdings		104		4,994
Procter & Gamble		1,918		167,154
				255,823
Industrial Conglomerates–0.16%
3M		484		100,764
Carlisle		554		52,852
				153,616
Insurance–0.51%
CNA Financial		5,247		255,791
Principal Financial Group		980		62,789
Prudential Financial		1,436		155,289
Reinsurance Group of America		73		9,372
				483,241
Internet & Direct Marketing Retail–0.32%
†Amazon.com		313		302,984
				302,984
Internet Software & Services–1.60%
†Alphabet Class A		548		509,465
†Alphabet Class C		569		517,067
†eBay		3,334		116,423
†Facebook Class A		705		106,441
LogMeIn		229		23,931
†VeriSign		2,521		234,352
†Yelp		482		14,470
				1,522,149
IT Services–0.78%
Accenture Class A		2,063		255,152
Amdocs		388		25,010
Booz Allen Hamilton Holding		2,022		65,796
DST Systems		136		8,391

LVIP BlackRock Scientific Allocation Fund–6

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
IT Services (continued)
Genpact		437	$	12,162
International Business Machines		235		36,150
Jack Henry & Associates		270		28,045
Mastercard Class A		2,087		253,466
†Teradata		349		10,292
Visa Class A		473		44,358
				738,822
Leisure Products–0.35%
Hasbro		2,944		328,285
				328,285
Life Sciences Tools & Services–0.26%
Agilent Technologies		2,008		119,094
†Charles River Laboratories International		107		10,823
†Mettler-Toledo International		186		109,468
†PRA Health Sciences		93		6,976
†Waters		31		5,699
				252,060
Machinery–0.77%
Illinois Tool Works		2,717		389,210
Ingersoll-Rand		1,153		105,373
Oshkosh		272		18,735
PACCAR		2,516		166,157
Parker-Hannifin		143		22,854
Stanley Black & Decker		124		17,451
Toro		198		13,719
				733,499
Media–1.14%
CBS Class B		3,484		222,210
=Century Communications		5,000		0
Cinemark Holdings		205		7,964
Comcast Class A		12,571		489,263
Interpublic Group		5,577		137,194
†Live Nation Entertainment		279		9,723
Omnicom Group		836		69,304
Regal Entertainment Group Class A		455		9,309
Scripps Networks Interactive Class A		74		5,055
Time Warner		903		90,670
Twenty-First Century Fox Class A		1,385		39,251
				1,079,943
Multiline Retail–0.33%
Big Lots		489		23,619
Kohl’s		441		17,053
Target		5,215		272,692
				313,364
Multi-Utilities–0.41%
Ameren		241		13,175

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Multi-Utilities (continued)
CenterPoint Energy		11,551	$	316,266
CMS Energy		1,041		48,146
NorthWestern		142		8,665
				386,252
Oil, Gas & Consumable Fuels–0.39%
†Antero Resources		903		19,514
ConocoPhillips		250		10,990
Exxon Mobil		860		69,428
†Gulfport Energy		238		3,511
Marathon Petroleum		441		23,078
†Newfield Exploration		127		3,614
†Rice Energy		2,741		72,993
Valero Energy		2,455		165,614
				368,742
Pharmaceuticals–1.18%
Eli Lilly & Co.		71		5,843
Johnson & Johnson		5,140		679,971
Merck & Co.		4,346		278,535
Pfizer		1,809		60,764
Zoetis		1,616		100,806
				1,125,919
Professional Services–0.35%
Equifax		637		87,537
ManpowerGroup		2,162		241,387
†WageWorks		93		6,250
				335,174
Road & Rail–0.67%
Landstar System		203		17,377
Norfolk Southern		884		107,583
†Swift Transportation		460		12,190
Union Pacific		4,563		496,956
				634,106
Semiconductors & Semiconductor Equipment–1.14%
Applied Materials		3,573		147,601
Intel		5,976		201,630
KLA-Tencor		895		81,901
Maxim Integrated Products		1,831		82,212
Texas Instruments		5,487		422,115
Xilinx		2,378		152,953
				1,088,412
Software–1.93%
†Adobe Systems		3,502		495,323
†Aspen Technology		244		13,483
CDK Global		83		5,151
†Citrix Systems		837		66,608
†Dell Technologies Class V		898		54,877
Intuit		3,081		409,188

LVIP BlackRock Scientific Allocation Fund–7

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Software (continued)
†Manhattan Associates		218	$	10,477
Microsoft		8,442		581,907
†Paycom Software		183		12,519
†VMware Class A		2,028		177,308
†Zynga Class A		2,953		10,749
				1,837,590
Specialty Retail–1.65%
American Eagle Outfitters		380		4,579
Best Buy		1,660		95,168
†Burlington Stores		106		9,751
Home Depot		3,218		493,641
Lowe’s		6,262		485,493
Ross Stores		2,512		145,018
TJX		4,640		334,869
				1,568,519
Technology Hardware, Storage & Peripherals–1.04%
Apple		4,123		593,794
HP		9,914		173,297
†NCR		273		11,149
NetApp		2,673		107,054
Xerox		3,611		103,744
				989,038
Textiles, Apparel & Luxury Goods–0.09%
Carter’s		186		16,545
Ralph Lauren		911		67,232
†Steven Madden		1		20
				83,797
Water Utilities–0.14%
American Water Works		1,682		131,112
				131,112
Wireless Telecommunication Services–0.01%
Telephone & Data Systems		325		9,019
				9,019
Total U.S. Markets (Cost $21,626,880)				24,148,398
§DEVELOPED MARKETS–18.67%
Aerospace & Defense–0.14%
QinetiQ Group		26,116		91,908
Thales		343		36,919
				128,827
Air Freight & Logistics–0.05%
bpost		1,252		30,222
PostNL		3,919		18,294
				48,516

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Airlines–0.25%
Qantas Airways		54,669	$	240,346
				240,346
Auto Components–0.27%
Brembo		455		6,657
Cie Generale des Etablissements Michelin		172		22,867
Cie Plastic Omnium		644		23,490
Faurecia		647		32,862
Valeo		2,386		160,758
†Xinyi Glass Holdings		6,000		5,940
				252,574
Automobiles–0.61%
Ferrari		290		24,891
Geely Automobile Holdings		75,000		161,769
Nissan Motor		12,800		127,232
Peugeot		11,675		232,889
Renault		372		33,672
				580,453
Banks–3.03%
†Banco Comercial Portugues Class R		31,512		8,483
Bank Hapoalim		2,543		17,161
Bank of Nova Scotia		7,913		476,013
BNP Paribas		2,687		193,528
BOC Hong Kong Holdings		3,500		16,744
Canadian Imperial Bank of Commerce		4,948		402,120
Chiba Bank		1,000		7,237
Dah Sing Banking Group		2,000		4,257
Danske Bank		4,457		171,424
Finecobank Banca Fineco		2,341		18,422
First International Bank of Israel		562		10,192
Gunma Bank		1,200		7,191
Hokuhoku Financial Group		300		4,777
HSBC Holdings		8,467		78,485
ING Groep		3,487		60,138
Lloyds Banking Group		8,282		7,136
Mediobanca		7,041		69,482
Mizuho Financial Group		82,200		150,112
National Australia Bank		769		17,489
†Raiffeisen Bank International		716		18,073
Resona Holdings		35,400		194,665
Royal Bank of Canada		3,963		287,751
Senshu Ikeda Holdings		13,300		56,050
Sumitomo Mitsui Financial Group		6,600		256,958
Sumitomo Mitsui Trust Holdings		2,100		75,038
Swedbank Class A		654		15,937
Toronto-Dominion Bank		4,223		212,811
Westpac Banking		1,833		42,984
				2,880,658

LVIP BlackRock Scientific Allocation Fund–8

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Beverages–0.24%
Carlsberg Class B		358	$	38,245
Coca-Cola Bottlers Japan Class C		300		8,669
Coca-Cola European Partners		244		9,923
Davide Campari-Milano		2,222		15,659
Diageo		4,823		142,501
Fevertree Drinks		300		6,662
Kirin Holdings		500		10,176
				231,835
Biotechnology–0.13%
CSL		512		54,318
†Genmab		49		10,454
Grifols		280		7,798
Shire		988		54,535
				127,105
Building Products–0.09%
Cie de Saint-Gobain		1,500		80,145
				80,145
Capital Markets–0.14%
#Anima Holding 144A		723		5,182
Banca Generali		104		3,096
BT Investment Management		1,212		10,601
#Euronext 144A		390		20,245
Jupiter Fund Management		770		5,065
Macquarie Group		573		38,976
Magellan Financial Group		347		7,692
Partners Group Holding		67		41,539
				132,396
Chemicals–1.21%
#Covestro 144A		1,857		134,067
DIC		100		3,587
Evonik Industries		4,946		158,089
Koninklijke DSM		5,500		399,775
LANXESS		1,345		101,834
Lenzing		26		4,659
Lintec		200		4,776
Mitsubishi Chemical Holdings		25,900		214,177
Nippon Shokubai		100		6,428
Sumitomo Chemical		13,000		74,665
Teijin		300		5,764
Tosoh		1,000		10,233
Ube Industries		4,000		10,278
Wacker Chemie		130		14,113
Zeon		1,000		10,642
				1,153,087
Commercial Services & Supplies–0.18%
Downer EDI		1,198		5,902
Intrum Justitia		828		28,109

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Commercial Services & Supplies (continued)
IWG		1,424	$	5,998
Rentokil Initial		4,078		14,516
Secom		1,300		98,533
Toppan Printing		2,000		21,907
				174,965
Construction & Engineering–0.52%
ACS Actividades de Construccion y Servicios		400		15,453
CIMIC Group		664		19,822
HOCHTIEF		2,226		407,805
Kajima		2,000		16,857
Maeda		1,000		11,007
NCC Class B		537		15,126
Nishimatsu Construction		1,000		5,299
Penta-Ocean Construction		1,100		6,249
				497,618
Construction Materials–0.02%
CSR		2,703		8,788
Wienerberger		344		7,815
				16,603
Consumer Finance–0.09%
Hitachi Capital		3,400		81,679
Ujjivan Financial Services		1,039		4,976
				86,655
Containers & Packaging–0.01%
DS Smith		2,020		12,460
				12,460
Distributors–0.01%
Inchcape		1,014		9,965
				9,965
Diversified Financial Services–0.06%
ORIX		3,700		57,239
				57,239
Diversified Telecommunication Services–1.08%
Deutsche Telekom		22,683		407,264
Koninklijke KPN		7,905		25,289
Nippon Telegraph & Telephone		5,400		254,937
Proximus SADP		605		21,165
Telefonica		1,199		12,377
Telenor		12,152		201,593
Telstra		31,115		102,834
				1,025,459
Electric Utilities–0.09%
Chubu Electric Power		4,200		55,732

LVIP BlackRock Scientific Allocation Fund–9

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Electric Utilities (continued)
CLP Holdings		3,000	$	31,739
				87,471
Electrical Equipment–0.20%
Nexans		136		7,440
Vestas Wind Systems		1,921		177,336
				184,776
Electronic Equipment, Instruments & Components–0.15%
†Celestica		554		7,527
Electrocomponents		1,124		8,447
Hitachi		17,000		104,199
Japan Aviation Electronics Industry		1,000		13,825
Venture		700		6,127
				140,125
Energy Equipment & Services–0.18%
Subsea 7		12,504		168,193
				168,193
Equity Real Estate Investment Trusts–0.01%
Stockland		3,455		11,631
				11,631
Food & Staples Retailing–0.20%
Axfood		524		8,745
Distribuidora Internacional de Alimentacion		971		6,045
Jeronimo Martins		5,040		98,377
Sundrug		300		11,176
Woolworths		3,428		67,292
				191,635
Food Products–0.19%
Leroy Seafood Group		2,050		11,135
Maple Leaf Foods		282		7,120
†Marine Harvest		6,414		109,784
NH Foods		1,000		30,362
Saputo		368		11,706
Suedzucker		521		10,857
				180,964
Gas Utilities–0.17%
Tokyo Gas		31,000		161,043
				161,043
Health Care Equipment & Supplies–0.20%
Cochlear		424		50,659
GN Store Nord		1,365		39,858
Straumann Holding Class R		166		94,434
				184,951

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Health Care Providers & Services–0.02%
Miraca Holdings		500	$	22,449
				22,449
Hotels, Restaurants & Leisure–0.26%
Aristocrat Leisure		7,630		132,301
Autogrill		441		5,344
Carnival		1,305		86,345
Kindred Group SDR		778		8,801
Melia Hotels International		465		6,952
Skylark.		500		7,175
				246,918
Household Durables–0.27%
Electrolux Class B		6,001		196,669
Fujitsu General		500		11,576
Haseko		800		9,702
Iida Group Holdings		200		3,327
JM		221		7,820
Sekisui Chemical		500		8,940
Sekisui House		400		7,040
Skyworth Digital Holdings		6,000		3,727
Sumitomo Forestry		400		6,281
				255,082
Household Products–0.12%
Lion		500		10,340
Pigeon		300		10,856
Reckitt Benckiser Group		911		92,360
				113,556
Independent Power & Renewable Electricity Producers–0.00%
China Power International Development		8,000		2,838
				2,838
Industrial Conglomerates–0.09%
DCC		540		49,162
Rheinmetall		333		31,614
				80,776
Insurance–1.25%
AIA Group		5,800		42,381
Allianz		1,363		268,384
ASR Nederland		379		12,781
Assicurazioni Generali		7,045		115,949
AXA		3,539		96,808
Direct Line Insurance Group		1,544		7,147
Hannover Rueck		47		5,634
NN Group		1,311		46,598
Old Mutual		17,268		43,497
Old Mutual (South African Shares)		3,855		9,642
Prudential		107		2,454
Sampo Class A		5,847		299,649

LVIP BlackRock Scientific Allocation Fund–10

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Insurance (continued)
Suncorp Group		6,612	$	75,315
Talanx		908		33,912
Tokio Marine Holdings		2,300		95,108
†Topdanmark		251		8,015
Tryg		619		13,539
Unipol Gruppo Finanziario		1,579		6,925
Vienna Insurance Group		181		5,105
				1,188,843
Internet & Direct Marketing Retail–0.01%
†ASOS		141		10,558
				10,558
Internet Software & Services–0.03%
Moneysupermarket.com Group		1,236		5,694
Rightmove		193		10,683
†Wix.com		138		9,605
				25,982
IT Services–0.54%
Amadeus IT Group		5,526		330,408
Atos		635		89,135
Fujitsu		2,000		14,720
Itochu Techno-Solutions		200		6,988
Obic		500		30,673
Tech Mahindra		1,068		6,312
#Worldpay Group 144A		9,183		37,651
				515,887
Life Sciences Tools & Services–0.46%
†ICON		153		14,962
†Lonza Group		1,962		424,155
				439,117
Machinery–0.24%
Atlas Copco Class A		2,310		88,565
Cargotec Class B		223		14,149
Georg Fischer		31		30,017
Glory		100		3,272
Sandvik		1,620		25,479
Spirax-Sarco Engineering		176		12,264
Valmet		533		10,355
Volvo Class B		2,558		43,601
				227,702
Media–0.18%
†Altice Class B-W/I		351		8,100
Fairfax Media		10,215		8,636
Fuji Media Holdings		500		6,784
Mediaset Espana Comunicacion		6,544		81,432
Modern Times Group Class B		157		5,404
Nippon Television Holdings		400		6,714
NOS		1,022		6,203

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Media (continued)
Technicolor		5,168	$	22,536
UBM		2,248		20,203
				166,012
Metals & Mining–0.40%
†Anglo American		2,291		30,737
†Anglo American (London Stock Exchange)		7,339		97,881
BHP Billiton		2,015		36,054
BHP Billiton (London Stock Exchange)		1,824		27,938
Centamin		3,479		7,014
Dowa Holdings		4,000		30,265
Evolution Mining		6,377		11,812
†Glencore		10,364		38,768
†Kinross Gold		1,149		4,669
Newcrest Mining		1,572		24,358
Northern Star Resources		5,270		19,240
OZ Minerals		1,087		6,191
Regis Resources		2,046		5,944
Rio Tinto		854		36,061
				376,932
Multiline Retail–0.01%
Dollarama		123		11,753
				11,753
Multi-Utilities–0.17%
A2A		9,917		16,469
E.ON		12,921		121,722
National Grid		1,816		22,512
				160,703
Oil, Gas & Consumable Fuels–1.05%
BP		16,756		96,636
Caltex Australia		6,726		163,411
Canadian Natural Resources		7,290		210,358
Enerplus		1,146		9,297
Inter Pipeline		428		8,383
Japan Petroleum Exploration		200		4,166
JXTG Holdings		29,500		128,701
Neste		1,547		60,941
OMV		4,433		230,044
Repsol		1,250		19,131
Royal Dutch Shell Class A		1,427		37,822
Royal Dutch Shell Class B		913		24,526
				993,416
Paper & Forest Products–0.28%
Mondi		418		10,965
UPM-Kymmene		8,996		256,459
				267,424

LVIP BlackRock Scientific Allocation Fund–11

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Pharmaceuticals–0.83%
Astellas Pharma		29,400	$	359,283
Bayer		939		121,405
Daiichi Sankyo		1,200		28,241
GlaxoSmithKline		6,832		145,532
Indivior		1,093		4,452
Ipsen		66		9,035
Kaken Pharmaceutical		300		16,350
Novo Nordisk Class B		622		26,637
Recordati		1,199		48,642
Shionogi & Co.		200		11,130
Sino Biopharmaceutical		13,000		11,489
Teva Pharmaceutical Industries		256		8,469
				790,665
Professional Services–0.15%
Intertek Group		2,501		137,366
Teleperformance		66		8,454
				145,820
Real Estate Management & Development–0.41%
CapitaLand		18,500		47,031
Daito Trust Construction		600		93,327
Deutsche EuroShop		148		5,834
Henderson Land Development		1,100		6,136
Hysan Development		4,000		19,084
Kerry Properties		7,500		25,456
KWG Property Holding		12,000		8,038
Nomura Real Estate Holdings		400		7,838
Shenzhen Investment		8,000		3,535
Sun Hung Kai Properties		10,000		146,911
Swire Properties		2,600		8,575
TAG Immobilien		516		8,112
Wheelock & Co.		1,000		7,544
				387,421
Road & Rail–0.07%
ComfortDelGro		35,300		58,972
Sotetsu Holdings		1,000		4,952
				63,924
Semiconductors & Semiconductor Equipment–0.07%
BE Semiconductor Industries		202		10,786
†Dialog Semiconductor		167		7,130
Infineon Technologies		351		7,411
STMicroelectronics		2,947		42,310
				67,637
Software–0.20%
†Check Point Software Technologies		881		96,099
Nintendo		100		33,501
Playtech		946		11,717
Software		216		9,461

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Software (continued)
Square Enix Holdings		400	$	13,087
†Temenos Group		131		11,694
†Ubisoft Entertainment		249		14,129
				189,688
Specialty Retail–0.04%
Dixons Carphone		4,400		16,252
Fielmann		124		9,565
JB Hi-Fi		318		5,712
WH Smith		143		3,194
				34,723
Technology Hardware, Storage & Peripherals–0.12%
Logitech International Class R		3,175		116,716
				116,716
Textiles, Apparel & Luxury Goods–0.20%
adidas		73		13,986
LVMH Moet Hennessy Louis Vuitton		524		130,650
Moncler		1,807		42,309
PRADA		1,200		4,465
				191,410
Thrift & Mortgage Finance–0.01%
Aareal Bank		140		5,550
				5,550
Tobacco–0.75%
British American Tobacco		4,592		313,038
Imperial Brands		4,344		195,111
Swedish Match		5,905		207,962
				716,111
Trading Companies & Distributors–0.21%
ITOCHU		7,400		109,808
Kloeckner		995		10,478
Mitsubishi		2,200		46,083
Sumitomo		2,500		32,496
				198,865
Transportation Infrastructure–0.12%
#Aena 144A		316		61,663
Atlantia		649		18,265
Sydney Airport		6,123		33,367
				113,295
Water Utilities–0.01%
Guangdong Investment		6,000		8,269
				8,269
Wireless Telecommunication Services–0.58%
KDDI		3,300		87,286
NTT DOCOMO		17,800		419,699

LVIP BlackRock Scientific Allocation Fund–12

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Wireless Telecommunication Services (continued)
Vodafone Group		16,284	$	46,183
				553,168
Total Developed Markets (Cost $17,100,062)				17,736,905
×EMERGING MARKETS–5.28%
Auto Components–0.01%
Apollo Tyres		2,002		7,455
				7,455
Automobiles–0.05%
Dongfeng Motor Group		8,000		9,458
Tata Motors		5,807		38,860
				48,318
Banks–0.66%
Agricultural Bank of China		19,000		8,980
Axis Bank		1,850		14,807
Banco do Brasil		1,665		13,479
Bangkok Bank NVDR		3,200		17,427
Bank of China		69,000		33,848
Bank Pekao		151		5,085
China Construction Bank		150,001		116,236
CTBC Financial Holding		10,000		6,558
ICICI Bank		5,367		24,091
Industrial & Commercial Bank of China		111,001		74,925
Kasikornbank NVDR		13,300		77,717
Krung Thai Bank NVDR		14,800		8,191
OTP Bank		793		26,540
†Punjab National Bank		4,048		8,599
Siam Commercial Bank NVDR		15,500		70,952
State Bank of India		7,378		31,236
Turkiye Garanti Bankasi		5,299		14,744
Turkiye Halk Bankasi		1,933		7,224
Turkiye Is Bankasi Class C		30,649		64,896
				625,535
Beverages–0.02%
Ambev		2,800		15,543
				15,543
Biotechnology–0.01%
†Celltrion		89		8,953
				8,953
Capital Markets–0.01%
China Cinda Asset Management		31,000		11,554
Yuanta Financial Holding		6,000		2,643
				14,197

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Chemicals–0.05%
PTT Global Chemical NVDR		21,500	$	43,354
				43,354
Construction & Engineering–0.21%
China Communications Construction		89,000		114,678
China Railway Construction		59,000		76,929
Hyundai Development Co-Engineering & Construction		159		6,525
†Metallurgical Corp of China		14,000		4,734
				202,866
Construction Materials–0.05%
Anhui Conch Cement		7,000		24,342
†Cemex		24,887		23,422
				47,764
Diversified Financial Services–0.07%
Haci Omer Sabanci Holding		21,311		66,202
				66,202
Diversified Telecommunication Services–0.19%
Telekomunikasi Indonesia Persero		437,900		148,513
†True NVDR		173,000		31,575
†Turk Telekomunikasyon		1,740		3,086
				183,174
Electric Utilities–0.12%
Korea Electric Power		255		9,093
PGE Polska Grupa Energetyczna		28,523		93,213
Transmissora Alianca de Energia Eletrica		1,198		8,039
				110,345
Electrical Equipment–0.02%
Bharat Heavy Electricals		5,962		12,480
Teco Electric and Machinery		9,000		8,654
				21,134
Electronic Equipment, Instruments & Components–0.64%
AU Optronics		38,000		17,364
Compeq Manufacturing		9,000		7,337
Delta Electronics Thailand NVDR		4,800		12,258
Hon Hai Precision Industry		116,001		446,156
Innolux		231,000		120,740
				603,855
Food & Staples Retailing–0.01%
Magnit GDR		276		9,384
				9,384
Food Products–0.25%
Gruma Class B		435		5,675
JBS		14,058		27,964
Uni-President Enterprises		42,000		84,221

LVIP BlackRock Scientific Allocation Fund–13

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Food Products (continued)
Universal Robina		38,170	$	123,224
				241,084
Health Care Providers & Services–0.04%
Netcare		18,643		36,666
				36,666
Household Durables–0.01%
LG Electronics		98		6,869
				6,869
Household Products–0.02%
Hindustan Unilever		719		12,009
Unilever Indonesia		1,100		4,028
				16,037
Independent Power & Renewable Electricity Producers–0.05%
Huadian Power International		6,000		2,682
Huaneng Power International		58,000		40,264
				42,946
Industrial Conglomerates–0.09%
Enka Insaat ve Sanayi		32,002		48,843
KOC Holding		5,049		23,218
Turkiye Sise ve Cam Fabrikalari		11,213		14,660
				86,721
Insurance–0.05%
Ping An Insurance Group of China		7,500		49,424
				49,424
Internet Software & Services–0.73%
†Alibaba Group Holding ADR		1,153		162,458
†Just Dial		1,074		6,176
NAVER		31		22,705
NetEase ADR		772		232,086
†Sohu.com		185		8,336
Tencent Holdings		6,500		232,445
†YY ADR		453		26,288
				690,494
IT Services–0.07%
HCL Technologies		1,261		16,600
Infosys		1,175		17,007
Tata Consultancy Services		731		26,716
Wipro.		2,478		9,904
				70,227
Leisure Products–0.03%
Merida Industry		5,000		26,792
				26,792

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Machinery–0.02%
Yangzijiang Shipbuilding Holdings		25,500	$	22,041
				22,041
Marine–0.06%
MISC		32,200		55,959
				55,959
Media–0.03%
BEC World NVDR		25,900		16,011
Multiplus		537		6,208
Naspers Class N		46		8,949
				31,168
Metals & Mining–0.30%
Eregli Demir ve Celik Fabrikalari		58,108		116,432
KGHM Polska Miedz		5,543		165,513
MMC Norilsk Nickel		59		8,071
				290,016
Oil, Gas & Consumable Fuels–0.68%
Banpu NVDR		45,200		22,088
Bharat Petroleum		5,777		57,147
China Petroleum & Chemical		28,000		21,841
China Shenhua Energy		16,000		35,617
CNOOC		26,000		28,473
Hindustan Petroleum		3,974		31,377
Indian Oil		3,870		23,063
LUKOIL PJSC		462		22,503
MOL Hungarian Oil & Gas		456		35,792
Novatek PJSC GDR		97		10,806
Oil & Natural Gas		15,571		37,893
Polski Koncern Naftowy ORLEN		3,127		94,426
Polskie Gornictwo Naftowe i Gazownictwo		9,982		17,024
PTT Exploration & Production NVDR		28,100		71,346
PTT NVDR		2,800		30,497
SK Innovation		216		29,923
S-Oil		183		15,163
Surgutneftegas OJSC		7,572		3,296
Tatneft PJSC		1,504		9,579
Tupras Turkiye Petrol Rafinerileri		1,403		40,354
United Tractors		5,200		10,710
				648,918
Personal Products–0.00%
Amorepacific		18		4,783
				4,783
Pharmaceuticals–0.02%
Dr Reddy’s Laboratories		131		5,452
Hypermarcas		591		4,943

LVIP BlackRock Scientific Allocation Fund—14

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
×EMERGING MARKETS (continued)
Pharmaceuticals (continued)
Lupin.		355	$	5,821
				16,216
Real Estate Management & Development–0.05%
Greentown China Holdings		4,000		4,406
Guangzhou R&F Properties		26,400		41,050
Sino-Ocean Group Holdings		4,000		1,957
				47,413
Semiconductors & Semiconductor Equipment–0.22%
Elite Advanced Laser		5,000		22,600
SK Hynix.		2,289		134,841
Taiwan Semiconductor Manufacturing		8,000		54,832
				212,273
Technology Hardware, Storage & Peripherals–0.06%
Inventec		43,000		35,056
Samsung Electronics		11		22,853
				57,909
Textiles, Apparel & Luxury Goods–0.03%
ANTA Sports Products		2,000		6,609
Feng TAY Enterprise		2,000		8,843
Formosa Taffeta		11,000		11,047
				26,499
Thrift & Mortgage Finance–0.09%
Housing Development Finance		3,270		81,700
				81,700
Tobacco–0.01%
British American Tobacco Malaysia		800		8,092
				8,092
Transportation Infrastructure–0.03%
Zhejiang Expressway		22,000		28,742
				28,742
Wireless Telecommunication Services–0.22%
America Movil		19,063		15,293
China Mobile		15,000		159,175
Mobile TeleSystems ADR		548		4,592
PLDT		560		19,954
Total Access Communication NVDR		7,000		10,818
				209,832
Total Emerging Markets (Cost $4,675,611)				5,016,900
Total Common Stock (Cost $43,402,553)				46,902,203

	Number of Shares		Value (U.S. $)
PREFERRED STOCK–0.35%
Banco Bradesco 4.30%		1,500	$	12,746
Bayerische Motoren Werke 4.30%		97		7,997
Braskem 3.69%		805		8,339
†Cia Brasileira de Distribuicao		1,632		32,094
Cia Energetica de Sao Paulo Class B 5.66%		7,426		34,183
Henkel 1.53%		1,219		167,770
Itau Unibanco Holding 4.84%		5,465		60,623
†Metalurgica Gerdau		1,504		2,265
Surgutneftegas 23.46%		6,712		3,242
†=Vedanta Limited		32,180		4,979
Total Preferred Stock (Cost $343,947)				334,238

	Principal Amount°
AGENCY MORTGAGE-BACKED SECURITIES–18.94%
Fannie Mae S.F. 15 yr TBA 4.00% 7/1/32		200,000	206,875
Fannie Mae S.F. 30 yr
4.50% 8/1/41		39,649	43,235
5.00% 2/1/35		5,557	6,097
5.00% 10/1/35		4,874	5,350
5.00% 11/1/35		5,661	6,212
5.50% 8/1/37		5,159	5,781
6.00% 12/1/36		1,251	1,420
6.00% 2/1/37		3,980	4,531
6.00% 8/1/37		4,615	5,211
6.00% 9/1/37		1,417	1,614
6.00% 5/1/38		14,461	16,339
6.00% 9/1/38		3,786	4,307
6.00% 11/1/38		2,940	3,340
6.00% 9/1/39		12,820	14,503
6.00% 3/1/40		5,613	6,379
6.00% 7/1/40		18,895	21,401
6.00% 5/1/41		6,871	7,794
Fannie Mae S.F. 30 yr TBA
3.50% 7/1/47		2,750,000	2,824,443
4.00% 7/1/47		6,287,000	6,608,963
4.50% 7/1/47		4,330,040	4,644,814
4.50% 8/1/47		319,960	342,788
5.00% 7/1/47		1,300,000	1,420,047
Freddie Mac S.F. 30 yr
4.50% 5/1/40		118,538	128,992
5.50% 3/1/34		1,549	1,733
5.50% 12/1/34		1,449	1,623
5.50% 4/1/38		6,103	6,794
5.50% 7/1/38		6,145	6,841
6.00% 3/1/36		4,427	5,023
6.00% 9/1/37		3,914	4,404
6.00% 1/1/38		1,702	1,915
6.00% 6/1/38		4,655	5,264

LVIP BlackRock Scientific Allocation Fund–15

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr TBA 3.50% 7/1/47		575,000	$	590,707
GNMA II S.F. 30 yr 5.00% 5/20/47		448,476		481,456
GNMA II S.F. 30 yr TBA 3.00% 7/20/47		400,000		404,031
3.50% 7/20/47		50,000		51,789
4.00% 7/20/47		75,000		78,920
4.50% 7/1/47		25,000		26,570
Total Agency Mortgage-Backed Securities (Cost $18,079,003)				17,997,506
CORPORATE BONDS–19.96%
Aerospace & Defense–0.43%
Lockheed Martin
2.50% 11/23/20		200,000		202,905
4.70% 5/15/46		50,000		56,413
Rockwell Collins
3.20% 3/15/24		45,000		45,681
3.50% 3/15/27		100,000		101,607
				406,606
Automobiles–0.96%
Ford Motor Credit
2.375% 3/12/19		200,000		200,988
2.459% 3/27/20		200,000		200,305
General Motors 6.75% 4/1/46		75,000		89,258
General Motors Financial
2.35% 10/4/19		100,000		100,045
3.20% 7/13/20		200,000		203,925
5.25% 3/1/26		105,000		113,606
				908,127
Banks–3.33%
Bank of America
2.25% 4/21/20		300,000		300,325
•2.881% 4/24/23		100,000		100,297
•3.124% 1/20/23		165,000		166,988
•3.824% 1/20/28		30,000		30,557
4.183% 11/25/27		70,000		71,333
Citigroup
2.55% 4/8/19		300,000		302,952
2.65% 10/26/20		300,000		303,109
Fifth Third Bancorp 2.875% 7/27/20		20,000		20,466
HSBC Holdings
3.40% 3/8/21		200,000		205,666
•4.041% 3/13/28		200,000		207,404
Huntington Bancshares 2.30% 1/14/22		35,000		34,511
JPMorgan Chase & Co. 2.55% 10/29/20		200,000		201,772

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
JPMorgan Chase & Co. (continued)
2.55% 3/1/21		200,000	$	201,085
•3.22% 3/1/25		100,000		100,277
•3.782% 2/1/28		85,000		87,027
4.25% 10/1/27		55,000		57,490
•4.26% 2/22/48		95,000		99,637
Santander UK Group Holdings 2.875% 10/16/20		100,000		101,628
US Bancorp
2.625% 1/24/22		25,000		25,275
3.60% 9/11/24		75,000		77,977
Wells Fargo & Co.
2.60% 7/22/20		300,000		304,362
3.069% 1/24/23		120,000		121,758
•Westpac Banking 4.322% 11/23/31		40,000		41,080
				3,162,976
Beverages–0.24%
Anheuser-Busch InBev Finance 3.65% 2/1/26		100,000		103,211
Constellation Brands 3.70% 12/6/26		100,000		101,969
PepsiCo 4.45% 4/14/46		25,000		27,320
				232,500
Biotechnology–0.18%
Celgene
3.25% 8/15/22		150,000		154,384
4.625% 5/15/44		15,000		15,819
				170,203
Building Products–0.10%
Lennox International 3.00% 11/15/23		35,000		34,998
Masco 3.50% 4/1/21		55,000		56,758
				91,756
Capital Markets–2.65%
Bank of New York Mellon
2.15% 2/24/20		10,000		10,061
2.20% 8/16/23		40,000		38,818
2.50% 4/15/21		85,000		85,720
CME Group 5.30% 9/15/43		50,000		62,260
Credit Suisse Group Funding
Guernsey 2.75% 3/26/20		400,000		403,409
Export-Import Bank of Korea 2.125% 1/25/20		400,000		398,287
Goldman Sachs Group
2.60% 12/27/20		300,000		301,777
2.875% 2/25/21		200,000		202,314
3.85% 1/26/27		75,000		76,381

LVIP BlackRock Scientific Allocation Fund–16

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Goldman Sachs Group (continued)
5.15% 5/22/45		80,000	$	89,066
6.75% 10/1/37		50,000		65,021
Jefferies Group
6.45% 6/8/27		30,000		34,445
6.50% 1/20/43		10,000		11,338
Morgan Stanley
2.80% 6/16/20		400,000		406,102
3.95% 4/23/27		65,000		65,719
4.30% 1/27/45		50,000		51,832
4.375% 1/22/47		110,000		115,042
TD Ameritrade Holding 3.30% 4/1/27		100,000		99,998
				2,517,590
Chemicals–0.21%
Dow Chemical 8.55% 5/15/19		155,000		173,682
Monsanto 4.70% 7/15/64		25,000		25,299
				198,981
Diversified Financial Services–0.13%
Berkshire Hathaway
2.75% 3/15/23		25,000		25,351
4.50% 2/11/43		25,000		27,536
National Rural Utilities Cooperative Finance
2.70% 2/15/23		35,000		35,068
2.85% 1/27/25		40,000		39,852
				127,807
Diversified Telecommunication Services–0.74%
AT&T
2.45% 6/30/20		200,000		201,167
4.75% 5/15/46		120,000		118,129
5.25% 3/1/37		60,000		64,119
Verizon Communications
4.50% 9/15/20		200,000		213,808
4.862% 8/21/46		75,000		75,304
5.25% 3/16/37		30,000		32,351
				704,878
Electric Utilities–1.24%
Berkshire Hathaway Energy 3.75% 11/15/23		145,000		152,733
Cleveland Electric Illuminating 5.50% 8/15/24		40,000		45,898
Duke Energy 2.65% 9/1/26		135,000		128,472
Emera US Finance 3.55% 6/15/26		100,000		100,418
Entergy
2.95% 9/1/26		10,000		9,595
4.00% 7/15/22		35,000		37,033
Entergy Louisiana 4.05% 9/1/23		90,000		96,417

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Entergy Mississippi 2.85% 6/1/28		40,000	$	38,823
Exelon
3.497% 6/1/22		35,000		35,797
3.95% 6/15/25		35,000		36,279
Great Plains Energy
3.90% 4/1/27		30,000		30,409
4.85% 6/1/21		20,000		21,332
Indiana Michigan Power 4.55% 3/15/46		15,000		16,476
ITC Holdings 3.25% 6/30/26		15,000		14,784
Kansas City Power & Light 3.65% 8/15/25		65,000		66,078
NextEra Energy Capital Holdings 2.40% 9/15/19		55,000		55,404
NV Energy 6.25% 11/15/20		45,000		50,663
Public Service Co. of New Hampshire 3.50% 11/1/23		30,000		31,352
Southern
2.75% 6/15/20		60,000		60,740
3.25% 7/1/26		55,000		53,908
Southern Co. Gas Capital 3.25% 6/15/26		100,000		98,321
				1,180,932
Electronic Equipment, Instruments & Components–0.04%
Tech Data 4.95% 2/15/27		40,000		42,483
				42,483
Equity Real Estate Investment Trusts–0.66%
American Tower
2.25% 1/15/22		100,000		97,611
3.45% 9/15/21		150,000		154,837
3.50% 1/31/23		100,000		102,688
4.00% 6/1/25		55,000		57,063
4.40% 2/15/26		25,000		26,249
CC Holdings GS V 3.849% 4/15/23		50,000		52,632
Crown Castle International 5.25% 1/15/23		55,000		61,170
Hospitality Properties Trust 4.50% 3/15/25		40,000		41,117
Host Hotels & Resorts 3.75% 10/15/23		30,000		30,632
				623,999
Food Products–0.05%
Kraft Heinz Foods 4.375% 6/1/46		50,000		49,165
				49,165

LVIP BlackRock Scientific Allocation Fund–17

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Equipment & Supplies–0.86%
Abbott Laboratories 4.90% 11/30/46		55,000	$	60,823
Baxter International 2.60% 8/15/26		100,000		95,352
Becton Dickinson & Co.
2.404% 6/5/20		40,000		40,093
2.894% 6/6/22		35,000		35,149
3.363% 6/6/24		140,000		140,530
Stryker 4.625% 3/15/46		25,000		27,423
Zimmer Biomet Holdings
2.70% 4/1/20		300,000		302,928
3.375% 11/30/21		35,000		35,913
4.625% 11/30/19		80,000		84,262
				822,473
Health Care Providers & Services–0.44%
Laboratory Corp. of America Holdings 3.60% 2/1/25		100,000		101,662
McKesson 4.75% 3/1/21		100,000		107,360
Quest Diagnostics 3.45% 6/1/26		100,000		100,377
UnitedHealth Group 4.25% 4/15/47		100,000		106,879
				416,278
Hotels, Restaurants & Leisure–0.30%
Mcdonald’s
3.50% 3/1/27		200,000		203,707
4.875% 12/9/45		50,000		55,965
Wyndham Worldwide 4.15% 4/1/24		25,000		25,715
				285,387
Household Durables–0.21%
Newell Brands 2.60% 3/29/19		200,000		202,035
				202,035
Industrial Conglomerates–0.05%
Roper Technologies
2.80% 12/15/21		25,000		25,239
3.80% 12/15/26		25,000		25,736
				50,975
Insurance–0.47%
Aflac 4.00% 10/15/46		50,000		49,392
Allstate 3.28% 12/15/26		190,000		193,218
MetLife 6.817% 8/15/18		130,000		137,282
XLIT
4.45% 3/31/25		25,000		25,815
5.50% 3/31/45		40,000		42,844
				448,551
Internet & Direct Marketing Retail–0.22%
Expedia 5.00% 2/15/26		60,000		65,810

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Internet & Direct Marketing Retail (continued)
Priceline Group 3.60% 6/1/26		140,000	$	141,979
				207,789
Internet Software & Services–0.32%
Alibaba Group Holding 2.50% 11/28/19		200,000		201,666
eBay 2.75% 1/30/23		100,000		99,242
				300,908
IT Services–0.22%
#DXC Technology 144A 4.25% 4/15/24		50,000		51,806
Mastercard 3.80% 11/21/46		25,000		25,461
Visa 4.30% 12/14/45		120,000		131,943
				209,210
Life Sciences Tools & Services–0.11%
Thermo Fisher Scientific 3.00% 4/15/23		100,000		100,941
				100,941
Machinery–0.06%
Crane 4.45% 12/15/23		55,000		57,886
				57,886
Media–0.84%
CBS 4.30% 2/15/21		200,000		212,625
Charter Communications Operating
#144A 3.75% 2/15/28		100,000		98,738
4.908% 7/23/25		75,000		81,156
#144A 5.375% 5/1/47		60,000		63,717
Comcast 3.00% 2/1/24		60,000		60,879
Time Warner 3.80% 2/15/27		100,000		100,873
Time Warner Cable
4.00% 9/1/21		100,000		104,625
7.30% 7/1/38		60,000		76,917
				799,530
Metals & Mining–0.04%
Southern Copper 5.875% 4/23/45		35,000		37,603
				37,603
Multi-Utilities–0.44%
Ameren Illinois 9.75% 11/15/18		170,000		187,906
CMS Energy 6.25% 2/1/20		30,000		33,044
Consumers Energy 3.25% 8/15/46		30,000		27,576
Dominion Energy 3.90% 10/1/25		75,000		77,772
DTE Energy
2.85% 10/1/26		50,000		47,651
3.30% 6/15/22		40,000		41,089
				415,038

LVIP BlackRock Scientific Allocation Fund–18

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels–1.46%
BP Capital Markets
3.216% 11/28/23		75,000	$	76,232
3.224% 4/14/24		20,000		20,215
Buckeye Partners
2.65% 11/15/18		200,000		201,130
5.60% 10/15/44		25,000		25,900
Enable Midstream Partners 5.00% 5/15/44		25,000		23,507
Energy Transfer 9.70% 3/15/19		48,000		53,778
Exxon Mobil 4.114% 3/1/46		60,000		63,455
Kinder Morgan Energy Partners 3.95% 9/1/22		40,000		41,374
MPLX 4.875% 12/1/24		20,000		21,356
ONEOK Partners 3.20% 9/15/18		400,000		404,792
Petroleos Mexicanos 6.75% 9/21/47		50,000		50,619
Plains All American Pipeline 8.75% 5/1/19		95,000		105,659
Regency Energy Partners 5.00% 10/1/22		15,000		16,105
Sabine Pass Liquefaction
#144A 4.20% 3/15/28		40,000		40,496
5.625% 4/15/23		100,000		111,293
Western Gas Partners 5.45% 4/1/44		25,000		25,467
Williams Partners
3.90% 1/15/25		50,000		50,629
5.10% 9/15/45		50,000		51,995
				1,384,002
Paper & Forest Products–0.07%
Georgia-Pacific 8.00% 1/15/24		50,000		64,226
				64,226
Pharmaceuticals–0.67%
Allergan Funding 2.45% 6/15/19		300,000		301,964
Eli Lilly & Co. 3.10% 5/15/27		80,000		80,887
Johnson & Johnson 3.70% 3/1/46		100,000		103,001
Novartis Capital 4.40% 5/6/44		50,000		55,610
Pfizer 3.00% 12/15/26		50,000		50,201
Shire Acquisitions Investments Ireland 2.40% 9/23/21		50,000		49,466
				641,129
Professional Services–0.03%
Verisk Analytics 5.50% 6/15/45		25,000		27,878
				27,878
Road & Rail–0.09%
Burlington Northern Santa Fe 4.70% 9/1/45		50,000		56,447

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Road & Rail (continued)
Canadian Natural Resources 2.95% 1/15/23		30,000	$	29,799
				86,246
Semiconductors & Semiconductor Equipment–0.47%
Applied Materials 4.35% 4/1/47		55,000		58,525
Broadcom
#144A 3.00% 1/15/22		40,000		40,399
#144A 3.625% 1/15/24		170,000		174,156
KLA-Tencor 4.65% 11/1/24		25,000		27,040
NVIDIA
2.20% 9/16/21		100,000		98,984
3.20% 9/16/26		50,000		49,675
				448,779
Software–0.18%
Autodesk 3.50% 6/15/27		70,000		68,981
Microsoft
2.875% 2/6/24		15,000		15,257
4.10% 2/6/37		25,000		26,982
4.45% 11/3/45		50,000		55,772
				166,992
Specialty Retail–0.04%
Home Depot 4.25% 4/1/46		35,000		37,645
				37,645
Technology Hardware, Storage & Peripherals–0.68%
Apple 3.45% 2/9/45		100,000		94,211
#Dell International 144A 6.02% 6/15/26		30,000		33,102
Hewlett Packard Enterprise 3.60% 10/15/20		400,000		412,750
HP 4.375% 9/15/21		100,000		106,683
				646,746
Tobacco–0.73%
Altria Group 3.875% 9/16/46		150,000		146,080
Philip Morris International
3.375% 8/11/25		120,000		123,059
4.25% 11/10/44		50,000		51,595
4.50% 3/26/20		200,000		213,419
Reynolds American 4.00% 6/12/22		150,000		159,127
				693,280
Total Corporate Bonds (Cost $18,778,198)				18,969,530
MUNICIPAL BONDS–0.24%
Bay Area Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		45,000		68,329

LVIP BlackRock Scientific Allocation Fund–19

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		35,000	$	53,470
New Jersey Turnpike Authority
(Build America Bonds) Series A 7.102% 1/1/41		25,000		36,714
(Build America Bonds) Series F 7.414% 1/1/40		15,000		22,676
Oregon State Taxable Pension 5.892% 6/1/27		35,000		42,356
Total Municipal Bonds (Cost $219,966)				223,545
NON-AGENCY ASSET-BACKED SECURITIES–2.65%
AVANT Loans Funding Trust
#Series 2016-A B 144A 7.65% 6/15/20		194,711		197,692
#Series 2016-B B 144A 7.80% 9/15/20		243,000		249,046
#Series 2016-C B 144A 4.92% 11/16/20		250,000		253,222
Drive Auto Receivables Trust
#Series 2016-CA C 144A 3.02% 11/15/21		200,000		200,877
Series 2017-1 B 2.36% 3/15/21		200,000		199,905
Series 2017-1 C 2.84% 4/15/22		230,000		230,591
#=Marlette Funding Trust Series 2017–2A A 144A 2.39% 7/15/24		200,000		199,940
Santander Drive Auto Receivables Trust
Series 2015-2 D 3.02% 4/15/21		150,000		151,886
Series 2017-2 B 2.21% 10/15/21		230,000		229,976
Series 2017-2 C 2.79% 8/15/22		210,000		209,735
#SoFi Consumer Loan Program Series 2017-4 A 144A 2.50% 5/26/26		190,000		189,966
#•Trafigura Securitisation Finance Series 2017-1A A1 144A 2.056% 12/15/20		210,000		210,000
Total Non-Agency Asset-Backed Securities (Cost $2,523,008)				2,522,836
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY– 0.04%
DB-JPM Mortgage Trust Series 2016–C3 A5 2.89% 9/10/49		40,000		39,315
Total Non-Agency Commercial Mortgage-Backed Security (Cost $41,463)				39,315

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS–0.80%
Colombia–0.52%
Colombia Government International Bond 11.75% 2/25/20		400,000	$	498,000
				498,000
Mexico–0.22%
Mexico Government International Bond 4.15% 3/28/27		200,000		207,350
				207,350
Uruguay–0.06%
Uruguay Government International Bond 4.375% 10/27/27		50,000		53,375
				53,375
Total Sovereign Bonds (Cost $762,983)				758,725
U.S. TREASURY OBLIGATIONS–23.24%
U.S. Treasury Bonds
2.875% 11/15/46		1,000,000		1,005,723
3.125% 2/15/42		2,250,000		2,383,286
6.25% 5/15/30		2,000,000		2,851,718
U.S. Treasury Notes
1.25% 3/31/19		2,850,000		2,844,266
1.25% 4/30/19		3,000,000		2,992,968
1.50% 4/15/20		1,500,000		1,499,093
1.875% 1/31/22		2,000,000		2,002,812
1.875% 3/31/22		3,000,000		3,002,109
2.125% 3/31/24		3,000,000		3,002,694
2.25% 2/15/27		500,000		497,764
Total U.S. Treasury Obligations (Cost $21,995,707)				22,082,433
	Number of Shares
RIGHTS–0.00%
†ACS Actividades de Construccion y Servicios expiration date 7/11/17		400		320
†Repsol expiration date 7/3/17		1,224		559
Total Rights (Cost $911)				879

LVIP BlackRock Scientific Allocation Fund–20

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–3.38%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		3,210,535	$	3,210,535
Total Money Market Fund (Cost $3,210,535)				3,210,535
TOTAL INVESTMENTS–118.96% (Cost $109,358,274)								$	113,041,745
					Principal Amount°			Value (U.S. $)
TBA SALES–(0.24%)
Agency Mortgage-Backed Security–(0.24%)
Fannie Mae S.F. 30 yr TBA 3.00% 7/1/47						(225,000	)		(224,697	)
Total TBA Sales (Proceeds $226,371)									(224,697	)
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(18.72%)									(17,787,697	)
NET ASSETS APPLICABLE TO 6,240,770 SHARES OUTSTANDING–100.00%								$	95,029,351

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $2,261,965, which represents 2.38% 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, 2017. Interest rates reset periodically.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “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.

§ 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.

The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 2017:1

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)				In Exchange For				Settlement Date		Unrealized   Appreciation		Unrealized Depreciation
BNYM		THB	(178,154	)		USD	5,243			7/3/17		$     —		$  (1	)
GSC		AUD	100,000			USD	(76,380	)		7/5/17		475		—
NT		EUR	150,000			USD	(170,776	)		7/5/17		590		—
NT		SEK	115,794			USD	(13,556	)		7/5/17		192		—
SSB		JPY	5,000,000			USD	(44,532	)		7/5/17		—		(69	)
Total												$1,257		$(70	)

LVIP BlackRock Scientific Allocation Fund–21

LVIP BlackRock Scientific Allocation Fund

Schedule of Investments (continued)

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation			Unrealized Depreciation
Equity Contracts:
1	E-mini MSCI Emerging Markets Index		$       50,358		$       50,415		9/18/17		$	57		$	—
2	E-mini S&P 500 Index		243,329		242,090		9/18/17			—			(1,239	)
2	Euro STOXX 50 Index		80,045		78,374		9/18/17			—			(1,671	)
1	Yen Denominated Nikkei 225 Index		89,489		89,198		9/8/17			—			(292	)
										57			(3,202	)
Interest Rate Contracts:
(27)	U.S. Treasury 2 yr Notes		(5,839,202)		(5,834,953)		10/2/17			4,249			—
(2)	U.S. Treasury 5 yr Notes		(236,155)		(235,672)		10/2/17			483			—
(29)	U.S. Treasury 10 yr Notes		(3,651,994)		(3,640,406)		9/21/17			11,588			—
1	U.S. Treasury Long Bonds		154,251		153,688		9/21/17			—			(563	)
(8)	U.S. Treasury Ultra Bonds		(1,305,985)		(1,327,000)		9/21/17			—			(21,015	)
										16,320			(21,578	)
Total									$	16,377		$	(24,780	)

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.”

Summary of Abbreviations:

ADR–American Depositary Receipt

AUD–Australian Dollar

BNYM–Bank of New York Mellon

DB–Deutsche Bank

EUR–Euro

GDR–Global Depositary Receipt

GNMA–Government National Mortgage Association

GSC–Goldman Sachs Capital

IT–Information Technology

JPM–JPMorgan

JPY–Japanese Yen

MSCI–Morgan Stanley Capital International

NT–Northern Trust

NVDR–Non-Voting Depositary Receipt

OJSC–Open Joint Stock Company

PJSC–Public Joint Stock Company

S.F.–Single Family

SEK–Swedish Krona

SSB–State Street Bank

S&P–Standard & Poor’s

TBA–To be announced

THB–Thai Baht

USD–U.S. Dollar

yr–Year

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

LVIP BlackRock Scientific Allocation Fund–22

LVIP BlackRock Scientific Allocation Fund

Statement of Assets and Liabilities

June 30, 2017 (unaudited)

ASSETS:
Investments, at value	$	113,041,745
Cash		236,522
Receivable for securities sold		20,579,814
Dividends and interest receivable		407,288
Foreign currencies, at value		272,736
Foreign tax reclaims receivable		35,997
Cash collateral held at broker for futures contracts		22,494
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		21,184
Unrealized appreciation on futures contracts		16,377
Receivable for fund shares sold		14,133
Foreign currencies collateral held at broker for futures contracts, at value		1,397
Unrealized appreciation on foreign currency exchange contracts		1,257
TOTAL ASSETS		134,650,944
LIABILITIES:
TBA Sales, at value		224,697
Payable for securities purchased		39,153,162
Payables for fund shares redeemed		81,461
Other accrued expenses payable		77,168
Due to manager and affiliates		59,484
Unrealized depreciation on futures contracts		24,780
Deferred capital gains taxes payable		771
Unrealized depreciation on foreign currency exchange contracts		70
TOTAL LIABILITIES		39,621,593
TOTAL NET ASSETS	$	95,029,351
Investments, at cost	$	109,358,274
Foreign currencies, at cost		270,413
Foreign currencies collateral held at broker for futures contracts, at cost		1,397
TBA Sales, at proceeds		(226,371	)
Standard Class:
Net Assets	$	82,443,503
Shares Outstanding		5,430,407
Net Asset Value Per Share	$	15.182
Service Class:
Net Assets	$	12,585,848
Shares Outstanding		810,363
Net Asset Value Per Share	$	15.531
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	75,029,591
Undistributed net investment income		810,143
Accumulated net realized gain on investments		15,510,269
Net unrealized appreciation of investments, foreign currencies and derivatives		3,679,348
TOTAL NET ASSETS	$	95,029,351

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

LVIP BlackRock Scientific Allocation Fund–23

LVIP BlackRock Scientific Allocation Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	662,200
Interest		592,796
Foreign tax withheld		(41,550	)
		1,213,446
EXPENSES:
Management fees		349,772
Professional fees.		39,227
Pricing fees		33,692
Custodian fees		22,466
Distribution fees-Service Class		15,339
Reports and statements to shareholders		15,333
Accounting and administration expenses		11,666
Shareholder servicing fees		4,588
Trustees’ fees and expenses		1,301
Consulting fees		953
Other		463
		494,800
Less:
Management fees waived		(46,639	)
Expenses reimbursed		(92,381	)
Total operating expenses		355,780
NET INVESTMENT INCOME		857,666
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments*		14,537,409
Foreign currencies		(20,404	)
Foreign currency exchange contracts		(44,694	)
Futures contracts		(131,616	)
Options purchased		(152	)
Swap contracts		(11,258	)
Net realized gain		14,329,285
Net change in unrealized appreciation (depreciation) of:
Investments**		(9,173,292	)
Foreign currencies		5,412
Foreign currency exchange contracts		(7,471	)
Futures contracts		22,102
Swap contracts		4,750
Net change in unrealized appreciation (depreciation)		(9,148,499	)
NET REALIZED AND UNREALIZED GAIN		5,180,786
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,038,452

*Includes $937 capital gains taxes paid.

**Includes $771 capital gains taxes accrued.

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

LVIP BlackRock Scientific Allocation Fund Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	857,666		$	1,461,981
Net realized gain		14,329,285			2,532,668
Net change in unrealized appreciation (depreciation)		(9,148,499	)		432,987
Net increase in net assets resulting from operations		6,038,452			4,427,636
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,579,117	)
Service Class		—			(189,223	)
Net realized gain:
Standard Class		—			(4,376,738	)
Service Class		—			(557,401	)
		—			(6,702,479	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		3,681,504			7,054,447
Service Class		1,273,476			2,948,053
Reinvestment of dividends and distributions:
Standard Class		—			5,955,855
Service Class		—			746,624
		4,954,980			16,704,979
Cost of shares redeemed:
Standard Class		(9,283,239	)		(20,165,164	)
Service Class		(1,327,650	)		(743,194	)
		(10,610,889	)		(20,908,358	)
Decrease in net assets derived from capital share transactions		(5,655,909	)		(4,203,379	)
NET INCREASE (DECREASE) IN NET ASSETS		382,543			(6,478,222	)
NET ASSETS:
Beginning of period		94,646,808			101,125,030
End of period	$	95,029,351		$	94,646,808
Undistributed (Distributions in excess of) net investment income	$	810,143		$	(47,523	)

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

LVIP BlackRock Scientific Allocation Fund–24

LVIP BlackRock Scientific Allocation Fund

Financial Highlights

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

	LVIP BlackRock Scientific Allocation Fund Standard Class
	Six Months       Ended       6/30/171, 2       (unaudited)			12/31/16				12/31/15				Year Ended 12/31/143				12/31/13				12/31/12
Net asset value, beginning of period		$	14.235		$	14.606			$	15.631			$	15.878			$	14.477			$	13.334
Income (loss) from investment operations:
Net investment income4			0.137			0.223				0.281				0.325				0.295				0.303
Net realized and unrealized gain (loss)			0.810			0.456				(0.468	)			0.409				1.746				1.199
Total from investment operations			0.947			0.679				(0.187	)			0.734				2.041				1.502
Less dividends and distributions from:
Net investment income			—			(0.275	)			(0.336	)			(0.325	)			(0.290	)			(0.339	)
Net realized gain			—			(0.775	)			(0.502	)			(0.656	)			(0.350	)			(0.020	)
Total dividends and distributions			—			(1.050	)			(0.838	)			(0.981	)			(0.640	)			(0.359	)
Net asset value, end of period		$	15.182		$	14.235			$	14.606			$	15.631			$	15.878			$	14.477
Total return5			6.65%			4.65%				(1.15%	)			4.63%				14.24%				11.30%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	82,443		$	82,784			$	91,928			$	102,477			$	103,403			$	89,494
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			1.03%			0.98%				1.00%				0.94%				1.00%				1.00%
Ratio of net investment income to average net assets			1.87%			1.52%				1.79%				2.01%				1.92%				2.15%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.57%			1.27%				1.52%				1.80%				1.65%				1.88%
Portfolio turnover			203%			148%				124%				117%				163%				161%

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

²  Effective May 1, 2017, BlackRock Investment Management LLC replaced Delaware Investments Fund Advisers and Jackson Square Partners, LLC as the Fund’s sub-advisers.

³  Effective October 1, 2014, Jackson Square Partners, LLC was added as a sub-adviser to the Fund.

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 Scientific Allocation Fund–25

LVIP BlackRock Scientific Allocation Fund

Financial Highlights (continued)

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

	LVIP BlackRock Scientific Allocation Fund Service Class
	Six Months       Ended       6/30/171, 2       (unaudited)			12/31/16				12/31/15				Year Ended 12/31/143				12/31/13				12/31/12
Net asset value, beginning of period		$	14.580		$	14.938			$	15.966			$	16.198			$	14.761			$	13.589
Income (loss) from investment operations:
Net investment income4			0.122			0.190				0.246				0.290				0.262				0.274
Net realized and unrealized gain (loss)			0.829			0.464				(0.476	)			0.418				1.777				1.221
Total from investment operations			0.951			0.654				(0.230	)			0.708				2.039				1.495
Less dividends and distributions from:
Net investment income			—			(0.237	)			(0.296	)			(0.284	)			(0.252	)			(0.303	)
Net realized gain			—			(0.775	)			(0.502	)			(0.656	)			(0.350	)			(0.020	)
Total dividends and distributions			—			(1.012	)			(0.798	)			(0.940	)			(0.602	)			(0.323	)
Net asset value, end of period		$	15.531		$	14.580			$	14.938			$	15.966			$	16.198			$	14.761
Total return5			6.53%			4.38%				(1.39%	)			4.38%				13.96%				11.03%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	12,586		$	11,863			$	9,197			$	7,534			$	5,234			$	2,665
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			1.28%			1.23%				1.25%				1.19%				1.25%				1.25%
Ratio of net investment income to average net assets			1.62%			1.27%				1.54%				1.76%				1.67%				1.90%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.32%			1.02%				1.27%				1.55%				1.40%				1.63%
Portfolio turnover			203%			148%				124%				117%				163%				161%

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

²  Effective May 1, 2017, BlackRock Investment Management LLC replaced Delaware Investments Fund Advisers and Jackson Square Partners, LLC as the Fund’s sub-advisers.

³  Effective October 1, 2014, Jackson Square Partners, LLC was added as a sub-adviser to the Fund.

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 Scientific Allocation Fund–26

LVIP BlackRock Scientific Allocation Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 Scientific Allocation Fund (formerly 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 to provide total return.

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. 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 (“NAV”). Investments in government money market funds have a stable NAV. 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 (“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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 Securities (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 BlackRock Scientific Allocation Fund–27

LVIP BlackRock Scientific 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 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., 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 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. 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 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.

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, 2017.

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, 2017.

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 0.75% of the average daily net assets of the Fund. This fee is calculated daily and paid monthly. 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, 2018, and cannot be terminated before that date with 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. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2017, 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. Prior to May 1, 2017, Delaware

LVIP BlackRock Scientific Allocation Fund–28

LVIP BlackRock Scientific Allocation Fund

Notes to Financial Statements (continued)

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

Investments Fund Advisers (“DIFA”) and Jackson Square Partners, LLP (“JSP”) were responsible for the day-to-day management of the Fund’s investment portfolio. For these services, LIAC, not the Fund, paid 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	2,677
Legal		646

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,798 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	21,184
Management fees payable to LIAC		50,844
Distribution fees payable to LFD		2,574
Printing and mailing fees payable to Lincoln Life		3,798
Shareholder servicing fees payable to Lincoln Life		2,268

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, 2017, the Fund engaged in securities purchases of $4,905 and securities sales of $7,391.

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	171,582,804
Purchases of U.S. government securities		34,487,383
Sales other than U.S. government securities		180,423,570
Sales of U.S. government securities		15,431,431

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	109,167,944
Aggregate unrealized appreciation	$	4,868,433
Aggregate unrealized depreciation		(1,219,329	)
Net unrealized appreciation	$	3,649,104

LVIP BlackRock Scientific Allocation Fund–29

LVIP BlackRock Scientific Allocation 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)

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, 2017:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common Stock
U.S. Markets
Aerospace & Defense	$	409,400		$—		$—	$	409,400
Air Freight & Logistics		77,152		—		—		77,152
Auto Components		219,726		—		—		219,726
Banks		717,051		—		—		717,051
Beverages		477,059		—		—		477,059
Biotechnology		733,801		—		—		733,801
Building Products		254,122		—		—		254,122
Capital Markets		1,108,854		—		—		1,108,854
Chemicals		397,745		—		—		397,745
Commercial Services & Supplies		125,566		—		—		125,566
Communications Equipment		507,992		—		—		507,992
Construction & Engineering		6,996		—		—		6,996
Consumer Finance		235,112		—		—		235,112
Diversified Financial Services		61,496		—		—		61,496
Electric Utilities		5,740		—		—		5,740
Electrical Equipment		95,432		—		—		95,432
Electronic Equipment, Instruments & Components		138,442		—		—		138,442
Energy Equipment & Services		26,328		—		—		26,328
Equity Real Estate Investment Trusts		558,981		—		—		558,981
Food & Staples Retailing		292,751		—		—		292,751
Food Products		882,420		—		—		882,420
Gas Utilities		7,746		—		—		7,746
Health Care Equipment & Supplies		325,992		—		—		325,992

LVIP BlackRock Scientific Allocation Fund–30

LVIP BlackRock Scientific Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Health Care Providers & Services	$	1,114,096		$—		$—	$	1,114,096
Hotels, Restaurants & Leisure		646,932		—		—		646,932
Household Products		255,823		—		—		255,823
Industrial Conglomerates		153,616		—		—		153,616
Insurance		483,241		—		—		483,241
Internet & Direct Marketing Retail		302,984		—		—		302,984
Internet Software & Services		1,522,149		—		—		1,522,149
IT Services		738,822		—		—		738,822
Leisure Products		328,285		—		—		328,285
Life Sciences Tools & Services		252,060		—		—		252,060
Machinery		733,499		—		—		733,499
Media		1,079,943		—		—		1,079,943
Multiline Retail		313,364		—		—		313,364
Multi-Utilities		386,252		—		—		386,252
Oil, Gas & Consumable Fuels		368,742		—		—		368,742
Pharmaceuticals		1,125,919		—		—		1,125,919
Professional Services		335,174		—		—		335,174
Road & Rail		634,106		—		—		634,106
Semiconductors & Semiconductor Equipment		1,088,412		—		—		1,088,412
Software		1,837,590		—		—		1,837,590
Specialty Retail		1,568,519		—		—		1,568,519
Technology Hardware, Storage & Peripherals		989,038		—		—		989,038
Textiles, Apparel & Luxury Goods		83,797		—		—		83,797
Water Utilities		131,112		—		—		131,112
Wireless Telecommunication Services		9,019		—		—		9,019
Developed Markets
Aerospace & Defense		128,827		—		—		128,827
Air Freight & Logistics		48,516		—		—		48,516
Airlines		240,346		—		—		240,346
Auto Components		252,574		—		—		252,574
Automobiles		580,453		—		—		580,453
Banks		2,880,658		—		—		2,880,658
Beverages		231,835		—		—		231,835
Biotechnology		127,105		—		—		127,105
Building Products		80,145		—		—		80,145
Capital Markets		132,396		—		—		132,396
Chemicals		1,153,087		—		—		1,153,087
Commercial Services & Supplies		174,965		—		—		174,965
Construction & Engineering		497,618		—		—		497,618
Construction Materials		16,603		—		—		16,603
Consumer Finance		86,655		—		—		86,655
Containers & Packaging		12,460		—		—		12,460
Distributors		9,965		—		—		9,965
Diversified Financial Services		57,239		—		—		57,239
Diversified Telecommunication Services		1,025,459		—		—		1,025,459
Electric Utilities		87,471		—		—		87,471
Electrical Equipment		184,776		—		—		184,776
Electronic Equipment, Instruments & Components		140,125		—		—		140,125
Energy Equipment & Services		168,193		—		—		168,193
Equity Real Estate Investment Trusts		11,631		—		—		11,631
Food & Staples Retailing		191,635		—		—		191,635
Food Products		180,964		—		—		180,964

LVIP BlackRock Scientific Allocation Fund–31

LVIP BlackRock Scientific Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Gas Utilities	$	161,043		$—		$—	$	161,043
Health Care Equipment & Supplies		184,951		—		—		184,951
Health Care Providers & Services		22,449		—		—		22,449
Hotels, Restaurants & Leisure		246,918		—		—		246,918
Household Durables		255,082		—		—		255,082
Household Products		113,556		—		—		113,556
Independent Power & Renewable Electricity Producers		2,838		—		—		2,838
Industrial Conglomerates		80,776		—		—		80,776
Insurance		1,188,843		—		—		1,188,843
Internet & Direct Marketing Retail		10,558		—		—		10,558
Internet Software & Services		25,982		—		—		25,982
IT Services		515,887		—		—		515,887
Life Sciences Tools & Services		439,117		—		—		439,117
Machinery		227,702		—		—		227,702
Media		166,012		—		—		166,012
Metals & Mining		376,932		—		—		376,932
Multiline Retail		11,753		—		—		11,753
Multi-Utilities		160,703		—		—		160,703
Oil, Gas & Consumable Fuels		993,416		—		—		993,416
Paper & Forest Products		267,424		—		—		267,424
Pharmaceuticals		790,665		—		—		790,665
Professional Services		145,820		—		—		145,820
Real Estate Management & Development		387,421		—		—		387,421
Road & Rail		63,924		—		—		63,924
Semiconductors & Semiconductor Equipment		67,637		—		—		67,637
Software		189,688		—		—		189,688
Specialty Retail		34,723		—		—		34,723
Technology Hardware, Storage & Peripherals		116,716		—		—		116,716
Textiles, Apparel & Luxury Goods		191,410		—		—		191,410
Thrift & Mortgage Finance		5,550		—		—		5,550
Tobacco		716,111		—		—		716,111
Trading Companies & Distributors		198,865		—		—		198,865
Transportation Infrastructure		113,295		—		—		113,295
Water Utilities		8,269		—		—		8,269
Wireless Telecommunication Services		553,168		—		—		553,168
Emerging Markets
Auto Components		7,455		—		—		7,455
Automobiles		48,318		—		—		48,318
Banks		625,535		—		—		625,535
Beverages		15,543		—		—		15,543
Biotechnology		8,953		—		—		8,953
Capital Markets		14,197		—		—		14,197
Chemicals		43,354		—		—		43,354
Construction & Engineering		202,866		—		—		202,866
Construction Materials		47,764		—		—		47,764
Diversified Financial Services		66,202		—		—		66,202
Diversified Telecommunication Services		183,174		—		—		183,174
Electric Utilities		110,345		—		—		110,345
Electrical Equipment		21,134		—		—		21,134
Electronic Equipment, Instruments & Components		603,855		—		—		603,855
Food & Staples Retailing		9,384		—		—		9,384

LVIP BlackRock Scientific Allocation Fund–32

LVIP BlackRock Scientific Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2			Level 3		Total
Investments:
Assets:
Food Products	$	241,084		$	—		$	—	$	241,084
Health Care Providers & Services		36,666			—			—		36,666
Household Durables		6,869			—			—		6,869
Household Products		16,037			—			—		16,037
Independent Power & Renewable Electricity Producers		42,946			—			—		42,946
Industrial Conglomerates		86,721			—			—		86,721
Insurance		49,424			—			—		49,424
Internet Software & Services		690,494			—			—		690,494
IT Services		70,227			—			—		70,227
Leisure Products		26,792			—			—		26,792
Machinery		22,041			—			—		22,041
Marine		55,959			—			—		55,959
Media		31,168			—			—		31,168
Metals & Mining		290,016			—			—		290,016
Oil, Gas & Consumable Fuels		648,918			—			—		648,918
Personal Products		4,783			—			—		4,783
Pharmaceuticals		16,216			—			—		16,216
Real Estate Management & Development		47,413			—			—		47,413
Semiconductors & Semiconductor Equipment		212,273			—			—		212,273
Technology Hardware, Storage & Peripherals		57,909			—			—		57,909
Textiles, Apparel & Luxury Goods		26,499			—			—		26,499
Thrift & Mortgage Finance		81,700			—			—		81,700
Tobacco		8,092			—			—		8,092
Transportation Infrastructure		28,742			—			—		28,742
Wireless Telecommunication Services		209,832			—			—		209,832
Preferred Stock		329,259			—			4,979		334,238
Agency Mortgage-Backed Securities		—			17,997,506			—		17,997,506
Corporate Bonds		—			18,969,530			—		18,969,530
Municipal Bonds		—			223,545			—		223,545
Non-Agency Asset-Backed Securities		—			2,322,896			199,940		2,522,836
Non-Agency Commercial Mortgage-Backed Securities		—			39,315			—		39,315
Sovereign Bonds		—			758,725			—		758,725
U.S. Treasury Obligations		—			22,082,433			—		22,082,433
Rights		320			559			—		879
Money Market Fund		3,210,535			—			—		3,210,535
Total Investments	$	50,442,317		$	62,394,509		$	204,919	$	113,041,745
Liabilities:
TBA Sales	$	—		$	(224,697	)	$	—	$	(224,697	)
Derivatives:
Assets:
Foreign Currency Exchange Contracts	$	—		$	1,257		$	—	$	1,257
Futures Contracts	$	16,377		$	—		$	—	$	16,377
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(70	)	$	—	$	(70	)
Futures Contracts	$	(24,780	)	$	—		$	—	$	(24,780	)

During the six months ended June 30, 2017, 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

LVIP BlackRock Scientific Allocation Fund–33

LVIP BlackRock Scientific Allocation Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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. International fair value pricing was not utilized at June 30, 2017. 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        6/30/17			Year Ended     12/31/16
Shares sold:
Standard Class		249,206			484,651
Service Class		84,168			197,133
Shares reinvested:
Standard Class		—			412,888
Service Class		—			50,608
		333,374			1,145,280
Shares redeemed:
Standard Class		(634,486	)		(1,375,497	)
Service Class		(87,439	)		(49,811	)
		(721,925	)		(1,425,308	)
Net decrease		(388,551	)		(280,028	)

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 and to facilitate or expedite the settlement of portfolio transactions. 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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owned that were denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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

LVIP BlackRock Scientific Allocation Fund–34

LVIP BlackRock Scientific Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

Options Contracts–During the six months ended June 30, 2017, 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 caused by interest rates or market conditions 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 facilitate investments in portfolio securities; as a cash management tool; and to generate income. 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.

During the six months ended June 30, 2017, the Fund used options contracts to manage the Fund’s exposure to changes in foreign currencies, to adjust the Fund’s overall exposure to certain markets and to protect the value of portfolio securities.

No options contracts were outstanding at June 30, 2017. There were no transactions in options written during the six months ended June 30, 2017.

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 manage 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 credit events (including single name baskets, and systemic), 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. In one instance, an interest rate swap involves payments received by the Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. The Fund may enter into either side of such swap contract. Interest rate swaps may be used to manage 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.

During the six months ended June 30, 2017, the Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

No interest rate swap contracts were outstanding at June 30, 2017.

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. No CDS were outstanding at June 30, 2017.

During the six months ended June 30, 2017, 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

LVIP BlackRock Scientific Allocation Fund–35

LVIP BlackRock Scientific Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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.

During the six months ended June 30, 2017, the Fund used CDS contracts to hedge against credit events (including single name baskets, and systemic).

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, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency exchange contracts (Currency contracts)	Unrealized appreciation on foreign currency exchange contracts	$	1,257	Unrealized depreciation on foreign currency exchange contracts	$	(70	)
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts		57	Unrealized depreciation on futures contracts		(3,202	)
Futures contracts (Interest Rate contracts)	Unrealized appreciation on futures contracts		16,320	Unrealized depreciation on futures contracts		(21,578	)
Total		$	17,634		$	(24,850	)

LVIP BlackRock Scientific Allocation Fund–36

LVIP BlackRock Scientific 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, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(44,694	)		$	(7,471	)
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			8,549				(3,145	)
Futures contracts (Interest rate contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(140,165	)			25,247
Options purchased (Interest rate contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased			(152	)			—
Swap contracts (Credit contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(3,510	)			1,214
Swap contracts (Interest rate contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(7,748	)			3,536
Total			$	(187,720	)		$	19,381

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long     Derivative Volume		Short     Derivative Volume
Foreign currency exchange contracts (average cost)		USD    412,764		USD    461,356
Futures contracts (average notional value)		567,746		4,066,120
Options contracts (average notional value)		12		—
CDS contracts (average notional value)*		138,233		246,240
Interest rate swap contracts (average notional value)		—		119,680

* 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 currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Schedule of Investments.

LVIP BlackRock Scientific Allocation Fund–37

LVIP BlackRock Scientific Allocation Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

At June 30, 2017 , the Fund had 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
BNY Mellon		$	—		$	(1	)		$(1)

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)
BNY Mellon		$(1)		$	—		$	—		$	—		$	—		$	(1	)

^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 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 & 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 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, 2017. 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 securities are identified on the Schedule of Investments.

LVIP BlackRock Scientific Allocation Fund–38

LVIP BlackRock Scientific Allocation 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 Scientific Allocation Fund–39

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2017

LVIP BlackRock U.S. Growth ETF

Allocation Managed Risk Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation	2
Statement of Net Assets	3
Statement of Operations	4
Statements of Changes in Net Assets	4
Financial Highlights	5
Notes to Financial Statements	7

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 January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,060.80		0.32	%		$1.64
Service Class Shares		1,000.00		1,059.00		0.67	%		3.42
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.21		0.32	%		$1.61
Service Class Shares		1,000.00		1,021.47		0.67	%		3.36

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Sector Percentage of Net Assets

Investment Companies	100.91	%
Equity Funds	67.83	%
Fixed Income Funds	28.54	%
Money Market Fund	4.54	%
Total Value of Securities	100.91	%
Liabilities Net of Receivables and Other Assets	(0.91	%)
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

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–100.91%
Equity Funds–67.83%
iShares Core S&P 500 ETF		245,223	$	59,689,730
iShares Core S&P Mid-Cap ETF		82,981		14,434,545
iShares Edge MSCI Min Vol USA ETF		1,048,758		51,315,729
iShares Russell 2000 ETF		132,095		18,614,827
				144,054,831
Fixed Income Funds–28.54%
iShares Core U.S. Aggregate Bond ETF .		278,060		30,450,351
iShares Core U.S. Credit Bond ETF		86,040		9,608,947
iShares Core U.S. Treasury Bond ETF		412,056		10,408,535
iShares MBS ETF		95,037		10,146,150
				60,613,983

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Money Market Fund–4.54%
Dreyfus Treasury & Agency Cash Management Fund–Institutional Shares (seven-day effective yield 0.86%)		9,636,908	$	9,636,908
				9,636,908
Total Investment Companies (Cost $204,024,673)				214,305,722

TOTAL VALUE OF SECURITIES–100.91% (Cost $204,024,673)		214,305,722
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.91%)		(1,926,938	)
NET ASSETS APPLICABLE TO 19,164,952 SHARES OUTSTANDING–100.00%	$	212,378,784
NET ASSET VALUE PER SHARE–LVIP BLACKROCK U.S. GROWTH ETF ALLOCATION MANAGED RISK FUND STANDARD CLASS ($2,636,564 / 237,541 Shares)		$11.099
NET ASSET VALUE PER SHARE–LVIP BLACKROCK U.S. GROWTH ETF ALLOCATION MANAGED RISK FUND SERVICE CLASS ($209,742,220 / 18,927,411 Shares)		$11.081
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	201,349,354
Undistributed net investment income		1,015,945
Accumulated net realized loss on investments		(267,564	)
Net unrealized appreciation of investments		10,281,049
TOTAL NET ASSETS	$	212,378,784

« Includes $765,896 payable for fund shares redeemed, $1,257,800 payable for investments purchased and $107,800 due to manager and affiliates as of June 30, 2017.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MBS–Mortgage-Backed Security

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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 Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	1,596,814
EXPENSES:
Distribution fees-Service Class		301,919
Management fees		218,214
Professional fees		20,722
Accounting and administration expenses		20,691
Shareholder servicing fees		9,841
Reports and statements to shareholders		2,726
Custodian fees		2,411
Trustees’ fees and expenses		2,075
Consulting fees.		1,983
Pricing fees		33
Other		254
Total operating expenses		580,869
NET INVESTMENT INCOME		1,015,945
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss from investments		(42,757	)
Net change in unrealized appreciation (depreciation) of investments		8,639,650
NET REALIZED AND UNREALIZED GAIN		8,596,893
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.	$	9,612,838

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

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			5/2/16* to 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,015,945		$	763,687
Net realized loss		(42,757	)		(229,188	)
Net change in unrealized appreciation (depreciation)		8,639,650			1,641,399
Net increase in net assets resulting from operations		9,612,838			2,175,898
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(12,144	)
Service Class		—			(756,105	)
		—			(768,249	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,122,056			1,542,936
Service Class		92,996,128			137,523,745
Reinvestment of dividends and distributions:
Standard Class		—			12,144
Service Class		—			756,105
		94,118,184			139,834,930
Cost of shares redeemed:
Standard Class		(43,175	)		(127,102	)
Service Class		(20,039,219	)		(12,385,321	)
		(20,082,394	)		(12,512,423	)
Increase in net assets derived from capital share transactions		74,035,790			127,322,507
NET INCREASE IN NET ASSETS		83,648,628			128,730,156
NET ASSETS:
Beginning of period		128,730,156			—
End of period	$	212,378,784		$	128,730,156
Undistributed net investment income	$	1,015,945		$	—

*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–4

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Financial Highlights

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

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Standard Class

Six Months Ended 6/30/17¹ (unaudited) 5/2/16² to 12/31/16

Net asset value, beginning of period	$10.463	$10.000
Income from investment operations:
Net investment income3	0.081	0.174
Net realized and unrealized gain	0.555	0.378
Total from investment operations	0.636	0.552
Less dividends and distributions from:
Net investment income	—	(0.089	)
Total dividends and distributions	—	(0.089	)
Net asset value, end of period	$11.099	$10.463
Total return4	6.08%	5.52%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$  2,637	$  1,444
Ratio of expenses to average net assets5	0.32%	0.34%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5	0.32%	0.38%
Ratio of net investment income to average net assets	1.51%	2.52%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed	1.51%	2.48%
Portfolio turnover	1%	14%

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 portfolio turnover and total return 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, 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 BlackRock U.S. Growth ETF Allocation Managed Risk Fund–5

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Financial Highlights (continued)

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

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund Service Class

Six Months Ended 6/30/17¹ (unaudited) 5/2/16 ² to 12/31/16

Net asset value, beginning of period	$  10.464	$  10.000
Income from investment operations:
Net investment income3	0.062	0.150
Net realized and unrealized gain	0.555	0.377
Total from investment operations	0.617	0.527
Less dividends and distributions from:
Net investment income	—	(0.063	)
Total dividends and distributions	—	(0.063	)
Net asset value, end of period	$  11.081	$  10.464
Total return4	5.90%	5.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$209,742	$127,286
Ratio of expenses to average net assets5	0.67%	0.69%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5	0.67%	0.73%
Ratio of net investment income to average net assets	1.16%	2.17%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed	1.16%	2.13%
Portfolio turnover	1%	14%

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 portfolio turnover and total return 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, 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 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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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. Investments in government money market funds have a stable NAV.

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 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, 2017 and for the open tax year ended December 31, 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 six months ended June 30, 2017, 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.

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)

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, 2017.

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 0.25% of the average daily net assets of the Fund. The fee is calculated daily and paid monthly. 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 at least through April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustee (“Board”) 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	4,546
Legal.		1,099

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $219 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	43,046
Distribution fees payable to LFD		59,542
Shareholder servicing fees payable to Lincoln Life		4,993
Printing and mailing fees payable to Lincoln Life		219

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 U.S. Growth ETF Allocation Managed Risk Fund–8

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	76,283,008
Sales		2,087,038

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	204,024,673
Aggregate unrealized appreciation	$	10,527,922
Aggregate unrealized depreciation		(246,873	)
Net unrealized appreciation	$	10,281,049

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, 2017:

	Level 1
Investments:
Assets:
Investment Companies	$	214,305,722

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

During the six months ended June 30, 2017, 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 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:

	Six Months Ended 6/30/17			5/2/16* to 12/31/16
Shares sold:
Standard Class		103,451			149,323
Service Class		8,610,314			13,293,633
Shares reinvested:
Standard Class		—			1,158
Service Class		—			72,127
		8,713,765			13,516,241
Shares redeemed:
Standard Class		(3,963	)		(12,428	)
Service Class		(1,847,409	)		(1,201,254	)
		(1,851,372	)		(1,213,682	)
Net increase		6,862,393			12,302,559

* Date of commencement of operations.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 BlackRock U.S. Growth ETF Allocation Managed Risk Fund–10

LVIP Blended Core Equity Managed Volatility Fund         a series of Lincoln Variable         Insurance Products Trust     Semiannual Report     June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17	Ending Account Value 6/30/17	Annualized Expense Ratio	Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$1,000.00	$1,092.30	0.00%	$—
Service Class Shares	1,000.00	1,090.30	0.35%	1.81
Hypothetical (5% return before expenses)
Standard Class Shares	$1,000.00	$1,024.79	0.00%	$—
Service Class Shares	1,000.00	1,023.06	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 181/365 (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, 2017

Security Type/Sector	Percentage of Net Assets
Affiliated Investments	93.04%
Equity Funds	93.04%
Unaffiliated Investment	6.75%
Money Market Fund	6.75%
Total Value of Securities	99.79%
Receivables and Other Assets Net of Liabilities	0.21%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–93.04%
Equity Funds–93.04%
*ClearBridge® – Variable Appreciation Portfolio		3,699,650	$	146,506,126
T. Rowe Price Capital Opportunity Fund (Investor Class)		3,896,174		97,560,204
Total Affiliated Investments (Cost $211,513,269)				244,066,330

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT–6.75%
Money Market Fund–6.75%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		17,718,602	$	17,718,602
Total Unaffiliated Investment (Cost $17,718,602)				17,718,602

TOTAL VALUE OF SECURITIES–99.79% (Cost $229,231,871)		261,784,932
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%		539,052
NET ASSETS APPLICABLE TO 22,543,346 SHARES OUTSTANDING–100.00%	$	262,323,984

* Series I shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
127	E-mini S&P 500 Index		$15,408,180		$15,372,715		9/18/17		$(35,465	)
8	E-mini S&P MidCap 400 Index		1,411,623		1,396,880		9/18/17		(14,743	)
Total									$(50,208	)

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.”

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Affiliated investments, at value	$	244,066,330
Unaffiliated investment, at value		17,718,602
Total investments, at value		261,784,932
Cash collateral held at broker for futures contracts		666,883
Receivable for investments sold		57,243
Expense reimbursement from Lincoln Investment Advisors Corporation		20,269
Dividends receivable from investments		11,383
Receivable for fund shares sold		11,269
Cash		7,174
TOTAL ASSETS		262,559,153
LIABILITIES:
Due to manager and affiliates		88,274
Payable for fund shares redeemed		75,400
Unrealized depreciation on futures contracts		50,208
Other accrued expenses payable		21,287
TOTAL LIABILITIES		235,169
TOTAL NET ASSETS	$	262,323,984
Affiliated investments, at cost	$	211,513,269
Unaffiliated investment, at cost		17,718,602
Total investments, at cost	$	229,231,871
Standard Class:
Net Assets	$	90,381
Shares Outstanding		7,753
Net Asset Value Per Share	$	11.658	*
Service Class:
Net Assets	$	262,233,603
Shares Outstanding		22,535,593
Net Asset Value Per Share	$	11.636
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	233,075,885
Accumulated net investment loss.		(351,552	)
Accumulated net realized loss on investments		(2,903,202	)
Net unrealized appreciation of investments and derivatives		32,502,853
TOTAL NET ASSETS	$	262,323,984

* Net Asset Value Per Share does not recalculate exactly, due to rounding.

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment	$	46,647
Dividends from affiliated investments		18,990
		65,637
EXPENSES:
Management fees		803,973
Distribution fees-Service Class		439,518
Accounting and administration expenses		23,769
Professional fees.		16,899
Shareholder servicing fees		12,701
Reports and statements to shareholders		9,274
Trustees’ fees and expenses		3,317
Consulting fees		2,070
Custodian fees		1,770
Pricing fees		49
Other		924
		1,314,264
Less:
Management fees waived		(803,973	)
Expenses reimbursed		(70,773	)
Total operating expenses		439,518
NET INVESTMENT LOSS		(373,881	)
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Distributions from affiliated investments		418,974
Sale of affiliated investments		94,250
Futures contracts		1,205,251
Net realized gain		1,718,475
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		20,230,631
Futures contracts		14,063
Net change in unrealized appreciation (depreciation)		20,244,694
NET REALIZED AND UNREALIZED GAIN		21,963,169
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,589,288

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(373,881	)	$	2,033,598
Net realized gain (loss)		1,718,475			(1,584,154	)
Net change in unrealized appreciation (depreciation)		20,244,694			14,780,299
Net increase in net assets resulting from operations		21,589,288			15,229,743
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,080	)
Service Class		—			(2,159,797	)
		—			(2,160,877	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		77			357
Service Class		25,868,410			105,172,086
Reinvestment of dividends and distributions:
Standard Class		—			1,080
Service Class		—			2,159,797
		25,868,487			107,333,320
Cost of shares redeemed:
Standard Class		(3,216	)		(5,352	)
Service Class		(17,254,168	)		(19,263,455	)
		(17,257,384	)		(19,268,807	)
Increase in net assets derived from capital share transactions		8,611,103			88,064,513
NET INCREASE IN NET ASSETS		30,200,391			101,133,379
NET ASSETS:
Beginning of period		232,123,593			130,990,214
End of period	$	262,323,984		$	232,123,593
Undistributed (Accumulated) net investment income (loss)	$	(351,552	)	$	22,329

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 6/30/171 (unaudited)			Year Ended						1/2/143 to 12/31/14
				12/31/162			12/31/15
Net asset value, beginning of period	$	10.672		$	9.913		$	10.501		$	10.000
Income (loss) from investment operations:
Net investment income4		0.003			0.154			0.139			0.258
Net realized and unrealized gain (loss)		0.983			0.741			(0.550	)		0.375
Total from investment operations		0.986			0.895			(0.411	)		0.633
Less dividends and distributions from:
Net investment income		—			(0.136	)		(0.120	)		(0.132	)
Net realized gain		—			—			(0.057	)		—
Total dividends and distributions		—			(0.136	)		(0.177	)		(0.132	)
Net asset value, end of period	$	11.658		$	10.672		$	9.913		$	10.501
Total return5		9.23%			9.03%			(3.90%	)		6.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	90		$	86		$	83		$	76
Ratio of expenses to average net assets6		0.00%			0.00%			0.00%			0.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.70%			0.71%			0.74%			0.88%
Ratio of net investment income to average net assets		0.05%			1.50%			1.35%			2.55%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.65%	)		0.79%			0.61%			1.67%
Portfolio turnover		5%			35%			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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 6/30/171 (unaudited)			Year Ended						1/2/143 to 12/31/14
				12/31/162			12/31/15
Net asset value, beginning of period	$	10.672		$	9.914		$	10.502		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.017	)		0.119			0.103			0.229
Net realized and unrealized gain (loss)		0.981			0.739			(0.550	)		0.368
Total from investment operations		0.964			0.858			(0.447	)		0.597
Less dividends and distributions from:
Net investment income		—			(0.100	)		(0.084	)		(0.095	)
Net realized gain		—			—			(0.057	)		—
Total dividends and distributions		—			(0.100	)		(0.141	)		(0.095	)
Net asset value, end of period	$	11.636		$	10.672		$	9.914		$	10.502
Total return5		9.03%			8.65%			(4.24%	)		5.96%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	262,234		$	232,038		$	130,907		$	64,617
Ratio of expenses to average net assets6		0.35%			0.35%			0.35%			0.35%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		1.05%			1.06%			1.09%			1.23%
Ratio of net investment income (loss) to average net assets		(0.30%	)		1.15%			1.00%			2.20%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(1.00%	)		0.44%			0.26%			1.32%
Portfolio turnover		5%			35%			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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2014–December 31, 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 six months ended June 30, 2017, 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, 2017.

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

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)

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, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. The fee is calculated daily and paid monthly.

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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, fees for these administrative and legal services were as follows:

Administrative	$	6,988
Legal		1,687

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $6,098 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and Service Class shares. The two classes of shares are identical except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	20,269
Distribution fees payable to LFD		75,886
Shareholder servicing fees payable to Lincoln Life		6,290
Printing & mailing fees payable to Lincoln Life		6,098

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 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 investments, 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’ outstanding securities (non-LVIP Funds). Investments of the Fund and corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16		Purchases		Sales		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/17		Dividends		Capital Gain Distributions
ClearBridge - Variable
Appreciation Portfolio	$	129,846,022	$	11,680,837	$	5,525,097		$14,699		$10,489,665	$	146,506,126		$18,990		$418,974
T. Rowe Price Capital Opportunity Fund - Investor Class		86,121,135		6,708,596		5,090,044		79,551		9,740,966		97,560,204		—		—
Total	$	215,967,157	$	18,389,433	$	10,615,141		$94,250		$20,230,631	$	244,066,330		$18,990		$418,974

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	18,389,433
Sales		10,615,141

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) were as follows:

Cost of investments	$	229,231,871
Aggregate unrealized appreciation	$	32,553,061
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	32,553,061

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$3,663,806	$—	$	3,663,806

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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investments	$	244,066,330
Unaffiliated Investment		17,718,602
Total Investments	$	261,784,932
Derivatives:
Liabilities:
Futures Contracts	$	(50,208	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		7			34
Service Class		2,324,026			10,216,097
Shares reinvested:
Standard Class		—			101
Service Class		—			201,538
		2,324,033			10,417,770
Shares redeemed:
Standard Class		(282	)		(509	)
Service Class		(1,531,572	)		(1,879,242	)
		(1,531,854	)		(1,879,751	)
Net increase		792,179			8,538,019

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 the Fund’s existing portfolio securities in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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 Blended Core Equity Managed Volatility Fund–11

LVIP Blended Core Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$—	Unrealized depreciation on futures contracts	$(50,208)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$1,205,251	$14,063

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$16,184,245		$—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 Core Equity Managed Volatility Fund–12

LVIP Blended Large Cap Growth Managed Volatility Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2017

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	8
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	11
Other Fund Information	18

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,131.30		0.71	%		$3.75
Service Class Shares		1,000.00		1,129.90		0.96	%		5.07
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.27		0.71	%		$3.56
Service Class Shares		1,000.00		1,020.03		0.96	%		4.81

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector	Percentage   of Net Assets
Common Stock		91.33%
Aerospace & Defense		3.06%
Air Freight & Logistics		0.44%
Airlines		0.93%
Auto Components		1.27%
Banks		2.70%
Beverages		2.65%
Biotechnology		4.14%
Building Products		0.81%
Capital Markets		1.16%
Chemicals		1.48%
Communications Equipment		0.83%
Construction Materials		0.14%
Consumer Finance		0.81%
Containers & Packaging		1.19%
Electric Utilities		1.39%
Electrical Equipment		0.85%
Electronic Equipment, Instruments & Components		0.69%
Energy Equipment & Services		0.17%
Equity Real Estate Investment Trusts		3.17%
Food & Staples Retailing		1.36%
Food Products		0.53%
Health Care Equipment & Supplies		2.86%
Health Care Providers & Services		3.43%
Hotels, Restaurants & Leisure		1.97%
Household Durables		0.61%
Household Products		0.37%
Independent Power & Renewable Electricity Producers		0.12%
Industrial Conglomerates		0.73%
Insurance		3.19%
Internet & Direct Marketing Retail		4.07%
Internet Software & Services		6.35%
IT Services		4.17%
Life Sciences Tools & Services		1.03%
Machinery		2.53%
Media		3.59%
Metals & Mining		0.04%
Multiline Retail		0.27%

Security Type/Sector	Percentage   of Net Assets
Multi-Utilities		0.52%
Oil, Gas & Consumable Fuels		3.33%
Personal Products		1.45%
Pharmaceuticals		2.84%
Professional Services		0.24%
Real Estate Management & Development		0.32%
Road & Rail		0.39%
Semiconductors & Semiconductor Equipment		2.96%
Software		5.79%
Specialty Retail		1.55%
Technology Hardware, Storage & Peripherals		5.02%
Textiles, Apparel & Luxury Goods		0.46%
Tobacco		1.20%
Trading Companies & Distributors		0.16%
Exchange-Traded Fund		0.71%
Money Market Fund		7.89%
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.

Top 10 Equity Holdings	Percentage   of Net Assets
Apple		5.02%
Alphabet Class A & Class C		3.12%
Amazon.com		2.53%
Facebook Class A		2.46%
Microsoft		2.26%
Comcast Class A		1.74%
Boeing		1.21%
Celgene		1.11%
American Tower		1.09%
United Health Group		1.09%
Total		21.63%

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–91.33%
Aerospace & Defense–3.06%
Boeing		48,739	$	9,638,137
General Dynamics		11,279		2,234,370
Lockheed Martin		12,253		3,401,555
Raytheon		19,064		3,078,455
Spirit AeroSystems Holdings Class A		49,833		2,887,324
United Technologies		25,547		3,119,544
				24,359,385
Air Freight & Logistics–0.44%
FedEx		16,131		3,505,750
				3,505,750
Airlines–0.93%
†JetBlue Airways		78,889		1,801,036
Southwest Airlines		90,454		5,620,812
				7,421,848
Auto Components–1.27%
BorgWarner		65,990		2,795,336
Delphi Automotive		40,280		3,530,542
Gentex		34,774		659,663
Lear		22,010		3,127,181
				10,112,722
Banks–2.70%
Bank of America		346,839		8,414,314
Citigroup		56,335		3,767,685
Citizens Financial Group		77,292		2,757,779
Huntington Bancshares		133,215		1,801,067
PNC Financial Services Group		37,719		4,709,972
				21,450,817
Beverages–2.65%
Anheuser-Busch InBev ADR		6,802		750,669
Coca-Cola		9,228		413,876
Constellation Brands Class A		11,794		2,284,852
Dr Pepper Snapple Group		10,255		934,333
Molson Coors Brewing Class B		32,323		2,790,768
†Monster Beverage		167,455		8,319,164
PepsiCo		48,545		5,606,462
				21,100,124
Biotechnology–4.14%
†Alexion Pharmaceuticals		27,580		3,355,659
†Alkermes		9,044		524,281
Amgen		23,078		3,974,724
†Biogen		18,379		4,987,325
†Bioverativ		62,224		3,744,018
†Celgene		67,669		8,788,173
†Incyte		7,663		964,848
†Regeneron Pharmaceuticals		3,194		1,568,701
†Vertex Pharmaceuticals		38,877		5,010,079
				32,917,808

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Building Products–0.81%
Allegion		37,788	$	3,065,363
†Armstrong World Industries		7,226		332,396
Masco		80,342		3,069,868
				6,467,627
Capital Markets–1.16%
BlackRock		1,414		597,288
Goldman Sachs Group		1,314		291,577
Intercontinental Exchange		47,379		3,123,224
MarketAxess Holdings		620		124,682
Morgan Stanley		8,860		394,802
Northern Trust		7,374		716,827
S&P Global		21,489		3,137,179
TD Ameritrade Holding		18,927		813,672
				9,199,251
Chemicals–1.48%
†Axalta Coating Systems		43,248		1,385,666
Celanese Class A		33,903		3,218,751
Dow Chemical		60,161		3,794,354
Huntsman		34,927		902,514
Monsanto		10,600		1,254,616
PPG Industries		10,933		1,202,193
				11,758,094
Communications Equipment–0.83%
†ARRIS International		30,749		861,587
†F5 Networks		23,311		2,961,896
Juniper Networks		98,627		2,749,721
				6,573,204
Construction Materials–0.14%
Martin Marietta Materials		1,695		377,273
Vulcan Materials		6,121		775,408
				1,152,681
Consumer Finance–0.81%
American Express		34,940		2,943,346
Capital One Financial		42,445		3,506,806
				6,450,152
Containers & Packaging–1.19%
AptarGroup		8,375		727,453
Ball		25,940		1,094,927
†Berry Global Group		4,490		255,975
†Crown Holdings		19,540		1,165,756
Graphic Packaging Holding		23,085		318,111
International Paper		25,860		1,463,935
†Owens-Illinois		65,455		1,565,684
Sealed Air		64,627		2,892,705
				9,484,546
Electric Utilities–1.39%
Avangrid		17,810		786,312

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)
Electric Utilities (continued)
Edison International		16,800	$	1,313,592
Eversource Energy		15,586		946,226
Exelon		37,084		1,337,620
NextEra Energy		26,257		3,679,393
PG&E		30,962		2,054,948
Pinnacle West Capital		11,093		944,680
				11,062,771
Electrical Equipment–0.85%
AMETEK		66,246		4,012,520
Eaton		35,479		2,761,331
				6,773,851
Electronic Equipment, Instruments & Components–0.69%
†Flex		168,632		2,750,388
Jabil		92,863		2,710,671
				5,461,059
Energy Equipment & Services–0.17%
Baker Hughes, a GE company		22,856		1,245,881
Ensco Class A		17,450		90,042
				1,335,923
Equity Real Estate Investment Trusts–3.17%
American Homes 4 Rent Class A		54,499		1,230,042
American Tower		65,734		8,697,923
Apartment Investment & Management		24,441		1,050,230
Boston Properties		11,970		1,472,549
Colony NorthStar		25,040		352,814
Crown Castle International		22,026		2,206,565
Equinix		10,476		4,495,880
Park Hotels & Resorts		17,091		460,773
Prologis		17,485		1,025,320
†Quality Care Properties		13,736		251,506
†SBA Communications		21,416		2,889,018
Simon Property Group		6,890		1,114,526
				25,247,146
Food & Staples Retailing–1.36%
Costco Wholesale		13,376		2,139,224
CVS Health		34,327		2,761,950
Walgreens Boots Alliance		75,406		5,905,044
				10,806,218
Food Products–0.53%
Conagra Brands		4,660		166,642
Kellogg		45,401		3,153,553
Tyson Foods Class A		13,805		864,607
				4,184,802
Health Care Equipment & Supplies–2.86%
Abbott Laboratories		36,125		1,756,036
Baxter International		70,621		4,275,395
Becton Dickinson & Co.		8,420		1,642,826

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†Boston Scientific		150,413	$	4,169,448
Danaher		9,981		842,297
†IDEXX Laboratories		12,752		2,058,428
Medtronic		62,930		5,585,038
Stryker		17,320		2,403,670
				22,733,138
Health Care Providers & Services–3.43%
Cardinal Health		26,285		2,048,127
†Centene		34,334		2,742,600
Cigna		21,951		3,674,378
†HCA Healthcare		14,652		1,277,654
Humana		16,218		3,902,375
McKesson		12,982		2,136,058
UnitedHealth Group		46,729		8,664,491
†WellCare Health Plans		15,696		2,818,374
				27,264,057
Hotels, Restaurants & Leisure–1.97%
Domino’s Pizza		13,813		2,921,864
Hilton Worldwide Holdings		64,241		3,973,306
†Hyatt Hotels Class A		16,026		900,821
International Game Technology		36,063		659,953
Las Vegas Sands		54,520		3,483,283
McDonald’s		11,960		1,831,794
Wynn Resorts		6,072		814,377
†Yum China Holdings		27,855		1,098,323
				15,683,721
Household Durables–0.61%
†Mohawk Industries		20,230		4,889,389
				4,889,389
Household Products–0.37%
Colgate-Palmolive		40,232		2,982,398
				2,982,398
Independent Power & Renewable Electricity Producers–0.12%
AES		83,203		924,385
				924,385
Industrial Conglomerates–0.73%
3M		1,265		263,360
General Electric		156,646		4,231,008
Honeywell International		9,872		1,315,839
				5,810,207
Insurance–3.19%
Allstate		14,000		1,238,160
American International Group		65,915		4,121,006
Aon		759		100,909
†Athene Holding Class A		19,630		973,844
Chubb		7,340		1,067,089
Hartford Financial Services Group		28,338		1,489,729

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)
Insurance (continued)
Manulife Financial (New York Shares)		61,628	$	1,156,141
Marsh & McLennan		96,357		7,511,992
MetLife		25,895		1,422,671
Prudential Financial		16,540		1,788,636
XL Group		102,436		4,486,697
				25,356,874
Internet & Direct Marketing Retail–4.07%
†Amazon.com		20,803		20,137,304
Expedia		18,246		2,717,742
†Netflix		27,215		4,066,193
†Priceline Group		2,908		5,439,472
				32,360,711
Internet Software & Services–6.35%
†Alphabet Class A		17,065		15,864,989
†Alphabet Class C		9,866		8,965,530
†eBay		71,908		2,511,027
†Facebook Class A		129,779		19,594,033
†GoDaddy Class A		12,660		537,037
†VeriSign		32,486		3,019,899
				50,492,515
IT Services–4.17%
Accenture Class A		16,174		2,000,400
Alliance Data Systems		13,334		3,422,704
Cognizant Technology Solutions Class A		6,473		429,807
†Euronet Worldwide		11,233		981,427
Fidelity National Information Services		33,475		2,858,765
†FleetCor Technologies		12,016		1,732,827
Global Payments		36,906		3,333,350
†PayPal Holdings		36,417		1,954,500
Sabre		12,072		262,807
Total System Services		63,229		3,683,089
†Vantiv Class A		50,461		3,196,200
Visa Class A		77,733		7,289,801
Western Union		108,549		2,067,858
				33,213,535
Life Sciences Tools & Services–1.03%
Agilent Technologies		49,156		2,915,442
†Mettler-Toledo International		768		451,999
Thermo Fisher Scientific		27,729		4,837,879
				8,205,320
Machinery–2.53%
Allison Transmission Holdings		54,480		2,043,545
Caterpillar		49,695		5,340,225
Deere & Co.		28,195		3,484,620
Donaldson		6,967		317,277
Fortive		49,099		3,110,422
Illinois Tool Works		12,818		1,836,179

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
PACCAR		18,560	$	1,225,702
Pentair		41,931		2,790,089
				20,148,059
Media–3.59%
†Charter Communications Class A		11,237		3,785,183
Comcast Class A		355,419		13,832,907
Interpublic Group		126,763		3,118,370
John Wiley & Sons Class A		3,202		168,906
†Liberty Media-Liberty Formula One Class C		2,084		76,316
†Live Nation Entertainment		4,274		148,949
Omnicom Group		40,027		3,318,238
Twenty-First Century Fox Class A		76,803		2,176,597
Viacom Class B		58,527		1,964,751
				28,590,217
Metals & Mining–0.04%
Nucor		5,291		306,190
				306,190
Multiline Retail–0.27%
Target		40,880		2,137,615
				2,137,615
Multi-Utilities–0.52%
Dominion Energy		28,553		2,188,016
Sempra Energy		17,585		1,982,709
				4,170,725
Oil, Gas & Consumable Fuels–3.33%
†Antero Resources		45,686		987,274
BP ADR		37,369		1,294,836
Chevron		15,287		1,594,893
†Continental Resources		18,091		584,882
†Diamondback Energy		8,224		730,373
Encana		25,060		220,528
EOG Resources		2,371		214,623
Exxon Mobil		34,137		2,755,880
Kinder Morgan		79,855		1,530,022
Marathon Petroleum		54,728		2,863,916
†Newfield Exploration		153,427		4,366,532
ONEOK		9,185		479,090
†Parsley Energy Class A		34,050		944,888
Pioneer Natural Resources		5,198		829,497
Suncor Energy		38,932		1,136,814
TransCanada		65,232		3,109,609
Valero Energy		42,045		2,836,356
				26,480,013
Personal Products–1.45%
Coty Class A		249,082		4,672,778
Estee Lauder Class A		25,392		2,437,124

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)
Personal Products (continued)
Unilever (New York Shares)		80,160	$	4,430,443
				11,540,345
Pharmaceuticals–2.84%
Allergan		12,060		2,931,665
AstraZeneca ADR		54,310		1,851,428
Bristol-Myers Squibb		135,012		7,522,869
Eli Lilly & Co.		44,585		3,669,346
Johnson & Johnson		24,060		3,182,897
Merck & Co.		30,503		1,954,937
†Mylan		30,042		1,166,230
Teva Pharmaceutical Industries ADR		10,509		349,109
				22,628,481
Professional Services–0.24%
Equifax		10,093		1,386,980
†IHS Markit		12,386		545,479
				1,932,459
Real Estate Management & Development–0.32%
†CBRE Group Class A		69,171		2,517,824
				2,517,824
Road & Rail–0.39%
JB Hunt Transport Services		11,630		1,062,749
Norfolk Southern		16,482		2,005,859
				3,068,608
Semiconductors & Semiconductor Equipment–2.96%
Applied Materials		85,096		3,515,316
Broadcom		27,936		6,510,485
Maxim Integrated Products		70,000		3,143,000
Microchip Technology		28,479		2,198,009
†Micron Technology		40,605		1,212,465
NVIDIA		18,860		2,726,402
QUALCOMM		67,123		3,706,532
Texas Instruments		6,804		523,432
				23,535,641
Software–5.79%
Activision Blizzard		71,823		4,134,850
†Adobe Systems		47,423		6,707,509
†Autodesk		10,848		1,093,695
†Citrix Systems		36,094		2,872,361
†Electronic Arts		21,619		2,285,561
Microsoft		260,920		17,985,216
†Red Hat		34,078		3,262,969
†salesforce.com		25,041		2,168,551
†ServiceNow		29,472		3,124,032
SS&C Technologies Holdings		12,259		470,868
†Workday Class A		20,073		1,947,081
				46,052,693

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail–1.55%
Advance Auto Parts		19,659	$	2,292,043
Best Buy		6,972		399,705
†Burlington Stores		28,117		2,586,483
Home Depot		20,995		3,220,633
L Brands		14,553		784,261
†Michaels		27,131		502,466
†O’Reilly Automotive		6,298		1,377,625
TJX		16,212		1,170,020
				12,333,236
Technology Hardware, Storage & Peripherals–5.02%
Apple		277,049		39,900,597
				39,900,597
Textiles, Apparel & Luxury Goods–0.46%
NIKE Class B		57,388		3,385,892
VF		4,262		245,491
				3,631,383
Tobacco–1.20%
Altria Group		81,068		6,037,134
British American Tobacco ADR		50,926		3,490,468
				9,527,602
Trading Companies & Distributors–0.16%
†AerCap Holdings		24,324		1,129,363
†United Rentals		1,317		148,439
				1,277,802
Total Common Stock (Cost $588,188,230)				726,521,519
EXCHANGE-TRADED FUND–0.71%
SPDR® S&P 500 ETF Trust		23,323		5,639,501
Total Exchange-Traded Fund (Cost $5,669,874)				5,639,501
MONEY MARKET FUND–7.89%
Dreyfus Treasury & Agency Cash Management Fund–Institutional Shares (seven-day effective yield 0.86%)		62,728,584		62,728,584
Total Money Market Fund (Cost $62,728,584)				62,728,584

LVIP Blended Large Cap Growth Managed Volatility Fund–6

LVIP Blended Large Cap Growth Managed Volatility Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–99.93% (Cost $656,586,688)	$	794,889,604
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.07%		564,276
NET ASSETS APPLICABLE TO 22,978,280 SHARES OUTSTANDING–100.00%	$	795,453,880

NET ASSET VALUE PER SHARE–LVIP BLENDED LARGE CAP GROWTH MANAGED VOLATILITY FUND STANDARD CLASS ($252,282,218 / 7,194,529 Shares)	$35.066
NET ASSET VALUE PER SHARE–LVIP BLENDED LARGE CAP GROWTH MANAGED VOLATILITY FUND SERVICE CLASS ($543,171,662 / 15,783,751 Shares)	$34.413

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	583,083,505
Undistributed net investment income		2,035,693
Accumulated net realized gain on investments		72,199,076
Net unrealized appreciation of investments, foreign currencies and derivatives		138,135,606
TOTAL NET ASSETS	$	795,453,880

† Non-income producing for the period.

« Includes $2,268,008 cash collateral held at broker for futures contracts, $596,830 due to manager and affiliates, $11,502,902 payable for securities purchased and $432,707 payable for fund shares redeemed as of June 30, 2017.

Summary of Abbreviations:

ADR–American Depositary Receipt

ETF–Exchange Traded Fund

IT–Information Technology

SPDR–Standard & Poor’s Depositary Receipt

The following futures contracts were outstanding at June 30, 2017¹:

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Equity Contracts:
473    E-mini S&P 500 Index		$57,419,808		$57,254,285		9/18/17		$—		$(165,523)

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 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–7

LVIP Blended Large Cap Growth Managed

Volatility Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	5,282,591
Foreign tax withheld		(25,429	)
		5,257,162
EXPENSES:
Management fees		2,785,663
Distribution fees-Service Class		642,493
Accounting and administration expenses		94,554
Reports and statements to shareholders		53,911
Shareholder servicing fees		38,449
Professional fees		25,070
Trustees’ fees and expenses		10,196
Custodian fees		5,846
Consulting fees		2,629
Pricing fees		406
Other		3,581
		3,662,798
Less:
Management fees waived		(315,029	)
Total operating expenses		3,347,769
NET INVESTMENT INCOME		1,909,393
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain from:
Investments		86,117,553
Foreign currencies		976
Foreign currency exchange contracts		73
Futures contracts		4,089,985
Net realized gain		90,208,587
Net change in unrealized appreciation (depreciation) of:
Investments		303,595
Foreign currencies		1,041
Futures contracts		(34,898	)
Net change in unrealized appreciation (depreciation)		269,738
NET REALIZED AND UNREALIZED GAIN		90,478,325
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	92,387,718

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,909,393		$	2,320,668
Net realized gain		90,208,587			4,122,544
Net change in unrealized appreciation (depreciation)		269,738			(13,409,919	)
Net increase (decrease) in net assets resulting from operations		92,387,718			(6,966,707	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,096,890	)
Service Class		—			(1,100,346	)
		—			(2,197,236	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,600,670			4,146,333
Service Class		47,847,810			147,299,588
Reinvestment of dividends and distributions:
Standard Class		—			1,096,890
Service Class		—			1,100,346
		49,448,480			153,643,157
Cost of shares redeemed:
Standard Class		(14,957,356	)		(31,540,744	)
Service Class		(46,064,248	)		(50,987,247	)
		(61,021,604	)		(82,527,991	)
Increase (decrease) in net assets derived from capital share transactions		(11,573,124	)		71,115,166
NET INCREASE IN NET ASSETS		80,814,594			61,951,223
NET ASSETS:
Beginning of period		714,639,286			652,688,063
End of period	$	795,453,880		$	714,639,286
Undistributed net investment income	$	2,035,693		$	126,300

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

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 6/30/171,2 (unaudited)		12/31/163,4			12/31/15			Year Ended 12/31/14			12/31/13			12/31/125
Net asset value, beginning of period	$	30.995	$	31.553		$	31.136		$	29.555		$	23.551		$	20.234
Income (loss) from investment operations:
Net investment income (loss)6		0.112		0.153			0.011			0.006			(0.024	)		0.118
Net realized and unrealized gain (loss)		3.959		(0.566	)		0.406			1.575			6.028			3.199
Total from investment operations		4.071		(0.413	)		0.417			1.581			6.004			3.317
Less dividends and distributions from:
Net investment income		—		(0.145	)		—			—			—			—
Total dividends and distributions		—		(0.145	)		—			—			—			—
Net asset value, end of period	$	35.066	$	30.995		$	31.553		$	31.136		$	29.555		$	23.551
Total return7		13.13%		(1.31%	)		1.34%			5.35%			25.49%			16.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	252,282	$	235,309		$	266,788		$	294,661		$	309,717		$	277,091
Ratio of expenses to average net assets		0.71%		0.73%			0.72%			0.72%			0.74%			0.75%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.79%		0.82%			0.83%			0.83%			0.85%			0.84%
Ratio of net investment income (loss) to average net assets		0.67%		0.50%			0.04%			0.02%			(0.09%	)		0.52%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		0.59%		0.41%			(0.07%	)		(0.09%	)		(0.20%	)		0.43%
Portfolio turnover		79%		89%			57%			58%			48%			122%

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

²  Effective May 1, 2017, Goldman Sachs Asset Management, L.P. replaced UBS Asset Management (Americas) Inc., as the Fund’s sub-adviser.

³  Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

⁴  Effective February 8, 2016, Wellington Management Company LLP was added as a sub-adviser to the Fund.

⁵  Commencing close of business on September 21, 2012, UBS Asset Management (Americas) Inc. replaced Janus Capital Management LLC, as the Fund’s sub-adviser.

⁶  The average shares outstanding method has been applied for per share information.

⁷  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

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 6/30/171,2 (unaudited)		12/31/163,4			12/31/15			Year Ended 12/31/14			12/31/13			12/31/125
Net asset value, beginning of period	$	30.456	$	31.009		$	30.675		$	29.190		$	23.318		$	20.084
Income (loss) from investment operations:
Net investment income (loss)6		0.069		0.076			(0.066	)		(0.068	)		(0.089	)		0.060
Net realized and unrealized gain (loss)		3.888		(0.559	)		0.400			1.553			5.961			3.174
Total from investment operations		3.957		(0.483	)		0.334			1.485			5.872			3.234
Less dividends and distributions from:
Net investment income		—		(0.070	)		—			—			—			—
Total dividends and distributions		—		(0.070	)		—			—			—			—
Net asset value, end of period	$	34.413	$	30.456		$	31.009		$	30.675		$	29.190		$	23.318
Total return7		12.99%		(1.56%	)		1.09%			5.09%			25.18%			16.10%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	543,172	$	479,330		$	385,900		$	249,923		$	169,959		$	64,140
Ratio of expenses to average net assets		0.96%		0.98%			0.97%			0.97%			0.99%			1.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.04%		1.07%			1.08%			1.08%			1.10%			1.09%
Ratio of net investment income (loss) to average net assets		0.42%		0.25%			(0.21%	)		(0.23%	)		(0.34%	)		0.27%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		0.34%		0.16%			(0.32%	)		(0.34%	)		(0.45%	)		0.18%
Portfolio turnover		79%		89%			57%			58%			48%			122%

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

²  Effective May 1, 2017, Goldman Sachs Asset Management, L.P. replaced UBS Asset Management (Americas) Inc., as the Fund’s sub-adviser.

³  Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

⁴  Effective February 8, 2016, Wellington Management Company LLP was added as a sub-adviser to the Fund.

⁵  Commencing close of business on September 21, 2012, UBS Asset Management (Americas) Inc. replaced Janus Capital Management LLC, as the Fund’s sub-adviser.

⁶  The average shares outstanding method has been applied for per share information.

⁷  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–10

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 generally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 Blended Large Cap Growth Managed Volatility Fund–11

LVIP Blended Large Cap Growth 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 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. 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 $10,689 for the six months ended June 30, 2017. 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, 2017.

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, 2017, LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.14% on the first $100 million of the Fund’s average daily net assets, 0.09% on the next $400 million, 0.085% on the next $1.5 billion and 0.08% of the Fund’s average daily net assets in excess of $2 billion. The fee is calculated daily and paid monthly. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to May 1, 2017, the waiver amount was 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.

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, 2017, Goldman Sachs Asset Management, L.P. (“GSAM”), 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 GSAM a fee based on GSAM’s managed portion of the Fund’s average daily net assets. The fee amount is 0.19% on the first $500 million of the Fund’s average daily net assets, 0.16% on the next $500 million, and 0.15% of the Fund’s average daily net assets in excess of $1 billion. Prior to May 1, 2017, UBS Asset Management (Americas) Inc. (“UBS”), was responsible for the day-to-day management of a portion of the Fund’s investment portfolio.

SSGA Funds Management, Inc. (“SSGA”), is 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	21,367
Legal		5,158

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

LVIP Blended Large Cap Growth Managed Volatility Fund–12

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements (continued)

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

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in “Reports and statements to shareholders” on the Statement of Operations. The fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $45,830 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	419,548
Distribution fees payable to LFD		112,347
Printing and mailing fees payable to Lincoln Life		45,830
Shareholder servicing fees payable to Lincoln Life		19,105

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	556,075,158
Sales		568,541,036

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	656,586,688
Aggregate unrealized appreciation	$	146,567,912
Aggregate unrealized depreciation		(8,264,996	)
Net unrealized appreciation	$	138,302,916

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, 2016, 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		$	8,627,805		$—		$	15,087,244

* 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

LVIP Blended Large Cap Growth Managed Volatility Fund–13

LVIP Blended Large Cap Growth 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, 2017:

	Level 1
Investments:
Assets:
Common Stock	$	726,521,519
Exchange-Traded Fund		5,639,501
Money Market Fund		62,728,584
Total Investments	$	794,889,604
Derivatives:
Liabilities:
Futures Contracts	$	(165,523	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		47,795			136,599
Service Class		1,446,087			4,956,475
Shares reinvested:
Standard Class		—			35,148
Service Class		—			35,882
		1,493,882			5,164,104
Shares redeemed:
Standard Class		(445,179	)		(1,034,986	)
Service Class		(1,400,942	)		(1,698,531	)
		(1,846,121	)		(2,733,517	)
Net increase (decrease)		(352,239	)		2,430,587

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 Blended Large Cap Growth Managed Volatility Fund–14

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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 and to facilitate or expedite the settlement of portfolio transactions. 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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities	$—	Receivables and other assets net of liabilities	$	(165,523	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	73		$	—
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			4,089,985			(34,898	)
Total			$	4,090,058		$	(34,898	)

LVIP Blended Large Cap Growth Managed Volatility Fund–15

LVIP Blended Large Cap Growth 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, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$51,797,550		$—

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At June 30, 2017, the Fund had 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		$—		$(165,523)		$(165,523)

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)
Goldman Sachs Capital		$(165,523)		$—		$—		$—		$165,523		$—

^a  Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an 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 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.

8. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially

LVIP Blended Large Cap Growth Managed Volatility Fund–16

LVIP Blended Large Cap Growth Managed Volatility Fund

Notes to Financial Statements (continued)

8. Recent Accounting Pronouncements (continued)

consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–17

LVIP Blended Large Cap Growth Managed Volatility Fund

Other Fund Information (unaudited)

Background

On March 6-7, 2017, the Board of Trustees (the “Board”) of Lincoln Variable Insurance Products Trust (the “Trust”) met to consider, among other things, the approval of the sub-advisory agreement between Lincoln Investment Advisors Corporation (“LIAC”) and Goldman Sachs Asset Management, L.P. (“GSAM”) (the “Sub-Advisory Agreement”) on behalf of 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, Lincoln National Life Insurance Company (“Lincoln Life”) and GSAM prior to and during the meeting, and were advised by their independent legal counsel 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 GSAM 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 GSAM and GSAM’s responses to LIAC’s request for proposal. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officers, Lincoln Life and LIAC employees and GSAM 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.

GSAM Sub-Advisory Agreement

Nature, Extent and Quality of Services. In considering the approval of the Sub-Advisory Agreement between LIAC and GSAM on behalf of the Fund, the Board considered the nature, extent and quality of services to be provided by GSAM under the Sub-Advisory Agreement. The Board reviewed the services to be provided by GSAM, the investment professionals proposed to service the Fund, and the reputation, resources and investment approach of GSAM. The Board noted that GSAM provides sub-advisory services to another fund in the Trust and that the Board had also reviewed extensive information regarding GSAM during the annual contract renewal process that was completed in September 2016. The Board concluded that the services to be provided by GSAM were expected to be satisfactory.

Sub-Advisory Fee and Economies of Scale. The Board noted that the proposed sub-advisory fee schedule was lower than the current sub-advisory fee. The Board considered that the proposed sub-advisory fee schedule was negotiated between LIAC and GSAM, an unaffiliated third party and that LIAC would compensate GSAM from its fee and concluded the proposed sub-advisory fee was reasonable.

Profitability and Fallout Benefits. The Board considered that the sub-advisory fee schedule was negotiated between LIAC and GSAM, an unaffiliated third party, and that LIAC would compensate GSAM from its fees. The Board considered that GSAN did not expect any ancillary benefits from the portfolio-related transactions and did not identify any fallout benefits.

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the terms of the 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–18

LVIP Blended Mid Cap Managed Volatility Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2017

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	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 Blended Mid Cap Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,125.70		0.74	%		$3.90
Service Class Shares		1,000.00		1,124.30		0.99	%		5.21
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.12		0.74	%		$3.71
Service Class Shares		1,000.00		1,019.89		0.99	%		4.96

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector Percentage
of Net Assets

Common Stock	92.37	%
Aerospace & Defense	0.78	%
Air Freight & Logistics	1.17	%
Airlines	0.61	%
Auto Components	1.23	%
Automobiles	0.17	%
Banks	2.76	%
Beverages	0.48	%
Biotechnology	4.17	%
Building Products	2.41	%
Capital Markets	4.18	%
Chemicals	2.17	%
Commercial Services & Supplies	0.92	%
Communications Equipment	1.83	%
Construction & Engineering	0.08	%
Construction Materials	0.54	%
Consumer Finance	0.09	%
Containers & Packaging	0.54	%
Diversified Consumer Services	0.31	%
Electrical Equipment	0.86	%
Electronic Equipment, Instruments & Components	1.88	%
Energy Equipment & Services	0.05	%
Equity Real Estate Investment Trusts	1.68	%
Food & Staples Retailing	1.15	%
Food Products	3.14	%
Gas Utilities	0.14	%
Health Care Equipment & Supplies	5.71	%
Health Care Providers & Services	2.41	%
Health Care Technology	0.47	%
Hotels, Restaurants & Leisure	3.34	%
Household Durables	1.06	%
Household Products	0.40	%
Industrial Conglomerates	0.20	%
Insurance	0.56	%
Internet & Direct Marketing Retail	0.45	%
Internet Software & Services	5.00	%
IT Services	3.58	%
Leisure Products	1.17	%
Life Sciences Tools & Services	0.98	%
Machinery	3.71	%

Security Type/Sector Percentage
of Net Assets

Marine	0.05	%
Media	0.39	%
Metals & Mining	0.15	%
Multiline Retail	0.69	%
Multi-Utilities	0.11	%
Oil, Gas & Consumable Fuels	1.98	%
Pharmaceuticals	3.13	%
Professional Services	1.84	%
Real Estate Management & Development	0.18	%
Road & Rail	0.70	%
Semiconductors & Semiconductor Equipment	2.85	%
Software	8.56	%
Specialty Retail	5.51	%
Textiles, Apparel & Luxury Goods	2.15	%
Trading Companies & Distributors	1.70	%
Master Limited Partnerships	0.45	%
Money Market Fund	6.97	%
Total Value of Securities	99.79	%
Receivables and Other Assets Net of Liabilities	0.21	%
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	2.09	%
Zoetis	1.97	%
Electronic Arts	1.68	%
CoStar Group	1.59	%
Fastenal	1.56	%
ServiceNow	1.43	%
Red Hat	1.31	%
Microchip Technology	1.30	%
Tiffany & Co.	1.29	%
First Republic Bank	1.18	%
Total	15.40	%

IT-Information Technology

LVIP Blended Mid Cap Managed Volatility Fund–2

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–92.37%
Aerospace & Defense–0.78%
BWX Technologies		1,693	$	82,534
Huntington Ingalls Industries		2,300		428,168
Rockwell Collins		15,000		1,576,200
Textron		15,500		730,050
TransDigm Group		5,000		1,344,350
				4,161,302
Air Freight & Logistics–1.17%
CH Robinson Worldwide		8,700		597,516
Expeditors International of Washington		99,734		5,632,976
				6,230,492
Airlines–0.61%
Alaska Air Group		12,900		1,157,904
Allegiant Travel		2,500		339,000
Copa Holdings Class A		3,900		456,300
†Spirit Airlines		5,800		299,570
†United Continental Holdings		13,600		1,023,400
				3,276,174
Auto Components–1.23%
BorgWarner		135,487		5,739,229
Delphi Automotive		9,300		815,145
				6,554,374
Automobiles–0.17%
Ferrari		6,900		593,538
Harley-Davidson		5,600		302,512
				896,050
Banks–2.76%
BankUnited		13,100		441,601
Citizens Financial Group		23,500		838,480
Fifth Third Bancorp		25,100		651,596
First Republic Bank		63,131		6,319,413
†Signature Bank		30,243		4,340,778
†SVB Financial Group		6,700		1,177,793
Webster Financial		18,585		970,509
				14,740,170
Beverages–0.48%
Brown-Forman Class B		18,400		894,240
Constellation Brands Class A		1,300		251,849
Dr Pepper Snapple Group		13,900		1,266,429
†Monster Beverage		3,300		163,944
				2,576,462
Biotechnology–4.17%
†ACADIA Pharmaceuticals		120,832		3,370,004
†Agios Pharmaceuticals		3,800		195,510
†Alexion Pharmaceuticals		5,100		620,517
†Alkermes		87,787		5,089,012
†Alnylam Pharmaceuticals		4,000		319,040

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†BioMarin Pharmaceutical		54,696	$	4,967,491
†Bioverativ		8,600		517,462
†Bluebird Bio		3,100		325,655
†Incyte		15,200		1,913,832
†Intercept Pharmaceuticals		2,100		254,247
†Ironwood Pharmaceuticals		35,100		662,688
†Kite Pharma		4,100		425,047
†Neurocrine Biosciences		15,595		717,370
†Seattle Genetics		8,800		455,312
†TESARO		7,369		1,030,628
†Ultragenyx Pharmaceutical		3,200		198,752
†United Therapeutics		3,000		389,190
†Vertex Pharmaceuticals		6,400		824,768
				22,276,525
Building Products–2.41%
Allegion		51,937		4,213,129
AO Smith		56,533		3,184,504
Fortune Brands Home & Security		83,786		5,466,199
				12,863,832
Capital Markets–4.18%
CBOE Holdings		22,100		2,019,940
CME Group		49,922		6,252,231
†E*TRADE Financial		20,800		791,024
FactSet Research Systems		2,700		448,686
Financial Engines		9,100		333,060
Invesco		7,200		253,368
Lazard Class A		22,100		1,023,893
MarketAxess Holdings		10,535		2,118,589
Moody’s		10,900		1,326,312
MSCI		7,200		741,528
Northern Trust		52,069		5,061,627
State Street		9,100		816,543
TD Ameritrade Holding		26,700		1,147,833
				22,334,634
Chemicals–2.17%
Air Products & Chemicals		5,700		815,442
Ashland Global Holdings		8,800		580,008
†Axalta Coating Systems		77,992		2,498,864
Celanese Class A		7,400		702,556
CF Industries Holdings		15,663		437,937
NewMarket		1,100		506,528
PolyOne		9,900		383,526
RPM International		22,900		1,249,195
Scotts Miracle-Gro Class A		26,686		2,387,330
Sherwin-Williams		2,900		1,017,784
Valvoline		42,859		1,016,615
				11,595,785
Commercial Services & Supplies–0.92%
†Copart		23,400		743,886

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)
Commercial Services & Supplies (continued)
KAR Auction Services		26,500	$	1,112,205
Ritchie Bros Auctioneers		15,800		454,092
Rollins		22,900		932,259
†Stericycle		7,600		580,032
Waste Connections		17,250		1,111,245
				4,933,719
Communications Equipment–1.83%
†Arista Networks		14,640		2,192,926
†F5 Networks		5,400		686,124
Harris		50,166		5,472,107
Motorola Solutions		5,500		477,070
†Palo Alto Networks		6,900		923,289
				9,751,516
Construction & Engineering–0.08%
Valmont Industries		3,000		448,800
				448,800
Construction Materials–0.54%
Eagle Materials		7,600		702,392
Vulcan Materials		17,300		2,191,564
				2,893,956
Consumer Finance–0.09%
Discover Financial Services		7,900		491,301
				491,301
Containers & Packaging–0.54%
Ball		47,400		2,000,754
Sealed Air		19,300		863,868
				2,864,622
Diversified Consumer Services–0.31%
Service Corp. International		35,900		1,200,855
†Sotheby’s		8,500		456,195
				1,657,050
Electrical Equipment–0.86%
Acuity Brands		5,700		1,158,696
AMETEK.		9,900		599,643
†Generac Holdings		31,710		1,145,682
Hubbell		6,200		701,654
†Sensata Technologies Holding		22,600		965,472
				4,571,147
Electronic Equipment, Instruments & Components–1.88%
Amphenol Class A		26,900		1,985,758
Cognex		5,900		500,910
†IPG Photonics		4,100		594,910
†Keysight Technologies		20,019		779,340
†Trimble		172,493		6,152,825
				10,013,743

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Energy Equipment & Services–0.05%
Oceaneering International		12,500	$	285,500
				285,500
Equity Real Estate Investment Trusts–1.68%
American Campus Communities		12,000		567,600
Crown Castle International		7,000		701,260
CubeSmart		17,700		425,508
Equinix		3,200		1,373,312
Federal Realty Investment Trust		4,200		530,838
Iron Mountain		19,700		676,892
MGM Growth Properties		23,100		674,289
†SBA Communications		16,800		2,266,320
SL Green Realty		6,200		655,960
Taubman Centers		7,600		452,580
VEREIT		80,009		651,273
				8,975,832
Food & Staples Retailing–1.15%
Casey’s General Stores		4,000		428,440
PriceSmart		3,400		297,840
†Sprouts Farmers Market		21,700		491,939
Whole Foods Market		117,314		4,940,093
				6,158,312
Food Products–3.14%
†Blue Buffalo Pet Products		147,356		3,361,190
Conagra Brands		18,800		672,288
Flowers Foods		19,800		342,738
†Hain Celestial Group		96,249		3,736,386
Hershey		13,600		1,460,232
Hormel Foods		19,700		671,967
JM Smucker		2,000		236,660
McCormick & Co.		12,800		1,248,128
Pinnacle Foods		13,300		790,020
Snyder’s-Lance		96,672		3,346,785
Tyson Foods Class A		14,700		920,661
				16,787,055
Gas Utilities–0.14%
Atmos Energy		8,900		738,255
				738,255
Health Care Equipment & Supplies–5.71%
†Align Technology		33,113		4,970,924
Cooper		7,700		1,843,534
DENTSPLY SIRONA		16,452		1,066,748
†Edwards Lifesciences		52,082		6,158,176
†Hologic		38,600		1,751,668
†IDEXX Laboratories		9,600		1,549,632
†Intuitive Surgical		11,953		11,180,478
STERIS		6,500		529,750
Teleflex		4,800		997,248

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 Equipment & Supplies (continued)
West Pharmaceutical Services		4,800	$	453,696
				30,501,854
Health Care Providers & Services–2.41%
†Acadia Healthcare		20,183		996,637
AmerisourceBergen		11,000		1,039,830
†Centene		16,000		1,278,080
†DaVita		8,600		556,936
†Envision Healthcare		6,810		426,783
†Henry Schein		7,000		1,281,140
Humana		2,200		529,364
†Laboratory Corp. of America Holdings		27,893		4,299,427
†MEDNAX		5,500		332,035
†Molina Healthcare		7,600		525,768
Universal Health Services Class B		7,100		866,768
†WellCare Health Plans		4,100		736,196
				12,868,964
Health Care Technology–0.47%
†athenahealth		1,900		267,045
†Cerner		13,500		897,345
†Medidata Solutions		6,500		508,300
†Veeva Systems Class A		13,400		821,554
				2,494,244
Hotels, Restaurants & Leisure–3.34%
Aramark		16,500		676,170
†Chipotle Mexican Grill		7,354		3,059,999
Choice Hotels International		9,100		584,675
Dunkin’ Brands Group		99,660		5,493,259
Extended Stay America		26,600		514,976
Hilton Worldwide Holdings		15,966		987,497
Marriott International Class A		10,200		1,023,162
MGM Resorts International		31,300		979,377
†Norwegian Cruise Line Holdings		41,823		2,270,571
Papa John’s International		6,500		466,440
Royal Caribbean Cruises		5,800		633,534
Wynn Resorts		3,700		496,244
Yum Brands		8,700		641,712
				17,827,616
Household Durables–1.06%
†Mohawk Industries		4,600		1,111,774
Newell Brands		31,200		1,672,944
†NVR.		360		867,820
PulteGroup		19,300		473,429
†Tempur Sealy International		8,700		464,493
Toll Brothers		12,800		505,728
Whirlpool		2,900		555,698
				5,651,886
Household Products–0.40%
Church & Dwight		22,400		1,162,112

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Household Products (continued)
Clorox		3,900	$	519,636
Energizer Holdings		9,500		456,190
				2,137,938
Industrial Conglomerates–0.20%
Roper Technologies		4,500		1,041,885
				1,041,885
Insurance–0.56%
FNF Group		29,300		1,313,519
Progressive		16,600		731,894
Willis Towers Watson		6,500		945,490
				2,990,903
Internet & Direct Marketing Retail–0.45%
†Ctrip.com International ADR		15,300		824,058
†Duluth Holdings Class B		47,466		864,356
†Vipshop Holdings ADR		28,500		300,675
†Wayfair Class A		5,700		438,216
				2,427,305
Internet Software & Services–5.00%
†CoStar Group		32,195		8,486,602
†GrubHub		118,903		5,184,171
†InterActiveCorp		4,700		485,228
†Match Group		36,000		625,680
MercadoLibre		24,446		6,133,012
†Pandora Media		363,397		3,241,501
†Shopify Class A		2,900		252,010
†VeriSign		18,000		1,673,280
†Zillow Group		12,100		590,964
				26,672,448
IT Services–3.58%
Alliance Data Systems		4,500		1,155,105
†Black Knight Financial Services Class A		26,300		1,076,985
Booz Allen Hamilton Holding		18,100		588,974
†CoreLogic		21,700		941,346
CSRA		26,700		847,725
†EPAM Systems		5,700		479,313
Fidelity National Information Services		18,900		1,614,060
†Fiserv		19,600		2,397,864
†FleetCor Technologies		6,100		879,681
†Gartner		8,500		1,049,835
Genpact		19,000		528,770
Global Payments		13,100		1,183,192
Paychex		9,500		540,930
Sabre		46,200		1,005,774
†Square Class A		102,211		2,397,870
†Vantiv Class A		28,900		1,830,526
†WEX		5,900		615,193
				19,133,143

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)
Leisure Products–1.17%
Mattel		27,000	$	581,310
Polaris Industries		61,345		5,657,849
				6,239,159
Life Sciences Tools & Services–0.98%
Agilent Technologies		18,000		1,067,580
Bruker		19,600		565,264
†Illumina		8,878		1,540,511
†Mettler-Toledo International		2,143		1,261,241
†Quintiles IMS Holdings		8,700		778,650
				5,213,246
Machinery–3.71%
†Colfax		11,800		464,566
Donaldson		12,000		546,480
Flowserve		10,300		478,229
Fortive		10,500		665,175
Graco.		8,600		939,808
IDEX		46,425		5,246,489
†Middleby		6,200		753,362
Nordson		4,000		485,280
PACCAR		6,800		449,072
Snap-on		6,000		948,000
Toro.		10,800		748,332
†WABCO Holdings		24,987		3,186,092
Wabtec		47,977		4,389,895
Xylem		8,800		487,784
				19,788,564
Marine–0.05%
†Kirby		4,400		294,140
				294,140
Media–0.39%
†Altice USA Class A		8,419		271,934
Interpublic Group		33,300		819,180
Omnicom Group		11,800		978,220
				2,069,334
Metals & Mining–0.15%
Carpenter Technology		4,400		164,692
Compass Minerals International		3,300		215,490
Wheaton Precious Metals (New York Shares)		20,200		401,778
				781,960
Multiline Retail–0.69%
Dollar General		31,300		2,256,417
†Dollar Tree		20,600		1,440,352
				3,696,769
Multi-Utilities–0.11%
NiSource.		23,400		593,424
				593,424

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels–1.98%
Cabot Oil & Gas		115,219	$	2,889,693
†Centennial Resource Development Class A		26,036		411,890
†=Centennial Resource Development Class A		3,000		45,087
Cimarex Energy		23,347		2,194,851
†Concho Resources		4,000		486,120
†Diamondback Energy		4,300		381,883
EQT		5,700		333,963
†Jagged Peak Energy		24,000		320,400
Noble Energy		86,891		2,459,015
†Parsley Energy Class A		6,500		180,375
Pioneer Natural Resources		2,400		382,992
Tesoro		5,000		468,000
				10,554,269
Pharmaceuticals–3.13%
†Catalent		14,200		498,420
†Horizon Pharma		15,300		181,611
†Jazz Pharmaceuticals		20,623		3,206,877
†Mallinckrodt		6,500		291,265
†Pacira Pharmaceuticals		42,127		2,009,458
Zoetis		168,263		10,496,246
				16,683,877
Professional Services–1.84%
Equifax		13,400		1,841,428
†IHS Markit		26,183		1,153,099
ManpowerGroup		5,600		625,240
Nielsen Holdings		24,000		927,840
Robert Half International		8,500		407,405
†TransUnion		69,333		3,002,812
†Verisk Analytics Class A		21,900		1,847,703
				9,805,527
Real Estate Management & Development–0.18%
Jones Lang LaSalle		7,500		937,500
				937,500
Road & Rail–0.70%
†Avis Budget Group		7,800		212,706
†Genesee & Wyoming		7,000		478,730
JB Hunt Transport Services		8,100		740,178
Kansas City Southern		6,600		690,690
Landstar System		3,400		291,040
Old Dominion Freight Line		7,700		733,348
Schneider National Class B		25,744		575,893
				3,722,585
Semiconductors & Semiconductor Equipment–2.85%
†Integrated Device Technology		14,100		363,639
KLA-Tencor		11,000		1,006,610
Marvell Technology Group		29,274		483,606

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)
Maxim Integrated Products		75,770	$	3,402,073
Microchip Technology		89,543		6,910,929
†Microsemi		22,000		1,029,600
Skyworks Solutions		12,500		1,199,375
Xilinx		12,900		829,728
				15,225,560
Software–8.56%
†ANSYS		3,600		438,048
†Atlassian		40,500		1,424,790
†Autodesk		11,100		1,119,102
†Cadence Design Systems		15,200		509,048
†Electronic Arts		84,643		8,948,458
†Ellie Mae		29,618		3,255,314
†Fortinet		11,800		441,792
†Guidewire Software		59,791		4,108,240
Intuit		8,500		1,128,885
†Proofpoint		8,200		712,006
†Red Hat		73,269		7,015,507
†ServiceNow		71,760		7,606,560
†Snap Class A		10,600		188,362
†Splunk		14,300		813,527
SS&C Technologies Holdings		25,800		990,978
†Synopsys		11,000		802,230
†Tableau Software Class A		15,980		979,095
†Tyler Technologies		15,635		2,746,600
†Ultimate Software Group		4,900		1,029,294
†Workday Class A		10,500		1,018,500
†Zendesk		6,300		175,014
†Zynga Class A		62,700		228,228
				45,679,578
Specialty Retail–5.51%
†AutoZone		3,035		1,731,346
†Burlington Stores		15,400		1,416,646
†CarMax		19,800		1,248,588
Dick’s Sporting Goods		8,900		354,487
†Five Below		9,000		444,330
L Brands.		18,400		991,576
†Michaels		35,000		648,200
†O’Reilly Automotive		8,400		1,837,416
Ross Stores		35,800		2,066,734

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail (continued)
Signet Jewelers		5,400	$	341,496
Tiffany & Co.		73,529		6,902,167
Tractor Supply		110,046		5,965,594
†Ulta Beauty		4,900		1,407,966
Williams-Sonoma		83,725		4,060,663
				29,417,209
Textiles, Apparel & Luxury Goods–2.15%
Burberry Group		147,493		3,190,819
Carter’s		5,700		507,015
Coach		26,500		1,254,510
Hanesbrands		15,800		365,928
†Lululemon athletica		76,936		4,590,771
PVH		5,700		652,650
†Under Armour Class C		33,258		670,481
Wolverine World Wide		9,600		268,896
				11,501,070
Trading Companies & Distributors–1.70%
Fastenal		191,582		8,339,564
Watsco		3,400		524,280
WW Grainger		1,300		234,689
				9,098,533
Total Common Stock (Cost $409,829,776)				493,127,098
MASTER LIMITED PARTNERSHIPS–0.45%
Oaktree Capital Group		50,914		2,372,593
Total Master Limited Partnerships (Cost $2,326,099)				2,372,593
MONEY MARKET FUND–6.97%
Dreyfus Treasury & Agency Cash Management Fund—Institutional Shares (seven-day effective yield 0.86%)		37,222,540		37,222,540
Total Money Market Fund (Cost $37,222,540)				37,222,540

TOTAL VALUE OF SECURITIES–99.79% (Cost $449,378,415)		532,722,231
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.21%		1,117,111
NET ASSETS APPLICABLE TO 40,843,027 SHARES OUTSTANDING–100.00%	$	533,839,342
NET ASSET VALUE PER SHARE–LVIP BLENDED MID CAP MANAGED VOLATILITY FUND STANDARD CLASS ($24,206,424 / 1,804,412 Shares)	$	13.415
NET ASSET VALUE PER SHARE–LVIP BLENDED MID CAP MANAGED VOLATILITY FUND SERVICE CLASS ($509,632,918 / 39,038,615 Shares)	$	13.055

LVIP Blended Mid Cap Managed Volatility Fund–7

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Net Assets (continued)

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	488,728,244
Undistributed net investment income		184,191
Accumulated net realized loss on investments		(38,180,409	)
Net unrealized appreciation of investments, foreign currencies, and derivatives		83,107,316
TOTAL NET ASSETS	$	533,839,342

† Non-income producing for the period.

« Includes $1,551,790 cash collateral held at broker for futures contracts, $439,219 due to manager and affiliates, $3,060,919 payable for securities purchased and $120,225 payable for fund shares redeemed as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

The following futures contracts were outstanding at June 30, 2017:1

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation			Unrealized Depreciation
Equity	Contracts:
43	E-mini Russell 2000 Index	$	3,009,211	$	3,040,745		9/18/17		$	31,534		$	—
79	E-mini S&P 500 Index		9,584,616		9,562,555		9/18/17			—			(22,061	)
127	E-mini S&P MidCap 400 Index		22,421,443		22,175,470		9/18/17			—			(245,973	)
Total									$	31,534		$	(268,034	)

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 Depository Receipt

IT–Information Technology

S&P–Standard & Poor’s

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

LVIP Blended Mid Cap Managed Volatility Fund–8

LVIP Blended Mid Cap Managed Volatility Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	2,708,214
Foreign tax withheld		(2,830	)
		2,705,384
EXPENSES:
Management fees		1,834,149
Distribution fees-Service Class		614,344
Accounting and administration expenses		64,184
Reports and statements to shareholders		33,932
Professional fees		27,556
Shareholder servicing fees		25,729
Trustees’ fees and expenses		6,934
Custodian fees		6,878
Consulting fees		2,359
Pricing fees		848
Other		2,274
		2,619,187
Less:
Management fees waived		(97,994	)
Total operating expenses		2,521,193
NET INVESTMENT INCOME		184,191
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Investments		1,401,887
Foreign currencies		194
Foreign currency exchange contracts		78
Futures contracts		1,854,778
Options written		55,103
Options purchased		62,505
Net realized gain		3,374,545
Net change in unrealized appreciation (depreciation) of:
Investments		56,806,448
Foreign currencies		54
Futures contracts		122,588
Net change in unrealized appreciation (depreciation)		56,929,090
NET REALIZED AND UNREALIZED GAIN		60,303,635
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	60,487,826

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	184,191		$	(441,664	)
Net realized gain (loss)		3,374,545			(42,233,291	)
Net change in unrealized appreciation (depreciation)		56,929,090			48,650,410
Net increase in net assets resulting from operations		60,487,826			5,975,455
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments:
Standard Class		—			(558,433	)
Service Class		—			(9,073,816	)
		—			(9,632,249	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,379,399			3,273,669
Service Class		18,347,653			75,779,500
Net assets from merger*:
Standard Class		—			359,035
Service Class		—			127,021,238
Reinvestment of dividends and distributions:
Standard Class		—			558,433
Service Class		—			9,073,816
		19,727,052			216,065,691
Cost of shares redeemed:
Standard Class		(2,033,544	)		(4,748,690	)
Service Class		(41,628,964	)		(39,500,463	)
		(43,662,508	)		(44,249,153	)
Increase (Decrease) in net assets derived from capital share transactions		(23,935,456	)		171,816,538
NET INCREASE IN NET ASSETS		36,552,370			168,159,744
NET ASSETS:
Beginning of period		497,286,972			329,127,228
End of period	$	533,839,342		$	497,286,972
Undistributed net investment income	$	184,191		$	—

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

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

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 6/30/171 (unaudited)				Year Ended
				12/31/162				12/31/153				12/31/14				12/31/13				12/31/124
Net asset value, beginning of period		$	11.917		$	11.968			$	12.639			$	13.635			$	11.109			$	10.431
Income (loss) from investment operations:
Net investment income (loss)5			0.020			0.013				0.018				(0.044	)			(0.057	)			(0.014	)
Net realized and unrealized gain (loss)			1.478			0.251				(0.548	)			(0.952	)			2.800				0.692
Total from investment operations			1.498			0.264				(0.530	)			(0.996	)			2.743				0.678
Less dividends and distributions from:
Net realized gain			—			(0.315	)			(0.141	)			—				(0.217	)			—
Total dividends and distributions			—			(0.315	)			(0.141	)			—				(0.217	)			—
Net asset value, end of period		$	13.415		$	11.917			$	11.968			$	12.639			$	13.635			$	11.109
Total return6			12.57%			2.26%				(4.20%	)			(7.31%	)			24.82%				6.50%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	24,206		$	22,110			$	22,752			$	22,489			$	20,774			$	16,610
Ratio of expenses to average net assets			0.74%			0.79%				0.80%				0.84%				0.91%				0.95%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.78%			0.84%				0.85%				0.86%				0.95%				1.02%
Ratio of net investment income (loss) to average net assets			0.31%			0.11%				0.14%				(0.34%	)			(0.46%	)			(0.13%	)
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			0.27%			0.06%				0.09%				(0.36%	)			(0.50%	)			(0.20%	)
Portfolio turnover			13%			103%				148%				149%				140%				231%

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

²  Effective February 8, 2016, T. Rowe Price Associates, Inc. was added as a sub-adviser to the Fund. Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund’s volatility management risk strategy overlay, replacing Lincoln Investment Advisors Corporation.

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–10

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 6/30/171 (unaudited)				Year ended
				12/31/162				12/31/153				12/31/14				12/31/13				12/31/124
Net asset value, beginning of period		$	11.611		$	11.698			$	12.388			$	13.398			$	10.946			$	10.304
Income (loss) from investment operations:
Net investment income (loss)5			0.004			(0.016	)			(0.014	)			(0.074	)			(0.088	)			(0.041	)
Net realized and unrealized gain (loss)			1.440			0.244				(0.535	)			(0.936	)			2.757				0.683
Total from investment operations			1.444			0.228				(0.549	)			(1.010	)			2.669				0.642
Less dividends and distributions from:
Net realized gain			—			(0.315	)			(0.141	)			—				(0.217	)			—
Total dividends and distributions			—			(0.315	)			(0.141	)			—				(0.217	)			—
Net asset value, end of period		$	13.055		$	11.611			$	11.698			$	12.388			$	13.398			$	10.946
Total return6			12.43%			2.00%				(4.44%	)			(7.55%	)			24.52%				6.23%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	509,633		$	475,177			$	306,375			$	265,783			$	178,054			$	42,985
Ratio of expenses to average net assets			0.99%			1.04%				1.05%				1.09%				1.16%				1.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.03%			1.09%				1.10%				1.11%				1.20%				1.27%
Ratio of net investment income (loss) to average net assets			0.06%			(0.14%	)			(0.11%	)			(0.59%	)			(0.71%	)			(0.38%	)
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			0.02%			(0.19%	)			(0.16%	)			(0.61%	)			(0.75%	)			(0.45%	)
Portfolio turnover			13%			103%				148%				149%				140%				231%

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

²  Effective February 8, 2016, T. Rowe Price Associates, Inc. was added as a sub-adviser to the Fund. Effective May 1, 2016, SSGA Funds Management, Inc. was added as a sub-adviser and is responsible for the day-to-day management of the Fund’s volatility management risk strategy overlay, replacing Lincoln Investment Advisors Corporation.

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

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 expenses and penalties in other expenses on the Statement of Operations. During the six months ended June 30, 2017, the Fund did not incur any interest or tax penalties.

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

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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–12

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, 2017, 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 $58,019 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly.

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, 2018, 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 0.77% of the average daily net assets for the Standard Class and 1.02% for the Service Class. This agreement will continue through at least December 9, 2018, and cannot be terminated before that date without mutual agreement of the Board and LIAC.

Ivy Investment Management Company (“Ivy”) and T. Rowe Price Associates, Inc. (“T. Rowe Price”) are responsible for managing a portion of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays Ivy and T. Rowe Price a fee based on Ivy’s and T. Rowe Price’s managed portion of the Fund’s average daily net assets. SSGA Funds Management, Inc. (SSGA) is responsible for managing the Fund’s managed volatility strategy. For these services, LIAC, not the Fund, pays SSGA a fee based on the Fund’s average daily net assets.

LVIP Blended Mid Cap Managed Volatility Fund–13

LVIP Blended Mid Cap Managed Volatility 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	14,620
Legal		3,529

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $25,822 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class shares. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation, or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	295,715
Distribution fees payable to LFD	104,932
Printing and mailing fees payable to Lincoln Life	25,822
Shareholder servicing fees payable to Lincoln Life	12,750

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	60,043,394
Sales		77,598,724

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	449,378,415
Aggregate unrealized appreciation	$	98,759,442
Aggregate unrealized depreciation		(15,415,626	)
Net unrealized appreciation	$	83,343,816

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term		Total
$28,504,444	$	9,733,839	$	38,238,283

LVIP Blended Mid Cap Managed Volatility Fund–14

LVIP Blended Mid Cap 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, 2017:

	Level 1		Level 3		Total
Investments:
Assets:
Common Stock
Aerospace & Defense	$	4,161,302		$—	$	4,161,302
Air Freight & Logistics		6,230,492		—		6,230,492
Airlines		3,276,174		—		3,276,174
Auto Components		6,554,374		—		6,554,374
Automobiles		896,050		—		896,050
Banks		14,740,170		—		14,740,170
Beverages		2,576,462		—		2,576,462
Biotechnology		22,276,525		—		22,276,525
Building Products		12,863,832		—		12,863,832
Capital Markets		22,334,634		—		22,334,634
Chemicals		11,595,785		—		11,595,785
Commercial Services & Supplies		4,933,719		—		4,933,719
Communications Equipment		9,751,516		—		9,751,516
Construction & Engineering		448,800		—		448,800
Construction Materials		2,893,956		—		2,893,956
Consumer Finance		491,301		—		491,301
Containers & Packaging		2,864,622		—		2,864,622
Diversified Consumer Services		1,657,050		—		1,657,050
Electrical Equipment		4,571,147		—		4,571,147
Electronic Equipment, Instruments & Components		10,013,743		—		10,013,743
Energy Equipment & Services		285,500		—		285,500
Equity Real Estate Investment Trusts		8,975,832		—		8,975,832
Food & Staples Retailing		6,158,312		—		6,158,312
Food Products		16,787,055		—		16,787,055
Gas Utilities		738,255		—		738,255
Health Care Equipment & Supplies		30,501,854		—		30,501,854
Health Care Providers & Services		12,868,964		—		12,868,964
Health Care Technology		2,494,244		—		2,494,244
Hotels, Restaurants & Leisure		17,827,616		—		17,827,616
Household Durables		5,651,886		—		5,651,886
Household Products		2,137,938		—		2,137,938
Industrial Conglomerates		1,041,885		—		1,041,885

LVIP Blended Mid Cap Managed Volatility Fund–15

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 3			Total
Investments:
Assets:
Insurance	$	2,990,903			$	—	$	2,990,903
Internet & Direct Marketing Retail		2,427,305				—		2,427,305
Internet Software & Services		26,672,448				—		26,672,448
IT Services.		19,133,143				—		19,133,143
Leisure Products		6,239,159				—		6,239,159
Life Sciences Tools & Services		5,213,246				—		5,213,246
Machinery		19,788,564				—		19,788,564
Marine		294,140				—		294,140
Media		2,069,334				—		2,069,334
Metals & Mining.		781,960				—		781,960
Multiline Retail		3,696,769				—		3,696,769
Multi-Utilities		593,424				—		593,424
Oil, Gas & Consumable Fuels		10,509,182				45,087		10,554,269
Pharmaceuticals		16,683,877				—		16,683,877
Professional Services		9,805,527				—		9,805,527
Real Estate Management & Development		937,500				—		937,500
Road & Rail		3,722,585				—		3,722,585
Semiconductors & Semiconductor Equipment		15,225,560				—		15,225,560
Software		45,679,578				—		45,679,578
Specialty Retail		29,417,209				—		29,417,209
Textiles, Apparel & Luxury Goods		11,501,070				—		11,501,070
Trading Companies & Distributors		9,098,533				—		9,098,533
Master Limited Partnerships		2,372,593				—		2,372,593
Money Market Fund		37,222,540				—		37,222,540
Total Investments	$	532,677,144			$	45,087	$	532,722,231
Derivatives:
Assets:
Futures Contracts	$	31,534			$	—	$	31,534
Liabilities:
Futures Contracts	$	(268,034	)		$	—	$	(268,034	)

During the six months ended June 30, 2017, 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 Blended Mid Cap Managed Volatility Fund–16

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		108,444			282,809
Service Class		1,478,336			6,651,102
Shares from merger:
Standard Class		—			29,486
Service Class		—			10,705,038
Shares reinvested:
Standard Class		—			47,819
Service Class		—			796,927
		1,586,780			18,513,181
Shares redeemed:
Standard Class		(159,355	)		(405,901	)
Service Class		(3,364,753	)		(3,419,105	)
		(3,524,108	)		(3,825,006	)
Net increase (decrease)		(1,937,328	)		14,688,175

5. Fund Merger

As of the close of business on December 9, 2016, the Fund acquired all of the assets and liabilities of the LVIP BlackRock U.S. Opportunities Managed Volatility Fund (“Acquired 1 Fund”) and all of the assets and liabilities of LVIP VIP Mid Cap Managed Volatility Portfolio (“Acquired 2 Fund”), each an open-end investment company, in exchange for the shares of the LVIP Blended Mid Cap Managed Volatility Fund (“Acquiring Fund”) pursuant to a Plan and Agreement of Reorganization (“Reorganization”). For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. The shareholders of the Acquired Funds, by a taxable exchange, received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Funds prior to the Reorganization, as shown in the following table:

	Acquired Fund Shares Outstanding		Acquiring Fund	Shares Converted to Acquiring Fund		Acquired Fund Net Assets		Conversion Ratio
Acquired 1 Fund - Standard Class		38,121	Standard Class		29,486	$	359,035	0.773
Acquired 1 Fund - Service Class		4,443,068	Service Class		3,526,529		41,844,226	0.794
Acquired 2 Fund - Service Class		8,241,893	Service Class		7,178,509		85,177,012	0.871

The net assets of the Acquiring Fund before the acquisition were $381,191,455. The net assets of the Acquiring Fund immediately following the acquisition were $508,571,728.

If the acquisition had been completed on January 1, 2016, the beginning of the Acquiring Fund’s reporting period, the Acquiring Fund’s pro forma results of operations for the year ended December 31, 2016 would have been as follows (unaudited):

Net investment income (loss)	$	(594,023	)	(a)
Net realized income (loss)		(35,676,130	)	(b)
Net change in unrealized appreciation (depreciation)		53,778,253		(c)
Net increase in net assets resulting from operations	$	17,508,100

^(a) $(441,664), as reported in the Statement of Operations, plus $203,957 Net investment income from Acquired 1 Fund and $(356,316) Net investment loss from Acquired 2 Fund pre-merger.

^(b) $(42,233,291), as reported in the Statement of Operations, plus $2,308,245 Net realized income from Acquired 1 Fund and $4,248,916 Net realized income from Acquired 2 Fund pre-merger.

^(c) $48,650,410, as reported in the Statement of Operations, plus $704,864 Net change in unrealized appreciation (depreciation) Acquired 1 Fund and $4,422,979 Net change in unrealized appreciation (depreciation) from Acquired 2 Fund pre-merger.

LVIP Blended Mid Cap Managed Volatility Fund–17

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Fund Merger (continued)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired 1 Fund and Acquired 2 Fund that have been included in the Fund’s statement of operations since December 12, 2016.

6. 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 Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. 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. No foreign currency exchange contracts or foreign cross currency exchange contracts were outstanding at June 30, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency contracts and foreign cross currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contract to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Options Contracts–During the six months ended June 30, 2017, 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 caused by interest rates or market conditions; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. 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

LVIP Blended Mid Cap Managed Volatility Fund–18

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

6. Derivatives (continued)

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.

During the six months ended June 30, 2017, the Fund used options contracts including swaptions to protect the value of portfolio securities; selling put options to purchase the underlying security for the Fund at a price lower than the current market value of the security; to facilitate investments in portfolio securities; to take advantage of liquidity available in the options market; and to receive premiums for writing options.

Transactions in options written during the six months ended June 30, 2017 for the Fund were as follows:

Call Options	Number of Contracts			Premiums
Options outstanding at December 31, 2016		—			$	—
Options written		(1,126	)			(45,476	)
Options expired		709				23,906
Options terminated in closing sales transactions		417				21,570
Options outstanding at June 30, 2017		—			$	—
Put Options	Number of Contracts			Premiums
Options outstanding at December 31, 2016		—			$	—
Options written		(636	)			(32,442	)
Options expired		208				23,992
Options terminated in closing sales transactions		428				8,450
Options outstanding at June 30, 2017		—			$	—

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives					Liability Derivatives
	Statement of Net Assets Location	Fair Value			Statement of Net Assets Location		Fair Value
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities		$	31,534	Receivables and other assets net of liabilities			$	(268,034	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	78		$	—
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			1,854,778			122,588
Options written (Equity contracts)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written			55,103			—
Options purchased (Equity contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased			62,505			—
Total			$	1,972,464		$	122,588

LVIP Blended Mid Cap Managed Volatility Fund–19

LVIP Blended Mid Cap Managed Volatility Fund

Notes to Financial Statements (continued)

6. 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, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$34,283,102		$      —
Foreign currency exchange contracts (average cost)		—		155
Options contracts (average notional value)		4,379		4,244

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At June 30, 2017, the Fund had no assets or liabilities that are subject to the offsetting provisions.

7. Credit and 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 be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2017. 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, 2017, there were no Rule 144A securities.

8. 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.

9. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

10. 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 Clarion Global Real Estate Fund       a series of Lincoln Variable       Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17			Ending Account Value 6/30/17			Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to     6/30/17*
Actual
Standard Class Shares		$	1,000.00		$	1,044.10		0.77	%		$3.90
Service Class Shares			1,000.00			1,042.70		1.02	%		5.17
Hypothetical (5% return before expenses)
Standard Class Shares		$	1,000.00		$	1,020.98		0.77	%		$3.86
Service Class Shares			1,000.00			1,019.74		1.02	%		5.11

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Country	Percentage of Net Assets
Common Stock		98.58	%
Australia		5.17	%
Austria		0.54	%
Canada		1.79	%
France		4.38	%
Germany		4.75	%
Hong Kong		8.71	%
Japan		10.96	%
Netherlands		0.53	%
Singapore		2.20	%
Spain		0.73	%
Sweden		0.97	%
United Kingdom		5.38	%
United States		52.47	%
Money Market Fund		1.08	%
Total Value of Securities		99.66	%
Receivables and Other Assets Net of Liabilities		0.34	%
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 Real Estate Activities		8.55	%
Diversified REITs		9.10	%
Health Care REITs		5.65	%
Hotel & Resort REITs		3.21	%
Industrial REITs		8.28	%
Office REITs		12.50	%
Real Estate Development		2.23	%
Real Estate Operating Companies		10.20	%
Residential REITs		10.55	%
Retail REITs		20.97	%
Specialized REITs		7.34	%
Total		98.58	%

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		4.79	%
Prologis		3.29	%
Mitsui Fudosan		3.28	%
GGP		2.93	%
Welltower		2.74	%
AvalonBay Communities		2.67	%
Cheung Kong Property Holdings		2.23	%
Vornado Realty Trust		2.14	%
Land Securities Group		2.06	%
Vonovia		2.00	%
Total		28.13	%

LVIP Clarion Global Real Estate Fund–2

LVIP Clarion Global Real Estate Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–98.58%
Australia–5.17%
†=pBGP Holdings		4,536,115	$	103,618
Dexus		810,087		5,902,559
Goodman Group		631,480		3,819,748
GPT Group		940,556		3,462,745
Mirvac Group		640,303		1,048,251
Scentre Group		2,047,839		6,374,575
				20,711,496
Austria–0.54%
†BUWOG		75,663		2,173,857
				2,173,857
Canada–1.79%
Canadian Real Estate Investment Trust		65,400		2,313,308
H&R Real Estate Investment Trust		141,000		2,394,216
Smart Real Estate Investment Trust		98,700		2,444,667
				7,152,191
France–4.38%
Gecina		27,791		4,359,694
Klepierre		170,946		7,006,402
Unibail-Rodamco		24,457		6,163,540
				17,529,636
Germany–4.75%
Ado Properties		54,477		2,304,351
Deutsche Wohnen		94,501		3,614,720
LEG Immobilien		54,069		5,083,046
Vonovia		201,542		8,002,597
				19,004,714
∎Hong Kong–8.71%
Cheung Kong Property Holdings		1,140,000		8,928,779
Hang Lung Properties		2,387,000		5,961,806
Hongkong Land Holdings		629,000		4,629,440
Link REIT		1,012,200		7,700,937
Swire Properties		1,046,000		3,449,846
Wharf Holdings		506,800		4,199,830
				34,870,638
Japan–10.96%
Activia Properties		511		2,183,023
Hulic		356,400		3,634,504
Japan Retail Fund Investment		1,738		3,206,357
Mitsubishi Estate		101,400		1,887,361
Mitsui Fudosan		551,200		13,136,178
Mori Hills REIT Investment		2,310		2,838,337
Nippon Building Fund		554		2,827,259
Nippon Prologis REIT		2,862		6,091,690
Nomura Real Estate Holdings		61,200		1,199,242
Orix JREIT		2,846		4,197,834

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Tokyo Tatemono		205,000	$	2,682,907
				43,884,692
Netherlands–0.53%
Eurocommercial Properties CVA		53,099		2,121,736
				2,121,736
Singapore–2.20%
CapitaLand		1,473,600		3,746,214
City Developments		181,600		1,415,339
Global Logistic Properties		1,132,200		2,351,982
Mapletree Commercial Trust		1,107,618		1,283,204
				8,796,739
Spain–0.73%
Hispania Activos Inmobiliarios SOCIMI		74,374		1,229,597
Inmobiliaria Colonial		194,665		1,695,984
				2,925,581
Sweden–0.97%
Castellum		103,854		1,524,890
Fabege		101,032		1,942,762
Hufvudstaden Class A		25,956		430,407
				3,898,059
United Kingdom–5.38%
British Land		193,385		1,525,099
Hammerson		499,220		3,735,451
Land Securities Group		625,448		8,252,047
Safestore Holdings		199,630		1,095,674
Segro		619,214		3,945,375
Tritax Big Box REIT		636,983		1,212,930
UNITE Group		208,554		1,762,886
				21,529,462
United States–52.47%
Alexandria Real Estate Equities		64,300		7,746,221
AvalonBay Communities		55,665		10,697,143
Boston Properties		26,900		3,309,238
Colony Starwood Homes		112,000		3,842,720
CubeSmart		143,330		3,445,653
CyrusOne		51,000		2,843,250
DCT Industrial Trust		92,050		4,919,152
DiamondRock Hospitality		182,400		1,997,280
Digital Realty Trust		17,100		1,931,445
Equinix		10,000		4,291,600
Equity Residential		78,450		5,164,363
Extra Space Storage		91,746		7,156,188
Forest City Realty Trust Class A		75,400		1,822,418
Gaming and Leisure Properties		175,800		6,622,386
GGP		497,600		11,723,456
HCP		214,900		6,868,204
Healthcare Trust of America Class A		154,557		4,808,268
Host Hotels & Resorts		319,500		5,837,265

LVIP Clarion Global Real Estate Fund–3

LVIP Clarion Global Real Estate Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
D COMMON STOCK (continued)
United States (continued)
Hudson Pacific Properties		88,040	$	3,010,088
Invitation Homes		92,000		1,989,960
Kilroy Realty		54,600		4,103,190
Kimco Realty		265,230		4,866,970
Mid-America Apartment Communities		53,900		5,679,982
Park Hotels & Resorts		76,300		2,057,048
Prologis		224,290		13,152,366
Public Storage		9,600		2,001,888
Regency Centers		106,200		6,652,368
Simon Property Group		118,500		19,168,560
SL Green Realty		71,200		7,532,960
STORE Capital		123,700		2,777,065
Sun Communities		71,100		6,234,759
Sunstone Hotel Investors		184,166		2,968,756
UDR		175,700		6,847,029
VEREIT		794,500		6,467,230
Vornado Realty Trust		91,181		8,561,896
Welltower		146,300		10,950,555
				210,048,920
Total Common Stock (Cost $324,285,129)				394,647,721

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–1.08%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		4,334,125	$	4,334,125
Total Money Market Fund (Cost $4,334,125)				4,334,125

TOTAL VALUE OF SECURITIES–99.66% (Cost $328,619,254)		398,981,846
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.34%		1,360,927
NET ASSETS APPLICABLE TO 42,622,720 SHARES OUTSTANDING–100.00%	$	400,342,773
NET ASSET VALUE PER SHARE–LVIP CLARION GLOBAL REAL ESTATE FUND STANDARD CLASS ($287,448,956 / 30,508,653 Shares)		$9.422
NET ASSET VALUE PER SHARE–LVIP CLARION GLOBAL REAL ESTATE FUND SERVICE CLASS ($112,893,817 / 12,114,067 Shares)		$9.319
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	377,342,359
Undistributed net investment income		1,371,007
Accumulated net realized loss on investments		(48,735,680	)
Net unrealized appreciation of investments, foreign currencies and derivatives		70,365,087
TOTAL NET ASSETS	$	400,342,773

D Securities have been classified by country of origin. Classification by type of business has been presented on page 2.

∎ 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 $100,157 payable for fund shares redeemed, $4,005,972 payable for securities purchased and $274,444 due to manager and affiliates as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

LVIP Clarion Global Real Estate Fund–4

LVIP Clarion Global Real Estate Fund

Statement of Net Assets (continued)

p Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2017, the aggregate value of restricted security was $103,618, which represented 0.03% of the Fund’s net assets. See Notes 6 in “Notes to Financial Statements.”

Restricted Security

Investment	Date of Acquisition	Cost		Value
BGP Holdings	8/6/09	$	—	$	103,618

The following foreign currency exchange contracts were outstanding at June 30, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to     Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BBH	AUD	362,612		USD	(278,345	)		7/3/17		$   350		$      —
BBH	EUR	865,639		USD	(988,482	)		7/3/17		360		—
BBH	HKD	(4,079,980	)	USD	522,719			7/3/17		97		—
BBH	HKD	(3,977,159	)	USD	509,442			7/5/17		—		(41)
BBH	JPY	11,085,444		USD	(98,679	)		7/5/17		—		(99)
BBH	SEK	(724,196	)	USD	85,348			7/3/17		—		(627)
BBH	SEK	(862,774	)	USD	102,184			7/5/17		—		(254)
BBH	SGD	243,502		USD	(176,431	)		7/3/17		441		—
BBH	SGD	(165,969	)	USD	120,256			7/5/17		—		(301)
BNYM	CAD	(13,782	)	USD	10,575			7/5/17		—		(54)
BNYM	JPY	(1,588,528	)	USD	14,145			7/3/17		20		—
Total										$1,268		$(1,376)

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:

AUD–Australian Dollar

BBH–Brown Brothers Harriman, New York

BNYM–Bank of New York Mellon

CAD–Canadian Dollar

CVA–Dutch Certificate

EUR–Euro

HKD–Hong Kong Dollar

JPY–Japanese Yen

REIT–Real Estate Investment Trust

SEK–Swedish Krona

SGD–Singapore Dollar

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	6,501,815
Foreign tax withheld		(331,392	)
		6,170,423
EXPENSES:
Management fees		1,360,545
Distribution fees-Service Class		139,030
Accounting and administration expenses		49,036
Professional fees		25,919
Custodian fees		24,324
Shareholder servicing fees		19,282
Reports and statements to shareholders		17,028
Trustees’ fees and expenses		5,286
Pricing fees		5,165
Consulting fees		1,271
Other		2,021
Total operating expenses		1,648,907
NET INVESTMENT INCOME		4,521,516
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		15,920,388
Foreign currencies		89,620
Foreign currency exchange contracts		(135,239	)
Net realized gain		15,874,769
Net change in unrealized appreciation (depreciation) of:
Investments		(3,473,617	)
Foreign currencies		26,577
Foreign currency exchange contracts		(108	)
Net change in unrealized appreciation (depreciation)		(3,447,148	)
NET REALIZED AND UNREALIZED GAIN		12,427,621
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,949,137

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 6/30/17  (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,521,516		$	8,316,161
Net realized gain.		15,874,769			15,890,815
Net change in unrealized appreciation (depreciation)		(3,447,148	)		(19,497,032	)
Net increase in net assets resulting from operations		16,949,137			4,709,944
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(11,714,362	)
Service Class		—			(4,403,187	)
		—			(16,117,549	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		17,035,575			41,355,524
Service Class		6,983,064			17,028,438
Reinvestment of dividends and distributions:
Standard Class		—			11,714,362
Service Class		—			4,403,187
		24,018,639			74,501,511
Cost of shares redeemed:
Standard Class		(30,161,726	)		(53,606,567	)
Service Class		(9,134,021	)		(25,877,324	)
	(39,295,747)			(79,483,891)
Decrease in net assets derived from capital share transactions		(15,277,108	)		(4,982,380	)
NET INCREASE (DECREASE) IN NET ASSETS		1,672,029			(16,389,985	)
NET ASSETS:
Beginning of period		398,670,744			415,060,729
End of period	$	400,342,773		$	398,670,744
Undistributed (Distributions in excess of) net investment income	$	1,371,007		$	(3,150,509	)

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 6/30/171 (unaudited)		12/31/16				12/31/15				Year Ended 12/31/14				12/31/13			12/31/122
Net asset value, beginning of period		$    9.024		$	9.306			$	9.732			$	8.778			$	8.497		$	6.815
Income (loss) from investment operations:
Net investment income3		0.109			0.203				0.157				0.212				0.156			0.148
Net realized and unrealized gain (loss)		0.289			(0.089	)			(0.288	)			1.000				0.125			1.534
Total from investment operations		0.398			0.114				(0.131	)			1.212				0.281			1.682
Less dividends and distributions from:
Net investment income		—			(0.396	)			(0.295	)			(0.258	)			—			—
Total dividends and distributions		—			(0.396	)			(0.295	)			(0.258	)			—			—
Net asset value, end of period		$    9.422		$	9.024			$	9.306			$	9.732			$	8.778		$	8.497
Total return4		4.41%			1.18%				(1.22%	)			13.89%				3.31%			24.68%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$287,449		$	288,333			$	297,101			$	459,143			$	359,296		$	254,075
Ratio of expenses to average net assets		0.77%			0.75%				0.74%				0.73%				0.77%			0.84%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.77%			0.75%				0.74%				0.81%				1.03%			1.07%
Ratio of net investment income to average net assets		2.37%			2.14%				1.61%				2.25%				1.77%			1.91%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.37%			2.14%				1.61%				2.17%				1.51%			1.68%
Portfolio turnover		46%			45%				51%				33%				40%			120%

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 6/30/171 (unaudited)		12/31/16			12/31/15			Year Ended 12/31/14			12/31/13		12/31/122
Net asset value, beginning of period		$    8.937	$	9.219		$	9.643		$	8.681		$	8.425	$	6.773
Income (loss) from investment operations:
Net investment income3		0.096		0.177			0.130			0.186			0.133		0.127
Net realized and unrealized gain (loss)		0.286		(0.086	)		(0.283	)		0.989			0.123		1.525
Total from investment operations		0.382		0.091			(0.153	)		1.175			0.256		1.652
Less dividends and distributions from:
Net investment income		—		(0.373	)		(0.271	)		(0.213	)		—		—
Total dividends and distributions		—		(0.373	)		(0.271	)		(0.213	)		—		—
Net asset value, end of period		$    9.319	$	8.937		$	9.219		$	9.643		$	8.681	$	8.425
Total return4		4.27%		0.94%			(1.47%	)		13.60%			3.04%		24.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$112,894	$	110,338		$	117,960		$	118,790		$	112,568	$	106,546
Ratio of expenses to average net assets		1.02%		1.00%			0.99%			0.98%			1.02%		1.09%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.02%		1.00%			0.99%			1.06%			1.28%		1.32%
Ratio of net investment income to average net assets		2.12%		1.89%			1.36%			2.00%			1.52%		1.66%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		2.12%		1.89%			1.36%			1.92%			1.26%		1.43%
Portfolio turnover		46%		45%			51%			33%			40%		120%

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in the foreign exchange rates from that which is due to changes in market prices. These changes 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. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. 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) from investments” on the Statement of Operations and totaled $21,016 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	11,226
Legal		2,709

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $12,698 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP Clarion Global Real Estate Fund–10

LVIP Clarion Global Real Estate Fund

Notes to Financial Statements (continued)

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

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	228,678
Distribution fees payable to LFD		23,487
Printing and mailing fees payable to Lincoln Life		12,698
Shareholder servicing fees payable to Lincoln Life		9,581

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	180,817,233
Sales		186,945,368

At June 30, 2017, 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	$	328,619,254
Aggregate unrealized appreciation	$	80,703,201
Aggregate unrealized depreciation		(10,340,609	)
Net unrealized appreciation	$	70,362,592

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, 2016, 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)*			Total
2017	Short-Term		Long-Term
$43,681,858	$	4,326,593	$—	$	48,008,451

*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 Clarion Global Real Estate Fund–11

LVIP Clarion Global Real Estate 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, 2017:

	Level 1		Level 2				Level 3			Total
Investments:
Assets:
Common Stock
Australia	$	20,607,878		$	—			$	103,618	$	20,711,496
Austria		2,173,857			—				—		2,173,857
Canada		7,152,191			—				—		7,152,191
France		17,529,636			—				—		17,529,636
Germany		19,004,714			—				—		19,004,714
Hong Kong		34,870,638			—				—		34,870,638
Japan		43,884,692			—				—		43,884,692
Netherlands		2,121,736			—				—		2,121,736
Singapore		8,796,739			—				—		8,796,739
Spain		2,925,581			—				—		2,925,581
Sweden		3,898,059			—				—		3,898,059
United Kingdom		21,529,462			—				—		21,529,462
United States		210,048,920			—				—		210,048,920
Money Market Fund		4,334,125			—				—		4,334,125
Total Investments	$	398,878,228		$	—			$	103,618	$	398,981,846
Derivatives:
Assets:
Foreign Currency Exchange Contracts	$	—		$	1,268			$	—	$	1,268
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(1,376	)		$	—	$	(1,376	)

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. The Fund’s policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP Clarion Global Real Estate Fund–12

LVIP Clarion Global Real Estate Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		1,851,885			4,431,674
Service Class		765,984			1,830,087
Shares reinvested:
Standard Class		—			1,274,880
Service Class		—			483,455
		2,617,869			8,020,096
Shares redeemed:
Standard Class		(3,295,696	)		(5,680,568	)
Service Class		(998,658	)		(2,761,873	)
		(4,294,354	)		(8,442,441	)
Net decrease		(1,676,485	)		(422,345	)

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 and to facilitate or expedite the settlement of portfolio transactions. 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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Foreign currency exchange contracts (Currency contracts)	Receivables and other assets net of liabilities	$1,268	Receivables and other assets net of liabilities	$(1,376)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(135,239)	$(108)

LVIP Clarion Global Real Estate Fund–13

LVIP Clarion Global Real Estate 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, 2017.

	Long Derivative Volume	Short Derivative Volume
Foreign currency exchange contracts (average cost)	$766,664	$738,000

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 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, 2017, there were no Rule 144A securities. Restricted security has 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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, 2017

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
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 ClearBridge Large Cap Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,085.60		0.10	%		$0.52
Service Class Shares		1,000.00		1,083.80		0.45	%		2.33
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,024.30		0.10	%		$0.50
Service Class Shares		1,000.00		1,022.56		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 181/365 (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 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, 2017

Security Type/Sector Percentage
of Net Assets

Investment Companies	99.74	%
Equity Funds	92.95	%
Money Market Fund	6.79	%
Total Value of Securities	99.74	%
Receivables and Other Assets Net of Liabilities	0.26	%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–99.74%
Equity Funds–92.95%
ClearBridge®–
Variable Aggressive Growth Portfolio		1,554,358	$	42,092,020
Variable Appreciation Portfolio		1,053,614		41,723,112
*QS Batterymarch®–
U.S. Large Cap Equity Fund		572,074		10,451,797
*QS Batterymarch Insurance Series®–
Global Dividend Fund		850,369		10,417,019
				104,683,948

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Money Market Fund–6.79%
Dreyfus Treasury & Agency Cash Management Fund–Institutional Shares (seven-day effective yield 0.86%)		7,649,469	$	7,649,469
				7,649,469
Total Investment Companies (Cost $105,695,839)				112,333,417

TOTAL VALUE OF SECURITIES–99.74% (Cost $105,695,839)		112,333,417
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.26%		293,008
NET ASSETS APPLICABLE TO 11,144,507 SHARES OUTSTANDING–100.00%	$	112,626,425

* Institutional Class shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
2	British Pound		$   160,381	$	163,063		9/19/17		$2,682		$        —
2	Euro		283,468		286,675		9/19/17		3,207		—
1	Japanese Yen		115,091		111,375		9/19/17		—		(3,716	)
									5,889		(3,716	)
Equity Contracts:
44	E-mini S&P 500 Index		5,339,257		5,325,980		9/18/17		—		(13,277	)
4	E-mini S&P MidCap 400 Index		705,814		698,440		9/18/17		—		(7,374	)
7	Euro STOXX 50 Index		284,145		274,310		9/18/17		—		(9,835	)
1	FTSE 100 Index		96,855		94,330		9/18/17		—		(2,525	)
1	Nikkei 225 Index (OSE)		178,841		177,995		9/8/17		—		(846	)
									—		(33,857	)
Total									$5,889		$(37,573	)

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:

FTSE–Financial Times Stock Exchange

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Investments, at value	$	112,333,417
Unrealized appreciation on futures contracts		5,889
Cash collateral held at broker for futures contracts		205,773
Receivable for fund shares sold		146,409
Foreign currencies collateral held at broker for futures contracts, at value		84,852
Dividends receivable from investments		84,045
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		10,517
Foreign currencies, at value		4,746
TOTAL ASSETS		112,875,648
LIABILITIES:
Payable for investments purchased		120,248
Due to manager and affiliates		41,947
Unrealized depreciation on futures contracts		37,573
Payable for fund shares redeemed		24,784
Other accrued expenses payable		19,930
Cash due to custodian		4,741
TOTAL LIABILITIES		249,223
TOTAL NET ASSETS	$	112,626,425
Investments, at cost	$	105,695,839
Foreign currencies, at cost	$	4,753
Foreign currencies collateral held at broker for futures contracts, at cost	$	84,852
Standard Class:
Net Assets	$	1,154,419
Shares Outstanding		114,034
Net Asset Value Per Share	$	10.123
Service Class:
Net Assets	$	111,472,006
Shares Outstanding		11,030,473
Net Asset Value Per Share	$	10.106
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	105,196,246
Distributions in excess of net investment income		(55,967	)
Accumulated net realized gain on investments		880,260
Net unrealized appreciation of investments, foreign currencies and derivatives		6,605,886
TOTAL NET ASSETS	$	112,626,425

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from investment companies	$	171,254
EXPENSES:
Management fees		355,695
Distribution fees-Service Class		178,540
Accounting and administration expenses		18,558
Professional fees		18,075
Reports and statements to shareholders		7,664
Shareholder servicing fees		5,303
Consulting fees		1,911
Custodian fees		1,486
Trustees’ fees and expenses		1,336
Pricing fees		114
Other		598
		589,280
Less:
Management fees waived		(340,230	)
Expenses reimbursed		(18,960	)
Total operating expenses		230,090
NET INVESTMENT LOSS		(58,836	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from investment companies		664,794
Sale of investments in investment companies		(299,060	)
Foreign currencies		2,319
Futures contracts		501,635
Net realized gain		869,688
Net change in unrealized appreciation (depreciation) of:
Investments in investment companies		7,248,796
Foreign currencies		1
Futures contracts		(24,036	)
Net change in unrealized appreciation (depreciation)		7,224,761
NET REALIZED AND UNREALIZED GAIN		8,094,449
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,035,613

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(58,836	)	$	633,672
Net realized gain		869,688			143,971
Net change in unrealized appreciation (depreciation)		7,224,761			2,807,014
Net increase in net assets resulting from operations		8,035,613			3,584,657
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(10,163	)
Service Class		—			(699,874	)
Net realized gain:
Standard Class		—			(18,782	)
Service Class		—			(1,842,424	)
		—			(2,571,243	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		179,083			580,391
Service Class		20,913,486			38,792,727
Reinvestment of dividends and distributions:
Standard Class		—			28,945
Service Class		—			2,542,298
		21,092,569			41,944,361
Cost of shares redeemed:
Standard Class		(44,916	)		(88,640	)
Service Class		(8,324,575	)		(7,986,778	)
		(8,369,491	)		(8,075,418	)
Increase in net assets derived from capital share transactions		12,723,078			33,868,943
NET INCREASE IN NET ASSETS		20,758,691			34,882,357
NET ASSETS:
Beginning of period		91,867,734			56,985,377
End of period	$	112,626,425		$	91,867,734
Undistributed (distributions in excess of) net investment income	$	(55,967	)	$	2,869

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 6/30/171 (unaudited)			Year Ended 12/31/162			5/1/153 to 12/31/15
Net asset value, beginning of period		$  9.325			$  9.290			$10.000
Income (loss) from investment operations:
Net investment income4		0.011			0.107			0.142
Net realized and unrealized gain (loss)		0.787			0.240			(0.774	)
Total from investment operations		0.798			0.347			(0.632	)
Less dividends and distributions from:
Net investment income		—			(0.105	)		(0.078	)
Net realized gain		—			(0.207	)		—
Total dividends and distributions		—			(0.312	)		(0.078	)
Net asset value, end of period		$10.123			$  9.325			$  9.290
Total return5		8.56%			3.78%			(6.33%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$  1,154			$     936			$     396
Ratio of expenses to average net assets6		0.10%			0.10%			0.10%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		0.80%			0.81%			0.98%
Ratio of net investment income to average net assets		0.23%			1.16%			2.24%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.47%	)		0.45%			1.36%
Portfolio turnover		4%			9%			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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 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 6/30/171 (unaudited)			Year Ended 12/31/162			5/1/153 to 12/31/15
Net asset value, beginning of period		$    9.325			$  9.291			$10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.006	)		0.075			0.120
Net realized and unrealized gain (loss)		0.787			0.238			(0.774	)
Total from investment operations		0.781			0.313			(0.654	)
Less dividends and distributions from:
Net investment income		—			(0.072	)		(0.055	)
Net realized gain		—			(0.207	)		—
Total dividends and distributions		—			(0.279	)		(0.055	)
Net asset value, end of period		$  10.106			$  9.325			$  9.291
Total return5		8.38%			3.42%			(6.54%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$111,472			$90,932			$56,589
Ratio of expenses to average net assets6		0.45%			0.45%			0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		1.15%			1.16%			1.33%
Ratio of net investment income (loss) to average net assets		(0.12%	)		0.81%			1.89%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.82%	)		0.10%			1.01%
Portfolio turnover		4%			9%			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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 ClearBridge Large Cap Managed Volatility Fund–7

LVIP ClearBridge Large Cap Managed Volatility Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially all 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2015-December 31, 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 six months ended June 30, 2017, 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 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 ClearBridge Large Cap Managed Volatility Fund–8

LVIP ClearBridge Large Cap 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, 2017.

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, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. The fee is calculated daily and paid monthly.

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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$2,835
Legal	685

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $4,903 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares; the Standard Class and the Service Class. The two classes of shares are identical except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$10,517
Management fees payable to LIAC	2,742
Distribution fees payable to LFD	31,652
Printing and mailing fees payable to Lincoln Life	4,903
Shareholder servicing fees payable to Lincoln Life	2,650

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$16,410,865
Sales	4,110,806

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	105,695,839
Aggregate unrealized appreciation	$	6,637,578
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	6,637,578

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from November 1, 2016 through December 31, 2016, that, in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen on the first day of the following fiscal year. At December 31, 2016, the Fund deferred $667 of qualified late year ordinary losses.

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, 2017:

	Level 1
Investments:
Assets:
Investment Companies	$	112,333,417
Derivatives:
Assets:
Futures Contracts	$	5,889
Liabilities:
Futures Contracts	$	(37,573	)

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

During the six months ended June 30, 2017, 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 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		18,245			64,099
Service Class		2,120,256			4,250,256
Shares reinvested:
Standard Class		—			3,126
Service Class		—			275,405
		2,138,501			4,592,886
Shares redeemed:
Standard Class		(4,528	)		(9,508	)
Service Class		(841,215	)		(864,898	)
		(845,743	)		(874,406	)
Net increase		1,292,758			3,718,480

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.

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 and to facilitate or expedite the settlement of portfolio transactions. 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 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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

LVIP ClearBridge Large Cap Managed Volatility Fund–11

LVIP ClearBridge Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts	$5,889	Unrealized depreciation on futures contracts		$(3,716)
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	—	Unrealized depreciation on futures contracts		(33,857)
Total		$5,889			$(37,573)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$478,350		$(30,758)
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		23,285		6,722
Total			$501,635		$(24,036)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$6,638,189		$—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 Delaware Bond Fund       a series of Lincoln Variable       Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP Delaware Bond Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Credit Quality Breakdown	2
Schedule of Investments	4
Statement of Assets and Liabilities	27
Statement of Operations	28
Statements of Changes in Net Assets	28
Financial Highlights	29
Notes to Financial Statements	31

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,027.50		0.36	%		$1.81
Service Class Shares		1,000.00		1,025.70		0.71	%		3.57
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.01		0.36	%		$1.81
Service Class Shares		1,000.00		1,021.27		0.71	%		3.56

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP Delaware Bond Fund–1

LVIP Delaware Bond Fund

Security Type/Sector Allocation and Credit Quality Ratings (unaudited)

As of June 30, 2017

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		8.21%
Agency Commercial Mortgage-Backed Securities		1.21%
Agency Mortgage-Backed Securities		24.48%
Corporate Bonds		41.21%
Aerospace & Defense		0.59%
Air Freight & Logistics		0.09%
Airlines		0.37%
Automobiles		0.48%
Banks		6.95%
Beverages		1.38%
Biotechnology		0.58%
Building Products		0.22%
Capital Markets		4.53%
Chemicals		1.48%
Commercial Services & Supplies		0.55%
Communications Equipment		0.17%
Construction Materials		0.45%
Consumer Finance		0.23%
Containers & Packaging		0.08%
Diversified Financial Services		0.31%
Diversified Telecommunication Services		1.17%
Electric Utilities		4.74%
Electronic Equipment, Instruments & Components		0.04%
Equity Real Estate Investment Trusts		2.18%
Food & Staples Retailing		0.07%
Food Products		0.15%
Gas Utilities		0.38%
Health Care Equipment & Supplies		0.52%
Health Care Providers & Services		0.07%
Hotels, Restaurants & Leisure		0.20%
Independent Power & Renewable Electricity Producers		0.28%
Industrial Conglomerates		0.43%
Insurance		1.57%
Internet & Direct Marketing Retail		0.12%
Internet Software & Services		0.05%
Life Sciences Tools & Services		0.46%
Machinery		0.31%
Media		1.17%
Metals & Mining		0.81%
Mortgage Real Estate Investment Trusts		0.03%
Multiline Retail		0.23%
Multi-Utilities		1.14%
Oil, Gas & Consumable Fuels		3.06%
Paper & Forest Products		0.34%
Pharmaceuticals		0.47%
Real Estate Management & Development		0.13%
Semiconductors & Semiconductor Equipment		0.11%

Security Type/Sector	Percentage of Net Assets
Software		0.66%
Specialty Retail		0.24%
Technology Hardware, Storage & Peripherals		0.36%
Textiles, Apparel & Luxury Goods		0.08%
Tobacco		0.14%
Trading Companies & Distributors		0.94%
Wireless Telecommunication Services		0.10%
Loan Agreements		0.59%
Municipal Bonds		2.34%
Non-Agency Asset-Backed Securities		7.40%
Non-Agency Collateralized Mortgage Obligations		1.07%
Non-Agency Commercial Mortgage-Backed Securities		6.06%
Sovereign Bonds		0.23%
Supranational Bank		0.17%
U.S. Treasury Obligations		3.85%
Preferred Stock		0.54%
Money Market Fund		1.04%
Short-Term Investments		5.21%
Total Value of Securities		103.61%
Liabilities Net of Receivables and Other Assets		(3.61%)
Total Net Assets		100.00%

Credit Quality Ratings (as a % of fixed income investments)*
U.S. Government	37.00	%
AAA	13.33	%
AA	5.55	%
A	14.40	%
BBB	20.47	%
BB	2.62	%
B	0.22	%
CCC	0.05	%
Non-Rated	1.25	%
Short-Term Investment	5.11	%
Total	100.00	%

*For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s Rating Services (“S&P”) or Moody’s Investor Service, Inc. (“Moody’s”) or Fitch Inc. (“Fitch”). U.S. Treasury Obligation, U.S. Agency Obligation, Agency Mortgage-Backed, Agency Commercial Mortgage-Backed and Agency Collateralized Mortgage Obligation securities appear under “U.S.

LVIP Delaware Bond Fund–2

LVIP Delaware Bond Fund

Security Type/Sector Allocation and Credit Quality Ratings (unaudited) (continued)

Government”. Discount notes, commercial papers and certificate of deposits appear under “Short-Term Investments”. “Non-Rated” is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

IT–Information Technology

LVIP Delaware Bond Fund–3

LVIP Delaware Bond Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–8.21%
Fannie Mae Connecticut Avenue Securities
•Series 2015-C04 2M1 2.916% 4/25/28		1,993,136	$	1,998,200
•Series 2016-C04 1M1 2.666% 1/25/29		4,488,405		4,544,405
•Series 2016-C05 2M1 2.566% 1/25/29		2,548,043		2,568,855
•Series 2017-C01 1M1 2.516% 7/25/29		3,721,554		3,761,088
•Series 2017-C04 2M2 4.066% 11/25/29		2,850,000		2,890,058
Fannie Mae Interest Strip
•*Series 413 167 4.50% 7/25/42		84,983		21,283
*Series 419 C3 3.00% 11/25/43		2,958,168		486,533
Fannie Mae REMIC Trust
Series 2004-W11 1A2 6.50% 5/25/44		120,773		139,314
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		2,031		2,347
Series 2002-83 GH 5.00% 12/25/17		104,815		105,162
Series 2003-38 MP 5.50% 5/25/23		1,100,461		1,188,622
Series 2005-70 PA 5.50% 8/25/35		402,644		450,107
Series 2005-110 MB 5.50% 9/25/35		209,743		219,878
Series 2007-40 PT 5.50% 5/25/37		120,537		133,372
•*Series 2008-15 SB 5.384% 8/25/36		864,841		166,472
Series 2009-11 LC 4.50% 3/25/49		38,773		41,021
Series 2009-11 MP 7.00% 3/25/49		44,612		51,989
Series 2010-41 PN 4.50% 4/25/40		235,000		252,186
Series 2010-43 HJ 5.50% 5/25/40		18,163		20,948
Series 2010-96 DC 4.00% 9/25/25		213,985		228,097
•*Series 2010-129 SM 4.784% 11/25/40		4,605,903		745,597
Series 2011-134 PA 4.00% 9/25/40		207,873		213,410
•*Series 2012-51 SA 5.284% 5/25/42		3,964,609		975,392
Series 2012-83 LB 2.50% 8/25/42		1,224,543		1,125,815
*Series 2012-99 AI 3.50% 5/25/39		3,881,262		455,771

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
*Series 2012-102 IB 3.50% 9/25/27		2,707,543	$	300,500
*Series 2012-115 MI 3.50% 3/25/42		1,887,795		237,286
*Series 2012-118 AI 3.50% 11/25/37		8,560,681		1,067,091
*Series 2012-120 WI 3.00% 11/25/27		9,003,709		865,570
•*Series 2012-122 SD 4.884% 11/25/42		9,756,806		1,936,710
*Series 2012-125 MI 3.50% 11/25/42		98,629		19,568
*Series 2012-137 WI 3.50% 12/25/32		3,274,307		519,684
•*Series 2012-139 NS 5.484% 12/25/42		15,660,334		3,818,287
Series 2012-145 MZ 3.50% 1/25/43		1,383,309		1,398,767
Series 2012-150 KC 2.50% 1/25/43		44,046		43,777
Series 2013-2 LZ 3.00% 2/25/43		589,863		566,178
Series 2013-6 ZJ 3.00% 2/25/43		577,143		534,663
*Series 2013-7 EI 3.00% 10/25/40		5,599,593		709,593
*Series 2013-20 IH 3.00% 3/25/33		274,234		37,997
*Series 2013-23 IL 3.00% 3/25/33		772,167		105,444
*Series 2013-26 ID 3.00% 4/25/33		5,275,750		732,643
Series 2013-28 YB 3.00% 4/25/43		142,000		138,127
*Series 2013-31 MI 3.00% 4/25/33		1,603,431		224,937
Series 2013-31 NT 3.00% 4/25/43		77,688		80,558
Series 2013-34 GP 3.00% 5/25/42		21,995,062		22,648,838
*Series 2013-38 AI 3.00% 4/25/33		4,703,098		646,945
*Series 2013-41 HI 3.00% 2/25/33		10,443,939		1,156,655
*Series 2013-43 IX 4.00% 5/25/43		19,436,999		4,447,710
*Series 2013-44 DI 3.00% 5/25/33		15,692,049		2,238,645

LVIP Delaware Bond Fund–4

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
Series 2013-44 Z 3.00% 5/25/43		1,373,171	$	1,313,662
*Series 2013-45 PI 3.00% 5/25/33		1,049,882		145,040
*Series 2013-55 AI 3.00% 6/25/33		11,921,643		1,676,995
Series 2013-59 PY 2.50% 6/25/43		820,000		760,567
Series 2013-62 PY 2.50% 6/25/43		716,000		656,697
*Series 2013-69 IJ 3.00% 7/25/33		2,523,555		350,010
Series 2013-94 GQ 3.00% 9/25/43		1,619,672		1,641,136
•*Series 2013-103 SK 4.704% 10/25/43		12,642,715		2,810,635
*Series 2014-21 ID 3.50% 6/25/33		58,557		7,731
*Series 2014-36 MI 3.50% 10/25/33		929,506		128,634
*Series 2014-64 IT 3.50% 6/25/41		2,264,414		232,733
Series 2014-67 GZ 2.00% 12/25/42		610,000		551,468
•*Series 2014-68 BS 4.934% 11/25/44		6,463,985		1,365,156
Series 2014-72 KZ 3.00% 11/25/44		57,408		52,635
*Series 2014-77 AI 3.00% 10/25/40		113,196		12,855
*Series 2014-85 IB 3.00% 12/25/44		145,939		27,663
•*Series 2014-90 SA 4.934% 1/25/45		44,478,892		8,701,463
*Series 2015-10 KI 3.00% 7/25/40		1,854,917		202,190
*Series 2015-27 IA 4.00% 6/25/43		1,743,975		287,052
•*Series 2015-27 SA 5.234% 5/25/45		2,720,002		531,094
Series 2015-40 GZ 3.50% 5/25/45		3,027,608		2,991,051
*Series 2015-44 AI 3.50% 1/25/34		6,100,219		929,115
Series 2015-44 Z 3.00% 9/25/43		7,142,440		6,990,808
*Series 2015-45 AI 3.00% 1/25/33		2,155,815		231,422

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
*Series 2015-56 MI 3.50% 10/25/41		3,545,808	$	558,486
*Series 2015-71 PI 4.00% 3/25/43		87,155		13,937
*Series 2015-85 BI 4.50% 9/25/43		101,860		18,866
Series 2015-89 AZ 3.50% 12/25/45		1,004,051		1,030,643
Series 2015-90 AZ 3.00% 6/25/41		92,275		86,331
•*Series 2015-95 SH 4.784% 1/25/46		9,421,455		2,102,790
*Series 2016-2 HI 3.00% 12/25/41		87,568		11,596
*Series 2016-6 AI 3.50% 4/25/34		8,117,122		1,034,401
*Series 2016-17 BI 4.00% 2/25/43		89,241		14,674
*Series 2016-23 AI 3.50% 2/25/41		3,367,303		492,206
*Series 2016-30 CI 3.00% 5/25/36		6,493,201		885,286
*Series 2016-33 DI 3.50% 6/25/36		16,146,973		2,448,222
•*Series 2016-36 SB 4.784% 3/25/43		5,081,057		873,903
*Series 2016-40 IO 3.50% 7/25/36		2,139,195		331,631
Series 2016-40 ZC 3.00% 7/25/46		2,279,270		2,133,039
*Series 2016-50 IB 3.00% 2/25/46		910,280		133,006
*Series 2016-54 PI 3.00% 2/25/44		94,045		11,499
•*Series 2016-55 SK 4.784% 8/25/46		7,797,282		1,790,624
•*Series 2016-62 SA 4.784% 9/25/46		15,080,324		3,713,717
*Series 2016-64 CI 3.50% 7/25/43		7,901,601		1,145,441
*Series 2016-66 DI 3.00% 9/25/40		1,010,818		117,585
Series 2016-72 AZ 3.00% 10/25/46		969,545		902,574
Series 2016-72 PZ 3.00% 10/25/46		477,613		425,957
•*Series 2016-74 GS 4.784% 10/25/46		16,016,617		4,008,448

LVIP Delaware Bond Fund–5

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
•*Series 2016-79 JS 4.834% 11/25/46		7,911,390	$	1,727,211
Series 2016-79 NC 2.50% 9/25/45		617,253		564,786
*Series 2016-83 PI 3.50% 7/25/45		1,898,564		312,886
•*Series 2016-85 SA 4.784% 11/25/46		15,971,590		3,789,435
*Series 2016-90 CI 3.00% 2/25/45		1,102,845		161,380
*Series 2016-95 IO 3.00% 12/25/46		97,576		18,772
*Series 2016-99 DI 3.50% 1/25/46		4,511,901		749,687
*Series 2016-104 CI 3.50% 4/25/43		6,347,919		871,640
•*Series 2016-105 SA 4.784% 1/25/47		10,687,938		2,371,947
*Series 2017-4 AI 3.50% 5/25/41		8,362,260		1,012,882
*Series 2017-4 BI 3.50% 5/25/41		4,733,620		712,926
*Series 2017-6 NI 3.50% 3/25/46		932,897		166,300
Series 2017-8 BZ 3.00% 2/25/47		7,334,869		6,793,038
•*Series 2017-8 SG 4.784% 2/25/47		13,376,502		3,023,962
Series 2017-10 LZ 3.00% 3/25/47		1,247,396		1,117,804
*Series 2017-11 EI 3.00% 3/25/42		12,839,552		1,767,982
*Series 2017-12 JI 3.50% 5/25/40		4,464,104		595,658
*Series 2017-14 AI 3.00% 9/25/42		1,268,448		194,677
Series 2017-15 NZ 3.50% 3/25/47		2,580,456		2,552,450
•*Series 2017-16 SM 4.834% 3/25/47		15,725,995		3,383,467
Series 2017-16 UW 3.00% 7/25/45		819,494		814,850
*Series 2017-16 WI 3.00% 1/25/45		2,721,718		352,422
Series 2017-16 YT 3.00% 7/25/46		2,135,000		2,159,564
Series 2017-16 YW 3.00% 3/25/47		506,000		483,854

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
Series 2017-19 MD 3.00% 1/25/47		57,000	$	57,474
Series 2017-21 ZD 3.50% 4/25/47		12,105,828		11,967,718
*Series 2017-24 AI 3.00% 8/25/46		5,031,962		741,358
Series 2017-25 BL 3.00% 4/25/47		1,051,000		972,118
•*Series 2017-25 GS 5.484% 4/25/47		16,309,114		2,655,461
Series 2017-27 EM 3.00% 4/25/47		517,112		487,636
Series 2017-28 Z 3.50% 4/25/47		570,967		579,866
Series 2017-39 CY 3.50% 5/25/47		5,538,000		5,592,166
Series 2017-40 GZ 3.50% 5/25/47		2,210,441		2,271,038
Series 2017-45 JZ 3.00% 6/25/47		768,859		675,937
Series 2017-45 ZK 3.50% 6/25/47		768,613		760,996
*Series 2017-46 JI 3.50% 1/25/43		8,730,813		1,068,935
Series 2017-46 VG 3.50% 4/25/38		1,341,000		1,387,460
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		162,624		183,817
Series 2717 MH 4.50% 12/15/18		100,100		102,386
•Series 3232 KF 1.609% 10/15/36		125,939		126,543
Series 3290 PE 5.50% 3/15/37		30,625		34,878
Series 3656 PM 5.00% 4/15/40		5,373,845		5,911,592
Series 3662 ZB 5.50% 8/15/36		153,905		171,765
•Series 3800 AF 1.659% 2/15/41		290,416		292,121
*Series 3939 EI 3.00% 3/15/26		11,089,538		709,159
*Series 4030 IL 3.50% 4/15/27		114,434		10,930
*Series 4050 EI 4.00% 2/15/39		9,109,323		954,346
Series 4097 VY 1.50% 8/15/42		100,000		83,892
*Series 4100 EI 3.00% 8/15/27		10,340,708		1,001,303
*Series 4101 WI 3.50% 8/15/32		4,703,261		704,888
Series 4102 KG 2.50% 9/15/42		31,000		28,258
*Series 4109 AI 3.00% 7/15/31		18,318,988		2,036,293
*Series 4120 IK 3.00% 10/15/32		10,005,146		1,371,532
*Series 4122 LI 3.00% 10/15/27		156,572		16,182
*Series 4135 AI 3.50% 11/15/42		7,836,086		1,604,332
Series 4136 EZ 3.00% 11/15/42		301,663		301,481

LVIP Delaware Bond Fund–6

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac REMICs (continued)
Series 4142 HA 2.50% 12/15/32		121,210	$	122,215
*Series 4146 IA 3.50% 12/15/32		5,324,854		816,184
Series 4150 PQ 2.50% 1/15/43		29,530		26,872
*Series 4150 UI 3.50% 8/15/32		8,409,230		922,977
Series 4158 ZT 3.00% 1/15/43		473,558		450,780
•*Series 4159 KS 4.991% 1/15/43		4,805,498		1,046,956
*Series 4161 IM 3.50% 2/15/43		2,803,313		593,791
Series 4163 CW 3.50% 4/15/40		822,482		841,498
Series 4171 MN 3.00% 2/15/43		74,000		72,603
Series 4171 Z 3.00% 2/15/43		1,794,302		1,656,089
Series 4180 ZB 3.00% 3/15/43		703,242		695,061
*Series 4181 DI 2.50% 3/15/33		4,895,439		588,152
•*Series 4184 GS 4.961% 3/15/43		7,936,144		1,716,531
*Series 4185 LI 3.00% 3/15/33		3,938,883		546,683
*Series 4191 CI 3.00% 4/15/33		1,635,705		227,925
Series 4210 Z 3.00% 5/15/43		116,205		106,395
*Series 4217 HI 2.50% 6/15/28		315,777		28,578
Series 4226 GZ 3.00% 7/15/43		290,125		272,491
*Series 4251 KI 2.50% 4/15/28		47,495		2,888
*Series 4278 HI 4.00% 12/15/28		535,698		54,765
*Series 4342 CI 3.00% 11/15/33		62,200		7,487
Series 4356 GZ 2.00% 1/15/43		1,014,003		871,916
*Series 4366 DI 3.50% 5/15/33		108,950		15,443
Series 4391 GZ 2.50% 12/15/40		74,976		72,250
Series 4408 BC 3.00% 11/15/44		156,000		151,527
Series 4419 DC 3.00% 12/15/44		88,000		86,585
*Series 4433 DI 3.00% 8/15/32		229,750		23,751
Series 4435 DY 3.00% 2/15/35		5,504,000		5,541,191
*Series 4449 PI 4.00% 11/15/43		93,434		16,989
*Series 4453 DI 3.50% 11/15/33		3,671,987		470,616
Series 4457 KZ 3.00% 4/15/45		6,594,508		6,303,156
*Series 4476 GI 3.00% 6/15/41		96,562		10,976
*Series 4479 TI 4.00% 7/15/34		1,570,709		259,734
•*Series 4494 SA 5.021% 7/15/45		2,199,890		472,638
*Series 4504 IO 3.50% 5/15/42		3,892,679		415,198
*Series 4518 CI 3.50% 6/15/42		704,793		86,153
*Series 4520 AI 3.50% 10/15/35		2,181,775		378,108
*Series 4527 CI 3.50% 2/15/44		10,214,028		1,748,338
Series 4531 PZ 3.50% 11/15/45		739,827		785,100
*Series 4543 HI 3.00% 4/15/44		4,222,554		670,236
Series 4554 MP 3.00% 2/15/46		2,252,500		2,272,450
*Series 4567 LI 4.00% 8/15/45		450,521		84,249

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac REMICs (continued)
*Series 4574 AI 3.00% 4/15/31		85,172	$	10,710
*Series 4581 LI 3.00% 5/15/36		3,937,144		536,650
Series 4592 WT 5.50% 6/15/46		15,174,082		16,956,112
•*Series 4594 SG 4.841% 6/15/46		392,550		97,661
Series 4614 HB 2.50% 9/15/46		3,937,000		3,593,975
•*Series 4618 SA 4.841% 9/15/46		5,404,409		1,296,981
*Series 4623 IY 4.00% 10/15/46		97,011		21,522
Series 4623 LZ 2.50% 10/15/46		3,371,671		2,954,288
Series 4623 MW 2.50% 10/15/46		3,922,000		3,617,644
*Series 4623 WI 4.00% 8/15/44		96,457		17,554
*Series 4625 BI 3.50% 6/15/46		15,108,761		3,038,209
Series 4625 PZ 3.00% 6/15/46		1,813,690		1,721,750
Series 4629 KB 3.00% 11/15/46		1,273,000		1,221,252
•*Series 4631 GS 4.841% 11/15/46		21,810,694		4,623,741
Series 4631 LJ 3.00% 3/15/41		1,112,077		1,104,470
Series 4636 NZ 3.00% 12/15/46		4,407,538		4,227,038
Series 4636 ZN 3.00% 12/15/46		2,764,101		2,466,384
Series 4640 LB 3.00% 9/15/43		13,304,069		13,116,353
*Series 4643 QI 3.50% 9/15/45		139,514		23,200
*Series 4644 GI 3.50% 5/15/40		5,930,800		936,852
Series 4648 MZ 3.00% 6/15/46		780,318		744,437
Series 4648 ND 3.00% 9/15/46		633,732		614,007
•*Series 4648 SA 4.841% 1/15/47		11,721,810		2,596,791
Series 4650 JE 3.00% 7/15/46		740,000		715,987
Series 4653 VB 3.00% 4/15/40		959,208		960,707
*Series 4655 TI 3.00% 8/15/36		2,157,615		195,650
*Series 4655 WI 3.50% 8/15/43		4,578,158		741,933
*Series 4656 HI 3.50% 5/15/42		195,339		25,796
Series 4657 JZ 3.50% 2/15/47		870,077		879,675
Series 4657 NW 3.00% 4/15/45		1,002,318		998,217
•*Series 4657 PS 4.841% 2/15/47		11,348,420		2,481,811
*Series 4660 GI 3.00% 8/15/43		3,597,607		566,947
*Series 4663 AI 3.00% 3/15/42		8,275,355		1,156,857
Series 4663 HZ 3.50% 3/15/47		1,027,942		1,000,491
*Series 4664 DI 3.50% 11/15/43		2,722,333		408,645
Series 4664 ZC 3.00% 9/15/45		753,624		734,023
*Series 4665 NI 3.50% 7/15/41		24,764,556		3,259,072
*Series 4667 LI 3.50% 10/15/43		7,624,562		1,271,382
•*Series 4675 KS 4.841% 4/15/47		8,907,316		2,035,394
Series 4676 KZ 2.50% 7/15/45		2,228,255		1,951,804

LVIP Delaware Bond Fund–7

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac Strips
•*Series 267 S5 4.841% 8/15/42		10,028,729	$	2,081,335
•*Series 284 S6 4.941% 10/15/42		79,116		16,550
*Series 290 IO 3.50% 11/15/32		3,070,727		489,715
•*Series 299 S1 4.841% 1/15/43		7,520,755		1,516,063
•*Series 303 151 4.322% 12/15/42		66,067		15,874
•*Series 303 185 3.495% 1/15/43		76,409		15,392
•*Series 319 S2 4.841% 11/15/43		11,508,375		2,521,785
•*Series 326 S2 4.791% 3/15/44		7,894,059		1,582,001
•*Series 337 S1 4.891% 9/15/44		6,841,282		1,557,187
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2015-DNA3 M2 4.066% 4/25/28		3,784,707		3,920,011
•Series 2015-HQA1 M2 3.866% 3/25/28		2,725,641		2,794,497
•Series 2015-HQA2 M2 4.016% 5/25/28		3,308,301		3,425,254
•Series 2016-DNA1 M2 4.116% 7/25/28		2,223,000		2,314,293
•Series 2016-DNA3 M2 3.216% 12/25/28		1,935,000		1,983,331
•Series 2016-DNA4 M2 2.516% 3/25/29		1,700,000		1,719,182
•Series 2016-HQA2 M2 3.466% 11/25/28		2,237,000		2,298,771
•Series 2017-DNA1 M2 4.466% 7/25/29		3,500,000		3,651,048
◆Freddie Mac Structured Pass Through Certificates Series T-58 2A 6.50% 9/25/43		429,654		497,745
GNMA
Series 2010-113 KE 4.50% 9/20/40		6,843,000		7,511,473
Series 2012-136 MX 2.00% 11/20/42		1,540,000		1,415,845
Series 2012-145 PY 2.00% 12/20/42		55,000		49,844
Series 2013-79 KE 3.00% 5/20/43		4,000,000		4,005,248
Series 2013-113 AZ 3.00% 8/20/43		9,463,888		9,204,940
Series 2013-113 LY 3.00% 5/20/43		1,113,000		1,114,805
Series 2014-12 ZA 3.00% 1/20/44		118,534		114,309
Series 2014-62 Z 3.00% 4/20/44		101,157		99,277
Series 2015-64 GZ 2.00% 5/20/45		4,063,475		3,420,537

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
*Series 2015-74 CI 3.00% 10/16/39		8,482,802	$	1,152,006
Series 2015-76 MZ 3.00% 5/20/45		5,871,294		5,928,628
*Series 2015-82 GI 3.50% 12/20/38		73,240		7,480
Series 2015-106 QZ 2.50% 7/20/45		3,775,462		3,716,968
Series 2015-133 AL 3.00% 5/20/45		7,251,000		7,121,860
Series 2015-134 PZ 3.00% 9/20/45		2,291,034		2,251,013
*Series 2015-142 AI 4.00% 2/20/44		2,884,026		369,452
Series 2015-155 PZ 3.00% 10/20/45		3,432,186		3,379,961
Series 2015-157 HZ 3.00% 10/20/45		156,047		146,045
Series 2015-185 PZ 3.00% 12/20/45		2,386,902		2,272,470
Series 2016-5 GL 3.00% 7/20/45		343,000		342,987
Series 2016-54 MZ 3.00% 4/20/46		621,345		568,669
Series 2016-80 JZ 3.00% 6/20/46		75,220		70,027
•*Series 2016-89 QS 4.838% 7/20/46		7,771,681		1,907,973
•*Series 2016-108 SK 4.838% 8/20/46		11,886,474		2,788,610
Series 2016-111 PB 2.50% 8/20/46		3,769,122		3,463,936
*Series 2016-116 GI 3.50% 11/20/44		15,832,099		2,516,637
*Series 2016-118 DI 3.50% 3/20/43		36,292,491		5,485,654
•*Series 2016-118 ES 4.888% 9/20/46		7,507,656		1,764,456
•*Series 2016-120 AS 4.888% 9/20/46		12,779,566		3,100,107
•*Series 2016-120 NS 4.888% 9/20/46		17,200,412		4,260,291
•*Series 2016-121 JS 4.888% 9/20/46		12,304,245		3,005,416
•*Series 2016-126 NS 4.888% 9/20/46		8,529,318		1,994,179
Series 2016-134 MW 3.00% 10/20/46		629,000		639,499

LVIP Delaware Bond Fund–8

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
•*Series 2016-146 KS 4.888% 10/20/46		23,803,257	$	5,719,056
•*Series 2016-147 ST 4.838% 10/20/46		7,979,563		1,870,117
*Series 2016-149 GI 4.00% 11/20/46		18,964,090		4,083,979
*Series 2016-156 AI 3.00% 12/20/42		6,092,990		722,892
Series 2016-156 PB 2.00% 11/20/46		2,342,000		1,938,089
*Series 2016-160 GI 3.50% 11/20/46		10,178,918		2,406,988
•*Series 2016-160 GS 4.888% 11/20/46		27,406,880		6,730,116
Series 2016-160 VZ 2.50% 11/20/46		1,214,858		1,039,784
Series 2016-161 ML 3.00% 11/20/46		1,263,539		1,188,379
*Series 2016-163 MI 3.50% 11/20/46		8,299,693		996,606
*Series 2016-163 PI 3.50% 5/20/43		21,005,763		3,198,526
Series 2016-163 WZ 3.00% 11/20/46		4,159,061		3,843,113
*Series 2016-163 XI 3.00% 10/20/46		11,915,482		1,608,453
Series 2016-167 QM 3.00% 4/20/46		232,000		230,405
Series 2016-170 MZ 3.00% 12/20/46		1,309,471		1,216,596
*Series 2016-171 IP 3.00% 3/20/46		10,498,491		1,560,980
Series 2017-2 Z 2.65% 1/20/46		2,435,002		2,386,909
Series 2017-4 BW 3.00% 1/20/47		732,000		700,122
*Series 2017-4 WI 4.00% 2/20/44		5,205,881		1,024,874
*Series 2017-10 IB 4.00% 1/20/47		10,161,198		2,389,131
Series 2017-10 KZ 3.00% 1/20/47		794,862		740,604
Series 2017-14 EZ 3.00% 1/20/47		153,910		142,248
Series 2017-17 BV 3.00% 4/20/40		251,000		250,682
Series 2017-17 BZ 3.00% 2/20/47		946,873		978,238
Series 2017-18 GM 2.50% 2/20/47		603,000		562,618
*Series 2017-18 IQ 4.00% 12/16/43		4,820,211		944,258

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
*Series 2017-18 QI 4.00% 3/16/41		8,155,770	$	1,426,837
•*Series 2017-18 QS 4.928% 2/16/47		9,659,896		2,200,273
Series 2017-18 WY 3.00% 2/20/47		165,950		157,359
Series 2017-25 CZ 3.50% 2/20/47		3,127,220		3,160,863
Series 2017-25 WZ 3.00% 2/20/47		357,553		330,036
•*Series 2017-26 SA 4.888% 2/20/47		10,240,185		2,083,460
Series 2017-33 PZ 3.00% 2/20/47		3,877,038		3,745,431
Series 2017-34 DY 3.50% 3/20/47		2,191,000		2,200,499
Series 2017-45 JZ 3.50% 3/20/47		2,118,748		2,122,437
Series 2017-56 JZ 3.00% 4/20/47		2,857,808		2,677,599
Total Agency Collateralized Mortgage Obligations (Cost $500,815,263)				507,332,900
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.21%
Freddie Mac Multifamily Structured Pass Through Certificates
◆Series K719 A1 2.53% 12/25/21		2,559,637		2,600,395
•◆Series KS03 A4 3.161% 5/25/25		6,150,000		6,356,526
FREMF Mortgage Trust
#•Series 2010-K7 B 144A 5.685% 4/25/20		7,620,000		8,226,704
#•Series 2011-K12 B 144A 4.492% 1/25/46		4,586,000		4,859,333
#•Series 2011-K14 B 144A 5.341% 2/25/47		2,534,000		2,767,469
#•Series 2011-K15 B 144A 5.116% 8/25/44		3,918,000		4,262,392
#•Series 2011-K704 B 144A 4.69% 10/25/30		4,245,000		4,344,653
#•Series 2012-K22 B 144A 3.811% 8/25/45		7,781,000		8,070,919
#•Series 2012-K708 B 144A 3.883% 2/25/45		5,456,000		5,579,926
#•Series 2013-K26 144A 3.722% 12/25/45		4,281,000		4,415,623
#•Series 2013-K32 B 144A 3.651% 10/25/46		4,300,000		4,444,538

LVIP Delaware Bond Fund–9

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust (continued)
#•Series 2013-K33 B 144A 3.617% 8/25/46		3,516,000	$	3,589,643
#•Series 2013-K712 B 144A 3.48% 5/25/45		7,057,068		7,221,385
#•Series 2013-K713 B 144A 3.274% 4/25/46		1,860,000		1,894,696
#•Series 2013-K713 C 144A 3.274% 4/25/46		6,215,000		6,254,230
Total Agency Commercial Mortgage-Backed Securities (Cost $74,219,222)				74,888,432
AGENCY MORTGAGE-BACKED SECURITIES–24.48%
Fannie Mae ARM
•2.532% 12/1/46		268,813		270,207
•2.909% 7/1/45		46,381		47,257
•2.943% 12/1/45		2,111,365		2,161,688
•2.963% 4/1/46		4,107		4,194
•3.203% 4/1/44		95,201		97,967
•3.217% 3/1/44		140,276		144,710
•3.272% 9/1/43		91,292		94,098
Fannie Mae S.F. 30 yr
3.00% 1/1/47		36,544,121		36,359,112
3.00% 8/1/56		12,578,746		12,445,522
4.50% 3/1/39		113,474		123,152
4.50% 4/1/39		967,795		1,047,052
4.50% 6/1/39		15,652,792		16,940,287
4.50% 7/1/39		1,296,987		1,407,564
4.50% 9/1/39		930,892		1,010,103
4.50% 11/1/39		2,867,845		3,125,519
4.50% 1/1/40		7,905,792		8,581,626
4.50% 6/1/40		3,426,270		3,720,012
4.50% 7/1/40		4,269,338		4,620,270
4.50% 8/1/40		1,235,710		1,336,304
4.50% 9/1/40		6,585,390		7,153,142
4.50% 5/1/41		843,907		916,086
4.50% 7/1/41		7,609,349		8,266,444
4.50% 8/1/41		7,950,412		8,668,308
4.50% 9/1/41		266,196		288,186
4.50% 1/1/42		6,171,596		6,699,444
4.50% 8/1/42		9,654,309		10,475,558
4.50% 10/1/42		89,006		96,326
4.50% 10/1/43		20,594,495		22,356,805
4.50% 12/1/43		122,363		133,128
4.50% 2/1/44		46,735,892		50,542,741
4.50% 6/1/44		517,218		560,574
4.50% 10/1/44		549,681		596,151
4.50% 2/1/45		23,408		25,146
4.50% 1/1/46		33,085		35,867
4.50% 2/1/46		129,878,941		140,429,864
4.50% 3/1/46		31,088,582		33,697,063

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
4.50% 7/1/46		9,187,824	$	9,899,284
5.00% 9/1/33		59,616		65,409
5.00% 11/1/33		125,656		137,848
5.00% 3/1/34		264,108		289,526
5.00% 2/1/35		3,050,641		3,348,416
5.00% 4/1/35		24,613		27,018
5.00% 5/1/35		396,819		435,638
5.00% 6/1/35		38,379		42,016
5.00% 7/1/35		701,716		770,178
5.00% 8/1/35		70,541		77,438
5.00% 9/1/35		38,511		42,279
5.00% 10/1/35		2,432,740		2,670,613
5.00% 11/1/35		799,650		877,594
5.00% 12/1/35		1,037,205		1,152,169
5.00% 2/1/36		2,077,094		2,280,462
5.00% 3/1/36		139,070		152,669
5.00% 6/1/36		416,896		457,607
5.00% 7/1/36		58,633		64,342
5.00% 10/1/36		66,770		73,308
5.00% 12/1/36		12,497		13,723
5.00% 4/1/37		466,581		511,883
5.00% 10/1/37		269,430		296,222
5.00% 2/1/38		2,611,489		2,867,495
5.00% 5/1/38		312,726		343,326
5.00% 12/1/39		1,265,682		1,395,678
5.00% 1/1/40		5,061,841		5,622,017
5.00% 7/1/40		2,644,819		2,893,776
5.00% 5/1/41		1,461,739		1,606,064
5.00% 1/1/42		15,425,865		17,077,239
5.00% 10/1/43		18,754,987		20,568,635
5.50% 5/1/33		96,556		108,053
5.50% 3/1/34		20,965		23,477
5.50% 4/1/34		7,447		8,342
5.50% 5/1/34		2,251,643		2,522,253
5.50% 7/1/34		1,080		1,210
5.50% 8/1/34		428,865		480,425
5.50% 9/1/34		62,328		69,759
5.50% 11/1/34		610,798		684,177
5.50% 12/1/34		191,797		214,794
5.50% 2/1/35		69,128		77,401
5.50% 5/1/35		112,001		125,457
5.50% 6/1/35		994,512		1,113,021
5.50% 11/1/35		215,655		241,737
5.50% 12/1/35		60,490		67,660
5.50% 1/1/36		14,023		15,707
5.50% 4/1/36		2,852,934		3,192,301
5.50% 5/1/36		19,458		21,842
5.50% 7/1/36		159,606		178,776
5.50% 2/1/37		248,565		277,884
5.50% 4/1/37		228,599		255,283
5.50% 8/1/37		4,398,099		4,927,742
5.50% 9/1/37		2,236,475		2,497,204

LVIP Delaware Bond Fund–10

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% 1/1/38		3,119,058	$	3,509,909
5.50% 2/1/38		3,561		3,982
5.50% 3/1/38		2,347,983		2,630,318
5.50% 4/1/38		125,542		139,976
5.50% 6/1/38		2,055,831		2,294,458
5.50% 7/1/38		1,834		2,045
5.50% 8/1/38		132,450		148,265
5.50% 11/1/38		184,586		205,644
5.50% 1/1/39		60,251		67,480
5.50% 2/1/39		309,064		346,213
5.50% 6/1/39		4,425,589		4,947,470
5.50% 7/1/39		42,895		49,038
5.50% 9/1/39		832,337		934,670
5.50% 10/1/39		1,444,026		1,607,646
5.50% 12/1/39		5,728,073		6,387,203
5.50% 3/1/40		277,963		311,304
5.50% 7/1/40		4,544,784		5,090,080
5.50% 3/1/41		644,510		721,828
5.50% 6/1/41		6,038,335		6,777,217
5.50% 9/1/41		5,396,777		6,083,140
5.50% 5/1/44		209,592,379		234,686,979
6.00% 11/1/23		1,717		1,931
6.00% 4/1/32		9,642		10,982
6.00% 3/1/34		14,975		17,092
6.00% 8/1/34		5,118		5,852
6.00% 4/1/35		631,457		721,196
6.00% 9/1/35		160,118		182,746
6.00% 2/1/36		122,999		139,767
6.00% 3/1/36		1,555,051		1,772,388
6.00% 5/1/36		1,260,257		1,433,730
6.00% 6/1/36		526,144		597,411
6.00% 9/1/36		986,410		1,136,710
6.00% 2/1/37		2,349,664		2,677,173
6.00% 5/1/37		1,207,480		1,367,985
6.00% 6/1/37		3,963,721		4,504,279
6.00% 7/1/37		1,480,101		1,687,164
6.00% 8/1/37		704,161		795,576
6.00% 9/1/37		251,576		286,576
6.00% 10/1/37		314,029		355,544
6.00% 1/1/38		561,657		633,493
6.00% 5/1/38		3,410,259		3,859,707
6.00% 7/1/38		63,304		71,922
6.00% 8/1/38		275,900		320,037
6.00% 9/1/38		568,658		646,941
6.00% 10/1/38		2,504,559		2,844,271
6.00% 11/1/38		398,987		453,194
6.00% 12/1/38		18,016		20,437
6.00% 1/1/39		750,452		849,786
6.00% 2/1/39		31,664		35,710
6.00% 9/1/39		6,978,363		7,905,562
6.00% 10/1/39		11,075,251		12,621,098
6.00% 1/1/40		257,546		291,558

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
6.00% 3/1/40		857,702	$	974,748
6.00% 4/1/40		1,393,736		1,577,799
6.00% 9/1/40		658,031		750,672
6.00% 10/1/40		8,561,228		9,694,538
6.00% 5/1/41		9,699,649		10,991,962
6.00% 7/1/41		12,702,526		14,419,173
6.50% 1/1/36		50,247		57,481
6.50% 5/1/40		1,551,874		1,740,187
Fannie Mae S.F. 30 yr TBA 3.00% 7/1/47		237,806,000		237,117,284
Freddie Mac ARM
•2.742% 2/1/47		153,572		154,825
•2.753% 10/1/45		50,784		51,835
•2.929% 10/1/45		93,336		95,112
•2.93% 11/1/44		27,785		28,563
•2.974% 11/1/45		16,841,881		17,216,057
•3.105% 3/1/46		128,470		131,697
Freddie Mac S.F. 30 yr
4.50% 4/1/39		478,778		518,866
4.50% 11/1/39		58,220		62,828
4.50% 2/1/40		176,037		191,971
4.50% 5/1/40		11,359,993		12,361,840
4.50% 3/1/42		6,225,813		6,713,522
4.50% 7/1/42		4,887,806		5,275,986
4.50% 8/1/42		133,112,315		144,250,781
4.50% 12/1/43		4,195,241		4,533,997
4.50% 8/1/44		7,142,897		7,713,918
4.50% 7/1/45		64,452,355		69,279,456
4.50% 12/1/45		12,845,497		13,760,825
4.50% 9/1/46		6,673,239		7,149,169
5.00% 6/1/36		8,951,378		9,782,740
5.00% 5/1/41		4,791,906		5,282,182
5.00% 12/1/41		2,936,299		3,227,499
5.00% 4/1/44		12,236,777		13,456,252
5.50% 12/1/34		275,367		308,420
5.50% 11/1/36		239,054		267,364
5.50% 7/1/37		481,719		536,993
5.50% 9/1/37		246,936		275,000
5.50% 4/1/38		2,111,263		2,350,419
5.50% 6/1/38		6,130		6,820
5.50% 7/1/38		899,865		1,001,844
5.50% 1/1/39		15,467,048		17,250,847
5.50% 6/1/39		1,130,888		1,258,696
5.50% 3/1/40		598,756		665,723
5.50% 8/1/40		5,298,402		5,895,686
5.50% 1/1/41		697,443		776,306
5.50% 6/1/41		21,541,738		24,019,865
6.00% 2/1/36		459,231		520,026
6.00% 3/1/36		19,660		22,307
6.00% 9/1/37		592,964		667,167
6.00% 1/1/38		57,724		64,961

LVIP Delaware Bond Fund–11

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued) 6.00% 8/1/38		1,752,143	$	1,991,652
6.00% 5/1/39		363,495		413,013
6.00% 9/1/39		929,501		1,052,787
6.00% 5/1/40		3,514,567		3,963,587
6.00% 7/1/40		3,348,630		3,794,490
6.50% 4/1/39		1,032,500		1,158,987
GNMA I S.F. 30 yr 5.00% 10/15/39		7,642,232		8,448,502
5.50% 2/15/41		1,984,585		2,212,875
7.00% 12/15/34		669,019		786,240
GNMA II S.F. 30 yr 5.00% 9/20/46		9,559,022		10,300,166
5.50% 5/20/37		1,451,883		1,611,233
5.50% 4/20/40		1,266,314		1,381,693
6.00% 10/20/39		6,022,189		6,691,663
6.00% 2/20/40		6,211,336		6,937,153
6.00% 4/20/46		1,867,820		2,083,186
6.50% 10/20/39		2,349,731		2,651,866
Total Agency Mortgage-Backed Securities (Cost $1,520,132,337)				1,512,765,839
CORPORATE BONDS–41.21%
Aerospace & Defense–0.59%
Aviation Capital Group
#144A 2.875% 1/20/22		8,880,000		8,857,969
#144A 4.875% 10/1/25		8,540,000		9,315,868
Rockwell Collins
3.20% 3/15/24		3,940,000		3,999,644
3.50% 3/15/27		2,670,000		2,712,899
United Technologies
2.80% 5/4/24		5,650,000		5,672,657
3.75% 11/1/46		6,075,000		5,964,180
				36,523,217
Air Freight & Logistics–0.09%
United Parcel Service
5.125% 4/1/19		5,473,000		5,787,172
				5,787,172
Airlines–0.37%
#◆Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		3,336,328		3,394,714
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		1,858,917		1,905,390
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		3,936,593		3,966,117

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Airlines (continued)
◆American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		3,883,240	$	3,982,263
◆United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		2,055,114		2,150,112
◆United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		5,045,017		5,234,205
◆United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28		2,398,000		2,398,000
				23,030,801
Automobiles–0.48%
Ford Motor Credit
3.096% 5/4/23		8,379,000		8,289,496
3.336% 3/18/21		9,346,000		9,534,714
General Motors 6.75% 4/1/46		1,710,000		2,035,081
General Motors Financial
3.70% 5/9/23		1,505,000		1,530,212
5.25% 3/1/26		7,531,000		8,148,226
				29,537,729
Banks–6.95%
•Abbey National Treasury Services 1.708% 10/17/17		3,500,000		3,505,663
#Banco Nacional de Costa Rica 144A 5.875% 4/25/21		1,848,000		1,942,802
Banco Santander 4.25% 4/11/27		15,200,000		15,806,662
Bank of America
•3.705% 4/24/28		6,990,000		7,049,834
4.183% 11/25/27		29,995,000		30,566,405
•4.443% 1/20/48		13,100,000		13,890,493
Barclays
4.375% 1/12/26		8,321,000		8,662,710
4.836% 5/9/28		5,895,000		6,033,444
•8.25% 12/29/49		11,200,000		11,900,000
•Citigroup 2.279% 5/17/24		3,670,000		3,669,706
Citizens Bank
2.55% 5/13/21		3,106,000		3,110,491
2.65% 5/26/22		2,090,000		2,086,752
Citizens Financial Group
2.375% 7/28/21		1,135,000		1,126,265
4.30% 12/3/25		5,696,000		5,949,068
Fifth Third Bancorp
2.60% 6/15/22		3,405,000		3,398,762
2.875% 7/27/20		2,678,000		2,740,344
Fifth Third Bank
2.25% 6/14/21		4,586,000		4,575,172
3.85% 3/15/26		7,076,000		7,217,470
HSBC Holdings 4.375% 11/23/26		3,295,000		3,425,531

LVIP Delaware Bond Fund–12

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
Huntington Bancshares
2.30% 1/14/22		8,415,000	$	8,297,451
ING Groep
3.15% 3/29/22		2,030,000		2,070,931
3.95% 3/29/27		12,745,000		13,279,564
JPMorgan Chase & Co.
•2.776% 4/25/23		1,865,000		1,869,601
•3.54% 5/1/28		5,900,000		5,925,181
4.25% 10/1/27		1,182,000		1,235,506
•4.26% 2/22/48		11,670,000		12,239,624
•6.75% 8/29/49		12,995,000		14,781,813
KeyBank
2.40% 6/9/22		7,885,000		7,851,229
3.30% 6/1/25		2,892,000		2,938,547
3.40% 5/20/26		13,964,000		13,892,462
6.95% 2/1/28		8,227,000		10,319,924
Lloyds Banking Group
3.00% 1/11/22		4,235,000		4,281,314
Manufacturers & Traders Trust
2.50% 5/18/22		4,105,000		4,100,423
PNC Bank 6.875% 4/1/18		9,059,000		9,398,803
PNC Financial Services Group
3.15% 5/19/27		6,930,000		6,904,123
•5.00% 12/29/49		7,895,000		8,151,588
Royal Bank of Scotland Group
3.875% 9/12/23		4,865,000		4,974,497
•8.625% 12/29/49		12,705,000		13,880,213
#Santander UK 144A
5.00% 11/7/23		10,830,000		11,646,777
Santander UK Group Holdings
3.571% 1/10/23		1,890,000		1,935,014
SunTrust Bank
2.90% 3/3/21		2,936,000		2,983,270
3.30% 5/15/26		7,220,000		7,069,997
•5.05% 6/15/22		1,025,000		1,042,938
SunTrust Banks 2.70% 1/27/22		1,645,000		1,650,162
SVB Financial Group
3.50% 1/29/25		7,059,000		6,940,028
#Swedbank 144A 2.65% 3/10/21		7,849,000		7,953,721
Toronto-Dominion Bank
2.50% 12/14/20		4,915,000		4,974,157
U.S. Bancorp
2.375% 7/22/26		4,930,000		4,651,766
2.625% 1/24/22		6,160,000		6,227,809
3.15% 4/27/27		13,665,000		13,705,025
3.60% 9/11/24		11,522,000		11,979,320
•USB Capital IX 3.50% 10/29/49		18,814,000		16,728,468
Wells Fargo & Co.
•3.584% 5/22/28		19,755,000		19,989,808
4.75% 12/7/46		9,480,000		10,146,216
Wells Fargo Capital X
5.95% 12/15/36		1,495,000		1,694,583

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
•Westpac Banking
4.322% 11/23/31		6,240,000	$	6,408,511
#Woori Bank 144A 4.75% 4/30/24		2,600,000		2,728,131
Zions Bancorporation
4.50% 6/13/23		5,676,000		5,980,586
				429,486,655
Beverages–1.38%
Anheuser-Busch InBev Finance
3.65% 2/1/26		34,836,000		35,954,723
#Becle 144A 3.75% 5/13/25		6,779,000		6,778,354
#Heineken 144A 3.50% 1/29/28		2,820,000		2,868,011
Molson Coors Brewing
3.00% 7/15/26		17,035,000		16,417,072
4.20% 7/15/46		5,924,000		5,866,413
#Pernod Ricard 144A
4.45% 1/15/22		16,073,000		17,250,894
				85,135,467
Biotechnology–0.58%
Biogen 5.20% 9/15/45		6,746,000		7,725,627
Celgene 3.25% 8/15/22		13,252,000		13,639,276
Compass Bank
2.875% 6/29/22		8,645,000		8,621,970
3.875% 4/10/25		6,163,000		6,149,300
				36,136,173
Building Products–0.22%
Lennox International
3.00% 11/15/23		5,080,000		5,079,665
Masco 3.50% 4/1/21		8,461,000		8,731,498
				13,811,163
Capital Markets–4.53%
Affiliated Managers Group
3.50% 8/1/25		5,128,000		5,121,667
Bank of New York Mellon
2.20% 8/16/23		17,365,000		16,851,882
2.50% 4/15/21		3,661,000		3,691,994
•4.625% 12/29/49		21,405,000		21,642,595
BlackRock 3.20% 3/15/27		3,125,000		3,166,963
Credit Suisse Group
#144A 4.282% 1/9/28		17,935,000		18,560,752
#•144A 6.25% 12/29/49		21,792,000		23,206,083
Credit Suisse Group Funding Guernsey
3.80% 6/9/23		519,000		535,773
4.55% 4/17/26		12,569,000		13,376,231
Deutsche Telekom International Finance
#144A 1.95% 9/19/21		4,085,000		3,984,534
#144A 2.485% 9/19/23		21,170,000		20,580,098
•E*TRADE Financial
5.875% 12/29/49		8,130,000		8,658,450

LVIP Delaware Bond Fund–13

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Goldman Sachs Group
•3.691% 6/5/28		19,055,000	$	19,154,315
5.15% 5/22/45		10,420,000		11,600,899
Jefferies Group
4.85% 1/15/27		4,150,000		4,346,150
6.45% 6/8/27		1,766,000		2,027,647
6.50% 1/20/43		2,305,000		2,613,467
Lazard Group 3.75% 2/13/25		8,919,000		9,008,181
Morgan Stanley
3.95% 4/23/27		17,205,000		17,395,218
4.375% 1/22/47		13,125,000		13,726,584
•Northern Trust 3.375% 5/8/32		2,705,000		2,707,207
State Street
3.10% 5/15/23		3,665,000		3,733,085
3.30% 12/16/24		3,495,000		3,588,519
3.55% 8/18/25		6,505,000		6,780,845
UBS 7.625% 8/17/22		12,000,000		14,118,000
UBS Group Funding Switzerland
#144A 2.65% 2/1/22		3,240,000		3,236,579
#144A 3.491% 5/23/23		12,170,000		12,465,086
#144A 4.125% 9/24/25		6,980,000		7,324,330
#144A 4.125% 4/15/26		6,169,000		6,445,421
#144A 4.253% 3/23/28		200,000		209,362
				279,857,917
Chemicals–1.48%
CF Industries 6.875% 5/1/18		11,624,000		12,103,490
Dow Chemical 8.55% 5/15/19		26,226,000		29,386,941
#Equate Petrochemical 144A 3.00% 3/3/22		3,045,000		3,006,633
#INVISTA Finance 144A 4.25% 10/15/19		6,469,000		6,696,709
OCP
#144A 4.50% 10/22/25		4,543,000		4,594,109
#144A 6.875% 4/25/44		2,307,000		2,611,353
#Phosagro OAO via Phosagro Bond Funding 144A 3.95% 11/3/21		3,225,000		3,252,235
PPG Industries 2.30% 11/15/19		4,669,000		4,703,831
Sherwin-Williams 3.45% 6/1/27		14,371,000		14,495,467
Westlake Chemical 5.00% 8/15/46		10,180,000		10,794,892
				91,645,660
Commercial Services & Supplies–0.55%
#ERAC USA Finance 144A 5.25% 10/1/20		9,964,000		10,822,030
Penske Truck Leasing
#144A 3.30% 4/1/21		5,508,000		5,663,326
#144A 3.40% 11/15/26		1,815,000		1,787,089
#144A 4.20% 4/1/27		15,170,000		15,702,027
				33,974,472

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Communications Equipment–0.17%
Cisco Systems
1.65% 6/15/18		7,421,000	$	7,436,770
1.85% 9/20/21		3,300,000		3,261,288
				10,698,058
Construction Materials–0.45%
#Cemex 144A 7.75% 4/16/26		2,476,000		2,838,115
#Hyundai Capital America 144A 3.00% 3/18/21		9,745,000		9,808,284
#LafargeHolcim Finance U.S. 144A 3.50% 9/22/26		15,505,000		15,359,098
				28,005,497
Consumer Finance–0.23%
#Daimler Finance North America 144A 2.20% 10/30/21		6,865,000		6,786,018
Toyota Motor Credit 2.80% 7/13/22		7,080,000		7,205,741
				13,991,759
Containers & Packaging–0.08%
#CCL Industries 144A 3.25% 10/1/26		4,815,000		4,646,451
				4,646,451
Diversified Financial Services–0.31%
Berkshire Hathaway 2.75% 3/15/23		4,097,000		4,154,465
Berkshire Hathaway Energy 3.75% 11/15/23		8,456,000		8,906,992
Berkshire Hathaway Finance 2.90% 10/15/20		5,761,000		5,948,451
				19,009,908
Diversified Telecommunication Services–1.17%
AT&T
4.25% 3/1/27		35,070,000		36,331,290
5.25% 3/1/37		6,001,000		6,412,945
CenturyLink 5.80% 3/15/22		6,122,000		6,389,837
Digicel Group
#144A 7.125% 4/1/22		670,000		587,121
#144A 8.25% 9/30/20		1,982,000		1,860,404
#GTP Acquisition Partners I 144A 2.35% 6/15/20		3,071,000		3,038,421
Telefonica Emisiones 5.213% 3/8/47		10,755,000		11,657,850
Verizon Communications 5.25% 3/16/37		5,525,000		5,957,917
				72,235,785
Electric Utilities–4.74%
#American Transmission Systems 144A 5.25% 1/15/22		10,471,000		11,553,052

LVIP Delaware Bond Fund–14

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Appalachian Power 3.30% 6/1/27		745,000	$	756,037
Cleveland Electric Illuminating 5.50% 8/15/24		6,397,000		7,340,257
ComEd Financing III 6.35% 3/15/33		3,999,000		4,293,438
Duke Energy 3.75% 4/15/24		2,272,000		2,377,837
•Emera 6.75% 6/15/76		24,385,000		27,676,975
Emera U.S. Finance 4.75% 6/15/46		7,243,000		7,674,226
Emera US Finance 3.55% 6/15/26		3,765,000		3,780,730
#•Enel 144A 8.75% 9/24/73		9,277,000		11,062,823
Enel Americas 4.00% 10/25/26		1,945,000		1,968,826
Enel Finance International
#144A 3.625% 5/25/27		14,660,000		14,548,364
#144A 6.00% 10/7/39		1,780,000		2,123,784
Entergy
2.95% 9/1/26		3,630,000		3,482,843
4.00% 7/15/22		5,823,000		6,161,177
Entergy Louisiana
3.12% 9/1/27		8,000,000		7,982,952
4.05% 9/1/23		6,495,000		6,958,093
Entergy Mississippi 3.10% 7/1/23		4,333,000		4,388,250
Exelon
3.497% 6/1/22		6,065,000		6,203,094
3.95% 6/15/25		9,985,000		10,349,992
#Fortis 144A 3.055% 10/4/26		24,550,000		23,737,739
Great Plains Energy
3.90% 4/1/27		4,665,000		4,728,542
4.85% 6/1/21		3,340,000		3,562,364
Interstate Power & Light 3.40% 8/15/25		4,311,000		4,365,176
Kansas City Power & Light 3.65% 8/15/25		10,103,000		10,270,498
LG&E & KU Energy
3.75% 11/15/20		5,957,000		6,216,046
4.375% 10/1/21		7,850,000		8,352,094
#Metropolitan Edison 144A 4.00% 4/15/25		7,386,000		7,590,238
#New York State Electric & Gas 144A 3.25% 12/1/26		8,185,000		8,206,003
NextEra Energy Capital
Holdings 3.55% 5/1/27		16,180,000		16,470,221
NV Energy 6.25% 11/15/20		6,447,000		7,258,349
Pennsylvania Electric 5.20% 4/1/20		6,100,000		6,448,530
Public Service Co. of New Hampshire 3.50% 11/1/23		4,119,000		4,304,680
Public Service Co. of Oklahoma 5.15% 12/1/19		4,900,000		5,225,909

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
#Rochester Gas & Electric 144A 3.10% 6/1/27		2,575,000	$	2,575,234
Southern
2.75% 6/15/20		9,273,000		9,387,299
3.25% 7/1/26		8,295,000		8,130,336
4.40% 7/1/46		7,654,000		7,824,845
Southwestern Electric Power 6.45% 1/15/19		3,429,000		3,651,491
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		3,506,000		3,641,794
				292,630,138
Electronic Equipment, Instruments & Components–0.04%
#Temasek Financial I 144A 2.375% 1/23/23		2,542,000		2,518,834
				2,518,834
Equity Real Estate Investment Trusts–2.18%
American Tower
2.25% 1/15/22		5,895,000		5,754,180
4.00% 6/1/25		7,379,000		7,655,757
4.40% 2/15/26		9,275,000		9,738,212
#American Tower Trust 1 144A 3.07% 3/15/23		5,831,000		5,884,414
Corporate Office Properties
3.60% 5/15/23		4,342,000		4,320,750
5.25% 2/15/24		4,857,000		5,206,811
Crown Castle International 5.25% 1/15/23		6,976,000		7,758,582
#Crown Castle Towers 144A 4.883% 8/15/20		26,778,000		28,595,862
CubeSmart 3.125% 9/1/26		6,735,000		6,412,326
DDR 7.875% 9/1/20		5,322,000		6,100,444
Education Realty Operating Partnership 4.60% 12/1/24		5,761,000		5,865,505
Hospitality Properties Trust 4.50% 3/15/25		5,307,000		5,455,171
Host Hotels & Resorts
3.75% 10/15/23		5,643,000		5,761,813
3.875% 4/1/24		3,885,000		3,957,568
LifeStorage 3.50% 7/1/26		4,958,000		4,753,958
Physicians Realty 4.30% 3/15/27		2,990,000		3,036,007
Regency Centers 3.60% 2/1/27		5,700,000		5,672,064
SBA Tower Trust
#144A 2.24% 4/10/18		4,617,000		4,615,677
#144A 2.898% 10/8/19		3,512,000		3,530,500
WP Carey 4.60% 4/1/24		4,604,000		4,801,277
				134,876,878
Food & Staples Retailing–0.07%
Kroger 2.65% 10/15/26		4,220,000		3,899,744

LVIP Delaware Bond Fund–15

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
Sysco 3.75% 10/1/25		300,000	$	311,537
				4,211,281
Food Products–0.15%
#Perusahaan Listrik Negara 144A 4.125% 5/15/27		3,175,000		3,127,774
Tyson Foods 3.55% 6/2/27		5,965,000		6,046,870
				9,174,644
Gas Utilities–0.38%
National Rural Utilities Cooperative Finance
2.70% 2/15/23		6,513,000		6,525,694
2.85% 1/27/25		4,774,000		4,756,374
•4.75% 4/30/43		8,142,000		8,336,276
•5.25% 4/20/46		3,504,000		3,695,021
				23,313,365
Health Care Equipment & Supplies–0.52%
Abbott Laboratories
2.80% 9/15/20		3,691,000		3,751,444
4.90% 11/30/46		9,415,000		10,411,728
Becton Dickinson & Co.
2.894% 6/6/22		4,610,000		4,629,597
3.363% 6/6/24		5,630,000		5,651,332
Zimmer Biomet Holdings 4.625% 11/30/19		7,228,000		7,613,064
				32,057,165
Health Care Providers & Services–0.07%
HCA 5.875% 2/15/26		4,000,000		4,330,000
				4,330,000
Hotels, Restaurants & Leisure–0.20%
Marriott International 3.75% 3/15/25		4,939,000		5,096,208
MGM Resorts International 4.625% 9/1/26		3,310,000		3,359,650
Wyndham Worldwide 4.15% 4/1/24		4,075,000		4,191,578
				12,647,436
Independent Power & Renewable Electricity Producers–0.28%
#AES Gener 144A 5.00% 7/14/25		3,809,000		3,920,408
IPALCO Enterprises
3.45% 7/15/20		10,898,000		11,088,715
5.00% 5/1/18		2,132,000		2,177,305
				17,186,428
Industrial Conglomerates–0.43%
#CK Hutchison International 17 144A 3.50% 4/5/27		2,000,000		2,011,419
General Electric
5.55% 5/4/20		2,503,000		2,751,375
6.00% 8/7/19		7,023,000		7,634,893

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Industrial Conglomerates (continued)
Roper Technologies
2.80% 12/15/21		4,110,000	$	4,149,222
3.80% 12/15/26		9,615,000		9,898,075
				26,444,984
Insurance–1.57%
Allstate 3.28% 12/15/26		3,265,000		3,320,293
#Brighthouse Financial 144A 3.70% 6/22/27		6,080,000		6,018,543
•Manulife Financial 4.061% 2/24/32		8,175,000		8,264,238
MetLife
6.817% 8/15/18		8,289,000		8,753,341
#144A 9.25% 4/8/38		6,723,000		10,034,078
#Metropolitan Life Global Funding I 144A 3.45% 12/18/26		2,160,000		2,216,633
NUVEEN FINANCE
#144A 2.95% 11/1/19		4,971,000		5,044,859
#144A 4.125% 11/1/24		22,109,000		22,909,965
#Principal Life Global Funding II 144A 3.00% 4/18/26		5,172,000		5,103,352
Progressive 4.125% 4/15/47		7,565,000		7,907,974
•Prudential Financial 5.375% 5/15/45		4,665,000		5,061,525
Willis North America 3.60% 5/15/24		2,510,000		2,539,038
XLIT
•3.616% 12/29/49		3,823,000		3,574,505
5.50% 3/31/45		6,060,000		6,490,854
				97,239,198
Internet & Direct Marketing Retail–0.12%
JD.com 3.125% 4/29/21		7,605,000		7,615,305
				7,615,305
Internet Software & Services–0.05%
#Myriad International Holdings 144A 4.85% 7/6/27		2,805,000		2,820,357
				2,820,357
Life Sciences Tools & Services–0.46%
Thermo Fisher Scientific 3.00% 4/15/23		27,966,000		28,229,244
				28,229,244
Machinery–0.31%
Siemens Financieringsmaatschappij
#144A 1.70% 9/15/21		8,760,000		8,562,523
#144A 3.125% 3/16/24		10,555,000		10,732,028
				19,294,551

LVIP Delaware Bond Fund–16

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media–1.17%
#CCO Holdings 144A 5.125% 5/1/27		3,750,000	$	3,843,750
Grupo Televisa
5.00% 5/13/45		3,294,000		3,185,110
6.125% 1/31/46		1,660,000		1,855,028
Historic TW 6.875% 6/15/18		13,957,000		14,617,990
#Sirius XM Radio 144A 5.00% 8/1/27		3,680,000		3,726,000
Time Warner Cable
6.75% 6/15/39		6,015,000		7,385,271
7.30% 7/1/38		19,765,000		25,337,801
Time Warner Entertainment 8.375% 3/15/23		7,690,000		9,687,416
#VTR Finance 144A 6.875% 1/15/24		2,599,000		2,761,438
				72,399,804
Metals & Mining–0.81%
ArcelorMittal 6.125% 6/1/25		3,500,000		3,937,500
Barrick North America Finance 5.75% 5/1/43		11,310,000		13,777,865
#•BHP Billiton Finance USA 144A 6.25% 10/19/75		17,930,000		19,597,490
#FMG Resources August 2006 Pty 144A 5.125% 5/15/24		3,750,000		3,759,375
Freeport-McMoRan 4.55% 11/14/24		4,000,000		3,790,000
Vale Overseas
5.875% 6/10/21		2,151,000		2,314,476
6.25% 8/10/26		2,395,000		2,589,594
				49,766,300
Mortgage Real Estate Investment Trusts–0.03%
#Trust F/1401 144A 5.25% 1/30/26		2,071,000		2,166,784
				2,166,784
Multiline Retail–0.23%
Dollar General 3.875% 4/15/27		14,090,000		14,457,707
				14,457,707
Multi-Utilities–1.14%
Ameren
2.70% 11/15/20		367,000		371,666
3.65% 2/15/26		8,032,000		8,214,977
Ameren Illinois 9.75% 11/15/18		12,768,000		14,112,828
CMS Energy 6.25% 2/1/20		6,721,000		7,402,993
Consumers Energy 3.25% 8/15/46		4,935,000		4,536,331
Dominion Energy
3.625% 12/1/24		1,692,000		1,736,200
3.90% 10/1/25		6,104,000		6,329,604

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Multi-Utilities (continued)
DTE Energy
2.85% 10/1/26		8,590,000	$	8,186,459
3.30% 6/15/22		6,657,000		6,838,184
SCANA 4.125% 2/1/22		4,532,000		4,563,235
Union Electric 2.95% 6/15/27		4,280,000		4,241,317
Wisconsin Electric Power 4.30% 12/15/45		3,879,000		4,086,069
				70,619,863
Oil, Gas & Consumable Fuels–3.06%
Anadarko Petroleum
5.55% 3/15/26		5,380,000		6,022,442
6.60% 3/15/46		13,735,000		17,023,544
BP Capital Markets
3.216% 11/28/23		8,635,000		8,776,813
3.224% 4/14/24		8,205,000		8,293,401
Enbridge
3.70% 7/15/27		4,410,000		4,415,905
5.50% 12/1/46		4,750,000		5,333,157
Energy Transfer
6.125% 12/15/45		12,230,000		13,283,492
9.70% 3/15/19		4,172,000		4,674,238
•Enterprise Products Operating 7.034% 1/15/68		1,419,000		1,460,151
#Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27		3,170,000		3,192,983
MPLX 4.875% 12/1/24		10,915,000		11,654,808
Murphy Oil 6.875% 8/15/24		3,500,000		3,666,250
Noble Energy 5.05% 11/15/44		15,205,000		15,673,709
#Pertamina Persero 144A 4.875% 5/3/22		4,600,000		4,922,906
Petrobras Global Finance
5.375% 1/27/21		1,410,000		1,437,072
7.375% 1/17/27		4,060,000		4,305,630
Petroleos Mexicanos 6.75% 9/21/47		1,370,000		1,386,961
Plains All American Pipeline
3.85% 10/15/23		2,610,000		2,630,901
8.75% 5/1/19		6,275,000		6,979,074
Sabine Pass Liquefaction
5.625% 4/15/23		19,456,000		21,653,244
5.625% 3/1/25		380,000		419,803
5.75% 5/15/24		5,400,000		6,021,313
Spectra Energy Capital 3.30% 3/15/23		4,500,000		4,522,428
#Tengizchevroil Finance Co. International 144A 4.00% 8/15/26		2,665,000		2,575,589
#Tesoro 144A 4.75% 12/15/23		7,545,000		8,167,463
Transcanada Trust
•5.30% 3/15/77		3,300,000		3,398,588
•5.875% 8/15/76		4,235,000		4,606,410

LVIP Delaware Bond Fund–17

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Woodside Finance
#144A 3.65% 3/5/25		3,481,000	$	3,474,118
#144A 3.70% 9/15/26		2,050,000		2,022,499
#144A 8.75% 3/1/19		6,569,000		7,257,090
				189,251,982
Paper & Forest Products–0.34%
Georgia-Pacific 8.00% 1/15/24		16,242,000		20,863,076
				20,863,076
Pharmaceuticals–0.47%
Mylan 3.95% 6/15/26		7,311,000		7,421,345
Pfizer 3.00% 12/15/26		8,055,000		8,087,381
Shire Acquisitions Investments Ireland
2.40% 9/23/21		3,265,000		3,230,140
2.875% 9/23/23		10,330,000		10,253,279
				28,992,145
Real Estate Management & Development–0.13%
Cooperatieve Rabobank 3.75% 7/21/26		7,737,000		7,750,455
				7,750,455
Semiconductors & Semiconductor Equipment–0.11%
NXP
#144A 4.125% 6/1/21		5,060,000		5,340,830
#144A 4.625% 6/1/23		1,115,000		1,205,594
				6,546,424
Software–0.66%
CDK Global 5.00% 10/15/24		5,523,000		5,895,803
Microsoft
3.70% 8/8/46		1,850,000		1,835,503
4.25% 2/6/47		28,605,000		31,049,040
Oracle 1.90% 9/15/21		2,254,000		2,235,524
				41,015,870
Specialty Retail–0.24%
Lowe’s
3.10% 5/3/27		1,045,000		1,041,541
3.375% 9/15/25		5,320,000		5,500,976
3.70% 4/15/46		7,727,000		7,467,296
4.05% 5/3/47		1,005,000		1,024,716
				15,034,529
Technology Hardware, Storage & Peripherals–0.36%
Apple 3.20% 5/11/27		12,690,000		12,854,056
Dell International
#144A 6.02% 6/15/26		4,393,000		4,847,205
#144A 8.10% 7/15/36		3,535,000		4,454,839
				22,156,100

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Textiles, Apparel & Luxury Goods–0.08%
Coach 4.125% 7/15/27		4,780,000	$	4,737,582
				4,737,582
Tobacco–0.14%
Reynolds American 4.00% 6/12/22		8,010,000		8,497,368
				8,497,368
Trading Companies & Distributors–0.94%
#•AerCap Global Aviation Trust 144A 6.50% 6/15/45		15,585,000		16,636,987
AerCap Ireland Capital DAC 3.95% 2/1/22		10,898,000		11,358,419
Air Lease
3.00% 9/15/23		7,140,000		7,108,891
3.625% 4/1/27		5,800,000		5,812,371
International Lease Finance 8.625% 1/15/22		10,490,000		12,929,554
United Rentals North America 5.50% 5/15/27		3,900,000		4,026,750
				57,872,972
Wireless Telecommunication Services–0.10%
Sprint 7.875% 9/15/23		3,500,000		4,033,750
#VimpelCom Holdings 144A 5.95% 2/13/23		2,000,000		2,130,000
				6,163,750
Total Corporate Bonds (Cost $2,477,049,151)				2,546,396,403
«LOAN AGREEMENTS–0.59%
First Data 1st Lien 3.716% 4/26/24		13,407,553		13,421,899
Level 3 Financing 1st Lien 3.466% 2/22/24		11,950,000		11,991,108
Univision Communications Tranche C 1st Lien 3.976% 3/15/24		11,480,755		11,275,019
Total Loan Agreements (Cost $36,550,932)				36,688,026
MUNICIPAL BONDS–2.34%
Bay Area Toll Authority Series S3 6.907% 10/1/50		11,955,000		18,152,711

LVIP Delaware Bond Fund–18

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
Buckeye Ohio Tobacco Settlement Financing Authority Series A-2 5.875% 6/1/47		2,180,000	$	2,127,397
California State Various Purposes 7.55% 4/1/39		2,320,000		3,544,310
Commonwealth of Massachusetts Series C 5.00% 10/1/25		2,105,000		2,596,665
Los Angeles, California Department of Water & Power System Revenue Taxable Build America Bonds 6.574% 7/1/45		13,465,000		19,716,934
Massachusetts State Transportation Fund Revenue Recovery Zone Economic Development Taxable Build America Bonds 5.731% 6/1/40		5,615,000		7,308,596
New Jersey Turnpike Authority (Build America Bonds) Series F 7.414% 1/1/40		2,267,000		3,427,160
New Jersey Turnpike Authority (Build America Bonds) Series A 7.102% 1/1/41		11,776,000		17,293,763
New York City, New York Taxable Build America Bonds Series F-1 6.271% 12/1/37		15,345,000		20,823,012
New York Metropolitan Transportation Authority Revenue Taxable Build America Bonds Series E 6.814% 11/15/40		3,225,000		4,510,098
New York Triborough Bridge & Tunnel Authority Revenue Taxable Build America Bond Series A2 5.45% 11/15/32		14,775,000		17,811,706
Oregon State Taxable Pension 5.892% 6/1/27		3,040,000		3,678,886
South Carolina Public Service Authority Series D 4.77% 12/1/45		2,763,000		2,719,068
Texas Water Development Board Water Implementation Revenue
5.00% 10/15/46		6,610,000		7,696,420
Series A 5.00% 10/15/45		2,315,000		2,675,816
University of Missouri (Curators University) Taxable Build America Bonds

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
5.792% 11/1/41		8,070,000	$	10,557,497
Total Municipal Bonds (Cost $113,251,966)				144,640,039
NON-AGENCY ASSET-BACKED SECURITIES–7.40%
Ally Master Owner Trust Series 2012-5 A 1.54% 9/15/19		5,656,000		5,657,109
American Express Credit Account Master Trust
•Series 2013-2 A 1.579% 5/17/21		2,953,000		2,965,033
•Series 2014-5 A 1.449% 5/15/20		180,000		180,117
#•AMMC CLO 16 Series 2015- 16A AR 144A 2.42% 4/14/29		14,850,000		14,842,530
#•AMMC CLO 19 Series 2016- 19A A 144A 2.658% 10/15/28		3,000,000		3,007,575
#ARI Fleet Lease Trust Series 2015-A A2 144A 1.11% 11/15/18		407,795		407,448
Avery Point VI CLO
#•Series 2015-6A A 144A 2.621% 8/5/27		8,350,000		8,371,994
#•Series 2015-6A B 144A 3.121% 8/5/27		3,000,000		3,013,863
Avis Budget Rental Car Funding AESOP
#Series 2013-1A A 144A 1.92% 9/20/19		5,242,000		5,239,513
#Series 2014-1A A 144A 2.46% 7/20/20		6,919,000		6,937,336
BA Credit Card Trust
•Series 2016-A1 A 1.549% 10/15/21		6,421,000		6,455,266
Series 2017-A1 A1 1.95% 8/15/22		3,500,000		3,511,691
#•Benefit Street Partners CLO X Series 2016-10A A1 144A 2.648% 1/15/29		3,500,000		3,508,309
#•Black Diamond CLO Series 2017-1A A1A 144A 2.476% 4/24/29		9,000,000		8,995,302
Cabela’s Credit Card Master Note Trust Series 2015-1A A1 2.26% 3/15/23		3,495,000		3,514,172
•Capital One Multi-Asset Execution Trust Series 2014-A4 A4 1.519% 6/15/22		6,517,000		6,545,675
#•Cedar Funding VI CLO Series 2016-6A A1 144A 2.352% 10/20/28		9,600,000		9,671,059
#•CIFC Funding Series 2017-1A A 144A 2.243% 4/23/29		9,500,000		9,506,954

LVIP Delaware Bond Fund–19

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Citibank Credit Card Issuance Trust
•Series 2016-A3 A3 1.713% 12/7/23		10,000,000	$	10,083,811
•Series 2017-A5 A5 1.836% 4/22/26		3,620,000		3,638,804
•Series 2017-A6 A6 1.826% 5/14/29		3,700,000		3,723,706
fCiticorp Residential Mortgage Securities Series 2006-3 A5 5.534% 11/25/36		4,987,000		5,248,529
•CNH Equipment Trust Series 2016-B A2B 1.559% 10/15/19		652,215		653,061
#•Crestline Denali CLO XV Series 2017-1A A 144A 2.485% 4/20/30		12,000,000		11,993,664
Discover Card Execution Note Trust
•Series 2014-A1 A1 1.589% 7/15/21		4,180,000		4,199,129
•Series 2016-A2 A2 1.699% 9/15/21		3,840,000		3,865,530
•Series 2017-A1 A1 1.649% 7/15/24		2,400,000		2,412,935
•Series 2017-A3 A3 1.389% 10/17/22		6,125,000		6,138,437
•Series 2017-A5 A5 1.816% 12/15/26		6,590,000		6,625,027
Ford Credit Floorplan Master Owner Trust A
•Series 2015-2 A2 1.729% 1/15/22		8,736,000		8,814,492
•Series 2015-4 A2 1.759% 8/15/20		5,990,000		6,018,019
•Series 2017-1 A2 1.579% 5/15/22		2,775,000		2,777,480
#•Golden Credit Card Trust Series 2014-2A A 144A 1.609% 3/15/21		11,265,000		11,294,802
#•GoldenTree Loan Management U.S. CLO 1 Series 2017-1A A 144A 2.404% 4/20/29		11,120,000		11,163,235
#•Golub Capital Partners CLO 19B-R Series 2017-19RA A1A 144A 2.492% 7/26/29		10,000,000		9,994,770
#•Grippen Park CLO Series 2017-1A A 144A 2.506% 1/20/30		12,000,000		11,993,364
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		1,502,550		1,421,082
#•Hull Street CLO Series 2014-1A AR 144A 2.378% 10/18/26		9,000,000		8,995,464
ICG U.S. CLO
#•Series 2014-3A A1AR 144A 2.656% 1/25/27		5,000,000		5,000,980

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
ICG U.S. CLO (continued)
#•Series 2017-1A A 144A 2.588% 4/28/29		9,000,000	$	9,037,404
JFIN CLO
#•Series 2014-1A A 144A 2.53% 4/20/25		9,500,000		9,501,216
#•Series 2016-1A A2A 144A 1.92% 7/27/28		500,000		487,374
#•Series 2017-1A A1 144A 2.324% 4/24/29		14,245,000		14,292,251
#•KKR Financial CLO Series 2013-1A A1R 144A 2.448% 4/15/29		10,000,000		9,994,960
#•KVK CLO Series 2015-1A AR 144A 2.422% 5/20/27		9,000,000		8,995,419
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.719% 7/16/18		1,348,652		1,349,542
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.739% 5/15/20		5,054,000		5,072,678
•Morgan Stanley ABS Capital I Trust Series 2005-HE5 M1 1.846% 9/25/35		1,154,772		1,154,451
#•Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 2.566% 9/27/21		3,335,000		3,352,798
•New Century Home Equity Loan Trust Series 2005-2 M1 1.861% 6/25/35		46,904		46,893
#•Northwoods Capital XV Series 2017-15A A 144A 1.305% 6/20/29		5,500,000		5,497,157
•RAMP Series 2005-RS3 M1 1.636% 3/25/35		264,911		264,898
#•Saranac CLO I Series 2013-1A A1A 144A 2.647% 10/26/24		10,000,000		10,002,030
#•Shackleton X CLO Series 2017-10A A 144A 2.312% 4/20/29		4,000,000		4,016,992
#•Sound Point CLO XV Series 2017-1A A 144A 2.496% 1/23/29		2,000,000		2,005,728
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		2,335,000		2,334,779
Series 2015-2 A 1.60% 4/15/21		5,250,000		5,250,881
#•Telos CLO Series 2013-4A A 144A 2.458% 7/17/24		11,500,000		11,506,958
#•THL Credit Wind River CLO Series 2013-2A A2B 144A 2.798% 1/18/26		6,265,000		6,265,965
#•TIAA CLO Series 2017-1A A 144A 2.49% 4/20/29		9,320,000		9,355,817

LVIP Delaware Bond Fund–20

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust
#•Series 2015-5 A1B 144A 2.75% 5/25/55		3,690,249	$	3,718,681
#•Series 2015-6 A1B 144A 2.75% 4/25/55		3,847,348		3,877,183
#•Series 2016-1 A1B 144A 2.75% 2/25/55		2,834,594		2,855,724
#•Series 2016-2 A1 144A 3.00% 8/25/55		2,489,190		2,524,107
#•Series 2016-3 A1 144A 2.25% 4/25/56		3,493,967		3,483,343
#•Series 2017-1 A1 144A 2.75% 10/25/56		2,728,416		2,749,447
#•Series 2017-2 A1 144A 2.75% 4/25/57		1,466,154		1,480,131
Toyota Auto Receivables Owner Trust
Series 2015-B A3 1.27% 5/15/19		4,007,678		4,004,695
Series 2016-C A2A 1.00% 1/15/19		1,977,672		1,975,515
•Series 2017-B A2B 1.05% 1/15/20		10,145,000		10,141,789
#•Trinitas CLO VI Series 2017-6A A 144A 2.655% 7/25/29		9,750,000		9,750,000
#•Venture CDO Series 2016-25A A1 144A 2.487% 4/20/29		3,920,000		3,931,172
#Verizon Owner Trust Series 2016-2A A 144A 1.68% 5/20/21		4,405,000		4,392,968
#Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19		12,809,000		12,807,825
Volvo Financial Equipment
#Series 2014-1A B 144A 1.66% 11/16/20		3,757,000		3,755,261
#Series 2017-1A A2 144A 1.55% 10/15/19		4,940,000		4,937,944
#•Voya CLO Series 2017-1A A1 144A 2.42% 4/17/30		5,000,000		5,022,575
•Wells Fargo Dealer Floorplan Master Note Trust Series 2015-1 A 1.712% 1/20/20		4,377,000		4,384,842
•World Financial Network Credit Card Master Trust Series 2015-A A 1.639% 2/15/22		4,220,000		4,230,699
#•Zais CLO 6 Series 2017-1A A1 144A 2.572% 7/15/29		9,000,000		8,995,338
Total Non-Agency Asset-Backed Securities (Cost $455,328,181)				457,192,697
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.07%
Agate Bay Mortgage Trust
#•Series 2015-1 B1 144A 3.825% 1/25/45		3,192,557		3,220,920

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Agate Bay Mortgage Trust (continued)
#•Series 2015-1 B2 144A 3.825% 1/25/45		1,803,994	$	1,800,015
JPMorgan Mortgage Trust
#•Series 2014-2 B1 144A 3.424% 6/25/29		2,146,238		2,151,923
#•Series 2014-2 B2 144A 3.424% 6/25/29		799,624		785,618
#•Series 2014-IVR6 2A4 144A 2.50% 7/25/44		2,896,000		2,882,788
#•Series 2015-1 B1 144A 2.617% 12/25/44		4,006,783		3,979,649
#•Series 2015-1 B2 144A 2.617% 12/25/44		3,727,172		3,681,000
#•Series 2015-4 B1 144A 3.628% 6/25/45		3,004,274		2,961,579
#•Series 2015-4 B2 144A 3.628% 6/25/45		2,151,516		2,096,307
#•Series 2015-5 B2 144A 2.867% 5/25/45		3,320,983		3,247,532
#•Series 2015-6 B1 144A 3.623% 10/25/45		2,166,058		2,148,924
#•Series 2015-6 B2 144A 3.623% 10/25/45		2,100,101		2,061,174
#•Series 2016-4 B1 144A 3.904% 10/25/46		1,596,981		1,609,374
#•Series 2016-4 B2 144A 3.904% 10/25/46		2,724,534		2,772,344
#•Series 2017-1 B2 144A 3.572% 1/25/47		4,971,169		4,941,620
#•Series 2017-2 A3 144A 3.50% 5/25/47		2,479,731		2,515,762
New Residential Mortgage Loan Trust
#•Series 2016-4A A1 144A 3.75% 11/25/56		1,563,820		1,611,104
#•Series 2017-1A A1 144A 4.00% 2/25/57		3,523,255		3,662,902
#•Series 2017-2A A3 144A 4.00% 3/25/57		3,341,789		3,479,520
Sequoia Mortgage Trust
•Series 2013-4 B2 3.491% 4/25/43		1,951,415		1,949,488
#•Series 2014-2 A4 144A 3.50% 7/25/44		2,373,799		2,411,537
#•Series 2015-1 B2 144A 3.877% 1/25/45		2,282,057		2,298,798
#•=Series 2017-4 A1 144A 3.50% 7/25/47		2,675,000		2,718,041
=STRU Series AM-1240 I0 4.00% 12/31/49		12,803,800		2,772,823

LVIP Delaware Bond Fund–21

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
•Thornburg Mortgage Securities Trust Series 2007-4 1A1 2.724% 9/25/37		2,107,002	$	2,115,914
Total Non-Agency Collateralized Mortgage Obligations (Cost $65,001,880)				65,876,656
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–6.06%
Banc of America Commercial Mortgage Trust
•Series 2007-4 AM 6.158% 2/10/51		1,821,400		1,822,000
•Series 2017-BNK3 C 4.352% 2/15/50		2,180,000		2,225,079
BANK 2017
•Series 2017-BNK4 XA 1.623% 5/15/50		27,375,578		2,805,696
Series 2017-BNK5 A5 3.39% 6/15/60		5,930,000		6,028,447
Series 2017-BNK5 B 3.896% 6/15/60		4,085,000		4,162,232
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18 A4 5.70% 6/11/50		2,262,882		2,273,808
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49		5,480,000		5,552,529
•Series 2016-CD2 A4 3.526% 11/10/49		4,020,000		4,150,792
CFCRE Commercial Mortgage Trust
#•Series 2011-C2 C 144A 5.945% 12/15/47		4,875,000		5,379,591
Series 2016-C7 A3 3.839% 12/10/54		7,610,000		7,955,994
Series 2017-C8 A4 3.572% 6/15/50		4,890,000		4,993,479
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.866% 12/10/49		3,102,000		3,104,072
Series 2014-GC25 A4 3.635% 10/10/47		9,921,000		10,317,561
Series 2015-GC27 A5 3.137% 2/10/48		14,090,000		14,154,459
Series 2016-P3 A4 3.329% 4/15/49		8,717,000		8,879,481
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		5,355,000		5,398,029

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust (continued)
#Series 2013-WWP A2 144A 3.424% 3/10/31		2,235,000	$	2,314,151
Series 2014-CR16 A4 4.051% 4/10/47		5,347,000		5,695,904
Series 2014-CR19 A5 3.796% 8/10/47		3,947,000		4,144,588
Series 2014-CR20 AM 3.938% 11/10/47		10,915,000		11,380,030
#Series 2015-3BP A 144A 3.178% 2/10/35		22,346,000		22,555,284
Series 2015-CR23 A4 3.497% 5/10/48		3,327,000		3,422,769
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		14,100,000		14,313,099
Series 2016-C3 A5 2.89% 9/10/49		6,360,000		6,251,018
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.871% 11/10/46		6,552,000		7,156,783
GRACE Mortgage Trust
#Series 2014-GRCE A 144A 3.369% 6/10/28		16,624,000		17,266,208
#Series 2014-GRCE B 144A 3.52% 6/10/28		5,588,000		5,742,503
GS Mortgage Securities Trust
#•Series 2010-C1 C 144A 5.635% 8/10/43		3,023,000		3,203,347
Series 2015-GC32 A4 3.764% 7/10/48		3,538,000		3,713,124
•Series 2017-GS5 XA 0.972% 3/10/50		60,122,879		3,955,574
Series 2017-GS6 A3 3.433% 5/10/50		4,900,000		5,011,081
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		6,000,000		5,983,631
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C31 A3 3.801% 8/15/48		4,355,000		4,564,596
Series 2015-C33 A4 3.77% 12/15/48		16,643,000		17,423,633
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		11,776,000		11,819,230
Series 2016-C4 A3 3.141% 12/15/49		7,000,000		7,003,791
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.702% 8/12/37		1,656,000		1,718,948

LVIP Delaware Bond Fund–22

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 2013-LC11 B 3.499% 4/15/46		6,289,000	$	6,308,002
Series 2015-JP1 A5 3.914% 1/15/49		8,627,000		9,162,315
Series 2016-JP2 A4 2.822% 8/15/49		10,654,000		10,413,490
#Series 2016-WIKI A 144A 2.798% 10/5/31		4,525,000		4,590,775
#Series 2016-WIKI B 144A 3.201% 10/5/31		4,395,000		4,477,116
•LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39		4,802,822		4,181,368
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		4,958,000		5,194,445
Series 2015-C23 A4 3.719% 7/15/50		18,182,000		19,039,236
Series 2015-C26 A5 3.531% 10/15/48		5,698,000		5,883,187
Series 2016-C29 A4 3.325% 5/15/49		4,910,000		4,988,703
Morgan Stanley Capital I Trust
•Series 2006-HQ10 B 5.448% 11/12/41		3,200,000		3,012,345
Series 2011-C3 A4 4.118% 7/15/49		5,645,000		5,976,105
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5 B 4.142% 10/15/45		3,276,000		3,410,669
Series 2014-LC18 A5 3.405% 12/15/47		4,251,000		4,343,525
Series 2015-NXS3 A4 3.617% 9/15/57		4,455,000		4,611,119
Series 2016-BNK1 A3 2.652% 8/15/49		7,895,000		7,603,663
=Series 2017-C38 A5 3.453% 7/15/50		5,730,000		5,901,442
WF-RBS Commercial Mortgage Trust Series 2012-C10 A3 2.875% 12/15/45		11,490,000		11,584,231
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $378,217,764)				374,524,277

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS–0.23%
Bermuda–0.04%
#Bermuda Government International Bond 144A 3.717% 1/25/27		2,200,000	$	2,219,426
				2,219,426
Colombia–0.08%
Colombia Government International Bond 5.00% 6/15/45		4,740,000		4,792,140
				4,792,140
Croatia–0.03%
#Croatia Government International Bond 144A 5.50% 4/4/23		1,748,000		1,914,593
				1,914,593
Hungary–0.06%
Hungary Government International Bond 5.75% 11/22/23		3,500,000		4,008,382
				4,008,382
Jordan–0.02%
#Jordan Government International Bond 144A 5.75% 1/31/27		1,300,000		1,295,970
				1,295,970
Total Sovereign Bonds (Cost $14,049,426)				14,230,511
SUPRANATIONAL BANK–0.17%
Inter-American Development Bank 2.375% 7/7/27		10,390,000		10,319,722
Total Supranational Bank (Cost $10,340,440)				10,319,722
U.S. TREASURY OBLIGATIONS–3.85%
U.S. Treasury Bond 3.00% 5/15/47		180,485,000		186,297,880
U.S. Treasury Notes
1.75% 5/31/22		730,000		725,808
2.375% 5/15/27		50,820,000		51,148,551
Total U.S. Treasury Obligations (Cost $233,386,646)				238,172,239
	Number of Shares
PREFERRED STOCK–0.54%
•Bank of America 6.50%		8,780,000		9,773,720
•General Electric 5.00%		15,380,000		16,343,557
•Integrys Holding 6.00%		248,850		6,722,061

LVIP Delaware Bond Fund–23

LVIP Delaware Bond Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
PREFERRED STOCK (continued)
#•USB Realty 2.305%		615,000	$	539,663
Total Preferred Stock (Cost $31,640,201)				33,379,001
MONEY MARKET FUND–1.04%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		64,467,619		64,467,619
Total Money Market Fund (Cost $64,467,619)				64,467,619
	Principal Amount°
SHORT-TERM INVESTMENTS–5.21%
Certificates of Deposit–0.56%
Abbey National Treasury Services 1.48% 12/7/17		2,500,000		2,501,781
Banco Estado Chile
1.21% 7/28/17		8,500,000		8,499,933
1.32% 10/20/17		18,500,000		18,502,849
Bank of Montreal Chicago 1.40% 12/7/17		2,500,000		2,500,489
BNP Paribas New York Branch 1.47% 12/7/17		2,500,000		2,501,031
				34,506,083
≠Discount Note–0.22%
JPMorgan Securities 1.394% 7/10/17		14,000,000		14,001,386
				14,001,386

	Principal Amount°		Value (U.S. $)
SHORT-TERM INVESTMENTS (continued)
≠Discounted Commercial Paper–4.21%
Abbey National Treasury Services 1.06% 7/3/17		58,000,000	$	57,996,584
BNP Paribas New York Branch
1.02% 7/3/17		46,805,000		46,802,348
1.10% 7/6/17		10,000,000		9,998,035
Cornell University 1.203% 8/23/17		13,200,000		13,176,504
Dartmouth College 1.053% 7/13/17		19,250,000		19,244,610
Duke University
1.043% 8/10/17		21,409,000		21,382,374
1.053% 7/13/17		13,000,000		12,994,963
Harvard University 1.053% 7/10/17		5,150,000		5,148,471
JPMorgan Securities 1.339% 10/2/17		24,500,000		24,421,377
Nordea Bank 1.229% 9/25/17		23,750,000		23,679,862
University of California 1.203% 8/24/17		23,500,000		23,457,465
University of Chicago 1.012% 7/17/17		1,765,000		1,764,276
				260,066,869
Floating Rate Note–0.22%
JPMorgan Securities 1.584% 10/19/17		13,500,000		13,515,809
				13,515,809
Total Short Term Investments (Cost $322,064,035)				322,090,147

TOTAL VALUE OF SECURITIES–103.61% (Cost $6,296,515,063)		6,402,964,508
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(3.61%)		(223,376,253	)
NET ASSETS APPLICABLE TO 448,702,505 SHARES OUTSTANDING–100.00%	$	6,179,588,255

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $1,126,610,808, which represents 18.23% 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, 2017. Interest rates reset periodically.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2017.

* Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the principal portion of the security.

◆ 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 value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

LVIP Delaware Bond Fund–24

LVIP Delaware Bond Fund

Schedule of Investments (continued)

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

« Loan agreements 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at June 30, 2017.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

The following futures contracts and swap contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Interest Rate Contracts:
	730     Canada 10 yr Bond	$	81,412,057		$	79,118,985			9/21/17	$	—	$	(2,293,072	)
	(2,318)    Euro-Bund		(433,825,595	)		(428,551,424	)		9/8/17		5,274,171		—
	858     U.S. Treasury 10 yr Notes		109,134,491			107,705,813			9/21/17		—		(1,428,678	)
	Total									$	5,274,171	$	(3,721,750	)

Swap Contracts

Interest Rate Swap Contracts

Counterparty & Swap Referenced Obligation	Notional Amount2		Fixed Interest Rate Paid (Received)			Floating Interest Rate Paid (Received)			Termination Date		Unrealized Appreciation		Unrealized (Depreciation)
LCH-BAML 30 yr Interest Rate Swap		9,775,000		2.716	%		1.299	%		12/22/46	$	—	$	(386,730	)
LCH-BAML 30 yr Interest Rate Swap		4,610,000		2.480%			1.299%			1/11/47		53,597		—
LCH-BAML 30 yr Interest Rate Swap		3,310,000		2.596%			1.299%			1/23/47		—		(45,432	)
LCH-BAML 30 yr Interest Rate Swap		3,300,000		2.623%			1.299%			1/24/47		—		(64,419	)
LCH-BAML 30 yr Interest Rate Swap		3,305,000		2.661%			1.299%			1/27/47		—		(92,017	)
LCH-BAML 30 yr Interest Rate Swap		5,280,000		2.687%			1.299%			1/30/47		—		(176,156	)
Total											$	53,597	$	(764,754	)

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 and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

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

²Notional amount shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

LVIP Delaware Bond Fund–25

LVIP Delaware Bond Fund

Schedule of Investments (continued)

Summary of Abbreviations:

ARM–Adjustable Rate Mortgage

BAML–Bank of America Merrill Lynch

BB–Barclays Bank

BNP–Banque Paribas

DB–Deutsche Bank

CLO–Collateralized Loan Obligation

FREMF–Freddie Mac Multifamily

GE–General Electric

GNMA–Government National Mortgage Association

GS–Goldman Sachs

HSBC–Hong Kong Shanghai Bank

IT–Information Technology

JPM–JPMorgan

LB–Lehman Brothers

LCH–London Clearing House

RBS–Royal Bank of Scotland

REMICs–Real Estate Mortgage Investment Conduit

S.F.–Single Family

WF–Wells Fargo

yr–Year

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

LVIP Delaware Bond Fund–26

LVIP Delaware Bond Fund

Statement of Assets and Liabilities

June 30, 2017 (unaudited)

ASSETS:
Investments, at value	$	6,402,964,508
Receivable for securities sold		295,924,266
Dividends and interest receivable		39,904,867
Cash		19,063,019
Unrealized appreciation on futures contracts		5,274,171
Receivable for fund shares sold		3,003,431
Cash collateral for derivatives		2,419,527
Unrealized appreciation on interest rate swap contracts		53,597
Swap payments receivable		47,094
TOTAL ASSETS		6,768,654,480
LIABILITIES:
Payable for securities purchased		575,731,778
Foreign currencies collateral due to broker for future contracts, at value		3,943,164
Unrealized depreciation on futures contracts		3,721,750
Due to manager and affiliates		2,971,210
Payable for fund shares redeemed		1,094,832
Unrealized depreciation on interest rate swap contracts		764,754
Other accrued expenses payable		335,048
Swap payments payable		232,957
Foreign currencies due to custodian		270,732
TOTAL LIABILITIES		589,066,225
TOTAL NET ASSETS	$	6,179,588,255
Investments, at cost	$	6,296,515,063
Foreign currencies collateral due to broker for future contracts, at cost		3,943,164
Standard Class:
Net Assets	$	2,737,795,297
Shares Outstanding		198,599,778
Net Asset Value Per Share	$	13.785
Service Class:
Net Assets	$	3,441,792,958
Shares Outstanding		250,102,727
Net Asset Value Per Share	$	13.762
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	6,049,996,229
Undistributed net investment income		70,550,636
Accumulated net realized loss on investments		(48,061,079	)
Net unrealized appreciation of investments and derivatives		107,102,469
TOTAL NET ASSETS	$	6,179,588,255

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

LVIP Delaware Bond Fund–27

LVIP Delaware Bond Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

Interest	$	87,787,790
Dividends		186,638
		87,974,428
EXPENSES:
Management fees		9,960,001
Distribution fees-Service Class		5,831,759
Accounting and administration expenses		807,417
Shareholder servicing fees		312,926
Reports and statements to shareholders		218,653
Professional fees		95,204
Trustees’ fees and expenses		88,662
Custodian fees		44,328
Pricing fees		43,939
Consulting fees		7,939
Other		40,181
Total operating expenses		17,451,009
NET INVESTMENT INCOME		70,523,419
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(21,955,813	)
Foreign currencies		13,588
Foreign currency exchange contracts		(19,084	)
Futures contracts		(17,932,723	)
Swap contracts		2,552
Net realized loss		(39,891,480	)
Net change in unrealized appreciation (depreciation) of:
Investments		132,293,452
Foreign currencies		2,741
Futures contracts		6,505,627
Swap contracts		(576,190	)
Net change in unrealized appreciation (depreciation)		138,225,630
NET REALIZED AND UNREALIZED GAIN		98,334,150
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	168,857,569

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	70,523,419		$	147,362,010
Net realized gain (loss)		(39,891,480	)		99,358,002
Net change in unrealized appreciation (depreciation)		138,225,630			(25,834,224	)
Net increase in net assets resulting from operations		168,857,569			220,885,788
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(92,207,658	)
Service Class		—			(78,101,663	)
Net realized gain:
Standard Class		—			(37,259,236	)
Service Class		—			(36,167,223	)
		—			(243,735,780	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		59,790,914			325,872,638
Service Class		228,438,818			493,328,111
Reinvestment of dividends and distributions:
Standard Class		—			129,466,894
Service Class		—			114,268,886
		288,229,732			1,062,936,529
Cost of shares redeemed:
Standard Class		(729,457,939	)		(1,706,326,999	)
Service Class		(124,847,579	)		(294,808,439	)
		(854,305,518	)		(2,001,135,438	)
Decrease in net assets derived from capital share transactions		(566,075,786	)		(938,198,909	)
NET DECREASE IN NET ASSETS		(397,218,217	)		(961,048,901	)
NET ASSETS:
Beginning of period		6,576,806,472			7,537,855,373
End of period	$	6,179,588,255		$	6,576,806,472
Undistributed net investment income	$	70,550,636		$	27,217

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

LVIP Delaware Bond Fund–28

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 6/30/171 (unaudited)		12/31/16			12/31/15			Year Ended 12/31/14			12/31/13			12/31/12
Net asset value, beginning of period	$	13.417	$	13.590		$	13.903		$	13.466		$	14.212		$	13.916
Income (loss) from investment operations:
Net investment income2		0.159		0.308			0.315			0.315			0.303			0.345
Net realized and unrealized gain (loss)		0.209		0.061			(0.261	)		0.488			(0.634	)		0.571
Total from investment operations		0.368		0.369			0.054			0.803			(0.331	)		0.916
Less dividends and distributions from:
Net investment income		—		(0.386	)		(0.335	)		(0.290	)		(0.247	)		(0.290	)
Net realized gain		—		(0.156	)		(0.032	)		(0.076	)		(0.162	)		(0.330	)
Return of capital		—		—			—			—			(0.006	)		—
Total dividends and distributions		—		(0.542	)		(0.367	)		(0.366	)		(0.415	)		(0.620	)
Net asset value, end of period	$	13.785	$	13.417		$	13.590		$	13.903		$	13.466		$	14.212
Total return3		2.75%		2.72%			0.39%			5.97%			(2.31%	)		6.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,737,795	$	3,324,029		$	4,550,985		$	4,304,241		$	3,728,463		$	2,448,509
Ratio of expenses to average net assets		0.36%		0.35%			0.35%			0.35%			0.37%			0.38%
Ratio of net investment income to average net assets		2.37%		2.20%			2.25%			2.25%			2.18%			2.41%
Portfolio turnover		100%		285%			364%			426%			431%			366%

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–29

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 6/30/171 (unaudited)		12/31/16			12/31/15			Year Ended 12/31/14			12/31/13			12/31/12
Net asset value, beginning of period	$	13.417	$	13.589		$	13.902		$	13.466		$	14.212		$	13.916
Income (loss) from investment operations:
Net investment income2		0.136		0.259			0.266			0.265			0.255			0.294
Net realized and unrealized gain (loss)		0.209		0.062			(0.261	)		0.489			(0.635	)		0.571
Total from investment operations		0.345		0.321			0.005			0.754			(0.380	)		0.865
Less dividends and distributions from:
Net investment income		—		(0.337	)		(0.286	)		(0.242	)		(0.198	)		(0.239	)
Net realized gain		—		(0.156	)		(0.032	)		(0.076	)		(0.162	)		(0.330	)
Return of capital		—		—			—			—			(0.006	)		—
Total dividends and distributions		—		(0.493	)		(0.318	)		(0.318	)		(0.366	)		(0.569	)
Net asset value, end of period	$	13.762	$	13.417		$	13.589		$	13.902		$	13.466		$	14.212
Total return3		2.57%		2.37%			0.03%			5.60%			(2.64%	)		6.24%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,441,793	$	3,252,777		$	2,986,870		$	2,784,103		$	2,566,920		$	2,453,224
Ratio of expenses to average net assets		0.71%		0.70%			0.70%			0.70%			0.72%			0.73%
Ratio of net investment income to average net assets		2.02%		1.85%			1.90%			1.90%			1.83%			2.06%
Portfolio turnover		100%		285%			364%			426%			431%			366%

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–30

LVIP Delaware Bond Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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 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 (“NAV”). Investments in government money market funds have a stable NAV. Futures contracts are valued at the daily quoted settlement prices. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 Securities (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 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–31

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. 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 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, 2017.

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. The fee is calculated daily and paid monthly.

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 DIFA 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	185,465
Legal		44,757

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $194,930 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has

LVIP Delaware Bond Fund–32

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

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

entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Fund. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	1,632,372
Distribution fees payable to LFD		990,560
Shareholder servicing fees payable to Lincoln Life		153,347
Printing and mailing fees payable to Lincoln Life		194,930

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	4,947,666,429
Purchases of U.S. government securities		1,320,172,954
Sales other than U.S. government securities		5,263,700,243
Sales of U.S. government securities		1,472,673,016

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	6,296,515,063
Aggregate unrealized appreciation	$	135,247,745
Aggregate unrealized depreciation		(28,798,300	)
Net unrealized appreciation	$	106,449,445

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from November 1, 2016 through December 31, 2016, that, in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen on the first day of the following fiscal year. At December 31, 2016, the Fund deferred $8,294,900 of qualified late year ordinary losses.

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.

LVIP Delaware Bond Fund–33

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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, 2017:

	Level 1			Level 2			Level 3		Total
Investments:
Assets:
Agency Collateralized Mortgage Obligations	$	—		$	507,332,900		$	—	$	507,332,900
Agency Commercial Mortgage-Backed Securities		—			74,888,432			—		74,888,432
Agency Mortgage-Backed Securities		—			1,512,765,839			—		1,512,765,839
Corporate Bonds		—			2,546,396,403			—		2,546,396,403
Municipal Bonds		—			144,640,039			—		144,640,039
Non-Agency Asset-Backed Securities		—			457,192,697			—		457,192,697
Non-Agency Collateralized Mortgage Obligations		—			60,385,792			5,490,864		65,876,656
Non-Agency Commercial Mortgage-Backed Securities		—			368,622,835			5,901,442		374,524,277
Loan Agreements		—			36,688,026			—		36,688,026
Sovereign Bonds		—			14,230,511			—		14,230,511
Supranational Banks		—			10,319,722			—		10,319,722
U.S. Treasury Obligations		—			238,172,239			—		238,172,239
Preferred Stock		—			33,379,001			—		33,379,001
Money Market Fund		64,467,619			—			—		64,467,619
Short-Term Investments		—			322,090,147			—		322,090,147
Total Investments	$	64,467,619		$	6,327,104,583		$	11,392,306	$	6,402,964,508
Derivatives:
Assets:
Futures Contracts	$	5,274,171		$	—		$	—	$	5,274,171
Swap Contracts	$	—		$	53,597		$	—	$	53,597
Liabilities:
Futures Contracts	$	(3,721,750	)	$	—		$	—	$	(3,721,750	)
Swap Contracts	$	—		$	(764,754	)	$	—	$	(764,754	)

During the six months ended June 30, 2017, 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 Delaware Bond Fund–34

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		4,398,760			23,278,182
Service Class		16,846,501			35,264,785
Shares reinvested:
Standard Class		—			9,659,545
Service Class		—			8,523,712
		21,245,261			76,726,224
Shares redeemed:
Standard Class		(53,552,992	)		(120,061,153	)
Service Class		(9,189,582	)		(21,139,433	)
		(62,742,574	)		(141,200,586	)
Net decrease		(41,497,313	)		(64,474,362	)

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 and to facilitate or expedite the settlement of portfolio transactions. 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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owned that were denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

LVIP Delaware Bond Fund–35

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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.

During the six months ended June 30, 2017, the Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to 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 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.

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. No CDS contracts were outstanding at June 30, 2017.

During the six months ended June 30, 2017, the Fund used CDS contracts to hedge against credit events.

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, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Interest rate contracts)	Unrealized appreciation on futures contracts	$	5,274,171	Unrealized depreciation on futures contracts	$	(3,721,750	)
Swap contracts (Interest rate contracts)	Unrealized appreciation on interest rate swap contracts		53,597	Unrealized depreciation on interest rate swap contracts		(764,754	)
Total		$	5,327,768		$	(4,486,504	)

LVIP Delaware Bond Fund–36

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, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(19,084	)		$	-
Futures contracts (Interest rate contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(17,932,723	)			6,505,627
Swap contracts (Credit contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			30,690				(146,039	)
Swap contracts (Interest rate contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(28,138	)			(430,151	)
Total			$	(17,949,255	)		$	5,929,437

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Futures contracts (average notional value)		USD	151,838,959		USD	429,875,378
CDS Contracts (average notional value)*		USD	—		USD	155,920
Interest rate swap contracts (average notional value)		USD	—		USD	27,751,960

*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 currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) 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 Delaware Bond Fund–37

LVIP Delaware Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

At June 30, 2017, the Fund had 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 Liabilities				Net Position
Bank of America Merrill Lynch		$	53,597		$	(764,754	)		$	(711,157	)
JPMorgan Chase Bank			5,274,171			(3,721,750	)			1,552,421
Total		$	5,327,768		$	(4,486,504	)		$	841,264

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)
Bank of America Merrill Lynch		$	(711,157	)		$	—		$	—		$	—		$	711,157		$	—
JPMorgan Chase Bank			1,552,421				—			—			—			—			1,552,421
Total		$	841,264			$	—		$	—		$	—		$	711,157		$	1,552,421

^(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 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 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 securities are identified on the Schedule of Investments.

LVIP Delaware Bond Fund–38

LVIP Delaware Bond 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–39

                              LVIP Delaware Diversified Floating Rate Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP Delaware Diversified Floating Rate Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Credit Quality Breakdown	2
Statement of Net Assets	3
Statement of Operations	14
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	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 Delaware Diversified Floating Rate Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,012.80		0.61	%		$3.04
Service Class Shares		1,000.00		1,011.60		0.86	%		4.29
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.77		0.61	%		$3.06
Service Class Shares		1,000.00		1,020.53		0.86	%		4.31

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP Delaware Diversified Floating Rate Fund–1

LVIP Delaware Diversified Floating Rate Fund

Security Type/Sector Allocation and Credit Quality Breakdown (unaudited)

As of June 30, 2017

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	0.95	%
Agency Commercial Mortgage-Backed Security	0.59	%
Convertible Bonds	0.49	%
Convertible Preferred Stock	0.10	%
Corporate Bonds	62.49	%
Air Freight & Logistics	0.64	%
Airlines	0.33	%
Automobiles	2.26	%
Banks	15.39	%
Beverages	3.67	%
Biotechnology	0.00	%
Building Products	0.03	%
Capital Markets	5.20	%
Chemicals	0.74	%
Commercial Services & Supplies	0.08	%
Communications Equipment	1.13	%
Construction Materials	0.08	%
Consumer Finance	1.24	%
Diversified Financial Services	0.62	%
Diversified Telecommunication Services	2.50	%
Electric Utilities	3.68	%
Equity Real Estate Investment Trusts	1.54	%
Food & Staples Retailing	0.81	%
Food Products	0.13	%
Health Care Equipment & Supplies	1.67	%
Hotels, Restaurants & Leisure	0.08	%
Independent Power & Renewable Electricity Producers	0.03	%
Industrial Conglomerates	2.19	%
Insurance	1.80	%
Internet & Direct Marketing Retail	0.09	%
Internet Software & Services	0.03	%
Machinery	0.72	%
Media	0.92	%
Metals & Mining	0.51	%
Multi-Utilities	0.63	%
Oil, Gas & Consumable Fuels	4.88	%
Paper & Forest Products	0.22	%
Pharmaceuticals	2.97	%
Road & Rail	0.02	%
Semiconductors & Semiconductor Equipment	0.38	%
Software	1.75	%
Specialty Retail	0.72	%

Security Type/Sector Percentage  of Net Assets

Technology Hardware, Storage & Peripherals	0.95	%
Tobacco	0.55	%
Trading Companies & Distributors	1.00	%
Wireless Telecommunication Services	0.31	%
Loan Agreements	10.48	%
Non-Agency Asset-Backed Securities	14.14	%
Non-Agency Commercial Mortgage-Backed Securities	1.38	%
Regional Bonds	0.07	%
Sovereign Bonds	0.93	%
Supranational Banks	1.68	%
U.S. Treasury Obligations	3.63	%
Preferred Stock	0.96	%
Money Market Fund	1.97	%
Total Value of Securities	99.86	%
Receivables and Other Assets Net of Liabilities	0.14	%
Total Net Assets	100.00	%
Credit Quality Breakdown (as a % of fixed income investments)*
U.S. Government	5.34	%
AAA	18.98	%
AA	15.25	%
A	25.89	%
BBB	21.22	%
BB	2.21	%
B	0.62	%
Not Rated	10.49	%
Total	100.00	%

*For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s Rating Services (“S&P”) or Moody’s Investor Service, Inc. (“Moody”) or Fitch Inc. (“Fitch”). Agency Collateralized Mortgage Obligation, Agency Commercial Mortgage-Backed and U.S. Treasury Obligations securities appear under “U.S. Government”. “Not Rated” is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

LVIP Delaware Diversified Floating Rate Fund–2

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.95%
Fannie Mae Connecticut Avenue Securities
•Series 2015-C03 2M1 2.716% 7/25/25		219,103	$	219,349
•Series 2015-C04 2M1 2.916% 4/25/28		213,361		213,903
•Series 2016-C03 1M1 3.216% 10/25/28		696,791		709,627
•Series 2016-C04 1M1 2.666% 1/25/29		520,806		527,304
•Series 2017-C01 1M1 2.516% 7/25/29		438,403		443,060
Fannie Mae REMICs
•Series 2005-106 QF 1.726% 12/25/35		1,359,876		1,368,908
•Series 2006-40 F 1.516% 5/25/36		94,817		94,651
Freddie Mac REMICs
•Series 3152 JF 1.609% 8/15/35		87,310		87,578
•Series 3311 VF 1.399% 5/15/37		230,462		229,668
•Series 3780 LF 1.559% 3/15/29		4,635		4,637
•Series 3800 AF 1.659% 2/15/41		305,861		307,656
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2016-DNA3 M1 2.316% 12/25/28		1,628,694		1,634,182
•Series 2016-HQA2 M1 2.416% 11/25/28		1,913,468		1,919,078
•GNMA Series 2010-46 MF 1.572% 5/16/34		305,742		306,338
Total Agency Collateralized Mortgage Obligations (Cost $8,019,283)				8,065,939
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITY–0.59%
#•FREMF Mortgage Trust Series 2014-K716 B 144A 4.083% 8/25/47		4,820,000		4,990,008
Total Agency Commercial Mortgage-Backed Security (Cost $4,996,626)				4,990,008
CONVERTIBLE BONDS–0.49%
#Aerojet Rocketdyne Holdings 144A 2.25%, exercise price $26.00, maturity date 12/15/23		24,000		25,440
Alaska Communications Systems Group 6.25%, exercise price $10.28, maturity date 5/1/18		29,000		30,233

	Principal Amount°		Value (U.S. $)
CONVERTIBLE BONDS (continued)
#Ares Capital 144A 3.75%, exercise price $19.39, maturity date 2/1/22		13,000	$	13,097
BioMarin Pharmaceutical 1.50%, exercise price $94.15, maturity date 10/15/20		25,000		29,859
#Blackhawk Network Holdings 144A 1.50%, exercise price $49.83, maturity date 1/15/22		51,000		57,120
Blackstone Mortgage Trust 4.375%, exercise price $35.67, maturity date 5/5/22		719,000		735,627
Blackstone Mortgage Trust 5.25%, exercise price $27.99, maturity date 12/1/18		52,000		60,320
Brookdale Senior Living 2.75%, exercise price $29.33, maturity date 6/15/18		722,000		718,841
Cardtronics 1.00%, exercise price $52.35, maturity date 12/1/20		65,000		62,603
Cemex 3.72%, exercise price $11.01, maturity date 3/15/20		33,000		38,239
Chart Industries 2.00%, exercise price $69.03, maturity date 8/1/18		59,000		58,779
#Clearwire Communications 144A 8.25%, exercise price $7.08, maturity date 12/1/40		114,000		117,420
#DISH Network 144A 2.375%, exercise price $82.22, maturity date 3/15/24		49,000		51,603
#DISH Network 144A 3.375%, exercise price $65.18, maturity date 8/15/26		18,000		21,915
GAIN Capital Holdings 4.125%, exercise price $12.00, maturity date 12/1/18		77,000		74,112
fGeneral Cable 4.50%, exercise price $31.33, maturity date 11/15/29		883,000		669,424
Helix Energy Solutions Group 4.25%, exercise price $13.89, maturity date 5/1/22		62,000		58,164
#Insulet 144A 1.25%, exercise price $58.37, maturity date 9/15/21		28,000		30,870
Jefferies Group 3.875%, exercise price $43.72, maturity date 11/1/29		124,000		124,930
#Kaman 144A 3.25%, exercise price $65.26, maturity date 5/1/24		45,000		45,816

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)
Knowles 3.25%, exercise price $18.43, maturity date 11/1/21		46,000	$	54,309
#Liberty Interactive 144A 1.75%, exercise price $341.10, maturity date 9/30/46		45,000		51,666
#Liberty Media 144A 2.25%, exercise price $104.55, maturity date 9/30/46		15,000		16,219
Medicines 2.75%, exercise price $48.97, maturity date 7/15/23		33,000		34,691
fMeritor 4.00%, exercise price $26.73, maturity date 2/15/27		110,000		115,156
New Mountain Finance 5.00%, exercise price $15.80, maturity date 6/15/19		61,000		63,440
NuVasive 2.25%, exercise price $59.82, maturity date 3/15/21		22,000		30,470
NXP Semiconductors 1.00%, exercise price $102.84, maturity date 12/1/19		47,000		56,283
ON Semiconductor 1.00%, exercise price $18.50, maturity date 12/1/20		57,000		59,422
#Pacira Pharmaceuticals 144A 2.375%, exercise price $66.89, maturity date 4/1/22		47,000		50,055
PROS Holdings 2.00%, exercise price $33.79, maturity date 12/1/19		56,000		59,570
#Silicon Laboratories 144A 1.375%, exercise price $92.81, maturity date 3/1/22		5,000		5,194
Spectrum Pharmaceuticals 2.75%, exercise price $10.53, maturity date 12/15/18		79,000		84,036
Spirit Realty Capital 3.75%, exercise price $13.00, maturity date 5/15/21		74,000		73,584
#Synaptics 144A 0.50%, exercise price $73.02, maturity date 6/15/22		9,000		9,113
Synchronoss Technologies 0.75%, exercise price $53.17, maturity date 8/15/19		38,000		35,435
•Vector Group 1.75%, exercise price $23.46, maturity date 4/15/20		85,000		98,387
VEREIT 3.75%, exercise price $14.99, maturity date 12/15/20		112,000		115,431

	Principal Amount°		Value (U.S. $)
CONVERTIBLE BONDS (continued)
Verint Systems 1.50%, exercise price $64.46, maturity date 6/1/21		69,000	$	67,922
Total Convertible Bonds (Cost $4,207,780)				4,104,795
	Number of Shares
CONVERTIBLE PREFERRED STOCK–0.10%
American Tower 5.50%, exercise price $115.11, expiration date 2/15/18		114		13,820
Becton Dickinson 6.125%, exercise price $211.80, expiration date 5/1/20		452		24,761
DTE Energy 6.50%, exercise price $116.31, expiration date 10/1/19		663		36,366
El Paso Energy Capital Trust I 4.75%, exercise price $50.00, expiration date 3/31/28		829		41,533
Teva Pharmaceutical Industries 7.00%, exercise price $75.00, expiration date 12/15/18		23		13,673
Welltower 6.50%, exercise price $57.42, expiration date 12/31/49		10,350		685,791
Total Convertible Preferred Stock (Cost $838,657)				815,944
	Principal Amount°
CORPORATE BONDS–62.49%
Air Freight & Logistics–0.64%
#Aviation Capital Group 144A 2.875% 1/20/22		4,845,000		4,832,980
#SMBC Aviation Capital Finance 144A 2.65% 7/15/21		580,000		570,025
				5,403,005
Airlines–0.33%
#◆Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27		528,907		538,163
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		553,300		567,133
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		162,706		163,927
◆American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		243,677		249,891

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)
Airlines (continued)
◆United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26		439,430	$	459,743
◆United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26		808,701		839,028
				2,817,885
Automobiles–2.26%
#•Daimler Finance North America 144A 1.51% 8/1/17		6,340,000		6,340,926
•Ford Motor Credit 2.104% 11/4/19		7,130,000		7,167,661
Toyota Motor Credit 2.00% 10/24/18		5,525,000		5,556,062
				19,064,649
Banks–15.39%
#•Akbank 144A 7.20% 3/16/27		230,000		239,327
#Banco Nacional de Costa Rica 144A 5.875% 4/25/21		215,000		226,029
#Banco Nacional de Desenvol-vimento Economico e Social 144A 4.75% 5/9/24		200,000		196,000
•Bank of America 2.153% 4/24/23		11,955,000		12,007,052
Barclays
4.836% 5/9/28		545,000		557,799
•8.25% 12/29/49		2,750,000		2,921,875
•BB&T 2.106% 6/15/18		4,135,000		4,160,538
#BBVA Bancomer 144A 7.25% 4/22/20		450,000		494,437
#BGEO Group 144A 6.00% 7/26/23		200,000		203,800
•Citigroup 2.279% 5/17/24		10,755,000		10,754,140
Citizens Bank 2.55% 5/13/21		4,000,000		4,005,784
Citizens Financial Group
2.375% 7/28/21		1,000,000		992,304
4.30% 12/3/25		750,000		783,322
Compass Bank 3.875% 4/10/25		970,000		967,844
#•Dexia Credit Local 144A 1.682% 2/15/19		4,440,000		4,442,735
Fifth Third Bancorp 2.60% 6/15/22		2,000,000		1,996,336
Fifth Third Bank
•2.082% 8/20/18		1,770,000		1,778,809
2.25% 6/14/21		4,000,000		3,990,556
Huntington Bancshares 2.30% 1/14/22		935,000		921,939
Huntington National Bank 2.375% 3/10/20		1,340,000		1,345,601
ING Groep 3.15% 3/29/22		815,000		831,433

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
JPMorgan Chase
•2.056% 4/25/23		4,205,000	$	4,211,160
•2.383% 10/24/23		9,710,000		9,864,360
KeyBank
2.35% 3/8/19		4,750,000		4,782,001
2.50% 11/22/21		2,000,000		2,007,624
3.18% 5/22/22		1,630,000		1,660,999
•Kreditanstalt fuer Wiederaufbau 1.455% 12/29/17		4,130,000		4,129,901
Lloyds Banking Group 3.00% 1/11/22		3,625,000		3,664,643
Manufacturers & Traders Trust 2.50% 5/18/22		530,000		529,409
•Oesterreichische Kontrollbank 1.365% 8/10/17		4,350,000		4,350,418
Regions Bank 2.25% 9/14/18		3,985,000		4,002,271
Royal Bank of Canada 2.75% 2/1/22		3,425,000		3,485,366
Royal Bank of Scotland Group
•2.652% 5/15/23		3,610,000		3,641,717
•8.625% 12/29/49		1,550,000		1,693,375
•Santander UK 2.042% 8/24/18		5,700,000		5,737,329
SunTrust Banks
2.70% 1/27/22		1,360,000		1,364,268
•5.05% 6/15/22		280,000		284,900
SVB Financial Group 3.50% 1/29/25		770,000		757,022
•Toronto-Dominion Bank 1.722% 4/30/18		5,650,000		5,670,018
#Turkiye Garanti Bankasi 144A 5.25% 9/13/22		260,000		264,654
•USB Capital IX 3.50% 10/29/49		465,000		413,455
•Wells Fargo 2.402% 10/31/23		13,300,000		13,546,183
				129,878,733
Beverages–3.67%
Anheuser-Busch InBev Finance 2.65% 2/1/21		6,600,000		6,694,037
•Anheuser-Busch Inbev Worldwide 1.86% 8/1/18		6,520,000		6,572,819
#Becle 144A 3.75% 5/13/25		1,340,000		1,339,872
Constellation Brands 4.25% 5/1/23		230,000		245,173
Molson Coors Brewing 3.00% 7/15/26		4,445,000		4,283,762
•PepsiCo 1.505% 10/13/17		4,900,000		4,905,312
#Pernod Ricard 144A 4.45% 1/15/22		6,455,000		6,928,048
				30,969,023

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)
Biotechnology–0.00%
#Neurocrine Biosciences 144A 2.25% 5/15/24		23,000	$	22,899
				22,899
Building Products–0.03%
Masco 3.50% 4/1/21		255,000		263,152
				263,152
Capital Markets–5.20%
•Bank of New York Mellon 2.222% 10/30/23		6,535,000		6,687,017
Deutsche Telekom International Finance
#144A 1.95% 9/19/21		485,000		473,072
#144A 2.485% 9/19/23		3,740,000		3,635,785
•Goldman Sachs Group 2.80% 11/29/23		7,945,000		8,208,218
•Morgan Stanley 2.373% 5/8/24		12,950,000		13,027,441
•State Street 2.653% 5/15/23		1,290,000		1,294,795
#UBS Group Funding Switzerland 144A 3.00% 4/15/21		10,365,000		10,533,328
				43,859,656
Chemicals–0.74%
CF Industries 6.875% 5/1/18		1,240,000		1,291,150
Dow Chemical 8.55% 5/15/19		1,560,000		1,748,022
#Equate Petrochemical 144A 3.00% 3/3/22		295,000		291,283
#INVISTA Finance 144A 4.25% 10/15/19		1,280,000		1,325,056
#OCP 144A 4.50% 10/22/25		1,170,000		1,183,162
#Phosagro OAO via Phosagro Bond Funding 144A 3.95% 11/3/21		355,000		357,998
				6,196,671
Commercial Services & Supplies–0.08%
Penske Truck Leasing
#144A 3.30% 4/1/21		405,000		416,421
#144A 4.20% 4/1/27		235,000		243,242
				659,663
Communications Equipment–1.13%
•Cisco Systems 1.702% 3/1/19		9,480,000		9,551,583
				9,551,583
Construction Materials–0.08%
#CEMEX Finance 144A 9.375% 10/12/22		425,000		452,625
#Union Andina de Cementos 144A 5.875% 10/30/21		245,000		255,045
				707,670

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Consumer Finance–1.24%
General Motors Financial
3.10% 1/15/19		4,120,000	$	4,177,853
4.375% 9/25/21		5,500,000		5,802,956
#Hyundai Capital America 144A 3.00% 3/18/21		490,000		493,182
				10,473,991
Diversified Financial Services–0.62%
#ERAC USA Finance 144A 4.50% 8/16/21		4,650,000		4,984,186
#SUAM Finance 144A 4.875% 4/17/24		185,000		196,775
				5,180,961
Diversified Telecommunication Services–2.50%
•AT&T 2.226% 6/30/20		10,790,000		10,935,924
CenturyLink 5.80% 3/15/22		1,395,000		1,456,031
Digicel Group
#144A 7.125% 4/1/22		240,000		210,312
#144A 8.25% 9/30/20		200,000		187,730
#GTP Acquisition Partners I 144A 2.35% 6/15/20		470,000		465,014
SBA Tower Trust
#144A 2.24% 4/10/18		465,000		464,867
#144A 2.898% 10/8/19		1,145,000		1,151,032
#Verizon Communications 144A 2.946% 3/15/22		6,210,000		6,259,966
				21,130,876
Electric Utilities–3.68%
#American Transmission Systems 144A 5.25% 1/15/22		755,000		833,020
Berkshire Hathaway Energy 3.75% 11/15/23		1,525,000		1,606,334
Commonwealth Edison 2.15% 1/15/19		2,750,000		2,764,105
Duke Energy 1.80% 9/1/21		5,670,000		5,540,412
•Emera 6.75% 6/15/76		440,000		499,400
#•Enel 144A 8.75% 9/24/73		1,103,000		1,315,327
Enel Americas 4.00% 10/25/26		210,000		212,573
#Enel Finance International 144A 3.625% 5/25/27		1,380,000		1,369,491
Entergy Louisiana 4.05% 9/1/23		3,955,000		4,236,991
Entergy Mississippi 3.10% 7/1/23		250,000		253,188
Exelon 3.497% 6/1/22		735,000		751,735
#Fortis 144A 2.10% 10/4/21		4,985,000		4,887,449
Great Plains Energy
3.15% 4/1/22		3,895,000		3,940,412
4.85% 6/1/21		440,000		469,293
NextEra Energy Capital Holdings 3.625% 6/15/23		875,000		898,798
NV Energy 6.25% 11/15/20		800,000		900,679

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)
Electric Utilities (continued)
#Pampa Energia 144A 7.50% 1/24/27		190,000	$	198,751
#Perusahaan Listrik Negara 144A 4.125% 5/15/27		410,000		403,902
				31,081,860
Equity Real Estate Investment Trusts–1.54%
American Tower 2.25% 1/15/22		6,405,000		6,251,997
Crown Castle International 5.25% 1/15/23		3,410,000		3,792,541
Host Hotels & Resorts 3.75% 10/15/23		1,895,000		1,934,899
WP Carey 4.60% 4/1/24		980,000		1,021,992
				13,001,429
Food & Staples Retailing–0.81%
CVS Health 2.125% 6/1/21		6,885,000		6,807,392
				6,807,392
Food Products–0.13%
#ESAL 144A 6.25% 2/5/23		230,000		201,825
#Marfrig Holdings Europe 144A 8.00% 6/8/23		225,000		228,983
•Mondelez International 1.69% 2/1/19		675,000		677,783
				1,108,591
Health Care Equipment & Supplies–1.67%
Abbott Laboratories
2.80% 9/15/20		3,000,000		3,049,128
2.90% 11/30/21		6,690,000		6,771,558
Becton Dickinson 2.894% 6/6/22		4,250,000		4,268,067
				14,088,753
Hotels, Restaurants & Leisure–0.08%
Marriott International 3.75% 3/15/25		635,000		655,212
				655,212
Independent Power & Renewable Electricity Producers–0.03%
#•AES Gener 144A 8.375% 12/18/73		220,000		235,950
				235,950
Industrial Conglomerates–2.19%
General Electric
•1.551% 5/5/26		3,900,000		3,833,875
•1.923% 1/9/20		3,840,000		3,886,368
•2.246% 3/15/23		2,450,000		2,521,011
6.00% 8/7/19		1,385,000		1,505,671
Roper Technologies 2.80% 12/15/21		3,090,000		3,119,488

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Industrial Conglomerates (continued)
#Siemens Financierings-maatschappij 144A 2.70% 3/16/22		3,530,000	$	3,578,252
				18,444,665
Insurance–1.80%
#NUVEEN FINANCE 144A 2.95% 11/1/19		5,110,000		5,185,924
Prudential Financial
•1.962% 8/15/18		8,742,000		8,800,816
•5.375% 5/15/45		740,000		802,900
•XLIT 3.616% 12/29/49		460,000		430,100
				15,219,740
Internet & Direct Marketing Retail–0.09%
JD.com 3.125% 4/29/21		755,000		756,023
				756,023
Internet Software & Services–0.03%
Alibaba Group Holding 3.125% 11/28/21		240,000		245,214
				245,214
Machinery–0.72%
Crane 2.75% 12/15/18		185,000		186,987
•PACCAR Financial 1.823% 12/6/18		5,850,000		5,893,811
				6,080,798
Media–0.92%
21st Century Fox America 4.50% 2/15/21		2,290,000		2,456,011
#Columbus Cable Barbados 144A 7.375% 3/30/21		625,000		664,844
Historic TW 6.875% 6/15/18		430,000		450,364
#Myriad International Holdings 144A 4.85% 7/6/27		200,000		201,095
Time Warner Entertainment 8.375% 3/15/23		3,190,000		4,018,577
				7,790,891
Metals & Mining–0.51%
#•BHP Billiton Finance USA 144A 6.25% 10/19/75		2,120,000		2,317,160
#Cia Brasileira de Aluminio 144A 6.75% 4/5/21		405,000		432,337
#MMC Norilsk Nickel OJSC via MMC Finance 144A 4.10% 4/11/23		200,000		199,475
Vale Overseas 5.875% 6/10/21		765,000		823,140
#Vedanta Resources 144A 6.375% 7/30/22		315,000		316,795

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)
Metals & Mining (continued)
#VM Holding 144A 5.375% 5/4/27		210,000	$	212,520
				4,301,427
Multi-Utilities–0.63%
Ameren 3.65% 2/15/26		2,095,000		2,142,726
Ameren Illinois 9.75% 11/15/18		385,000		425,551
CMS Energy 6.25% 2/1/20		695,000		765,523
Sempra Energy 2.875% 10/1/22		1,995,000		2,002,216
				5,336,016
Oil, Gas & Consumable Fuels–4.88%
•Chevron 1.748% 3/3/22		5,645,000		5,697,177
•ConocoPhillips 2.082% 5/15/22		5,100,000		5,213,383
Ecopetrol 5.875% 9/18/23		435,000		476,760
#Empresa Nacional del Petroleo 144A 4.75% 12/6/21		485,000		518,331
•Enterprise Products Operating 7.034% 1/15/68		175,000		180,075
•Exxon Mobil 1.593% 3/6/22		10,640,000		10,746,347
#Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27		295,000		297,139
#KazMunayGas National 144A 3.875% 4/19/22		435,000		431,542
#Kunlun Energy 144A 2.875% 5/13/20		465,000		468,757
#Pertamina Persero 144A 5.25% 5/23/21		845,000		917,001
#Perusahaan Gas Negara Persero 144A 5.125% 5/16/24		200,000		215,286
Petrobras Global Finance 5.375% 1/27/21		430,000		438,256
#•Petroleos Mexicanos 144A 4.878% 3/11/22		800,000		863,800
#Raizen Fuels Finance 144A 5.30% 1/20/27		260,000		264,225
Sabine Pass Liquefaction 5.625% 4/15/23		3,580,000		3,984,304
Spectra Energy Capital 3.30% 3/15/23		610,000		613,040
•Statoil 1.639% 11/8/18		7,240,000		7,275,983
#Tengizchevroil Finance Co. International 144A 4.00% 8/15/26		335,000		323,761
#Woodside Finance 144A 8.75% 3/1/19		2,070,000		2,286,828
				41,211,995
Paper & Forest Products–0.22%
Georgia-Pacific 8.00% 1/15/24		1,125,000		1,445,078
#Suzano Austria GmbH 144A 5.75% 7/14/26		355,000		368,312
				1,813,390

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Pharmaceuticals–2.97%
#•Bayer US Finance 144A 1.582% 10/6/17		10,000,000	$	10,002,090
Mylan 3.95% 6/15/26		995,000		1,010,018
•Pfizer 1.546% 6/15/18		11,640,000		11,672,324
Shire Acquisitions Investments Ireland 2.40% 9/23/21		2,385,000		2,359,535
				25,043,967
Road & Rail–0.02%
#Transnet 144A 4.00% 7/26/22		200,000		195,155
				195,155
Semiconductors & Semiconductor Equipment–0.38%
#NXP 144A 4.125% 6/15/20		3,000,000		3,158,460
				3,158,460
Software–1.75%
CDK Global 5.00% 10/15/24		620,000		661,850
•Oracle 1.813% 10/8/19		13,945,000		14,091,353
				14,753,203
Specialty Retail–0.72%
•Lowe’s 1.648% 9/10/19		6,055,000		6,101,648
				6,101,648
Technology Hardware, Storage & Peripherals–0.95%
Apple
•1.68% 2/9/22		3,820,000		3,861,329
•2.316% 2/23/21		4,050,000		4,181,888
				8,043,217
Tobacco–0.55%
Reynolds American 4.00% 6/12/22		4,390,000		4,657,110
				4,657,110
Trading Companies & Distributors–1.00%
AerCap Ireland Capital 3.95% 2/1/22		1,410,000		1,469,570
International Lease Finance 8.625% 1/15/22		5,640,000		6,951,638
				8,421,208
Wireless Telecommunication Services–0.31%
#Crown Castle Towers 144A 4.883% 8/15/20		1,615,000		1,724,637
#Millicom International Cellular 144A 6.00% 3/15/25		395,000		416,002
VimpelCom Holdings #144A 4.95% 6/16/24		200,000		201,116

LVIP Delaware Diversified Floating Rate Fund–8

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Wireless Telecommunication Services (continued)
VimpelCom Holdings (continued)
#144A 5.95% 2/13/23		260,000	$	276,900
				2,618,655
Total Corporate Bonds (Cost $521,725,690)				527,352,386
«LOAN AGREEMENTS–10.48%
American Airlines Tranche B 1st Lien 3.659% 12/14/23		2,426,212		2,430,955
Aramark Services Tranche B 1st Lien 3.226% 3/28/24		3,491,250		3,518,534
Cablevision Tranche B 1st Lien 3.459% 7/17/25		2,000,000		1,988,750
Calpine Construction Finance 3.48% 5/3/20		1,015,432		1,012,578
Charter Communications Operating 1st Lien 3.30% 1/15/24		1,481,250		1,488,034
Charter Communications Operating Tranche E 1st Lien 3.23% 7/1/20		3,787,200		3,802,595
Charter Communications Tranche H 1st Lien 3.23% 1/15/22		1,481,250		1,486,627
Chrysler Tranche B 1st Lien 3.16% 12/31/18		2,532,829		2,557,372
DaVita HealthCare Partners Tranche B 3.976% 6/24/21		8,342,000		8,362,879
First Data 1st Lien 3.716% 4/26/24		4,996,735		5,002,082
Flying Fortress Tranche B 1st Lien 3.546% 10/30/22		3,000,000		3,013,920
Hilton Worldwide Finance Tranche B2 1st Lien 3.216% 10/25/23		6,982,500		7,010,639
Houghton International 4.546% 12/20/19		1,208,099		1,217,160
Las Vegas Sands 1st Lien 3.23% 3/29/24		5,964,756		5,980,056
Level 3 Financing Tranche B 1st Lien 3.466% 2/22/24		2,165,000		2,172,448
MGM Growth Properties Tranche B 1st Lien 3.476% 5/1/23		4,937,500		4,952,016

	Principal Amount°		Value (U.S. $)
«LOAN AGREEMENTS (continued)
Nielsen Finance Tranche B4 1st Lien 3.096% 10/4/23		3,000,000	$	3,007,845
Penn National Gaming Tranche B 1st Lien 3.726% 1/19/24		1,745,625		1,757,478
RPI Finance Trust Tranche B6 1st Lien 3.296% 3/27/23		2,100,000		2,110,175
Sinclair Television Group 3.48% 1/3/24		6,467,500		6,484,477
Sprint Communications Tranche B 1st Lien 3.75% 2/2/24		7,990,000		8,000,826
Team Health Holdings Tranche B 1st Lien 3.976% 2/6/24		1,945,125		1,932,063
Univision Communications Tranche C 1st Lien 3.976% 3/15/24		7,923,403		7,781,416
WideOpenWest Finance Tranche B 1st Lien 4.702% 8/19/23		1,347,518		1,347,983
Total Loan Agreement (Cost $88,378,119)				88,418,908
NON-AGENCY ASSET-BACKED SECURITIES–14.14%
•American Express Credit Account Secured Note Trust Series 2012-4 B 1.709% 5/15/20		7,000,000		7,006,671
#•AMMC CLO 16 Series 2015-16A AR 144A 2.42% 4/14/29		1,635,000		1,634,178
BA Credit Card Trust
•Series 2014-A1 A 1.539% 6/15/21		4,741,000		4,760,923
•Series 2014-A3 A 1.449% 1/15/20		1,190,000		1,190,396
•Series 2015-A1 A 1.489% 6/15/20		1,065,000		1,066,698
#•Ballyrock CLO Series 2013-1A A 144A 2.352% 5/20/25		2,000,000		1,999,890
#•Cedar Funding IV CLO Series 2014-4A AR 144A 2.386% 7/23/30		3,230,000		3,228,366
#•Cedar Funding V CLO Series 2016-5A A1 144A 2.768% 7/17/28		4,200,000		4,243,966
Chase Issuance Trust •Series 2013-A6 A6 1.579% 7/15/20		1,250,000		1,253,980

LVIP Delaware Diversified Floating Rate Fund–9

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 (continued)
•Series 2013-A9 A 1.579% 11/16/20		4,400,000	$	4,418,699
•Series 2014-A5 A5 1.529% 4/15/21		4,745,000		4,762,609
•Series 2016-A1 A 1.569% 5/17/21		1,155,000		1,161,210
•Series 2016-A3 A3 1.709% 6/15/23		5,000,000		5,040,851
Citibank Credit Card Issuance Trust
•Series 2013-A4 A4 1.636% 7/24/20		5,000,000		5,018,193
•Series 2013-A7 A7 1.547% 9/10/20		4,700,000		4,717,583
•Series 2016-A3 A3 1.713% 12/7/23		5,750,000		5,798,191
Discover Card Execution Note Trust
•Series 2013-A1 A1 1.459% 8/17/20		2,000,000		2,002,370
•Series 2014-A1 A1 1.589% 7/15/21		6,955,000		6,986,827
•Series 2017-A1 A1 1.649% 7/15/24		3,000,000		3,016,169
•Ford Credit Auto Owner Trust Series 2016-B A2B 1.469% 3/15/19		2,072,684		2,074,021
•Ford Credit Floorplan Master Owner Trust Series 2016-3 A2 1.779% 7/15/21		12,000,000		12,085,310
#•Hertz Fleet Lease Funding Series 2014-1 A 144A 1.517% 4/10/28		52,615		52,602
•Hyundai Auto Receivables Trust Series 2017-A A2B 1.239% 2/18/20		11,000,000		11,000,410
JFIN CLO
#•Series 2014-1A A 144A 2.53% 4/20/25		2,500,000		2,500,320
#•Series 2015-2A AX 144A 2.608% 10/19/26		1,487,500		1,489,306
#•KKR Financial CLO Series 2013-1A A1R 144A 2.448% 4/15/29		3,400,000		3,398,286
Nissan Auto Receivables Owner Trust
•Series 2015-B A2B 1.439% 7/16/18		28,612		28,614
•Series 2015-C A2B 1.509% 11/15/18		203,228		203,300
#•Northwoods Capital XV Series 2017-15A A 144A 0.00% 6/20/29		1,000,000		999,483

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Oaktree CLO Series 2014-1A A1R 144A 2.472% 5/13/29		2,500,000	$	2,498,725
#•Octagon Investment Partners XV Series 2013-1A A1AR 144A 0.00% 7/19/30		1,000,000		1,000,000
#•PFS Financing Series 2015-AA A 144A 1.779% 4/15/20		1,950,000		1,949,605
#•Shackleton VIII CLO Series 2015-8A A1 144A 2.666% 10/20/27		1,340,000		1,340,549
#•Telos CLO Series 2013-4A A 144A 2.458% 7/17/24		3,000,000		3,001,815
•Toyota Auto Receivables Owner Trust Series 2016-A A2B 1.479% 7/16/18		2,211,985		2,212,856
#•Venture XXI CLO Series 2015-21A A 144A 2.648% 7/15/27		2,230,000		2,229,030
#•Venture XXVIII CLO Series 2017-28A A2 144A 0.00% 7/20/30		2,000,000		1,983,428
Total Non-Agency Asset-Backed Securities (Cost $119,001,394)				119,355,430
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.38%
#COMM Mortgage Trust Series 2015-3BP A 144A 3.178% 2/10/35		3,280,000		3,310,719
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		8,000,000		8,375,237
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $11,587,385)				11,685,956
DREGIONAL BONDS–0.07%
Argentina–0.07%
Provincia De Buenos Aires #144A 7.875% 6/15/27		285,000		295,773
Provincia De Cordoba #144A 7.45% 9/1/24		300,000		312,198
				607,971
Total Regional Bonds (Cost $583,357)				607,971
DSOVEREIGN BONDS–0.93%
Argentina–0.06%
Argentine Republic Government International Bond 5.625% 1/26/22		500,000		513,250
				513,250

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)
Bahrain–0.04%
#Bahrain Government International Bond 144A 6.125% 7/5/22		335,000	$	352,762
				352,762
Cayman Islands–0.03%
#KSA Sukuk 144A 2.894% 4/20/22		285,000		285,806
				285,806
Chile–0.04%
Bonos de la Tesoreria de la Republica en pesos 4.50% 3/1/21	CLP	200,000,000		315,280
				315,280
Costa Rica–0.03%
#Costa Rica Government International Bond 144A 4.25% 1/26/23		250,000		244,688
				244,688
Croatia–0.06%
#Croatia Government International Bond 144A 5.50% 4/4/23		470,000		514,793
				514,793
India–0.06%
Export-Import Bank of India 3.125% 7/20/21		505,000		510,601
				510,601
Japan–0.24%
•Japan Bank for International Cooperation 1.762% 2/24/20		1,984,000		1,983,452
				1,983,452
Nigeria–0.06%
Nigeria Government International Bond 5.625% 6/27/22		500,000		495,813
				495,813
Norway–0.18%
#•Kommunalbanken 144A 1.352% 2/20/18		1,500,000		1,501,632
				1,501,632
Russia–0.03%
#Russian Foreign Bond - Eurobond 144A 4.75% 5/27/26		200,000		209,085
				209,085
Sri Lanka–0.06%
#Sri Lanka Government International Bond 144A 5.75% 1/18/22		525,000		545,473
				545,473

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Turkey–0.04%
#Export Credit Bank of Turkey 144A 5.375% 10/24/23		345,000	$	349,295
				349,295
Total Sovereign Bonds (Cost $7,771,438)				7,821,930
SUPRANATIONAL BANKS–1.68%
•Inter-American Development Bank 1.378% 10/15/20		6,065,000		6,104,623
•International Bank for Reconstruction & Development 1.39% 12/16/17		3,975,000		3,977,723
•International Finance 1.363% 1/9/19		4,115,000		4,119,205
Total Supranational Banks (Cost $14,122,751)				14,201,551
U.S. TREASURY OBLIGATIONS–3.63%
•U.S. Treasury Floating Rate Note 1.118% 4/30/19		11,885,000		11,884,703
U.S. Treasury Notes
1.75% 5/31/22		2,680,000		2,664,612
1.75% 6/30/22		12,630,000		12,549,332
2.25% 2/15/27		3,215,000		3,200,619
2.375% 5/15/27		325,000		327,101
Total U.S. Treasury Obligations (Cost $30,686,483)				30,626,367
	Number of Shares
PREFERRED STOCK–0.96%
AMG Capital Trust II 5.15%		12,425		737,734
•General Electric 5.00%		1,975,000		2,098,734
•Integrys Holdings 6.00%		34,900		942,736
#•USB Realty 144A 2.305%		4,900,000		4,299,750
Total Preferred Stock (Cost $7,871,380)				8,078,954
MONEY MARKET FUND–1.97%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		16,597,459		16,597,459
Total Money Market Fund (Cost $16,597,459)				16,597,459

LVIP Delaware Diversified Floating Rate Fund–11

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–99.86% (Cost $836,387,802)	$	842,723,598
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.14%		1,217,523
NET ASSETS APPLICABLE TO 83,252,464 SHARES OUTSTANDING–100.00%	$	843,941,121

NET ASSET VALUE PER SHARE–LVIP DELAWARE DIVERSIFIED FLOATING RATE FUND STANDARD CLASS ($34,266,668 / 3,368,064 Shares)	$10.174
NET ASSET VALUE PER SHARE–LVIP DELAWARE DIVERSIFIED FLOATING RATE FUND SERVICE CLASS ($809,674,453 / 79,884,400 Shares)	$10.136

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	838,976,950
Undistributed net investment income		13,838,714
Accumulated net realized loss on investments		(16,784,288	)
Net unrealized appreciation of investments, foreign currencies and derivatives		7,909,745
TOTAL NET ASSETS	$	843,941,121

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $157,189,477, which represents 18.63% 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, 2017. Interest rates reset periodically.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2017.

« Includes $3,460,922 cash collateral held at broker for swap contracts, $604,611 due to manager and affiliates, $7,443,693 payable for securities purchased, and $290,611 payable for fund shares redeemed as of June 30, 2017.

◆ 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.

« Loan agreements 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at June 30, 2017.

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

The following swap contracts were outstanding at June 30, 2017:¹

Swap Contracts

CDS Contracts

Counterparty	Swap Referenced Obligation	Notional Amount2		Annual Protection Payments		Termination Date		Upfront Payments Paid (Received)		Unrealized Depreciation
	Protection Purchased:
JPMC	ICE - CDX.NA.HY.283		7,835,000		5.00%		6/20/22		$(517,915)		$(21,505)

LVIP Delaware Diversified Floating Rate Fund–12

LVIP Delaware Diversified Floating Rate Fund

Statement of Net Assets (continued)

Swap Contracts (continued)    

Interest Rate Swap Contracts    

Counterparty & Swap Referenced Obligation	Notional Amount2		Fixed Interest Rate Paid (Received)		Floating Interest Rate Paid (Received)		Termination Date		Unrealized Appreciation		Unrealized Depreciation
CME – BAML
5 yr Interest Rate Swap		32,000,000		1.191%		(1.180%)		8/9/21	$	856,153	$	—
5 yr Interest Rate Swap		43,610,000		1.199%		(1.150%)		4/6/21		1,004,643		—
5 yr Interest Rate Swap		31,980,000		1.883%		(1.222%)		12/5/21		22,817		—
7 yr Interest Rate Swap		13,610,000		1.416%		(1.150%)		4/6/23		453,451		—
10 yr Interest Rate Swap		8,740,000		1.687%		(1.150%)		4/5/26		384,515		—
LCH – BAML
3 yr Interest Rate Swap		58,155,000		1.667%		(1.156%)		1/25/20		25,728		—
5 yr Interest Rate Swap		26,125,000		1.948%		(1.180%)		2/9/22		—		(42,561	)
5 yr Interest Rate Swap		17,320,000		1.976%		(1.170%)		4/27/22		—		(37,297	)
7 yr Interest Rate Swap		17,865,000		2.125%		(1.167%)		1/25/24		—		(58,103	)
7 yr Interest Rate Swap		12,500,000		2.312%		(1.220%)		3/7/24		—		(182,831	)
Total									$	2,747,307	$	(320,792	)

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

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

²Notional amount shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

³Markit’s North American High Yield CDX Index, or the CDX.NA.HY Index, is composed of one hundred (100) of the most liquid North American entities with high yield credit ratings that trade in the CDS market.

Summary of Abbreviations:

BAML–Bank of America Merrill Lynch

BB–Barclays Bank

CDS–Credit Default Swap

CDX.NA.HY–Credit Default Swap Index North America High Yield

CLO–Collateralized Loan Obligation

CLP–Chilean Peso

CME–Chicago Mercantile Exchange Inc.

FREMF–Freddie Mac Multifamily

GNMA–Government National Mortgage Association

ICE–Intercontinental Exchange, Inc.

JPM–JPMorgan

JPMC–JPMorgan Chase Bank

LCH–London Clearing House

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–13

LVIP Delaware Diversified Floating Rate Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Interest	$	9,857,469
Dividends		46,478
Foreign tax withheld		(181	)
		9,903,766
EXPENSES:
Management fees		2,353,662
Distribution fees-Service Class		974,643
Accounting and administration expenses		100,937
Reports and statements to shareholders		44,670
Shareholder servicing fees		40,681
Professional fees		33,992
Pricing fees		18,731
Trustees’ fees and expenses		10,804
Custodian fees		6,409
Consulting fees		1,735
Other		3,392
		3,589,656
Less:
Management fees waived		(121,619	)
Total operating expenses		3,468,037
NET INVESTMENT INCOME		6,435,729
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		1,235,802
Foreign currencies		(8	)
Foreign currency exchange contracts		5
Swap contracts		560,021
Net realized gain		1,795,820
Net change in unrealized appreciation (depreciation) of:
Investments		3,706,250
Foreign currencies		(2	)
Swap contracts		(2,590,239	)
Net change in unrealized appreciation (depreciation)		1,116,009
NET REALIZED AND UNREALIZED GAIN		2,911,829
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,347,558

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	6,435,729		$	8,937,292
Net realized gain (loss)		1,795,820			(10,370,576	)
Net change in unrealized appreciation		1,116,009			17,118,540
Net increase in net assets resulting from operations		9,347,558			15,685,256
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		8,778,881			12,325,117
Service Class		98,704,392			93,745,802
		107,483,273			106,070,919
Cost of shares redeemed:
Standard Class		(4,250,581	)		(42,116,820	)
Service Class		(44,353,320	)		(130,158,663	)
		(48,603,901	)		(172,275,483	)
Increase (Decrease) in net assets derived from capital share transactions		58,879,372			(66,204,564	)
NET INCREASE (DECREASE) IN NET ASSETS		68,226,930			(50,519,308	)
NET ASSETS:
Beginning of period		775,714,191			826,233,499
End of period	$	843,941,121		$	775,714,191
Undistributed net investment income	$	13,838,714		$	7,402,985

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

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 6/30/171 (unaudited)			12/31/16			12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.046		$	9.824		$	10.057			$	10.137			$	10.136			$	9.866
Income (loss) from investment operations:
Net investment income2			0.092			0.134			0.145				0.144				0.144				0.193
Net realized and unrealized gain (loss)			0.036			0.088			(0.217	)			(0.082	)			(0.068	)			0.223
Total from investment operations			0.128			0.222			(0.072	)			0.062				0.076				0.416
Less dividends and distributions from:
Net investment income			—			—			(0.119	)			(0.119	)			(0.066	)			(0.146	)
Return of capital			—			—			(0.042	)			(0.023	)			(0.009	)			—
Total dividends and distributions			—			—			(0.161	)			(0.142	)			(0.075	)			(0.146	)
Net asset value, end of period		$	10.174		$	10.046		$	9.824			$	10.057			$	10.137			$	10.136
Total return3			1.28%			2.26%			(0.71%	)			0.62%				0.75%				4.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	34,267		$	29,345		$	57,982			$	298,086			$	431,104			$	224,190
Ratio of expenses to average net assets			0.61%			0.60%			0.62%				0.62%				0.65%				0.69%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.64%			0.63%			0.63%				0.62%				0.65%				0.69%
Ratio of net investment income to average net assets			1.83%			1.36%			1.44%				1.41%				1.42%				1.90%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.80%			1.33%			1.43%				1.41%				1.42%				1.90%
Portfolio turnover			49%			82%			81%				109%				81%				88%

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

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 6/30/171 (unaudited)			12/31/16			12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.020		$	9.823		$	10.057			$	10.137			$	10.135			$	9.866
Income (loss) from investment operations:
Net investment income2			0.079			0.109			0.120				0.118				0.118				0.167
Net realized and unrealized gain (loss)			0.037			0.088			(0.218	)			(0.081	)			(0.067	)			0.224
Total from investment operations			0.116			0.197			(0.098	)			0.037				0.051				0.391
Less dividends and distributions from:
Net investment income			—			—			(0.094	)			(0.094	)			(0.040	)			(0.122	)
Return of capital			—			—			(0.042	)			(0.023	)			(0.009	)			—
Total dividends and distributions			—			—			(0.136	)			(0.117	)			(0.049	)			(0.122	)
Net asset value, end of period		$	10.136		$	10.020		$	9.823			$	10.057			$	10.137			$	10.135
Total return3			1.16%			2.01%			(0.97%	)			0.36%				0.51%				3.96%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	809,674		$	746,369		$	768,251			$	798,818			$	705,582			$	207,925
Ratio of expenses to average net assets			0.86%			0.85%			0.87%				0.87%				0.90%				0.94%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.89%			0.88%			0.88%				0.87%				0.90%				0.94%
Ratio of net investment income to average net assets			1.58%			1.11%			1.19%				1.16%				1.17%				1.65%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.55%			1.08%			1.18%				1.16%				1.17%				1.65%
Portfolio turnover			49%			82%			81%				109%				81%				88%

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–16

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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.

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 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 (“NAV”). 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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–17

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 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, 2017.

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. 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, 2018, and cannot be terminated before that date without mutual agreement of the Board or LIAC. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	22,884
Legal		5,525

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $38,666 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP Delaware Diversified Floating Rate Fund–18

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

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

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	379,954
Distribution fees payable to LFD		165,947
Printing and mailing fees payable to Lincoln Life		38,666
Shareholder servicing fees payable to Lincoln Life		20,044

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	343,265,759
Purchases of U.S. government securities		107,795,501
Sales other than U.S. government securities		306,617,082
Sales of U.S. government securities		85,760,897

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for the Fund were as follows:

Cost of investments	$	836,387,802
Aggregate unrealized appreciation	$	7,475,919
Aggregate unrealized depreciation		(1,140,123	)
Net unrealized appreciation	$	6,335,796

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$4,596,969	$13,957,423	$18,554,392

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–19

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, 2017:

	Level 1		Level 2			Total
Investments:
Assets:
Agency Collateralized Mortgage Obligations	$	—	$	8,065,939		$	8,065,939
Agency Commercial Mortgage-Backed Security		—		4,990,008			4,990,008
Convertible Bonds		—		4,104,795			4,104,795
Convertible Preferred Stock		815,944		—			815,944
Corporate Bonds		—		527,352,386			527,352,386
Loan Agreements		—		88,418,908			88,418,908
Non-Agency Asset-Backed Securities		—		119,355,430			119,355,430
Non-Agency Commercial Mortgage-Backed Securities		—		11,685,956			11,685,956
Regional Bonds		—		607,971			607,971
Sovereign Bonds		—		7,821,930			7,821,930
Supranational Banks		—		14,201,551			14,201,551
U.S. Treasury Obligations		—		30,626,367			30,626,367
Preferred Stock		—		8,078,954			8,078,954
Money Market Fund		16,597,459		—			16,597,459
Total Investments	$	17,413,403	$	825,310,195		$	842,723,598
Derivatives:
Assets:
Swap Contracts	$	—	$	2,747,307		$	2,747,307
Liabilities:
Swap Contracts	$	—	$	(342,297	)	$	(342,297	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		867,987			1,243,119
Service Class		9,795,975			9,458,970
		10,663,962			10,702,089
Shares redeemed:
Standard Class		(421,174	)		(4,224,228	)
Service Class		(4,399,408	)		(13,176,802	)
		(4,820,582	)		(17,401,030	)
Net increase (decrease)		5,843,380			(6,698,941	)

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.

LVIP Delaware Diversified Floating Rate Fund–20

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. 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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

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 manage 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.

During the six months ended June 30, 2017, the Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to 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 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, 2017, 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.

During the six months ended June 30, 2017, the Fund used CDS contracts to hedge against credit events (including single name, baskets, and systemic).

LVIP Delaware Diversified Floating Rate Fund–21

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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, 2017 were as follows:

	Asset Derivatives			Liabilities Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Swap contracts (Credit contracts)	Receivables and other assets net of liabilities	$	—	Receivables and other assets net of liabilities	$	(21,505	)
Swap contracts (Interest rate contracts)	Receivables and other assets net of liabilities		2,747,307	Receivables and other assets net of liabilities		(320,792	)
Total		$	2,747,307		$	(342,297	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$	5		$	—
Swap contracts (Credit contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts		(320,845	)		(33,475	)
Swap contracts (Interest rate contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts		880,866			(2,556,764	)
Total		$	560,026		$	(2,590,239	)

Average Volume of Derivatives-The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2017.

	Long Derivative Volume				Short Derivative Volume
CDS contracts (average notional value)*		USD	$	8,505,840	$	—
Interest rate swap contracts (average notional value)		USD		—		239,589,560

*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 currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

LVIP Delaware Diversified Floating Rate Fund–22

LVIP Delaware Diversified Floating Rate Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

At June 30, 2017, the Fund had 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	$	2,747,307	$	(320,792	)	$	2,426,515
JPMorgan Chase Bank		—		(21,505	)		(21,505	)
Total	$	2,747,307	$	(342,297	)	$	2,405,010

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
Bank of America Merrill Lynch	$	2,426,515		$	—	$	—	$	—	$	—	$	2,426,515
JPMorgan Chase Bank		(21,505	)		—		—		—		21,505		—
Total	$	2,405,010		$	—	$	—	$	—	$	21,505	$	2,426,515

^aNet exposure 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, 2017. 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 securities are identified on the Statement of Net Assets.

LVIP Delaware Diversified Floating Rate Fund–23

LVIP Delaware Diversified Floating Rate 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–24

                            LVIP Delaware Wealth Builder Fund (formerly LVIP Delaware Foundation^® Aggressive Allocation Fund)   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP Delaware Wealth Builder 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	25
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 Delaware Wealth Builder Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,074.20		0.72	%		$3.70
Service Class Shares		1,000.00		1,072.90		0.97	%		4.99
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.22		0.72	%		$3.61
Service Class Shares		1,000.00		1,019.98		0.97	%		4.86

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP Delaware Wealth Builder Fund–1

LVIP Delaware Wealth Builder Fund

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

As of June 30, 2017

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

Security Type/Sector Percentage  of Net Assets

Common Stock	47.00	%
U.S. Markets	32.58	%
Aerospace & Defense	1.11	%
Automobiles	0.80	%
Banks	1.93	%
Beverages	0.07	%
Biotechnology	1.29	%
Capital Markets	0.11	%
Chemicals	0.93	%
Commercial Services & Supplies	0.94	%
Communications Equipment	0.92	%
Diversified Telecommunication Services	2.19	%
Electric Utilities	0.47	%
Equity Real Estate Investment Trusts	5.50	%
Food & Staples Retailing	0.93	%
Food Products	0.94	%
Health Care Equipment & Supplies	0.80	%
Health Care Providers & Services	1.16	%
Household Products	1.88	%
Insurance	1.02	%
Internet Software & Services	0.12	%
Leisure Products	0.62	%
Multiline Retail	0.76	%
Oil, Gas & Consumable Fuels	2.81	%
Pharmaceuticals	2.66	%
Semiconductors & Semiconductor Equipment	0.93	%
Software	1.04	%
Technology Hardware, Storage & Peripherals	0.03	%
Tobacco	0.62	%
Developed Markets	13.80	%
Aerospace & Defense	0.29	%
Air Freight & Logistics	0.32	%
Auto Components	0.37	%
Automobiles	0.55	%
Banks	1.69	%
Beverages	0.30	%
Construction & Engineering	0.38	%
Diversified Telecommunication Services	0.36	%
Electrical Equipment	0.07	%
Household Durables	0.24	%
Industrial Conglomerates	0.32	%
Insurance	0.32	%
Machinery	0.18	%
Media	0.11	%
Metals & Mining	0.17	%
Multi-Utilities	0.67	%
Oil, Gas & Consumable Fuels	2.22	%
Pharmaceuticals	1.85	%
Professional Services	0.24	%

Security Type/Sector Percentage  of Net Assets

Road & Rail	0.32	%
Software	0.25	%
Specialty Retail	0.21	%
Technology Hardware, Storage & Peripherals	0.62	%
Textiles, Apparel & Luxury Goods	0.57	%
Tobacco	0.50	%
Trading Companies & Distributors	0.48	%
Wireless Telecommunication Services	0.20	%
Emerging Markets	0.62	%
Banks	0.23	%
Technology Hardware, Storage & Peripherals	0.32	%
Wireless Telecommunication Services	0.07	%
Preferred Stock	0.37	%
Agency Collateralized Mortgage Obligations	1.72	%
Agency Commercial Mortgage-Backed Securities	1.03	%
Agency Mortgage-Backed Securities	10.68	%
Corporate Bonds	24.02	%
Aerospace & Defense	0.33	%
Air Freight & Logistics	0.08	%
Airlines	0.13	%
Auto Components	0.02	%
Automobiles	0.14	%
Banks	3.84	%
Beverages	0.61	%
Biotechnology	0.36	%
Building Products	0.12	%
Capital Markets	2.32	%
Chemicals	0.67	%
Commercial Services & Supplies	0.27	%
Communications Equipment	0.03	%
Construction & Engineering	0.13	%
Construction Materials	0.30	%
Consumer Finance	0.17	%
Containers & Packaging	0.29	%
Diversified Consumer Services	0.03	%
Diversified Financial Services	0.10	%
Diversified Telecommunication Services	1.12	%
Electric Utilities	1.54	%
Electrical Equipment	0.11	%
Electronic Equipment, Instruments & Components	0.01	%
Energy Equipment & Services	0.04	%
Equity Real Estate Investment Trusts	1.26	%
Food & Staples Retailing	0.08	%
Food Products	0.24	%
Gas Utilities	0.30	%
Health Care Equipment & Supplies	0.15	%
Health Care Providers & Services	0.51	%
Health Care Technology	0.04	%

LVIP Delaware Wealth Builder Fund–2

LVIP Delaware Wealth Builder Fund

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

Security Type/Sector Percentage  of Net Assets

Hotels, Restaurants & Leisure	0.51	%
Household Durables	0.06	%
Independent Power & Renewable Electricity Producers	0.13	%
Industrial Conglomerates	0.13	%
Insurance	1.14	%
IT Services	0.06	%
Life Sciences Tools & Services	0.14	%
Machinery	0.25	%
Media	0.97	%
Metals & Mining	0.47	%
Multiline Retail	0.12	%
Multi-Utilities	0.35	%
Oil, Gas & Consumable Fuels	1.94	%
Paper & Forest Products	0.14	%
Pharmaceuticals	0.34	%
Professional Services	0.03	%
Road & Rail	0.05	%
Semiconductors & Semiconductor Equipment	0.05	%
Software	0.46	%
Specialty Retail	0.31	%
Technology Hardware, Storage & Peripherals	0.25	%
Textiles, Apparel & Luxury Goods	0.03	%
Tobacco	0.12	%
Trading Companies & Distributors	0.52	%
Wireless Telecommunication Services	0.11	%
Municipal Bonds	2.08	%
Non-Agency Asset-Backed Securities	2.43	%
Non-Agency Collateralized Mortgage Obligations	0.21	%
Non-Agency Commercial Mortgage-Backed Securities	1.92	%
Regional Bonds	0.12	%
Sovereign Bonds	0.14	%
Supranational Banks	0.05	%
U.S. Treasury Obligations	3.97	%
Money Market Fund	5.94	%
Short-Term Investment	4.65	%
Total Value of Securities	106.33	%
Liabilities Net of Receivables and Other Assets	(6.33	%)
Total Net Assets	100.00	%
IT–Information Technology

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

Equity Residential	1.24	%
Verizon Communications	1.10	%
AT&T	1.09	%
Pfizer	1.09	%
Occidental Petroleum	1.08	%
BB&T	0.97	%
Wells Fargo & Co.	0.96	%
CA	0.94	%
Procter & Gamble	0.94	%
Arthur J. Gallagher & Co.	0.94	%
Total	10.35	%

LVIP Delaware Wealth Builder Fund–3

LVIP Delaware Wealth Builder Fund

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

Geography*	Percentage  of Net Assets
Australia		0.55	%
Canada		0.83	%
Cayman Islands		1.34	%
Chile		0.02	%
Colombia		0.00	%
Denmark		0.25	%
France		3.30	%
Germany		0.59	%
Guernsey		0.15	%
Hong Kong		0.57	%
Hungary		0.02	%
India		0.10	%
Indonesia		0.23	%
Ireland		0.36	%
Israel		0.21	%
Italy		0.44	%
Japan		3.27	%
Luxembourg		0.08	%
Mexico		0.13	%
Netherlands		1.64	%
New Zealand		0.04	%
Puerto Rico		0.05	%
Republic of Korea		0.36	%
Russia		0.07	%
Spain		0.10	%
Sweden		0.70	%
Switzerland		0.94	%
United Kingdom		4.64	%
United States		74.76	%
Total		95.74	%

*Allocation includes all investments except for short-term investments and money market fund.

LVIP Delaware Wealth Builder Fund–4

LVIP Delaware Wealth Builder Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–47.00%
U.S. MARKETS–32.58%
Aerospace & Defense–1.11%
Lockheed Martin		4,400	$	1,221,484
United Technologies		7,600		928,036
				2,149,520
Automobiles–0.80%
Ford Motor		137,300		1,536,387
				1,536,387
Banks–1.93%
BB&T		41,500		1,884,515
Wells Fargo & Co.		33,300		1,845,153
				3,729,668
Beverages–0.07%
Coca-Cola		2,940		131,859
				131,859
Biotechnology–1.29%
AbbVie		21,300		1,544,463
Amgen		5,500		947,265
				2,491,728
Capital Markets–0.11%
Blackstone Group		6,169		205,736
				205,736
Chemicals–0.93%
Dow Chemical		28,600		1,803,802
				1,803,802
Commercial Services & Supplies–0.94%
Waste Management		24,800		1,819,080
				1,819,080
Communications Equipment–0.92%
Cisco Systems		56,900		1,780,970
				1,780,970
Diversified Telecommunication Services–2.19%
AT&T		56,137		2,118,049
Verizon Communications		47,543		2,123,270
				4,241,319
Electric Utilities–0.47%
Edison International		11,700		914,823
				914,823
Equity Real Estate Investment Trusts–5.50%
Apartment Investment & Management		4,475		192,291
AvalonBay Communities		3,100		595,727
Boston Properties		1,675		206,059
Brixmor Property Group		5,550		99,234
Camden Property Trust		700		59,857
Cousins Properties		8,375		73,616

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Equity Real Estate Investment Trusts (continued)
Crown Castle International		4,026	$	403,325
DCT Industrial Trust		1,387		74,121
Duke Realty		1,750		48,913
EPR Properties		1,725		123,976
Equity LifeStyle Properties		1,400		120,876
Equity Residential		36,318		2,390,814
Essex Property Trust		925		237,975
First Industrial Realty Trust		4,475		128,075
GGP		20,475		482,391
Healthcare Realty Trust		5,450		186,117
Healthcare Trust of America Class A		4,462		138,813
Host Hotels & Resorts		8,575		156,665
Kilroy Realty		1,800		135,270
Kimco Realty		9,075		166,526
LaSalle Hotel Properties		1,975		58,855
Mid-America Apartment Communities		2,104		221,720
National Retail Properties		3,000		117,300
Prologis		8,975		526,294
Public Storage		975		203,317
Realty Income		1,800		99,324
Regency Centers		5,657		354,354
RLJ Lodging Trust		5,075		100,840
Simon Property Group		5,750		930,120
SL Green Realty		2,550		269,790
UDR		8,375		326,374
Urban Edge Properties		5,875		139,414
Ventas		6,925		481,149
VEREIT		19,950		162,393
Vornado Realty Trust		2,675		251,183
Welltower		5,050		377,993
				10,641,061
Food & Staples Retailing–0.93%
CVS Health		11,208		901,796
Wal-Mart Stores		11,900		900,592
				1,802,388
Food Products–0.94%
Archer-Daniels-Midland		22,200		918,636
Kraft Heinz		10,433		893,482
				1,812,118
Health Care Equipment & Supplies–0.80%
Abbott Laboratories		32,000		1,555,520
				1,555,520
Health Care Providers & Services–1.16%
†Brookdale Senior Living		67,300		989,983
Cardinal Health		16,000		1,246,720
				2,236,703

LVIP Delaware Wealth Builder Fund–5

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Household Products–1.88%
Kimberly-Clark		14,100	$	1,820,451
Procter & Gamble		20,900		1,821,435
				3,641,886
Insurance–1.02%
Arthur J. Gallagher & Co.		31,800		1,820,550
Prudential Financial		1,333		144,151
				1,964,701
Internet Software & Services–0.12%
†Alphabet Class A		150		139,452
†Facebook Class A		633		95,570
				235,022
Leisure Products–0.62%
Mattel		55,900		1,203,527
				1,203,527
Multiline Retail–0.76%
Target		28,100		1,469,349
				1,469,349
Oil, Gas & Consumable Fuels–2.81%
Chevron		11,536		1,203,551
ConocoPhillips		20,800		914,368
Occidental Petroleum		34,800		2,083,476
Williams		40,800		1,235,424
				5,436,819
Pharmaceuticals–2.66%
Johnson & Johnson		9,262		1,225,270
Merck & Co.		28,100		1,800,929
Pfizer		62,995		2,116,002
				5,142,201
Semiconductors & Semiconductor Equipment–0.93%
Intel		53,396		1,801,581
				1,801,581
Software–1.04%
CA		52,971		1,825,910
Microsoft		2,779		191,556
				2,017,466
Technology Hardware, Storage & Peripherals–0.03%
Apple		441		63,513
				63,513
Tobacco–0.62%
Reynolds American		18,500		1,203,240
				1,203,240
Total U.S. Markets (Cost $56,813,472)				63,031,987

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS–13.80%
Aerospace & Defense–0.29%
Leonardo		10,645	$	176,902
Meggitt		60,879		378,143
				555,045
Air Freight & Logistics–0.32%
Deutsche Post		16,623		623,119
				623,119
Auto Components–0.37%
Sumitomo Rubber Industries		25,300		426,484
Valeo		4,363		293,959
				720,443
Automobiles–0.55%
Bayerische Motoren Werke		5,011		465,191
Toyota Motor		11,500		602,529
				1,067,720
Banks–1.69%
BNP Paribas		677		48,760
ING Groep		35,410		610,697
Mitsubishi UFJ Financial Group		123,200		826,774
Nordea Bank		61,177		778,446
†Standard Chartered		54,156		548,202
†UniCredit		24,940		465,733
				3,278,612
Beverages–0.30%
Carlsberg Class B		4,519		482,764
Coca-Cola Amatil		14,534		103,107
				585,871
Construction & Engineering–0.38%
Vinci		8,527		727,804
				727,804
Diversified Telecommunication Services–0.36%
Nippon Telegraph & Telephone		14,928		704,758
				704,758
Electrical Equipment–0.07%
ABB ADR		5,156		128,384
				128,384
Household Durables–0.24%
Techtronic Industries		100,500		462,116
				462,116
Industrial Conglomerates–0.32%
Koninklijke Philips		17,196		610,719
				610,719

LVIP Delaware Wealth Builder Fund–6

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Insurance–0.32%
AXA		22,471	$	614,683
				614,683
Machinery–0.18%
MINEBEA MITSUMI		21,600		346,637
				346,637
Media–0.11%
Publicis Groupe		2,770		206,625
				206,625
Metals & Mining–0.17%
Rio Tinto		7,812		329,865
				329,865
Multi-Utilities–0.67%
National Grid		6,799		84,285
National Grid ADR		19,200		1,206,144
				1,290,429
Oil, Gas & Consumable Fuels–2.22%
Royal Dutch Shell ADR Class B		32,400		1,763,532
Suncor Energy		11,000		321,399
TOTAL		8,853		437,674
TOTAL ADR		35,900		1,780,281
				4,302,886
Pharmaceuticals–1.85%
AstraZeneca ADR		52,400		1,786,316
Novartis		7,696		640,464
Sanofi		7,897		755,478
Teva Pharmaceutical Industries ADR		12,200		405,284
				3,587,542
Professional Services–0.24%
Teleperformance		3,604		461,644
				461,644
Road & Rail–0.32%
East Japan Railway		6,572		627,839
				627,839
Software–0.25%
Playtech		38,969		482,682
				482,682
Specialty Retail–0.21%
Nitori Holdings		3,018		403,563
				403,563
Technology Hardware, Storage & Peripherals–0.62%
Canon ADR		35,000		1,190,700
				1,190,700

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Textiles, Apparel & Luxury Goods–0.57%
Kering		1,347	$	458,774
Yue Yuen Industrial Holdings		155,000		643,232
				1,102,006
Tobacco–0.50%
Imperial Brands		10,729		481,893
Japan Tobacco		14,100		494,801
				976,694
Trading Companies & Distributors–0.48%
ITOCHU		47,860		710,187
Rexel		12,951		211,895
				922,082
Wireless Telecommunication Services–0.20%
Tele2 Class B		36,210		379,090
				379,090
Total Developed Markets (Cost $20,750,126)				26,689,558
×EMERGING MARKETS–0.62%
Banks–0.23%
Bank Rakyat Indonesia Persero		384,800		440,308
				440,308
Technology Hardware, Storage & Peripherals–0.32%
Samsung Electronics		300		623,257
				623,257
Wireless Telecommunication Services–0.07%
Mobile TeleSystems ADR		16,300		136,594
				136,594
Total Emerging Markets (Cost $1,158,038)				1,200,159
Total Common Stock (Cost $78,721,636)				90,921,704
PREFERRED STOCK–0.37%
•Bank of America 6.50%		155,000		172,543
•General Electric 5.00%		458,000		486,694
•Integrys Holding 6.00%		1,700		45,921
Total Preferred Stock (Cost $691,877)				705,158

LVIP Delaware Wealth Builder Fund–7

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.72%
Fannie Mae Grantor Trust Series 2001-T7 A1 7.50% 2/25/41		35	$	40
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		580		671
Series 2005-70 PA 5.50% 8/25/35		2,932		3,278
•*Series 2008-15 SB 5.384% 8/25/36		21,192		4,079
Series 2010-41 PN 4.50% 4/25/40		65,000		69,754
Series 2010-43 HJ 5.50% 5/25/40		4,738		5,465
•*Series 2010-129 SM 4.784% 11/25/40		44,412		7,189
*Series 2012-98 MI 3.00% 8/25/31		67,840		7,393
•*Series 2012-122 SD 4.884% 11/25/42		124,117		24,637
•*Series 2012-139 NS 5.484% 12/25/42		832,217		202,910
*Series 2013-7 EI 3.00% 10/25/40		60,667		7,688
*Series 2013-26 ID 3.00% 4/25/33		60,998		8,471
*Series 2013-38 AI 3.00% 4/25/33		57,306		7,883
*Series 2013-43 IX 4.00% 5/25/43		186,271		42,624
*Series 2013-44 DI 3.00% 5/25/33		148,957		21,250
*Series 2013-55 AI 3.00% 6/25/33		79,529		11,187
Series 2014-36 ZE 3.00% 6/25/44		38,388		35,984
•*Series 2014-68 BS 4.934% 11/25/44		64,906		13,708
•*Series 2014-90 SA 4.934% 1/25/45		176,005		34,432
•*Series 2015-27 SA 5.234% 5/25/45		71,673		13,995
Series 2015-44 Z 3.00% 9/25/43		67,952		66,510
*Series 2015-66 ID 3.50% 5/25/42		1,633,228		265,862
Series 2015-89 AZ 3.50% 12/25/45		7,398		7,594
•*Series 2015-95 SH 4.784% 1/25/46		86,025		19,200

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Fannie Mae REMICs (continued)
*Series 2016-30 CI 3.00% 5/25/36		79,078	$	10,781
•*Series 2016-55 SK 4.784% 8/25/46		91,571		21,029
•*Series 2016-62 SA 4.784% 9/25/46		113,357		27,915
•*Series 2016-85 SA 4.784% 11/25/46		109,057		25,875
*Series 2017-11 EI 3.00% 3/25/42		97,603		13,440
Series 2017-39 CY 3.50% 5/25/47		480,000		484,695
Freddie Mac REMICs
Series 2326 ZQ 6.50% 6/15/31		4,296		4,856
*Series 3962 EI 3.50% 9/15/26		3,264,524		285,358
Series 4065 DE 3.00% 6/15/32		10,000		10,202
*Series 4100 EI 3.00% 8/15/27		3,604,779		349,055
*Series 4109 AI 3.00% 7/15/31		147,018		16,342
*Series 4120 IK 3.00% 10/15/32		96,362		13,210
*Series 4146 IA 3.50% 12/15/32		55,415		8,494
•*Series 4159 KS 4.991% 1/15/43		59,467		12,956
*Series 4181 DI 2.50% 3/15/33		62,859		7,552
•*Series 4184 GS 4.961% 3/15/43		61,137		13,223
*Series 4185 LI 3.00% 3/15/33		61,267		8,503
*Series 4191 CI 3.00% 4/15/33		63,895		8,903
*Series 4342 CI 3.00% 11/15/33		62,200		7,487
Series 4435 DY 3.00% 2/15/35		54,000		54,365
Series 4457 KZ 3.00% 4/15/45		45,884		43,857
•*Series 4494 SA 5.021% 7/15/45		76,063		16,342
*Series 4543 HI 3.00% 4/15/44		83,067		13,185
Series 4592 WT 5.50% 6/15/46		105,047		117,384
•*Series 4594 SG 4.841% 6/15/46		170,511		42,421
Series 4614 HB 2.50% 9/15/46		30,000		27,386
Series 4623 LZ 2.50% 10/15/46		26,437		23,164
Series 4623 MW 2.50% 10/15/46		30,000		27,672
*Series 4625 BI 3.50% 6/15/46		108,555		21,829
•*Series 4631 GS 4.841% 11/15/46		103,208		21,880
Series 4636 NZ 3.00% 12/15/46		33,498		32,126
Freddie Mac Strips
•*Series 267 S5 4.841% 8/15/42		68,425		14,201
•*Series 299 S1 4.841% 1/15/43		62,647		12,629
•*Series 326 S2 4.791% 3/15/44		71,349		14,299

LVIP Delaware Wealth Builder Fund–8

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA
Series 2010-113 KE 4.50% 9/20/40		155,000	$	170,141
Series 2012-136 MX 2.00% 11/20/42		10,000		9,194
Series 2013-113 AZ 3.00% 8/20/43		69,546		67,643
Series 2013-113 LY 3.00% 5/20/43		9,000		9,015
Series 2015-64 GZ 2.00% 5/20/45		32,318		27,204
*Series 2015-74 CI 3.00% 10/16/39		72,990		9,912
Series 2015-133 AL 3.00% 5/20/45		71,000		69,735
*Series 2015-142 AI 4.00% 2/20/44		63,316		8,111
•*Series 2016-108 SK 4.838% 8/20/46		96,312		22,595
Series 2016-111 PB 2.50% 8/20/46		28,000		25,733
*Series 2016-116 GI 3.50% 11/20/44		105,197		16,722
*Series 2016-118 DI 3.50% 3/20/43		123,417		18,655
•*Series 2016-120 AS 4.888% 9/20/46		97,035		23,539
•*Series 2016-120 NS 4.888% 9/20/46		124,408		30,814
Series 2016-134 MW 3.00% 10/20/46		5,000		5,083
Series 2016-156 PB 2.00% 11/20/46		19,000		15,723
*Series 2016-160 GI 3.50% 11/20/46		98,059		23,188
•*Series 2016-160 GS 4.888% 11/20/46		166,399		40,861
*Series 2016-163 PI 3.50% 5/20/43		150,170		22,866
*Series 2016-163 XI 3.00% 10/20/46		96,165		12,981
Total Agency Collateralized Mortgage Obligations (Cost $3,307,173)				3,324,135
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.03%
Freddie Mac Multifamily Structured Pass Through Certificates
◆Series K719 A1 2.53% 12/25/21		23,700		24,078
•◆Series KS03 A4 3.161% 5/25/25		50,000		51,679

	Principal Amount°		Value (U.S. $)
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FREMF Mortgage Trust
#•FREMF 2014-K41 B 144A 3.962% 11/25/47		500,000	$	509,620
#•Series 2011-K10 B 144A 4.793% 11/25/49		400,000		423,844
#•Series 2011-K12 B 144A 4.492% 1/25/46		35,000		37,086
#•Series 2011-K14 B 144A 5.341% 2/25/47		20,000		21,843
#•Series 2011-K15 B 144A 5.116% 8/25/44		10,000		10,879
#•Series 2011-K704 B 144A 4.69% 10/25/30		30,000		30,704
#•Series 2012-K18 B 144A 4.40% 1/25/45		20,000		21,193
#•Series 2012-K22 B 144A 3.811% 8/25/45		35,000		36,304
#•Series 2012-K708 B 144A 3.883% 2/25/45		435,000		444,880
#•Series 2013-K32 B 144A 3.651% 10/25/46		260,000		268,739
#•Series 2013-K33 B 144A 3.617% 8/25/46		30,000		30,628
#•Series 2013-K712 B 144A 3.48% 5/25/45		25,000		25,582
#•Series 2013-K713 B 144A 3.274% 4/25/46		15,000		15,280
#•Series 2013-K713 C 144A 3.274% 4/25/46		45,000		45,284
Total Agency Commercial Mortgage-Backed Securities (Cost $2,002,055)				1,997,623
AGENCY MORTGAGE-BACKED SECURITIES–10.68%
Fannie Mae 3.00% 1/1/47		263,791		262,455
Fannie Mae ARM
•2.909% 7/1/45		10,767		10,970
•2.943% 12/1/45		16,649		17,046
•3.103% 8/1/35		1,217		1,285
•3.203% 4/1/44		19,711		20,284
•3.217% 3/1/44		28,055		28,942
Fannie Mae S.F. 30 yr
4.50% 11/1/39		19,934		21,725
4.50% 1/1/40		248,633		269,883
4.50% 6/1/40		23,443		25,452
4.50% 7/1/40		26,912		29,101
4.50% 8/1/40		6,854		7,410
4.50% 7/1/41		59,564		64,707
4.50% 8/1/41		423,931		459,252
4.50% 1/1/42		23,198		25,182
4.50% 8/1/42		91,523		99,308

LVIP Delaware Wealth Builder Fund–9

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
4.50% 10/1/44		19,588	$	21,240
4.50% 7/1/46		66,164		71,267
5.00% 11/1/36		570,337		626,191
5.50% 11/1/34		1,315		1,471
5.50% 4/1/37		20,637		23,241
5.50% 8/1/37		6,191		6,937
5.50% 3/1/38		6,208		6,924
5.50% 6/1/39		16,000		17,886
5.50% 7/1/40		14,101		15,767
5.50% 6/1/41		40,385		45,327
5.50% 5/1/44		2,697,048		3,019,967
6.00% 5/1/36		13,229		15,050
6.00% 6/1/36		1,351		1,534
6.00% 7/1/36		2,819		3,169
6.00% 9/1/36		7,807		8,998
6.00% 12/1/36		1,395		1,583
6.00% 2/1/37		4,554		5,184
6.00% 5/1/37		9,401		10,651
6.00% 6/1/37		779		885
6.00% 7/1/37		645		731
6.00% 8/1/37		5,120		5,781
6.00% 9/1/37		1,417		1,614
6.00% 11/1/37		264		300
6.00% 5/1/38		23,676		26,798
6.00% 9/1/38		53,647		61,010
6.00% 10/1/38		2,934,317		3,332,192
6.00% 11/1/38		3,297		3,745
6.00% 1/1/39		6,191		7,011
6.00% 9/1/39		54,421		61,660
6.00% 10/1/39		52,658		60,065
6.00% 3/1/40		6,341		7,206
6.00% 7/1/40		20,819		23,581
6.00% 9/1/40		5,565		6,348
6.00% 11/1/40		2,157		2,459
6.00% 5/1/41		63,321		71,755
6.00% 6/1/41		23,713		26,908
6.00% 7/1/41		94,844		107,677
6.50% 3/1/40		40,666		45,915
6.50% 5/1/40		22,682		25,435
Fannie Mae S.F. 30 yr TBA
3.00% 8/1/46		4,120,000		4,108,073
4.50% 8/1/44		5,350,000		5,731,710
Freddie Mac ARM
•2.554% 10/1/46		38,766		38,935
•2.742% 2/1/47		8,804		8,875
•2.753% 10/1/45		13,542		13,823
•2.929% 10/1/45		21,725		22,138
•2.974% 11/1/45		18,450		18,860
•3.105% 3/1/46		31,689		32,485
Freddie Mac S.F. 30 yr 4.50% 4/1/39		3,054		3,310

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
4.50% 5/1/40		133,642	$	145,428
4.50% 7/1/42		39,835		42,998
4.50% 8/1/42		425,558		461,167
4.50% 12/1/43		36,672		39,633
4.50% 8/1/44		53,120		57,375
4.50% 7/1/45		190,277		204,527
5.00% 6/1/36		31,141		34,033
5.00% 5/1/41		25,507		28,117
5.50% 3/1/34		1,710		1,912
5.50% 12/1/34		1,449		1,623
5.50% 12/1/35		1,567		1,760
5.50% 11/1/36		1,111		1,242
5.50% 12/1/36		411		458
5.50% 9/1/37		1,820		2,027
5.50% 4/1/38		6,486		7,221
5.50% 6/1/38		705		785
5.50% 7/1/38		6,615		7,365
5.50% 6/1/39		6,424		7,150
5.50% 3/1/40		5,308		5,901
5.50% 8/1/40		3,194		3,554
5.50% 1/1/41		3,037		3,380
5.50% 6/1/41		86,619		96,693
6.00% 2/1/36		3,164		3,583
6.00% 3/1/36		4,665		5,293
6.00% 9/1/37		4,697		5,285
6.00% 1/1/38		1,864		2,097
6.00% 6/1/38		5,075		5,739
6.00% 8/1/38		6,929		7,877
6.00% 5/1/40		27,074		30,527
6.00% 7/1/40		25,393		28,775
6.50% 4/1/39		7,434		8,345
GNMA I S.F. 30 yr 5.50% 2/15/41		22,540		25,132
GNMA II S.F. 30 yr
5.00% 9/20/46		99,274		106,971
5.50% 5/20/37		9,971		11,065
5.50% 4/20/40		8,687		9,479
6.00% 2/20/39		12,368		13,744
6.00% 10/20/39		46,999		52,224
6.00% 2/20/40		47,111		52,617
6.00% 4/20/46		16,074		17,928
6.50% 10/20/39		18,008		20,324
Total Agency Mortgage-Backed Securities (Cost $20,735,576)				20,664,028
CORPORATE BONDS–24.02%
Aerospace & Defense–0.33%
Aviation Capital Group
#144A 2.875% 1/20/22		150,000		149,628
#144A 4.875% 10/1/25		65,000		70,905
Rockwell Collins
3.20% 3/15/24		50,000		50,757
3.50% 3/15/27		95,000		96,526

LVIP Delaware Wealth Builder Fund–10

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Aerospace & Defense (continued)
TransDigm 6.375% 6/15/26			75,000	$	76,313
United Technologies
2.80% 5/4/24			150,000		150,601
3.75% 11/1/46			50,000		49,088
					643,818
Air Freight & Logistics–0.08%
United Parcel Service 5.125% 4/1/19			45,000		47,583
#XPO Logistics 144A 6.125% 9/1/23			95,000		99,275
					146,858
Airlines–0.13%
#◆Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27			23,403		23,812
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26			21,446		21,982
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27			22,598		22,768
◆American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27			14,290		14,629
◆American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28			14,621		14,993
#American Tire Distributors 144A 10.25% 3/1/22			70,000		72,800
◆United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26			17,755		18,575
◆United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26			41,120		42,662
◆United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28			15,000		15,000
					247,221
Auto Components–0.02%
Goodyear Tire & Rubber 5.00% 5/31/26			35,000		36,313
					36,313
Automobiles–0.14%
Daimler 2.75% 12/10/18	NOK		320,000		39,304
General Motors 6.75% 4/1/46			20,000		23,802
General Motors Financial 5.25% 3/1/26			190,000		205,572
					268,678

		Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks–3.84%
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD		18,000	$	13,877
Bank of America
•3.124% 1/20/23			615,000		622,430
3.30% 8/5/21	AUD		20,000		15,411
•3.705% 4/24/28			25,000		25,214
4.183% 11/25/27			80,000		81,524
•4.443% 1/20/48			50,000		53,017
Barclays 4.337% 1/10/28			435,000		448,055
BB&T 2.45% 1/15/20			390,000		394,496
Citigroup
•2.279% 5/17/24			50,000		49,996
3.75% 10/27/23	AUD		13,000		10,038
Citizens Financial Group
2.375% 7/28/21			35,000		34,731
4.30% 12/3/25			40,000		41,777
Cooperatieve Rabobank 3.75% 7/21/26			250,000		250,435
#Export-Import Bank of India 144A 3.375% 8/5/26			200,000		196,174
Fifth Third Bancorp 2.875% 7/27/20			20,000		20,466
Fifth Third Bank 2.25% 6/14/21	.		320,000		319,244
Huntington Bancshares 2.30% 1/14/22			50,000		49,302
ING Groep 3.15% 3/29/22			310,000		316,251
JPMorgan Chase & Co.
•2.776% 4/25/23			275,000		275,678
•3.54% 5/1/28			75,000		75,320
4.25% 10/1/27			15,000		15,679
•4.26% 2/22/48			115,000		120,613
•6.75% 8/29/49			300,000		341,250
KeyBank
2.40% 6/9/22			250,000		248,929
3.40% 5/20/26			250,000		248,719
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD		20,000		16,193
Lloyds Banking Group
3.00% 1/11/22			200,000		202,187
•7.50% 4/30/49			200,000		221,125
•PNC Financial Services Group 5.00% 12/29/49			305,000		314,913
Popular 7.00% 7/1/19			85,000		89,675
Royal Bank of Scotland Group 3.875% 9/12/23			200,000		204,501
#Santander UK 144A 5.00% 11/7/23			200,000		215,084
SunTrust Banks 2.70% 1/27/22			230,000		230,722
#Swedbank 144A 2.65% 3/10/21			200,000		202,668
Toronto-Dominion Bank 2.50% 12/14/20			40,000		40,481
U.S. Bancorp 3.10% 4/27/26			65,000		64,319

LVIP Delaware Wealth Builder Fund–11

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
US Bancorp 3.15% 4/27/27			350,000	$	351,025
•USB Capital IX 3.50% 10/29/49			275,000		244,516
Wells Fargo & Co.
3.00% 7/27/21	AUD		40,000		30,474
•3.584% 5/22/28			360,000		364,279
4.75% 12/7/46			65,000		69,568
Wells Fargo Capital X 5.95% 12/15/36			15,000		17,003
•Westpac Banking 4.322% 11/23/31			245,000		251,616
Zions Bancorporation 4.50% 6/13/23			20,000		21,073
					7,420,048
Beverages–0.61%
Anheuser-Busch InBev Finance 3.65% 2/1/26			595,000		614,108
#Cott Holdings 144A 5.50% 4/1/25			90,000		92,025
#Heineken 144A 3.50% 1/29/28			20,000		20,341
Molson Coors Brewing
3.00% 7/15/26			250,000		240,931
4.20% 7/15/46			45,000		44,563
#Pernod Ricard 144A 4.45% 1/15/22			150,000		160,993
					1,172,961
Biotechnology–0.36%
Biogen 5.20% 9/15/45			140,000		160,330
Celgene
3.25% 8/15/22			175,000		180,114
3.875% 8/15/25			15,000		15,692
4.625% 5/15/44			60,000		63,277
Compass Bank 2.875% 6/29/22			250,000		249,334
Gilead Sciences 4.15% 3/1/47			35,000		35,252
					703,999
Building Products–0.12%
#Builders FirstSource 144A 5.625% 9/1/24			90,000		94,050
Lennox International 3.00% 11/15/23			40,000		39,997
Masco 3.50% 4/1/21			60,000		61,918
#NCI Building Systems 144A 8.25% 1/15/23			25,000		27,156
					223,121
Capital Markets–2.32%
Affiliated Managers Group 3.50% 8/1/25			40,000		39,951
Bank of New York Mellon 2.15% 2/24/20			10,000		10,061

		Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Bank of New York Mellon (continued)
2.20% 8/16/23			480,000	$	465,816
2.50% 4/15/21			60,000		60,508
•3.442% 2/7/28			55,000		55,881
•4.625% 12/29/49			75,000		75,833
BlackRock 3.20% 3/15/27			35,000		35,470
Credit Suisse Group
#144A 4.282% 1/9/28			400,000		413,956
#•144A 6.25% 12/29/49			200,000		212,978
Credit Suisse Group Funding Guernsey 3.80% 6/9/23			275,000		283,887
Deutsche Telekom International Finance
#144A 1.95% 9/19/21			150,000		146,311
#144A 3.60% 1/19/27			165,000		168,206
•E*TRADE Financial 5.875% 12/29/49			60,000		63,900
Goldman Sachs Group
•3.691% 6/5/28			240,000		241,251
5.15% 5/22/45			125,000		139,166
Jefferies Group
6.45% 6/8/27			25,000		28,704
6.50% 1/20/43			15,000		17,007
Lazard Group
3.625% 3/1/27			40,000		39,589
3.75% 2/13/25			400,000		404,000
Morgan Stanley
3.95% 4/23/27			275,000		278,040
4.375% 1/22/47			165,000		172,563
5.00% 9/30/21	AUD		14,000		11,512
•Northern Trust 3.375% 5/8/32			30,000		30,024
#Prime Security Services Borrower 144A 9.25% 5/15/23			215,000		234,169
State Street
3.10% 5/15/23			25,000		25,464
3.30% 12/16/24			350,000		359,365
3.55% 8/18/25			45,000		46,908
•UBS Group 6.875% 12/29/49			200,000		216,203
#UBS Group Funding Switzerland 144A 3.491% 5/23/23			200,000		204,849
					4,481,572
Chemicals–0.67%
CF Industries 6.875% 5/1/18			80,000		83,300
Chemours 5.375% 5/15/27			75,000		77,523
Dow Chemical 8.55% 5/15/19			373,000		417,957
#INVISTA Finance 144A 4.25% 10/15/19			50,000		51,760
#Koppers 144A 6.00% 2/15/25			80,000		85,200
#Kraton Polymers 144A 7.00% 4/15/25			75,000		79,125

LVIP Delaware Wealth Builder Fund–12

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Chemicals (continued)
#NOVA Chemicals 144A 5.25% 6/1/27		35,000	$	34,913
Olin 5.125% 9/15/27		45,000		46,463
Potash Corp. of Saskatchewan 4.00% 12/15/26		15,000		15,496
#PQ 144A 6.75% 11/15/22		50,000		53,875
Scotts Miracle-Gro 5.25% 12/15/26		65,000		68,250
Sherwin-Williams 3.45% 6/1/27		180,000		181,559
Westlake Chemical 5.00% 8/15/46		100,000		106,040
				1,301,461
Commercial Services & Supplies–0.27%
Covanta Holding 5.875% 7/1/25		90,000		87,525
Herc Rentals
#144A 7.50% 6/1/22		19,000		20,140
#144A 7.75% 6/1/24		13,000		13,780
#Kar Auction Services 144A 5.125% 6/1/25		35,000		35,744
Penske Truck Leasing
#144A 3.30% 4/1/21		40,000		41,128
#144A 4.20% 4/1/27		315,000		326,047
				524,364
Communications Equipment–0.03%
Cisco Systems 1.85% 9/20/21		55,000		54,355
				54,355
Construction & Engineering–0.13%
CSC Holdings
5.25% 6/1/24		16,000		16,362
#144A 10.875% 10/15/25		200,000		241,250
				257,612
Construction Materials–0.30%
#Cemex 144A 7.75% 4/16/26		200,000		229,250
Hyundai Capital America
#144A 2.55% 2/6/19		50,000		50,207
#144A 3.00% 3/18/21		20,000		20,130
#LafargeHolcim Finance 144A 3.50% 9/22/26		280,000		277,365
US Concrete 6.375% 6/1/24		5,000		5,300
				582,252
Consumer Finance–0.17%
Ally Financial 5.75% 11/20/25		90,000		95,063
#BMW U.S. Capital 144A 3.30% 4/6/27		35,000		35,351
Capital One Financial 3.75% 3/9/27		25,000		24,959
#Daimler Finance North America 144A 3.45% 1/6/27		150,000		152,630

		Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Consumer Finance (continued)
Toyota Motor Credit 2.80% 7/13/22			20,000	$	20,355
					328,358
Containers & Packaging–0.29%
#Ardagh Packaging Finance 144A 6.00% 2/15/25			200,000		210,500
#BWAY Holding 144A 5.50% 4/15/24			155,000		158,681
#CCL Industries 144A 3.25% 10/1/26			35,000		33,775
International Paper 4.40% 8/15/47			125,000		126,334
#Owens-Brockway Glass Container 144A 5.875% 8/15/23			35,000		38,653
					567,943
Diversified Consumer Services–0.03%
#ServiceMaster 144A 5.125% 11/15/24			60,000		62,250
					62,250
Diversified Financial Services–0.10%
Berkshire Hathaway 2.75% 3/15/23			25,000		25,351
Berkshire Hathaway Energy 3.75% 11/15/23			110,000		115,867
Berkshire Hathaway Finance 2.90% 10/15/20			55,000		56,790
					198,008
Diversified Telecommunication Services–1.12%
AT&T
4.25% 3/1/27			575,000		595,674
5.25% 3/1/37			75,000		80,148
Bell Canada 3.35% 3/22/23	CAD		19,000		15,281
CenturyLink
5.80% 3/15/22			45,000		46,969
6.75% 12/1/23			105,000		113,466
#Cincinnati Bell 144A 7.00% 7/15/24			40,000		41,908
Level 3 Financing 5.375% 5/1/25			25,000		26,375
#SFR Group 144A 7.375% 5/1/26			200,000		217,750
#Telecom Italia 144A 5.303% 5/30/24			200,000		215,250
Telefonica Emisiones 5.213% 3/8/47			180,000		195,110
#UPCB Finance IV 144A 5.375% 1/15/25			200,000		210,250
Verizon Communications 5.25% 3/16/37			40,000		43,134

LVIP Delaware Wealth Builder Fund–13

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
#Virgin Media Secured Finance 144A 5.25% 1/15/26		200,000	$	208,912
Zayo Group
#144A 5.75% 1/15/27		20,000		20,975
6.00% 4/1/23		35,000		37,013
6.375% 5/15/25		100,000		108,312
				2,176,527
Electric Utilities–1.54%
Cleveland Electric Illuminating 5.50% 8/15/24		5,000		5,737
ComEd Financing III 6.35% 3/15/33		60,000		64,418
Duke Energy 2.65% 9/1/26		155,000		147,504
•Emera 6.75% 6/15/76		380,000		431,300
Emera U.S. Finance 4.75% 6/15/46		55,000		58,275
Enel Americas 4.00% 10/25/26		10,000		10,123
#Enel Finance International 144A 3.625% 5/25/27		450,000		446,573
Entergy
2.95% 9/1/26		10,000		9,595
4.00% 7/15/22		110,000		116,388
Entergy Louisiana
3.12% 9/1/27		75,000		74,840
4.95% 1/15/45		20,000		20,646
Entergy Mississippi 2.85% 6/1/28		65,000		63,088
Exelon
3.497% 6/1/22		45,000		46,025
3.95% 6/15/25		40,000		41,462
#Fortis 144A 3.055% 10/4/26		280,000		270,736
Great Plains Energy
3.90% 4/1/27		45,000		45,613
4.85% 6/1/21		25,000		26,664
Indiana Michigan Power
3.20% 3/15/23		165,000		167,448
4.55% 3/15/46		25,000		27,460
Kansas City Power & Light 3.65% 8/15/25		65,000		66,078
LG&E & KU Energy 4.375% 10/1/21		115,000		122,356
#Metropolitan Edison 144A 4.00% 4/15/25		30,000		30,830
MidAmerican Energy 4.25% 5/1/46		45,000		48,343
#New York State Electric & Gas 144A 3.25% 12/1/26		55,000		55,141
NextEra Energy Capital Holdings
3.55% 5/1/27		225,000		229,036
3.625% 6/15/23		25,000		25,680
NV Energy 6.25% 11/15/20		45,000		50,663

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Pennsylvania Electric 5.20% 4/1/20		55,000	$	58,142
#Rochester Gas & Electric 144A 3.10% 6/1/27		40,000		40,004
Southern
2.75% 6/15/20		70,000		70,863
3.25% 7/1/26		75,000		73,511
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		25,000		25,968
				2,970,510
Electrical Equipment–0.11%
#Sensata Technologies UK
Financing 144A 6.25% 2/15/26		200,000		219,000
				219,000
Electronic Equipment, Instruments & Components–0.01%
CDW 5.00% 9/1/25		10,000		10,425
				10,425
Energy Equipment & Services–0.04%
#Nabors Industries 144A 5.50% 1/15/23		37,000		35,196
#Transocean Proteus 144A 6.25% 12/1/24		47,500		48,687
				83,883
Equity Real Estate Investment Trusts–1.26%
American Tower
4.00% 6/1/25		65,000		67,438
4.40% 2/15/26		335,000		351,731
#American Tower Trust I 144A 3.07% 3/15/23		60,000		60,550
CC Holdings GS V 3.849% 4/15/23		15,000		15,790
Corporate Office Properties
3.60% 5/15/23		40,000		39,804
5.25% 2/15/24		40,000		42,881
Crown Castle International 5.25% 1/15/23		415,000		461,556
#Crown Castle Towers 144A 4.883% 8/15/20		210,000		224,256
CubeSmart 3.125% 9/1/26		50,000		47,605
CyrusOne
#144A 5.00% 3/15/24		25,000		25,813
#144A 5.375% 3/15/27		50,000		52,187
DDR 7.875% 9/1/20		45,000		51,582
Education Realty Operating Partnership 4.60% 12/1/24		45,000		45,816
GEO Group
5.125% 4/1/23		10,000		10,100
5.875% 10/15/24		10,000		10,375
GLP Capital 5.375% 4/15/26		60,000		65,687

LVIP Delaware Wealth Builder Fund–14

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
Hospitality Properties Trust 4.50% 3/15/25		45,000	$	46,256
Host Hotels & Resorts
3.75% 10/15/23		10,000		10,211
3.875% 4/1/24		20,000		20,374
4.50% 2/1/26		40,000		42,018
#Iron Mountain U.S. Holdings 144A 5.375% 6/1/26		125,000		131,875
Lamar Media 5.75% 2/1/26		25,000		27,031
LifeStorage 3.50% 7/1/26		40,000		38,354
MGM Growth Properties Operating Partnership 4.50% 9/1/26		40,000		40,450
Physicians Realty 4.30% 3/15/27		20,000		20,308
Regency Centers 3.60% 2/1/27		70,000		69,657
#SBA Communications 144A 4.875% 9/1/24		40,000		40,800
SBA Tower Trust
#144A 2.24% 4/10/18		40,000		39,989
#144A 2.898% 10/8/19		25,000		25,132
UDR 4.00% 10/1/25		155,000		160,572
Uniti Group
#144A 7.125% 12/15/24		85,000		84,602
8.25% 10/15/23		30,000		31,050
WP Carey 4.60% 4/1/24		35,000		36,500
				2,438,350
Food & Staples Retailing–0.08%
#Albertsons 144A 5.75% 3/15/25		125,000		116,563
Kroger 2.65% 10/15/26		50,000		46,205
				162,768
Food Products–0.24%
#Dean Foods 144A 6.50% 3/15/23		100,000		105,750
#JBS USA Finance 144A 5.75% 6/15/25		90,000		85,050
Lamb Weston Holdings
#144A 4.625% 11/1/24		30,000		31,050
#144A 4.875% 11/1/26		60,000		62,475
#Post Holdings 144A 5.00% 8/15/26		75,000		75,000
Tyson Foods 3.55% 6/2/27		110,000		111,510
				470,835
Gas Utilities–0.30%
AmeriGas Partners
5.50% 5/20/25		60,000		61,500
5.875% 8/20/26		70,000		72,100
National Rural Utilities Cooperative Finance 2.85% 1/27/25		115,000		114,575

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Gas Utilities (continued)
National Rural Utilities Cooperative Finance (continued)
•4.75% 4/30/43		60,000	$	61,432
•5.25% 4/20/46		260,000		274,174
				583,781
Health Care Equipment & Supplies–0.15%
Abbott Laboratories 4.90% 11/30/46		70,000		77,411
Becton Dickinson
2.894% 6/6/22		65,000		65,276
3.363% 6/6/24		60,000		60,227
Hill-Rom Holdings
#144A 5.00% 2/15/25		30,000		30,750
#144A 5.75% 9/1/23		50,000		52,875
				286,539
Health Care Providers & Services–0.51%
#Air Medical Group Holdings 144A 6.375% 5/15/23		111,000		105,727
Community Health Systems 6.25% 3/31/23		30,000		31,083
DaVita 5.00% 5/1/25		65,000		65,325
HCA
5.375% 2/1/25		70,000		74,011
5.875% 2/15/26		150,000		162,375
HealthSouth
5.125% 3/15/23		10,000		10,350
5.75% 11/1/24		140,000		144,375
5.75% 9/15/25		5,000		5,287
#MPH Acquisition Holdings 144A 7.125% 6/1/24		110,000		117,563
New York and Presbyterian Hospital 4.063% 8/1/56		40,000		40,051
Tenet Healthcare
8.00% 8/1/20		105,000		106,444
8.125% 4/1/22		45,000		47,869
#THC Escrow 144A 5.125% 5/1/25		65,000		65,406
#Universal Health Services 144A 5.00% 6/1/26		10,000		10,425
				986,291
Health Care Technology–0.04%
#Change Healthcare Holdings 144A 5.75% 3/1/25		75,000		76,781
				76,781
Hotels, Restaurants & Leisure–0.51%
Aramark Services
4.75% 6/1/26		10,000		10,400
5.125% 1/15/24		55,000		57,956
Boyd Gaming 6.375% 4/1/26		90,000		97,537

LVIP Delaware Wealth Builder Fund–15

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
#ESH Hospitality 144A 5.25% 5/1/25			75,000	$	77,906
#Hilton Worldwide Finance 144A 4.875% 4/1/27			60,000		62,925
KFC Holding
#144A 5.00% 6/1/24			18,000		18,810
#144A 5.25% 6/1/26			18,000		18,990
#Landry’s 144A 6.75% 10/15/24			90,000		92,363
Marriott International
3.75% 3/15/25			35,000		36,114
4.50% 10/1/34			5,000		5,240
MGM Resorts International 4.625% 9/1/26			65,000		65,975
#Mohegan Gaming & Entertainment 144A 7.875% 10/15/24			115,000		120,031
#Penn National Gaming 144A 5.625% 1/15/27			135,000		137,869
Scientific Games International 10.00% 12/1/22			140,000		154,000
Wyndham Worldwide 4.15% 4/1/24			30,000		30,858
					986,974
Household Durables–0.06%
Lennar 4.50% 4/30/24			25,000		25,903
PulteGroup 5.00% 1/15/27			50,000		51,500
Tempur Sealy International 5.50% 6/15/26			40,000		40,750
					118,153
Independent Power & Renewable Electricity Producers–0.13%
AES 5.50% 4/15/25			25,000		26,281
#AES Gener 144A 5.25% 8/15/21			25,000		26,878
Calpine
#144A 5.25% 6/1/26			30,000		29,550
5.375% 1/15/23			30,000		29,363
Dynegy
6.75% 11/1/19			40,000		41,450
7.375% 11/1/22			50,000		49,500
IPALCO Enterprises 5.00% 5/1/18			45,000		45,956
					248,978
Industrial Conglomerates–0.13%
General Electric
2.10% 12/11/19			70,000		70,580
4.25% 1/17/18	NZD		50,000		36,978
5.55% 5/4/20			30,000		32,977
6.00% 8/7/19			56,000		60,879
Roper Technologies 2.80% 12/15/21			30,000		30,286

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Industrial Conglomerates (continued)
Roper Technologies (continued)
3.80% 12/15/26		15,000	$	15,442
				247,142
Insurance–1.14%
Allstate 3.28% 12/15/26		335,000		340,673
#Brighthouse Financial 144A 3.70% 6/22/27		75,000		74,242
#HUB International 144A 7.875% 10/1/21		100,000		104,500
•Manulife Financial 4.061% 2/24/32		175,000		176,910
MetLife
•5.25% 12/29/49		355,000		369,456
6.817% 8/15/18		85,000		89,762
NUVEEN FINANCE
#144A 2.95% 11/1/19		35,000		35,520
#144A 4.125% 11/1/24		80,000		82,898
#Principal Life Global Funding II 144A 3.00% 4/18/26		165,000		162,810
Progressive 4.125% 4/15/47		255,000		266,561
•Prudential Financial 5.375% 5/15/45		250,000		271,250
#USIS Merger Sub 144A 6.875% 5/1/25		125,000		127,500
Willis North America 3.60% 5/15/24		30,000		30,347
XLIT
•3.616% 12/29/49		30,000		28,050
5.50% 3/31/45		40,000		42,844
				2,203,323
IT Services–0.06%
First Data
#144A 5.75% 1/15/24		50,000		52,125
#144A 7.00% 12/1/23		56,000		59,920
				112,045
Life Sciences Tools & Services–0.14%
Thermo Fisher Scientific 3.00% 4/15/23		260,000		262,447
				262,447
Machinery–0.25%
#Allison Transmission 144A 5.00% 10/1/24		28,000		28,770
Crane
2.75% 12/15/18		10,000		10,107
4.45% 12/15/23		60,000		63,148
Parker-Hannifin 3.30% 11/21/24		5,000		5,160
#Siemens Financierings-maatschappij 144A 3.125% 3/16/24		275,000		279,612

LVIP Delaware Wealth Builder Fund–16

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Machinery (continued)
#Zekelman Industries 144A 9.875% 6/15/23		95,000	$	106,994
				493,791
Media–0.97%
#AMC Entertainment Holdings 144A 6.125% 5/15/27		80,000		84,625
CCO Holdings
#144A 5.125% 5/1/23		50,000		52,625
#144A 5.125% 5/1/27		65,000		66,625
#144A 5.75% 2/15/26		10,000		10,725
#144A 5.875% 5/1/27		65,000		69,631
#Cequel Communications Holdings I 144A 7.75% 7/15/25		200,000		222,000
DISH DBS 7.75% 7/1/26		70,000		83,125
#Gray Television 144A 5.875% 7/15/26		100,000		102,250
#Midcontinent Communications 144A 6.875% 8/15/23		45,000		48,713
#Nexstar Broadcasting 144A 5.625% 8/1/24		40,000		40,600
#Radiate Holdco 144A 6.625% 2/15/25		80,000		80,200
#Sinclair Television Group 144A 5.125% 2/15/27		55,000		53,487
#Sirius XM Radio 144A 5.375% 7/15/26		80,000		83,000
Time Warner Cable 7.30% 7/1/38		410,000		525,601
Time Warner Entertainment 8.375% 3/15/23		65,000		81,883
Tribune Media 5.875% 7/15/22		55,000		57,887
#VTR Finance 144A 6.875% 1/15/24		200,000		212,500
				1,875,477
Metals & Mining–0.47%
ArcelorMittal 6.125% 6/1/25		40,000		45,000
Barrick North America Finance 5.75% 5/1/43		140,000		170,548
#•BHP Billiton Finance USA 144A 6.25% 10/19/75		255,000		278,715
#Cliffs Natural Resources 144A 5.75% 3/1/25		25,000		23,687
FMG Resources August 2006 Pty
#144A 4.75% 5/15/22		55,000		55,344
#144A 5.125% 5/15/24		45,000		45,113
Freeport-McMoRan 6.875% 2/15/23		45,000		47,728
#Hudbay Minerals 144A 7.625% 1/15/25		40,000		42,100

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Metals & Mining (continued)
#Novelis 144A 6.25% 8/15/24		100,000	$	105,250
Steel Dynamics 5.00% 12/15/26		50,000		51,437
Vale Overseas
5.875% 6/10/21		5,000		5,380
6.25% 8/10/26		40,000		43,250
				913,552
Multiline Retail–0.12%
Dollar General 3.875% 4/15/27		215,000		220,611
JC Penney 8.125% 10/1/19		14,000		15,330
				235,941
Multi-Utilities–0.35%
Ameren Illinois 9.75% 11/15/18		263,000		290,701
CMS Energy 6.25% 2/1/20		60,000		66,088
Consumers Energy 3.25% 8/15/46		40,000		36,769
Dominion Energy
3.625% 12/1/24		45,000		46,176
3.90% 10/1/25		45,000		46,663
DTE Energy
2.85% 10/1/26		60,000		57,181
3.30% 6/15/22		45,000		46,225
3.80% 3/15/27		25,000		25,607
Union Electric 2.95% 6/15/27		35,000		34,684
Wisconsin Electric Power 4.30% 12/15/45		25,000		26,335
				676,429
Oil, Gas & Consumable Fuels–1.94%
#Alta Mesa Holdings 144A 7.875% 12/15/24		80,000		81,000
Anadarko Petroleum
5.55% 3/15/26		125,000		139,927
6.60% 3/15/46		110,000		136,337
Antero Resources 5.625% 6/1/23		45,000		45,787
BP Capital Markets
3.216% 11/28/23		110,000		111,806
3.224% 4/14/24		50,000		50,539
Cheniere Corpus Christi Holdings
#144A 5.125% 6/30/27		95,000		97,494
5.875% 3/31/25		20,000		21,400
Chesapeake Energy
#144A 8.00% 12/15/22		22,000		23,347
#144A 8.00% 1/15/25		25,000		24,844
#Crestwood Midstream Partners 144A 5.75% 4/1/25		75,000		75,000
#Diamondback Energy 144A 4.75% 11/1/24		85,000		85,000
Ecopetrol 7.375% 9/18/43		5,000		5,391
Enbridge 5.50% 12/1/46		55,000		61,752

LVIP Delaware Wealth Builder Fund–17

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer
6.125% 12/15/45		135,000	$	146,629
9.70% 3/15/19		60,000		67,223
Energy Transfer Equity 7.50% 10/15/20		35,000		39,287
•Enterprise Products Operating 7.034% 1/15/68		10,000		10,290
Genesis Energy 6.75% 8/1/22		40,000		40,300
Gulfport Energy
#144A 6.00% 10/15/24		35,000		34,213
6.625% 5/1/23		70,000		70,525
#Halcon Resources 144A 6.75% 2/15/25		40,000		36,200
#Hilcorp Energy I 144A 5.00% 12/1/24		110,000		101,750
Laredo Petroleum 6.25% 3/15/23		35,000		34,913
MPLX 4.875% 12/1/24		385,000		411,095
Murphy Oil 6.875% 8/15/24		125,000		130,937
Newfield Exploration
5.375% 1/1/26		50,000		52,000
5.75% 1/30/22		25,000		26,437
Noble Energy 5.05% 11/15/44		180,000		185,549
NuStar Logistics 5.625% 4/28/27		70,000		73,675
Petroleos Mexicanos 6.75% 9/21/47		15,000		15,186
Plains All American Pipeline 8.75% 5/1/19		120,000		133,464
QEP Resources 5.25% 5/1/23		50,000		47,500
Sabine Pass Liquefaction
5.625% 4/15/23		100,000		111,293
5.625% 3/1/25		165,000		182,283
5.75% 5/15/24		100,000		111,506
Southwestern Energy
4.10% 3/15/22		20,000		18,737
6.70% 1/23/25		100,000		98,250
Spectra Energy Capital 3.30% 3/15/23		55,000		55,274
#Standard Industries 144A 5.00% 2/15/27		160,000		163,600
Targa Resources Partners
#144A 5.125% 2/1/25		25,000		25,844
#144A 5.375% 2/1/27		30,000		31,200
#Tesoro 144A 4.75% 12/15/23		100,000		108,250
Tesoro Logistics 5.25% 1/15/25		45,000		47,419
Transcanada Trust
•5.30% 3/15/77		25,000		25,747
•5.875% 8/15/76		30,000		32,631

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
#Woodside Finance 144A 8.75% 3/1/19		105,000	$	115,999
				3,744,830
Paper & Forest Products–0.14%
#Boise Cascade 144A 5.625% 9/1/24		110,000		113,850
Georgia-Pacific 8.00% 1/15/24		125,000		160,564
				274,414
Pharmaceuticals–0.34%
#Mallinckrodt International Finance 144A 5.50% 4/15/25		55,000		48,400
Mylan 3.95% 6/15/26		90,000		91,358
Pfizer 3.00% 12/15/26		220,000		220,884
Shire Acquisitions Investments Ireland
2.40% 9/23/21		65,000		64,306
2.875% 9/23/23		240,000		238,218
				663,166
Professional Services–0.03%
#Nielsen Co. Luxembourg 144A 5.00% 2/1/25		60,000		61,650
				61,650
Road & Rail–0.05%
#Avis Budget Car Rental 144A 6.375% 4/1/24		35,000		35,087
Union Pacific 3.00% 4/15/27		60,000		60,239
				95,326
Semiconductors & Semiconductor Equipment–0.05%
#Advanced Disposal Services 144A 5.625% 11/15/24		85,000		87,763
				87,763
Software–0.46%
CDK Global 5.00% 10/15/24		125,000		133,437
Infor US 6.50% 5/15/22		70,000		72,800
Microsoft
3.70% 8/8/46		220,000		218,276
4.25% 2/6/47		350,000		379,904
#Symantec 144A 5.00% 4/15/25		80,000		83,925
				888,342
Specialty Retail–0.31%
Lowe’s
3.10% 5/3/27		160,000		159,470
3.70% 4/15/46		270,000		260,925
Murphy Oil USA 6.00% 8/15/23		60,000		63,600
Penske Automotive Group 5.50% 5/15/26		120,000		119,700
				603,695

LVIP Delaware Wealth Builder Fund–18

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals–0.25%
Apple 3.20% 5/11/27		405,000	$	410,236
#Dell International 144A 6.02% 6/15/26		35,000		38,619
#Western Digital 144A 7.375% 4/1/23		35,000		38,544
				487,399
Textiles, Apparel & Luxury Goods–0.03%
Coach 4.125% 7/15/27		60,000		59,468
				59,468
Tobacco–0.12%
Reynolds American 4.00% 6/12/22		215,000		228,082
				228,082
Trading Companies & Distributors–0.52%
#•AerCap Global Aviation Trust 144A 6.50% 6/15/45		200,000		213,500
AerCap Ireland Capital 3.95% 2/1/22		150,000		156,337
Air Lease
3.00% 9/15/23		55,000		54,760
3.625% 4/1/27		185,000		185,395
#HD Supply 144A 5.75% 4/15/24		60,000		63,900
International Lease Finance 8.625% 1/15/22		135,000		166,396
United Rentals North America
5.50% 5/15/27		140,000		144,550
5.875% 9/15/26		20,000		21,375
				1,006,213
Wireless Telecommunication Services–0.11%
Sprint
7.125% 6/15/24		55,000		61,325
7.875% 9/15/23		97,000		111,793
T-Mobile USA 6.50% 1/15/26		30,000		33,187
				206,305
Total Corporate Bonds (Cost $45,816,126)				46,467,787
MUNICIPAL BONDS–2.08%
Bay Area Toll Authority (Build America Bonds) Series S3 6.907% 10/1/50		65,000		98,697
Buckeye Ohio Tobacco Settlement Financing Authority Series A-2 5.875% 6/1/47		500,000		487,935
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		50,000		76,386
Chicago, Illinois Series A 6.00% 1/1/38		500,000		514,190

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
Commonwealth of Massachusetts Series C 5.00% 10/1/25		15,000	$	18,504
Cuyoga County Ohio Hospital Revenue (Metrohealth System) 5.50% 2/15/57		500,000		548,855
Lower Alabama Gas District Series A 5.00% 9/1/46		500,000		617,380
New Jersey Turnpike Authority
(Build America Bonds) Series A 7.102% 1/1/41		30,000		44,057
(Build America Bonds) Series F 7.414% 1/1/40		15,000		22,676
Salt Verde Financial 5.00% 12/1/37		500,000		602,965
South Carolina Public Service Authority Series D 4.77% 12/1/45		20,000		19,682
Tarrant County Cultural Education Facilities Finance (Buckner Senior Living - Ventana Project) Series 2017 A 6.75% 11/15/47		400,000		422,044
Texas Water Development Board Water Implementation Revenue 5.00% 10/15/46		40,000		46,574
Series A 5.00% 10/15/45		10,000		11,559
Tobacco Settlement Financing Series 1A 5.00% 6/1/41		500,000		491,755
Total Municipal Bonds (Cost $3,937,486)				4,023,259
NON-AGENCY ASSET-BACKED SECURITIES–2.43%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		32,331		32,629
Avis Budget Rental Car Funding AESOP
#Series 2013-1A A 144A 1.92% 9/20/19		100,000		99,953
#Series 2014-1A A 144A 2.46% 7/20/20		100,000		100,265
•BA Credit Card Trust Series 2014-A3 A 1.449% 1/15/20		35,000		35,012
#•Cedar Funding III CLO Series 2014-3A A1 144A 2.702% 5/20/26		250,000		250,116
•Citibank Credit Card Issuance Trust Series 2013-A7 A7 1.547% 9/10/20		265,000		265,991
•CNH Equipment Trust Series 2016-B A2B 1.559% 10/15/19		5,311		5,318
Discover Card Execution Note Trust
•Series 2013-A1 A1 1.459% 8/17/20		450,000		450,533

LVIP Delaware Wealth Builder Fund–19

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
•Series 2017-A3 A3 1.389% 10/17/22		460,000	$	461,009
#•GoldenTree Loan Management U.S. CLO 1 Series 2017-1A A 144A 2.404% 4/20/29		250,000		250,972
#HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44		47,250		44,688
#Hyundai Auto Lease Securitization Trust Series 2016-C A3 144A 1.49% 2/18/20		100,000		99,790
#•KVK CLO Series 2015-1A AR 144A 2.422% 5/20/27		250,000		249,873
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.719% 7/16/18		10,145		10,152
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.739% 5/15/20		100,000		100,370
#•MP CLO IV Series 2013-2A ARR 144A 1.28% 7/25/29		250,000		250,000
#•Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 2.566% 9/27/21		25,000		25,133
Nissan Auto Lease Trust Series 2016-B A3 1.50% 7/15/19		100,000		99,779
#•Northwoods Capital XV Series 2017-15A A 144A 0.00% 6/20/29		250,000		249,871
#•OCP CLO 2017-13 Series 2017-13A A1A 144A 1.26% 7/15/30		250,000		249,657
#•Octagon Investment Partners XV Series 2013-1A A1AR 144A 0.00% 7/19/30		250,000		250,000
#•PFS Financing Series 2015-AA A 144A 1.779% 4/15/20		100,000		99,980
Synchrony Credit Card Master Note Trust Series 2012-6 A 1.36% 8/17/20		100,000		99,991
#•Towd Point Mortgage Trust Series 2015-5 A1B 144A 2.75% 5/25/55		68,363		68,890
#•Trinitas CLO VI Series 2017-6A A 144A 2.655% 7/25/29		250,000		250,000
#•Venture XXVIII CLO Series 2017-28A A2 144A 1.11% 7/20/30		250,000		247,929
Verizon Owner Trust
#Series 2016-2A A 144A 1.68% 5/20/21		100,000		99,727
#Series 2017-1A A 144A 2.06% 9/20/21		100,000		100,362

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#Volkswagen Credit Auto Master Trust Series 2014-1A A2 144A 1.40% 7/22/19		100,000	$	99,991
•Wells Fargo Dealer Floorplan Master Note Trust Series 2014-2 A 1.662% 10/20/19		50,000		50,042
Total Non-Agency Asset-Backed Securities (Cost $4,695,773)				4,698,023
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.21%
Bank of America Alternative Loan Trust Series 2005-6 7A1 5.50% 7/25/20		1,150		1,105
Credit Suisse First Boston Mortgage Securities Series 2005-5 6A3 5.00% 7/25/35		16,167		16,092
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36		21,353		22,097
•Series 2007-A1 7A4 3.466% 7/25/35		10,356		9,264
New Residential Mortgage Loan Trust
#•Series 2017-1A A1 144A 4.00% 2/25/57		92,111		95,762
#•Series 2017-2A A3 144A 4.00% 3/25/57		94,268		98,153
Sequoia Mortgage Trust
#•Series 2014-2 A4 144A 3.50% 7/25/44		38,195		38,802
#•Series 2015-1 B2 144A 3.877% 1/25/45		14,163		14,266
#•=Series 2017-4 A1 144A 3.50% 7/25/47		100,000		101,609
◆Structured Asset Securities Corporation Mortgage Pass Through Certificates Series 2004-20 2A1 5.50% 11/25/34		10,085		10,303
Total Non-Agency Collateralized Mortgage Obligations (Cost $402,384)				407,453
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.92%
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 6.158% 2/10/51		13,122		13,127
Bank 2017 Series 2017-BNK5 A5 3.39% 6/15/60		70,000		71,162

LVIP Delaware Wealth Builder Fund–20

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Bank 2017 (continued)
Series 2017-BNK5 B 3.896% 6/15/60		50,000	$	50,945
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18 A4 5.70% 6/11/50		17,668		17,753
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49		60,000		60,794
•Series 2016-CD2 A4 3.526% 11/10/49		30,000		30,976
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.839% 12/10/54		95,000		99,319
Citigroup Commercial Mortgage Trust
•Series 2007-C6 AM 5.866% 12/10/49		25,000		25,017
Series 2014-GC25 A4 3.635% 10/10/47		45,000		46,799
Series 2015-GC27 A5 3.137% 2/10/48		50,000		50,229
Series 2016-P3 A4 3.329% 4/15/49		145,000		147,703
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		40,000		40,321
Series 2014-CR19 A5 3.796% 8/10/47		30,000		31,502
Series 2014-CR20 AM 3.938% 11/10/47		85,000		88,621
#Series 2015-3BP A 144A 3.178% 2/10/35		100,000		100,937
Series 2015-CR23 A4 3.497% 5/10/48		35,000		36,007
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		75,000		76,133
Series 2016-C3 A5 2.89% 9/10/49		45,000		44,229
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.871% 11/10/46		100,000		109,230
#GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28		600,000		623,179
GS Mortgage Securities Trust Series 2015-GC32 A4 3.764% 7/10/48		30,000		31,485

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust (continued)
Series 2017-GS5 A4 3.674% 3/10/50		65,000	$	67,838
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		220,000		230,319
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		75,000		75,275
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.702% 8/12/37		15,000		15,570
Series 2013-LC11 B 3.499% 4/15/46		35,000		35,106
Series 2015-JP1 A5 3.914% 1/15/49		30,000		31,862
Series 2016-JP2 A4 2.822% 8/15/49		95,000		92,855
Series 2016-JP2 AS 3.056% 8/15/49		60,000		58,525
•Series 2016-JP3 B 3.397% 8/15/49		20,000		19,594
#Series 2016-WIKI A 144A 2.798% 10/5/31		20,000		20,291
#Series 2016-WIKI B 144A 3.201% 10/5/31		35,000		35,654
•LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39		26,982		23,491
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		40,000		41,908
Series 2015-C23 A4 3.719% 7/15/50		115,000		120,422
Series 2015-C26 A5 3.531% 10/15/48		35,000		36,137
Series 2016-C29 A4 3.325% 5/15/49		35,000		35,561
Morgan Stanley Capital I Trust
•Series 2006-HQ10 B 5.448% 11/12/41		100,000		94,136
Series 2016-BNK2 A4 3.049% 11/15/49		395,000		391,615
Wells Fargo Commercial Mortgage Trust
•Series 2015-C30 XA 1.153% 9/15/58		3,103,562		188,943
Series 2015-NXS3 A4 3.617% 9/15/57		65,000		67,278
Series 2016-BNK1 A3 2.652% 8/15/49		60,000		57,786

LVIP Delaware Wealth Builder Fund–21

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust (continued)
=Series 2017-C38 A5 3.453% 7/15/50			70,000	$	72,094
•Series 2017-RB1 XA 1.445% 3/15/50			999,194		98,051
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $3,726,994)					3,705,779
DREGIONAL BONDS–0.12%
Australia–0.09%
New South Wales Treasury
3.00% 3/20/28	AUD		147,200		112,664
4.00% 5/20/26	AUD		34,700		29,110
Queensland Treasury
#144A 2.75% 8/20/27	AUD		14,000		10,361
#144A 3.25% 7/21/28	AUD		29,000		22,288
					174,423
Canada–0.03%
Province of Ontario Canada 3.45% 6/2/45	CAD		12,000		10,111
Province of Quebec Canada 6.00% 10/1/29	CAD		50,000		51,985
					62,096
Total Regional Bonds (Cost $240,388)					236,519
DSOVEREIGN BONDS–0.14%
Australia–0.02%
Australia Government Bond 3.75% 4/21/37	AUD		35,000		29,146
					29,146
Canada–0.00%
Canadian Government Bond 2.75% 12/1/48	CAD		10,000		8,795
					8,795
Hungary–0.02%
Hungary Government International Bond 5.75% 11/22/23			40,000		45,810
					45,810
New Zealand–0.04%
New Zealand Government Bond
2.75% 4/15/25	NZD		75,000		54,521
4.50% 4/15/27	NZD		22,000		18,194
					72,715

		Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Republic of Korea–0.04%
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW		79,249,309	$	69,996
					69,996
United Kingdom–0.02%
United Kingdom Gilt 3.50% 1/22/45	GBP		21,100		36,891
					36,891
Total Sovereign Bonds (Cost $263,856)					263,353
SUPRANATIONAL BANKS–0.05%
International Bank for Reconstruction & Development
3.50% 1/22/21	NZD		99,000		73,921
4.625% 10/6/21	NZD		13,000		10,108
International Finance
3.625% 5/20/20	NZD		12,000		8,995
Total Supranational Banks (Cost $85,073)					93,024
U.S. TREASURY OBLIGATIONS–3.97%
U.S. Treasury Bond 3.00% 5/15/47			1,655,000		1,708,303
U.S. Treasury Notes
1.75% 5/31/22			970,000		964,430
1.75% 6/30/22			570,000		566,359
2.25% 2/15/27			4,140,000		4,121,482
2.375% 5/15/27			325,000		327,101
Total U.S. Treasury Obligations (Cost $7,643,212)					7,687,675
		Number of Shares
MONEY MARKET FUND–5.94%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)			11,491,208		11,491,208
Total Money Market Fund (Cost $11,491,208)					11,491,208

LVIP Delaware Wealth Builder Fund–22

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
SHORT-TERM INVESTMENT–4.65%
≠Discounted Commercial Paper–4.65%
Abbey National Treasury Services 1.06% 7/3/17		9,000,000	$	8,999,470
Total Short-Term Investment (Cost $8,999,470)				8,999,470

TOTAL VALUE OF SECURITIES–106.33% (Cost $192,760,287)		205,686,198
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(6.33%)		(12,240,882	)
NET ASSETS APPLICABLE TO 12,759,728 SHARES OUTSTANDING–100.00%	$	193,445,316

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $20,351,601, which represents 10.52% 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, 2017. Interest rates reset periodically.

* Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the principal portion of the security.

◆ 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 value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

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

× 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.

LVIP Delaware Wealth Builder Fund–23

LVIP Delaware Wealth Builder Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Interest Rate Contracts:
11    Canada 10 yr Bond	$	1,226,753		$	1,192,204			9/21/17	$	—	$	(34,549	)
(19)  Euro-Bund		(3,542,165	)		(3,512,717	)		9/8/17		29,448		—
(11)  U.S. Treasury 10 yr Notes		(1,383,062	)		(1,380,844	)		9/21/17		2,218		—
Total									$	31,666	$	(34,549	)

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

ARM–Adjustable Rate Mortgage

AUD–Australian Dollar

BB–Barclays Bank

CAD–Canadian Dollar

CLO–Collateralized Loan Obligations

DB–Deutsche Bank

FREMF–Freddie Mac Multifamily

GBP–British Pound Sterling

GNMA–Government National Mortgage Association

GS–Goldman Sachs

IT–Information Technology

JPM–JPMorgan

KRW–South Korean Won

LB–Lehman Brothers

NOK–Norwegian Krone

NZD–New Zealand Dollar

REMICs–Real Estate Mortgage Investment Conduit

S.F.–Single Family

TBA–To be announced

yr–Year

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

LVIP Delaware Wealth Builder Fund–24

LVIP Delaware Wealth Builder Fund

Statement of Assets and Liabilities

June 30, 2017 (unaudited)

ASSETS:
Investments, at value	$	196,686,728
Short-term investments, at value		8,999,470
Total investments, at value		205,686,198
Receivable for securities sold		11,894,949
Dividends and interest receivable		953,736
Foreign currencies, at value		942,839
Cash		107,483
Cash collateral held at broker for futures contracts		81,860
Foreign tax reclaim receivable		79,737
Unrealized appreciation on futures contracts		31,666
Receivable for fund shares sold		17,767
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		15,342
Other assets		6,394
TOTAL ASSETS		219,817,971
LIABILITIES:
Payable for securities purchased		25,704,232
Payable for fund shares redeemed		335,670
Due to manager and affiliates		135,263
Other accrued expenses payable		85,692
Foreign currencies collateral due to broker for futures contracts, at value		77,249
Unrealized depreciation on futures contracts		34,549
TOTAL LIABILITIES		26,372,655
TOTAL NET ASSETS	$	193,445,316
Investments, at cost	$	183,760,817
Short-term investments, at cost		8,999,470
Total investments, at cost	$	192,760,287
Foreign currencies, at cost	$	922,788
Standard Class:
Net Assets	$	167,219,083
Shares Outstanding		11,026,697
Net Asset Value Per Share	$	15.165
Service Class:
Net Assets	$	26,226,233
Shares Outstanding		1,733,031
Net Asset Value Per Share	$	15.133
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	137,506,995
Undistributed net investment income		1,848,866
Accumulated net realized gain on investments		41,147,449
Net unrealized appreciation of investments and derivatives		12,942,006
TOTAL NET ASSETS	$	193,445,316

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

LVIP Delaware Wealth Builder Fund–25

LVIP Delaware Wealth Builder Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	1,716,104
Interest		1,021,872
Foreign tax withheld		(72,373	)
		2,665,603
EXPENSES:
Management fees		727,353
Reports and statements to shareholders		35,995
Professional fees		35,491
Distribution fees-Service Class		33,220
Pricing fees		32,985
Accounting and administration expenses		24,240
Custodian fees		23,912
Shareholder servicing fees		9,486
Trustees’ fees and expenses		2,675
Consulting fees		1,062
Other		1,440
		927,859
Less:
Management fees waived		(103,531	)
Expenses reimbursed		(89,702	)
Total operating expenses		734,626
NET INVESTMENT INCOME		1,930,977
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		36,074,148
Foreign currencies		(61,714	)
Foreign currency exchange contracts		8,125
Futures contracts		(240,403	)
Options purchased		(153	)
Swap contracts		(14,058	)
Net realized gain		35,765,945
Net change in unrealized appreciation (depreciation) of:
Investments		(23,768,845	)
Foreign currencies		43,620
Foreign currency exchange contracts		(8,918	)
Futures contracts		12,632
Swap contracts		5,765
Net change in unrealized appreciation (depreciation)		(23,715,746	)
NET REALIZED AND UNREALIZED GAIN		12,050,199
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,981,176

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

LVIP Delaware Wealth Builder Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,930,977		$	3,056,263
Net realized gain		35,765,945			7,944,558
Net change in unrealized appreciation (depreciation)		(23,715,746	)		(228,626	)
Net increase in net assets resulting from operations		13,981,176			10,772,195
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(2,908,558	)
Service Class		—			(387,950	)
Net realized gain on investments:
Standard Class		—			(14,970,049	)
Service Class		—			(2,307,297	)
		—			(20,573,854	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,916,257			9,367,171
Service Class		2,756,688			6,007,228
Reinvestment of dividends and distributions:
Standard Class		—			17,878,607
Service Class		—			2,695,247
		5,672,945			35,948,253
Cost of shares redeemed:
Standard Class		(17,362,086	)		(30,982,391	)
Service Class		(4,905,847	)		(7,272,904	)
		(22,267,933	)		(38,255,295	)
Decrease in net assets derived from capital share transactions		(16,594,988	)		(2,307,042	)
NET DECREASE IN NET ASSETS		(2,613,812	)		(12,108,701	)
NET ASSETS:
Beginning of period		196,059,128			208,167,829
End of period	$	193,445,316		$	196,059,128
Undistributed (distributions in excess of) net investment income	$	1,848,866		$	(82,111	)

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

LVIP Delaware Wealth Builder Fund–26

LVIP Delaware Wealth Builder Fund

Financial Highlights

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

	LVIP Delaware Wealth Builder Fund Standard Class
	Six Months Ended 6/30/171,2 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/143				12/31/13				12/31/12
Net asset value, beginning of period		$	14.117		$	14.874			$	15.931			$	15.629			$	13.195			$	11.855
Income (loss) from investment operations:
Net investment income4			0.148			0.229				0.261				0.292				0.250				0.254
Net realized and unrealized gain (loss)			0.900			0.595				(0.487	)			0.388				2.418				1.318
Total from investment operations			1.048			0.824				(0.226	)			0.680				2.668				1.572
Less dividends and distributions from:
Net investment income			—			(0.246	)			(0.273	)			(0.378	)			(0.234	)			(0.232	)
Net realized gain			—			(1.335	)			(0.558	)			—				—				—
Total dividends and distributions			—			(1.581	)			(0.831	)			(0.378	)			(0.234	)			(0.232	)
Net asset value, end of period		$	15.165		$	14.117			$	14.874			$	15.931			$	15.629			$	13.195
Total return5			7.42%			5.62%				(1.33%	)			4.34%				20.24%				13.29%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	167,219		$	169,567			$	181,811			$	209,869			$	224,511			$	206,140
Ratio of expenses to average net assets			0.72%			0.73%				0.73%				0.73%				0.73%				0.73%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.92%			0.91%				0.90%				0.87%				0.90%				0.91%
Ratio of net investment income to average net assets			2.03%			1.56%				1.63%				1.82%				1.72%				2.00%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.83%			1.38%				1.46%				1.68%				1.55%				1.82%
Portfolio turnover			91%			86%				69%				61%				70%				76%

¹  Effective May 1, 2017, Jackson Square Partners, LLC was removed as a sub-adviser to the Fund.

²  Ratios have been annualized and total return and portfolio turnover have not been annualized.

³  Effective October 1, 2014, Jackson Square Partners, LLC was added as a sub-adviser to the Fund.

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 Delaware Wealth Builder Fund–27

LVIP Delaware Wealth Builder Fund

Financial Highlights (continued)

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

	LVIP Delaware Wealth Builder Fund Service Class
	Six Months Ended 6/30/171,2 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/143				12/31/13				12/31/12
Net asset value, beginning of period		$	14.105		$	14.864			$	15.920			$	15.620			$	13.190			$	11.851
Income (loss) from investment operations:
Net investment income4			0.130			0.192				0.220				0.252				0.213				0.222
Net realized and unrealized gain (loss)			0.898			0.593				(0.485	)			0.386				2.415				1.317
Total from investment operations			1.028			0.785				(0.265	)			0.638				2.628				1.539
Less dividends and distributions from:
Net investment income			—			(0.209	)			(0.233	)			(0.338	)			(0.198	)			(0.200	)
Net realized gain			—			(1.335	)			(0.558	)			—				—				—
Total dividends and distributions			—			(1.544	)			(0.791	)			(0.338	)			(0.198	)			(0.200	)
Net asset value, end of period		$	15.133		$	14.105			$	14.864			$	15.920			$	15.620			$	13.190
Total return5			7.29%			5.36%				(1.58%	)			4.08%				19.94%				13.01%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	26,226		$	26,492			$	26,357			$	28,603			$	30,280			$	27,915
Ratio of expenses to average net assets			0.97%			0.98%				0.98%				0.98%				0.98%				0.98%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.17%			1.16%				1.15%				1.12%				1.15%				1.16%
Ratio of net investment income to average net assets			1.78%			1.31%				1.38%				1.57%				1.47%				1.75%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.58%			1.13%				1.21%				1.43%				1.30%				1.57%
Portfolio turnover			91%			86%				69%				61%				70%				76%

¹  Effective May 1, 2017, Jackson Square Partners, LLC was removed as a sub-adviser to the Fund.

²  Ratios have been annualized and total return and portfolio turnover have not been annualized.

³  Effective October 1, 2014, Jackson Square Partners, LLC was added as a sub-adviser to the Fund.

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 Delaware Wealth Builder Fund–28

LVIP Delaware Wealth Builder Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 Wealth Builder Fund (formerly 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, except those traded on The Nasdaq Stock Market, Inc. (“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. Securities 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 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 sales price on the valuation date. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities 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 utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Short-term debt securities having less than 60 days to maturity are valued using the evaluated mean. Open-end investment companies are valued at published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are readily available or fair valuation will be used, various factors will be 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 Securities (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 Wealth Builder Fund–29

LVIP Delaware Wealth Builder 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 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 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. 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, 2017.

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, 2017.

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. Effective May 1, 2017, the waiver amount is 0.12% of the Fund’s average daily net assets. The fee is calculated daily and paid monthly. The agreement will continue at least through April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to May 1, 2017, the waiver amount was 0.10% of the Fund’s average daily net assets.

Effective May 1, 2017, LIAC has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.71% of the Fund’s average daily net assets for the Standard Class and 0.96% for the Service Class. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to

LVIP Delaware Wealth Builder Fund–30

LVIP Delaware Wealth Builder Fund

Notes to Financial Statements (continued)

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

May 1, 2017, LIAC had contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.73% the Fund’s average daily net assets for the Standard Class and 0.98% for the Service Class.

Effective May 1, 2017, Delaware Investments Fund Advisers (“DIFA”) is responsible for the day-to-day management of the Fund’s investment portfolio. Prior to May 1, 2017, DIFA and Jackson Square Partners, LLP (“JSP”) were responsible for the day-to-day management of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays or paid 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	5,553
Legal		1,340

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $23,741 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	15,342
Management fees payable to LIAC		101,379
Distribution fees payable to LFD		5,476
Printing and mailing fees payable to Lincoln Life		23,741
Shareholder servicing fees payable to Lincoln Life		4,667

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, 2017, the Fund engaged in securities sales of $18,450.

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	153,344,505
Purchases of U.S. government securities		17,486,597
Sales other than U.S. government securities		179,466,877
Sales of U.S. government securities		11,691,551

LVIP Delaware Wealth Builder Fund–31

LVIP Delaware Wealth Builder Fund

Notes to Financial Statements (continued)

3. Investments (continued)

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	192,760,287
Aggregate unrealized appreciation	$	15,682,198
Aggregate unrealized depreciation		(2,756,287	)
Net unrealized appreciation	$	12,925,911

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 Delaware Wealth Builder Fund–32

LVIP Delaware Wealth Builder 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, 2017:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common Stock
U.S. Markets
Aerospace & Defense	$	2,149,520	$	—	$	—	$	2,149,520
Automobiles		1,536,387		—		—		1,536,387
Banks		3,729,668		—		—		3,729,668
Beverages		131,859		—		—		131,859
Biotechnology		2,491,728		—		—		2,491,728
Capital Markets		205,736		—		—		205,736
Chemicals		1,803,802		—		—		1,803,802
Commercial Services & Supplies		1,819,080		—		—		1,819,080
Communications Equipment		1,780,970		—		—		1,780,970
Diversified Telecommunication Services		4,241,319		—		—		4,241,319
Electric Utilities		914,823		—		—		914,823
Equity Real Estate Investment Trusts		10,641,061		—		—		10,641,061
Food & Staples Retailing		1,802,388		—		—		1,802,388
Food Products		1,812,118		—		—		1,812,118
Health Care Equipment & Supplies		1,555,520		—		—		1,555,520
Health Care Providers & Services		2,236,703		—		—		2,236,703
Household Products		3,641,886		—		—		3,641,886
Insurance		1,964,701		—		—		1,964,701
Internet Software & Services		235,022		—		—		235,022
Leisure Products		1,203,527		—		—		1,203,527
Multiline Retail		1,469,349		—		—		1,469,349
Oil, Gas & Consumable Fuels		5,436,819		—		—		5,436,819
Pharmaceuticals		5,142,201		—		—		5,142,201
Semiconductors & Semiconductor Equipment		1,801,581		—		—		1,801,581
Software		2,017,466		—		—		2,017,466
Technology Hardware, Storage & Peripherals		63,513		—		—		63,513
Tobacco		1,203,240		—		—		1,203,240
Developed Markets
Aerospace & Defense		555,045		—		—		555,045
Air Freight & Logistics		623,119		—		—		623,119
Auto Components		720,443		—		—		720,443
Automobiles		1,067,720		—		—		1,067,720
Banks		3,278,612		—		—		3,278,612
Beverages		585,871		—		—		585,871
Construction & Engineering		727,804		—		—		727,804
Diversified Telecommunication Services		704,758		—		—		704,758
Electrical Equipment		128,384		—		—		128,384
Household Durables		462,116		—		—		462,116
Industrial Conglomerates		610,719		—		—		610,719
Insurance		614,683		—		—		614,683
Machinery		346,637		—		—		346,637
Media		206,625		—		—		206,625
Metals & Mining		329,865		—		—		329,865
Multi-Utilities		1,290,429		—		—		1,290,429
Oil, Gas & Consumable Fuels		4,302,886		—		—		4,302,886
Pharmaceuticals		3,587,542		—		—		3,587,542
Professional Services		461,644		—		—		461,644
Road & Rail		627,839		—		—		627,839
Software		482,682		—		—		482,682
Specialty Retail		403,563		—		—		403,563

LVIP Delaware Wealth Builder Fund–33

LVIP Delaware Wealth Builder Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Technology Hardware, Storage & Peripherals	$	1,190,700		$	—	$	—	$	1,190,700
Textiles, Apparel & Luxury Goods		1,102,006			—		—		1,102,006
Tobacco		976,694			—		—		976,694
Trading Companies & Distributors		922,082			—		—		922,082
Wireless Telecommunication Services		379,090			—		—		379,090
Emerging Markets
Banks		440,308			—		—		440,308
Technology Hardware, Storage & Peripherals		623,257			—		—		623,257
Wireless Telecommunication Services		136,594			—		—		136,594
Preferred Stock		—			705,158		—		705,158
Agency Collateralized Mortgage Obligations		—			3,324,135		—		3,324,135
Agency Commercial Mortgage-Backed Securities		—			1,997,623		—		1,997,623
Agency Mortgage-Backed Securities		—			20,664,028		—		20,664,028
Corporate Bonds		—			46,467,787		—		46,467,787
Municipal Bonds		—			4,023,259		—		4,023,259
Non-Agency Asset-Backed Securities		—			4,698,023		—		4,698,023
Non-Agency Collateralized Mortgage Obligations		—			305,844		101,609		407,453
Non-Agency Commercial Mortgage-Backed Securities		—			3,633,685		72,094		3,705,779
Regional Bonds		—			236,519		—		236,519
Sovereign Bonds		—			263,353		—		263,353
Supranational Banks		—			93,024		—		93,024
U.S. Treasury Obligations		—			7,687,675		—		7,687,675
Money Market Fund		11,491,208			—		—		11,491,208
Short-Term Investments		—			8,999,470		—		8,999,470
Total Investments	$	102,412,912		$	103,099,583	$	173,703	$	205,686,198
Derivatives:
Assets:
Futures Contracts	$	31,666		$	—	$	—	$	31,666
Liabilities:
Futures Contracts	$	(34,549	)	$	—	$	—	$	(34,549	)

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. 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 Wealth Builder Fund–34

LVIP Delaware Wealth Builder Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		197,573			640,838
Service Class		187,619			411,398
Shares reinvested:
Standard Class		—			1,257,240
Service Class		—			189,956
		385,192			2,499,432
Shares redeemed:
Standard Class		(1,182,350	)		(2,110,107	)
Service Class		(332,815	)		(496,326	)
		(1,515,165	)		(2,606,433	)
Net decrease		(1,129,973	)		(107,001	)

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 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 and to facilitate or expedite the settlement of portfolio transactions. 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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to fix the U.S. dollar value of a security between trade date and settlement date; to hedge the U.S. dollar value of securities it already owns that were denominated in foreign currencies; and to facilitate or expedite the settlement of portfolio transactions.

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

LVIP Delaware Wealth Builder Fund–35

LVIP Delaware Wealth Builder Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Options Contracts–During the six months ended June 30, 2017, 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 caused by interest rates or market conditions 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 facilitate investment in portfolio securities; as a cash management tool; and to generate income. 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.

During the six months ended June 30, 2017, the Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions; to adjust the Fund’s overall exposure to certain markets; and to protect the value of portfolio securities.

No options contracts were outstanding at June 30, 2017.

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 manage 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.

Interest Rate Swaps-An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by the Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. The Fund may enter into either side of such swap contract. Interest rate swaps may be used to manage 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. No interest rate swap contracts were outstanding at June 30, 2017.

During the six months ended June 30, 2017, the Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to 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, 2017, 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.

LVIP Delaware Wealth Builder Fund–36

LVIP Delaware Wealth Builder Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2017, the Fund used CDS contracts to hedge against credit events (including single name, baskets, and systemic).

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. No CDS contracts were outstanding at June 30, 2017.

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, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Interest rate contracts)	Unrealized appreciation on futures contracts	$	31,666	Unrealized depreciation on futures contracts	$	(34,549	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$	8,125		$	(8,918	)
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		2,635			—
Futures contracts (Interest rate contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		(243,038	)		12,632
Options contracts (Currency contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased		(153	)		—
Swap contracts (Credit contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts		(4,508	)		1,494
Swap contracts (Interest rate contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts		(9,550	)		4,271
Total		$	(246,489	)	$	9,479

LVIP Delaware Wealth Builder Fund–37

LVIP Delaware Wealth Builder 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 for the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD	178,920		USD	543,583
Futures contracts (average notional value)	USD	1,627,766		USD	2,375,454
Options contracts (average notional value)	USD	12		USD	—
CDS contracts (average notional value)*	USD	167,360		USD	293,760
Interest rate swap contracts (average notional value)	USD	—		USD	146,640

*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 currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) 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, 2017, the Fund had 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	$	31,666	$	(34,549	)	$	(2,883	)

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)
JPMorgan Chase Bank	$	(2,883	)	$	—	$	—	$	—	$	2,883	$	—

^(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 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.

LVIP Delaware Wealth Builder Fund–38

LVIP Delaware Wealth Builder Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

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, 2017. 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 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 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 Fund’s existing contracts and expects the risk of material loss to be remote.

8. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 Wealth Builder Fund–39

                              LVIP Dimensional U.S. Core Equity 1 Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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	25
Statements of Changes in Net Assets	25
Financial Highlights	26
Notes to Financial Statements	28

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,079.00		0.41	%		$2.11
Service Class Shares		1,000.00		1,077.20		0.76	%		3.91
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.76		0.41	%		$2.06
Service Class Shares		1,000.00		1,021.03		0.76	%		3.81

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector Percentage  of Net Assets

Common Stock	99.61	%
Aerospace & Defense	2.73	%
Air Freight & Logistics	0.79	%
Airlines	0.97	%
Auto Components	0.81	%
Automobiles	0.60	%
Banks	6.77	%
Beverages	1.74	%
Biotechnology	2.47	%
Building Products	0.61	%
Capital Markets	2.73	%
Chemicals	2.68	%
Commercial Services & Supplies	0.99	%
Communications Equipment	1.12	%
Construction & Engineering	0.42	%
Construction Materials	0.19	%
Consumer Finance	1.06	%
Containers & Packaging	0.85	%
Distributors	0.20	%
Diversified Consumer Services	0.33	%
Diversified Financial Services	0.91	%
Diversified Telecommunication Services	2.16	%
Electric Utilities	1.58	%
Electrical Equipment	0.69	%
Electronic Equipment, Instruments & Components	1.46	%
Energy Equipment & Services	0.68	%
Food & Staples Retailing	1.73	%
Food Products	1.50	%
Gas Utilities	0.33	%
Health Care Equipment & Supplies	2.20	%
Health Care Providers & Services	2.95	%
Health Care Technology	0.19	%
Hotels, Restaurants & Leisure	2.44	%
Household Durables	0.96	%
Household Products	1.17	%
Independent Power & Renewable Electricity Producers	0.21	%
Industrial Conglomerates	1.40	%
Insurance	3.30	%
Internet & Direct Marketing Retail	1.96	%
Internet Software & Services	2.48	%
IT Services	4.18	%
Leisure Products	0.29	%
Life Sciences Tools & Services	0.95	%
Machinery	2.71	%
Marine	0.05	%
Media	3.16	%

Security Type/Sector Percentage 
of Net Assets

Metals & Mining	0.65	%
Multiline Retail	0.58	%
Multi-Utilities	0.87	%
Oil, Gas & Consumable Fuels	3.39	%
Paper & Forest Products	0.16	%
Personal Products	0.32	%
Pharmaceuticals	3.31	%
Professional Services	0.61	%
Real Estate Management & Development	0.27	%
Road & Rail	1.31	%
Semiconductors & Semiconductor Equipment	3.57	%
Software	3.89	%
Specialty Retail	3.28	%
Technology Hardware, Storage & Peripherals	4.20	%
Textiles, Apparel & Luxury Goods	0.90	%
Thrift & Mortgage Finance	0.39	%
Tobacco	1.34	%
Trading Companies & Distributors	0.52	%
Transportation Infrastructure	0.03	%
Water Utilities	0.15	%
Wireless Telecommunication Services	0.17	%
Rights	0.00	%
Money Market Fund	0.37	%
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

Apple	3.60	%
Microsoft	1.70	%
Amazon.com	1.41	%
Johnson & Johnson	1.16	%
Alphabet Class A & Class C	1.15	%
JPMorgan Chase & Co.	1.11	%
AT&T	1.05	%
Wells Fargo & Co.	0.94	%
Home Depot	0.88	%
Berkshire Hathaway Class B	0.84	%
Total	13.84	%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–99.61%
Aerospace & Defense–2.73%
AAR		6,489	$	225,558
†Aerojet Rocketdyne Holdings		9,478		197,142
†Aerovironment		2,215		84,613
Arconic		29,682		672,297
†Astronics		2,505		76,327
†Astronics Class B		806		24,647
†Axon Enterprise		1,811		45,529
Boeing		37,923		7,499,273
BWX Technologies		11,734		572,033
Cubic		3,873		179,320
Curtiss-Wright		6,659		611,163
†DigitalGlobe		10,882		362,371
†Ducommun		1,600		50,528
†Engility Holdings		376		10,678
†Esterline Technologies		4,509		427,453
General Dynamics		13,232		2,621,259
HEICO		4,341		311,857
HEICO Class A		5,722		355,050
Hexcel		12,095		638,495
Huntington Ingalls Industries		3,927		731,050
†KLX		6,809		340,450
†Kratos Defense & Security Solutions		5,182		61,510
L3 Technologies		3,767		629,390
Lockheed Martin		14,443		4,009,521
†Mercury Systems		3,446		145,042
†Moog Class A		5,219		374,307
Northrop Grumman		9,036		2,319,632
Orbital ATK		5,421		533,210
Raytheon		13,074		2,111,190
Rockwell Collins		12,745		1,339,245
Spirit AeroSystems Holdings Class A		12,728		737,460
†Teledyne Technologies		4,923		628,421
Textron		22,144		1,042,982
TransDigm Group		3,095		832,153
Triumph Group		6,690		211,404
United Technologies		33,672		4,111,688
†Wesco Aircraft Holdings		14,929		161,980
				35,286,228
Air Freight & Logistics–0.79%
†Air Transport Services Group		11,784		256,656
†Atlas Air Worldwide Holdings		3,789		197,596
CH Robinson Worldwide		11,156		766,194
†Echo Global Logistics		2,584		51,422
Expeditors International of Washington		11,713		661,550
FedEx		12,617		2,742,053
Forward Air		3,352		178,595
†Hub Group Class A		4,075		156,276
United Parcel Service Class B		39,912		4,413,868
†XPO Logistics		12,314		795,854
				10,220,064

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Airlines–0.97%
Alaska Air Group		15,098	$	1,355,196
Allegiant Travel		2,149		291,404
American Airlines Group		32,569		1,638,872
Copa Holdings Class A		4,803		561,951
Delta Air Lines		46,387		2,492,837
†Hawaiian Holdings		9,950		467,153
†JetBlue Airways		38,403		876,740
SkyWest		6,659		233,731
Southwest Airlines		39,453		2,451,609
†Spirit Airlines		10,860		560,919
†United Continental Holdings		21,708		1,633,527
				12,563,939
Auto Components–0.81%
Adient		4,561		298,198
†American Axle & Manufacturing Holdings		9,868		153,941
Autoliv		7,240		794,952
BorgWarner		18,858		798,825
Cooper Tire & Rubber		10,762		388,508
†Cooper-Standard Holdings		1,794		180,961
Dana		30,421		679,301
Delphi Automotive		16,408		1,438,161
†Dorman Products		2,401		198,731
†Fox Factory Holding		4,534		161,410
Gentex		34,298		650,633
†Gentherm		4,875		189,150
Goodyear Tire & Rubber		38,344		1,340,506
†Horizon Global		2,190		31,448
LCI Industries		3,305		338,432
Lear		7,285		1,035,053
†Modine Manufacturing		8,303		137,415
†Motorcar Parts of America		2,029		57,299
Standard Motor Products		2,906		151,751
†Stoneridge		3,532		54,428
Superior Industries International		3,283		67,466
Tenneco		8,836		510,986
Tower International		4,230		94,964
†Visteon		6,978		712,175
				10,464,694
Automobiles–0.60%
Ford Motor		244,134		2,731,859
General Motors		75,934		2,652,375
Harley-Davidson		15,921		860,052
†Tesla		1,541		557,241
Thor Industries		7,273		760,174
Winnebago Industries		3,677		128,695
				7,690,396
Banks–6.77%
1st Source		2,576		123,493
Ameris Bancorp		3,331		160,554

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 (continued)
Arrow Financial		444	$	14,053
Associated Banc-Corp		16,938		426,838
Banc of California		1,402		30,143
BancFirst		1,055		101,913
†Bancorp		1,514		11,476
BancorpSouth		10,963		334,372
Bank of America		378,121		9,173,215
Bank of Hawaii		5,806		481,724
Bank of the Ozarks		11,882		556,909
BankUnited		12,210		411,599
Banner		3,101		175,238
BB&T		28,040		1,273,296
Berkshire Hills Bancorp		5,646		198,457
BOK Financial		5,174		435,289
Boston Private Financial Holdings		14,301		219,520
Brookline Bancorp		9,134		133,356
Bryn Mawr Bank		2,262		96,135
Camden National		636		27,291
Canadian Imperial Bank of Commerce		4,667		378,782
Capital Bank Financial		4,655		177,355
Cathay General Bancorp		8,683		329,520
CenterState Banks of Florida		2,822		70,155
Central Pacific Financial		5,001		157,381
Chemical Financial		7,551		365,544
CIT Group		10,255		499,419
Citigroup		101,820		6,809,722
Citizens Financial Group		10,989		392,088
City Holding		2,841		187,137
CoBiz Financial		3,260		56,724
Columbia Banking System		8,265		329,360
Comerica		8,793		643,999
Commerce Bancshares		10,911		620,072
Community Bank System		7,256		404,667
Community Trust Bancorp		1,117		48,869
ConnectOne Bancorp		2,533		57,119
Cullen/Frost Bankers		4,181		392,638
†Customers Bancorp		3,657		103,420
CVB Financial		14,317		321,130
†Eagle Bancorp		3,814		241,426
East West Bancorp		12,619		739,221
Enterprise Financial Services		1,260		51,408
†FCB Financial Holdings Class A		2,662		127,111
Fidelity Southern		1,928		44,074
Fifth Third Bancorp		49,269		1,279,023
†First BanCorp (Puerto Rico)		32,583		188,656
First Busey		2,410		70,661
First Citizens BancShares Class A		925		344,747
First Commonwealth Financial		14,092		178,687
First Financial		880		41,624
First Financial Bancorp		9,348		258,940
First Financial Bankshares		3,301		145,904
First Horizon National		26,832		467,413

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
First Interstate BancSystem Class A		3,666	$	136,375
First Merchants		5,490		220,369
First Midwest Bancorp		14,084		328,298
First of Long Island		1,200		34,320
First Republic Bank		7,523		753,052
Flushing Financial		4,876		137,454
FNB		32,839		465,000
Fulton Financial		20,249		384,731
Glacier Bancorp		10,015		366,649
Great Southern Bancorp		946		50,611
Great Western Bancorp		1,016		41,463
Guaranty Bancorp		864		23,501
Hancock Holding		10,617		520,233
Hanmi Financial		4,000		113,800
Heartland Financial USA		2,621		123,449
Heritage Commerce		487		6,711
Heritage Financial		3,857		102,211
Hilltop Holdings		13,115		343,744
Home BancShares		17,596		438,140
†HomeTrust Bancshares		901		21,984
Hope Bancorp		16,420		306,233
Huntington Bancshares		53,810		727,511
IBERIABANK		4,674		380,931
Independent Bank (Massachusetts)		3,374		224,877
Independent Bank Group		1,383		82,289
International Bancshares		10,063		352,708
Investors Bancorp		34,004		454,293
JPMorgan Chase & Co.		156,544		14,308,122
KeyCorp		43,811		821,018
Lakeland Bancorp		1,264		23,826
Lakeland Financial		2,847		130,620
LegacyTexas Financial Group		5,666		216,045
M&T Bank		4,922		797,118
MB Financial		9,240		406,930
Mercantile Bank		836		26,317
National Bank Holdings Class A		3,583		118,633
NBT Bancorp		5,373		198,532
OFG Bancorp		4,091		40,910
Old National Bancorp		17,834		307,637
Opus Bank		660		15,972
†Pacific Premier Bancorp		1,415		52,213
PacWest Bancorp		9,294		434,030
Park National		762		79,035
Peapack Gladstone Financial		548		17,147
Peoples Bancorp		481		15,455
People’s United Financial		28,936		511,010
Pinnacle Financial Partners		5,894		370,143
PNC Financial Services Group		16,576		2,069,845
Popular		10,058		419,519
Preferred Bank		230		12,298
Prosperity Bancshares		7,549		484,948
Regions Financial		60,199		881,313

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)
Renasant		5,232	$	228,848
S&T Bancorp		3,442		123,430
Sandy Spring Bancorp		3,312		134,666
†Seacoast Banking Corp. of Florida		1,194		28,775
ServisFirst Bancshares		3,091		114,027
†Signature Bank		3,370		483,696
Simmons First National Class A		2,933		155,156
South State		3,499		299,864
Southside Bancshares		1,287		44,968
Southwest Bancorp		2,660		67,963
State Bank Financial		5,416		146,882
Sterling Bancorp		15,776		366,792
Stock Yards Bancorp		2,112		82,157
SunTrust Banks		19,619		1,112,790
†SVB Financial Group		4,498		790,703
Synovus Financial		16,013		708,415
TCF Financial		27,139		432,596
†Texas Capital Bancshares		5,756		445,514
Tompkins Financial		1,213		95,487
Towne Bank		6,489		199,861
TriCo Bancshares		1,599		56,205
Trustmark		10,322		331,956
U.S. Bancorp		66,061		3,429,887
UMB Financial		5,641		422,285
Umpqua Holdings		24,155		443,486
Union Bankshares Corp.		7,033		238,419
United Bankshares		11,140		436,688
United Community Banks		8,010		222,678
Univest Corp. of Pennsylvania		1,042		31,208
Valley National Bancorp		29,056		343,151
Washington Trust Bancorp		1,086		55,983
Webster Financial		10,666		556,979
Wells Fargo & Co.		219,055		12,137,838
WesBanco		4,468		176,665
Westamerica Bancorporation		2,893		162,124
†Western Alliance Bancorp		10,465		514,878
Wintrust Financial		5,764		440,600
Zions Bancorporation		9,912		435,236
				87,307,296
Beverages–1.74%
†Boston Beer Class A		1,347		178,006
Brown-Forman Class A		1,046		51,568
Brown-Forman Class B		13,772		669,319
Coca-Cola		186,990		8,386,501
Coca-Cola Bottling Consolidated		1,354		309,890
Constellation Brands Class A		5,045		977,368
Dr Pepper Snapple Group		10,927		995,559
MGP Ingredients		1,497		76,601
Molson Coors Brewing Class B		5,112		441,370
†Monster Beverage		12,489		620,454
National Beverage		1,899		177,670

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Beverages (continued)
PepsiCo		83,267	$	9,616,506
				22,500,812
Biotechnology–2.47%
AbbVie		94,538		6,854,950
†Acorda Therapeutics		4,839		95,328
†Alexion Pharmaceuticals		3,085		375,352
†Alkermes		3,336		193,388
†Alnylam Pharmaceuticals		2,227		177,626
Amgen		29,424		5,067,696
†Aptevo Therapeutics		2,879		5,960
†Biogen		9,631		2,613,468
†BioMarin Pharmaceutical		3,163		287,264
†Bioverativ		5,633		338,938
†Bluebird Bio		2,058		216,193
†Celgene		33,922		4,405,450
†Emergent BioSolutions		5,759		195,288
†Enanta Pharmaceuticals		2,114		76,062
†Exact Sciences		3,427		121,213
†Exelixis		16,852		415,065
†Five Prime Therapeutics		4,086		123,029
Gilead Sciences		83,604		5,917,491
†Incyte		3,025		380,878
†Insys Therapeutics		2,779		35,154
†Ionis Pharmaceuticals		1,152		58,602
†Kite Pharma		1,508		156,334
†Ligand Pharmaceuticals Class B		1,549		188,049
†Myriad Genetics		6,072		156,900
†Neurocrine Biosciences		2,841		130,686
†OPKO Health		26,983		177,548
†Otonomy		619		11,668
†Regeneron Pharmaceuticals		3,070		1,507,800
†Seattle Genetics		3,269		169,138
†Spectrum Pharmaceuticals		5,200		38,740
†TESARO		1,081		151,189
†United Therapeutics		5,963		773,580
†Vertex Pharmaceuticals		3,259		419,987
				31,836,014
Building Products–0.61%
AAON		7,398		272,616
Allegion		3,626		294,141
†American Woodmark		2,433		232,473
AO Smith		9,577		539,472
Apogee Enterprises		3,439		195,473
†Armstrong Flooring		3,796		68,214
†Armstrong World Industries		7,192		330,832
†Builders FirstSource		12,418		190,244
†Continental Building Products		6,258		145,811
Fortune Brands Home & Security		8,581		559,824
†Gibraltar Industries		3,900		139,035
Insteel Industries		1,756		57,895

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)
Johnson Controls International		20,579	$	892,305
Lennox International		2,465		452,673
Masco		20,498		783,229
†Masonite International		2,388		180,294
†NCI Building Systems		6,362		106,245
Owens Corning		12,082		808,527
†Patrick Industries		2,667		194,291
†PGT		8,191		104,845
†Ply Gem Holdings		5,809		104,272
Quanex Building Products		4,360		92,214
Simpson Manufacturing		4,772		208,584
†Trex		4,106		277,812
Universal Forest Products		1,882		164,317
†USG		14,179		411,475
				7,807,113
Capital Markets–2.73%
Affiliated Managers Group		4,373		725,306
Ameriprise Financial		12,380		1,575,850
Artisan Partners Asset Management Class A		3,789		116,322
Bank of New York Mellon		46,195		2,356,869
BGC Partners Class A		34,768		439,468
BlackRock		3,395		1,434,082
CBOE Holdings		6,135		560,739
Charles Schwab		32,176		1,382,281
CME Group		8,662		1,084,829
Cohen & Steers		4,673		189,443
Diamond Hill Investment Group		152		30,309
†Donnelley Financial Solutions		4,245		97,465
†E*TRADE Financial		15,622		594,105
Eaton Vance		18,805		889,853
Evercore Partners Class A		5,155		363,427
FactSet Research Systems		3,459		574,817
Federated Investors Class B		13,518		381,883
Financial Engines		913		33,416
Franklin Resources		14,017		627,821
GAIN Capital Holdings		5,501		34,271
Goldman Sachs Group		12,683		2,814,358
Greenhill & Co.		3,574		71,837
Houlihan Lokey		2,921		101,943
Interactive Brokers Group		9,047		338,539
Intercontinental Exchange		15,955		1,051,754
†INTL. FCStone		1,728		65,249
Invesco		26,923		947,420
Investment Technology Group		5,918		125,698
†Janus Henderson Group		10,856		359,442
†KCG Holdings Class A		12,555		250,347
Legg Mason		11,109		423,919
LPL Financial Holdings		16,584		704,157
MarketAxess Holdings		3,053		613,958
Moelis & Co. Class A		434		16,861

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Capital Markets (continued)
Moody’s		7,458	$	907,489
Morgan Stanley		56,694		2,526,285
Morningstar		5,529		433,142
MSCI		6,463		665,624
Nasdaq		10,110		722,764
Northern Trust		8,720		847,671
OM Asset Management		6,371		94,673
Oppenheimer Holdings Class A		566		9,282
Raymond James Financial		12,343		990,155
S&P Global		15,553		2,270,582
SEI Investments		9,432		507,253
State Street		12,169		1,091,924
†Stifel Financial		8,209		377,450
T. Rowe Price Group		18,088		1,342,310
TD Ameritrade Holding		11,630		499,974
Virtus Investment Partners		817		90,646
Waddell & Reed Financial Class A		15,478		292,225
Westwood Holdings Group		147		8,333
WisdomTree Investments		12,979		131,996
				35,187,816
Chemicals–2.68%
A Schulman		4,438		142,016
†AdvanSix		1,467		45,829
Air Products & Chemicals		8,136		1,163,936
Albemarle		6,061		639,678
American Vanguard		3,629		62,600
Ashland Global Holdings		4,435		292,311
†Axalta Coating Systems		2,237		71,673
Balchem		2,885		224,193
Cabot		7,734		413,228
Calgon Carbon		8,361		126,251
Celanese Class A		9,212		874,587
CF Industries Holdings		21,293		595,352
Chemours		6,008		227,823
Dow Chemical		51,650		3,257,565
Eastman Chemical		18,625		1,564,314
Ecolab		11,805		1,567,114
EI du Pont de Nemours & Co.		37,593		3,034,131
†Ferro		6,248		114,276
FMC		6,207		453,421
FutureFuel		4,566		68,901
†GCP Applied Technologies		5,509		168,025
Hawkins		819		37,961
HB Fuller		5,740		293,371
Huntsman		46,016		1,189,053
†Ingevity		2,439		139,999
Innophos Holdings		2,701		118,412
Innospec		4,258		279,112
International Flavors & Fragrances		5,956		804,060
KMG Chemicals		1,701		82,788
†Koppers Holdings		1,784		64,492

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)
†Kraton		4,560	$	157,046
Kronos Worldwide		6,569		119,687
†LSB Industries		2,575		26,600
LyondellBasell Industries Class A		22,803		1,924,345
Minerals Technologies		4,368		319,738
Monsanto		24,155		2,858,986
Mosaic		18,141		414,159
NewMarket		1,327		611,057
Olin		18,769		568,325
†OMNOVA Solutions		2,534		24,707
†Platform Specialty Products		22,651		287,215
PolyOne		12,817		496,531
PPG Industries		13,312		1,463,788
Praxair		16,799		2,226,707
Quaker Chemical		1,377		199,982
RPM International		9,175		500,496
Scotts Miracle-Gro Class A		7,737		692,152
Sensient Technologies		3,376		271,869
Sherwin-Williams		4,501		1,579,671
Stepan		2,486		216,630
†Trecora Resources		1,810		20,363
Tredegar		492		7,503
Trinseo		5,490		377,163
Tronox		7,502		113,430
Valvoline		14,083		334,039
Westlake Chemical		3,913		259,080
WR Grace & Co.		5,509		396,703
				34,584,444
Commercial Services & Supplies–0.99%
ABM Industries		5,492		228,028
†ACCO Brands		15,297		178,210
†ARC Document Solutions		6,046		25,151
Brady Class A		6,379		216,248
Brink’s		6,531		437,577
†Casella Waste Systems		2,209		36,250
Cintas		8,381		1,056,341
†Clean Harbors		9,325		520,615
†Copart		23,142		735,684
Covanta Holding		22,488		296,842
Deluxe		9,390		649,976
Ennis		3,323		63,469
Essendant		5,795		85,940
Healthcare Services Group		2,712		127,003
Herman Miller		8,070		245,328
HNI		6,100		243,207
†InnerWorkings		2,041		23,676
Interface Class A		8,682		170,601
KAR Auction Services		13,984		586,908
Kimball International Class B		4,901		81,798
Knoll		7,864		157,673
LSC Communications		4,245		90,843

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Commercial Services & Supplies (continued)
Matthews International Class A		3,204	$	196,245
McGrath RentCorp		3,969		137,446
Mobile Mini		5,916		176,593
MSA Safety		4,253		345,216
Multi-Color		1,912		156,019
Pitney Bowes		23,939		361,479
Quad/Graphics		5,244		120,192
Republic Services		15,425		983,035
Rollins		13,074		532,243
†SP Plus		3,002		91,711
Steelcase Class A		12,090		169,260
†Stericycle		7,107		542,406
†Team		2,683		62,916
Tetra Tech		7,691		351,863
U.S. Ecology		3,569		180,235
UniFirst		2,026		285,058
Viad		1,892		89,397
VSE		600		26,988
Waste Management		20,630		1,513,211
West		11,036		257,360
				12,836,241
Communications Equipment–1.12%
ADTRAN		4,884		100,855
†Arista Networks		2,962		443,678
†ARRIS International		16,393		459,332
Brocade Communications Systems		61,076		770,168
†CalAmp		2,806		57,046
†Calix		3,340		22,879
†Ciena		14,673		367,118
Cisco Systems		193,426		6,054,234
†CommScope Holding		12,171		462,863
Comtech Telecommunications		2,467		46,799
†EchoStar Class A		6,579		399,345
†F5 Networks		4,506		572,532
†Finisar		13,225		343,585
†Harmonic		15,891		83,428
Harris		7,795		850,279
†Infinera		2,440		26,035
InterDigital		6,220		480,806
Juniper Networks		22,261		620,637
†Lumentum Holdings		4,152		236,872
Motorola Solutions		5,314		460,936
†NETGEAR		4,473		192,786
†NetScout Systems		3,994		137,394
†Oclaro		5,900		55,106
†Palo Alto Networks		1,493		199,778
Plantronics		3,909		204,480
†ShoreTel		4,568		26,494
†Sonus Networks		7,554		56,202
†Ubiquiti Networks		5,466		284,068
†ViaSat		4,826		319,481

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)
Communications Equipment (continued)
†Viavi Solutions		12,536	$	132,004
				14,467,220
Construction & Engineering–0.42%
†AECOM		15,765		509,682
†Aegion		4,365		95,506
Argan		2,865		171,900
Chicago Bridge & Iron		11,492		226,737
Comfort Systems USA		5,275		195,703
†Dycom Industries		5,163		462,192
EMCOR Group		9,724		635,755
Fluor		13,179		603,335
Granite Construction		4,504		217,273
†Great Lakes Dredge & Dock		483		2,077
Jacobs Engineering Group		6,624		360,279
KBR		15,549		236,656
†MasTec		8,769		395,920
†MYR Group		2,986		92,626
Primoris Services		3,904		97,366
†Quanta Services		16,456		541,732
†Tutor Perini		7,043		202,486
Valmont Industries		2,153		322,089
				5,369,314
Construction Materials–0.19%
Eagle Materials		5,781		534,280
Martin Marietta Materials		3,480		774,578
†Summit Materials Class A		8,685		250,736
†US Concrete		2,396		188,206
Vulcan Materials		5,108		647,081
				2,394,881
Consumer Finance–1.06%
Ally Financial		26,793		559,974
American Express		43,293		3,647,002
Capital One Financial		22,916		1,893,320
†Credit Acceptance		2,546		654,678
Discover Financial Services		25,340		1,575,895
†Encore Capital Group		3,358		134,824
†Enova International		937		13,914
†EZCORP Class A		6,690		51,513
FirstCash		6,979		406,876
†Green Dot Class A		5,819		224,206
†LendingClub		25,885		142,626
Navient		57,265		953,462
Nelnet Class A		4,320		203,083
†OneMain Holdings		11,443		281,383
†PRA Group		6,942		263,102
†Santander Consumer USA Holdings		30,471		388,810
†SLM		54,985		632,327
Synchrony Financial		53,305		1,589,555
				13,616,550

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Containers & Packaging–0.85%
AptarGroup		8,671	$	753,163
Avery Dennison		8,912		787,553
Ball		20,112		848,928
Bemis		16,843		778,989
†Berry Global Group		11,557		658,865
†Crown Holdings		7,001		417,680
Graphic Packaging Holding		63,505		875,099
Greif Class A		4,106		229,033
International Paper		21,242		1,202,510
Myers Industries		2,920		52,414
†Owens-Illinois		23,503		562,192
Packaging Corp. of America		9,201		1,024,899
Sealed Air		16,972		759,667
Silgan Holdings		22,008		699,414
Sonoco Products		12,990		667,946
WestRock		12,091		685,076
				11,003,428
Distributors–0.20%
Core-Mark Holding		5,228		172,838
Genuine Parts		11,206		1,039,469
†LKQ		21,855		720,122
Pool		4,978		585,263
				2,517,692
Diversified Consumer Services–0.33%
Adtalem Global Education		4,230		160,529
†American Public Education		2,213		52,337
†Bright Horizons Family Solutions		6,159		475,536
Capella Education		1,427		122,151
†Career Education		2,503		24,029
Carriage Services		2,326		62,709
Graham Holdings		553		331,606
†Grand Canyon Education		6,766		530,522
H&R Block		19,342		597,861
†Houghton Mifflin Harcourt		14,700		180,810
†K12		6,889		123,451
Service Corp. International		20,672		691,478
†ServiceMaster Global Holdings		15,573		610,306
†Sotheby’s		4,738		254,288
Strayer Education		1,056		98,440
				4,316,053
Diversified Financial Services–0.91%
†Berkshire Hathaway Class B		63,635		10,777,860
†FNFV Group		7,025		110,995
Leucadia National		16,565		433,340
Voya Financial		10,615		391,587
				11,713,782
Diversified Telecommunication Services–2.16%
AT&T		358,244		13,516,546
ATN International		1,514		103,618

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)
CenturyLink		54,832	$	1,309,388
†Cincinnati Bell		5,095		99,607
Cogent Communications Holdings		5,986		240,039
Consolidated Communications Holdings		8,146		174,895
†FairPoint Communications		2,657		41,582
Frontier Communications		73,062		84,752
†General Communication Class A		7,752		284,033
IDT Class B		3,397		48,815
†Level 3 Communications		12,561		744,867
†Lumos Networks		2,700		48,249
†ORBCOMM		9,336		105,497
Verizon Communications		236,167		10,547,218
†Vonage Holdings		7,600		49,704
Windstream Holdings		15,687		60,866
†Zayo Group Holdings		12,965		400,619
				27,860,295
Electric Utilities–1.58%
ALLETE		6,594		472,658
Alliant Energy		12,308		494,412
American Electric Power		19,483		1,353,484
Avangrid		2,641		116,600
Duke Energy		24,883		2,079,970
Edison International		12,899		1,008,573
El Paso Electric		4,644		240,095
Entergy		7,182		551,362
Eversource Energy		13,292		806,957
Exelon		35,590		1,283,731
FirstEnergy		22,090		644,144
Great Plains Energy		11,571		338,799
Hawaiian Electric Industries		6,948		224,976
IDACORP		6,633		566,127
MGE Energy		3,422		220,206
NextEra Energy		17,820		2,497,117
OGE Energy		10,930		380,255
Otter Tail		4,368		172,973
PG&E		18,216		1,208,996
Pinnacle West Capital		6,414		546,216
PNM Resources		8,628		330,021
Portland General Electric		9,526		435,243
PPL		26,960		1,042,274
Southern		36,734		1,758,824
Westar Energy		12,179		645,731
Xcel Energy		21,310		977,703
				20,397,447
Electrical Equipment–0.69%
Acuity Brands		2,185		444,167
Allied Motion Technologies		1,708		46,492
AMETEK		19,210		1,163,550
AZZ		4,022		224,428

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electrical Equipment (continued)
†Babcock & Wilcox Enterprises		3,921	$	46,111
Eaton		14,735		1,146,825
Emerson Electric		32,448		1,934,550
Encore Wire		2,356		100,601
EnerSys		4,508		326,605
†Generac Holdings		10,296		371,994
General Cable		9,785		159,985
Hubbell		5,553		628,433
Powell Industries		1,827		58,446
†Power Solutions International		813		7,236
Regal Beloit		4,821		393,153
Rockwell Automation		8,112		1,313,820
†Sensata Technologies Holding		10,345		441,938
†Thermon Group Holdings		3,728		71,466
				8,879,800
Electronic Equipment, Instruments & Components–1.46%
Amphenol Class A		16,494		1,217,587
†Anixter International		4,994		390,531
†Arrow Electronics		8,559		671,197
Avnet		11,565		449,647
AVX		10,683		174,560
Badger Meter		2,792		111,261
Belden		3,678		277,432
†Benchmark Electronics		2,500		80,750
CDW		14,020		876,671
Cognex		8,502		721,820
†Coherent		2,520		566,975
Corning		37,771		1,135,019
Daktronics		5,746		55,334
Dolby Laboratories Class A		6,088		298,068
†ePlus		609		45,127
†Fabrinet		5,499		234,587
†FARO Technologies		354		13,381
†Flex		43,138		703,581
FLIR Systems		17,970		622,840
†II-VI		7,979		273,680
†IPG Photonics		5,456		791,666
†Itron		3,730		252,707
Jabil		33,466		976,873
†Keysight Technologies		15,670		610,033
†Knowles		5,974		101,080
Littelfuse		2,295		378,675
Methode Electronics		4,593		189,232
MTS Systems		1,823		94,431
National Instruments		10,428		419,414
†Novanta		700		25,200
†OSI Systems		2,992		224,849
Park Electrochemical		2,423		44,632
PC Connection		3,183		86,132
†Plexus		3,674		193,142
†Rogers		2,571		279,262

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)
†Sanmina		10,665	$	406,337
†ScanSource		4,669		188,161
SYNNEX		5,679		681,253
TE Connectivity		16,123		1,268,558
†Tech Data		5,267		531,967
†Trimble		14,950		533,267
†TTM Technologies		12,750		221,340
Universal Display		1,856		202,768
†VeriFone Systems		12,652		229,001
Vishay Intertechnology		23,342		387,477
†Zebra Technologies		5,858		588,846
				18,826,351
Energy Equipment & Services–0.68%
Archrock		11,511		131,225
†Atwood Oceanics		8,344		68,004
Baker Hughes, a GE company		8,654		471,730
Bristow Group		5,275		40,354
Core Laboratories		3,764		381,180
†Diamond Offshore Drilling		14,549		157,566
†Dril-Quip		5,598		273,182
Ensco Class A		21,359		110,212
†Era Group		2,010		19,015
†Exterran		5,755		153,659
†Forum Energy Technologies		11,621		181,288
Frank’s International		310		2,570
Halliburton		11,983		511,794
†Helix Energy Solutions Group		6,861		38,696
Helmerich & Payne		5,510		299,413
†Matrix Service		3,017		28,209
†McDermott International		25,161		180,404
Nabors Industries		32,530		264,794
National Oilwell Varco		7,048		232,161
†Newpark Resources		12,083		88,810
Noble		26,081		94,413
Oceaneering International		12,328		281,572
†Oil States International		6,670		181,091
†Parker Drilling		15,756		21,271
Patterson-UTI Energy		16,123		325,523
†Pioneer Energy Services		7,354		15,076
†RigNet		1,617		25,953
†Rowan		15,208		155,730
RPC		9,483		191,651
Schlumberger		33,746		2,221,837
†SEACOR Holdings		2,936		100,705
†SEACOR Marine Holdings		2,951		60,082
†Superior Energy Services		16,774		174,953
†TechnipFMC		10,460		284,512
†Tesco		5,029		22,379
†TETRA Technologies		6,536		18,235
†Transocean		38,916		320,279
†Unit		3,873		72,541

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Energy Equipment & Services (continued)
US Silica Holdings		4,818	$	170,991
†Weatherford International		93,171		360,572
				8,733,632
Food & Staples Retailing–1.73%
Andersons		4,370		149,235
Casey’s General Stores		3,835		410,767
†Chefs’ Warehouse		2,580		33,540
Costco Wholesale		21,531		3,443,453
CVS Health		44,394		3,571,941
Ingles Markets Class A		2,345		78,089
Kroger		54,430		1,269,308
†Performance Food Group		10,338		283,261
PriceSmart		3,470		303,972
†Rite Aid		49,757		146,783
SpartanNash		5,888		152,852
†Sprouts Farmers Market		18,502		419,440
†SUPERVALU		35,583		117,068
Sysco		29,408		1,480,105
†United Natural Foods		6,297		231,100
Village Super Market Class A		618		16,019
Walgreens Boots Alliance		33,645		2,634,740
Wal-Mart Stores		84,502		6,395,111
Weis Markets		1,437		70,011
Whole Foods Market		27,380		1,152,972
				22,359,767
Food Products–1.50%
Alico		234		7,324
Archer-Daniels-Midland		19,794		819,076
B&G Foods Class A		9,162		326,167
†Blue Buffalo Pet Products		14,232		324,632
Bunge		7,929		591,503
Calavo Growers		1,666		115,037
†Cal-Maine Foods		5,325		210,870
Campbell Soup		13,392		698,393
Conagra Brands		17,420		622,939
†Darling Ingredients		11,907		187,416
Dean Foods		10,300		175,100
†Farmer Brothers		400		12,100
Flowers Foods		26,330		455,772
Fresh Del Monte Produce		6,313		321,395
General Mills		29,451		1,631,585
†Hain Celestial Group		9,937		385,754
Hershey		8,647		928,428
Hormel Foods		14,127		481,872
Ingredion		8,589		1,023,895
J&J Snack Foods		1,777		234,688
JM Smucker		8,646		1,023,081
John B Sanfilippo & Son		748		47,206
Kellogg		12,773		887,213
Kraft Heinz		17,183		1,471,552

LVIP Dimensional U.S. Core Equity 1 Fund–10

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Food Products (continued)
Lamb Weston Holdings		5,100	$	224,604
Lancaster Colony		3,385		415,069
†Landec		1,935		28,735
McCormick & Co.		7,654		746,342
Mondelez International		36,565		1,579,242
†Pilgrim’s Pride		10,200		223,584
Pinnacle Foods		6,596		391,802
†Post Holdings		7,545		585,869
Sanderson Farms		1,794		207,476
Seaboard		14		55,930
Snyders-Lance		9,740		337,199
†TreeHouse Foods		5,048		412,371
Tyson Foods Class A		19,211		1,203,185
				19,394,406
Gas Utilities–0.33%
Atmos Energy		5,568		461,866
Chesapeake Utilities		1,638		122,768
National Fuel Gas		8,672		484,244
New Jersey Resources		11,433		453,890
Northwest Natural Gas		3,933		235,390
ONE Gas		6,456		450,693
South Jersey Industries		7,029		240,181
Southwest Gas Holdings		4,816		351,857
Spire		5,436		379,161
UGI		12,319		596,363
WGL Holdings		6,029		502,999
				4,279,412
Health Care Equipment & Supplies–2.20%
Abaxis		2,179		115,531
Abbott Laboratories		46,898		2,279,712
†ABIOMED		2,200		315,260
†Alere		10,100		506,919
†Align Technology		5,112		767,413
Analogic		1,712		124,377
†AngioDynamics		5,678		92,040
†Anika Therapeutics		1,937		95,572
Atrion		226		145,386
Baxter International		13,777		834,060
Becton Dickinson & Co.		6,106		1,191,342
†Boston Scientific		19,203		532,307
Cantel Medical		4,304		335,325
CONMED		2,672		136,112
Cooper		1,674		400,789
CR Bard		6,214		1,964,308
Danaher		16,508		1,393,110
DENTSPLY SIRONA		11,008		713,759
†DexCom		1,908		139,570
†Edwards Lifesciences		9,179		1,085,325
†Exactech		917		27,327
†Globus Medical		8,601		285,123

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†Haemonetics		5,852	$	231,095
†Halyard Health		7,052		277,003
Hill-Rom Holdings		7,662		609,972
†Hologic		23,305		1,057,581
†ICU Medical		1,730		298,425
†IDEXX Laboratories		6,797		1,097,172
†Inogen		1,392		132,825
†Integer Holdings		3,432		148,434
†Integra LifeSciences Holdings		7,495		408,552
†Intuitive Surgical		941		880,183
Invacare		4,463		58,912
†LivaNova		3,945		241,473
†Masimo		6,795		619,568
Medtronic		32,253		2,862,454
Meridian Bioscience		6,320		99,540
†Merit Medical Systems		5,462		208,375
†Natus Medical		2,545		94,929
†Neogen		3,194		220,737
†NuVasive		4,865		374,216
†Nuvectra		1,144		15,192
†OraSure Technologies		3,636		62,757
†Orthofix International		1,657		77,017
†Quidel		952		25,837
ResMed		7,991		622,259
†RTI Surgical		7,962		46,578
†SeaSpine Holdings		1,244		14,331
STERIS		5,889		479,954
Stryker		9,708		1,347,276
†Surmodics		1,196		33,667
Teleflex		2,482		515,660
†Varex Imaging		2,529		85,480
†Varian Medical Systems		6,323		652,470
West Pharmaceutical Services		3,226		304,922
Zimmer Biomet Holdings		5,071		651,116
				28,336,629
Health Care Providers & Services–2.95%
†Acadia Healthcare		7,634		376,967
Aceto		3,288		50,800
†Addus HomeCare		500		18,600
Aetna		8,545		1,297,387
†Almost Family		1,338		82,488
†Amedisys		2,782		174,737
AmerisourceBergen		5,593		528,706
†AMN Healthcare Services		7,388		288,501
Anthem		12,049		2,266,778
†BioTelemetry		1,479		49,473
†Brookdale Senior Living		13,344		196,290
†Capital Senior Living		3,628		55,182
Cardinal Health		16,212		1,263,239
†Centene		9,428		753,109
Chemed		2,440		499,053

LVIP Dimensional U.S. Core Equity 1 Fund–11

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services (continued)
Cigna		10,510	$	1,759,269
†Community Health Systems		21,088		210,036
†CorVel		4,063		192,789
†Cross Country Healthcare		2,295		29,628
†DaVita		18,702		1,211,142
†Diplomat Pharmacy		3,200		47,360
Ensign Group		7,140		155,438
†Envision Healthcare		12,024		753,544
†Express Scripts Holding		30,374		1,939,076
†Hanger		4,881		58,084
†HCA Healthcare		12,467		1,087,122
†HealthEquity		1,093		54,464
HealthSouth		12,718		615,551
†Henry Schein		5,219		955,181
Humana		5,747		1,382,843
Kindred Healthcare		12,991		151,345
†Laboratory Corp. of America Holdings		7,556		1,164,682
Landauer		60		3,138
†LHC Group		2,482		168,503
†LifePoint Health		7,221		484,890
†Magellan Health		4,141		301,879
McKesson		11,235		1,848,607
†MEDNAX		8,411		507,772
†Molina Healthcare		7,676		531,026
National HealthCare		513		35,982
Owens & Minor		8,370		269,430
Patterson		12,944		607,721
†PharMerica		3,751		98,464
†Premier Class A		5,449		196,164
†Providence Service		1,930		97,677
Quest Diagnostics		17,031		1,893,166
†Quorum Health		5,272		21,879
†Select Medical Holdings		20,300		311,605
†Surgery Partners		280		6,370
†Tenet Healthcare		15,569		301,104
†Tivity Health		6,476		258,069
†Triple-S Management Class B		3,127		52,878
U.S. Physical Therapy		1,600		96,640
UnitedHealth Group		42,109		7,807,851
Universal Health Services Class B		8,291		1,012,165
†VCA		7,421		685,033
†WellCare Health Plans		4,647		834,415
				38,101,292
Health Care Technology–0.19%
†Allscripts Healthcare Solutions		20,550		262,218
†athenahealth		2,812		395,227
†Cerner		11,856		788,068
Computer Programs & Systems		971		31,849
†Evolent Health Class A		5,559		140,921
†HealthStream		2,606		68,590
†HMS Holdings		8,554		158,249

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Technology (continued)
†Medidata Solutions		1,250	$	97,750
†Omnicell		4,404		189,812
†Quality Systems		5,557		95,636
†Veeva Systems Class A		4,571		280,248
				2,508,568
Hotels, Restaurants & Leisure–2.44%
Aramark		21,338		874,431
†Belmond Class A		12,445		165,519
†Biglari Holdings		1		400
†BJ’s Restaurants		3,790		141,177
Bloomin’ Brands		16,537		351,080
Bob Evans Farms		3,052		219,225
†Bojangles’		982		15,957
Boyd Gaming		3,668		91,003
†Bravo Brio Restaurant Group		2,116		9,734
Brinker International		6,684		254,660
†Buffalo Wild Wings		3,038		384,915
Carnival		13,164		863,163
†Carrols Restaurant Group		5,537		67,828
Cheesecake Factory		6,977		350,943
†Chipotle Mexican Grill		539		224,278
Choice Hotels International		7,826		502,821
†Chuy’s Holdings		1,400		32,760
ClubCorp Holdings		7,852		102,861
Cracker Barrel Old Country Store		3,884		649,599
Darden Restaurants		5,562		503,027
†Dave & Buster’s Entertainment		4,590		305,281
†Del Frisco’s Restaurant Group		2,666		42,923
†Denny’s		10,416		122,596
DineEquity		3,027		133,339
Domino’s Pizza		3,057		646,647
Dunkin’ Brands Group		8,637		476,071
†Fiesta Restaurant Group		2,409		49,746
†Hilton Grand Vacations		1,233		44,462
Hilton Worldwide Holdings		9,065		560,670
†Hyatt Hotels Class A		2,033		114,275
ILG		12,750		350,497
International Game Technology		10,873		198,976
Jack in the Box		4,071		400,993
†La Quinta Holdings		15,085		222,805
Las Vegas Sands		22,692		1,449,792
Marriott International Class A		9,978		1,000,893
Marriott Vacations Worldwide		3,991		469,940
McDonald’s		35,521		5,440,396
†Norwegian Cruise Line Holdings		13,242		718,908
†Panera Bread Class A		2,372		746,326
Papa John’s International		4,299		308,496
†Pinnacle Entertainment		4,347		85,897
Planet Fitness Class A		2,250		52,515
†Red Robin Gourmet Burgers		2,551		166,453
Royal Caribbean Cruises		9,377		1,024,250

LVIP Dimensional U.S. Core Equity 1 Fund–12

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
†Ruby Tuesday		8,013	$	16,106
Ruth’s Hospitality Group		5,354		116,449
†Scientific Games Class A		3,260		85,086
SeaWorld Entertainment		15,297		248,882
Six Flags Entertainment		7,468		445,167
Sonic		4,619		122,357
Speedway Motorsports		5,420		99,023
Starbucks		89,905		5,242,361
Texas Roadhouse		9,489		483,465
Vail Resorts		2,700		547,641
Wendy’s		50,385		781,471
Wingstop		3,463		107,007
Wyndham Worldwide		8,697		873,266
Wynn Resorts		2,238		300,161
Yum Brands		15,248		1,124,692
				31,531,662
Household Durables–0.96%
CalAtlantic Group		14,064		497,162
†Cavco Industries		858		111,240
DR Horton		23,627		816,785
Ethan Allen Interiors		3,617		116,829
Flexsteel Industries		262		14,177
Garmin		10,598		540,816
†GoPro		11,800		95,934
†Green Brick Partners		1,200		13,740
†Helen of Troy		2,994		281,735
†Installed Building Products		1,727		91,445
†iRobot		1,300		109,382
KB Home		11,824		283,421
La-Z-Boy		7,762		252,265
Leggett & Platt		7,668		402,800
Lennar Class A		15,130		806,732
Libbey		2,727		21,980
†M/I Homes		4,399		125,591
MDC Holdings		8,519		300,976
†Meritage Homes		6,285		265,227
†Mohawk Industries		6,223		1,504,037
NACCO Industries Class A		200		14,170
Newell Brands		10,479		561,884
†NVR		399		961,833
†PICO Holdings		2,699		47,233
PulteGroup		27,725		680,094
†Taylor Morrison Home Class A		2,655		63,747
†Tempur Sealy International		7,403		395,246
Toll Brothers		10,401		410,944
†TopBuild		3,133		166,268
†TRI Pointe Group		24,489		323,010
Tupperware Brands		6,114		429,386
†Universal Electronics		1,276		85,301
Whirlpool		7,624		1,460,911
†William Lyon Homes Class A		2,599		62,740

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Household Durables (continued)
†ZAGG		1,799	$	15,561
				12,330,602
Household Products–1.17%
†Central Garden & Pet Class A		5,487		164,720
Church & Dwight		15,548		806,630
Clorox		8,441		1,124,679
Colgate-Palmolive		37,187		2,756,672
Energizer Holdings		6,574		315,683
†HRG Group		27,905		494,198
Kimberly-Clark		15,473		1,997,719
Procter & Gamble		78,688		6,857,659
Spectrum Brands Holdings		2,955		369,493
WD-40		1,305		144,007
				15,031,460
Independent Power & Renewable Electricity Producers–0.21%
AES		39,067		434,034
Atlantica Yield		3,426		73,179
†Calpine		58,583		792,628
†Dynegy		13,812		114,225
NRG Energy		36,135		622,245
NRG Yield Class A		4,200		71,652
NRG Yield Class C		7,003		123,253
Ormat Technologies		4,099		240,529
Pattern Energy Group		8,394		200,113
				2,671,858
Industrial Conglomerates–1.40%
3M		34,245		7,129,467
Carlisle		4,973		474,424
General Electric		179,605		4,851,131
Honeywell International		36,684		4,889,610
Raven Industries		2,462		81,985
Roper Technologies		2,662		616,333
				18,042,950
Insurance–3.30%
Aflac		17,972		1,396,065
†Alleghany		771		458,591
Allied World Assurance Holdings		10,104		534,502
Allstate		14,910		1,318,640
†Ambac Financial Group		5,809		100,786
American Equity Investment Life Holding		11,818		310,577
American Financial Group		5,298		526,462
American International Group		33,955		2,122,867
American National Insurance		2,284		266,063
AMERISAFE		3,206		182,582
AmTrust Financial Services		24,542		371,566
Aon		10,160		1,350,772
†Arch Capital Group		6,078		567,017
Argo Group International Holdings		2,305		139,683

LVIP Dimensional U.S. Core Equity 1 Fund–13

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Insurance (continued)
Arthur J. Gallagher & Co.		13,473	$	771,329
Aspen Insurance Holdings		6,811		339,528
Assurant		5,375		557,334
Assured Guaranty		17,957		749,525
AXIS Capital Holdings		7,323		473,505
Brown & Brown		13,664		588,508
Chubb		15,951		2,318,956
Cincinnati Financial		7,952		576,122
CNA Financial		2,638		128,603
†eHealth		183		3,440
Employers Holdings		4,584		193,903
†Enstar Group		1,045		207,589
Erie Indemnity Class A		2,801		350,321
Everest Re Group		2,259		575,119
Federated National Holding		2,034		32,544
Fidelity & Guaranty Life		4,327		134,353
First American Financial		14,738		658,641
FNF Group		7,370		330,397
†Genworth Financial		43,794		165,103
†Greenlight Capital Re Class A		4,459		93,193
Hanover Insurance Group		4,961		439,693
Hartford Financial Services Group		18,239		958,824
HCI Group		2,595		121,913
Horace Mann Educators		2,135		80,703
Infinity Property & Casualty		600		56,400
James River Holdings L		1,600		63,568
Kemper		7,867		303,666
Loews		16,438		769,463
Maiden Holdings		12,125		134,588
†Markel		686		669,440
Marsh & McLennan		26,368		2,055,649
†MBIA		23,888		225,264
Mercury General		6,071		327,834
MetLife		29,724		1,633,037
National General Holdings		10,842		228,766
National Western Life Group Class A		200		63,924
Navigators Group		4,398		241,450
Old Republic International		27,874		544,379
OneBeacon Insurance Group Class A		3,300		60,159
Primerica		7,888		597,516
Principal Financial Group		27,024		1,731,428
ProAssurance		5,875		357,200
Progressive		23,061		1,016,759
Prudential Financial		13,820		1,494,495
Reinsurance Group of America		3,970		509,708
RenaissanceRe Holdings		3,891		541,044
RLI		4,751		259,500
Safety Insurance Group		2,774		189,464
Selective Insurance Group		9,030		451,951
State Auto Financial		500		12,865
Stewart Information Services		3,350		152,023
Torchmark		5,882		449,973

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Insurance (continued)
Travelers		23,242	$	2,940,810
United Fire Group		2,487		109,577
United Insurance Holdings		3,254		51,185
Universal Insurance Holdings		7,335		184,842
Unum Group		13,712		639,391
Validus Holdings		9,014		468,458
White Mountains Insurance Group		507		440,395
Willis Towers Watson		4,602		669,407
WR Berkley		12,012		830,870
XL Group		13,094		573,517
				42,545,284
Internet & Direct Marketing Retail–1.96%
†1-800-Flowers.com Class A		5,253		51,217
†Amazon.com		18,776		18,175,168
Expedia		3,181		473,810
†FTD		4,356		87,120
HSN		6,625		211,337
†Liberty Interactive Corp. QVC Group Class A		11,659		286,112
†Liberty TripAdvisor Holdings Class A		10,113		117,311
†Liberty Ventures Class A		6,606		345,428
†Netflix		6,481		968,326
Nutrisystem		3,791		197,322
†Priceline Group		2,055		3,843,919
†Shutterfly		4,144		196,840
†TripAdvisor		5,112		195,278
†Wayfair Class A		1,793		137,846
				25,287,034
Internet Software & Services–2.48%
†Actua		5,753		80,830
†Akamai Technologies		9,655		480,916
†Alphabet Class A		7,894		7,338,894
†Alphabet Class C		8,266		7,511,562
†Angie’s List		2,100		26,859
†Bankrate		4,234		54,407
†Bazaarvoice		527		2,609
†Blucora		5,281		111,957
†Carbonite		4,619		100,694
†Cars.com		8,684		231,255
†Cimpress		4,105		388,046
†comScore		2,587		67,909
†CoStar Group		768		202,445
†DHI Group		5,517		15,723
†eBay		42,250		1,475,370
†Envestnet		1,992		78,883
†Facebook Class A		65,671		9,915,008
†GoDaddy Class A		367		15,568
†GrubHub		5,087		221,793
†GTT Communications		2,310		73,111
†InterActiveCorp		3,963		409,140

LVIP Dimensional U.S. Core Equity 1 Fund–14

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet Software & Services (continued)
†Internap		6,320	$	23,194
j2 Global		6,291		535,301
†Limelight Networks		5,104		14,751
†Liquidity Services		356		2,261
LogMeIn		2,917		304,827
†Match Group		7,041		122,373
NIC		6,405		121,375
†Shutterstock		1,235		54,439
†Stamps.com		964		149,300
†Twitter		7,054		126,055
†VeriSign		6,660		619,114
†Web.com Group		9,420		238,326
†WebMD Health		4,349		255,069
†XO Group		1,837		32,368
†Yelp		2,468		74,089
†Zillow Group		4,254		207,765
†Zillow Group Class C		5,985		293,325
				31,976,911
IT Services–4.18%
Accenture Class A		37,147		4,594,341
†Acxiom		9,820		255,124
Alliance Data Systems		4,827		1,239,043
Amdocs		10,852		699,520
Automatic Data Processing		23,070		2,363,752
†Black Knight Financial Services Class A		3,012		123,341
†Blackhawk Network Holdings Class A		5,669		247,168
Booz Allen Hamilton Holding		17,715		576,446
Broadridge Financial Solutions		9,459		714,722
†CACI International Class A		4,037		504,827
†Cardtronics Class A		8,238		270,701
Cass Information Systems		587		38,531
Cognizant Technology Solutions Class A		23,912		1,587,757
†Conduent		9,837		156,802
Convergys		8,676		206,315
†CoreLogic		11,629		504,466
CSG Systems International		5,410		219,538
CSRA		10,486		332,931
DST Systems		10,530		649,701
DXC Technology		22,391		1,717,838
†EPAM Systems		4,126		346,955
†Euronet Worldwide		5,965		521,162
†Everi Holdings		7,580		55,182
†ExlService Holdings		3,213		178,579
Fidelity National Information Services		10,239		874,411
†First Data		1,118		20,348
†Fiserv		13,606		1,664,558
†FleetCor Technologies		4,616		665,673
Forrester Research		2,034		79,631
†Gartner		5,674		700,796

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
IT Services (continued)
Genpact		15,431	$	429,445
Global Payments		6,238		563,416
Hackett Group		2,613		40,501
International Business Machines		53,161		8,177,757
Jack Henry & Associates		6,663		692,086
Leidos Holdings		7,833		404,888
†Luxoft Holding		847		51,540
ManTech International Class A		3,157		130,637
Mastercard Class A		57,083		6,932,730
MAXIMUS		8,374		524,464
†MoneyGram International		6,116		105,501
Paychex		19,815		1,128,266
†PayPal Holdings		19,280		1,034,758
†Perficient		3,999		74,541
Sabre		10,487		228,302
Science Applications International		6,361		441,581
†Sykes Enterprises		6,187		207,450
Syntel		9,000		152,640
TeleTech Holdings		3,912		159,610
†Teradata		13,485		397,673
Total System Services		12,198		710,534
Travelport Worldwide		8,446		116,217
†Unisys		5,740		73,472
†Vantiv Class A		12,254		776,168
†Virtusa		1,578		46,393
Visa Class A		74,156		6,954,350
Western Union		43,533		829,304
†WEX		4,036		420,834
				53,915,217
Leisure Products–0.29%
†American Outdoor Brands		8,067		178,765
Brunswick		11,643		730,365
Callaway Golf		9,101		116,311
Hasbro		9,226		1,028,791
Mattel		22,859		492,154
†Nautilus		4,229		80,985
Polaris Industries		8,880		819,002
Sturm Ruger & Co.		1,692		105,158
†Vista Outdoor		7,301		164,346
				3,715,877
Life Sciences Tools & Services–0.95%
Agilent Technologies		17,940		1,064,021
†Bio-Rad Laboratories Class A		1,608		363,906
Bio-Techne		3,697		434,397
Bruker		15,441		445,318
†Cambrex		5,069		302,873
†Charles River Laboratories International		7,518		760,446
†Illumina		6,238		1,082,418
†INC Research Holdings Class A		5,361		313,619

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)
Life Sciences Tools & Services (continued)
Luminex		4,176	$	88,197
†Mettler-Toledo International		2,275		1,338,929
†PAREXEL International		10,224		888,568
PerkinElmer		7,329		499,398
†PRA Health Sciences		4,979		373,475
†Quintiles IMS Holdings		3,805		340,547
Thermo Fisher Scientific		15,151		2,643,395
†VWR		16,109		531,758
†Waters		4,541		834,817
				12,306,082
Machinery–2.71%
Actuant Class A		3,465		85,239
AGCO		12,109		816,026
Alamo Group		328		29,786
Albany International		4,803		256,480
Allison Transmission Holdings		19,350		725,819
Altra Industrial Motion		3,166		126,007
Astec Industries		3,444		191,176
Barnes Group		7,276		425,864
Briggs & Stratton		6,831		164,627
Caterpillar		25,731		2,765,053
†Chart Industries		3,942		136,906
CIRCOR International		2,161		128,320
†Colfax		13,541		533,109
Crane		5,256		417,221
Cummins		6,741		1,093,525
Deere & Co.		15,561		1,923,184
Donaldson		11,488		523,164
Douglas Dynamics		3,817		125,579
Dover		14,382		1,153,724
EnPro Industries		3,111		222,032
ESCO Technologies		2,378		141,848
Federal Signal		9,771		169,625
Flowserve		7,916		367,540
Fortive		8,836		559,761
Franklin Electric		6,304		260,986
Global Brass & Copper Holdings		1,864		56,945
Graco		7,673		838,505
†Harsco		14,587		234,851
Hillenbrand		9,705		350,351
Hyster-Yale Materials Handling		2,265		159,116
IDEX		5,045		570,135
Illinois Tool Works		17,309		2,479,514
Ingersoll-Rand		11,501		1,051,076
ITT		10,472		420,765
John Bean Technologies		2,830		277,340
Kadant		1,257		94,526
Kennametal		9,700		362,974
LB Foster Class A		1,339		28,722
Lincoln Electric Holdings		5,283		486,511
†Lydall		278		14,373

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
†Manitowoc		21,116	$	126,907
†Meritor		14,282		237,224
†Middleby		3,797		461,373
†Milacron Holdings		5,200		91,468
Mueller Industries		7,847		238,941
Mueller Water Products Class A		27,592		322,275
†Navistar International		5,832		152,973
NN		2,981		81,828
Nordson		5,211		632,199
Oshkosh		11,156		768,425
PACCAR		15,873		1,048,253
Parker-Hannifin		5,740		917,367
Park-Ohio Holdings		801		30,518
Pentair		9,608		639,316
†Proto Labs		1,861		125,152
†RBC Bearings		2,276		231,606
†Rexnord		17,542		407,851
Snap-on		4,695		741,810
†SPX		4,663		117,321
†SPX FLOW		4,663		171,971
Standex International		1,405		127,434
Stanley Black & Decker		6,256		880,407
Sun Hydraulics		2,590		110,515
Tennant		2,035		150,183
Terex		12,427		466,013
Timken		8,361		386,696
Titan International		4,215		50,622
Toro		10,402		720,755
†TriMas		5,477		114,195
Trinity Industries		23,272		652,314
Wabash National		13,252		291,279
†WABCO Holdings		4,566		582,211
Wabtec		4,860		444,690
Watts Water Technologies Class A		2,752		173,926
†Welbilt		20,316		382,957
Woodward		8,233		556,386
Xylem		10,270		569,266
				34,972,932
Marine–0.05%
†Kirby		7,077		473,097
Matson		7,118		213,825
				686,922
Media–3.16%
AMC Entertainment Holdings		5,436		123,669
†AMC Networks Class A		4,165		222,453
Cable One		675		479,857
CBS Class B		22,175		1,414,321
†Charter Communications Class A		8,548		2,879,394
Cinemark Holdings		15,721		610,761

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)
Clear Channel Outdoor Holdings Class A		2,039	$	9,889
Comcast Class A		265,883		10,348,166
†Discovery Communications Class A		16,083		415,424
†Discovery Communications Class C		18,277		460,763
†DISH Network Class A		12,793		802,889
Entercom Communications Class A		1,204		12,461
Entravision Communications Class A		11,605		76,593
Gannett		12,945		112,880
†Gray Television		12,929		177,127
†Harte-Hanks		6,110		6,293
†IMAX		1,534		33,748
Interpublic Group		29,757		732,022
John Wiley & Sons Class A		8,331		439,460
†Liberty Broadband Class A		1,624		139,323
†Liberty Broadband Class C		4,561		395,667
†Liberty Media Class C		3,069		112,387
†Liberty Media Group Class A		1,485		52,020
†Liberty Media-Liberty Braves Class A		594		14,191
†Liberty Media-Liberty Braves Class C		1,227		29,411
†Liberty SiriusXM Group		5,940		249,361
†Liberty SiriusXM Group Class C		12,277		511,951
Lions Gate Entertainment Class A		3,325		93,831
†Lions Gate Entertainment Class B		6,480		170,294
†Live Nation Entertainment		17,689		616,462
†Madison Square Garden Class A		1,945		382,971
Meredith		5,810		345,405
†MSG Networks		7,386		165,816
National CineMedia		6,797		50,434
New York Times Class A		15,478		273,961
News Class A		20,540		281,398
News Class B		8,371		118,450
Nexstar Media Group Class A		5,697		340,681
Omnicom Group		14,332		1,188,123
†Reading International Class A		489		7,888
Regal Entertainment Group Class A		20,086		410,960
Scholastic		4,716		205,570
†Scripps (E.W.) Class A		6,953		123,833
Scripps Networks Interactive Class A		7,846		535,960
Sinclair Broadcast Group Class A		9,958		327,618
Sirius XM Holdings		68,041		372,184
TEGNA		26,053		375,424
Time		16,596		238,153
Time Warner		32,926		3,306,100
Tribune Media Class A		5,496		224,072
Twenty-First Century Fox Class A		52,996		1,501,907
Twenty-First Century Fox Class B		17,580		489,955
Viacom Class A		300		11,415
Viacom Class B		26,734		897,460
Walt Disney		64,400		6,842,500
				40,761,306

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Metals & Mining–0.65%
†AK Steel Holding		26,497	$	174,085
Alcoa		7,458		243,504
Allegheny Technologies		11,771		200,225
Carpenter Technology		7,558		282,896
†Century Aluminum		1,404		21,874
†Cliffs Natural Resources		18,689		129,328
†Coeur Mining		21,436		183,921
Commercial Metals		17,961		348,982
Compass Minerals International		6,373		416,157
Ferroglobe		8,766		104,754
†Freeport-McMoRan		101,042		1,213,514
Haynes International		1,268		46,041
Hecla Mining		48,398		246,830
Kaiser Aluminum		1,961		173,588
Materion		3,100		115,940
Newmont Mining		25,436		823,872
Nucor		19,389		1,122,041
Reliance Steel & Aluminum		6,813		496,055
Royal Gold		7,027		549,301
†Ryerson Holding		607		6,009
Schnitzer Steel Industries Class A		2,756		69,451
Southern Copper		3,216		111,370
Steel Dynamics		16,544		592,441
†SunCoke Energy		1,400		15,260
†TimkenSteel		6,778		104,178
United States Steel		14,338		317,443
Worthington Industries		5,243		263,303
				8,372,363
Multiline Retail–0.58%
Big Lots		8,831		426,537
Dillard’s Class A		6,398		369,101
Dollar General		15,063		1,085,892
†Dollar Tree		13,470		941,822
Fred’s Class A		5,241		48,374
†JC Penney		41,484		192,901
Kohl’s		28,811		1,114,121
Macy’s		31,905		741,472
Nordstrom		16,663		796,991
†Ollie’s Bargain Outlet Holdings		3,936		167,674
Target		30,038		1,570,687
				7,455,572
Multi-Utilities–0.87%
Ameren		14,689		803,048
Avista		8,017		340,402
Black Hills		4,628		312,251
CenterPoint Energy		22,804		624,374
CMS Energy		16,911		782,134
Consolidated Edison		10,269		829,941
Dominion Energy		23,695		1,815,748
DTE Energy		7,941		840,078

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)
Multi-Utilities (continued)
MDU Resources Group		18,965	$	496,883
NiSource		20,881		529,542
NorthWestern		5,837		356,174
Public Service Enterprise Group		16,849		724,675
SCANA		7,858		526,565
Sempra Energy		7,988		900,647
Unitil		1,492		72,079
Vectren		10,681		624,198
WEC Energy Group		11,137		683,589
				11,262,328
Oil, Gas & Consumable Fuels–3.39%
Alon USA Energy		9,006		119,960
Anadarko Petroleum		11,224		508,896
†Antero Resources		6,335		136,899
Apache		6,314		302,630
Cabot Oil & Gas		15,184		380,815
†Callon Petroleum		12,029		127,628
†Cheniere Energy		13,897		676,923
Cheniere Energy Partners Holdings		1,388		37,309
†Chesapeake Energy		61,123		303,781
Chevron		71,439		7,453,231
Cimarex Energy		2,056		193,285
†Cobalt International Energy		3,300		8,151
†Concho Resources		2,825		343,322
ConocoPhillips		41,171		1,809,877
†CONSOL Energy		25,588		382,285
†Continental Resources		10,703		346,028
CVR Energy		6,305		137,197
Delek U.S. Holdings		9,540		252,238
†Denbury Resources		3,667		5,610
Devon Energy		5,918		189,198
DHT Holdings		14,019		58,179
†Diamondback Energy		2,433		216,075
†Energen		8,153		402,514
EnLink Midstream		13,242		233,059
EOG Resources		10,607		960,146
†EP Energy Class A		16,914		61,905
EQT		7,020		411,302
Exxon Mobil		114,599		9,251,577
GasLog		9,204		140,361
Green Plains		4,898		100,654
†Gulfport Energy		13,145		193,889
Hess		11,154		489,326
HollyFrontier		16,197		444,932
Kinder Morgan		60,700		1,163,012
†Kosmos Energy		37,603		241,035
†Laredo Petroleum		19,201		201,995
Marathon Oil		33,764		400,103
Marathon Petroleum		32,463		1,698,789
Murphy Oil		15,164		388,653
†Newfield Exploration		4,736		134,787

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
Noble Energy		20,258	$	573,301
†Oasis Petroleum		18,018		145,045
Occidental Petroleum		17,199		1,029,704
ONEOK		15,751		821,572
Panhandle Oil & Gas Class A		1,806		41,719
†Par Pacific Holdings		1,067		19,249
†Parsley Energy Class A		7,407		205,544
PBF Energy Class A		14,133		314,601
†PDC Energy		5,391		232,406
Phillips 66		14,533		1,201,734
Pioneer Natural Resources		3,578		570,977
†QEP Resources		24,720		249,672
Range Resources		11,488		266,177
†Renewable Energy Group		5,557		71,963
†REX American Resources		1,042		100,616
†Rice Energy		17,630		469,487
†RSP Permian		8,983		289,881
Scorpio Tankers		27,600		109,572
SemGroup Class A		5,993		161,811
SM Energy		11,793		194,938
†SRC Energy		17,299		116,422
Targa Resources		9,743		440,384
Teekay		13,659		91,106
Tesoro		25,136		2,352,730
Valero Energy		19,970		1,347,176
†Whiting Petroleum		30,928		170,413
Williams		20,050		607,114
World Fuel Services		7,994		307,369
†WPX Energy		32,521		314,153
				43,724,392
Paper & Forest Products–0.16%
†Boise Cascade		5,938		180,515
†Clearwater Paper		2,473		115,613
Deltic Timber		456		34,045
Domtar		10,267		394,458
KapStone Paper and Packaging		17,293		356,755
†Louisiana-Pacific		15,346		369,992
Mercer International		10,372		119,278
Neenah Paper		2,359		189,310
PH Glatfelter		4,944		96,606
†Resolute Forest Products		7,351		32,344
Schweitzer-Mauduit International		4,384		163,216
				2,052,132
Personal Products–0.32%
†Avon Products		40,949		155,606
Coty Class A		38,027		713,387
†Edgewell Personal Care		5,853		444,945
Estee Lauder Class A		12,377		1,187,944
†Herbalife		8,001		570,711
Inter Parfums		3,508		128,568

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)
Personal Products (continued)
Medifast		1,745	$	72,365
Natural Health Trends		1,722		47,958
Nu Skin Enterprises Class A		9,513		597,797
†Revlon Class A		4,768		113,002
†USANA Health Sciences		1,848		118,457
				4,150,740
Pharmaceuticals–3.31%
†Akorn		9,574		321,112
Allergan		11,595		2,818,629
Bristol-Myers Squibb		33,192		1,849,458
†Catalent		17,323		608,037
†Depomed		3,876		41,628
Eli Lilly & Co.		38,525		3,170,607
†Endo International		13,792		154,057
†Horizon Pharma		15,728		186,691
†Impax Laboratories		7,524		121,136
†Innoviva		911		11,661
†Jazz Pharmaceuticals		2,576		400,568
Johnson & Johnson		113,080		14,959,353
†Lannett		7,113		145,105
†Mallinckrodt		8,454		378,824
†Medicines		6,454		245,317
Merck & Co.		87,602		5,614,412
†Mylan		6,277		243,673
Pfizer		255,180		8,571,496
Phibro Animal Health Class A		1,442		53,426
†Prestige Brands Holdings		7,338		387,520
†SciClone Pharmaceuticals		5,143		56,573
†Sucampo Pharmaceuticals Class A		3,401		35,711
†Supernus Pharmaceuticals		3,800		163,780
†Taro Pharmaceutical Industries		3,413		382,461
Zoetis		29,532		1,842,206
				42,763,441
Professional Services–0.61%
†Advisory Board		2,548		131,222
Barrett Business Services		300		17,187
†CBIZ		6,360		95,400
Dun & Bradstreet		4,540		491,001
Equifax		7,987		1,097,574
Exponent		4,158		242,411
†Franklin Covey		993		19,165
†FTI Consulting		6,870		240,175
†GP Strategies		1,772		46,781
Heidrick & Struggles International		2,100		45,675
†Huron Consulting Group		2,990		129,168
†ICF International		3,173		149,448
Insperity		3,305		234,655
Kelly Services Class A		3,655		82,055
Kforce		4,767		93,433
Korn/Ferry International		6,340		218,920

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Professional Services (continued)
ManpowerGroup		9,027	$	1,007,865
†Mistras Group		3,448		75,753
†Navigant Consulting		4,750		93,860
Nielsen Holdings		16,119		623,161
†On Assignment		6,674		361,397
Resources Connection		4,071		55,773
Robert Half International		13,181		631,765
†RPX		7,879		109,912
†TransUnion		1,042		45,129
†TriNet Group		8,091		264,899
†TrueBlue		5,561		147,367
†Verisk Analytics Class A		13,318		1,123,640
				7,874,791
Real Estate Management & Development–0.27%
Alexander & Baldwin		8,202		339,399
†Altisource Portfolio Solutions		2,089		45,582
†CBRE Group Class A		23,540		856,856
†Forestar Group		4,339		74,414
HFF Class A		5,680		197,494
†Howard Hughes		4,225		518,999
Jones Lang LaSalle		4,388		548,500
Kennedy-Wilson Holdings		10,248		195,224
†Marcus & Millichap		3,589		94,606
RE/MAX Holdings		1,148		64,345
Realogy Holdings		15,344		497,913
†St. Joe		3,370		63,187
				3,496,519
Road & Rail–1.31%
AMERCO		1,614		590,821
ArcBest		3,735		76,941
†Avis Budget Group		13,860		377,962
Celadon Group		4,136		13,028
†Covenant Transportation Group Class A		3,400		59,602
CSX		47,982		2,617,898
†Genesee & Wyoming		5,867		401,244
Heartland Express		13,599		283,131
†Hertz Global Holdings		1,947		22,391
JB Hunt Transport Services		10,200		932,076
Kansas City Southern		10,638		1,113,267
Knight Transportation		13,495		499,990
Landstar System		5,452		466,691
Marten Transport		4,762		130,479
Norfolk Southern		13,859		1,686,640
Old Dominion Freight Line		10,109		962,781
†Roadrunner Transportation Systems		5,207		37,855
Ryder System		10,618		764,284
†Saia		3,643		186,886
†Swift Transportation		17,811		471,992
Union Pacific		44,142		4,807,505

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)
Road & Rail (continued)
†USA Truck		1,448	$	12,540
Werner Enterprises		12,297		360,917
†YRC Worldwide		1,455		16,180
				16,893,101
Semiconductors & Semiconductor Equipment–3.57%
†Advanced Energy Industries		5,778		373,779
†Advanced Micro Devices		27,853		347,605
†Alpha & Omega Semiconductor		1,200		20,004
†Amkor Technology		37,829		369,589
Analog Devices		10,425		811,065
Applied Materials		33,111		1,367,815
†Axcelis Technologies		1,050		21,997
Broadcom		8,166		1,903,086
Brooks Automation		9,566		207,487
Cabot Microelectronics		2,668		196,978
†Cavium		2,665		165,576
†CEVA		2,353		106,944
†Cirrus Logic		8,845		554,758
Cohu		497		7,823
†Cree		10,967		270,337
Cypress Semiconductor		32,772		447,338
†Diodes		7,611		182,892
†DSP Group		4,368		50,669
†Entegris		15,222		334,123
†First Solar		9,258		369,209
†FormFactor		7,433		92,169
†Integrated Device Technology		11,976		308,861
Intel		292,083		9,854,880
IXYS		4,008		65,932
KLA-Tencor		12,919		1,182,218
†Kulicke & Soffa Industries		12,689		241,345
Lam Research		8,046		1,137,946
†Lattice Semiconductor		17,582		117,096
†MACOM Technology Solutions Holdings		2,830		157,829
Marvell Technology Group		28,809		475,925
Maxim Integrated Products		11,953		536,690
†MaxLinear Class A		3,029		84,479
Microchip Technology		8,427		650,396
†Micron Technology		71,704		2,141,081
†Microsemi		9,527		445,864
MKS Instruments		6,800		457,640
Monolithic Power Systems		1,222		117,801
†Nanometrics		2,667		67,448
†NeoPhotonics		2,126		16,413
NVE		50		3,850
NVIDIA		46,520		6,724,931
†ON Semiconductor		48,375		679,185
†PDF Solutions		3,040		50,008
†Photronics		5,636		52,978
Power Integrations		2,120		154,548

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†Qorvo		6,884	$	435,895
QUALCOMM		55,727		3,077,245
†Rambus		9,571		109,397
†Rudolph Technologies		4,102		93,731
†Semtech		6,166		220,435
†Sigma Designs		1,968		11,513
†Silicon Laboratories		1,698		116,058
Skyworks Solutions		10,149		973,797
†SunPower		12,428		116,078
†Synaptics		4,025		208,133
Teradyne		22,477		674,984
Texas Instruments		55,321		4,255,845
†Veeco Instruments		6,193		172,475
Versum Materials		8,954		291,005
†Xcerra		5,880		57,448
Xilinx		16,247		1,045,007
Xperi		7,199		214,530
				46,000,163
Software–3.89%
†ACI Worldwide		14,185		317,318
Activision Blizzard		15,960		918,817
†Adobe Systems		9,671		1,367,866
†ANSYS		4,453		541,841
†Aspen Technology		10,168		561,884
†Autodesk		2,283		230,172
†Barracuda Networks		2,732		63,000
Blackbaud		4,439		380,644
†BroadSoft		500		21,525
CA		53,474		1,843,249
†Cadence Design Systems		19,616		656,940
CDK Global		6,967		432,372
†Citrix Systems		8,053		640,858
†Dell Technologies Class V		12,928		790,030
†Electronic Arts		13,033		1,377,849
†Ellie Mae		801		88,038
†EnerNOC		4,615		35,766
Fair Isaac		3,741		521,533
†FireEye		6,823		103,778
†Fortinet		3,418		127,970
†Globant		250		10,860
†Guidewire Software		3,953		271,611
Intuit		14,939		1,984,049
†Manhattan Associates		8,875		426,533
Microsoft		319,000		21,988,670
†MicroStrategy		1,106		211,987
Monotype Imaging Holdings		3,104		56,803
†Nuance Communications		30,262		526,861
Oracle		133,496		6,693,489
†Paycom Software		4,540		310,581
Pegasystems		8,394		489,790
Progress Software		4,679		144,534

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)
†Proofpoint		637	$	55,311
†PTC		2,065		113,823
QAD Class A		1,105		35,415
†Qualys		453		18,482
†RealPage		4,008		144,088
†Red Hat		9,877		945,723
†salesforce.com		8,643		748,484
†Seachange International		2,000		5,320
†ServiceNow		3,069		325,314
†Silver Spring Networks		2,590		29,215
†Splunk		2,645		150,474
SS&C Technologies Holdings		10,860		417,133
Symantec		10,596		299,337
†Synchronoss Technologies		4,423		72,758
†Synopsys		8,263		602,621
†Tableau Software Class A		2,254		138,103
†Take-Two Interactive Software		6,889		505,515
†Telenav		2,300		18,630
TiVo		16,231		302,708
†Tyler Technologies		1,278		224,506
†Ultimate Software Group		685		143,891
†VASCO Data Security International		584		8,380
†Verint Systems		3,983		162,108
†VMware Class A		1,975		172,674
†Workday Class A		1,507		146,179
†Zedge Class B		1,132		2,502
†Zynga Class A		82,444		300,096
				50,226,008
Specialty Retail–3.28%
Aaron’s		13,763		535,381
Abercrombie & Fitch		1,003		12,477
Advance Auto Parts		4,940		575,955
American Eagle Outfitters		28,359		341,726
†America’s Car-Mart		962		37,422
†Asbury Automotive Group		5,290		299,149
†Ascena Retail Group		28,043		60,292
†AutoNation		13,117		553,013
†AutoZone		1,214		692,538
Barnes & Noble		9,682		73,583
†Barnes & Noble Education		6,119		65,045
Bed Bath & Beyond		20,862		634,205
Best Buy		44,427		2,547,000
Big 5 Sporting Goods		900		11,745
†Build-A-Bear Workshop		2,901		30,315
†Burlington Stores		4,740		436,033
†Cabela’s		9,948		591,110
Caleres		7,320		203,350
†CarMax		11,906		750,792
Cato Class A		4,303		75,690
Chico’s FAS		18,957		178,575
Children’s Place		3,021		308,444

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail (continued)
Citi Trends		2,149	$	45,602
Dick’s Sporting Goods		11,492		457,726
DSW Class A		11,901		210,648
†Express		12,788		86,319
Finish Line Class A		5,944		84,226
†Five Below		5,269		260,131
Foot Locker		14,273		703,373
†Francesca’s Holdings		6,695		73,243
GameStop Class A		18,683		403,740
Gap		31,510		692,905
†Genesco		3,102		105,158
Group 1 Automotive		3,419		216,491
Guess		11,019		140,823
Haverty Furniture		2,655		66,641
†Hibbett Sports		4,645		96,384
Home Depot		73,781		11,318,005
†Kirkland’s		2,488		25,577
L Brands		11,417		615,262
Lithia Motors Class A		3,884		365,989
Lowe’s		54,082		4,192,977
†MarineMax		2,439		47,682
†Michaels		9,690		179,459
Monro Muffler Brake		3,844		160,487
†Murphy USA		7,912		586,358
Office Depot		37,050		208,962
†O’Reilly Automotive		5,785		1,265,411
†Party City Holdco		1,834		28,702
Penske Automotive Group		13,958		612,896
Rent-A-Center		8,035		94,170
†RH		5,147		332,084
Ross Stores		23,514		1,357,463
†Sally Beauty Holdings		19,812		401,193
†Select Comfort		8,853		314,193
Shoe Carnival		1,575		32,886
Signet Jewelers		8,178		517,177
Sonic Automotive Class A		5,355		104,155
†Sportsman’s Warehouse Holdings		165		891
Stage Stores		4,087		8,501
Staples		33,564		337,989
Stein Mart		6,897		11,656
Tiffany & Co.		8,129		763,069
Tile Shop Holdings		2,643		54,578
TJX		38,771		2,798,103
Tractor Supply		10,859		588,666
†Ulta Beauty		4,365		1,254,239
†Urban Outfitters		22,925		425,030
†Vitamin Shoppe		3,839		44,724
West Marine		1,000		12,850
Williams-Sonoma		11,411		553,434
†Zumiez		4,241		52,376
				42,324,444

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)
Technology Hardware, Storage & Peripherals–4.20%
Apple		322,835	$	46,494,696
†Avid Technology		6,614		34,790
†Cray		1,551		28,538
Diebold Nixdorf		5,855		163,940
†Electronics For Imaging		5,336		252,820
Hewlett Packard Enterprise		75,577		1,253,822
HP		77,017		1,346,257
†NCR		16,424		670,756
NetApp		23,621		946,021
Seagate Technology		26,122		1,012,228
†Stratasys		2,807		65,431
†Super Micro Computer		6,166		151,992
Western Digital		13,187		1,168,368
Xerox		18,881		542,451
				54,132,110
Textiles, Apparel & Luxury Goods–0.90%
Carter’s		6,021		535,568
Coach		19,971		945,427
Columbia Sportswear		6,536		379,480
†Crocs		5,293		40,809
Culp		695		22,587
†Deckers Outdoor		5,238		357,546
†Fossil Group		8,573		88,731
†G-III Apparel Group		5,901		147,230
Hanesbrands		28,474		659,458
†Kate Spade & Co.		11,466		212,006
†Lululemon athletica		9,083		541,983
†Michael Kors Holdings		15,972		578,985
Movado Group		2,255		56,939
NIKE Class B		64,610		3,811,990
Oxford Industries		2,792		174,472
†Perry Ellis International		2,325		45,245
PVH		4,626		529,677
Ralph Lauren		3,815		281,547
†Skechers U.S.A. Class A		13,059		385,241
†Steven Madden		7,834		312,968
†Under Armour Class A		8,228		179,041
†Under Armour Class C		8,286		167,046
†Vera Bradley		810		7,922
VF		12,928		744,653
Wolverine World Wide		16,475		461,465
				11,668,016
Thrift & Mortgage Finance–0.39%
Astoria Financial		15,660		315,549
Beneficial Bancorp		11,715		175,725
†BofI Holding		7,624		180,841
Capitol Federal Financial		21,314		302,872
Clifton Bancorp		3,028		50,053
Dime Community Bancshares		6,872		134,691
†Essent Group		6,931		257,417

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Thrift & Mortgage Finance (continued)
First Defiance Financial		802	$	42,249
†Flagstar Bancorp		7,368		227,082
†HomeStreet		2,845		78,735
Kearny Financial		1,011		15,013
Meridian Bancorp		8,312		140,473
Meta Financial Group		741		65,949
†MGIC Investment		35,831		401,307
New York Community Bancorp		25,070		329,169
†NMI Holdings Class A		299		3,424
Northfield Bancorp		6,724		115,317
Northwest Bancshares		14,286		223,004
OceanFirst Financial		629		17,058
Oritani Financial		6,244		106,460
†PennyMac Financial Services Class A		1,643		27,438
†PHH		1,434		19,746
Provident Financial Services		9,985		253,419
Radian Group		23,244		380,039
TFS Financial		9,915		153,385
TrustCo Bank		12,472		96,658
United Community Financial		2,888		23,999
United Financial Bancorp		4,707		78,560
†Walker & Dunlop		4,483		218,905
Washington Federal		9,358		310,686
Waterstone Financial		3,925		73,986
WSFS Financial		3,684		167,069
				4,986,278
Tobacco–1.34%
Altria Group		112,753		8,396,716
Philip Morris International		58,687		6,892,788
Reynolds American		24,190		1,573,318
Universal		2,033		131,535
Vector Group		14,950		318,734
				17,313,091
Trading Companies & Distributors–0.52%
Air Lease		16,007		598,022
Applied Industrial Technologies		5,007		295,663
†Beacon Roofing Supply		6,388		313,012
†BMC Stock Holdings		1,703		37,211
†CAI International		2,879		67,944
†DXP Enterprises		131		4,519
Fastenal		18,484		804,609
H&E Equipment Services		2,771		56,556
†HD Supply Holdings		11,623		356,012
†Herc Holdings		1,633		64,210
Kaman		3,636		181,327
†MRC Global		11,216		185,288
MSC Industrial Direct		6,411		551,090
†NOW		8,471		136,214
†Rush Enterprises Class A		1,976		73,468
Triton International		4,292		143,524

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)
Trading Companies & Distributors (continued)
†United Rentals		8,242	$	928,956
†Univar		7,423		216,752
†Veritiv		1,100		49,500
Watsco		3,045		469,539
†WESCO International		6,714		384,712
WW Grainger		4,437		801,012
				6,719,140
Transportation Infrastructure–0.03%
Macquarie Infrastructure		5,269		413,090
				413,090
Water Utilities–0.15%
American States Water		4,789		227,046
American Water Works		9,289		724,078
Aqua America		14,252		474,592
California Water Service Group		6,748		248,326
Connecticut Water Service		819		45,463
Middlesex Water		1,357		53,737
SJW Group		2,258		111,048
York Water		591		20,596
				1,904,886
Wireless Telecommunication Services–0.17%
†Boingo Wireless		4,098		61,306

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Wireless Telecommunication Services (continued)
Shenandoah Telecommunications		6,684	$	205,199
Spok Holdings		1,858		32,887
†Sprint		62,251		511,081
Telephone & Data Systems		13,099		363,497
†T-Mobile US		15,158		918,878
†United States Cellular		3,838		147,072
				2,239,920
Total Common Stock (Cost $946,401,111)				1,285,110,198
RIGHTS–0.00%
†=Dyax CVR		7,132		7,917
†=Media General CVR		16,818		31,954
Total Rights (Cost $7,917)				39,871
MONEY MARKET FUND–0.37%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		4,723,628		4,723,628
Total Money Market Fund (Cost $4,723,628)				4,723,628

TOTAL VALUE OF SECURITIES–99.98% (Cost $951,132,656)		1,289,873,697
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.02%		288,184
NET ASSETS APPLICABLE TO 43,895,613 SHARES OUTSTANDING–100.00%	$	1,290,161,881
NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND STANDARD CLASS ($1,174,842,357 / 39,949,527 Shares)	$	29.408
NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND SERVICE CLASS ($115,319,524 / 3,946,086 Shares)	$	29.224
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	914,102,854
Undistributed net investment income		9,517,532
Accumulated net realized gain on investments		27,800,366
Net unrealized appreciation of investments		338,741,129
TOTAL NET ASSETS	$	1,290,161,881

LVIP Dimensional U.S. Core Equity 1 Fund–23

LVIP Dimensional U.S. Core Equity 1 Fund

Statement of Net Assets (continued)

† Non-income producing for the period.

« Includes $149,550 payable for securities purchased, $439,891 payable for fund shares redeemed, and $508,900 due to manager and affiliates as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

Summary of Abbreviations:

CVR–Contingent Value Rights

IT–Information Technology

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

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	12,296,107
Foreign tax withheld		(2,030	)
		12,294,077
EXPENSES:
Management fees		2,180,534
Distribution fees-Service Class		183,354
Accounting and administration expenses		158,276
Reports and statements to shareholders		104,397
Shareholder servicing fees		62,475
Professional fees		28,005
Trustees’ fees and expenses		17,311
Custodian fees		8,244
Pricing fees		2,976
Consulting fees		2,215
Other		28,758
Total operating expenses		2,776,545
NET INVESTMENT INCOME		9,517,532
NET REALIZED AND UNREALIZED GAIN
Net realized gain from investments		12,509,022
Net change in unrealized appreciation (depreciation) of:
Investments		74,595,898
Foreign currencies		88
Net change in unrealized appreciation (depreciation)		74,595,986
NET REALIZED AND UNREALIZED GAIN		87,105,008
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	96,622,540

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,517,532		$	18,578,816
Net realized gain		12,509,022			19,625,531
Net change in unrealized appreciation (depreciation)		74,595,986			121,985,101
Net increase in net assets resulting from operations		96,622,540			160,189,448
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(18,232,437	)
Service Class		—			(1,096,735	)
Net realized gain:
Standard Class		—			(394,327,734	)
Service Class		—			(31,118,697	)
		—			(444,775,603	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		10,587,092			64,485,910
Service Class		23,208,974			18,856,910
Reinvestment of dividends and distributions:
Standard Class		—			412,560,171
Service Class		—			32,215,432
		33,796,066			528,118,423
Cost of shares redeemed:
Standard Class		(72,732,828	)		(185,850,577	)
Service Class		(9,178,577	)		(14,320,799	)
		(81,911,405	)		(200,171,376	)
Increase (Decrease) in net assets derived from capital share transactions		(48,115,339	)		327,947,047
NET INCREASE IN NET ASSETS		48,507,201			43,360,892
NET ASSETS:
Beginning of period		1,241,654,680			1,198,293,788
End of period	$	1,290,161,881		$	1,241,654,680
Undistributed net investment income	$	9,517,532		$	—

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

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 6/30/171 (unaudited)			12/31/16				12/31/152				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	27.254		$	37.542			$	44.352			$	42.182			$	33.037			$	28.992
Income (loss) from investment operations:
Net investment income3			0.217			0.537				0.665				0.736				0.671				0.563
Net realized and unrealized gain (loss)			1.937			3.889				(1.700	)			4.729				10.231				3.872
Total from investment operations			2.154			4.426				(1.035	)			5.465				10.902				4.435
Less dividends and distributions from:
Net investment income			—			(0.439	)			(0.653	)			(0.855	)			(0.688	)			(0.360	)
Net realized gain			—			(14.275	)			(5.122	)			(2.440	)			(1.069	)			(0.030	)
Total dividends and distributions			—			(14.714	)			(5.775	)			(3.295	)			(1.757	)			(0.390	)
Net asset value, end of period		$	29.408		$	27.254			$	37.542			$	44.352			$	42.182			$	33.037
Total return4			7.90%			14.41%				(2.00%	)			13.18%				33.26%				15.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,174,842		$	1,147,995			$	1,120,426			$	1,279,820			$	1,266,909			$	1,067,651
Ratio of expenses to average net assets			0.41%			0.40%				0.39%				0.38%				0.40%				0.41%
Ratio of net investment income to average net assets			1.53%			1.60%				1.54%				1.68%				1.75%				1.75%
Portfolio turnover			2%			4%				74%				14%				12%				22%

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

²  Effective May 1, 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

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 6/30/171 (unaudited)			12/31/16				12/31/152				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	27.130		$	37.449			$	44.254			$	42.107			$	32.994			$	28.957
Income (loss) from investment operations:
Net investment income3			0.167			0.415				0.511				0.581				0.536				0.449
Net realized and unrealized gain (loss)			1.927			3.863				(1.691	)			4.708				10.199				3.867
Total from investment operations			2.094			4.278				(1.180	)			5.289				10.735				4.316
Less dividends and distributions from:
Net investment income			—			(0.322	)			(0.503	)			(0.702	)			(0.553	)			(0.249	)
Net realized gain			—			(14.275	)			(5.122	)			(2.440	)			(1.069	)			(0.030	)
Total dividends and distributions			—			(14.597	)			(5.625	)			(3.142	)			(1.622	)			(0.279	)
Net asset value, end of period		$	29.224		$	27.130			$	37.449			$	44.254			$	42.107			$	32.994
Total return4			7.72%			14.01%				(2.34%	)			12.78%				32.80%				14.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	115,320		$	93,660			$	77,868			$	83,615			$	84,813			$	68,109
Ratio of expenses to average net assets			0.76%			0.75%				0.74%				0.73%				0.75%				0.76%
Ratio of net investment income to average net assets			1.18%			1.25%				1.19%				1.33%				1.40%				1.40%
Portfolio turnover			2%			4%				74%				14%				12%				22%

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

²  Effective May 1, 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–27

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Distributions

LVIP Dimensional U.S. Core Equity 1 Fund–28

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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, 2017.

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, 2017.

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. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	36,111
Legal		8,716

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $79,478 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	365,585
Distribution fees payable to LFD		32,946
Printing and mailing fees payable to Lincoln Life		79,478
Shareholder servicing fees payable to Lincoln Life		30,891

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 1 Fund–29

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	25,910,448
Sales		66,855,416

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	951,132,656
Aggregate unrealized appreciation	$	404,798,659
Aggregate unrealized depreciation		(66,057,618	)
Net unrealized appreciation	$	338,741,041

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, 2017:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common Stock
Aerospace & Defense	$	35,286,228	$	—	$	—	$	35,286,228
Air Freight & Logistics		10,220,064		—		—		10,220,064
Airlines		12,563,939		—		—		12,563,939
Auto Components		10,464,694		—		—		10,464,694
Automobiles		7,690,396		—		—		7,690,396
Banks		87,307,296		—		—		87,307,296
Beverages		22,500,812		—		—		22,500,812
Biotechnology		31,836,014		—		—		31,836,014
Building Products		7,807,113		—		—		7,807,113
Capital Markets		35,187,816		—		—		35,187,816
Chemicals		34,584,444		—		—		34,584,444
Commercial Services & Supplies		12,836,241		—		—		12,836,241

LVIP Dimensional U.S. Core Equity 1 Fund–30

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Communications Equipment	$	14,467,220	$	—	$	—	$	14,467,220
Construction & Engineering		5,369,314		—		—		5,369,314
Construction Materials		2,394,881		—		—		2,394,881
Consumer Finance		13,616,550		—		—		13,616,550
Containers & Packaging		11,003,428		—		—		11,003,428
Distributors		2,517,692		—		—		2,517,692
Diversified Consumer Services		4,316,053		—		—		4,316,053
Diversified Financial Services		11,713,782		—		—		11,713,782
Diversified Telecommunication Services		27,860,295		—		—		27,860,295
Electric Utilities		20,397,447		—		—		20,397,447
Electrical Equipment		8,879,800		—		—		8,879,800
Electronic Equipment, Instruments & Components		18,826,351		—		—		18,826,351
Energy Equipment & Services		8,733,632		—		—		8,733,632
Food & Staples Retailing		22,359,767		—		—		22,359,767
Food Products		19,394,406		—		—		19,394,406
Gas Utilities		4,279,412		—		—		4,279,412
Health Care Equipment & Supplies		28,336,629		—		—		28,336,629
Health Care Providers & Services		38,101,292		—		—		38,101,292
Health Care Technology		2,508,568		—		—		2,508,568
Hotels, Restaurants & Leisure		31,531,662		—		—		31,531,662
Household Durables		12,330,602		—		—		12,330,602
Household Products		15,031,460		—		—		15,031,460
Independent Power & Renewable Electricity Producers		2,671,858		—		—		2,671,858
Industrial Conglomerates		18,042,950		—		—		18,042,950
Insurance		42,444,498		100,786		—		42,545,284
Internet & Direct Marketing Retail		25,287,034		—		—		25,287,034
Internet Software & Services		31,976,911		—		—		31,976,911
IT Services		53,915,217		—		—		53,915,217
Leisure Products		3,715,877		—		—		3,715,877
Life Sciences Tools & Services		12,306,082		—		—		12,306,082
Machinery		34,972,932		—		—		34,972,932
Marine		686,922		—		—		686,922
Media		40,761,306		—		—		40,761,306
Metals & Mining		8,372,363		—		—		8,372,363
Multiline Retail		7,455,572		—		—		7,455,572
Multi-Utilities		11,262,328		—		—		11,262,328
Oil, Gas & Consumable Fuels		43,724,392		—		—		43,724,392
Paper & Forest Products		2,052,132		—		—		2,052,132
Personal Products		4,150,740		—		—		4,150,740
Pharmaceuticals		42,763,441		—		—		42,763,441
Professional Services		7,874,791		—		—		7,874,791
Real Estate Management & Development		3,496,519		—		—		3,496,519
Road & Rail		16,893,101		—		—		16,893,101
Semiconductors & Semiconductor Equipment		46,000,163		—		—		46,000,163
Software		50,226,008		—		—		50,226,008
Specialty Retail		42,324,444		—		—		42,324,444
Technology Hardware, Storage & Peripherals		54,132,110		—		—		54,132,110
Textiles, Apparel & Luxury Goods		11,668,016		—		—		11,668,016
Thrift & Mortgage Finance		4,986,278		—		—		4,986,278
Tobacco		17,313,091		—		—		17,313,091
Trading Companies & Distributors		6,719,140		—		—		6,719,140
Transportation Infrastructure		413,090		—		—		413,090

LVIP Dimensional U.S. Core Equity 1 Fund–31

LVIP Dimensional U.S. Core Equity 1 Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Water Utilities	$	1,904,886	$	—	$	—	$	1,904,886
Wireless Telecommunication Services		2,239,920		—		—		2,239,920
Rights		—		—		39,871		39,871
Money Market Fund		4,723,628		—		—		4,723,628
Total Investments	$	1,289,733,040	$	100,786	$	39,871	$	1,289,873,697

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		370,738			1,821,219
Service Class		816,825			562,293
Shares reinvested:
Standard Class		—			15,889,397
Service Class		—			1,250,921
		1,187,563			19,523,830
Shares redeemed:
Standard Class		(2,543,672	)		(5,432,473	)
Service Class		(323,001	)		(440,271	)
		(2,866,673	)		(5,872,744	)
Net increase (decrease)		(1,679,110	)		13,651,086

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, 2017, there were no Rule 144A securities.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

LVIP Dimensional U.S. Core Equity 1 Fund–32

LVIP Dimensional U.S. Core Equity 1 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 Dimensional U.S. Core Equity 1 Fund–33

                                LVIP Delaware Social Awareness Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,090.80		0.44	%		$2.28
Service Class Shares		1,000.00		1,088.90		0.79	%		4.09
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.61		0.44	%		$2.21
Service Class Shares		1,000.00		1,020.88		0.79	%		3.96

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector Percentage  of Net Assets

Common Stock	99.27	%
Aerospace & Defense	2.00	%
Airlines	0.58	%
Auto Components	1.01	%
Automobiles	0.79	%
Banks	4.57	%
Biotechnology	4.34	%
Capital Markets	5.99	%
Chemicals	1.67	%
Communications Equipment	1.14	%
Construction & Engineering	0.36	%
Consumer Finance	1.37	%
Containers & Packaging	0.93	%
Diversified Telecommunication Services	2.18	%
Electric Utilities	1.66	%
Electrical Equipment	0.25	%
Equity Real Estate Investment Trusts	4.19	%
Food & Staples Retailing	1.76	%
Food Products	1.47	%
Health Care Equipment & Supplies	2.94	%
Health Care Providers & Services	2.21	%
Hotels, Restaurants & Leisure	2.13	%
Household Durables	1.39	%
Industrial Conglomerates	1.36	%
Insurance	5.18	%
Internet & Direct Marketing Retail	1.59	%
Internet Software & Services	5.45	%
IT Services	1.05	%
Life Sciences Tools & Services	1.09	%
Machinery	1.84	%
Media	4.85	%
Oil, Gas & Consumable Fuels	5.50	%
Pharmaceuticals	3.84	%
Professional Services	1.52	%
Road & Rail	1.72	%
Semiconductors & Semiconductor Equipment	4.72	%
Software	6.70	%
Specialty Retail	2.50	%
Technology Hardware, Storage & Peripherals	3.52	%
Textiles, Apparel & Luxury Goods	1.24	%
Thrift & Mortgage Finance	0.67	%
Money Market Fund	0.69	%
Total Value of Securities	99.96	%
Receivables and Other Assets Net of Liabilities	0.04	%
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	3.92	%
Apple	3.52	%
Microsoft	2.87	%
Walt Disney	2.28	%
AT&T	2.18	%
Home Depot	2.10	%
Rockwell Collins	2.00	%
American Tower	1.84	%
Comcast Class A	1.76	%
Union Pacific	1.72	%
Total	24.19	%
IT–Information Technology

LVIP Delaware Social Awareness Fund–2

LVIP Delaware Social Awareness Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–99.27%
Aerospace & Defense–2.00%
Rockwell Collins		134,000	$	14,080,720
				14,080,720
Airlines–0.58%
Southwest Airlines		65,600		4,076,384
				4,076,384
Auto Components–1.01%
BorgWarner		168,200		7,124,952
				7,124,952
Automobiles–0.79%
Ford Motor		498,300		5,575,977
				5,575,977
Banks–4.57%
Comerica		77,000		5,639,480
East West Bancorp		103,800		6,080,604
KeyCorp		478,100		8,959,594
U.S. Bancorp		222,000		11,526,240
				32,205,918
Biotechnology–4.34%
AbbVie		55,900		4,053,309
†Alkermes		68,000		3,941,960
†Celgene		73,900		9,597,393
Gilead Sciences		111,800		7,913,204
†Vertex Pharmaceuticals		39,400		5,077,478
				30,583,344
Capital Markets–5.99%
BlackRock		23,900		10,095,599
Intercontinental Exchange		132,250		8,717,920
Invesco		290,200		10,212,138
Raymond James Financial		69,900		5,607,378
State Street		83,900		7,528,347
				42,161,382
Chemicals–1.67%
†Axalta Coating Systems		258,500		8,282,340
Praxair		26,400		3,499,320
				11,781,660
Communications Equipment–1.14%
Cisco Systems		255,300		7,990,890
				7,990,890
Construction & Engineering–0.36%
Granite Construction		53,000		2,556,720
				2,556,720
Consumer Finance–1.37%
Capital One Financial		117,150		9,678,933
				9,678,933

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Containers & Packaging–0.93%
WestRock		115,500	$	6,544,230
				6,544,230
Diversified Telecommunication Services–2.18%
AT&T		406,000		15,318,380
				15,318,380
Electric Utilities–1.66%
PPL		303,200		11,721,712
				11,721,712
Electrical Equipment–0.25%
Acuity Brands		8,800		1,788,864
				1,788,864
Equity Real Estate Investment Trusts–4.19%
American Tower		97,800		12,940,896
Brixmor Property Group		245,800		4,394,904
Host Hotels & Resorts		420,700		7,686,189
Life Storage		61,000		4,520,100
				29,542,089
Food & Staples Retailing–1.76%
Casey’s General Stores		37,200		3,984,492
CVS Health		104,900		8,440,254
				12,424,746
Food Products–1.47%
General Mills		103,800		5,750,520
Pinnacle Foods		77,600		4,609,440
				10,359,960
Health Care Equipment & Supplies–2.94%
Abbott Laboratories		182,100		8,851,881
†DexCom		67,500		4,937,625
†Edwards Lifesciences		58,300		6,893,392
				20,682,898
Health Care Providers & Services–2.21%
Cigna		61,000		10,210,790
†Express Scripts Holding		83,700		5,343,408
				15,554,198
Hotels, Restaurants & Leisure–2.13%
Aramark		132,700		5,438,046
Starbucks		163,400		9,527,854
				14,965,900
Household Durables–1.39%
Newell Brands		182,226		9,770,958
				9,770,958
Industrial Conglomerates–1.36%
Roper Technologies		41,500		9,608,495
				9,608,495

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)
Insurance–5.18%
Aflac		103,500	$	8,039,880
Arthur J. Gallagher & Co.		68,100		3,898,725
Prudential Financial		83,900		9,072,946
Reinsurance Group of America		35,600		4,570,684
Travelers		58,600		7,414,658
Validus Holdings		66,900		3,476,793
				36,473,686
Internet & Direct Marketing Retail–1.59%
†Amazon.com		11,600		11,228,800
				11,228,800
Internet Software & Services–5.45%
†Alphabet Class A		29,700		27,611,496
†Facebook Class A		71,400		10,779,972
				38,391,468
IT Services–1.05%
Accenture Class A		59,600		7,371,328
				7,371,328
Life Sciences Tools & Services–1.09%
Thermo Fisher Scientific		43,900		7,659,233
				7,659,233
Machinery–1.84%
Lincoln Electric Holdings		42,000		3,867,780
Parker-Hannifin		56,800		9,077,776
				12,945,556
Media–4.85%
Cinemark Holdings		146,800		5,703,180
Comcast Class A		318,600		12,399,912
Walt Disney		151,100		16,054,375
				34,157,467
Oil, Gas & Consumable Fuels–5.50%
EOG Resources		123,400		11,170,168
EQT		94,700		5,548,473
Noble Energy		208,300		5,894,890
Occidental Petroleum		99,400		5,951,078
Pioneer Natural Resources		63,700		10,165,246
				38,729,855
Pharmaceuticals–3.84%
Allergan		39,203		9,529,854
Merck & Co.		142,600		9,139,234
Pfizer		248,700		8,353,833
				27,022,921
Professional Services–1.52%
Nielsen Holdings		162,400		6,278,384
†TransUnion		102,200		4,426,282
				10,704,666

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Road & Rail–1.72%
Union Pacific		111,400	$	12,132,574
				12,132,574
Semiconductors & Semiconductor Equipment–4.72%
Analog Devices		36,400		2,831,920
Broadcom		46,700		10,883,435
Intel		350,300		11,819,122
Maxim Integrated Products		107,300		4,817,770
QUALCOMM		51,700		2,854,874
				33,207,121
Software–6.70%
†Adobe Systems		64,600		9,137,024
Microsoft		292,800		20,182,704
†PTC		66,400		3,659,968
†salesforce.com		102,900		8,911,140
†Tyler Technologies		30,300		5,322,801
				47,213,637
Specialty Retail–2.50%
Home Depot		96,200		14,757,080
Tractor Supply		53,000		2,873,130
				17,630,210
Technology Hardware, Storage & Peripherals–3.52%
Apple		171,900		24,757,038
				24,757,038
Textiles, Apparel & Luxury Goods–1.24%
NIKE Class B		147,800		8,720,200
				8,720,200
Thrift & Mortgage Finance–0.67%
†MGIC Investment		421,600		4,721,920
				4,721,920
Total Common Stock (Cost $461,825,641)				699,166,990
MONEY MARKET FUND–0.69%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		4,887,851		4,887,851
Total Money Market Fund (Cost $4,887,851)				4,887,851

LVIP Delaware Social Awareness Fund–4

LVIP Delaware Social Awareness Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–99.96% (Cost $466,713,492)	$	704,054,841
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.04%		267,215
NET ASSETS APPLICABLE TO 17,538,702 SHARES OUTSTANDING–100.00%	$	704,322,056
NET ASSET VALUE PER SHARE–LVIP DELAWARE SOCIAL AWARENESS FUND STANDARD CLASS ($618,563,888 / 15,392,517 Shares)	$	40.186
NET ASSET VALUE PER SHARE–LVIP DELAWARE SOCIAL AWARENESS FUND SERVICE CLASS ($85,758,168 / 2,146,185 Shares)	$	39.958
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	361,057,969
Undistributed net investment income		4,580,714
Accumulated net realized gain on investments		101,342,024
Net unrealized appreciation of investments		237,341,349
TOTAL NET ASSETS	$	704,322,056

† Non-income producing for the period.

« Includes $109,777 payable for fund shares redeemed and $293,273 due to manager and affiliates as of June 30, 2017.

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	6,257,985
Interest		24,194
		6,282,179
EXPENSES:
Management fees		1,324,601
Distribution fees-Service Class		148,755
Accounting and administration expenses		87,116
Reports and statements to shareholders		35,943
Shareholder servicing fees		34,316
Professional fees		25,453
Trustees’ fees and expenses		9,486
Custodian fees		4,236
Consulting fees		1,605
Pricing fees		164
Other		29,790
Total operating expenses		1,701,465
NET INVESTMENT INCOME		4,580,714
NET REALIZED AND UNREALIZED GAIN :
Net realized gain on investments		30,024,114
Net change in unrealized appreciation (depreciation) of investments		26,090,607
NET REALIZED AND UNREALIZED GAIN		56,114,721
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	60,695,435

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,580,714		$	10,058,933
Net realized gain		30,024,114			73,117,234
Net change in unrealized appreciation (depreciation)		26,090,607			(40,326,621	)
Net increase in net assets resulting from operations		60,695,435			42,849,546
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(9,176,174	)
Service Class		—			(984,992	)
Net realized gain:
Standard Class		—			(74,858,719	)
Service Class		—			(10,407,561	)
		—			(95,427,446	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,849,145			12,240,683
Service Class		3,984,130			6,990,270
Reinvestment of dividends and distributions:
Standard Class		—			84,034,893
Service Class		—			11,392,553
		6,833,275			114,658,399
Cost of shares redeemed:
Standard Class		(37,238,496	)		(85,716,159	)
Service Class		(8,998,398	)		(13,951,568	)
		(46,236,894	)		(99,667,727	)
Increase (decrease) in net assets derived from capital share transactions		(39,403,619	)		14,990,672
NET INCREASE (DECREASE) IN NET ASSETS		21,291,816			(37,587,228	)
NET ASSETS:
Beginning of period		683,030,240			720,617,468
End of period	$	704,322,056		$	683,030,240
Undistributed net investment income	$	4,580,714		$	—

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	36.841		$	40.028			$	46.219			$	42.841			$	32.535			$	30.528
Income (loss) from investment operations:
Net investment income2			0.262			0.584				0.643				0.589				0.490				0.429
Net realized and unrealized gain (loss)			3.083			1.913				(1.131	)			5.822				11.070				4.186
Total from investment operations			3.345			2.497				(0.488	)			6.411				11.560				4.615
Less dividends and distributions from:
Net investment income			—			(0.573	)			(0.621	)			(0.687	)			(0.498	)			(0.246	)
Net realized gain			—			(5.111	)			(5.082	)			(2.346	)			(0.756	)			(2.362	)
Total dividends and distributions			—			(5.684	)			(5.703	)			(3.033	)			(1.254	)			(2.608	)
Net asset value, end of period		$	40.186		$	36.841			$	40.028			$	46.219			$	42.841			$	32.535
Total return3			9.08%			6.64%				(0.66%	)			15.20%				35.69%				15.28%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	618,564		$	599,524			$	635,177			$	703,330			$	666,760			$	546,051
Ratio of expenses to average net assets			0.44%			0.44%				0.42%				0.42%				0.45%				0.47%
Ratio of net investment income to average net assets			1.36%			1.51%				1.42%				1.31%				1.27%				1.31%
Portfolio turnover			7%			27%				20%				15%				15%				22%

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 6/30/20171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	36.696		$	39.901			$	46.089			$	42.740			$	32.475			$	30.478
Income (loss) from investment operations:
Net investment income2			0.194			0.446				0.482				0.430				0.355				0.313
Net realized and unrealized gain (loss)			3.068			1.898				(1.125	)			5.795				11.030				4.178
Total from investment operations			3.262			2.344				(0.643	)			6.225				11.385				4.491
Less dividends and distributions from:
Net investment income			—			(0.438	)			(0.463	)			(0.530	)			(0.364	)			(0.132	)
Net realized gain			—			(5.111	)			(5.082	)			(2.346	)			(0.756	)			(2.362	)
Total dividends and distributions			—			(5.549	)			(5.545	)			(2.876	)			(1.120	)			(2.494	)
Net asset value, end of period		$	39.958		$	36.696			$	39.901			$	46.089			$	42.740			$	32.475
Total return3			8.89%			6.27%				(1.01%	)			14.80%				35.21%				14.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	85,758		$	83,506			$	85,440			$	88,997			$	82,148			$	60,175
Ratio of expenses to average net assets			0.79%			0.79%				0.77%				0.77%				0.80%				0.82%
Ratio of net investment income to average net assets			1.01%			1.16%				1.07%				0.96%				0.92%				0.96%
Portfolio turnover			7%			27%				20%				15%				15%				22%

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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. 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 (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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. 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. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Distributions

LVIP Delaware Social Awareness Fund–9

LVIP Delaware Social Awareness Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. 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, 2017.

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, 2017.

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. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	19,893
Legal		4,801

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $30,093 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	221,226
Distribution fees payable to LFD		25,018
Printing and mailing fees payable to Lincoln Life		30,093
Shareholder servicing fees payable to Lincoln Life		16,936

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 Delaware Social Awareness Fund–10

LVIP Delaware Social Awareness Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	48,976,115
Sales		77,340,127

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	466,713,492
Aggregate unrealized appreciation	$	244,977,429
Aggregate unrealized depreciation		(7,636,080	)
Net unrealized appreciation	$	237,341,349

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)

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, 2017:

	Level 1
Investments:
Assets:
Common Stock	$	699,166,990
Money Market Fund		4,887,851
Total Investments	$	704,054,841

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		73,274			315,614
Service Class		102,318			183,462
Shares reinvested:
Standard Class		—			2,309,341
Service Class		—			315,154
		175,592			3,123,571
Shares redeemed:
Standard Class		(954,091	)		(2,220,025	)
Service Class		(231,745	)		(364,330	)
		(1,185,836	)		(2,584,355	)
Net increase (decrease)		(1,010,244	)		539,216

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, 2017. 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 Delaware Social Awareness Fund–12

                                LVIP Delaware Special Opportunities Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,050.20		0.44	%		$2.24
Service Class Shares		1,000.00		1,048.40		0.79	%		4.01
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.61		0.44	%		$2.21
Service Class Shares		1,000.00		1,020.88		0.79	%		3.96

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector Percentage  of Net Assets

Common Stock	99.51	%
Aerospace & Defense	0.87	%
Airlines	1.05	%
Auto Components	0.61	%
Banks	10.30	%
Beverages	1.05	%
Building Products	1.51	%
Capital Markets	3.61	%
Chemicals	6.91	%
Commercial Services & Supplies	1.02	%
Construction & Engineering	2.47	%
Consumer Finance	0.64	%
Containers & Packaging	2.99	%
Diversified Consumer Services	0.89	%
Electric Utilities	3.88	%
Electronic Equipment, Instruments & Components	2.79	%
Energy Equipment & Services	1.63	%
Equity Real Estate Investment Trusts	8.04	%
Food & Staples Retailing	0.69	%
Food Products	0.89	%
Health Care Equipment & Supplies	2.31	%
Health Care Providers & Services	2.31	%
Hotels, Restaurants & Leisure	1.62	%
Household Durables	1.14	%
Insurance	11.01	%
Internet Software & Services	0.00	%
IT Services	0.99	%
Leisure Products	0.99	%
Life Sciences Tools & Services	1.96	%
Machinery	2.51	%
Media	2.20	%
Multiline Retail	0.39	%
Multi-Utilities	2.67	%

Security Type/Sector Percentage  of Net Assets

Oil, Gas & Consumable Fuels	5.61	%
Professional Services	0.71	%
Road & Rail	1.86	%
Semiconductors & Semiconductor Equipment	1.76	%
Software	4.09	%
Specialty Retail	0.40	%
Technology Hardware, Storage & Peripherals	0.85	%
Textiles, Apparel & Luxury Goods	0.63	%
Trading Companies & Distributors	1.66	%
Money Market Fund	0.04	%
Short-Term Investment	0.51	%
Total Value of Securities	100.06	%
Liabilities Net of Receivables and Other Assets	(0.06	%)
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

East West Bancorp	3.89	%
American Financial Group	3.54	%
Synopsys	2.63	%
Raymond James Financial	2.56	%
Comerica	2.35	%
Reinsurance Group of America	2.30	%
Torchmark	2.29	%
Berry Global Group	1.93	%
Tesoro	1.59	%
Celanese Class A	1.57	%
Total	24.65	%

IT–Information Technology

LVIP Delaware Special Opportunities Fund–2

LVIP Delaware Special Opportunities Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–99.51%
Aerospace & Defense–0.87%
Spirit AeroSystems Holdings Class A		96,700	$	5,602,798
				5,602,798
Airlines–1.05%
Southwest Airlines		108,500		6,742,190
				6,742,190
Auto Components–0.61%
BorgWarner		92,200		3,905,592
				3,905,592
Banks–10.30%
Bank of Hawaii		82,200		6,820,134
Comerica		206,200		15,102,088
East West Bancorp		427,600		25,048,808
Fifth Third Bancorp		382,900		9,940,084
Hancock Holding		191,700		9,393,300
				66,304,414
Beverages–1.05%
Dr Pepper Snapple Group		74,000		6,742,140
				6,742,140
Building Products–1.51%
Johnson Controls International		81,795		3,546,631
†USG		213,200		6,187,064
				9,733,695
Capital Markets–3.61%
Affiliated Managers Group		40,600		6,733,916
Raymond James Financial		205,750		16,505,265
				23,239,181
Chemicals–6.91%
Albemarle		84,000		8,865,360
†Axalta Coating Systems		311,300		9,974,052
Celanese Class A		106,500		10,111,110
Eastman Chemical		105,600		8,869,344
WR Grace & Co.		92,900		6,689,729
				44,509,595
Commercial Services & Supplies–1.02%
Brink’s		97,800		6,552,600
				6,552,600
Construction & Engineering–2.47%
†AECOM		213,000		6,886,290
KBR		311,100		4,734,942
†Quanta Services		130,700		4,302,644
				15,923,876
Consumer Finance–0.64%
Synchrony Financial		137,900		4,112,178
				4,112,178

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Containers & Packaging–2.99%
†Berry Global Group		218,182	$	12,438,556
Graphic Packaging Holding		495,500		6,827,990
				19,266,546
Diversified Consumer Services–0.89%
Service Corp. International		171,600		5,740,020
				5,740,020
Electric Utilities–3.88%
Edison International		105,400		8,241,226
IDACORP		99,500		8,492,325
PPL		214,100		8,277,106
				25,010,657
Electronic Equipment, Instruments & Components–2.79%
Avnet		181,900		7,072,272
†Flex		308,300		5,028,373
†Keysight Technologies		149,850		5,833,661
				17,934,306
Energy Equipment & Services–1.63%
Helmerich & Payne		55,200		2,999,568
†Rowan		213,600		2,187,264
†Superior Energy Services		509,600		5,315,128
				10,501,960
Equity Real Estate Investment Trusts–8.04%
Apartment Investment & Management Class A		93,800		4,030,586
Brandywine Realty Trust		521,100		9,134,883
CBL & Associates Properties		367,500		3,098,025
Equity Residential		102,500		6,747,575
Highwoods Properties		178,600		9,056,806
Host Hotels & Resorts		509,400		9,306,738
Kimco Realty		287,400		5,273,790
Life Storage		68,700		5,090,670
				51,739,073
Food & Staples Retailing–0.69%
†US Foods Holding		164,200		4,469,524
				4,469,524
Food Products–0.89%
JM Smucker		48,600		5,750,838
				5,750,838
Health Care Equipment & Supplies–2.31%
Becton Dickinson & Co.		27,800		5,424,058
Zimmer Biomet Holdings		73,700		9,463,080
				14,887,138
Health Care Providers & Services–2.31%
Cigna		33,300		5,574,087
†MEDNAX		59,500		3,592,015

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)
Health Care Providers & Services (continued)
Quest Diagnostics		51,100	$	5,680,276
				14,846,378
Hotels, Restaurants & Leisure–1.62%
Darden Restaurants		44,600		4,033,624
Marriott International Class A		63,540		6,373,697
				10,407,321
Household Durables–1.14%
DR Horton		211,633		7,316,152
				7,316,152
Insurance–11.01%
American Financial Group		229,050		22,760,699
Reinsurance Group of America		115,300		14,803,367
Torchmark		192,750		14,745,375
Validus Holdings		165,100		8,580,247
WR Berkley		144,050		9,963,939
				70,853,627
Internet Software & Services–0.00%
LogMeIn		1		105
				105
IT Services–0.99%
†Fiserv		52,200		6,386,148
				6,386,148
Leisure Products–0.99%
Hasbro		57,000		6,356,070
				6,356,070
Life Sciences Tools & Services–1.96%
Agilent Technologies		139,500		8,273,745
Thermo Fisher Scientific		25,000		4,361,750
				12,635,495
Machinery–2.51%
ITT		187,100		7,517,678
Stanley Black & Decker		61,400		8,640,822
				16,158,500
Media–2.20%
Cable One		5,000		3,554,500
Cinemark Holdings		129,700		5,038,845
Meredith		94,225		5,601,676
				14,195,021
Multiline Retail–0.39%
Macy’s		106,800		2,482,032
				2,482,032
Multi-Utilities–2.67%
Public Service Enterprise Group		200,700		8,632,107

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Multi-Utilities (continued)
WEC Energy Group		139,200	$	8,544,096
				17,176,203
Oil, Gas & Consumable Fuels–5.61%
Marathon Oil		746,000		8,840,100
†Newfield Exploration		321,100		9,138,506
SM Energy		365,100		6,035,103
Tesoro		109,300		10,230,480
†Whiting Petroleum		337,300		1,858,523
				36,102,712
Professional Services–0.71%
ManpowerGroup		41,200		4,599,980
				4,599,980
Road & Rail–1.86%
CSX		130,500		7,120,080
JB Hunt Transport Services		53,000		4,843,140
				11,963,220
Semiconductors & Semiconductor Equipment–1.76%
†Qorvo		66,700		4,223,444
Teradyne		235,900		7,084,077
				11,307,521
Software–4.09%
†Citrix Systems		41,900		3,334,402
Symantec		214,500		6,059,625
†Synopsys		232,400		16,948,932
				26,342,959
Specialty Retail–0.40%
Staples		254,300		2,560,801
				2,560,801
Technology Hardware, Storage & Peripherals–0.85%
Western Digital		62,000		5,493,200
				5,493,200
Textiles, Apparel & Luxury Goods–0.63%
VF		69,900		4,026,240
				4,026,240
Trading Companies & Distributors–1.66%
†HD Supply Holdings		188,700		5,779,881
†United Rentals		43,300		4,880,343
				10,660,224
Total Common Stock (Cost $421,015,355)				640,538,230

LVIP Delaware Special Opportunities Fund–4

LVIP Delaware Special Opportunities Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–0.04%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		217,327	$	217,327
Total Money Market Fund (Cost $217,327)				217,327

	Principal Amount°		Value (U.S. $)
SHORT-TERM INVESTMENT–0.51%
≠Discounted Commercial Paper–0.51%
Abbey National Treasury Services 1.06% 7/3/17		3,295,000	$	3,294,806
Total Short-Term Investment (Cost $3,294,806)				3,294,806

TOTAL VALUE OF SECURITIES–100.06% (Cost $424,527,488)		644,050,363
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.06%)		(354,515	)
NET ASSETS APPLICABLE TO 15,697,393 SHARES OUTSTANDING–100.00%	$	643,695,848
NET ASSET VALUE PER SHARE–LVIP DELAWARE SPECIAL OPPORTUNITIES FUND STANDARD CLASS ($534,909,373 / 13,032,591 Shares)	$	41.044
NET ASSET VALUE PER SHARE–LVIP DELAWARE SPECIAL OPPORTUNITIES FUND SERVICE CLASS ($108,786,475 / 2,664,802 Shares)	$	40.823
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	328,707,662
Undistributed net investment income		4,015,915
Accumulated net realized gain on investments		91,449,889
Net unrealized appreciation of investments and foreign currencies		219,522,382
TOTAL NET ASSETS	$	643,695,848

† Non-income producing for the period.

« Includes $650,537 payable for securities purchased and $651,047 payable for fund shares redeemed and $282,213 due to manager and affiliates as of June 30, 2017.

≠ 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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	5,626,547
Interest		16,226
		5,642,773
EXPENSES:
Management fees		1,250,659
Distribution fees-Service Class		185,099
Accounting and administration expenses		81,055
Reports and statements to shareholders		35,788
Shareholder servicing fees		31,433
Professional fees		21,492
Trustees’ fees and expenses		8,888
Custodian fees		3,304
Consulting fees		1,537
Pricing fees		197
Other		7,406
Total operating expenses		1,626,858
NET INVESTMENT INCOME		4,015,915
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investments		35,697,790
Net change in unrealized appreciation (depreciation) of investments		(7,988,751	)
NET REALIZED AND UNREALIZED GAIN		27,709,039
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	31,724,954

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,015,915		$	8,728,534
Net realized gain		35,697,790			58,022,395
Net change in unrealized appreciation (depreciation)		(7,988,751	)		44,794,516
Net increase in net assets resulting from operations		31,724,954			111,545,445
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(8,524,315	)
Service Class		—			(1,256,245	)
Net realized gain:
Standard Class		—			(71,384,208	)
Service Class		—			(13,204,443	)
		—			(94,369,211	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		10,389,015			22,381,671
Service Class		12,216,305			13,457,621
Reinvestment of dividends and distributions:
Standard Class		—			79,908,523
Service Class		—			14,460,688
		22,605,320			130,208,503
Cost of shares redeemed:
Standard Class		(38,905,192	)		(77,411,045	)
Service Class		(10,412,679	)		(14,976,974	)
		(49,317,871	)		(92,388,019	)
Increase (decrease) in net assets derived from capital share transactions		(26,712,551	)		37,820,484
NET INCREASE IN NET ASSETS		5,012,403			54,996,718
NET ASSETS:
Beginning of period		638,683,445			583,686,727
End of period	$	643,695,848		$	638,683,445
Undistributed net investment income	$	4,015,915		$	—

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	39.082		$	38.441			$	41.904			$	41.371			$	34.125			$	33.749
Income (loss) from investment operations:
Net investment income2			0.262			0.594				0.509				0.471				0.441				0.470
Net realized and unrealized gain (loss)			1.700			6.596				(0.451	)			2.651				10.699				4.485
Total from investment operations			1.962			7.190				0.058				3.122				11.140				4.955
Less dividends and distributions from:
Net investment income			—			(0.623	)			(0.502	)			(0.564	)			(0.434	)			(0.269	)
Net realized gain			—			(5.926	)			(3.019	)			(2.025	)			(3.460	)			(4.310	)
Total dividends and distributions			—			(6.549	)			(3.521	)			(2.589	)			(3.894	)			(4.579	)
Net asset value, end of period		$	41.044		$	39.082			$	38.441			$	41.904			$	41.371			$	34.125
Total return3			5.02%			20.41%				0.26%				7.63%				33.78%				14.94%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	534,909		$	536,639			$	497,273			$	561,547			$	573,997			$	473,471
Ratio of expenses to average net assets			0.44%			0.44%				0.44%				0.43%				0.46%				0.47%
Ratio of net investment income to average net assets			1.30%			1.54%				1.21%				1.10%				1.13%				1.32%
Portfolio turnover			8%			16%				19%				7%				13%				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.

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	38.939		$	38.341			$	41.801			$	41.280			$	34.069			$	33.702
Income (loss) from investment operations:
Net investment income2			0.190			0.457				0.359				0.320				0.304				0.344
Net realized and unrealized gain (loss)			1.694			6.556				(0.445	)			2.641				10.665				4.477
Total from investment operations			1.884			7.013				(0.086	)			2.961				10.969				4.821
Less dividends and distributions from:
Net investment income			—			(0.489	)			(0.355	)			(0.415	)			(0.298	)			(0.144	)
Net realized gain			—			(5.926	)			(3.019	)			(2.025	)			(3.460	)			(4.310	)
Total dividends and distributions			—			(6.415	)			(3.374	)			(2.440	)			(3.758	)			(4.454	)
Net asset value, end of period		$	40.823		$	38.939			$	38.341			$	41.801			$	41.280			$	34.069
Total return3			4.84%			19.98%				(0.09%	)			7.26%				33.32%				14.54%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	108,787		$	102,044			$	86,414			$	88,093			$	85,755			$	64,617
Ratio of expenses to average net assets			0.79%			0.79%				0.79%				0.78%				0.81%				0.82%
Ratio of net investment income to average net assets			0.95%			1.19%				0.86%				0.75%				0.78%				0.97%
Portfolio turnover			8%			16%				19%				7%				13%				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.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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. 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 (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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. 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

LVIP Delaware Special Opportunities Fund–9

LVIP Delaware Special Opportunities 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, 2017.

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, 2017.

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. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	18,576
Legal		4,483

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $29,770 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	205,788
Distribution fees payable to LFD		31,211
Printing and mailing fees payable to Lincoln Life		29,770
Shareholder servicing fees payable to Lincoln Life		15,444

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 Delaware Special Opportunities Fund–10

LVIP Delaware Special Opportunities Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	52,575,287
Sales		70,386,040

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	424,527,488
Aggregate unrealized appreciation	$	264,522,990
Aggregate unrealized depreciation		(45,000,115	)
Net unrealized appreciation	$	219,522,875

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, 2017:

	Level 1		Level 2		Total
Investments:
Assets:
Common Stock	$	640,538,230	$	—	$	640,538,230
Money Market Fund		217,327		—		217,327
Short-Term Investment		—		3,294,806		3,294,806
Total Investments	$	640,755,557	$	3,294,806	$	644,050,363

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

During the six months ended June 30, 2017, 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 Delaware Special Opportunities Fund–11

LVIP Delaware Special Opportunities Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		255,076			575,202
Service Class		301,178			349,680
Shares reinvested:
Standard Class		—			2,210,648
Service Class		—			403,167
		556,254			3,538,697
Shares redeemed:
Standard Class		(953,700	)		(1,990,701	)
Service Class		(256,980	)		(386,066	)
		(1,210,680	)		(2,376,767	)
Net increase (decrease)		(654,426	)		1,161,930

5. 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, 2017. 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.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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–12

                              LVIP Dimensional International Equity Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,120.60		0.26	%		$1.37
Service Class Shares		1,000.00		1,119.20		0.51	%		2.68
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.51		0.26	%		$1.30
Service Class Shares		1,000.00		1,022.27		0.51	%		2.56

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 Dimensional International Equity Managed Volatility Fund–1

LVIP Dimensional International Equity Managed Volatility Fund

Security Type/Sector Allocations (unaudited)

As of June 30, 2017

Security Type/Sector Percentage  of Net Assets

Affiliated Investment	46.49	%
International Equity Fund	46.49	%
Unaffiliated Investments	53.53	%
International Equity Fund	46.82	%
Money Market Fund	6.71	%
Total Value of Securities	100.02	%
Liabilities Net of Receivables and Other Assets	(0.02	%)
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–46.49%
International Equity Fund–46.49%
*Lincoln Variable Insurance Products Trust - LVIP Dimensional International Core Equity Fund		14,537,845	$	152,356,620
Total Affiliated Investment (Cost $138,197,637)				152,356,620
UNAFFILIATED INVESTMENTS–53.53%
International Equity Fund–46.82%
**DFA International Value Portfolio		8,441,728		153,470,615
				153,470,615

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Money Market Fund–6.71%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		21,988,620	$	21,988,620
				21,988,620
Total Unaffiliated Investments (Cost $142,608,712)				175,459,235

TOTAL VALUE OF SECURITIES–100.02% (Cost $280,806,349)		327,815,855
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)		(70,857	)
NET ASSETS APPLICABLE TO 33,428,314 SHARES OUTSTANDING–100.00%	$	327,744,998

* Standard Class shares.

** Class I shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
65     British Pound	$	5,212,382	$	5,299,531		9/19/17	$	87,149	$	—
65     Euro		9,212,722		9,316,937		9/19/17		104,215		—
55     Japanese Yen		6,329,977		6,125,625		9/19/17		—		(204,352	)
								191,364		(204,352	)
Equity Contracts:
252     Euro STOXX 50 Index		10,229,235		9,875,166		9/18/17		—		(354,069	)
59     FTSE 100 Index		5,714,437		5,565,466		9/18/17		—		(148,971	)
36     Nikkei 225 Index (OSE)		6,438,263		6,407,824		9/8/17		—		(30,439	)
								—		(533,479	)
Total							$	191,364	$	(737,831	)

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

FTSE–Financial Times Stock Exchange

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, 2017 (unaudited)

ASSETS:
Affiliated investment, at value	$	152,356,620
Unaffiliated investments, at value		175,459,235
Total investments, at value		327,815,855
Foreign currencies collateral held at broker for futures contracts, at value		3,028,041
Unrealized appreciation on futures contracts		191,364
Foreign currencies, at value		185,966
Receivable for investments sold		107,875
Dividends receivable		14,168
TOTAL ASSETS		331,343,269
LIABILITIES:
Cash due to custodian		1,059,215
Cash collateral due to broker for futures contracts		1,025,527
Unrealized depreciation on futures contracts		737,831
Payable for fund shares redeemed		614,420
Due to manager and affiliates		138,639
Other accrued expenses payable		22,639
TOTAL LIABILITIES		3,598,271
TOTAL NET ASSETS	$	327,744,998
Affiliated investment, at cost	$	138,197,637
Unaffiliated investments, at cost		142,608,712
Total investments, at cost	$	280,806,349
Foreign currencies, at cost	$	186,213
Standard Class:
Net Assets	$	18,353,638
Shares Outstanding		1,869,805
Net Asset Value Per Share	$	9.816
Service Class:
Net Assets	$	309,391,360
Shares Outstanding		31,558,509
Net Asset Value Per Share	$	9.804
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	317,670,588
Undistributed net investment income		3,188,854
Accumulated net realized loss on investments		(39,577,236	)
Net unrealized appreciation of investments and derivatives		46,462,792
TOTAL NET ASSETS	$	327,744,998

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	2,765,235
EXPENSES:
Management fees		386,604
Distribution fees-Service Class		364,679
Accounting and administration expenses		25,826
Professional fees		17,371
Shareholder servicing fees		15,880
Reports and statements to shareholders		14,077
Trustees’ fees and expenses		4,031
Custodian fees		2,844
Consulting fees		2,138
Pricing fees		97
Other		1,353
		834,900
Less:
Management fees waived		(61,857	)
Total operating expenses		773,043
NET INVESTMENT INCOME		1,992,192
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Sale of affiliated investment		11,107
Sale of unaffiliated investments		62,077
Foreign currencies		112,014
Futures contracts		3,239,286
Net realized gain		3,424,484
Net change in unrealized appreciation (depreciation) of:
Affiliated investment		18,942,756
Unaffiliated investments		11,392,898
Foreign currencies		70
Futures contracts		(943,892	)
Net change in unrealized appreciation (depreciation)		29,391,832
NET REALIZED AND UNREALIZED GAIN		32,816,316
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	34,808,508

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,992,192		$	6,059,418
Net realized gain (loss)		3,424,484			(41,305,044	)
Net change in unrealized appreciation (depreciation)		29,391,832			41,140,794
Net increase in net assets resulting from operations		34,808,508			5,895,168
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(382,787	)
Service Class		—			(5,554,924	)
Net realized gain:
Standard Class		—			(267,828	)
Service Class		—			(4,285,095	)
		—			(10,490,634	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		914,985			3,601,359
Service Class		30,557,665			54,295,621
Reinvestment of dividends and distributions:
Standard Class		—			650,615
Service Class		—			9,840,019
		31,472,650			68,387,614
Cost of shares redeemed:
Standard Class		(1,157,622	)		(3,395,761	)
Service Class		(23,555,900	)		(36,593,553	)
		(24,713,522	)		(39,989,314	)
Increase in net assets derived from capital share transactions		6,759,128			28,398,300
NET INCREASE IN NET ASSETS		41,567,636			23,802,834
NET ASSETS:
Beginning of period		286,177,362			262,374,528
End of period	$	327,744,998		$	286,177,362
Undistributed net investment income	$	3,188,854		$	1,196,662

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 6/30/171 (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	8.760		$	8.941			$	9.403			$	10.391			$	9.202			$	7.951
Income (loss) from investment operations:
Net investment income3			0.071			0.215				0.089				0.270				0.246				0.310
Net realized and unrealized gain (loss)			0.985			(0.047	)			(0.461	)			(1.048	)			1.142				1.172
Total from investment operations			1.056			0.168				(0.372	)			(0.778	)			1.388				1.482
Less dividends and distributions from:
Net investment income			—			(0.206	)			(0.090	)			(0.210	)			(0.187	)			(0.212	)
Net realized gain			—			(0.143	)			—				—				(0.012	)			(0.019	)
Total dividends and distributions			—			(0.349	)			(0.090	)			(0.210	)			(0.199	)			(0.231	)
Net asset value, end of period		$	9.816		$	8.760			$	8.941			$	9.403			$	10.391			$	9.202
Total return4			12.06%			1.97%				(3.97%	)			(7.50%	)			15.12%				18.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	18,354		$	16,599			$	16,022			$	33,237			$	34,646			$	21,171
Ratio of expenses to average net assets5			0.26%			0.22%				0.19%				0.33%				0.33%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.30%			0.31%				0.33%				0.33%				0.37%				0.50%
Ratio of net investment income to average net assets			1.52%			2.48%				0.92%				2.62%				2.50%				3.60%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.48%			2.39%				0.78%				2.62%				2.46%				3.40%
Portfolio turnover			5%			61%				119%6				13%				13%				11%

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

²  Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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.

⁶  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 6/30/171 (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	8.760		$	8.942			$	9.403			$	10.390			$	9.202			$	7.954
Income (loss) from investment operations:
Net investment income3			0.059			0.193				0.064				0.243				0.223				0.288
Net realized and unrealized gain (loss)			0.985			(0.048	)			(0.458	)			(1.046	)			1.139				1.171
Total from investment operations			1.044			0.145				(0.394	)			(0.803	)			1.362				1.459
Less dividends and distributions from:
Net investment income			—			(0.184	)			(0.067	)			(0.184	)			(0.162	)			(0.192	)
Net realized gain			—			(0.143	)			—				—				(0.012	)			(0.019	)
Total dividends and distributions			—			(0.327	)			(0.067	)			(0.184	)			(0.174	)			(0.211	)
Net asset value, end of period		$	9.804		$	8.760			$	8.942			$	9.403			$	10.390			$	9.202
Total return4			11.92%			1.72%				(4.21%	)			(7.74%	)			14.84%				18.47%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	309,391		$	269,578			$	246,353			$	182,247			$	101,016			$	30,083
Ratio of expenses to average net assets5			0.51%			0.47%				0.44%				0.58%				0.58%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.55%			0.56%				0.58%				0.58%				0.62%				0.75%
Ratio of net investment income to average net assets			1.27%			2.23%				0.67%				2.37%				2.25%				3.35%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.23%			2.14%				0.53%				2.37%				2.21%				3.15%
Portfolio turnover			5%			61%				119%6				13%				13%				11%

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

²  Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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.

⁶  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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013-December 31, 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 six months ended June 30, 2017, 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 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 gains distributions from the Underlying Funds are recorded on the ex-dividend date.

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)

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, 2017.

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). The fee is calculated daily and paid monthly.

LIAC has contractually agreed to waive a portion of its advisory fee. 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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	8,625
Legal		2,083

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $10,651 for the six months June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	56,586
Distribution fees payable to LFD		63,588
Printing and mailing fees payable to Lincoln Life		10,651
Shareholder servicing fees payable to Lincoln Life		7,814

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 investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP Dimensional International Core Equity Fund		$	133,836,090		$	8,133,388		$	8,566,721		$	11,107		$	18,942,756		$	152,356,620		$	—		$	—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	23,073,418
Sales		13,579,728

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	280,806,349
Aggregate unrealized appreciation	$	47,009,506
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	47,009,506

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No  Expiration)
Short-Term	Long-Term	Total
$31,774,538	$7,419,338	$39,193,876

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 Dimensional International Equity Managed Volatility Fund–10

LVIP Dimensional 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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investment	$	152,356,620
Unaffiliated Investments		175,459,235
Total Investments	$	327,815,855
Derivatives:
Assets:
Futures Contracts	$	191,364
Liabilities:
Futures Contracts	$	(737,831	)

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

During the six months ended June 30, 2017, 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 6/30/2017			Year Ended 12/31/16
Shares sold:
Standard Class		98,633			416,789
Service Class		3,289,513			6,307,336
Shares reinvested:
Standard Class		—			75,149
Service Class		—			1,138,080
	3,388,146			7,937,354
Shares redeemed:
Standard Class		(123,756	)		(388,926	)
Service Class		(2,505,301	)		(4,220,492	)
	(2,629,057)			(4,609,418)
Net increase		759,089			3,327,936

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 objectives and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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 Dimensional International Equity Managed Volatility Fund–11

LVIP Dimensional International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	—	Unrealized depreciation on futures contracts	$	(533,479	)
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts		191,364	Unrealized depreciation on futures contracts		(204,352	)
Total		$	191,364		$	(737,831	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	2,442,567		$	(1,198,832	)
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			796,719			254,940
Total			$	3,239,286		$	(943,892	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Futures contracts (average notional value)		$	40,981,536		$	—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 U.S. Equity Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP Dimensional U.S. 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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,072.10		0.29	%		$1.49
Service Class Shares		1,000.00		1,070.80		0.54	%		2.77
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.36		0.29	%		$1.45
Service Class Shares		1,000.00		1,022.12		0.54	%		2.71

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 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, 2017

Security Type/Sector Percentage  of Net Assets

Affiliated Investment	55.97	%
Equity Fund	55.97	%
Unaffiliated Investments	43.88	%
Equity Fund	37.12	%
Money Market Fund	6.76	%
Total Value of Securities	99.85	%
Receivables and Other Assets Net of Liabilities	0.15	%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–55.97%
Equity Fund–55.97%
*Lincoln Variable Insurance Products Trust - LVIP Dimensional U.S. Core Equity 2 Fund		33,761,407	$	387,040,772
Total Affiliated Investment (Cost $338,646,116)				387,040,772
UNAFFILIATED INVESTMENTS–43.88%
Equity Fund–37.12%
**DFA U.S. Large Company Portfolio		13,623,885		256,673,998
				256,673,998

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Money Market Fund–6.76%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		46,719,372	$	46,719,372
				46,719,372
Total Unaffiliated Investments (Cost $253,055,355)				303,393,370

TOTAL VALUE OF SECURITIES–99.85% (Cost $591,701,471)		690,434,142
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.15%		1,042,732
NET ASSETS APPLICABLE TO 49,805,578 SHARES OUTSTANDING–100.00%	$	691,476,874

* Standard Class shares.

** Institutional Class shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Equity Contracts:
62     E-mini Russell 2000 Index	$	4,338,862	$	4,384,330		9/18/17	$	45,468	$	—
247     E-mini S&P 500 Index		29,967,090		29,898,115		9/18/17		—		(68,975	)
52     E-mini S&P MidCap 400 Index		9,181,213		9,079,720		9/18/17		—		(101,493	)
Total							$	45,468	$	(170,468	)

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

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Affiliated investment, at value	$	387,040,772
Unaffiliated investments, at value		303,393,370
Total investments, at value		690,434,142
Cash collateral held at broker for futures contracts		1,758,185
Receivable for investments sold		74,579
Receivable for fund shares sold		52,952
Unrealized appreciation on futures contracts		45,468
Dividends receivable		30,162
Cash		9,484
TOTAL ASSETS		692,404,972
LIABILITIES:
Payable for fund shares redeemed		421,533
Due to manager and affiliates		310,284
Unrealized depreciation on futures contracts		170,468
Other accrued expenses payable		25,813
TOTAL LIABILITIES		928,098
TOTAL NET ASSETS	$	691,476,874
Affiliated investment, at cost	$	338,646,116
Unaffiliated investments, at cost		253,055,355
Total investments, at cost	$	591,701,471
Standard Class:
Net Assets	$	24,991,612
Shares Outstanding		1,797,020
Net Asset Value Per Share	$	13.907
Service Class:
Net Assets	$	666,485,262
Shares Outstanding		48,008,558
Net Asset Value Per Share	$	13.883
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	626,797,250
Undistributed net investment income		840,979
Accumulated net realized loss on investments		(34,769,026	)
Net unrealized appreciation of investments and derivatives		98,607,671
TOTAL NET ASSETS	$	691,476,874

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	2,507,082
EXPENSES:
Management fees		809,226
Distribution fees-Service Class		778,886
Accounting and administration expenses		37,677
Shareholder servicing fees		33,271
Professional fees		20,583
Reports and statements to shareholders		18,672
Trustees’ fees and expenses		8,506
Custodian fees		3,677
Consulting fees		2,529
Pricing fees		83
Other		3,363
Total operating expenses		1,716,473
NET INVESTMENT INCOME:		790,609
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of affiliated investment		(27,221	)
Sale of unaffiliated investments		22,174
Futures contracts		2,712,948
Net realized gain		2,707,901
Net change in unrealized appreciation (depreciation) of:
Affiliated investment		20,949,354
Unaffiliated investments		18,742,980
Futures contracts		113,010
Net change in unrealized appreciation (depreciation)		39,805,344
NET REALIZED AND UNREALIZED GAIN		42,513,245
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,303,854

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	790,609		$	5,658,146
Net realized gain (loss)		2,707,901			(37,898,181	)
Net change in unrealized appreciation (depreciation)		39,805,344			86,176,025
Net increase in net assets resulting from operations		43,303,854			53,935,990
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(288,882	)
Service Class		—			(5,322,747	)
Net realized gain:
Standard Class		—			(1,781,298	)
Service Class		—			(41,422,520	)
		—			(48,815,447	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,092,775			5,824,868
Service Class		108,156,019			133,589,975
Reinvestment of dividends and distributions:
Standard Class		—			2,070,180
Service Class		—			46,745,267
		110,248,794			188,230,290
Cost of shares redeemed:
Standard Class		(2,729,460	)		(5,229,970	)
Service Class		(34,738,693	)		(62,892,778	)
		(37,468,153	)		(68,122,748	)
Increase in net assets derived from capital share transactions		72,780,641			120,107,542
NET INCREASE IN NET ASSETS		116,084,495			125,228,085
NET ASSETS:
Beginning of period		575,392,379			450,164,294
End of period	$	691,476,874		$	575,392,379
Undistributed net investment income	$	840,979		$	50,370

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 6/30/171 (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.972		$	12.919			$	14.157			$	13.649			$	10.715			$	9.230
Income (loss) from investment operations:
Net investment income3			0.033			0.180				0.133				0.154				0.165				0.199
Net realized and unrealized gain (loss)			0.902			1.181				(1.210	)			0.488				2.955				1.405
Total from investment operations			0.935			1.361				(1.077	)			0.642				3.120				1.604
Less dividends and distributions from:
Net investment income			—			(0.159	)			(0.161	)			(0.134	)			(0.125	)			(0.117	)
Net realized gain			—			(1.149	)			—				—				(0.061	)			(0.002	)
Total dividends and distributions			—			(1.308	)			(0.161	)			(0.134	)			(0.186	)			(0.119	)
Net asset value, end of period		$	13.907		$	12.972			$	12.919			$	14.157			$	13.649			$	10.715
Total return4			7.21%			11.13%				(7.61%	)			4.70%				29.18%				17.41%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	24,992		$	23,926			$	20,947			$	22,848			$	15,078			$	2,558
Ratio of expenses to average net assets5			0.29%			0.24%				0.18%				0.31%				0.32%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.29%			0.30%				0.32%				0.31%				0.33%				0.39%
Ratio of net investment income to average net assets			0.48%			1.39%				0.96%				1.11%				1.31%				1.94%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.48%			1.33%				0.82%				1.11%				1.30%				1.85%
Portfolio turnover			2%			41%				108%6				26%				15%				14%

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

²  Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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.

⁶  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 6/30/171 (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.965		$	12.915			$	14.151			$	13.645			$	10.714			$	9.229
Income (loss) from investment operations:
Net investment income3			0.016			0.147				0.098				0.119				0.133				0.174
Net realized and unrealized gain (loss)			0.902			1.178				(1.207	)			0.487				2.953				1.403
Total from investment operations			0.918			1.325				(1.109	)			0.606				3.086				1.577
Less dividends and distributions from:
Net investment income			—			(0.126	)			(0.127	)			(0.100	)			(0.094	)			(0.090	)
Net realized gain			—			(1.149	)			—				—				(0.061	)			(0.002	)
Total dividends and distributions			—			(1.275	)			(0.127	)			(0.100	)			(0.155	)			(0.092	)
Net asset value, end of period		$	13.883		$	12.965			$	12.915			$	14.151			$	13.645			$	10.714
Total return4			7.08%			10.86%				(7.85%	)			4.44%				28.86%				17.12%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	666,485		$	551,466			$	429,217			$	356,311			$	220,223			$	92,185
Ratio of expenses to average net assets5			0.54%			0.49%				0.43%				0.56%				0.57%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.54%			0.55%				0.57%				0.56%				0.58%				0.64%
Ratio of net investment income to average net assets			0.23%			1.14%				0.71%				0.86%				1.06%				1.69%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.23%			1.08%				0.57%				0.86%				1.05%				1.60%
Portfolio turnover			2%			41%				108%6				26%				15%				14%

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

²  Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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.

⁶  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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013-December 31, 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 six months ended June 30, 2017, 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, 2017.

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). The fee is calculated daily and paid monthly.

SSGA Funds Management, Inc. (the “Sub-Adviser”) is responsible for managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	18,108
Legal		4,339

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $14,414 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	142,254
Distribution fees payable to LFD		137,114
Printing and mailing fees payable to Lincoln Life		14,414
Shareholder servicing fees payable to Lincoln Life		16,502

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, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP Dimensional U.S. Core Equity 2 Fund		$	320,330,064		$	50,118,114		$	4,329,539		$	(27,221	)		$	20,949,354		$	387,040,772		$	—		$	—

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	81,679,738
Sales		13,075,337

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	591,701,471
Aggregate unrealized appreciation	$	98,732,671
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	98,732,671

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, 2016, the Funds had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No  Expiration)
Short-Term	Long-Term	Total
$20,817,259	$4,527,459	$25,344,718

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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investment	$	387,040,772
Unaffiliated Investments		303,393,370
Total Investments	$	690,434,142
Derivatives:
Assets:
Futures Contracts	$	45,468
Liabilities:
Futures Contracts	$	(170,468	)

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

LVIP Dimensional U.S. Equity Managed Volatility Fund–10

LVIP Dimensional U.S. Equity Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		154,041			451,931
Service Class		8,037,450			10,394,195
Shares reinvested:
Standard Class		—			167,128
Service Class		—			3,787,266
		8,191,491			14,800,520
Shares redeemed:
Standard Class		(201,453	)		(396,086	)
Service Class		(2,563,818	)		(4,880,253	)
	(2,765,271)			(5,276,339)
Net increase		5,426,220			9,524,181

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 objectives and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	45,468	Unrealized depreciation on futures contracts	$	(170,468	)

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)

The effect of derivative instruments on the Statement of Operations for six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	2,712,948		$	113,010

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the year ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Futures contracts (average notional value)		$	41,479,031		$	—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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. Equity Managed Volatility Fund–12

                              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, 2017

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 Funds 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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,019.70		0.24%		$1.20
Service Class Shares		1,000.00		1,018.40		0.49%		2.45
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.60		0.24%		$1.20
Service Class Shares		1,000.00		1,022.36		0.49%		2.46

LVIP Vanguard Domestic Equity ETF Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,086.10		0.24%		$1.24
Service Class Shares		1,000.00		1,084.80		0.49%		2.53
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.60		0.24%		$1.20
Service Class Shares		1,000.00		1,022.36		0.49%		2.46

LVIP Vanguard International Equity ETF Fund

Expense Analysis of an Investment of $ 1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,155.30		0.26%		$1.39
Service Class Shares		1,000.00		1,153.90		0.51%		2.72
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.51		0.26%		$1.30
Service Class Shares		1,000.00		1,022.27		0.51%		2.56

* “Expenses Paid During Period” are equal to a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 Dimensional/Vanguard Allocation Funds–1

LVIP Dimensional/Vanguard Allocation Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2017

LVIP Dimensional/Vanguard Total Bond Fund

Security Type/Sector Percentage  of Net Assets

Affiliated Investments	29.99	%
Fixed Income Funds	27.98	%
Money Market Fund	2.01	%
Unaffiliated Investments	70.05	%
Fixed Income Funds	70.05	%
Total Value of Securities	100.04	%
Liabilities Net of Receivables and Other Assets	(0.04	%)
Total Net Assets	100.00	%

LVIP Vanguard Domestic Equity ETF Fund

Security Type/Sector Percentage  of Net Assets

Affiliated Investment	2.03	%
Money Market Fund	2.03	%
Unaffiliated Investments	98.65	%
Equity Funds	97.99	%
Money Market Fund	0.66	%
Total Value of Securities	100.68	%
Liabilities Net of Receivables and Other Assets	(0.68	%)
Total Net Assets	100.00	%

LVIP Vanguard International Equity ETF Fund

Security Type/Sector Percentage  of Net Assets

Affiliated Investment	2.03	%
Money Market Fund	2.03	%
Unaffiliated Investments	98.95	%
International Equity Funds	97.99	%
Money Market Fund	0.96	%
Total Value of Securities	100.98	%
Liabilities Net of Receivables and Other Assets	(0.98	%)
Total Net Assets	100.00	%

LVIP Dimensional/Vanguard Allocation Funds–2

LVIP Dimensional/Vanguard Total Bond Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–29.99%
Fixed Income Funds–27.98%
*DFA Intermediate Term Extended Quality Portfolio		11,180,216	$	120,522,728
*DFA VA Global Bond Portfolio		2,362,752		25,470,466
*DFA VA Short-Term Fixed Portfolio		3,115,131		31,898,946
				177,892,140
Money Market Fund–2.01%
**Lincoln Variable Insurance Products Trust–LVIP Government Money Market Fund (seven-day effective yield 0.47%)		1,274,894		12,748,935
				12,748,935
Total Affiliated Investments (Cost $189,518,906)				190,641,075
UNAFFILIATED INVESTMENTS–70.05%
Fixed Income Funds–70.05%
*DFA Inflation Protected Securities Portfolio		1,086,729		12,703,858

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Fixed Income Funds (continued)
*DFA One-Year Fixed Income Portfolio		4,955,465	$	51,041,294
*DFA Two-Year Global Fixed Income Portfolio		7,047,272		70,120,358
Vanguard Long-Term Bond ETF		204,137		19,013,320
Vanguard Mortgage-Backed Securities ETF		1,448,232		76,263,897
Vanguard Short-Term Corporate Bond ETF		318,669		25,506,267
Vanguard Total Bond Market ETF		2,330,630		190,715,453
				445,364,447
Total Unaffiliated Investments (Cost $444,259,796)				445,364,447

TOTAL VALUE OF SECURITIES–100.04% (Cost $633,778,702)		636,005,522
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)		(240,447	)
NET ASSETS APPLICABLE TO 59,933,310 SHARES OUTSTANDING–100.00%	$	635,765,075

*   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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–2.03%
Money Market Fund–2.03%
*Lincoln Variable Insurance Products Trust–LVIP Government Money Market Fund (seven-day effective yield 0.47%)		662,923	$	6,629,234
Total Affiliated Investment (Cost $6,629,234)				6,629,234
UNAFFILIATED INVESTMENTS–98.65%
Equity Funds–97.99%
Vanguard Dividend Appreciation ETF		351,153		32,541,349
Vanguard Mega Cap 300 Growth ETF		618,523		61,889,411
Vanguard Mega Cap 300 Value ETF		893,847		61,997,228
Vanguard Mid-Cap Growth ETF		139,043		16,362,580
Vanguard Mid-Cap Value ETF		158,681		16,323,514
Vanguard REIT ETF		78,027		6,494,187
Vanguard Small-Cap Growth ETF		45,082		6,569,800

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Equity Funds (continued)
Vanguard Small-Cap Value ETF		106,792	$	13,125,805
Vanguard Total Stock Market ETF		787,475		98,001,264
**Vanguard Variable Insurance Fund–Small Company Growth Portfolio		297,846		6,606,233
				319,911,371
Money Market Fund–0.66%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		2,147,377		2,147,377
				2,147,377
Total Unaffiliated Investments (Cost $228,638,808)				322,058,748

TOTAL VALUE OF SECURITIES–100.68% (Cost $235,268,042)		328,687,982
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.68%)		(2,212,999	)
NET ASSETS APPLICABLE TO 18,939,923 SHARES OUTSTANDING–100.00%	$	326,474,983

*   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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–2.03%
Money Market Fund–2.03%
*Lincoln Variable Insurance Products Trust–LVIP Government Money Market Fund (seven-day effective yield 0.47%)		426,755	$	4,267,545
Total Affiliated Investment (Cost $4,267,545)				4,267,545
UNAFFILIATED INVESTMENTS–98.95%
International Equity Funds–97.99%
Vanguard FTSE All-World ex-U.S. ETF		756,930		37,869,208
Vanguard FTSE All-World ex-U.S. Small-Cap ETF		176,046		19,034,093
Vanguard FTSE Developed Markets ETF		1,221,306		50,464,364
Vanguard FTSE Emerging Markets ETF		415,814		16,977,686

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
International Equity Funds (continued)
Vanguard FTSE European ETF		493,020	$	27,185,123
Vanguard FTSE Pacific ETF		480,894		31,642,825
Vanguard Global ex-U.S. Real Estate ETF		74,178		4,172,513
**Vanguard VA International Portfolio		797,039		18,961,562
				206,307,374
Money Market Fund–0.96%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		2,018,057		2,018,057
				2,018,057
Total Unaffiliated Investments (Cost $180,858,346)				208,325,431

TOTAL VALUE OF SECURITIES–100.98% (Cost $185,125,891)		212,592,976
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.98%)		(2,063,366	)
NET ASSETS APPLICABLE TO 19,809,688 SHARES OUTSTANDING–100.00%	$	210,529,610

*   Standard Class shares.

** Retail Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

FTSE–Financial Times Stock Exchange

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, 2017 (unaudited)

	LVIP Dimensional/ Vanguard Total Bond Fund				LVIP Vanguard Domestic Equity ETF Fund				LVIP Vanguard International Equity ETF Fund
ASSETS:
Affiliated investments, at value		$	190,641,075			$	6,629,234			$	4,267,545
Unaffiliated investments, at value			445,364,447				322,058,748				208,325,431
Total investments, at value			636,005,522				328,687,982				212,592,976
Receivable for fund shares sold			390,439				155,629				202,007
Receivable for investments sold			216,556				—				20,924
Dividends receivable			629				45,478				20,767
TOTAL ASSETS			636,613,146				328,889,089				212,836,674
LIABILITIES:
Payable for fund shares redeemed			353,435				139,328				180,211
Due to manager and affiliates			251,990				108,196				70,994
Cash overdraft			205,405				—				—
Other accrued expenses			26,056				19,642				16,998
Payable for investments purchased			11,185				2,146,940				2,038,861
TOTAL LIABILITIES			848,071				2,414,106				2,307,064
TOTAL NET ASSETS		$	635,765,075			$	326,474,983			$	210,529,610
Affiliated investments, at cost		$	189,518,906			$	6,629,234			$	4,267,545
Unaffiliated investments, at cost			444,259,796				228,638,808				180,858,346
Total investments, at cost		$	633,778,702			$	235,268,042			$	185,125,891
Standard Class:
Net Assets		$	79,011,704			$	110,629,783			$	81,784,531
Shares Outstanding			7,440,635				6,410,441				7,688,668
Net Asset Value Per Share		$	10.619			$	17.258			$	10.637
Service Class:
Net Assets		$	556,753,371			$	215,845,200			$	128,745,079
Shares Outstanding			52,492,675				12,529,482				12,121,020
Net Asset Value Per Share		$	10.606			$	17.227			$	10.622
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)		$	631,790,680			$	231,584,474			$	190,066,050
Undistributed net investment income			4,120,623				2,082,231				2,228,684
Accumulated net realized loss on investments			(2,373,048	)			(611,662	)			(9,232,209	)
Net unrealized appreciation of investments			2,226,820				93,419,940				27,467,085
TOTAL NET ASSETS		$	635,765,075			$	326,474,983			$	210,529,610

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, 2017 (unaudited)

	LVIP Dimensional/ Vanguard Total Bond Fund				LVIP Vanguard Domestic Equity ETF Fund				LVIP Vanguard International Equity ETF Fund
INVESTMENT INCOME:
Dividends from unaffiliated investments		$	3,792,422			$	2,700,757			$	2,561,168
Dividends from affiliated investments			1,711,242				9,093				5,554
			5,503,664				2,709,850				2,566,722
EXPENSES:
Management fees			751,585				379,219				237,205
Distribution fees-Service Class			660,140				255,918				144,889
Accounting and administration expenses			36,264				25,572				21,560
Shareholder servicing fees			30,444				15,445				10,065
Reports and statements to shareholders			21,709				5,584				6,789
Professional fees			17,857				12,694				11,558
Trustees’ fees and expenses			7,959				3,981				2,434
Custodian fees			3,980				3,239				2,157
Consulting fees			1,514				1,172				1,058
Pricing fees			44				35				24
Other			1,862				829				620
			1,533,358				703,688				438,359
Less:
Management fees waived			(150,317	)			(75,844	)			(47,441	)
Total operating expenses			1,383,041				627,844				390,918
NET INVESTMENT INCOME			4,120,623				2,082,006				2,175,804
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investments			—				415,349				123,455
Sale of unaffiliated investments			(243,442	)			297,942				297,029
Sale of affiliated investments			(171,685	)			—				—
Net realized gain (loss)			(415,127	)			713,291				420,484
Net change in unrealized appreciation (depreciation) of:
Unaffiliated investments			4,212,770				21,606,395				24,228,328
Affiliated investments			3,243,470				—				—
Net change in unrealized appreciation (depreciation)			7,456,240				21,606,395				24,228,328
NET REALIZED AND UNREALIZED GAIN			7,041,113				22,319,686				24,648,812
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	11,161,736			$	24,401,692			$	26,824,616

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 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,120,623		$	8,432,895		$	2,082,006		$	3,961,429		$	2,175,804		$	3,585,086
Net realized gain (loss)		(415,127	)		53,235			713,291			(224,849	)		420,484			(2,111,748	)
Net change in unrealized appreciation (depreciation)		7,456,240			(323,689	)		21,606,395			24,450,101			24,228,328			3,943,622
Net increase in net assets resulting from operations		11,161,736			8,162,441			24,401,692			28,186,681			26,824,616			5,416,960
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,180,234	)		—			(1,378,248	)		—			(1,462,909	)
Service Class		—			(7,299,509	)		—			(2,612,460	)		—			(2,096,208	)
Net realized gain:
Standard Class		—			—			—			(248,924	)		—			—
Service Class		—			—			—			(587,434	)		—			—
		—			(8,479,743	)		—			(4,827,066	)		—			(3,559,117	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		13,118,743			32,458,194			19,509,617			25,739,054			11,556,226			21,226,004
Service Class		69,808,220			139,361,749			31,837,677			47,064,271			21,871,142			24,579,090
Reinvestment of dividends and distributions:
Standard Class		—			1,180,234			—			1,627,172			—			1,462,909
Service Class		—			7,299,509			—			3,199,894			—			2,096,208
		82,926,963			180,299,686			51,347,294			77,630,391			33,427,368			49,364,211
Cost of shares redeemed:
Standard Class		(5,988,050	)		(6,087,321	)		(3,519,144	)		(7,071,783	)		(3,911,188	)		(4,137,538	)
Service Class		(34,047,120	)		(75,671,678	)		(24,242,029	)		(33,804,104	)		(11,204,451	)		(18,378,714	)
		(40,035,170	)		(81,758,999	)		(27,761,173	)		(40,875,887	)		(15,115,639	)		(22,516,252	)
Increase in net assets derived from capital share transactions		42,891,793			98,540,687			23,586,121			36,754,504			18,311,729			26,847,959
NET INCREASE IN NET ASSETS		54,053,529			98,223,385			47,987,813			60,114,119			45,136,345			28,705,802
NET ASSETS:
Beginning of period		581,711,546			483,488,161			278,487,170			218,373,051			165,393,265			136,687,463
End of period	$	635,765,075		$	581,711,546		$	326,474,983		$	278,487,170		$	210,529,610		$	165,393,265
Undistributed net investment income	$	4,120,623		$	—		$	2,082,231		$	225		$	2,228,684		$	52,880

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.414		$	10.373			$	10.518			$	10.224			$	10.688			$	10.491
Income (loss) from investment operations:
Net investment income2			0.083			0.189				0.164				0.196				0.162				0.193
Net realized and unrealized gain (loss)			0.122			0.030				(0.132	)			0.278				(0.457	)			0.198
Total from investment operations			0.205			0.219				0.032				0.474				(0.295	)			0.391
Less dividends and distributions from:
Net investment income			—			(0.178	)			(0.172	)			(0.172	)			(0.141	)			(0.175	)
Net realized gain			—			—				(0.003	)			(0.008	)			(0.028	)			(0.019	)
Return of capital			—			—				(0.002	)			—				—				—
Total dividends and distributions			—			(0.178	)			(0.177	)			(0.180	)			(0.169	)			(0.194	)
Net asset value, end of period		$	10.619		$	10.414			$	10.373			$	10.518			$	10.224			$	10.688
Total return3			1.97%			2.11%				0.31%				4.64%				(2.76%	)			3.73%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	79,012		$	70,429			$	43,416			$	32,573			$	13,621			$	8,444
Ratio of expenses to average net assets4			0.24%			0.23%				0.23%				0.24%				0.26%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.29%			0.28%				0.28%				0.29%				0.31%				0.35%
Ratio of net investment income to average net assets			1.59%			1.77%				1.55%				1.86%				1.55%				1.80%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.54%			1.72%				1.50%				1.81%				1.50%				1.75%
Portfolio turnover			3%			13%				10%				14%				9%				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  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 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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.414		$	10.374			$	10.519			$	10.224			$	10.689			$	10.494
Income (loss) from investment operations:
Net investment income2			0.070			0.162				0.137				0.169				0.136				0.166
Net realized and unrealized gain (loss)			0.122			0.029				(0.131	)			0.280				(0.457	)			0.199
Total from investment operations			0.192			0.191				0.006				0.449				(0.321	)			0.365
Less dividends and distributions from:
Net investment income			—			(0.151	)			(0.146	)			(0.146	)			(0.116	)			(0.151	)
Net realized gain			—			—				(0.003	)			(0.008	)			(0.028	)			(0.019	)
Return of capital			—			—				(0.002	)			—				—				—
Total dividends and distributions			—			(0.151	)			(0.151	)			(0.154	)			(0.144	)			(0.170	)
Net asset value, end of period		$	10.606		$	10.414			$	10.374			$	10.519			$	10.224			$	10.689
Total return3			1.84%			1.84%				0.06%				4.39%				(3.00%	)			3.48%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	556,753		$	511,283			$	440,072			$	364,391			$	233,819			$	137,634
Ratio of expenses to average net assets4			0.49%			0.48%				0.48%				0.49%				0.51%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.54%			0.53%				0.53%				0.54%				0.56%				0.60%
Ratio of net investment income to average net assets			1.34%			1.52%				1.30%				1.61%				1.30%				1.55%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.29%			1.47%				1.25%				1.56%				1.25%				1.50%
Portfolio turnover			3%			13%				10%				14%				9%				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  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 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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	15.890		$	14.444			$	14.748			$	13.421			$	10.394			$	9.158
Income (loss) from investment operations:
Net investment income2			0.128			0.273				0.249				0.229				0.212				0.200
Net realized and unrealized gain (loss)			1.240			1.479				(0.293	)			1.409				2.960				1.187
Total from investment operations			1.368			1.752				(0.044	)			1.638				3.172				1.387
Less dividends and distributions from:
Net investment income			—			(0.256	)			(0.243	)			(0.265	)			(0.145	)			(0.151	)
Net realized gain			—			(0.050	)			(0.017	)			(0.046	)			—				—
Total dividends and distributions			—			(0.306	)			(0.260	)			(0.311	)			(0.145	)			(0.151	)
Net asset value, end of period		$	17.258		$	15.890			$	14.444			$	14.748			$	13.421			$	10.394
Total return3			8.61%			12.14%				(0.31%	)			12.21%				30.52%				15.17%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	110,630		$	86,644			$	59,518			$	36,626			$	13,983			$	1,723
Ratio of expenses to average net assets4			0.24%			0.24%				0.25%				0.25%				0.29%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.29%			0.29%				0.30%				0.30%				0.34%				0.39%
Ratio of net investment income to average net assets			1.54%			1.82%				1.68%				1.62%				1.71%				1.97%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.49%			1.77%				1.63%				1.57%				1.66%				1.88%
Portfolio turnover			7%			12%				14%				15%				20%				17%

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 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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	15.881		$	14.439			$	14.743			$	13.418			$	10.395			$	9.159
Income (loss) from investment operations:
Net investment income2			0.107			0.235				0.212				0.192				0.177				0.174
Net realized and unrealized gain (loss)			1.239			1.476				(0.293	)			1.409				2.961				1.187
Total from investment operations			1.346			1.711				(0.081	)			1.601				3.138				1.361
Less dividends and distributions from:
Net investment income			—			(0.219	)			(0.206	)			(0.230	)			(0.115	)			(0.125	)
Net realized gain			—			(0.050	)			(0.017	)			(0.046	)			—				—
Total dividends and distributions			—			(0.269	)			(0.223	)			(0.276	)			(0.115	)			(0.125	)
Net asset value, end of period		$	17.227		$	15.881			$	14.439			$	14.743			$	13.418			$	10.395
Total return3			8.48%			11.86%				(0.56%	)			11.93%				30.20%				14.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	215,845		$	191,843			$	158,855			$	154,511			$	134,339			$	86,200
Ratio of expenses to average net assets4			0.49%			0.49%				0.50%				0.50%				0.54%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.54%			0.54%				0.55%				0.55%				0.59%				0.64%
Ratio of net investment income to average net assets			1.29%			1.57%				1.43%				1.37%				1.46%				1.72%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.24%			1.52%				1.38%				1.32%				1.41%				1.63%
Portfolio turnover			7%			12%				14%				15%				20%				17%

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 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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	9.207		$	9.086			$	9.595			$	10.272			$	9.139			$	8.000
Income (loss) from investment operations:
Net investment income2			0.122			0.239				0.225				0.280				0.246				0.193
Net realized and unrealized gain (loss)			1.308			0.098				(0.507	)			(0.756	)			1.100				1.336
Total from investment operations			1.430			0.337				(0.282	)			(0.476	)			1.346				1.529
Less dividends and distributions from:
Net investment income			—			(0.216	)			(0.227	)			(0.201	)			(0.212	)			(0.188	)
Net realized gain			—			—				—				—				—				—	3
Return of capital			—			—				—				—				(0.001	)			(0.202	)
Total dividends and distributions			—			(0.216	)			(0.227	)			(0.201	)			(0.213	)			(0.390	)
Net asset value, end of period		$	10.637		$	9.207			$	9.086			$	9.595			$	10.272			$	9.139
Total return4			15.53%			3.72%				(2.95%	)			(4.64%	)			14.75%				19.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	81,785		$	63,645			$	44,417			$	29,516			$	11,500			$	1,890
Ratio of expenses to average net assets5			0.26%			0.26%				0.27%				0.28%				0.30%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.31%			0.31%				0.32%				0.33%				0.39%				0.36%
Ratio of net investment income to average net assets			2.44%			2.61%				2.29%				2.72%				2.52%				2.21%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.39%			2.56%				2.24%				2.67%				2.43%				2.15%
Portfolio turnover			6%			13%				23%				11%				17%				48%

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 $11 was made, which calculated to de minimis 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 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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	9.205		$	9.085			$	9.592			$	10.268			$	9.137			$	7.987
Income (loss) from investment operations:
Net investment income2			0.109			0.215				0.200				0.254				0.220				0.169
Net realized and unrealized gain (loss)			1.308			0.099				(0.505	)			(0.755	)			1.099				1.335
Total from investment operations			1.417			0.314				(0.305	)			(0.501	)			1.319				1.504
Less dividends and distributions from:
Net investment income			—			(0.194	)			(0.202	)			(0.175	)			(0.187	)			(0.170	)
Net realized gain			—			—				—				—				—				—	3
Return of capital			—			—				—				—				(0.001	)			(0.184	)
Total dividends and distributions			—			(0.194	)			(0.202	)			(0.175	)			(0.188	)			(0.354	)
Net asset value, end of period		$	10.622		$	9.205			$	9.085			$	9.592			$	10.268			$	9.137
Total return4			15.39%			3.46%				(3.19%	)			(4.88%	)			14.46%				19.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	128,745		$	101,748			$	92,270			$	91,345			$	75,098			$	50,677
Ratio of expenses to average net assets5			0.51%			0.51%				0.52%				0.53%				0.55%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.56%			0.56%				0.57%				0.58%				0.64%				0.61%
Ratio of net investment income to average net assets			2.19%			2.36%				2.04%				2.47%				2.27%				1.96%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.14%			2.31%				1.99%				2.42%				2.18%				1.90%
Portfolio turnover			6%			13%				23%				11%				17%				48%

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 $1,475 was made, which calculated to de minimis 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 Dimensional/Vanguard Allocation Funds–14

LVIP Dimensional/Vanguard Allocation Funds

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially all of its assets in open-end investment companies, including exchange-traded funds (“ETFs”) (collectively, the “Underlying Funds ”). The Underlying Funds 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 investment company 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, 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 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 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. Investments in government money market funds have a stable NAV. 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 Fund’s federal income tax returns through the six months ended June 30, 2017 and for all open tax years (years ended December 31, 2013-December 31, 2016), 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, 2017, 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

LVIP Dimensional/Vanguard Allocation Funds–15

LVIP Dimensional/Vanguard Allocation 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 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 six months ended June 30, 2017.

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 calculated daily and paid monthly. 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, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, 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	$	16,935	$	8,426	$	5,230
Legal		4,088		2,034		1,263

Lincoln Life also provides certain contractholder and additional corporate services to the Funds. Effective May 1, 2017, the Funds pay Lincoln Life a fee for such services at an annual rate of 0.029% of the Funds’ average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The fees are calculated daily and paid annually. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2017, 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	$	18,537	$	3,418	$	4,918

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that the Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, 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	$	104,195	$	53,163	$	34,592
Distribution fees payable to LFD		114,150		43,906		26,468
Printing and mailing fees payable to Lincoln Life		18,537		3,418		4,918
Shareholder servicing fees payable to Lincoln Life		15,108		7,709		5,016

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 investments, 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 issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Funds and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

LVIP Dimensional/ Vanguard Total Bond Fund

	Value 12/31/16		Purchases		Sales		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/17		Dividends		Capital Gain Distributions
DFA Intermediate Term Extended Quality Portfolio	$	110,595,895	$	11,940,831	$	4,504,599	$	(156,278	)	$	2,646,879	$	120,522,728	$	1,693,242	$	—
DFA VA Global Bond Portfolio		23,270,879		2,344,670		548,791		(12,086	)		415,794		25,470,466		—		—
DFA VA Short-Term Fixed Portfolio		29,157,913		3,293,766		730,209		(3,321	)		180,797		31,898,946		—		—
LVIP Money Market Fund		11,663,615		1,366,087		280,767		—			—		12,748,935		18,000		—
Total	$	174,688,302	$	18,945,354	$	6,064,366	$	(171,685	)	$	3,243,470	$	190,641,075	$	1,711,242	$	—

LVIP Vanguard Domestic Equity ETF Fund

	Value 12/31/16		Purchases		Sales		Net Realized Gain (Loss )		Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/17		Dividends		Capital Gain Distributions
LVIP Money Market Fund	$	5,634,505	$	1,251,821	$	257,092	$	—	$	—	$	6,629,234	$	9,093	$	—

LVIP Vanguard International Equity ETF Fund

	Value 12/31/16		Purchases		Sales		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/17		Dividends		Capital Gain Distributions
LVIP Money Market Fund	$	3,363,669	$	976,851	$	72,975	$	—	$	—	$	4,267,545	$	5,554	$	—

LVIP Dimensional/Vanguard Allocation Funds–17

LVIP Dimensional/Vanguard Allocation Funds

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, 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	$	62,663,532	$	46,475,274	$	32,654,936
Sales		15,651,836		21,454,399		12,088,523

At June 30, 2017, 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, 2017, 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	$	633,778,702		$	235,268,042	$	185,125,891
Aggregate unrealized appreciation	$	2,995,973		$	93,419,940	$	27,467,085
Aggregate unrealized depreciation		(769,153	)		—		—
Net unrealized appreciation	$	2,226,820		$	93,419,940	$	27,467,085

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, 2016, the Funds had the following capital loss carryforwards for federal income tax purposes:

	Post-Enactment Losses (No Expiration)
	Short-Term		Long-Term		Total
LVIP Vanguard International Equity ETF Fund	$	1,224,466	$	3,714,153	$	4,938,619

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 Dimensional/Vanguard Allocation Funds–18

LVIP Dimensional/Vanguard Allocation 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, 2017:

Level 1	LVIP Dimensional/ Vanguard Total Bond Fund		LVIP Vanguard Domestic Equity ETF Fund		LVIP Vanguard International Equity ETF Fund
Investments:
Assets:
Affiliated investments	$	190,641,075	$	6,629,234	$	4,267,545
Unaffiliated investments		445,364,447		322,058,748		208,325,431
Total Investments	$	636,005,522	$	328,687,982	$	212,592,976

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

During the six months ended June 30, 2017, 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.

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 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		1,248,768			3,037,293			1,168,569			1,694,667			1,156,775			2,310,444
Service Class		6,640,197			13,082,507			1,902,882			3,140,721			2,171,561			2,698,198
Shares reinvested:
Standard Class		—			113,484			—			102,573			—			158,993
Service Class		—			701,808			—			202,087			—			227,860
		7,888,965			16,935,092			3,071,451			5,140,048			3,328,336			5,395,495
Shares redeemed:
Standard Class		(571,142	)		(573,173	)		(210,942	)		(465,082	)		(380,965	)		(444,995	)
Service Class		(3,242,083	)		(7,112,296	)		(1,453,415	)		(2,264,860	)		(1,104,247	)		(2,028,828	)
		(3,813,225	)		(7,685,469	)		(1,664,357	)		(2,729,942	)		(1,485,212	)		(2,473,823	)
Net increase		4,075,740			9,249,623			1,407,094			2,410,106			1,843,124			2,921,672

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

7. 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, 2017

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	38
Statements of Changes in Net Assets	38
Financial Highlights	39
Notes to Financial Statements	41

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,140.10		0.68%		$3.61
Service Class Shares		1,000.00		1,138.80		0.93%		4.93
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.42		0.68%		$3.41
Service Class Shares		1,000.00		1,020.18		0.93%		4.66

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Country Percentage  of Net Assets

Common Stock	98.83	%
Australia	5.84	%
Austria	0.67	%
Belgium	1.45	%
Canada	8.54	%
China	0.00	%
Denmark	1.85	%
Finland	2.05	%
France	7.76	%
Germany	7.35	%
Hong Kong	3.02	%
Ireland	0.64	%
Israel	0.72	%
Italy	2.72	%
Japan	23.34	%
Netherlands	2.65	%
New Zealand	0.45	%
Norway	0.87	%
Portugal	0.26	%
Singapore	1.11	%
Spain	2.51	%
Sweden	2.86	%
Switzerland	5.98	%
United Kingdom	16.18	%
United States	0.01	%
Preferred Stock	0.53	%
Rights	0.01	%
Money Market Fund	0.22	%
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	1.16	%
Air Freight & Logistics	0.38	%
Airlines	0.50	%
Auto Components	2.63	%
Automobiles	3.20	%
Banks	10.09	%
Beverages	1.09	%
Biotechnology	0.31	%
Building Products	0.95	%
Capital Markets	2.36	%
Chemicals	5.36	%
Commercial Services & Supplies	1.55	%
Communications Equipment	0.30	%

Sector* Percentage  of Net Assets

Construction & Engineering	2.01	%
Construction Materials	0.79	%
Consumer Finance	0.28	%
Containers & Packaging	0.97	%
Distributors	0.24	%
Diversified Consumer Services	0.15	%
Diversified Financial Services	0.59	%
Diversified Telecommunication Services	2.20	%
Electric Utilities	1.23	%
Electrical Equipment	1.60	%
Electronic Equipment, Instruments & Components	1.91	%
Energy Equipment & Services	0.71	%
Food & Staples Retailing	2.13	%
Food Products	2.86	%
Gas Utilities	0.32	%
Health Care Equipment & Supplies	0.98	%
Health Care Providers & Services	0.87	%
Health Care Technology	0.07	%
Hotels, Restaurants & Leisure	2.18	%
Household Durables	2.26	%
Household Products	0.26	%
Independent Power & Renewable Electricity Producers	0.33	%
Industrial Conglomerates	1.29	%
Insurance	4.56	%
Internet & Direct Marketing Retail	0.20	%
Internet Software & Services	0.39	%
IT Services	1.26	%
Leisure Products	0.37	%
Life Sciences Tools & Services	0.33	%
Machinery	4.02	%
Marine	0.36	%
Media	1.92	%
Metals & Mining	4.81	%
Multiline Retail	0.59	%
Multi-Utilities	0.98	%
Oil, Gas & Consumable Fuels	4.69	%
Paper & Forest Products	1.08	%
Personal Products	0.53	%
Pharmaceuticals	3.26	%
Professional Services	1.34	%
Real Estate Management & Development	2.34	%
Road & Rail	1.16	%
Semiconductors & Semiconductor Equipment	0.83	%
Software	1.11	%
Specialty Retail	1.28	%
Technology Hardware, Storage & Peripherals	0.69	%
Textiles, Apparel & Luxury Goods	1.19	%
Thrift & Mortgage Finance	0.15	%
Tobacco	0.35	%
Trading Companies & Distributors	1.70	%

LVIP Dimensional International Core Equity Fund–2

LVIP Dimensional International Core Equity Fund

Security Type/Country and Sector Allocations

and Top 10 Equity Holdings (unaudited) (continued)

Sector* Percentage  of Net Assets

Transportation Infrastructure	0.71	%
Water Utilities	0.12	%
Wireless Telecommunication Services	0.94	%
Total	99.37	%

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	0.83	%
HSBC Holdings ADR	0.62	%
Toyota Motor	0.62	%
Novartis	0.51	%
Daimler	0.50	%
BASF	0.42	%
BP ADR	0.40	%
UPM-Kymmene	0.38	%
TOTAL	0.35	%
Royal Dutch Shell ADR	0.34	%
Total	4.97	%

*Allocation includes all investments except for short-term investments.

IT–Information Technology

LVIP Dimensional International Core Equity Fund–3

LVIP Dimensional International Core Equity Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–98.83%
Australia–5.84%
Adelaide Brighton		12,534	$	54,237
AGL Energy		2,783		54,545
Ainsworth Game Technology		6,705		11,131
Altium		1,848		12,173
Alumina		49,422		72,933
Alumina ADR		2,200		13,024
Amcor		7,139		88,945
AMP		78,519		313,215
Ansell		5,518		100,642
AP Eagers		1,590		10,217
APA Group		4,803		33,852
ARB		745		8,996
Aristocrat Leisure		6,690		116,002
Asaleo Care		16,870		19,060
Aurizon Holdings		19,965		82,250
Ausdrill		4,028		5,681
AusNet Services		18,433		24,581
Austal		8,748		12,304
Australia & New Zealand Banking Group		19,762		436,230
†Australian Agricultural		17,102		24,383
Australian Pharmaceutical Industries		13,270		19,430
Automotive Holdings Group		8,745		22,517
Aveo Group		10,918		23,329
Bank of Queensland		10,383		91,375
Beach Energy		51,415		22,722
Bendigo & Adelaide Bank		12,081		102,884
BHP Billiton		33,258		595,086
BHP Billiton ADR		4,100		145,919
Blackmores		209		15,395
BlueScope Steel		23,996		243,636
Boral		27,282		145,734
Brambles		8,705		65,100
Breville Group		2,406		19,325
Brickworks		2,502		26,519
BT Investment Management		2,160		18,893
Cabcharge Australia		7,280		14,156
Caltex Australia		1,697		41,229
†Cardno		10,023		9,398
carsales.com		4,834		42,802
Cedar Woods Properties		3,504		14,031
Challenger		2,572		26,371
Cleanaway Waste Management		50,865		53,755
Coca-Cola Amatil		6,680		47,389
Cochlear		684		81,724
†=Collins Foods		468		2,122
Collins Foods (Athens Exchange)		5,145		23,331
Commonwealth Bank of Australia		9,736		619,675
Computershare		5,618		61,056
Corporate Travel Management		894		15,763
Credit Corp Group		1,365		18,580
Crown Resorts		4,234		39,962

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Australia (continued)
CSG		9,755	$	5,586
CSL		1,423		150,966
CSR		19,012		61,811
Domino’s Pizza Enterprises		795		31,823
Downer EDI		23,838		117,443
DuluxGroup		3,860		20,590
Eclipx Group		8,271		22,695
†Energy Resources of Australia		12,324		4,310
†Energy World		39,810		11,627
ERM Power		5,246		4,818
Event Hospitality & Entertainment		2,844		29,225
Evolution Mining		43,737		81,015
Fairfax Media		80,391		67,967
Flight Centre Travel Group		2,450		72,122
Fortescue Metals Group		42,223		169,403
G8 Education		10,481		29,081
Genworth Mortgage Insurance Australia		9,798		22,065
GrainCorp Class A		6,889		50,143
Greencross		3,054		14,201
GUD Holdings		1,292		12,820
GWA Group		8,661		20,969
Hansen Technologies		6,741		20,932
Harvey Norman Holdings		12,146		35,661
Healthscope		28,065		47,671
HFA Holdings		2,382		4,394
HT&E		5,727		11,621
Iluka Resources		3,994		26,646
IMF Bentham		8,126		11,804
Incitec Pivot		37,359		97,915
Independence Group		17,723		42,909
Insurance Australia Group		4,887		25,467
Integral Diagnostics		9,867		12,589
InvoCare		2,555		28,867
IOOF Holdings		6,700		50,466
IRESS		2,733		26,656
iSentia Group		6,749		11,153
James Hardie Industries CDI		3,210		50,578
Japara Healthcare		6,227		10,051
JB Hi-Fi		2,149		38,601
†Link Administration Holdings		2,072		12,581
Link Administration Holdings (Athens Exchange)		5,697		34,592
Macquarie Atlas Roads Group		7,100		30,614
Macquarie Group		4,569		310,788
Magellan Financial Group		1,909		42,316
Mantra Group		9,769		22,901
†Mayne Pharma Group		20,988		17,503
McMillan Shakespeare		2,428		25,007
Medibank Pvt		33,796		72,732
†Mesoblast		4,594		7,344
†Metals X		23,081		11,886

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)
Metcash		35,847	$	66,125
Mineral Resources		7,647		63,771
Monadelphous Group		2,631		28,290
Myer Holdings		37,090		23,804
National Australia Bank		16,733		380,556
Navitas		8,596		32,043
Newcrest Mining		10,716		166,044
nib holdings		7,558		33,402
Nine Entertainment Holdings		14,493		15,372
Northern Star Resources		8,386		30,616
Nufarm		6,522		48,273
OFX Group		8,551		10,581
Oil Search		13,171		69,040
Orica		16,321		259,417
†Origin Energy		22,176		116,925
Orora		33,159		72,890
OZ Minerals		12,366		70,428
Pacific Current Group		1,154		5,898
Pact Group Holdings		4,699		21,634
Perpetual		1,243		53,376
†Perseus Mining		24,054		5,361
Platinum Asset Management		4,023		14,316
Premier Investments		4,742		46,178
Primary Health Care		18,901		52,879
Programmed Maintenance Services		6,193		8,877
Qantas Airways		9,895		43,502
QBE Insurance Group		9,399		85,316
Qube Holdings		29,280		59,187
=Quintis		11,219		2,794
Ramsay Health Care		886		50,120
†RCR Tomlinson		2,087		5,470
REA Group		640		32,662
Regis Healthcare		6,738		20,353
Regis Resources		5,650		16,415
Reject Shop		2,536		8,109
Resolute Mining		20,493		18,744
Ridley		9,945		10,587
Rio Tinto		3,940		191,600
Sandfire Resources		5,612		24,371
†Santos		21,093		49,123
†Saracen Mineral Holdings		31,831		28,624
SEEK		3,406		44,268
Select Harvests		2,007		7,559
Seven Group Holdings		3,584		30,136
Seven West Media		48,144		26,457
SG Fleet Group		6,686		19,528
Sigma Healthcare		22,208		15,277
†Silver Lake Resources		18,565		6,706
Sims Metal Management		6,252		72,944
Sirtex Medical		1,494		18,660
†Slater & Gordon		15,496		965
SMS Management & Technology		4,019		5,545

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Australia (continued)
Sonic Healthcare		3,151	$	58,657
South32		38,363		79,022
South32 ADR		4,200		43,218
Southern Cross Media Group		32,767		31,355
Spark Infrastructure Group		24,227		48,787
SpeedCast International		3,597		10,561
Spotless Group Holdings		25,020		22,115
†St Barbara		15,960		35,697
Star Entertainment Group		27,176		105,482
Steadfast Group		10,681		21,837
Suncorp Group		9,552		108,804
Super Retail Group		7,541		47,527
Sydney Airport		4,421		24,092
Tabcorp Holdings		35,276		118,484
Tassal Group		6,917		20,256
Tatts Group		29,582		95,040
Technology One		8,398		37,179
Telstra		11,902		39,336
Thorn Group		8,175		8,922
Tox Free Solutions		5,658		10,437
TPG Telecom		7,361		32,249
Transurban Group		3,992		36,359
Treasury Wine Estates		1,807		18,277
Villa World		10,756		18,601
Village Roadshow		3,360		10,459
†Virgin Australia Holdings		38,668		4,755
Virtus Health		2,673		11,053
Vocus Group		8,948		23,177
Webjet		4,869		46,218
Wesfarmers		6,044		186,374
†Western Areas		6,865		11,133
†Westgold Resources		5,952		8,417
Westpac Banking		24,871		583,225
Westpac Banking ADR		1,600		37,440
†Whitehaven Coal		17,815		39,298
Woodside Petroleum		7,506		172,323
Woolworths		3,465		68,018
†WorleyParsons		7,803		67,291
				11,239,127
Austria–0.67%
ANDRITZ		1,114		67,104
†Atrium European Real Estate		4,170		18,618
Austria Technologie & Systemtechnik		1,434		16,115
†BUWOG		3,322		95,444
CA Immobilien Anlagen		1,602		39,083
DO & CO		154		10,872
†Erste Group Bank		4,281		163,922
EVN		934		13,964
Lenzing		116		20,788
Mayr Melnhof Karton		125		16,347
Oesterreichische Post		634		27,542

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)
Austria (continued)
OMV		2,874	$	149,142
Palfinger		421		19,618
POLYTEC Holding		1,389		26,161
Porr		255		8,047
†Raiffeisen Bank International		4,321		109,069
RHI		479		17,753
†S IMMO		1,531		22,208
†Schoeller-Bleckmann Oilfield Equipment		215		14,071
Semperit Holding		457		13,331
Strabag		572		24,734
†Telekom Austria		5,124		40,264
UNIQA Insurance Group		5,225		48,697
Verbund		1,857		35,399
Vienna Insurance Group		1,697		47,865
voestalpine		3,317		154,571
Wienerberger		2,941		66,812
Zumtobel Group		329		6,102
				1,293,643
Belgium–1.45%
Ackermans & van Haaren		757		126,406
Ageas		5,244		211,187
†AGFA-Gevaert		10,744		52,276
Anheuser-Busch InBev		4,442		490,651
Anheuser-Busch InBev ADR		1,200		132,432
Barco		316		32,450
Bekaert		1,429		72,703
bpost		1,996		48,182
Cie d’Entreprises CFE		299		42,381
Colruyt		2,057		108,366
D’ieteren		1,058		49,447
Econocom Group		3,074		25,704
Elia System Operator		497		28,130
Euronav		2,462		19,476
EVS Broadcast Equipment		474		19,057
†Fagron		1,095		13,476
†Galapagos		316		24,131
Ion Beam Applications		247		13,613
KBC Group		3,720		282,163
Kinepolis Group		347		19,261
Lotus Bakeries		6		15,974
Melexis		433		35,558
†Nyrstar		2,513		15,332
Ontex Group		1,952		69,359
Orange Belgium		1,441		33,740
Proximus SADP		2,859		100,019
Recticel		1,679		13,021
Sioen Industries		782		25,281
Sipef		212		15,255
Solvay Class A		2,177		292,159
†Telenet Group Holding		551		34,707

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Belgium (continued)
†Tessenderlo Group		1,566	$	67,341
UCB		1,889		129,948
Umicore		1,752		121,864
Van de Velde		150		8,027
				2,789,077
Canada–8.54%
Absolute Software		1,400		8,291
†Advantage Oil & Gas		4,200		28,404
†Advantage Oil & Gas (New York Shares)		4,123		27,830
Aecon Group		2,600		32,360
AGF Management Class B		2,300		11,954
Agnico Eagle Mines		1,585		71,515
Agrium		400		36,252
Agrium (New York Shares)		497		44,974
AGT Food & Ingredients		800		14,362
Aimia		2,561		3,416
†Air Canada		2,506		33,586
AirBoss of America		1,300		13,132
†Alacer Gold		10,000		16,039
Alamos Gold		7,580		53,775
Alamos Gold (New York Shares)		5,800		41,644
Alaris Royalty		1,989		35,323
Algonquin Power & Utilities		6,021		63,377
Alimentation Couche-Tard Class B		1,200		57,520
AltaGas		5,362		122,721
Altus Group		800		17,292
†Amaya		3,470		62,113
Andrew Peller Class A		100		844
ARC Resources		6,700		87,625
†Argonaut Gold		3,300		6,031
Atco		1,300		50,835
†Athabasca Oil		13,108		10,209
†ATS Automation Tooling Systems		3,200		32,795
†AuRico Metals		5,788		5,088
AutoCanada		579		8,519
†Avigilon		1,400		15,535
†B2Gold		24,900		70,084
Badger Daylighting		700		14,369
Bank of Montreal		1,500		110,140
Bank of Montreal (New York Shares)		6,284		461,497
Bank of Nova Scotia		5,700		342,888
Bank of Nova Scotia (New York Shares)		8,042		483,565
Barrick Gold		2,500		39,771
Barrick Gold (New York Shares)		3,400		54,094
†Baytex Energy		7,212		17,518
BCE		1,429		64,357
†Bellatrix Exploration		6,491		3,704
Birchcliff Energy		8,212		38,692
Bird Construction		622		4,087

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)
Black Diamond Group		2,500	$	5,321
†BlackBerry		11,829		118,217
†BlackBerry (New York Shares)		1,400		13,986
†BlackPearl Resources		4,845		3,736
†Bombardier Class B		30,946		56,318
Bonavista Energy		10,324		21,575
Bonterra Energy		913		11,786
Boralex Class A		1,496		25,333
Brookfield Asset Management Class A		1,800		70,637
Brookfield Asset Management (New York Shares) Class A		899		35,250
BRP		951		27,860
CAE		2,800		48,279
CAE (New York Shares)		2,826		48,720
†Calfrac Well Services		2,400		4,645
Cameco		8,936		81,380
Cameco (New York Shares)		4,973		45,254
Canaccord Genuity Group		3,700		15,207
†Canacol Energy		800		2,646
Canadian Imperial Bank of Commerce		2,745		222,784
Canadian National Railway		1,700		137,935
Canadian National Railway (New York Shares)		502		40,687
Canadian Natural Resources		4,052		116,860
Canadian Pacific Railway		200		32,162
Canadian Tire Class A		909		103,433
Canadian Utilities Class A		1,000		32,133
Canadian Western Bank		4,045		85,404
Canam Group		2,500		23,712
†Canfor		3,400		51,362
Canfor Pulp Products		1,800		17,434
Capital Power		1,600		30,006
†Capstone Mining		14,500		10,510
Cardinal Energy		4,400		16,354
Cascades		3,168		43,216
CCL Industries Class B		2,000		101,188
†Celestica		5,920		80,394
Cenovus Energy		7,810		57,575
Cenovus Energy (New York Shares)		2,698		19,884
Centerra Gold		10,627		58,019
†CGI Group Class A		500		25,547
†CGI Group (New York Shares) Class A		1,196		61,080
†China Gold International Resources		14,900		22,750
CI Financial		3,400		72,468
Cineplex		1,100		44,838
Cogeco		500		26,026
Cogeco Communications		600		36,649
Colliers International Group		100		5,652
Colliers International Group (New York Shares)		599		33,814
Computer Modelling Group		4,100		32,185
Constellation Software		200		104,628

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
Corus Entertainment Class B		5,500	$	57,808
Cott		3,200		46,218
Cott (New York Shares)		1,710		24,692
Crescent Point Energy		3,657		27,975
Crescent Point Energy (New York Shares)		2,503		19,148
†Crew Energy		5,725		17,703
†CRH Medical		1,667		9,502
†Delphi Energy		4,020		3,782
†Descartes Systems Group		700		17,045
†Detour Gold		3,495		40,912
DHX Media		4,700		20,804
Dollarama		800		76,440
Dominion Diamond		2,600		32,656
Dorel Industries Class B		1,100		29,239
†Dundee Precious Metals		1,500		2,799
ECN Capital		8,700		26,835
Eldorado Gold		27,866		73,920
Element Fleet Management		11,500		78,925
Emera		109		4,052
Empire Class A		7,355		125,457
Enbridge		2,615		104,173
Enbridge (New York Shares)		1,997		79,501
Enbridge Income Fund Holdings		4,300		106,737
Encana		2,000		17,597
Encana (New York Shares)		7,474		65,771
†Endeavour Mining		2,394		41,315
Enercare		2,770		42,122
Enerflex		3,900		56,599
Enerplus		9,300		75,444
Enghouse Systems		500		20,261
Ensign Energy Services		5,600		29,926
Equitable Group		556		25,502
Evertz Technologies		800		10,981
Exchange Income		808		20,599
Exco Technologies		2,400		19,766
Extendicare		1,700		13,568
Fairfax Financial Holdings		300		130,015
Finning International		4,800		94,090
First Capital Realty		1,500		22,856
†First Majestic Silver		4,128		34,251
First National Financial		1,200		25,123
First Quantum Minerals		11,264		95,285
FirstService		700		44,916
Fortis		1,700		59,752
†Fortuna Silver Mines		4,027		19,719
Franco-Nevada		199		14,360
Gamehost		1,600		11,413
Genworth MI Canada		1,900		52,276
George Weston		700		63,366
Gibson Energy		2,800		36,188
Gildan Activewear		1,700		52,240

LVIP Dimensional International Core Equity Fund–7

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
Gildan Activewear (New York Shares)		499	$	15,334
Gluskin Sheff + Associates		900		11,625
†GMP Capital		3,200		7,847
Goldcorp		3,707		47,795
Goldcorp (New York Shares)		7,337		94,721
†Gran Tierra Energy		17,600		39,087
Granite Oil		867		3,094
†Great Canadian Gaming		1,654		30,458
Great-West Lifeco		2,169		58,791
†Heroux-Devtek		1,187		13,391
High Liner Foods		600		8,092
Home Capital Group		2,212		28,980
Horizon North Logistics		5,000		5,128
Hudbay Minerals		8,499		49,154
Hudbay Minerals (New York Shares)		2,400		13,800
Hudson’s Bay		2,000		17,844
†Husky Energy		4,784		54,303
#Hydro One 144A		600		10,748
†IAMGOLD		19,100		98,534
IGM Financial		1,300		40,319
†Imperial Metals		3,600		13,242
Imperial Oil		1,600		46,638
Imperial Oil (New York Shares)		898		26,204
Industrial Alliance Insurance & Financial Services		4,123		178,871
Innergex Renewable Energy		1,751		19,255
Intact Financial		500		37,770
Inter Pipeline		2,300		45,049
†Interfor		2,800		40,117
Intertape Polymer Group		1,327		25,265
Jean Coutu Group Class A		1,400		21,484
Just Energy Group		1,946		10,204
Just Energy Group (New York Shares)		2,000		10,480
†Kelt Exploration		6,500		31,477
Keyera		2,500		78,694
†Kinaxis		200		12,452
†Kinross Gold		47,459		192,866
Kirkland Lake Gold		2,100		19,870
†Klondex Mines		6,555		22,089
Laurentian Bank of Canada		1,387		57,938
Leon’s Furniture		1,469		19,880
Linamar		2,000		98,581
Loblaw		1,133		63,028
Lucara Diamond		8,031		17,093
Lundin Mining		26,700		151,742
MacDonald Dettwiler & Associates		865		45,011
Magellan Aerospace		1,000		15,608
Magna International		3,400		157,494
Magna International (New York Shares)		2,697		124,952
†Major Drilling Group International		3,266		21,382
Mandalay Resources		14,708		4,253

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
Manulife Financial		9,853	$	184,706
Manulife Financial (New York Shares)		7,306		137,061
Maple Leaf Foods		2,822		71,246
Martinrea International		4,000		32,665
Medical Facilities		2,453		27,693
†MEG Energy		5,238		15,389
Methanex		200		8,829
Methanex (New York Shares)		1,787		78,717
Metro Class A		1,500		49,368
†Mitel Networks		2,719		19,982
Morguard		200		28,493
Morneau Shepell		2,000		32,141
MTY Food Group		600		21,450
Mullen Group		4,700		57,989
National Bank of Canada		6,600		277,528
Nevsun Resources		13,699		33,064
New Flyer Industries		1,600		66,922
†New Gold		19,577		62,197
†New Gold (New York Shares)		2,694		8,567
Norbord		1,200		37,357
North West		800		19,284
Northland Power		2,146		38,227
†NuVista Energy		9,000		45,458
†Obsidian Energy		20,800		26,144
OceanaGold		26,800		80,805
Onex		600		48,031
Open Text		1,596		50,338
Osisko Gold Royalties		3,300		40,334
†Painted Pony Energy		4,000		14,590
Pan American Silver		2,619		44,047
Pan American Silver (New York Shares)		2,800		47,096
†Paramount Resources Class A		2,200		32,386
†Parex Resources		2,387		27,150
Parkland Fuel		500		11,455
Pembina Pipeline		1,800		59,616
Pembina Pipeline (New York Shares)		499		16,527
†Pengrowth Energy		23,764		18,692
Peyto Exploration & Development		1,900		34,460
†PHX Energy Services		2,800		5,074
Pizza Pizza Royalty		900		11,923
Potash Corp of Saskatchewan		2,500		40,773
Potash Corp of Saskatchewan (New York Shares)		8,372		136,464
PrairieSky Royalty		228		5,189
†Precision Drilling		7,507		25,645
†Precision Drilling (New York Shares)		5,200		17,732
Premium Brands Holdings		800		57,397
Quarterhill		7,500		10,815
Quebecor Class B		1,000		33,097
†Raging River Exploration		3,267		20,381
Restaurant Brands International		569		35,602

LVIP Dimensional International Core Equity Fund–8

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
Richelieu Hardware		900	$	20,855
†Richmont Mines		4,400		34,269
Ritchie Bros Auctioneers		1,492		42,880
Rogers Communications Class B		500		23,616
Rogers Communications (New York Shares) Class B		500		23,605
Rogers Sugar		3,400		16,622
Royal Bank of Canada		5,563		403,429
Russel Metals		1,400		28,026
†Sandstorm Gold		8,400		32,452
Sandvine		5,400		17,864
Saputo		2,500		79,523
Secure Energy Services		5,400		36,852
†SEMAFO		13,600		31,357
†Seven Generations Energy Class A		753		12,896
Shaw Communications Class B		4,180		91,082
ShawCor		1,261		25,749
†Sherritt International		9,600		5,700
†Shopify Class A		400		34,732
Sienna Senior Living		700		9,700
†Sierra Wireless		900		25,276
†Sierra Wireless (Nasdaq Stock Market)		507		14,247
†Silver Standard Resources		5,463		53,033
SNC-Lavalin Group		1,589		68,704
†Spartan Energy		3,633		17,231
Sprott		5,700		10,022
Stantec		2,500		62,943
Stantec (New York Shares)		1,534		38,503
Stella-Jones		900		30,717
Student Transportation		3,000		18,183
Student Transportation (New York Shares)		1,945		11,806
Sun Life Financial		1,700		60,774
Sun Life Financial (New York Shares)		3,673		131,310
Suncor Energy		13,192		385,448
†SunOpta		4,163		42,463
Superior Plus		4,300		37,867
Surge Energy		7,100		11,443
Tahoe Resources		3,572		30,799
Tahoe Resources (New York Shares)		4,400		37,928
†Taseko Mines		7,100		8,979
Teck Resources Class B		3,215		55,732
Teck Resources (New York Shares) Class B		6,725		116,544
†Teranga Gold		2,960		8,012
TFI International		4,100		88,431
Thomson Reuters		700		32,409
Thomson Reuters (New York Shares)		300		13,887
TMX Group		1,518		82,596
TORC Oil & Gas		6,234		24,373
Toromont Industries		1,400		51,539
Toronto-Dominion Bank		7,400		372,910

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Canada (continued)
Toronto-Dominion Bank (New York Shares)		5,265	$	265,251
Torstar Class B		2,100		2,413
Total Energy Services		1,899		19,476
†Tourmaline Oil		3,700		79,547
TransAlta		11,388		72,883
TransAlta Renewables		2,064		24,925
TransCanada		2,495		118,937
Transcontinental Class A		4,100		81,254
†Trican Well Service		12,870		36,026
†Trinidad Drilling		8,700		13,082
†Trisura Group		15		251
†Turquoise Hill Resources		10,841		28,841
Uni-Select		1,700		41,058
†Valeant Pharmaceuticals International		5,897		102,018
Valener		700		12,048
Veresen		8,359		118,217
Vermilion Energy		800		25,379
Wajax		700		12,221
Waste Connections		600		38,652
West Fraser Timber		3,000		141,996
Western Forest Products		15,500		27,969
Westjet Airlines		1,300		23,207
Westshore Terminals Investment		1,600		25,922
Wheaton Precious Metals		770		15,295
Wheaton Precious Metals (New York Shares)		700		13,923
Whitecap Resources		15,200		108,538
Winpak		695		31,202
WSP Global		1,975		81,952
Yamana Gold		23,603		56,969
†Yellow Pages		600		3,442
ZCL Composites		2,300		23,092
				16,448,024
☐China–0.00%
K Wah International Holdings		18,000		10,928
				10,928
Denmark–1.85%
ALK-Abello Class A		105		15,668
Alm Brand		2,384		21,239
Ambu Class B		636		41,030
AP Moller - Maersk Class A		26		49,641
AP Moller - Maersk Class B		42		84,447
†Bang & Olufsen		1,372		22,971
†Bavarian Nordic		821		48,362
Carlsberg Class B		1,168		124,777
Chr Hansen Holding		1,372		99,786
Coloplast Class B		259		21,642
†D/S Norden		1,234		22,423
Danske Bank		4,360		167,694

LVIP Dimensional International Core Equity Fund–9

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Denmark (continued)
Dfds		1,405	$	74,865
DSV		4,845		297,680
FLSmidth & Co.		1,173		74,124
†Genmab		148		31,576
GN Store Nord		4,158		121,412
H Lundbeck		1,488		83,516
IC Group		491		10,559
ISS		3,121		122,580
Jyske Bank		1,834		106,203
Matas		1,226		19,397
†NKT		848		67,993
Nordjyske Bank Class A		540		9,539
Novo Nordisk Class B		12,030		515,174
Novo Nordisk ADR		2,700		115,803
Novozymes Class B		2,145		93,868
Pandora		1,322		123,360
Per Aarsleff Holding Class B		810		19,658
Ringkjoebing Landbobank		795		39,687
Rockwool International Class A		80		16,884
Rockwool International Class B		226		49,745
Royal Unibrew		1,093		52,431
RTX		880		21,830
Schouw & Co.		547		58,688
SimCorp		1,167		70,697
Solar Class B		133		7,712
Spar Nord Bank		2,717		35,640
Sydbank		2,661		100,303
TDC		26,912		156,503
†Topdanmark		1,484		47,390
Tryg		2,587		56,585
Vestas Wind Systems		1,932		178,352
†William Demant Holding		2,645		68,458
				3,567,892
Finland–2.05%
†Ahlstrom-Munksjo Class MUNKSJO		592		12,037
Aktia Bank		1,025		10,969
†Amer Sports Class A		5,961		149,103
Cargotec Class B		848		53,803
†Caverion		638		5,108
†Citycon		10,113		26,543
Cramo		1,559		46,652
Elisa		1,673		64,834
Finnair		1,970		14,423
Fiskars		1,151		28,264
Fortum		5,077		79,616
Huhtamaki		6,263		246,788
Kemira		3,334		42,116
Kesko Class A		640		31,922
Kesko Class B		4,226		214,982
Kone Class B		2,104		107,033
Konecranes		1,835		77,651

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Finland (continued)
Lassila & Tikanoja		1,511	$	31,772
Lemminkainen		505		14,823
Metsa Board		12,062		87,550
Metso		3,349		116,129
Neste		6,313		248,686
Nokia		31,472		192,489
Nokian Renkaat		3,744		154,970
Olvi Class A		782		27,366
Oriola Class B		5,656		23,644
Orion Class A		901		57,371
Orion Class B		1,511		96,472
Outokumpu		9,356		74,695
Raisio		7,392		30,732
Ramirent		2,803		28,269
Sampo Class A		3,034		155,487
Sanoma		4,161		38,875
†Stockmann Class B		1,585		13,785
Stora Enso Class R		17,391		224,652
Technopolis		5,160		21,747
Tieto		2,524		78,037
Tikkurila		1,661		35,912
UPM-Kymmene		25,857		737,133
Uponor		1,300		23,623
Vaisala Class A		415		20,695
Valmet		3,035		58,964
Wartsila		2,037		120,399
YIT		2,540		21,236
				3,947,357
France–7.76%
Aeroports de Paris		216		34,859
†Air France-KLM		6,308		89,950
Air Liquide		1,568		193,774
Airbus		1,379		113,402
Akka Technologies		602		31,154
Albioma		1,323		30,463
†Alstom		3,511		122,749
Alten		981		80,997
Altran Technologies		4,400		71,713
#Amundi 144A		793		57,378
†Antalis International		400		1,074
Arkema		2,332		248,850
Assystem		625		22,129
Atos		1,592		223,469
Aubay		366		11,788
AXA		13,320		364,362
Beneteau		810		14,011
BioMerieux		146		31,600
BNP Paribas		9,012		649,080
Boiron		383		37,786
Bollore		9,488		43,141
Bonduelle		665		24,928

LVIP Dimensional International Core Equity Fund–10

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
France (continued)
Bourbon		1,171	$	11,368
Bouygues		4,255		179,426
Bureau Veritas		3,389		74,996
Capgemini		1,703		175,991
Carrefour		10,001		253,012
Casino Guichard Perrachon		1,732		102,590
†CGG		750		3,461
Chargeurs		1,154		31,712
†Christian Dior		229		65,480
Cie de Saint-Gobain		5,714		305,298
Cie des Alpes		539		18,050
Cie Generale des Etablissements Michelin		3,640		483,924
Cie Plastic Omnium		1,729		63,064
CNP Assurances		2,808		63,037
†Coface		2,535		25,421
Credit Agricole		8,306		133,620
Danone		2,330		175,134
Dassault Aviation		6		8,378
Dassault Systemes		720		64,546
Derichebourg		4,013		33,918
Devoteam		373		29,651
Edenred		4,447		115,957
Eiffage		1,763		160,203
Electricite de France		8,717		94,404
#Elior Group 144A		3,020		87,750
Elis		1,137		26,050
Engie		19,674		296,950
†Eramet		180		8,831
Essilor International		657		83,594
†Esso SA Francaise		184		12,168
Euler Hermes Group		379		45,019
Eurofins Scientific		126		70,970
#Euronext 144A		1,225		63,591
#Europcar Groupe 144A		1,155		16,899
Eutelsat Communications		5,367		137,065
Exel Industries Class A		95		10,632
Faurecia		2,318		117,734
†Fnac Darty		298		24,128
Gaztransport Et Technigaz		801		31,997
GL Events		693		19,550
Groupe Crit		166		15,452
Groupe Eurotunnel		5,663		60,398
Guerbet		341		30,527
Havas		2,551		26,823
Hermes International		73		36,073
Iliad		164		38,792
Imerys		411		35,747
Ingenico Group		1,757		159,517
Interparfums		116		4,389
Ipsen		355		48,595
IPSOS		1,469		55,116

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
France (continued)
Jacquet Metal Service		688	$	18,223
JCDecaux		423		13,875
Kering		54		18,392
Korian		1,510		51,524
Lagardere		5,677		179,282
Le Noble Age		292		19,984
Lectra		805		22,094
Legrand		1,419		99,269
Linedata Services		218		13,052
LISI		866		41,255
L’Oreal		636		132,497
LVMH Moet Hennessy Louis Vuitton		1,061		264,541
Manitou BF		108		3,368
Mersen		554		18,192
Metropole Television		1,918		44,645
MGI Coutier		593		23,719
Natixis		11,377		76,367
†Naturex		119		12,559
Neopost		1,745		81,018
Nexans		888		48,582
†Nexity		866		50,325
Oeneo		1,987		21,129
Orange		28,642		454,390
Orange ADR		1,900		30,362
Orpea		889		99,080
Pernod Ricard		118		15,802
Peugeot		13,688		273,043
Plastivaloire		1,424		40,595
Publicis Groupe		1,397		104,208
Rallye		741		15,259
Renault		3,251		294,266
Rexel		11,991		196,188
Robertet		45		20,764
Rothschild & Co.		861		31,429
Rubis		885		100,312
Safran		1,748		160,197
Sanofi		6,255		598,394
Sartorius Stedim Biotech		594		46,066
Savencia		172		16,207
†Schneider Electric		3,234		248,476
SCOR		4,391		174,077
SEB		610		109,558
†Sequana		2,004		2,449
SES FDR		5,822		136,483
†SFR Group		770		26,076
Societe BIC		290		34,414
Societe Generale		6,090		327,683
Sodexo		581		75,118
†Solocal Group		24,875		32,417
Somfy		160		16,739
Sopra Steria Group		491		78,371
SPIE		2,022		60,738

LVIP Dimensional International Core Equity Fund–11

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
France (continued)
†Ste Industrielle d’Aviation Latecoere		2,261	$	10,769
Stef		120		12,542
STK Etablissememen		4,634		0
STMicroelectronics		13,472		193,415
STMicroelectronics (New York Shares)		1,700		24,446
Suez		3,787		70,135
Synergie		481		23,678
Tarkett		799		37,124
Technicolor		4,240		18,489
Teleperformance		2,918		373,773
Television Francaise 1		2,522		35,315
Thales		671		72,224
Thermador Groupe		42		4,471
TOTAL		13,736		679,080
TOTAL ADR		4,826		239,321
Trigano		425		50,653
†Ubisoft Entertainment		6,574		373,022
Valeo		2,853		192,222
†Vallourec		13,488		81,941
Veolia Environnement		2,922		61,741
Vicat		888		62,548
Vilmorin & Cie		152		12,368
Vinci		2,449		209,029
†Virbac		66		10,591
Vivendi		9,417		209,627
#†Worldline 144A		650		22,272
Zodiac Aerospace		1,964		53,276
				14,942,780
Germany–7.35%
Aareal Bank		2,331		92,410
adidas		657		125,878
†ADVA Optical Networking		937		9,663
†AIXTRON		2,094		14,721
Allianz		2,943		579,496
Amadeus Fire		168		14,756
Aurubis		929		72,948
Axel Springer		1,516		91,077
BASF		8,719		807,527
Bauer		208		5,008
Bayer		2,903		375,333
Bayer ADR		245		31,817
Bayerische Motoren Werke		5,504		510,958
BayWa		299		10,628
Bechtle		283		36,363
Beiersdorf		317		33,324
Bertrandt		246		24,658
Bilfinger		1,421		55,669
Borussia Dortmund & Co.		3,145		21,919
Brenntag		3,339		193,275
CANCOM		637		38,727
Cewe Stiftung & Co.		267		22,515

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
†Commerzbank		12,484	$	148,717
CompuGroup Medical		449		25,195
Continental		1,246		268,898
#Covestro 144A		1,537		110,964
CTS Eventim & Co.		1,099		48,602
Daimler		13,381		968,491
Deutsche Bank		15,894		281,830
†Deutsche Bank (New York Shares)		3,054		54,331
Deutsche Boerse		819		86,452
Deutsche Lufthansa		10,495		238,838
#Deutsche Pfandbriefbank 144A		1,328		16,374
Deutsche Post		3,394		127,225
Deutsche Telekom		33,238		596,775
Deutsche Telekom ADR		4,300		77,465
Deutsche Wohnen		6,765		258,765
Deutz		5,128		43,242
†Dialog Semiconductor		792		33,813
DIC Asset		876		9,601
Drillisch		779		46,925
Duerr		907		107,789
E.ON		43,082		405,852
Elmos Semiconductor		625		13,763
ElringKlinger		1,289		24,704
Evonik Industries		2,044		65,332
Fielmann		516		39,805
Fraport Frankfurt Airport Services Worldwide		1,006		88,818
Freenet		3,140		100,149
Fresenius & Co.		1,901		162,972
Fresenius Medical Care & Co.		2,116		203,421
FUCHS PETROLUB		814		38,443
GEA Group		2,513		102,840
Gerresheimer		1,136		91,382
Gerry Weber International		1,052		12,130
Gesco		261		7,390
GFT Technologies		786		16,312
Grammer		483		25,313
†H&R & Co.		1,260		17,557
Hamburger Hafen und Logistik		1,312		28,651
Hannover Rueck		618		74,079
HeidelbergCement		1,359		131,392
†Heidelberger Druckmaschinen		10,839		32,992
Hella Hueck & Co.		1,181		58,130
Henkel		116		14,031
HOCHTIEF		246		45,067
Hornbach Baumarkt		449		16,205
HUGO BOSS		1,234		86,397
Indus Holding		759		53,834
Infineon Technologies		5,788		122,200
#Innogy 144A		872		34,326
Jenoptik		1,125		29,508
K+S		6,991		179,019

LVIP Dimensional International Core Equity Fund–12

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
KION Group		2,068	$	158,063
Kloeckner & Co.		2,448		25,779
Koenig & Bauer		498		33,684
†Kontron		5,118		18,501
Krones		391		45,283
KWS Saat		66		25,965
LANXESS		2,917		220,855
LEG Immobilien		1,079		101,437
Leoni		1,588		81,754
Linde		1,759		333,099
MAN		367		39,347
Merck		528		63,773
METRO		5,221		176,241
MLP		2,356		15,704
MTU Aero Engines		1,455		205,236
Muenchener Rueckversicherungs- Gesellschaft in Muenchen		878		177,046
Nemetschek		370		27,553
†Nordex		1,096		13,463
Norma Group		1,306		67,885
OSRAM Licht		2,600		207,129
†PATRIZIA Immobilien		1,383		26,103
Pfeiffer Vacuum Technology		182		26,639
PNE Wind		7,182		20,868
ProSiebenSat.1 Media		3,101		129,772
Puma		53		20,367
†QIAGEN		3,299		109,742
QSC		4,933		9,804
Rational		63		33,531
Rheinmetall		1,366		129,682
RHOEN-KLINIKUM		858		25,058
RIB Software		1,099		18,565
RTL Group		239		18,046
†RWE		18,432		367,254
S&T		915		13,769
SAF-Holland		1,626		27,857
Salzgitter		1,649		67,266
SAP		1,351		141,111
†Schaltbau Holding		392		17,199
SHW		537		22,804
Siemens		3,495		480,415
Sixt		694		41,947
Software		1,165		51,029
Stabilus		228		17,705
STADA Arzneimittel		2,081		147,576
Stroeer & Co.		471		28,210
Suedzucker		2,688		56,014
Symrise		1,322		93,645
TAG Immobilien		2,870		45,121
Takkt		1,454		36,352
Talanx		1,737		64,874
Telefonica Deutschland Holding		10,748		53,682

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
thyssenkrupp		2,218	$	63,016
TLG Immobilien		545		11,139
†Tom Tailor Holding		1,216		10,833
Uniper		6,544		122,843
United Internet		1,547		85,068
VERBIO Vereinigte BioEnergie		2,083		23,482
Volkswagen		558		86,516
Vonovia		1,583		62,856
†Vossloh		415		26,676
VTG		245		9,555
Wacker Chemie		801		86,958
Wacker Neuson		967		23,448
Washtec		578		44,455
Wirecard		439		27,938
XING		87		23,157
#†Zalando 144A		276		12,612
Zeal Network		283		8,566
				14,149,898
∎Hong Kong–3.02%
AIA Group		55,400		404,815
Allied Group		4,000		25,104
Allied Properties		50,000		10,823
APT Satellite Holdings		27,500		14,441
Asia Financial Holdings		24,000		13,064
Asia Satellite Telecommunications Holdings		6,500		6,918
Asian Growth Properties		5,072		1,585
ASM Pacific Technology		3,100		41,889
Bank of East Asia		10,600		45,550
BOC Hong Kong Holdings		31,000		148,301
Bright Smart Securities & Commodities Group		48,000		14,140
†Brightoil Petroleum Holdings		76,000		20,539
†Burwill Holdings		208,000		5,728
Cafe de Coral Holdings		6,000		19,443
Cathay Pacific Airways		50,000		77,618
Century City International Holdings		124,000		11,594
CGN Mining		155,000		12,507
Cheung Kong Property Holdings		5,680		44,487
Chinese Estates Holdings		7,500		10,471
Chow Sang Sang Holdings International		15,000		35,005
Chow Tai Fook Jewellery Group		10,600		11,228
Chuang’s Consortium International		88,000		20,176
CITIC Telecom International Holdings		95,000		30,420
CK Hutchison Holdings		28,180		353,719
CK Infrastructure Holdings		7,000		58,816
CK Life Sciences International Holdings		84,000		7,101
CLP Holdings		4,000		42,319
†Convoy Financial Holdings		120,000		1,768

LVIP Dimensional International Core Equity Fund–13

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
∎Hong Kong (continued)
CW Group Holdings		24,000	$	3,750
Dah Sing Banking Group		19,600		41,723
Dah Sing Financial Holdings		6,400		53,733
†Dragonite International		24,000		5,134
Emperor Capital Group		72,000		6,455
Emperor Entertainment Hotel		45,000		10,893
Emperor International Holdings		44,000		14,371
†Emperor Watch & Jewellery		270,000		11,585
†Esprit Holdings		50,500		26,908
Fairwood Holdings		6,000		25,245
Far East Consortium International		64,000		35,740
FIH Mobile		75,000		23,151
First Pacific		70,000		51,643
†First Shanghai Investments		16,000		2,193
Galaxy Entertainment Group		10,000		60,711
Get Nice Financial Group		4,800		713
Get Nice Holdings		192,000		6,763
Giordano International		64,000		36,478
†Global Brands Group Holding		140,000		14,704
Great Eagle Holdings		1,000		5,085
†G-Resources Group		1,176,000		17,171
Guoco Group		2,000		22,927
Guotai Junan International Holdings		90,000		27,896
Haitong International Securities Group		40,226		23,752
Hang Lung Group		27,000		111,701
Hang Lung Properties		29,000		72,431
Hang Seng Bank		6,400		133,862
Hanison Construction Holdings		16,639		3,218
Henderson Land Development		14,465		80,686
#HK Electric Investments 144A		12,000		11,036
HKBN		21,000		21,007
†HKR International		45,600		24,530
HKT Trust & HKT		72,000		94,433
Hong Kong & China Gas		13,860		26,060
Hong Kong Aircraft Engineering		1,200		8,223
Hong Kong Exchanges & Clearing		3,528		91,189
Hongkong & Shanghai Hotels		34,000		61,403
Hopewell Holdings		16,500		62,873
Hutchison Telecommunications Hong Kong Holdings		74,000		26,065
Hysan Development		8,000		38,169
IGG		20,000		30,842
IT		32,000		15,780
Johnson Electric Holdings		15,500		53,900
Kerry Logistics Network		28,500		42,125
Kerry Properties		22,000		74,672
Kingston Financial Group		128,000		46,233
†Kong Sun Holdings		175,000		8,293
Kowloon Development		15,000		16,311
Lai Sun Development		420,000		15,332
Lai Sun Garment International		71,000		28,919
Li & Fung		252,000		91,666

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
∎Hong Kong (continued)
Lifestyle International Holdings		28,500	$	39,132
Liu Chong Hing Investment		12,000		18,475
L’Occitane International		15,500		35,576
Luk Fook Holdings International		22,000		75,236
Man Wah Holdings		24,800		22,267
†Mason Financial Holdings		629,200		8,301
Melco International Development		22,000		58,892
Melco Resorts & Entertainment ADR		600		13,470
MGM China Holdings		20,400		45,360
†Midland IC&I		15,000		797
Miramar Hotel & Investment		10,000		23,157
MTR		7,000		39,405
NagaCorp		106,000		55,665
New World Development		88,955		112,911
†NewOcean Energy Holdings		62,000		18,979
NWS Holdings		35,058		68,971
†Orient Overseas International		6,500		46,622
†=Pacific Andes International Holdings		338,000		6,321
†Pacific Basin Shipping		199,000		43,840
=Pacific Textiles Holdings		12,000		13,848
PCCW		127,000		72,223
Pico Far East Holdings		58,000		24,292
Playmates Holdings		60,000		8,838
Polytec Asset Holdings		85,000		6,641
Power Assets Holdings		7,500		66,235
PRADA		4,700		17,488
Public Financial Holdings		24,000		10,913
Regal Hotels International Holdings		18,000		15,793
#Regina Miracle International Holdings 144A		10,000		8,646
Sa Sa International Holdings		56,000		22,092
Samsonite International		18,300		76,412
Sands China		6,800		31,137
SEA Holdings		4,000		5,113
Shangri-La Asia		40,000		67,833
Shenwan Hongyuan		20,000		7,711
†Shun Tak Holdings		36,000		16,553
†Singamas Container Holdings		72,000		11,159
Sino Land		34,000		55,742
SITC International Holdings		35,000		27,525
Sitoy Group Holdings		26,000		5,928
SJM Holdings		59,000		62,193
SmarTone Telecommunications Holdings		14,500		18,981
Soundwill Holdings		5,000		12,040
Stella International Holdings		14,000		25,104
Sun Hung Kai & Co.		29,000		18,683
Sun Hung Kai Properties		10,000		146,911
Swire Pacific Class A		7,000		68,364
Swire Pacific Class B		10,000		17,496
Swire Properties		3,600		11,873
Tao Heung Holdings		2,000		500

LVIP Dimensional International Core Equity Fund–14

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
∎Hong Kong (continued)
Techtronic Industries		7,500	$	34,486
Television Broadcasts		9,800		36,903
Texwinca Holdings		36,000		21,902
Transport International Holdings		13,600		43,984
Tsui Wah Holdings		20,000		3,125
†United Laboratories International Holdings		36,000		23,747
Varitronix International		21,000		11,539
Victory City International Holdings		87,604		3,142
Vitasoy International Holdings		20,000		41,140
VST Holdings		32,000		9,714
VTech Holdings		3,000		47,532
#WH Group 144A		165,000		166,533
Wharf Holdings		9,000		74,583
Wheelock & Co.		13,000		98,073
Wing On International		3,000		9,856
Wing Tai Properties		16,000		10,718
Wynn Macau		17,200		40,183
†Xinyi Glass Holdings		48,000		47,524
Yue Yuen Industrial Holdings		20,500		85,073
				5,806,653
Ireland–0.64%
†Bank of Ireland		634,892		166,783
C&C Group		10,133		37,255
CRH ADR		7,167		254,213
Glanbia		3,258		63,724
Irish Continental Group		3,656		21,213
Kerry Group Class A		693		59,624
Kingspan Group		4,667		160,206
Paddy Power Betfair		1,536		163,978
Paddy Power Betfair (London Stock Exchange)		643		68,482
Smurfit Kappa Group		7,455		232,069
				1,227,547
Israel–0.72%
†Africa Israel Properties		560		11,868
†Airport City		1,304		18,050
Amot Investments		1,281		6,720
Bank Hapoalim		19,172		129,376
Bank Leumi Le-Israel		34,915		169,853
Bayside Land Class 1		27		12,036
Bezeq The Israeli Telecommunication		18,168		30,181
Big Shopping Centers		149		10,593
†Brack Capital Properties		74		7,503
†Cellcom Israel		2,790		26,881
†Clal Insurance Enterprises Holdings		812		13,734
Delek Automotive Systems		1,361		11,077
Delek Group		154		33,689
Delta-Galil Industries		368		10,866
El Al Israel Airlines		17,349		15,965

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Israel (continued)
Elbit Systems		270	$	33,305
Elbit Systems (New York Shares)		192		23,760
Electra		116		23,267
Electra Consumer Products 1970		515		10,334
First International Bank of Israel		1,446		26,223
Formula Systems 1985		272		10,207
Frutarom Industries		1,025		71,725
Harel Insurance Investments & Financial Services		4,108		24,342
IDI Insurance		189		11,026
Israel Chemicals		6,492		30,652
†Israel Discount Bank Class A		13,543		35,714
†Jerusalem Oil Exploration		498		29,894
†Kamada		634		3,777
Matrix IT		1,514		15,533
Melisron		262		13,782
Menorah Mivtachim Holdings		875		11,024
Migdal Insurance & Financial Holding		13,553		14,492
Mizrahi Tefahot Bank		4,998		90,981
†Naphtha Israel Petroleum		2,641		20,964
Neto ME Holdings		91		10,482
Nice ADR		489		38,494
Oil Refineries		40,638		17,894
†Partner Communications		2,962		15,734
Paz Oil		225		38,449
Shikun & Binui		16,387		42,598
Shufersal		5,699		29,897
Strauss Group		436		8,540
Summit Real Estate Holdings		1,759		12,526
Teva Pharmaceutical Industries ADR		3,633		120,688
†Tower Semiconductor		1,696		40,450
				1,385,146
Italy–2.72%
A2A		43,167		71,687
ACEA		1,521		23,053
Amplifon		2,061		27,212
#Anima Holding 144A		6,515		46,693
†Ansaldo STS		1,232		15,704
Ascopiave		4,301		17,095
Assicurazioni Generali		17,818		293,255
Astaldi		1,991		12,393
Atlantia		2,932		82,514
Autogrill		2,409		29,193
Azimut Holding		1,440		28,864
†Banca Carige		7,846		1,682
Banca Generali		1,077		32,056
Banca IFIS		815		33,110
Banca Mediolanum		4,614		38,286
†Banca Monte dei Paschi di Siena		99		1,705
Banca Popolare di Sondrio		12,218		48,172
†Banco BPM		47,835		160,080

LVIP Dimensional International Core Equity Fund–15

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Italy (continued)
BPER Banca		17,783	$	88,677
Brembo		2,695		39,430
Buzzi Unicem		1,906		47,435
Cairo Communication		307		1,343
Cementir Holding		2,477		14,768
Cerved Information Solutions		3,768		40,325
CIR-Compagnie Industriali Riunite		21,107		29,652
CNH Industrial		14,972		169,549
Credito Emiliano		2,363		19,081
†Credito Valtellinese		3,782		16,095
Datalogic		1,125		30,286
Davide Campari-Milano		11,156		78,617
De’ Longhi		2,087		65,408
DiaSorin		536		41,170
Ei Towers		438		25,338
El.En		460		14,627
Enel		59,261		317,713
Eni		14,274		214,548
ERG		2,382		33,491
Esprinet		1,533		11,066
Falck Renewables		13,966		18,488
Ferrari		2,515		215,869
†Fiat Chrysler Automobiles		28,718		302,746
FinecoBank Banca Fineco		7,578		59,634
Geox		789		2,601
Hera		13,977		42,719
Industria Macchine Automatiche		275		25,269
#Infrastrutture Wireless Italiane 144A		3,449		19,594
Interpump Group		2,344		64,092
Intesa Sanpaolo		50,705		160,766
Iren		16,051		37,179
Italgas		5,917		29,884
Italmobiliare		714		19,490
Leonardo		7,069		117,475
Luxottica Group		774		44,776
MARR		652		15,497
†Mediaset		31,335		123,187
Mediobanca		13,928		137,444
Moncler		1,529		35,800
#OVS 144A		2,123		15,106
Parmalat		5,975		20,678
Piaggio & C		5,671		14,004
Prysmian		2,264		66,585
Recordati		1,750		70,996
Reply		121		22,361
†Safilo Group		802		5,936
†Saipem		21,299		78,672
Salini Impregilo		8,251		28,554
Salvatore Ferragamo		950		25,336
Saras		16,581		38,596
Snam		11,027		48,061
Societa Cattolica di Assicurazioni		6,053		47,080

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Italy (continued)
Societa Iniziative Autostradali e Servizi		2,301	$	25,374
SOL		1,200		14,569
†Telecom Italia		165,439		152,677
†Telecom Italia ADR		6,900		64,515
Tenaris		1,152		17,960
Terna Rete Elettrica Nazionale		15,845		85,528
Tod’s		380		23,697
†UniCredit		15,044		280,934
Unione di Banche Italiane		38,097		163,868
Unipol Gruppo Finanziario		18,054		79,182
UnipolSai Assicurazioni		34,433		75,155
Vittoria Assicurazioni		1,077		14,700
†Yoox Net-A-Porter Group		960		26,556
				5,240,563
Japan–23.34%
77 Bank		12,000		59,000
ABC-Mart		500		29,384
Adastria		600		16,697
ADEKA		3,000		45,610
Advan		1,200		12,184
Advantest		800		13,671
Aeon		7,500		113,825
Aeon Delight		600		19,391
Aeon Fantasy		300		8,629
AEON Financial Service		1,800		38,056
Aeon Hokkaido		2,300		12,413
Aeon Mall		1,200		23,600
Ahresty		1,900		18,717
Ai Holdings		400		10,758
Aica Kogyo		1,900		57,773
Aichi Bank		300		16,884
Aichi Steel		400		15,772
Aida Engineering		1,500		14,337
Ain Holdings		400		28,878
Air Water		4,000		73,403
Aisan Industry		2,000		15,790
Aisin Seiki		7,300		373,194
Ajinomoto		1,800		38,833
Ajis		700		13,275
†Akebono Brake Industry		7,100		22,220
Alfresa Holdings		2,400		46,240
Alpen		600		10,685
Alpine Electronics		1,800		26,902
Alps Electric		3,300		95,061
Amada Holdings		2,000		23,081
Amano		2,700		56,148
Amiyaki Tei		300		11,082
Amuse		600		16,324
ANA Holdings		10,000		34,710
Anest Iwata		1,300		11,893

LVIP Dimensional International Core Equity Fund–16

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Anicom Holdings		1,100	$	24,088
Anritsu		2,600		23,440
AOKI Holdings		1,100		13,936
Aomori Bank		7,000		24,770
Aoyama Trading		1,600		56,973
Aozora Bank		13,000		49,469
Arakawa Chemical Industries		1,000		17,115
Arata		300		10,202
Arcland Sakamoto		1,600		21,466
Arcs		1,200		25,936
Ariake Japan		300		20,885
Arisawa Manufacturing		1,300		9,975
Asahi Diamond Industrial		3,900		28,606
Asahi Glass		3,400		142,983
Asahi Group Holdings		1,400		52,627
Asahi Holdings		1,500		24,632
Asahi Intecc		1,400		63,605
Asahi Kasei		22,000		236,186
Asante		800		13,820
Asia Pile Holdings		1,700		11,336
Asics		2,200		40,724
ASKA Pharmaceutical		300		4,494
ASKUL		400		12,287
Astellas Pharma		7,800		95,320
Atom		1,800		12,323
Autobacs Seven		1,200		19,460
Avex Group Holdings		1,000		13,381
Awa Bank		6,000		40,756
Axial Retailing		700		26,668
Azbil		1,200		45,557
Bandai Namco Holdings		1,300		44,268
Bando Chemical Industries		1,500		14,830
Bank of Iwate		600		23,899
Bank of Kyoto		6,000		56,546
Bank of Nagoya		700		26,388
Bank of Okinawa		780		31,623
Bank of Saga		7,000		16,181
Belc		400		19,916
Bell System24 Holdings		1,100		11,267
Belluna		2,000		23,863
Benefit One		900		35,928
Benesse Holdings		1,200		45,237
Bic Camera		2,200		23,315
BML		1,000		19,427
Bridgestone		7,000		301,222
Brother Industries		11,500		265,121
Bunka Shutter		2,900		22,200
C Uyemura & Co.		300		15,537
Calbee		600		23,552
Canon		4,700		159,459
Canon Electronics		1,000		20,440
Canon Marketing Japan		1,600		36,360

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Capcom		1,300	$	30,779
Casio Computer		4,000		61,418
Cawachi		600		14,494
Central Glass		9,000		38,649
Central Japan Railway		300		48,838
Central Sports		600		24,005
Chiba Bank		4,000		28,949
Chiba Kogyo Bank		3,800		19,933
Chiyoda		200		5,233
Chiyoda Integre		500		9,900
Chubu Electric Power		2,700		35,828
Chubu Shiryo		900		11,851
Chudenko		500		12,941
Chugai Ro		3,000		5,948
Chugoku Bank		3,800		56,759
Chugoku Electric Power		1,200		13,219
Chugoku Marine Paints		2,000		15,363
Chukyo Bank		700		14,265
CI Takiron		4,000		21,231
Ci:z Holdings		400		15,079
Citizen Watch		11,600		81,270
CKD		2,700		41,073
Clarion		6,000		22,778
CMIC Holdings		800		11,003
CMK		100		827
Coca-Cola Bottlers Japan Class C		1,775		51,289
cocokara fine		600		29,607
COLOPL		1,900		19,224
Colowide		1,200		20,421
COMSYS Holdings		2,100		43,186
Concordia Financial Group		15,769		79,437
COOKPAD		900		7,290
Cosmo Energy Holdings		1,800		28,342
Cosmos Pharmaceutical		100		19,453
Create SD Holdings		400		9,236
Credit Saison		3,200		62,421
CTI Engineering		400		4,068
CyberAgent		1,200		37,182
Dai Nippon Printing		6,000		66,575
Dai Nippon Toryo		10,000		27,206
Daibiru		1,800		18,692
Daicel		7,400		91,912
Dai-Dan		2,000		23,472
Daido Metal		1,300		11,755
Daido Steel		11,000		63,276
Daifuku		1,500		44,743
Daihatsu Diesel Manufacturing		2,400		14,467
Daihen		4,000		31,403
Daiho		2,000		9,495
Dai-ichi Life Holdings		9,200		165,759
Daiichi Sankyo		2,000		47,068
Dai-ichi Seiko Class C		300		5,793

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)
Daiichikosho		500	$	23,427
Daiken		800		17,170
Daikin Industries		800		81,583
†Daikokuya Holdings		11,000		8,900
Daikyo		7,000		14,252
Daikyonishikawa		900		11,995
Dainichiseika Color & Chemicals Manufacturing		3,000		23,739
Daio Paper		4,000		53,879
Daisan Bank		300		4,572
Daiseki		500		11,096
Daishi Bank		10,000		45,966
Daito Pharmaceutical		600		13,219
Daito Trust Construction		400		62,218
Daiwa House Industry		2,700		92,132
Daiwa Securities Group		18,000		106,552
Daiwabo Holdings		4,000		13,905
DCM Holdings		3,400		29,776
DeNA		2,400		53,687
Denka		12,000		61,774
Denso		4,200		177,074
Dentsu		900		42,970
Denyo		900		15,611
Descente		1,100		14,866
†Dexerials		200		1,952
DIC		2,400		86,099
Digital Garage		600		11,251
Dip		600		12,173
Disco		300		47,797
DMG Mori		3,900		63,905
Don Quijote Holdings		600		22,725
Doshisha		900		17,108
Doutor Nichires Holdings		600		12,728
Dowa Holdings		7,000		52,963
DTS		1,100		33,692
Eagle Industry		1,000		16,848
Earth Chemical		300		15,417
East Japan Railway		700		66,873
Ebara		2,400		66,361
EDION		2,000		18,137
Ehime Bank		1,400		17,613
Eiken Chemical		800		24,148
Eisai		300		16,550
Elecom		1,300		26,306
Electric Power Development		600		14,819
Elematec		100		1,624
Endo Lighting		1,600		16,302
en-japan		400		10,409
Enplas		400		12,323
EPS Holdings		900		14,075
Exedy		1,300		36,581
Ezaki Glico		600		32,274

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
F@N Communications		2,300	$	20,306
FamilyMart UNY Holdings		1,100		62,885
Fast Retailing		100		33,270
FCC		1,300		26,144
Ferrotec Holdings		1,100		14,210
FIDEA Holdings		7,000		11,638
Fields		800		8,585
Financial Products Group		1,500		14,283
Foster Electric		700		12,049
FP		1,000		54,056
Fudo Tetra		4,900		7,842
Fuji Ehime		600		15,337
Fuji Electric		15,000		78,951
Fuji Kyuko		2,000		21,623
Fuji Media Holdings		1,300		17,638
Fuji Oil		800		2,411
Fuji Oil Holdings		1,700		39,267
Fuji Seal International		1,200		33,074
Fuji Soft		1,000		28,229
Fujibo Holdings		300		8,415
Fujicco		600		13,715
FUJIFILM Holdings		2,200		79,022
Fujikura		24,000		200,791
Fujimori Kogyo		900		28,206
Fujisash		13,300		11,825
Fujita Kanko		100		3,276
Fujitec		1,500		19,564
Fujitsu		32,000		235,515
Fujitsu Frontech		700		11,134
Fujitsu General		3,000		69,455
Fukui Bank		8,000		19,987
Fukuoka Financial Group		11,000		52,225
Fukushima Industries		700		26,886
Fukuyama Transporting		4,000		25,357
Furukawa		8,000		13,870
Furukawa Electric		2,100		93,354
Fuso Chemical		1,200		38,942
Futaba		700		12,261
Futaba Industrial		1,700		15,356
Future		2,000		15,630
Fuyo General Lease		600		34,194
G-7 Holdings		800		15,371
Gakken Holdings		600		17,524
Gecoss		900		10,746
Geo Holdings		1,000		10,358
Geostr		1,400		12,186
Giken		800		21,374
Glory		1,200		39,262
GMO internet		1,300		16,863
GMO Payment Gateway		100		5,530
Goldcrest		600		13,251
Gree		1,400		12,211

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)
GS Yuasa		20,000	$	86,953
G-Tekt		1,000		18,600
Gun-Ei Chemical Industry		400		12,963
GungHo Online Entertainment		9,800		25,181
Gunma Bank		10,100		60,524
Gunze		3,000		10,749
Gurunavi		700		11,364
H2O Retailing		2,800		50,859
Hachijuni Bank		11,200		70,999
Hakuhodo DY Holdings		1,000		13,256
Hamakyorex		1,000		24,939
Hamamatsu Photonics		400		12,269
Hankyu Hanshin Holdings		3,500		125,717
Hanwa		5,000		35,741
Happinet		1,100		19,267
Haseko		5,800		70,337
Hazama Ando		6,000		37,768
Heiwa		2,100		46,770
Heiwa Real Estate		1,500		24,139
Heiwado		1,100		23,501
Hibiya Engineering		900		15,355
Hiday Hidaka		600		14,915
Hikari Tsushin		300		31,527
HI-LEX		900		22,821
Hino Motors		4,200		46,565
Hioki EE		100		1,969
Hirose Electric		100		14,243
Hiroshima Bank		14,000		61,987
HIS		1,900		57,182
Hisamitsu Pharmaceutical		200		9,567
Hitachi		96,000		588,419
Hitachi Capital		2,100		50,449
Hitachi Chemical		2,100		62,547
Hitachi Construction Machinery		2,500		62,392
Hitachi High-Technologies		300		11,629
Hitachi Metals		6,200		86,103
Hitachi Transport System		1,900		44,613
Hitachi Zosen		8,800		43,267
Hochiki		1,300		20,747
Hogy Medical		400		26,637
Hokkaido Electric Power		3,100		23,593
Hokkoku Bank		9,000		34,488
Hokuetsu Bank		1,100		26,112
Hokuetsu Industries		2,000		18,226
Hokuetsu Kishu Paper		5,000		39,164
Hokuhoku Financial Group		3,400		54,140
Hokuriku Electric Power		2,700		24,317
Hokuto		600		10,536
Honda Motor		14,300		389,555
Honda Motor ADR		4,400		120,516
Horiba		600		36,435
Hoshizaki		200		18,066

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Hosokawa Micron		400	$	17,426
House Foods Group		1,200		30,044
Hoya		1,200		62,233
Hulic		1,200		12,237
Hyakugo Bank		7,000		28,442
Hyakujushi Bank		8,000		26,388
Ibiden		4,300		73,938
IBJ Leasing		900		21,589
Ichibanya		600		20,511
Ichigo		3,700		11,020
Ichiken		4,000		14,048
Ichinen Holdings		1,200		12,984
Idemitsu Kosan		2,400		68,068
IDOM		3,000		20,671
†IHI		51,000		173,212
Iida Group Holdings		2,300		38,260
Iino Kaiun Kaisha		5,000		21,383
Imasen Electric Industrial		600		7,010
Inaba Denki Sangyo		400		15,168
Inabata & Co.		1,400		18,534
Inageya		600		10,066
Infocom		400		7,671
Infomart		3,900		29,543
Information Services International-Dentsu		900		21,069
Intage Holdings		1,000		19,755
Internet Initiative Japan		1,000		18,146
Iriso Electronics		400		32,149
Iseki & Co.		700		13,686
Isetan Mitsukoshi Holdings		5,400		54,060
†Ishihara Sangyo Kaisha		1,600		16,345
Isuzu Motors		11,100		136,782
Ito En		800		29,162
ITOCHU		6,700		99,420
Itochu Enex		2,400		21,231
Itochu Techno-Solutions		300		10,482
Itochu-Shokuhin		300		12,616
Itoham Yonekyu Holdings		1,800		16,308
Itoki		1,700		14,555
Iwatani		9,000		55,772
Iyo Bank		4,100		33,901
Izumi		800		45,379
J Front Retailing		4,900		75,106
J Trust		2,900		22,818
Jaccs		7,000		34,105
Jalux		300		7,239
Jamco		400		8,770
Janome Sewing Machine		1,000		7,940
Japan Airlines		800		24,709
Japan Airport Terminal		500		19,093
†Japan Asset Marketing		3,900		4,716
Japan Aviation Electronics Industry		2,000		27,651

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)
†Japan Display		14,100	$	26,577
†Japan Drilling		300		5,988
Japan Exchange Group		2,800		50,660
Japan Lifeline		700		29,593
Japan Pulp & Paper		4,000		15,079
Japan Radio		600		7,692
Japan Securities Finance		4,300		22,212
Japan Steel Works		2,000		31,260
Japan Tobacco		3,100		108,786
Japan Wool Textile		1,400		11,663
JCU		600		21,285
Jeol		3,000		15,657
JFE Holdings		7,500		130,062
JGC		1,900		30,778
Jimoto Holdings		7,400		13,422
JINS		200		11,131
J-Oil Mills		400		14,208
Joshin Denki		2,000		28,824
JSP		300		9,042
JSR		3,000		51,665
JTEKT		6,700		97,812
Juki		2,600		37,587
Juroku Bank		10,000		31,474
JVC Kenwood		4,200		12,509
JXTG Holdings		47,950		209,194
K&O Energy Group		900		14,179
kabu.com Securities		7,000		23,525
Kadokawa Dwango		1,400		18,073
Kaga Electronics		1,200		24,560
Kagome		500		15,203
Kajima		16,000		134,857
Kakaku.com		2,700		38,721
Kaken Pharmaceutical		300		16,350
Kakiyasu Honten		700		12,092
Kameda Seika		300		14,643
Kamei		1,600		21,736
Kamigumi		6,000		62,841
Kanagawa Chuo Kotsu		2,000		13,052
Kanamoto		900		29,847
Kandenko		4,000		42,036
Kaneka		8,000		60,885
Kanematsu		19,000		38,853
Kansai Electric Power		3,000		41,263
Kansai Paint		1,000		22,983
Kansai Urban Banking		1,000		11,940
Kanto Denka Kogyo		2,000		17,568
Kao		2,500		148,300
Kasai Kogyo		1,400		18,024
Kato Sangyo		800		21,445
Kato Works		400		11,238
KAWADA TECHNOLOGIES		200		13,319

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Kawai Musical Instruments Manufacturing		900	$	18,972
Kawasaki Heavy Industries		23,000		67,891
†Kawasaki Kisen Kaisha		22,000		52,812
KDDI		8,000		211,603
Keihan Holdings		11,000		69,829
Keihin		1,900		25,896
Keikyu		5,000		60,147
Keio		5,000		41,787
Keisei Electric Railway		500		13,336
Keiyo		600		4,166
Keiyo Bank		9,000		38,889
Kenedix		6,000		28,273
Kenko Mayonnaise		500		14,403
Kewpie		2,200		57,702
Key Coffee		700		13,679
Keyence		200		87,735
KFC Holdings Japan		700		12,410
Kinden		3,700		59,542
Kintetsu Group Holdings		7,000		26,948
Kintetsu World Express		1,000		17,622
Kirin Holdings		3,600		73,264
Kitagawa Iron Works		600		12,557
Kita-Nippon Bank		400		11,558
Kito		700		7,157
Kitz		2,100		19,567
Kiyo Bank		2,000		34,585
Koa		1,100		20,352
Koatsu Gas Kogyo		2,000		14,421
Kobayashi Pharmaceutical		300		17,791
†Kobe Steel		8,300		85,158
Kohnan Shoji		1,200		22,330
Koito Manufacturing		500		25,695
Kokusai		1,000		8,393
Kokuyo		2,500		34,074
Komatsu		4,800		121,819
Komeri		1,100		27,941
Komori		1,800		23,109
Konami Holdings		1,000		55,479
Konica Minolta		12,900		106,893
Konishi		1,200		17,156
Konoike Transport		600		8,172
Kose		200		21,818
Koshidaka Holdings		900		22,509
Kotobuki Spirits		500		16,337
Kourakuen Holdings		500		8,126
K’s Holdings		1,800		35,128
Kubota		2,500		41,954
Kubota ADR		300		25,341
Kumagai Gumi		17,000		54,563
Kumiai Chemical Industry		1,570		9,045
Kura		200		9,193

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)
Kurabo Industries		8,000	$	18,422
Kuraray		4,200		76,102
Kureha		700		34,541
Kurita Water Industries		2,200		59,853
Kuroda Electric		600		11,747
Kusuri No Aoki Holdings		600		31,420
KYB		7,000		35,786
Kyocera ADR		473		27,562
Kyodo Printing		4,000		13,585
Kyoei Steel		1,000		16,546
Kyokuto Kaihatsu Kogyo		1,200		19,247
Kyokuyo		500		13,736
KYORIN Holdings		900		19,940
Kyoritsu Maintenance		800		23,223
Kyowa Exeo		3,100		52,064
Kyudenko		1,500		53,679
Kyushu Electric Power		1,800		21,829
Kyushu Financial Group		8,200		51,690
Lasertec		2,400		33,351
Lawson		200		13,976
Leopalace21		10,400		64,541
Life		200		5,610
LIFULL		1,800		15,763
Lintec		1,200		28,657
Lion		2,000		41,360
LIXIL Group		2,900		72,426
M3		1,200		33,021
Mabuchi Motor		400		19,880
Macnica Fuji Electronics Holdings		900		13,131
Maeda		4,000		44,028
Maeda Kosen		900		13,579
Maeda Road Construction		2,000		39,867
Makino Milling Machine		2,000		16,484
Makita		1,000		36,942
Mandom		300		16,244
Mani		700		18,279
Marubeni		10,100		65,175
Marudai Food		4,000		18,706
Maruha Nichiro		1,700		44,860
Marui Group		1,800		26,502
Maruichi Steel Tube		900		26,126
Marusan Securities		1,100		9,164
Maruzen Showa Unyu		2,000		8,375
Matsui Construction		1,800		14,275
Matsui Securities		1,300		10,587
Matsumotokiyoshi Holdings		900		51,131
Matsuya Foods		200		7,477
Max		1,000		14,421
Mazda Motor		14,300		199,355
MCJ		1,200		12,653
Mebuki Financial Group		7,190		26,721
Medipal Holdings		2,000		36,950

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Megmilk Snow Brand		1,600	$	44,525
Meidensha		5,000		17,115
MEIJI Holdings		200		16,199
Meisei Industrial		2,100		12,715
Meitec		600		25,526
Menicon		700		22,934
METAWATER		400		10,954
Michinoku Bank		6,000		9,869
Mie Bank		600		13,587
Milbon		400		22,476
Minato Bank		600		11,347
MINEBEA MITSUMI		10,332		165,808
Miraca Holdings		1,400		62,858
Mirait Holdings		1,900		21,302
Misawa Homes		1,400		12,584
MISUMI Group		2,600		59,316
Mitani		600		22,645
Mitsuba		2,400		44,148
Mitsubishi		9,800		205,279
Mitsubishi Chemical Holdings		29,800		246,428
Mitsubishi Electric		17,900		257,101
Mitsubishi Estate		3,000		55,839
Mitsubishi Gas Chemical		6,000		126,695
Mitsubishi Heavy Industries		43,000		175,785
Mitsubishi Logistics		3,000		39,876
Mitsubishi Materials		3,900		117,893
Mitsubishi Motors		4,800		31,580
Mitsubishi Nichiyu Forklift		3,300		22,826
†Mitsubishi Paper Mills		2,100		15,086
Mitsubishi Shokuhin		500		14,337
Mitsubishi Steel Manufacturing		6,000		14,083
Mitsubishi Tanabe Pharma		1,300		30,005
Mitsubishi UFJ Financial Group		48,500		325,475
Mitsubishi UFJ Financial Group ADR		35,500		239,625
Mitsubishi UFJ Lease & Finance		13,900		75,880
Mitsuboshi Belting		2,000		22,174
Mitsui & Co.		10,500		149,880
Mitsui Chemicals		42,000		222,183
Mitsui Engineering & Shipbuilding		24,000		34,141
Mitsui Fudosan		3,000		71,496
Mitsui Home		3,000		19,738
Mitsui Mining & Smelting		24,000		93,674
Mitsui OSK Lines		13,000		38,142
Mitsui Sugar		300		8,682
Mitsui-Soko Holdings		5,000		13,647
Miura		1,000		19,453
Miyazaki Bank		5,000		16,404
Mizuho Financial Group		151,700		277,032
Mizuho Financial Group ADR		5,700		20,919
Mizuno		3,000		17,070
Mochida Pharmaceutical		300		21,605
Modec		900		20,004

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)
Monex Group		6,400	$	16,900
Monogatari		100		5,103
MonotaRO		700		22,529
Morinaga & Co.		600		34,034
Morinaga Milk Industry		7,000		53,274
Morita Holdings		1,100		17,213
MS&AD Insurance Group Holdings		3,800		127,506
MTI		1,200		7,735
Murata Manufacturing		700		106,237
Musashi Seimitsu Industry		800		23,116
Musashino Bank		1,000		30,629
Nabtesco		2,000		58,057
Nachi-Fujikoshi		8,000		45,308
Nagase & Co.		3,800		57,739
Nagatanien Holdings		2,000		25,250
Nagoya Railroad		4,000		18,635
Nakanishi		400		16,199
Nankai Electric Railway		6,000		30,994
Nanto Bank		1,000		28,451
NEC		34,000		90,082
NEC Capital Solutions		700		11,507
NEC Networks & System Integration		800		17,355
NET One Systems		2,200		20,831
NGK Insulators		2,000		39,813
NGK Spark Plug		2,700		57,349
NH Foods		3,000		91,087
NHK Spring		7,700		80,851
Nichias		4,000		46,197
Nichiban		3,000		25,446
Nichiha		1,000		35,208
Nichi-iko Pharmaceutical		1,400		21,808
Nichirei		5,500		154,034
Nichireki		2,000		23,596
Nichirin		1,000		21,045
Nidec		300		30,700
Nidec ADR		1,000		25,590
Nifco		600		32,167
Nihon Chouzai		400		12,678
Nihon House Holdings		2,600		12,229
Nihon Kohden		1,300		29,982
Nihon M&A Center		1,200		43,850
Nihon Nohyaku		2,400		14,126
Nihon Parkerizing		3,600		53,548
Nihon Unisys		3,000		47,397
Nikkiso		3,300		31,687
Nikkon Holdings		2,100		48,469
Nikon		3,100		49,501
Nintendo		100		33,501
Nippo		3,000		60,253
Nippon Carbide Industries		8,000		13,585
Nippon Carbon		400		12,394
Nippon Chemi-Con		6,000		21,658

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Nippon Chemiphar		300	$	13,763
Nippon Coke & Engineering		18,200		15,858
Nippon Denko		4,300		15,139
Nippon Densetsu Kogyo		1,000		20,529
Nippon Electric Glass		2,400		87,166
Nippon Express		11,000		68,753
Nippon Flour Mills		2,300		36,829
Nippon Gas		1,200		38,835
Nippon Kayaku		3,000		42,409
Nippon Koei		800		22,689
Nippon Light Metal Holdings		22,200		52,700
Nippon Paint Holdings		800		30,229
Nippon Paper Industries		3,000		61,374
Nippon Road		3,000		15,790
†Nippon Sheet Glass		3,900		32,178
Nippon Shinyaku		300		19,178
Nippon Shokubai		500		32,140
Nippon Signal		3,600		33,095
Nippon Soda		4,000		22,049
Nippon Steel & Sumikin Bussan		400		19,169
Nippon Steel & Sumitomo Metal		5,200		117,338
Nippon Suisan Kaisha		10,100		58,997
Nippon Telegraph & Telephone		1,500		70,816
Nippon Thompson		3,200		16,871
Nippon Valqua Industries		800		15,819
Nippon Yakin Kogyo		5,800		12,015
†Nippon Yusen		41,000		76,186
Nipro		4,700		61,218
Nishimatsu Construction		8,000		42,392
Nishimatsuya Chain		1,000		10,242
Nishi-Nippon Financial Holdings		3,800		39,394
Nishi-Nippon Railroad		5,000		22,449
Nishio Rent All		700		22,280
Nissan Chemical Industries		2,100		69,269
Nissan Motor		33,600		333,984
Nissan Shatai		2,800		27,807
Nissei ASB Machine		400		13,870
Nissei Build Kogyo		3,000		16,644
Nissha Printing		400		11,078
Nisshin Oillio Group		4,000		23,436
Nisshin Seifun Group		2,800		45,930
Nisshin Steel		3,114		34,192
Nisshinbo Holdings		4,800		48,651
Nissin		5,000		24,183
Nissin Electric		2,100		22,237
Nissin Kogyo		2,100		33,309
Nitori Holdings		400		53,487
Nitta		600		18,644
Nittetsu Mining		300		16,137
Nitto Boseki		4,000		19,204
Nitto Denko		900		73,936
Nitto Kogyo		1,100		17,340

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)
Nittoc Construction		3,400	$	17,442
NOF		7,000		88,998
Nohmi Bosai		900		12,947
Nojima		1,000		15,532
NOK		3,400		71,763
Nomura		1,000		22,761
Nomura Holdings		15,600		93,399
Nomura Holdings ADR		6,763		40,849
Nomura Real Estate Holdings		3,500		68,584
Nomura Research Institute		440		17,310
Noritake		700		23,930
Noritz		1,200		23,781
North Pacific Bank		9,700		33,893
NS Solutions		1,100		26,112
NS United Kaiun Kaisha		7,000		14,065
NSD		900		16,196
NSK		12,500		155,924
NTN		12,000		55,266
NTT Data		6,000		66,681
NTT DOCOMO		4,000		94,314
NTT DOCOMO ADR		1,000		23,650
NTT Urban Development		1,900		18,312
NuFlare Technology		300		17,897
Obara Group		900		48,971
Obayashi		12,100		142,112
Obic		200		12,269
Odakyu Electric Railway		1,100		22,161
Ogaki Kyoritsu Bank		16,000		46,090
Ohashi Technica		1,100		13,731
Ohsho Food Service		400		15,239
Oiles		300		5,297
Oita Bank		3,000		11,523
Oji Holdings		22,000		113,447
Okabe		1,500		13,803
Okamoto Industries		1,000		11,620
Okamura		1,800		17,060
Okasan Securities Group		6,000		38,462
Oki Electric Industry		3,700		52,371
Okinawa Cellular Telephone		800		26,779
Okinawa Electric Power		1,485		33,892
OKUMA		3,000		28,460
Okumura		4,000		26,886
Okuwa		1,000		11,505
Olympus		400		14,581
Omron		1,200		52,012
Onward Holdings		4,000		29,553
Open House		1,000		30,762
Optex		400		12,927
Oracle Japan		500		32,407
Organo		3,000		14,697
Orient		8,200		14,289
Oriental Land		500		33,821

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Osaka Gas		8,000	$	32,683
Osaka Soda		4,000		19,382
Osaka Steel		700		13,518
Osaki Electric		2,000		14,937
OSG		3,000		60,947
OSJB Holdings		3,400		8,857
Otsuka		300		18,591
Otsuka Holdings		700		29,811
Outsourcing		400		19,489
Pacific Industrial		1,500		19,444
†Pacific Metals		5,000		13,114
Pack		700		22,156
PAL GROUP Holdings		1,100		28,548
PALTAC		600		20,191
PanaHome		2,000		21,267
Panasonic		27,100		367,196
Paramount Bed Holdings		600		26,192
Parco		1,200		14,435
Park24		1,500		38,088
Pasona Group		500		4,610
Penta-Ocean Construction		11,500		65,335
Persol Holdings		1,500		28,086
Pigeon		1,300		47,042
Pilot		700		29,655
Piolax		900		25,046
†Pioneer		13,800		27,606
Plenus		1,000		21,098
Press Kogyo		4,300		19,918
Pressance		2,000		26,353
Prestige International		1,700		18,349
Prima Meat Packers		5,000		29,340
Proto		700		10,891
Qol		1,000		14,981
Raito Kogyo		2,000		21,125
Rakuten		2,100		24,683
Recruit Holdings		1,500		25,752
Relo Group		2,000		38,889
Rengo		11,000		63,765
Resona Holdings		16,600		91,283
Resorttrust		1,200		22,085
Ricoh		8,900		78,496
Ricoh Leasing		800		27,953
Riken		300		13,523
Riken Technos		700		3,709
Riken Vitamin		500		19,560
Ringer Hut		400		8,653
Rinnai		200		18,617
Riso Kagaku		700		13,655
Riso Kyoiku		3,000		23,739
Rohm		400		30,691
Rohto Pharmaceutical		1,800		37,160
Rokko Butter		500		11,812

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)
Roland DG		400	$	9,111
Round One		5,000		47,299
Royal Holdings		800		18,287
Ryobi		6,000		24,379
Ryohin Keikaku		100		24,957
Ryosan		1,100		40,098
S Foods		500		18,382
Sac’s Bar Holdings		900		10,090
Saibu Gas		5,000		11,780
Saizeriya		1,100		31,980
Sakata INX		1,200		19,098
Sala		100		617
SAMTY		900		9,802
San-A Class A		600		26,486
San-Ai Oil		2,400		24,475
†Sanden Holdings		5,000		14,448
Sangetsu		1,100		19,061
San-In Godo Bank		3,300		27,726
Sanken Electric		7,000		29,375
Sanki Engineering		2,200		24,626
Sankyo		1,000		33,874
Sankyo Tateyama		1,100		16,763
Sankyu		10,000		65,081
Sanoh Industrial		1,700		12,001
Sanrio		800		15,683
Sanshin Electronics		1,200		15,395
Santen Pharmaceutical		1,700		23,034
Sanwa Holdings		5,400		56,845
Sanyo Chemical Industries		500		23,472
Sanyo Denki		2,000		20,485
Sanyo Electric Railway		3,000		15,443
Sanyo Shokai		500		7,940
Sanyo Special Steel		3,000		16,964
Sanyo Trading		500		11,660
Sapporo Holdings		2,300		63,290
Sato Holdings		800		20,015
Sawada Holdings		1,600		14,083
Sawai Pharmaceutical		900		50,491
Saxa Holdings		7,000		12,883
SBI Holdings		5,500		74,425
SBS Holdings		1,000		7,922
Scala		1,600		11,949
SCREEN Holdings		1,000		66,681
SCSK		300		13,443
Secom		700		53,056
Sega Sammy Holdings		4,800		64,526
Seibu Holdings		600		11,080
Seikagaku		500		8,322
Seikitokyu Kogyo		1,000		5,183
Seiko Epson		3,200		71,098
Seiko Holdings		6,000		24,485
Seino Holdings		4,000		53,096

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Seiren		1,900	$	29,832
Sekisui Chemical		4,300		76,882
Sekisui House		3,100		54,558
Sekisui Plastics		2,500		20,338
Senko Group Holdings		5,000		32,452
Senshu Ikeda Holdings		7,900		33,293
Senshukai		1,500		10,802
Septeni Holdings		4,000		12,554
Seria		800		38,622
Seven & i Holdings		2,700		111,097
Seven Bank		10,300		36,814
Shibuya		600		18,031
Shiga Bank		9,000		46,330
Shikoku Bank		8,000		22,263
Shikoku Chemicals		2,000		24,539
Shikoku Electric Power		1,800		21,189
Shima Seiki Manufacturing		400		18,600
Shimachu		1,700		40,446
Shimadzu		1,000		19,009
Shimamura		200		24,468
Shimano		200		31,616
Shimizu		6,000		63,534
Shimizu Bank		400		12,945
Shindengen Electric Manufacturing		3,000		16,270
Shin-Etsu Chemical		2,000		181,107
Shinko Electric Industries		4,100		34,666
Shinko Plantech		1,300		10,032
Shinko Shoji		1,100		13,976
Shinmaywa Industries		3,000		25,286
Shinnihon		2,400		19,482
Shinoken Group		600		12,099
Shinsei Bank		20,000		34,852
Shinwa		400		7,639
Shionogi & Co.		500		27,824
Ship Healthcare Holdings		1,100		34,181
Shiseido		600		21,306
Shizuoka Bank		3,000		27,073
Shizuoka Gas		1,300		8,645
†Showa		1,900		18,362
Showa Denko		5,000		115,848
Showa Sangyo		3,000		16,484
Showa Shell Sekiyu		5,600		51,880
Siix		600		23,739
Sinfonia Technology		6,000		24,699
Sinko Industries		400		6,405
SKY Perfect JSAT Holdings		8,900		38,219
Skylark		1,200		17,220
SMC		100		30,362
SMK		2,000		7,646
SMS		500		15,159
Sodick		2,000		23,205
SoftBank Group		4,000		323,521

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)
Sogo Medical		400	$	17,231
Sohgo Security Services		400		17,995
Sojitz		27,300		66,991
Sompo Holdings		2,900		111,875
Sony		10,700		407,737
Sony Financial Holdings		1,700		28,929
†Sosei Group		500		54,901
Sotetsu Holdings		5,000		24,761
Sparx Group		5,300		10,178
Square Enix Holdings		800		26,175
Srg Takamiya		2,400		12,056
St Marc Holdings		900		27,526
Stanley Electric		2,600		78,364
Star Micronics		1,000		16,146
Start Today		2,100		51,625
Starts		1,200		28,497
Starzen		400		17,479
Stella Chemifa		400		10,328
Studio Alice		300		6,111
Subaru		3,200		107,715
Sugi Holdings		300		16,057
Sumco		2,700		39,057
Sumida		1,300		20,516
Sumitomo		8,900		115,686
Sumitomo Bakelite		8,000		56,333
Sumitomo Chemical		49,000		281,431
Sumitomo Dainippon Pharma		1,700		23,170
Sumitomo Densetsu		900		13,003
Sumitomo Electric Industries		18,800		289,166
Sumitomo Forestry		3,400		53,384
Sumitomo Heavy Industries		14,000		92,234
Sumitomo Metal Mining		5,000		66,704
Sumitomo Mitsui Construction		36,500		38,942
Sumitomo Mitsui Financial Group		8,400		327,038
Sumitomo Mitsui Trust Holdings		2,700		96,477
Sumitomo Osaka Cement		13,000		61,605
Sumitomo Realty & Development		3,000		92,421
Sumitomo Riko		1,300		13,361
Sumitomo Rubber Industries		5,000		84,285
Sumitomo Seika Chemicals		400		19,595
Sumitomo Warehouse		5,000		31,651
Sun Frontier Fudousan		1,300		13,038
Sundrug		400		14,901
Suntory Beverage & Food		600		27,846
Suruga Bank		2,400		58,082
Suzuken Aichi		2,100		69,642
Suzuki Motor		1,500		71,082
†SWCC Showa Holdings		16,000		11,807
Sysmex		900		53,692
T Hasegawa		800		16,907
T RAD		8,000		25,250
T&D Holdings		6,400		97,273

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
T&K Toka		1,200	$	12,728
Tachibana Eletech		800		10,868
Tachi-S		1,400		25,504
Tadano		3,000		35,981
Taihei Dengyo Kaisha		2,000		23,063
Taiheiyo Cement		34,000		123,636
Taiho Kogyo		900		11,363
Taikisha		500		13,176
Taiko Bank		6,000		12,749
Taisei		5,000		45,610
Taiyo Holdings		400		17,960
Taiyo Nippon Sanso		5,600		62,784
Taiyo Yuden		4,500		70,496
Takara Holdings		1,600		16,644
Takara Leben		4,000		17,924
Takara Standard		1,200		19,578
Takasago International		600		22,565
Takasago Thermal Engineering		800		12,988
Takashimaya		8,000		76,035
Takeda Pharmaceutical		2,800		142,122
Takeei		900		8,666
Takeuchi Manufacturing		1,800		32,903
Takuma		1,000		10,029
Tamron		700		12,092
Tamura		4,000		18,600
Tatsuta Electric Wire & Cable		3,600		21,829
TDK		2,100		137,977
TechnoPro Holdings		500		20,093
Teijin		6,000		115,279
Terumo		500		19,671
THK		2,300		65,028
TIS		4,500		124,828
Toa Hyogo		1,000		9,602
TOA ROAD		3,000		12,536
†Toa Tokyo		600		9,469
Toagosei		3,700		48,028
Tobishima		6,800		10,157
Tobu Railway		9,000		49,051
TOC		2,100		19,810
Tocalo		600		19,738
Tochigi Bank		4,000		16,928
Toda		4,000		24,894
Toenec		1,000		6,206
Toho (Kobe)		300		8,148
Toho (Tokyo)		800		24,610
Toho Bank		7,000		24,583
Toho Gas		4,000		29,091
Toho Holdings		1,900		37,367
Toho Titanium		1,700		13,134
Toho Zinc		5,000		20,982
Tohoku Electric Power		1,900		26,268
Tokai Carbon		7,000		38,649

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)
Japan (continued)
Tokai Gifu		500	$	19,782
TOKAI Holdings		2,800		20,886
Tokai Rika		2,700		49,619
Tokai Tokyo Financial Holdings		3,700		20,494
Token		300		36,862
Tokio Marine Holdings		4,300		177,811
Tokushu Tokai Paper		400		14,457
†Tokuyama		13,000		62,529
Tokyo Century		1,400		55,888
Tokyo Dome		2,000		18,066
†Tokyo Electric Power Holdings		6,000		24,699
Tokyo Electron		600		80,871
Tokyo Gas		10,000		51,949
Tokyo Keiki		5,000		12,403
Tokyo Ohka Kogyo		600		19,978
Tokyo Rope Manufacturing		600		9,138
Tokyo Seimitsu		600		19,284
Tokyo Steel Manufacturing		1,600		13,528
Tokyo Tatemono		4,200		54,967
Tokyo TY Financial Group		700		19,262
Tokyotokeiba		500		12,714
Tokyu		5,000		38,097
Tokyu Construction		2,600		21,267
Tokyu Fudosan Holdings		18,000		106,264
TOMONY Holdings		4,800		23,344
Tomy		3,600		42,826
Tonami Holdings		5,000		18,671
Topcon		2,600		44,707
Toppan Forms		1,800		18,564
Toppan Printing		5,000		54,768
Topre		1,600		43,245
Topy Industries		500		14,870
Toray Industries		11,600		96,977
Toridoll Holdings		400		10,303
Torii Pharmaceutical		600		14,601
Torishima Pump Manufacturing		200		2,018
Toshiba Machine		6,000		26,886
Toshiba Plant Systems & Services		1,400		22,056
Toshiba TEC		8,000		41,325
Tosoh		22,000		225,134
Totetsu Kogyo		700		21,378
TOTO		700		26,699
Tottori Bank		600		9,095
Towa Bank		13,000		14,563
Towa Pharmaceutical		300		14,003
Toyo Construction		5,200		20,481
Toyo Engineering		5,000		12,314
Toyo Ink SC Holdings		6,000		31,474
Toyo Kohan		2,600		9,663
Toyo Seikan Group Holdings		4,300		72,485
Toyo Suisan Kaisha		300		11,483
Toyo Tire & Rubber		3,300		67,159

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Toyobo		33,000	$	60,440
Toyoda Gosei		3,800		90,511
Toyota Boshoku		3,200		59,974
Toyota Motor		22,684		1,188,502
Toyota Motor ADR		1,489		156,375
Toyota Tsusho		7,600		227,375
TPR		800		25,784
Trancom		200		9,762
Transcosmos		800		19,133
Trend Micro		400		20,591
Trusco Nakayama		1,000		23,854
TS Tech		2,100		61,054
Tsubakimoto Chain		6,000		51,638
Tsukishima Kikai		1,500		17,084
Tsukuba Bank		3,300		9,917
Tsukui		2,800		16,405
Tsumura & Co.		1,300		52,705
Tsuruha Holdings		200		21,214
Tsurumi Manufacturing		800		13,258
Tv Tokyo Holdings		700		14,289
UACJ		10,000		27,384
Ube Industries		49,000		125,904
UKC Holdings		100		1,680
Ulvac		1,600		76,817
Unicharm		500		12,545
Unipres		1,800		39,945
United Arrows		700		22,685
United Super Markets Holdings		1,800		19,012
†Unitika		25,000		18,449
Universal Entertainment		400		12,216
Unizo Holdings		500		13,848
Usen		1,100		4,499
Ushio		4,200		52,726
USS		1,100		21,839
V Technology		100		17,204
Valor Holdings		1,500		34,008
Vital KSK Holdings		1,900		15,457
VT Holdings		3,300		16,254
Wacoal Holdings		4,000		54,021
Wakita & Co.		1,300		15,060
Warabeya Nichiyo Holdings		500		13,781
Welcia Holdings		800		29,589
West Holdings		300		2,192
West Japan Railway		400		28,223
Xebio Holdings		1,000		17,622
Yahagi Construction		1,500		12,216
Yahoo Japan		9,000		39,129
Yakult Honsha		300		20,405
YAMABIKO		1,600		17,227
Yamada Denki		9,100		45,146
Yamagata Bank		6,000		26,833
Yamaguchi Financial Group		5,000		60,325

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)
Japan (continued)
Yamaha		800	$	27,597
Yamaha Motor		3,300		85,027
Yamaichi Electronics		1,500		23,018
Yamanashi Chuo Bank		6,000		25,286
Yamatane		900		13,139
Yamato Holdings		2,300		46,593
Yamato Kogyo		1,300		33,287
Yamazaki Baking		1,000		19,907
Yamazen		2,400		24,304
Yaoko		500		21,360
Yaskawa Electric		5,000		105,846
Yellow Hat		500		11,914
Yodogawa Steel Works		1,000		26,397
Yokogawa Bridge Holdings		900		12,443
Yokogawa Electric		4,600		73,657
Yokohama Reito		1,200		11,309
Yokohama Rubber		3,200		64,156
Yondoshi Holdings		500		12,452
Yorozu		1,000		15,506
Yoshinoya Holdings		800		13,329
Yurtec		1,000		6,819
Yusen Logistics		900		8,298
Zenkoku Hosho		400		16,341
Zenrin		600		17,337
Zensho Holdings		1,500		27,193
Zeon		6,000		63,854
ZERIA Pharmaceutical		700		12,945
Zojirushi		1,100		12,528
				44,934,613
Netherlands–2.65%
Aalberts Industries		3,092		123,109
#ABN AMRO Group CVA 144A		4,146		109,908
Accell Group		637		20,870
Aegon		30,121		153,814
Aegon (New York Shares)		1,600		8,176
Akzo Nobel		4,559		396,205
†Altice Class A		2,117		48,842
AMG Advanced Metallurgical Group		1,768		51,644
Amsterdam Commodities		644		20,952
APERAM		1,419		65,963
Arcadis		2,751		49,723
†ArcelorMittal (New York Shares)		6,403		145,540
ASM International		1,280		74,545
ASML Holding		433		56,428
ASML Holding (New York Shares)		200		26,062
BE Semiconductor Industries		2,089		111,543
Beter Bed Holding		484		8,720
BinckBank		3,253		16,459
Boskalis Westminster		2,998		97,366
Brunel International		605		8,465
Coca-Cola European Partners		1,577		64,032

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Netherlands (continued)
Corbion		2,379	$	76,081
#Flow Traders 144A		704		19,418
†Fugro CVA		1,289		19,139
Gemalto		1,791		107,496
#Grandvision 144A		498		13,338
Heineken		1,086		105,593
Hunter Douglas		186		15,837
IMCD Group		759		41,138
ING Groep		17,310		298,536
ING Groep ADR		6,300		109,557
Kendrion		498		20,363
Koninklijke Ahold Delhaize		26,515		506,956
Koninklijke BAM Groep		7,191		39,128
Koninklijke DSM		2,070		150,461
Koninklijke KPN		103,811		332,108
Koninklijke Philips		3,346		118,834
Koninklijke Philips (New York Shares)		5,156		184,688
Koninklijke Vopak		1,961		90,934
Nederland Apparatenfabriek		289		12,873
NN Group		5,273		187,422
†OCI		993		21,855
PostNL		11,797		55,068
Randstad Holding		2,595		151,514
#Refresco Group 144A		548		11,185
RELX		3,294		67,720
RELX ADR		1,230		25,436
SBM Offshore		5,153		82,574
Sligro Food Group		739		32,509
TKH Group CVA		1,290		71,665
†TomTom		1,965		18,848
Unilever (New York Shares)		2,400		132,648
Unilever CVA		2,188		120,753
Van Lanschot Kempen CVA		475		13,183
Wessanen		2,505		42,458
Wolters Kluwer		3,500		148,168
				5,103,850
New Zealand–0.45%
†a2 Milk		13,678		40,093
Air New Zealand		23,768		56,780
Auckland International Airport		4,027		21,041
Chorus		14,273		48,426
Contact Energy		4,150		15,844
EBOS Group		4,086		52,399
Fisher & Paykel Healthcare		6,224		52,223
Fletcher Building		14,790		86,596
Freightways		3,723		20,898
Genesis Energy		17,212		30,649
Infratil		11,249		24,524
Mainfreight		2,869		49,406
Mercury		3,950		9,610
Metlifecare		6,446		25,366

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)
New Zealand (continued)
New Zealand Refining		7,205	$	12,883
Port of Tauranga		7,990		26,055
Restaurant Brands New Zealand		1,401		6,427
SKY Network Television		9,600		24,270
SKYCITY Entertainment Group		20,896		62,475
Spark New Zealand		22,300		61,771
Summerset Group Holdings		11,663		40,597
Tourism Holdings		5,008		15,413
Trade Me Group		12,535		48,959
Warehouse Group		6,110		9,179
Z Energy		3,466		20,065
				861,949
Norway–0.87%
ABG Sundal Collier Holding		15,637		10,058
AF Gruppen		854		15,344
†Akastor		6,130		10,096
Aker Class A		1,440		47,260
Aker BP		5,231		77,380
†Aker Solutions		6,553		29,599
†American Shipping		4,751		14,170
†Atea		3,763		50,481
Austevoll Seafood		4,213		35,828
Bakkafrost		490		18,453
Bonheur		1,160		10,629
Borregaard		3,905		48,177
#BW LPG 144A		3,677		12,772
†BW Offshore		2,693		6,775
DNB		4,687		79,719
†DNO		17,098		15,647
Ekornes		768		10,579
#Entra 144A		1,053		13,117
†Fred Olsen Energy		1,724		2,695
Frontline		2,974		16,778
Gjensidige Forsikring		1,459		24,903
Grieg Seafood		3,963		27,626
†Kongsberg Automotive		21,255		18,840
Kongsberg Gruppen		716		11,406
†Kvaerner		15,716		19,201
Leroy Seafood Group		5,170		28,083
†Marine Harvest		3,316		56,758
†Nordic Semiconductor		2,947		11,719
Norsk Hydro		10,152		56,276
†Norwegian Air Shuttle		259		7,545
Ocean Yield		2,180		17,038
Opera Software		2,227		8,723
Orkla		3,459		35,155
†Petroleum Geo-Services		12,922		22,442
†Prosafe		520		1,726
Protector Forsikring		1,286		10,782
†REC Silicon		113,969		14,811
Salmar		1,165		28,899

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Norway (continued)
#Scatec Solar 144A		2,626	$	14,878
Schibsted Class A		331		7,993
Schibsted Class B		714		15,779
†Seadrill		2,073		760
†Seadrill (New York Shares)		13,905		5,014
SpareBank 1 SR-Bank		3,003		25,718
Statoil		9,212		152,710
Statoil ADR		700		11,571
Stolt-Nielsen		777		10,935
Storebrand		14,238		98,231
Subsea 7		8,934		120,172
Telenor		3,119		51,742
TGS NOPEC Geophysical		5,590		114,562
Tomra Systems		1,480		18,082
Veidekke		2,004		26,164
Wilh Wilhelmsen Holding Class A		394		11,680
#XXL 144A		431		4,143
Yara International		1,484		55,743
				1,673,367
Portugal–0.26%
Altri		3,521		16,231
†Banco Comercial Portugues Class R		346,560		93,296
CTT-Correios de Portugal		1,773		11,225
EDP - Energias de Portugal		11,203		36,634
EDP Renovaveis		5,921		47,088
Galp Energia		5,479		82,948
Jeronimo Martins		2,133		41,635
Mota-Engil		7,497		20,807
†Navigator		7,772		33,563
NOS		6,275		38,085
REN - Redes Energeticas Nacionais		7,613		23,834
Semapa-Sociedade de Investimento e Gestao		826		16,014
Sonae		42,299		47,056
				508,416
Singapore–1.11%
Accordia Golf Trust		23,400		12,153
Boustead Singapore		12,700		8,118
Bukit Sembawang Estates		3,400		16,225
CapitaLand		24,700		62,793
Chip Eng Seng		1,600		843
City Developments		4,800		37,410
ComfortDelGro		30,500		50,953
CSE Global		25,500		7,964
CWT		7,500		12,148
Dairy Farm International Holdings		3,100		24,428
DBS Group Holdings		12,900		194,332
Delfi		3,900		5,666
†Ezion Holdings		44,590		7,611
First Resources		15,000		20,646

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)
Singapore (continued)
Frasers Centrepoint		17,500	$	23,897
Genting Singapore		30,900		24,352
GL		20,900		10,854
Golden Agri-Resources		271,300		73,897
Great Eastern Holdings		700		12,635
GuocoLand		13,100		17,984
†Halcyon Agri		27,812		11,515
Ho Bee Land		7,100		12,068
Hong Fok		19,800		11,362
Hong Leong Finance		7,100		13,563
Hongkong Land Holdings		2,000		14,720
Hutchison Port Holdings Trust		183,000		78,690
Hyflux		16,000		6,392
Indofood Agri Resources		26,500		9,239
Jardine Cycle & Carriage		588		18,942
Keppel		9,800		44,774
Keppel Infrastructure Trust		64,700		26,552
M1		8,600		13,618
Mandarin Oriental International		4,700		9,400
†Noble Group		36,930		12,473
Olam International		18,400		26,061
OUE		6,300		8,969
Oversea-Chinese Banking		21,488		168,408
Oxley Holdings		28,700		12,091
QAF		12,400		11,439
Raffles Medical Group		15,100		14,697
RHT Health Trust		23,800		15,472
Riverstone Holdings		20,800		15,184
SATS		6,900		25,610
Sembcorp Industries		37,700		84,341
Sembcorp Marine		18,400		21,985
SIIC Environment Holdings		19,160		7,237
Sinarmas Land		50,600		15,804
Singapore Airlines		18,000		132,312
Singapore Exchange		5,000		26,657
Singapore Post		44,900		43,375
Singapore Technologies Engineering		11,700		31,274
Singapore Telecommunications		36,300		102,565
StarHub		17,800		35,167
UMS Holdings		22,100		16,133
United Engineers		16,300		32,440
United Industrial		4,400		10,131
United Overseas Bank		6,762		113,555
UOB-Kay Hian Holdings		6,400		6,276
UOL Group		14,300		79,355
Valuetronics Holdings		30,910		17,849
Venture		10,300		90,151
Wheelock Properties Singapore		8,400		11,440
Wilmar International		12,800		31,146
Wing Tai Holdings		19,300		27,897
				2,143,238

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Spain–2.51%
Abertis Infraestructuras		3,699	$	68,526
Acciona		1,286		113,186
Acerinox		1,708		23,380
ACS Actividades de Construccion y Servicios		3,335		128,830
#Aena 144A		166		32,393
Almirall		977		15,912
Amadeus IT Group		2,372		141,826
Applus Services		3,430		43,172
Atresmedia Corp. de Medios de Comunicacion		2,420		28,303
Banco Bilbao Vizcaya Argentaria		63,393		526,017
Banco Bilbao Vizcaya Argentaria ADR		5,851		48,914
Banco de Sabadell		114,998		233,663
Banco Santander		71,897		475,623
Banco Santander ADR		26,050		174,275
Bankia		11,491		55,543
Bankinter		4,796		44,178
Bolsas y Mercados Espanoles SHMSF		1,398		50,480
CaixaBank		29,131		139,077
#Cellnex Telecom 144A		2,275		46,927
CIE Automotive		1,021		23,433
Construcciones y Auxiliar de Ferrocarriles		400		16,429
Distribuidora Internacional de Alimentacion		10,903		67,881
Ebro Foods		879		20,079
Elecnor		1,157		15,990
Enagas		3,734		104,701
Ence Energia y Celulosa		4,260		17,467
Endesa		2,284		52,617
Ercros		5,966		22,173
Faes Farma		5,195		17,266
Ferrovial		1,497		33,234
Fluidra		1,740		12,719
Gamesa Corp. Tecnologica		5,257		112,250
Gas Natural SDG		8,813		206,248
Grifols		1,754		48,851
Grupo Catalana Occidente		1,101		46,314
Iberdrola		54,533		431,819
†Indra Sistemas		984		14,200
Industria de Diseno Textil		2,536		97,351
Inmobiliaria Colonial		5,040		43,911
†Liberbank		7,747		7,955
Mapfre		30,150		105,305
Mediaset Espana Comunicacion		4,186		52,089
Melia Hotels International		1,845		27,584
Miquel y Costas & Miquel		539		19,700
†NH Hotel Group		4,059		24,432
Obrascon Huarte Lain		5,166		18,521
Papeles y Cartones de Europa		2,420		20,730
†Promotora de Informaciones Class A		2,956		7,931

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)
Spain (continued)
Prosegur Cia de Seguridad		5,213	$	33,878
Red Electrica		2,660		55,582
Repsol		15,423		236,046
†Sacyr		11,977		31,750
#Talgo 144A		2,704		16,344
Tecnicas Reunidas		621		24,020
Telefonica		1,540		15,897
Telefonica ADR		19,864		206,387
†Tubacex		2,817		10,730
Vidrala		512		36,256
Viscofan		946		55,969
Zardoya Otis		3,503		36,249
				4,838,513
Sweden–2.86%
AAK		551		40,223
AddTech Class B		828		15,774
AF		1,091		22,546
Alfa Laval		3,498		71,582
Assa Abloy Class B		2,405		52,841
Atlas Copco Class A		1,827		70,047
Atlas Copco Class B		1,068		36,903
Atrium Ljungberg Class B		1,277		21,297
Avanza Bank Holding		406		17,730
Axfood		915		15,270
Beijer Alma Class B		1,082		31,851
Beijer Ref		567		15,681
Bergman & Beving Class B		1,030		15,191
†Betsson		1,775		15,380
Bilia Class A SHS		5,432		53,677
BillerudKorsnas		6,702		105,963
BioGaia Class B		302		12,278
Boliden		5,797		158,193
Bonava Class B		1,495		25,571
Byggmax Group		2,929		21,295
Castellum		3,437		50,466
Clas Ohlson Class B		1,203		23,133
Cloetta Class B		9,063		37,329
Com Hem Holding		3,686		51,190
Concentric		2,269		37,167
Dios Fastigheter		2,766		15,300
#Dometic Group 144A		1,178		10,235
Duni		1,284		18,784
#Dustin Group 144A		917		7,619
Electrolux Class B		2,047		67,086
Elekta Class B		1,918		18,179
†Enea		1,982		17,174
†Essity Class B		4,553		124,570
Fabege		2,033		39,093
†Fastighets Balder Class B		915		22,156
†Fingerprint Cards Class B		5,400		19,723
Getinge Class B		3,387		66,295

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Sweden (continued)
Granges		1,166	$	10,726
Gunnebo		3,239		17,916
†Haldex		1,307		16,445
Hemfosa Fastigheter		2,376		25,665
Hennes & Mauritz Class B		2,629		65,501
Hexagon Class B		1,095		52,055
Hexpol		6,700		73,126
†HIQ International		2,708		18,402
Holmen Class B		1,385		60,120
Hufvudstaden Class A		1,839		30,495
Husqvarna Class B		10,966		108,948
ICA Gruppen		1,191		44,334
Indutrade		903		20,687
Intrum Justitia		1,317		44,709
Inwido		1,523		21,422
ITAB Shop Concept Class B		1,500		13,398
JM		2,030		71,830
KappAhl		3,150		17,087
Kindred Group SDR		7,464		84,433
Klovern Class B		10,210		11,174
KNOW IT		1,633		25,150
Kungsleden		3,733		22,864
Lagercrantz Group Class B		1,482		16,228
Lifco Class B		441		14,175
Lindab International		2,706		29,518
Loomis Class B		2,437		87,359
†Lundin Petroleum		917		17,644
†Medivir Class B		1,410		12,259
Mekonomen		1,414		28,029
Millicom International Cellular SDR		1,544		91,195
Modern Times Group Class B		2,012		69,258
†Momentum Group Class B		1,030		9,964
Mycronic		2,215		20,179
NCC Class B		1,871		52,701
†NetEnt		3,048		26,646
New Wave Group Class B		1,826		12,300
Nibe Industrier Class B		3,204		30,254
Nobia		3,968		40,035
Nolato Class B		1,916		71,980
Nordea Bank		19,622		249,680
†Oriflame Holding		868		32,619
Peab		6,554		79,507
Proact IT Group		780		18,934
Ratos Class B		5,770		27,533
†RaySearch Laboratories		882		24,655
Recipharm Class B		441		6,439
Rezidor Hotel Group		5,074		18,791
Saab Class B		1,001		49,428
Sagax Class B		1,345		16,125
Sandvik		9,776		153,753
†SAS		6,329		13,823
Scandi Standard		2,058		14,901

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)
Sweden (continued)
†Sectra Class B		568	$	11,698
Securitas Class B		2,390		40,284
Skandinaviska Enskilda Banken Class A		9,646		116,672
Skanska Class B		2,396		56,852
SKF Class A		693		14,066
SKF Class B		4,536		91,908
SkiStar		1,095		25,410
†SSAB (Aquis Exchange) Class B		20,728		76,887
†SSAB (BATS Europe) Class A		8,412		38,392
†SSAB (Turquoise) Class B		7,881		29,200
Svenska Cellulosa Class B		4,553		34,453
Svenska Handelsbanken Class A		8,986		128,635
Sweco Class B		1,012		25,022
Swedbank Class A		4,429		107,929
Swedish Match		1,220		42,966
†Swedish Orphan Biovitrum		1,348		20,801
Tele2 Class B		4,586		48,012
Telefonaktiebolaget LM Ericsson Class B		17,231		123,229
Telia		62,638		288,405
#Thule Group 144A		2,513		47,160
Trelleborg Class B		2,976		67,929
Victoria Park Class B		9,142		30,493
Vitrolife		148		9,293
Volvo Class A		4,893		83,576
Volvo Class B		14,738		251,211
Wallenstam Class B		3,583		34,513
Wihlborgs Fastigheter		1,310		27,678
				5,509,865
Switzerland–5.98%
ABB		23,839		588,703
†Adecco Group		2,931		222,828
†Allreal Holding		451		81,602
†Alpiq Holding		237		20,267
†ALSO Holding		129		16,561
†ams		2,036		132,173
APG SGA		29		14,055
†Arbonia		984		18,009
†Aryzta		2,457		80,790
Ascom Holding		1,103		22,545
Autoneum Holding		103		28,196
Baloise Holding		1,138		175,880
Bank Cler Class B		246		10,826
Banque Cantonale de Geneve		72		11,804
Banque Cantonale Vaudoise		52		38,530
†Barry Callebaut		62		85,218
Belimo Holding Class R		16		68,946
Bell Food Group		30		14,352
†Bellevue Group Class BR		933		17,222
Berner Kantonalbank		121		23,143

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Switzerland (continued)
Bobst Group		566	$	54,481
Bossard Holding Class A		279		56,562
Bucher Industries		208		65,454
Burckhardt Compression Holding		82		23,517
Burkhalter Holding		128		18,301
†Calida Holding		290		11,492
†Cembra Money Bank		703		66,495
Chocoladefabriken Lindt & Spruengli Class R		1		69,715
Cie Financiere Richemont		3,193		263,059
Cie Financiere Tradition Class BR		102		9,914
†Clariant		7,901		174,021
Coltene Holding		149		15,360
Conzzeta		36		35,647
†Credit Suisse Group		11,318		163,591
Credit Suisse Group ADR		583		8,512
Daetwyler Holding Class B		454		77,032
DKSH Holding		919		74,611
†dormakaba Holding Class B		62		53,860
†Dufry		1,140		186,770
†EFG International		4,332		28,055
†Emmi		84		63,247
EMS-Chemie Holding		85		62,671
†Feintool International Holding		85		10,557
Flughafen Zurich		1,195		293,360
Forbo Holding		24		39,320
†GAM Holding		4,041		54,153
Geberit		234		109,130
Georg Fischer		126		122,005
Givaudan		48		96,010
†Gurit Holding Class B		24		28,783
Helvetia Holding		174		99,530
†HOCHDORF Holding		35		11,160
Huber + Suhner		499		37,312
†Idorsia		511		9,646
Implenia		591		44,253
†Inficon Holding		61		30,058
Interroll Holding Class R		40		53,394
Intershop Holding		22		11,036
†Julius Baer Group		2,514		132,267
Jungfraubahn Holding		78		9,232
†Kardex		391		44,935
Komax Holding Class R		113		33,055
Kudelski Class B		1,531		26,105
Kuehne + Nagel International		349		58,233
†LafargeHolcim		3,839		219,795
LEM Holding		12		15,518
Liechtensteinische Landesbank		592		30,251
Logitech International Class R		1,164		42,790
Logitech International (New York Shares) Class R		2,260		82,852
†Lonza Group		1,319		285,148

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)
Switzerland (continued)
Luzerner Kantonalbank		86	$	39,036
Metall Zug		4		17,374
†Meyer Burger Technology		4,175		5,225
Mobilezone Holding		775		11,396
†Mobimo Holding		218		61,155
Nestle		18,404		1,601,641
Novartis		11,773		979,753
Novartis ADR		161		13,439
†OC Oerlikon		7,769		102,085
Orior		228		18,118
Panalpina Welttransport Holding		333		46,847
Partners Group Holding		200		123,996
Phoenix Mecano Class B		34		20,352
Plazza Class A		48		11,578
PSP Swiss Property		644		60,176
†Rieter Holding		85		19,404
Roche Holding		2,007		511,116
Roche Holding Class B		103		26,531
Romande Energie Holding		5		6,805
Schindler Holding		107		22,183
†Schmolz + Bickenbach		14,538		13,493
Schweiter Technologies Class B		24		31,161
†SFS Group		456		51,739
SGS		34		82,332
†Siegfried Holding		157		44,330
Sika Bearer Shares		45		289,081
Sonova Holding		924		150,033
St Galler Kantonalbank		88		38,819
Straumann Holding Class R		160		91,021
Sulzer		744		84,339
#†Sunrise Communications Group 144A		1,211		95,160
Swatch Group		334		123,339
Swatch Group Bearer Shares		552		40,325
†Swiss Life Holding		384		129,588
Swiss Re		1,043		95,337
Swisscom		223		107,605
Tamedia		63		10,039
†Temenos Group		1,071		95,607
†u-blox Holding		215		40,314
†UBS Group		5,789		98,043
†UBS Group (New York Shares)		11,920		202,402
Valiant Holding		521		59,929
Valora Holding		110		35,160
Vaudoise Assurances Holding		22		12,194
Vetropack Holding Class B		7		15,148
Vifor Pharma		700		77,161
Vontobel Holding Class R		782		50,807
VP Bank		13		1,609
VZ Holding		61		19,577
†Ypsomed Holding		55		11,122
Zehnder Group		321		11,683
Zuger Kantonalbank Class B		3		16,566

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Switzerland (continued)
Zurich Insurance Group		1,028	$	299,212
				11,506,390
United Kingdom–16.18%
4imprint Group		461		10,105
888 Holdings		9,831		32,683
A.G. Barr		3,587		28,779
AA		9,619		28,564
Aberdeen Asset Management		21,622		85,048
Acacia Mining		5,399		20,948
Acal		3,315		13,072
Admiral Group		3,375		88,047
Aggreko		7,474		89,606
†Aldermore Group		3,674		10,398
Amec Foster Wheeler		8,863		53,932
†Anglo American		21,144		281,999
Anglo-Eastern Plantations		1,229		13,030
Antofagasta		9,355		97,414
Arrow Global Group		5,259		27,758
Ashmore Group		11,961		55,024
Ashtead Group		10,501		217,328
Associated British Foods		1,004		38,393
AstraZeneca ADR		11,131		379,456
#Auto Trader Group 144A		9,975		49,369
AVEVA Group		2,625		66,327
Aviva		35,508		243,261
Avon Rubber		818		10,867
B&M European Value Retail		18,783		82,859
Babcock International Group		13,229		151,711
BAE Systems		19,577		161,530
Balfour Beatty		14,712		51,851
Barclays		8,395		22,169
Barclays ADR		21,326		225,842
Barratt Developments		54,678		401,299
BBA Aviation		30,369		121,589
Beazley		16,454		104,602
Bellway		11,002		426,304
Berendsen		7,561		121,128
Berkeley Group Holdings		4,039		169,759
BGEO Group		973		44,279
BHP Billiton		1,342		20,555
BHP Billiton ADR		9,149		281,423
Bodycote		10,306		101,143
Booker Group		46,542		112,872
Bovis Homes Group		5,572		69,343
BP ADR		21,921		759,563
Brewin Dolphin Holdings		11,192		49,955
British American Tobacco		2,251		153,451
British American Tobacco ADR		3,000		205,620
Britvic		7,850		70,752
BT Group		27,339		104,954
BT Group ADR		2,800		54,348

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)
†BTG		3,088	$	28,073
Bunzl		1,748		52,091
Burberry Group		5,077		109,834
Cape		3,019		7,373
Capita		2,329		20,976
Capital & Counties Properties		14,157		53,970
Card Factory		7,755		30,019
Carillion		16,572		40,319
Carnival		801		52,998
Carnival ADR		548		36,234
Centamin		43,833		88,376
Centrica		46,016		119,987
Chemring Group		10,580		25,493
Chesnara		3,030		15,272
Cineworld Group		5,160		47,179
Clarkson		917		30,169
Close Brothers Group		5,595		109,964
Cobham		71,823		121,236
†Coca-Cola HBC		4,056		119,284
Compass Group		4,494		94,822
Computacenter		4,566		48,230
Connect Group		11,057		16,237
Consort Medical		1,673		22,771
Costain Group		5,650		33,943
Countrywide		2,878		6,279
Cranswick		1,498		54,708
Crest Nicholson Holdings		7,287		49,685
Croda International		1,416		71,650
Daily Mail & General Trust		6,496		56,433
Dairy Crest Group		10,235		79,850
DCC		3,323		302,530
De La Rue		3,905		33,975
Debenhams		32,597		18,362
Dechra Pharmaceuticals		2,720		60,225
Devro		10,377		27,910
DFS Furniture		4,052		10,845
Diageo		3,922		115,880
Diageo ADR		1,351		161,890
Dignity		883		28,591
Diploma		4,716		67,873
Direct Line Insurance Group		40,870		189,183
Dixons Carphone		31,836		117,594
Domino’s Pizza Group		9,282		35,531
Drax Group		12,781		54,218
DS Smith		71,337		440,035
easyJet		4,436		78,518
†EI Group		18,886		31,609
Electrocomponents		9,327		70,094
Elementis		15,959		61,131
†EnQuest		56,768		23,475
Entertainment One		7,687		22,067
Essentra		4,006		29,453

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
esure Group		9,338	$	36,694
Euromoney Institutional Investor		529		7,393
†Evraz		13,963		37,627
Experian		3,396		69,664
FDM Group Holdings		1,557		15,402
Fenner		4,323		16,117
Ferrexpo		12,597		34,028
Fidessa Group		2,138		64,520
†Firstgroup		39,397		64,500
Foxtons Group		7,206		8,893
Fresnillo		2,052		39,715
Fuller Smith & Turner		1,225		17,040
G4S		42,078		178,882
Galliford Try		2,255		34,099
GAME Digital		3,172		888
Games Workshop Group		1,148		17,943
†Gem Diamonds		5,209		6,242
Genus		1,882		43,632
GKN		38,500		163,471
GlaxoSmithKline		10,422		222,005
GlaxoSmithKline ADR		7,200		310,464
†Glencore		72,957		272,906
Go-Ahead Group		1,221		27,973
†Gocompare.Com Group		9,338		12,892
Grafton Group		4,564		41,908
Greencore Group		19,257		61,699
Greene King		8,823		77,395
Greggs		4,632		65,156
GVC Holdings		7,183		70,774
Halfords Group		5,506		24,526
Halma		12,799		183,371
Hargreaves Lansdown		6,159		104,444
#Hastings Group Holdings 144A		5,424		22,175
Hays		46,958		101,526
Headlam Group		2,792		19,564
Helical		2,976		11,657
Hikma Pharmaceuticals		2,646		50,660
Hill & Smith Holdings		2,969		53,364
Hilton Food Group		1,426		13,707
Hiscox		8,934		147,429
Hochschild Mining		6,662		23,792
HomeServe		20,431		195,716
Howden Joinery Group		9,774		51,824
HSBC Holdings ADR		25,664		1,190,553
†Hunting		6,303		40,045
IG Group Holdings		11,120		82,265
†Imagination Technologies Group		4,251		8,485
IMI		8,093		125,962
Imperial Brands		3,807		170,991
Inchcape		19,753		194,112
Indivior		16,665		67,873
Informa		11,505		100,248

LVIP Dimensional International Core Equity Fund–33

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Inmarsat		17,144	$	171,823
InterContinental Hotels Group ADR		1,334		74,077
International Consolidated Airlines Group (London Stock Exchange)		7,151		56,814
International Personal Finance		3,182		6,983
Interserve		4,306		12,969
Intertek Group		3,526		193,663
Investec		14,346		107,158
ITE Group		10,902		21,867
ITV		23,892		56,448
IWG		26,664		112,312
J D Wetherspoon		4,566		58,013
J Sainsbury		60,231		197,453
†Jackpotjoy		1,380		12,222
James Fisher & Sons		2,703		57,314
Jardine Lloyd Thompson Group		4,141		64,721
JD Sports Fashion		6,260		28,537
#John Laing Group 144A		3,522		13,899
John Menzies		2,045		18,778
John Wood Group		9,726		81,136
Johnson Matthey		5,004		187,116
Jupiter Fund Management		14,407		94,760
†Just Eat		2,120		18,086
Just Group		6,051		10,033
†KAZ Minerals		17,192		115,877
KCOM Group		15,335		17,776
Keller Group		2,004		22,917
Kier Group		1,594		25,453
Kingfisher		32,323		126,592
Ladbrokes Coral Group		17,525		26,135
Laird		23,956		43,214
†Lamprell		12,474		16,572
Lancashire Holdings		4,719		42,809
Laura Ashley Holdings		18,438		2,732
Legal & General Group		62,836		211,395
†Liberty Global Class A		1,294		41,563
†Liberty Global Class C		3,168		98,778
†Liberty Global LiLAC Class A		161		3,505
†Liberty Global LiLAC Class C		440		9,420
Lloyds Banking Group		289,669		249,570
Lloyds Banking Group ADR		62,026		218,952
London Stock Exchange Group		899		42,691
†Lonmin		4,567		3,911
Lookers		14,659		21,909
LSL Property Services		3,879		11,127
Man Group		38,684		77,994
Marks & Spencer Group		47,327		205,450
Marshalls		7,159		34,966
Marston’s		22,098		35,113
†McBride		15,062		36,734
#McCarthy & Stone 144A		4,561		9,784
Mears Group		4,643		28,755

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Mediclinic International		5,443	$	52,567
Meggitt		24,247		150,607
Melrose Industries		51,168		161,611
#Merlin Entertainments 144A		12,367		77,396
Micro Focus International		5,195		153,661
Millennium & Copthorne Hotels		5,194		29,928
Mitchells & Butlers		9,179		27,569
Mitie Group		10,021		36,101
Mondi		5,636		147,840
Moneysupermarket.com Group		10,970		50,536
Morgan Advanced Materials		12,176		44,991
Morgan Sindall Group		854		13,792
†Mothercare		4,436		6,659
N Brown Group		4,375		17,664
National Express Group		12,378		59,070
National Grid		5,385		66,756
National Grid ADR		586		36,813
NCC Group		2,225		4,745
NEX Group		9,717		79,038
Next		569		28,577
Northgate		5,722		33,023
Novae Group		2,374		17,624
†Ocado Group		19,406		73,147
Old Mutual		75,414		189,963
#On The Beach Group 144A		140		710
OneSavings Bank		3,383		16,523
Oxford Instruments		679		9,268
Pagegroup		7,805		48,368
PayPoint		2,476		28,524
†Paysafe Group		13,209		87,913
Pearson ADR		6,249		56,054
Pendragon		38,325		15,474
Pennon Group		9,382		100,873
Persimmon		14,510		423,705
†Petra Diamonds		33,481		47,619
Petrofac		4,374		25,180
†Petropavlovsk		107,235		9,567
Pets at Home Group		11,411		23,943
Phoenix Group Holdings		7,137		71,948
Photo-Me International		13,399		28,882
Playtech		7,387		91,498
Polypipe Group		3,459		17,223
†Premier Foods		42,105		22,210
†Premier Oil		32,723		21,310
Provident Financial		3,250		102,988
Prudential		2,934		67,295
Prudential ADR		2,623		120,684
PZ Cussons		5,431		24,206
QinetiQ Group		18,814		66,211
Randgold Resources		1,638		145,179
Rank Group		8,180		25,271
Rathbone Brothers		299		9,868

LVIP Dimensional International Core Equity Fund–34

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Reckitt Benckiser Group		1,623	$	164,544
Redrow		8,355		59,524
RELX		2,920		63,132
RELX ADR		3,200		70,080
Renewi		30,109		32,451
Renishaw		1,075		50,685
Rentokil Initial		33,628		119,702
Restaurant Group		6,440		27,470
Ricardo		2,769		28,022
Rightmove		1,621		89,729
Rio Tinto		2,407		101,637
Rio Tinto ADR		9,479		401,056
Robert Walters		1,758		9,731
†Rolls-Royce Holdings		32,336		375,254
Rotork		33,011		101,211
†Royal Bank of Scotland Group ADR		8,233		53,761
Royal Dutch Shell Class A		11,223		297,464
Royal Dutch Shell ADR Class A		10,647		566,314
Royal Dutch Shell ADR Class B		12,141		660,835
Royal Mail		19,599		107,519
RPC Group		11,345		111,117
RPS Group		7,026		23,976
RSA Insurance Group		19,227		154,135
Saga		18,154		49,512
Sage Group		8,145		72,986
Savills		5,233		59,876
Schroders		1,157		46,775
Schroders Non-Voting Shares		590		16,998
SDL		2,560		20,772
Senior		18,448		56,369
†Serco Group		13,782		20,625
Severfield		10,593		10,693
Severn Trent		3,032		86,168
#Shawbrook Group 144A		4,155		18,346
Shire		2,387		131,757
SIG		19,607		37,948
Sky		5,378		69,626
Smith & Nephew		4,107		70,876
Smith & Nephew ADR		1,200		41,820
Smiths Group		10,203		212,224
Soco International		5,696		8,661
Spectris		3,662		120,336
Spirax-Sarco Engineering		2,357		164,238
#Spire Healthcare Group 144A		6,438		27,185
Spirent Communications		15,901		24,179
†Sports Direct International		7,540		28,597
SSE		16,962		320,999
SSP Group		11,482		71,155
St Ives		1,227		827
St James’s Place		12,153		187,095
St Modwen Properties		7,644		35,732
Stagecoach Group		4,168		10,113

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
†Standard Chartered		21,364	$	216,260
Standard Life		23,090		120,024
SThree		4,068		16,319
Stock Spirits Group		4,714		10,438
SuperGroup		1,368		26,637
Synthomer		12,723		80,883
TalkTalk Telecom Group		15,903		37,387
Tate & Lyle		17,144		147,819
Taylor Wimpey		144,942		332,630
Ted Baker		856		26,646
Telecom Plus		3,445		51,824
†Tesco		78,345		172,244
Thomas Cook Group		66,553		77,970
TP ICAP		11,761		71,580
Travis Perkins		9,776		185,262
Trinity Mirror		20,389		26,091
TT Electronics		4,717		11,873
TUI		8,315		121,186
†Tullow Oil		43,876		86,119
U & I Group		6,068		14,917
UBM		10,165		91,352
UDG Healthcare		6,282		70,856
Ultra Electronics Holdings		2,968		79,169
Unilever ADR		3,600		194,832
United Utilities Group		2,845		32,145
†Vectura Group		12,867		18,753
Vedanta Resources		1,605		13,421
Vesuvius		6,715		46,397
Victrex		4,154		101,499
Virgin Money Holdings		6,914		24,044
Vitec Group		1,016		13,511
Vodafone Group		204,175		579,058
Vodafone Group ADR		2,400		68,952
Vp		1,013		11,743
Weir Group		1,820		41,033
WH Smith		2,162		48,293
Whitbread		1,309		67,634
William Hill		29,234		96,789
Wincanton		4,471		14,558
Wm Morrison Supermarkets		58,267		183,046
Wolseley		1,855		113,868
#Worldpay Group 144A		21,308		87,365
WPP		4,681		98,402
WPP ADR		400		42,164
WS Atkins		3,195		86,597
Xaar		3,092		15,223
XP Power		694		21,956
#ZPG 144A		2,641		12,445
				31,146,063

LVIP Dimensional International Core Equity Fund–35

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United States–0.01%
†Janus Henderson Group		713	$	23,607
				23,607
Total Common Stock (Cost $176,177,777)				190,298,506
DPREFERRED STOCK–0.53%
Germany–0.53%
Bayerische Motoren Werke 4.77%		999		82,358
†Biotest		765		19,266
Draegerwerk & Co 0.20%		221		23,250
FUCHS PETROLUB 1.83%		1,072		58,372
Henkel 1.34%		164		22,571
Jungheinrich 1.25%		1,563		57,135
Porsche Automobil Holding 1.91%		1,717		96,465
Sartorius 0.50%		1,144		110,383
Schaeffler 4.08%		594		8,508
Sixt 3.89%		905		44,788
STO & Co. 2.70%		44		5,737
Villeroy & Boch 2.70%		830		18,386
Volkswagen 1.49%		3,110		473,671
Total Preferred Stock (Cost $1,071,449)				1,020,890

	Number of Shares		Value (U.S. $)
DRIGHTS–0.01%
Spain–0.01%
†ACS Actividades de Construccion y Servicios expiration date 7/11/17		3,335	$	2,666
†Repsol expiration date 7/3/17		14,691		6,712
†Sacyr expiration date 7/16/17		11,977		958
Total Rights (Cost $9,736)				10,336
MONEY MARKET FUND–0.22%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		415,790		415,790
Total Money Market Fund (Cost $415,790)				415,790

TOTAL VALUE OF SECURITIES–99.59% (Cost $177,674,752)		191,745,522
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.41%		798,197
NET ASSETS APPLICABLE TO 18,375,017 SHARES OUTSTANDING–100.00%	$	192,543,719
NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND STANDARD CLASS ($168,317,967 / 16,060,523 Shares)	$	10.480
NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL INTERNATIONAL CORE EQUITY FUND SERVICE CLASS ($24,225,752 / 2,314,494 Shares)	$	10.467
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	203,352,684
Undistributed net investment income		2,785,874
Accumulated net realized loss on investments		(27,680,203	)
Net unrealized appreciation of investments, foreign currencies and derivatives		14,085,364
TOTAL NET ASSETS	$	192,543,719

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $1,473,793, which represents 0.77% 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 pages 2 and 3.

∎ 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 $2,350 cash due to custodian, $66,472 payable for fund shares redeemed, $102,297 due to manager and affiliates, $48,460 expense reimbursement receivable from Lincoln Investment Advisors Corporation, and $124,615 payable for securities purchased as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

LVIP Dimensional International Core Equity Fund–36

LVIP Dimensional International Core Equity Fund

Statement of Net Assets (continued)

☐ Securities listed and traded on the Hong Kong Stock Exchange.

The following foreign currency exchange contracts were outstanding at June 30, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)		In Exchange For			Settlement Date	Unrealized Depreciation
BNYM		JPY        4,669,774		USD        (41,642	)	7/3/17	$(119)

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

BNYM–Bank of New York Mellon

CDI–Chess Depository Interest

CVA–Dutch Certificate

FDR–Fiduciary Depositary Receipt

JPY–Japanese Yen

SA–Societe Anonyme

SDR–Special Drawing Right

USD–United States Dollar

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

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	3,510,413
Interest		1,356
Foreign tax withheld		(337,420	)
		3,174,349
EXPENSES:
Management fees		657,112
Pricing fees		128,166
Professional fees		58,740
Reports and statements to shareholders		40,802
Custodian fees		30,981
Accounting and administration expenses		21,625
Distribution fees-Service Class		20,927
Shareholder servicing fees		9,265
Trustees’ fees and expenses		2,223
Consulting fees		1,042
Other		912
		971,795
Less:
Management fees waived		(148,945	)
Expenses reimbursed		(206,142	)
Total operating expenses		616,708
NET INVESTMENT INCOME		2,557,641
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(154,310	)
Foreign currencies		29,940
Foreign currency exchange contracts		8,411
Futures contracts		6,426
Net realized loss		(109,533	)
Net change in unrealized appreciation (depreciation) of:
Investments		20,319,038
Foreign currencies		27,992
Foreign currency exchange contracts		133
Net change in unrealized appreciation (depreciation)		20,347,163
NET REALIZED AND UNREALIZED GAIN		20,237,630
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,795,271

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

LVIP Dimensional International Core Equity Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,557,641		$	3,342,789
Net realized loss		(109,533	)		(27,175,592	)
Net change in unrealized appreciation (depreciation)		20,347,163			17,854,513
Net increase (decrease) in net assets resulting from operations		22,795,271			(5,978,290	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(2,939,532	)
Service Class		—			(198,553	)
		—			(3,138,085	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		11,592,530			37,022,980
Service Class		14,077,575			8,496,569
Reinvestment of dividends and distributions:
Standard Class		—			2,939,532
Service Class		—			198,553
		25,670,105			48,657,634
Cost of shares redeemed:
Standard Class		(9,239,831	)		(130,698,156	)
Service Class		(2,803,692	)		(3,676,633	)
		(12,043,523	)		(134,374,789	)
Increase (Decrease) in net assets derived from capital share transactions		13,626,582			(85,717,155	)
NET INCREASE (DECREASE) IN NET ASSETS		36,421,853			(94,833,530	)
NET ASSETS:
Beginning of period		156,121,866			250,955,396
End of period	$	192,543,719		$	156,121,866
Undistributed net investment income	$	2,785,874		$	228,233

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

LVIP Dimensional International Core Equity Fund–38

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 6/30/171 (unaudited)			Year Ended 12/31/16				5/1/152 to 12/31/15
Net asset value, beginning of period		$	9.192		$	8.985			$	10.000
Income (loss) from investment operations:
Net investment income3			0.145			0.198				0.103
Net realized and unrealized gain (loss)			1.143			0.208				(1.022	)
Total from investment operations			1.288			0.406				(0.919	)
Less dividends and distributions from:
Net investment income			—			(0.199	)			(0.096	)
Total dividends and distributions			—			(0.199	)			(0.096	)
Net asset value, end of period		$	10.480		$	9.192			$	8.985
Total return4			14.01%			4.51%				(9.18%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	168,318		$	145,238			$	245,437
Ratio of expenses to average net assets			0.68%			0.68%				0.67%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.08%			1.10%				1.02%
Ratio of net investment income to average net assets			2.94%			2.23%				1.63%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.54%			1.81%				1.28%
Portfolio turnover			6%			26%				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–39

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 6/30/171 (unaudited)			Year Ended 12/31/16				5/1/152 to 12/31/15
Net asset value, beginning of period		$	9.191		$	8.987			$	10.000
Income (loss) from investment operations:
Net investment income3			0.133			0.178				0.086
Net realized and unrealized gain (loss)			1.143			0.203				(1.020	)
Total from investment operations			1.276			0.381				(0.934	)
Less dividends and distributions from:
Net investment income			—			(0.177	)			(0.079	)
Total dividends and distributions			—			(0.177	)			(0.079	)
Net asset value, end of period		$	10.467		$	9.191			$	8.987
Total return4			13.88%			4.24%				(9.33%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	24,226		$	10,884			$	5,518
Ratio of expenses to average net assets			0.93%			0.93%				0.92%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.33%			1.35%				1.27%
Ratio of net investment income to average net assets			2.69%			1.98%				1.38%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.29%			1.56%				1.03%
Portfolio turnover			6%			26%				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–40

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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 (“NAV”). Investments in government money market funds have a stable NAV. 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 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 returns through the six months ended June 30, 2017 and for all open tax years (years ended December 31, 2015-December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 Dimensional International Core Equity Fund–41

LVIP Dimensional International Core Equity 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 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, 2017.

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, 2018 and cannot be terminated before that date without the mutual agreement of the Board and the LIAC. The fee is calculated daily and paid monthly.

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, 2018 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	4,791
Legal		1,157

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,006 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP Dimensional International Core Equity Fund–42

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

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

At June 30, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	48,460
Management fees payable to LIAC		91,948
Distribution fees payable to LFD		4,746
Printing and mailing fees payable to Lincoln Life		1,006
Shareholder servicing fees payable to Lincoln Life		4,597

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	25,969,610
Sales		10,546,045

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	177,674,752
Aggregate unrealized appreciation	$	29,258,310
Aggregate unrealized depreciation		(15,187,540	)
Net unrealized appreciation	$	14,070,770

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$22,529,763	$3,419,498	$25,949,261

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

LVIP Dimensional International Core Equity Fund–43

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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, 2017:

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Common Stock
Australia	$	11,221,630	$	14,703		$	2,794	$	11,239,127
Austria		1,293,643		—			—		1,293,643
Belgium		2,789,077		—			—		2,789,077
Canada		16,448,024		—			—		16,448,024
China		10,928		—			—		10,928
Denmark		3,567,892		—			—		3,567,892
Finland		3,947,357		—			—		3,947,357
France		14,942,780		—			—		14,942,780
Germany		14,149,898		—			—		14,149,898
Hong Kong		5,786,484		—			20,169		5,806,653
Ireland		1,227,547		—			—		1,227,547
Israel		1,385,146		—			—		1,385,146
Italy		5,238,858		1,705			—		5,240,563
Japan		44,934,613		—			—		44,934,613
Netherlands		5,103,850		—			—		5,103,850
New Zealand		861,949		—			—		861,949
Norway		1,673,367		—			—		1,673,367
Portugal		508,416		—			—		508,416
Singapore		2,143,238		—			—		2,143,238
Spain		4,838,513		—			—		4,838,513
Sweden		5,509,865		—			—		5,509,865
Switzerland		11,506,390		—			—		11,506,390
United Kingdom		31,146,063		—			—		31,146,063
United States		23,607		—			—		23,607
Preferred Stock		1,020,890		—			—		1,020,890
Rights		3,624		6,712			—		10,336
Money Market Fund		415,790		—			—		415,790
Total Investments	$	191,699,439	$	23,120		$	22,963	$	191,745,522
Derivatives:
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(119	)	$	—	$	(119	)

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. 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–44

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		1,178,271			4,135,203
Service Class		1,411,368			956,498
Shares reinvested:
Standard Class		—			318,870
Service Class		—			21,534
		2,589,639			5,432,105
Shares redeemed:
Standard Class		(918,848	)		(15,970,128	)
Service Class		(281,076	)		(407,841	)
		(1,199,924	)		(16,377,969	)
Net increase (decrease)		1,389,715			(10,945,864	)

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 and to facilitate or expedite the settlement of portfolio transactions. 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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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, 2017.

During the six months ended June 30, 2017, the Fund used futures contracts as a cash management tool.

LVIP Dimensional International Core Equity Fund–45

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Foreign currency exchange contracts (Currency contracts)	Receivables and other assets net of liabilities	$—	Receivables and other assets net of liabilities	$(119)

The effect of derivative instruments on the Statement of Operation for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	8,411		$	133
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			6,426			—
Total			$	14,837		$	133

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Foreign currency exchange contracts (average cost)		$	166,180		$	27,987
Futures contracts (average notional value)			68,249			—

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the Statement of Net Assets.

At June 30, 2017, the Fund had no assets or liabilities that are subject to the 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 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 Dimensional International Core Equity Fund–46

LVIP Dimensional International Core Equity Fund

Notes to Financial Statements (continued)

6. Market Risk (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 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–47

                                  LVIP Dimensional U.S. Core Equity 2 Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,061.40		0.50%		$2.56
Service Class Shares		1,000.00		1,060.00		0.75%		3.83
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,022.32		0.50%		$2.51
Service Class Shares		1,000.00		1,021.08		0.75%		3.76

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector Percentage
of Net Assets

Common Stock	99.71	%
Aerospace & Defense	2.08	%
Air Freight & Logistics	0.68	%
Airlines	1.09	%
Auto Components	0.93	%
Automobiles	0.75	%
Banks	8.79	%
Beverages	0.98	%
Biotechnology	1.60	%
Building Products	0.83	%
Capital Markets	3.31	%
Chemicals	2.52	%
Commercial Services & Supplies	1.15	%
Communications Equipment	1.60	%
Construction & Engineering	0.61	%
Construction Materials	0.29	%
Consumer Finance	1.36	%
Containers & Packaging	0.89	%
Distributors	0.24	%
Diversified Consumer Services	0.46	%
Diversified Financial Services	0.50	%
Diversified Telecommunication Services	2.23	%
Electric Utilities	0.84	%
Electrical Equipment	0.75	%
Electronic Equipment, Instruments & Components	1.93	%
Energy Equipment & Services	1.02	%
Food & Staples Retailing	2.07	%
Food Products	1.86	%
Gas Utilities	0.24	%
Health Care Equipment & Supplies	2.50	%
Health Care Providers & Services	3.63	%
Health Care Technology	0.24	%
Hotels, Restaurants & Leisure	2.32	%
Household Durables	1.15	%
Household Products	0.91	%
Independent Power & Renewable Electricity Producers	0.27	%
Industrial Conglomerates	1.07	%
Insurance	4.08	%
Internet & Direct Marketing Retail	1.14	%
Internet Software & Services	2.34	%
IT Services	3.14	%
Leisure Products	0.28	%
Life Sciences Tools & Services	1.01	%
Machinery	3.08	%
Marine	0.07	%
Media	3.54	%

Security Type/Sector Percentage
of Net Assets

Metals & Mining	0.91	%
Multiline Retail	0.70	%
Multi-Utilities	0.52	%
Oil, Gas & Consumable Fuels	4.10	%
Paper & Forest Products	0.22	%
Personal Products	0.30	%
Pharmaceuticals	3.31	%
Professional Services	0.67	%
Real Estate Management & Development	0.45	%
Road & Rail	1.29	%
Semiconductors & Semiconductor Equipment	3.85	%
Software	2.93	%
Specialty Retail	2.45	%
Technology Hardware, Storage & Peripherals	2.52	%
Textiles, Apparel & Luxury Goods	0.78	%
Thrift & Mortgage Finance	0.61	%
Tobacco	0.58	%
Trading Companies & Distributors	0.75	%
Transportation Infrastructure	0.03	%
Water Utilities	0.14	%
Wireless Telecommunication Services	0.23	%
Rights	0.00	%
Money Market Fund	0.36	%
Total Value of Securities	100.07	%
Liabilities Net of Receivables and Other Assets	(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.

Top 10 Equity Holdings Percentage
of Net Assets

Apple	1.85	%
AT&T	1.49	%
JPMorgan Chase & Co.	1.25	%
Alphabet Class A & Class C	1.02	%
Wells Fargo & Co.	1.01	%
Pfizer	0.99	%
Microsoft	0.93	%
Johnson & Johnson	0.86	%
Exxon Mobil	0.85	%
Comcast	0.81	%
Total	11.06	%

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–99.71%
Aerospace & Defense–2.08%
AAR		1,552	$	53,948
†Aerojet Rocketdyne Holdings		3,366		70,013
†Aerovironment		1,567		59,859
Arconic		14,035		317,893
†Astronics		1,340		40,830
†Astronics Class B		755		23,088
†Axon Enterprise		1,980		49,777
Boeing		3,778		747,099
BWX Technologies		2,786		135,817
Cubic		1,722		79,729
Curtiss-Wright		2,571		235,966
†DigitalGlobe		4,137		137,762
†Ducommun		1,095		34,580
†Engility Holdings		2,146		60,946
†Esterline Technologies		1,787		169,408
General Dynamics		2,770		548,737
HEICO		1,793		128,809
HEICO Class A		2,683		166,480
Hexcel		6,074		320,646
Huntington Ingalls Industries		934		173,873
†KeyW Holding		2,189		20,467
†KLX		2,983		149,150
†Kratos Defense & Security Solutions		3,759		44,619
L3 Technologies		1,716		286,709
Lockheed Martin		1,667		462,776
†Mercury Systems		2,137		89,946
†Moog Class A		2,078		149,034
National Presto Industries		380		41,990
Northrop Grumman		1,151		295,473
Orbital ATK		3,528		347,014
Raytheon		2,913		470,391
Rockwell Collins		4,341		456,152
†Sparton		651		14,315
Spirit AeroSystems Holdings Class A		4,652		269,537
†Teledyne Technologies		1,770		225,941
Textron		7,851		369,782
TransDigm Group		397		106,741
Triumph Group		2,844		89,870
United Technologies		11,834		1,445,050
†Vectrus		700		22,624
†Wesco Aircraft Holdings		5,108		55,422
				8,968,263
Air Freight & Logistics–0.68%
†Air Transport Services Group		5,125		111,623
†Atlas Air Worldwide Holdings		1,487		77,547
CH Robinson Worldwide		2,235		153,500
†Echo Global Logistics		1,585		31,541
Expeditors International of Washington		2,494		140,861
FedEx		6,029		1,310,283
Forward Air		1,503		80,080

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Air Freight & Logistics (continued)
†Hub Group Class A		2,257	$	86,556
†Radiant Logistics		4,220		22,704
United Parcel Service Class B		4,366		482,836
†XPO Logistics		6,749		436,188
				2,933,719
Airlines–1.09%
Alaska Air Group		5,691		510,824
Allegiant Travel		1,038		140,753
American Airlines Group		4,187		210,690
Copa Holdings Class A		1,782		208,494
Delta Air Lines		22,993		1,235,644
†Hawaiian Holdings		4,649		218,271
†JetBlue Airways		18,591		424,433
SkyWest		2,826		99,193
Southwest Airlines		9,962		619,039
†Spirit Airlines		4,963		256,339
†United Continental Holdings		10,021		754,080
				4,677,760
Auto Components–0.93%
Adient		1,943		127,033
†American Axle & Manufacturing Holdings		6,021		93,928
Autoliv		2,860		314,028
BorgWarner		6,550		277,458
Cooper Tire & Rubber		3,493		126,097
†Cooper-Standard Holdings		1,257		126,794
Dana		11,458		255,857
Delphi Automotive		1,895		166,097
†Dorman Products		2,133		176,548
†Fox Factory Holding		2,570		91,492
Gentex		17,716		336,073
†Gentherm		2,279		88,425
Goodyear Tire & Rubber		12,999		454,445
†Horizon Global		1,513		21,727
LCI Industries		1,956		200,294
Lear		3,268		464,317
†Modine Manufacturing		3,332		55,145
†Motorcar Parts of America		986		27,845
Standard Motor Products		2,098		109,558
†Stoneridge		2,301		35,458
Superior Industries International		1,457		29,941
Tenneco		3,279		189,625
Tower International		1,402		31,475
†Visteon		1,837		187,484
				3,987,144
Automobiles–0.75%
Ford Motor		99,921		1,118,116
General Motors		36,321		1,268,693
Harley-Davidson		6,692		361,502
†Tesla		215		77,746

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)
Thor Industries		3,525	$	368,433
Winnebago Industries		1,195		41,825
				3,236,315
Banks–8.79%
1st Source		1,769		84,806
Access National		600		15,912
†Allegiance Bancshares		697		26,695
Ameris Bancorp		1,895		91,339
Arrow Financial		587		18,579
Associated Banc-Corp		8,070		203,364
†Atlantic Capital Bancshares		1,167		22,173
Banc of California		2,993		64,349
BancFirst		1,077		104,038
†Bancorp		3,933		29,812
BancorpSouth		4,978		151,829
Bank of America		109,740		2,662,292
Bank of Hawaii		2,642		219,207
Bank of Marin Bancorp		451		27,759
Bank of the Ozarks		6,929		324,762
BankUnited		6,585		221,980
Banner		2,275		128,560
BB&T		13,195		599,185
Berkshire Hills Bancorp		2,242		78,806
Blue Hills Bancorp		1,301		23,288
BOK Financial		2,151		180,964
Boston Private Financial Holdings		5,510		84,579
Bridge Bancorp		778		25,907
Brookline Bancorp		5,712		83,395
Bryn Mawr Bank		1,024		43,520
Camden National		1,270		54,496
Canadian Imperial Bank of Commerce		1,279		103,812
Capital Bank Financial		2,219		84,544
Carolina Financial		545		17,614
Cathay General Bancorp		4,152		157,568
CenterState Banks		2,710		67,371
Central Pacific Financial		1,797		56,552
Chemical Financial		3,467		167,837
CIT Group		6,204		302,135
Citigroup		30,126		2,014,827
Citizens & Northern		430		10,002
Citizens Financial Group		10,744		383,346
City Holding		834		54,936
CNB Financial		584		13,998
CoBiz Financial		2,929		50,965
Columbia Banking System		4,172		166,254
Comerica		3,785		277,213
Commerce Bancshares		5,425		308,303
Community Bank System		2,725		151,973
Community Trust Bancorp		1,117		48,869
ConnectOne Bancorp		2,112		47,626
†CU Bancorp		909		32,860

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
Cullen/Frost Bankers		2,930	$	275,156
†Customers Bancorp		1,959		55,401
CVB Financial		6,174		138,483
†Eagle Bancorp		1,871		118,434
East West Bancorp		4,363		255,585
Enterprise Financial Services		1,930		78,744
Farmers Capital Bank		466		17,964
Farmers National Banc		405		5,873
†FCB Financial Holdings Class A		2,630		125,583
Fidelity Southern		1,670		38,176
Fifth Third Bancorp		23,991		622,806
Financial Institutions		846		25,211
First Bancorp		1,423		44,483
†First BanCorp (Puerto Rico)		15,480		89,629
First Busey		2,523		73,974
First Business Financial Services		400		9,232
First Citizens BancShares Class A		620		231,074
First Commonwealth Financial		5,294		67,128
First Community Bancshares		1,227		33,558
First Connecticut Bancorp		902		23,136
First Financial		910		43,043
First Financial Bancorp		3,923		108,667
First Financial Bankshares		3,198		141,352
†First Foundation		2,148		35,292
First Horizon National		13,555		236,128
First Interstate BancSystem Class A		2,323		86,417
First Merchants		2,572		103,240
First Midwest Bancorp		6,282		146,433
First of Long Island		1,230		35,178
First Republic Bank		3,203		320,620
Flushing Financial		1,741		49,079
FNB		16,508		233,753
†Franklin Financial Network		624		25,740
Fulton Financial		9,122		173,318
German American Bancorp		1,728		58,908
Glacier Bancorp		4,439		162,512
Great Southern Bancorp		880		47,080
Great Western Bancorp		3,428		139,897
†Green Bancorp		2,278		44,193
Guaranty Bancorp		1,516		41,235
Hancock Holding		4,504		220,696
Hanmi Financial		2,236		63,614
Heartland Financial USA		1,573		74,088
Heritage Commerce		1,727		23,798
Heritage Financial		2,083		55,199
Hilltop Holdings		4,920		128,953
Home BancShares		8,726		217,277
†HomeTrust Bancshares		1,279		31,208
Hope Bancorp		8,233		153,545
Horizon Bancorp		1,191		31,383
Huntington Bancshares		34,499		466,426
IBERIABANK		2,544		207,336

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)
Independent Bank		1,685	$	112,305
Independent Bank Group		1,234		73,423
International Bancshares		4,142		145,177
Investors Bancorp		16,174		216,085
JPMorgan Chase & Co.		58,797		5,374,046
KeyCorp		24,375		456,787
Lakeland Bancorp		3,567		67,238
Lakeland Financial		1,247		57,212
LegacyTexas Financial Group		3,057		116,563
Live Oak Bancshares		644		15,585
M&T Bank		2,226		360,501
MainSource Financial Group		2,072		69,433
MB Financial		4,103		180,696
Mercantile Bank		1,121		35,289
National Bank Holdings Class A		1,689		55,923
NBT Bancorp		2,905		107,340
OFG Bancorp		3,457		34,570
Old National Bancorp		8,874		153,077
Opus Bank		1,518		36,736
Pacific Continental		830		21,207
†Pacific Premier Bancorp		2,850		105,165
PacWest Bancorp		6,079		283,889
Park National		722		74,886
Park Sterling		4,529		53,805
Peapack Gladstone Financial		901		28,192
Peoples Bancorp		1,224		39,327
People’s United Financial		16,235		286,710
Pinnacle Financial Partners		3,905		245,234
PNC Financial Services Group		7,232		903,060
Popular		5,265		219,603
Preferred Bank		736		39,354
Prosperity Bancshares		3,450		221,628
QCR Holdings		440		20,856
Regions Financial		38,330		561,151
Renasant		2,499		109,306
Republic Bancorp Class A		900		32,130
†Republic First Bancorp		1,391		12,867
S&T Bancorp		1,882		67,489
Sandy Spring Bancorp		1,367		55,582
†Seacoast Banking Corp. of Florida		2,229		53,719
ServisFirst Bancshares		2,538		93,627
Sierra Bancorp		878		21,555
†Signature Bank		1,182		169,652
Simmons First National Class A		2,031		107,440
South State		1,660		142,262
Southside Bancshares		1,853		64,744
Southwest Bancorp		899		22,969
State Bank Financial		1,643		44,558
Sterling Bancorp		6,011		139,756
Stock Yards Bancorp		886		34,465
Stonegate Bank		919		42,439
Sun Bancorp		1,066		26,277

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
SunTrust Banks		7,705	$	437,028
†SVB Financial Group		1,455		255,774
Synovus Financial		6,754		298,797
TCF Financial		10,469		166,876
†Texas Capital Bancshares		2,530		195,822
Tompkins Financial		757		59,591
Towne Bank		3,347		103,088
TriCo Bancshares		1,330		46,750
†TriState Capital Holdings		1,385		34,902
†Triumph Bancorp		490		12,030
Trustmark		3,858		124,073
U.S. Bancorp		26,080		1,354,074
UMB Financial		2,248		168,285
Umpqua Holdings		9,892		181,617
Union Bankshares		2,283		77,394
United Bankshares		4,686		183,691
United Community Banks		4,289		119,234
Univest Corp. of Pennsylvania		1,016		30,429
Valley National Bancorp		12,810		151,286
†Veritex Holdings		396		10,427
Washington Trust Bancorp		1,005		51,808
Webster Financial		5,124		267,575
Wells Fargo & Co.		78,534		4,351,569
WesBanco		2,273		89,874
West Bancorporation		758		17,927
Westamerica Bancorporation		989		55,424
†Western Alliance Bancorp		5,374		264,401
Wintrust Financial		2,899		221,600
Zions Bancorporation		3,896		171,073
				37,840,748
Beverages–0.98%
†Boston Beer Class A		651		86,030
Brown-Forman Class A		428		21,100
Brown-Forman Class B		3,441		167,233
Coca-Cola		30,069		1,348,595
Coca-Cola Bottling Consolidated		632		144,646
Constellation Brands Class A		1,773		343,483
†Craft Brew Alliance		613		10,329
Dr Pepper Snapple Group		2,705		246,453
MGP Ingredients		1,309		66,982
Molson Coors Brewing Class B		6,310		544,805
†Monster Beverage		1,425		70,794
National Beverage		964		90,192
PepsiCo		9,218		1,064,587
†Primo Water		745		9,462
				4,214,691
Biotechnology–1.60%
AbbVie		9,549		692,398
†Acorda Therapeutics		2,536		49,959
†Adamas Pharmaceuticals		1,097		19,187

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)
†Akebia Therapeutics		1,002	$	14,399
†Alexion Pharmaceuticals		1,815		220,831
†Alkermes		638		36,985
†Alnylam Pharmaceuticals		2,140		170,686
†AMAG Pharmaceuticals		1,449		26,662
Amgen		7,509		1,293,275
†Aptevo Therapeutics		1,004		2,078
†Biogen		1,629		442,045
†BioMarin Pharmaceutical		900		81,738
†BioSpecifics Technologies		665		32,924
†Bioverativ		2,404		144,649
†Bluebird Bio		1,165		122,383
†Celgene		5,000		649,350
†Celldex Therapeutics		2,682		6,625
†Chimerix		1,691		9,216
†Clovis Oncology		263		24,625
†Concert Pharmaceuticals		1,000		13,950
†Eagle Pharmaceuticals		867		68,398
†Emergent BioSolutions		2,719		92,201
†Enanta Pharmaceuticals		866		31,159
†Exact Sciences		631		22,318
†Exelixis		6,236		153,593
†Five Prime Therapeutics		2,499		75,245
Gilead Sciences		13,570		960,485
†Incyte		1,361		171,364
†Insys Therapeutics		1,480		18,722
†Ionis Pharmaceuticals		1,239		63,028
†Karyopharm Therapeutics		1,386		12,543
†Kite Pharma		706		73,191
†Ligand Pharmaceuticals Class B		194		23,552
†Momenta Pharmaceuticals		2,972		50,227
†Myriad Genetics		3,589		92,740
†Neurocrine Biosciences		1,020		46,920
†NewLink Genetics		196		1,441
†OPKO Health		6,890		45,336
†Otonomy		732		13,798
PDL BioPharma		8,018		19,804
†Regeneron Pharmaceuticals		318		156,183
†Repligen		1,034		42,849
†Retrophin		2,257		43,763
†Seattle Genetics		500		25,870
†Spectrum Pharmaceuticals		3,722		27,729
†TESARO		300		41,958
†United Therapeutics		3,088		400,606
†Vertex Pharmaceuticals		408		52,579
†Xencor		1,202		25,374
				6,906,941
Building Products–0.83%
AAON		2,821		103,954
Advanced Drainage Systems		2,948		59,255
Allegion		1,342		108,863

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Building Products (continued)
†American Woodmark		1,320	$	126,126
AO Smith		1,106		62,301
Apogee Enterprises		1,890		107,428
†Armstrong Flooring		1,730		31,088
†Armstrong World Industries		2,482		114,172
†Builders FirstSource		7,695		117,887
†Continental Building Products		2,885		67,221
†CSW Industrials		803		31,036
Fortune Brands Home & Security		4,246		277,009
†Gibraltar Industries		1,829		65,204
Griffon		2,547		55,907
Insteel Industries		1,555		51,268
Johnson Controls International		13,983		606,303
Lennox International		699		128,364
Masco		3,737		142,791
†Masonite International		1,962		148,131
†NCI Building Systems		5,674		94,756
Owens Corning		5,085		340,288
†Patrick Industries		1,335		97,255
†PGT		5,032		64,410
†Ply Gem Holdings		2,902		52,091
Quanex Building Products		1,644		34,771
Simpson Manufacturing		2,054		89,780
†Trex		1,337		90,461
Universal Forest Products		980		85,564
†USG		8,222		238,602
				3,592,286
Capital Markets–3.31%
Affiliated Managers Group		1,396		231,541
Ameriprise Financial		5,144		654,780
Artisan Partners Asset Management Class A		2,502		76,811
Bank of New York Mellon		16,712		852,646
BGC Partners Class A		17,801		225,005
BlackRock		1,974		833,837
CBOE Holdings		2,552		233,253
Charles Schwab		11,701		502,675
CME Group		3,509		439,467
Cohen & Steers		3,600		145,944
†Cowen Class A		1,499		24,359
Diamond Hill Investment Group		308		61,415
†Donnelley Financial Solutions		1,411		32,397
†E*TRADE Financial		8,906		338,695
Eaton Vance		5,340		252,689
Evercore Partners Class A		2,348		165,534
FactSet Research Systems		656		109,014
Federated Investors Class B		8,212		231,989
Financial Engines		2,884		105,554
Franklin Resources		6,758		302,691
GAIN Capital Holdings		2,244		13,980
Goldman Sachs Group		5,850		1,298,115

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)
Greenhill & Co.		1,658	$	33,326
Houlihan Lokey		1,286		44,881
Interactive Brokers Group		5,300		198,326
Intercontinental Exchange		8,887		585,831
†INTL. FCStone		1,244		46,973
Invesco		13,298		467,957
Investment Technology Group		1,487		31,584
†Janus Henderson Group		3,865		127,970
†KCG Holdings Class A		5,141		102,512
Legg Mason		4,809		183,511
LPL Financial Holdings		7,523		319,427
MarketAxess Holdings		688		138,357
Moelis & Co. Class A		1,121		43,551
Moody’s		891		108,417
Morgan Stanley		21,704		967,130
Morningstar		1,911		149,708
MSCI		1,329		136,874
Nasdaq		4,281		306,049
Northern Trust		4,855		471,955
OM Asset Management		4,990		74,151
Oppenheimer Holdings Class A		765		12,546
Piper Jaffray		673		40,346
Raymond James Financial		3,602		288,952
S&P Global		1,712		249,935
†Safeguard Scientifics		1,565		18,624
SEI Investments		1,515		81,477
State Street		6,052		543,046
†Stifel Financial		3,341		153,619
T. Rowe Price Group		9,539		707,889
TD Ameritrade Holding		5,854		251,663
Virtu Financial Class A		1,903		33,588
Virtus Investment Partners		382		42,383
Waddell & Reed Financial Class A		4,351		82,147
Westwood Holdings Group		439		24,887
WisdomTree Investments		5,289		53,789
				14,255,772
Chemicals–2.52%
A Schulman		1,598		51,136
†AdvanSix		2,033		63,511
Air Products & Chemicals		2,542		363,659
Albemarle		3,062		323,163
American Vanguard		2,114		36,467
Ashland Global Holdings		3,222		212,362
†Axalta Coating Systems		3,124		100,093
Balchem		1,857		144,307
Cabot		4,349		232,367
Calgon Carbon		3,597		54,315
Celanese Class A		4,179		396,754
CF Industries Holdings		8,601		240,484
Chase		640		68,288
Chemours		3,983		151,035

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Chemicals (continued)
Dow Chemical		22,758	$	1,435,347
Eastman Chemical		5,577		468,412
Ecolab		1,877		249,172
EI du Pont de Nemours & Co.		5,227		421,871
†Ferro		7,033		128,634
†Flotek Industries		3,167		28,313
FMC		4,040		295,122
FutureFuel		2,591		39,098
†GCP Applied Technologies		3,136		95,648
Hawkins		885		41,020
HB Fuller		3,392		173,365
Huntsman		19,266		497,833
†Ingevity		1,981		113,709
Innophos Holdings		1,429		62,647
Innospec		1,358		89,017
International Flavors & Fragrances		740		99,900
KMG Chemicals		636		30,954
†Koppers Holdings		1,060		38,319
†Kraton		2,385		82,139
Kronos Worldwide		4,968		90,517
†LSB Industries		2,413		24,926
LyondellBasell Industries Class A		3,486		294,184
Minerals Technologies		2,235		163,602
Monsanto		1,828		216,362
Mosaic		7,084		161,728
NewMarket		466		214,584
Olin		9,233		279,575
†OMNOVA Solutions		3,545		34,564
†Platform Specialty Products		18,605		235,911
PolyOne		5,724		221,748
PPG Industries		1,490		163,840
Praxair		1,892		250,785
Quaker Chemical		833		120,977
Rayonier Advanced Materials		3,769		59,249
RPM International		2,332		127,211
Scotts Miracle-Gro Class A		2,601		232,685
Sensient Technologies		2,225		179,179
Sherwin-Williams		394		138,278
Stepan		1,260		109,796
†Trecora Resources		817		9,191
Tredegar		1,894		28,884
Trinseo		2,479		170,307
Tronox		4,414		66,740
Valvoline		6,722		159,453
Westlake Chemical		2,177		144,139
WR Grace & Co.		1,682		121,121
				10,847,997
Commercial Services & Supplies–1.15%
ABM Industries		2,328		96,659
†ACCO Brands		7,956		92,687
†ARC Document Solutions		3,148		13,096

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)
Brady Class A		2,770	$	93,903
Brink’s		3,738		250,446
†Casella Waste Systems		2,159		35,429
CECO Environmental		1,187		10,897
Cintas		1,398		176,204
†Clean Harbors		3,676		205,231
†Copart		4,256		135,298
Covanta Holding		10,499		138,587
Deluxe		3,759		260,198
Ennis		1,143		21,831
Essendant		1,656		24,558
Healthcare Services Group		1,609		75,349
Herman Miller		4,911		149,294
HNI		3,300		131,571
†Hudson Technologies		1,167		9,861
†InnerWorkings		2,700		31,320
Interface Class A		5,000		98,250
KAR Auction Services		9,021		378,611
Kimball International Class B		3,544		59,149
Knoll		4,076		81,724
LSC Communications		2,753		58,922
Matthews International Class A		2,054		125,808
McGrath RentCorp		1,645		56,966
Mobile Mini		2,671		79,729
MSA Safety		2,418		196,269
Multi-Color		1,058		86,333
†NL Industries		2,090		14,735
Pitney Bowes		4,363		65,881
Quad		3,100		71,052
Republic Services		6,256		398,695
Rollins		2,327		94,732
†SP Plus		1,195		36,507
Steelcase Class A		4,018		56,252
†Stericycle		2,597		198,203
†Team		1,744		40,897
Tetra Tech		2,976		136,152
U.S. Ecology		1,083		54,692
UniFirst		728		102,430
Viad		1,421		67,142
VSE		530		23,839
Waste Management		4,643		340,564
West		3,298		76,909
				4,952,862
Communications Equipment–1.60%
ADTRAN		3,319		68,537
†Applied Optoelectronics		1,210		74,766
†Arista Networks		691		103,505
†ARRIS International		10,551		295,639
Black Box		1,723		14,732
Brocade Communications Systems		21,104		266,121
†CalAmp		1,620		32,935

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Communications Equipment (continued)
†Calix		2,250	$	15,413
†Ciena		7,923		198,233
Cisco Systems		91,527		2,864,795
†CommScope Holding		3,189		121,278
Comtech Telecommunications		715		13,564
†Digi International		1,498		15,205
†EchoStar Class A		3,105		188,473
†Extreme Networks		5,103		47,050
†F5 Networks		834		105,968
†Finisar		5,923		153,880
†Harmonic		3,856		20,244
Harris		4,850		529,038
†Infinera		7,948		84,805
InterDigital		2,678		207,009
Juniper Networks		8,881		247,602
†Lumentum Holdings		2,231		127,279
Motorola Solutions		1,654		143,468
†NETGEAR		1,744		75,166
†NetScout Systems		4,343		149,399
†Oclaro		7,443		69,518
†Palo Alto Networks		444		59,412
Plantronics		2,355		123,190
†ShoreTel		1,706		9,895
†Sonus Networks		3,105		23,101
†Ubiquiti Networks		2,329		121,038
†ViaSat		2,849		188,604
†Viavi Solutions		10,641		112,050
				6,870,912
Construction & Engineering–0.61%
†AECOM		9,254		299,182
†Aegion		1,719		37,612
Argan		1,180		70,800
Chicago Bridge & Iron		5,367		105,891
Comfort Systems USA		2,598		96,386
†Dycom Industries		2,195		196,496
EMCOR Group		3,811		249,163
Fluor		4,547		208,162
†Goldfield		1,529		8,409
Granite Construction		2,068		99,760
†Great Lakes Dredge & Dock		5,107		21,960
†IES Holdings		1,179		21,399
Jacobs Engineering Group		2,664		144,895
KBR		8,326		126,722
†MasTec		5,538		250,041
†MYR Group		1,177		36,511
†Northwest Pipe		539		8,764
†NV5 Global		440		18,700
Primoris Services		2,711		67,612
†Quanta Services		8,452		278,240
†Tutor Perini		2,795		80,356

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)
Construction & Engineering (continued)
Valmont Industries		1,274	$	190,590
				2,617,651
Construction Materials–0.29%
Eagle Materials		2,584		238,813
Martin Marietta Materials		1,469		326,970
†Summit Materials Class A		6,417		185,259
†U.S. Concrete		1,122		88,133
United States Lime & Minerals		277		21,736
Vulcan Materials		2,925		370,539
				1,231,450
Consumer Finance–1.36%
Ally Financial		19,868		415,241
American Express		18,973		1,598,286
Capital One Financial		7,850		648,567
†Credit Acceptance		1,148		295,197
Discover Financial Services		9,833		611,514
†Encore Capital Group		1,119		44,928
†Enova International		2,659		39,486
†EZCORP Class A		2,772		21,344
FirstCash		2,903		169,245
†Green Dot Class A		2,915		112,315
†LendingClub		16,586		91,389
Navient		21,662		360,672
Nelnet Class A		1,923		90,400
†OneMain Holdings		6,278		154,376
†PRA Group		2,993		113,435
†Regional Management		129		3,048
†Santander Consumer USA Holdings		19,372		247,187
†SLM		27,460		315,790
Synchrony Financial		17,007		507,149
†World Acceptance		395		29,589
				5,869,158
Containers & Packaging–0.89%
AptarGroup		4,309		374,280
Avery Dennison		1,309		115,676
Ball		8,968		378,539
Bemis		6,504		300,810
†Berry Global Group		3,128		178,327
†Crown Holdings		2,329		138,948
Graphic Packaging Holding		23,782		327,716
Greif Class A		1,982		110,556
International Paper		4,000		226,440
Myers Industries		3,074		55,178
†Owens-Illinois		7,627		182,438
Packaging Corp. of America		2,985		332,499
Sealed Air		2,558		114,496
Silgan Holdings		6,778		215,405
Sonoco Products		6,911		355,364

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Containers & Packaging (continued)
WestRock		7,171	$	406,309
				3,812,981
Distributors–0.24%
Core-Mark Holding		2,242		74,121
Genuine Parts		5,733		531,793
†LKQ		7,749		255,330
Pool		1,302		153,076
Weyco Group		507		14,135
				1,028,455
Diversified Consumer Services–0.46%
Adtalem Global Education		4,089		155,178
†American Public Education		1,300		30,745
†Ascent Capital Group Class A		345		5,299
†Bridgepoint Education		2,198		32,442
†Bright Horizons Family Solutions		2,131		164,534
Capella Education		988		84,573
†Career Education		6,090		58,464
Carriage Services		768		20,705
Graham Holdings		162		97,143
†Grand Canyon Education		3,284		257,498
H&R Block		5,890		182,060
†Houghton Mifflin Harcourt		5,951		73,197
†K12		2,788		49,961
†Regis		2,095		21,516
Service Corp. International		6,761		226,155
†ServiceMaster Global Holdings		5,284		207,080
†Sotheby’s		2,959		158,810
Strayer Education		800		74,576
†Weight Watchers International		1,972		65,904
				1,965,840
Diversified Financial Services–0.50%
†Berkshire Hathaway Class B		10,489		1,776,522
Leucadia National		7,755		202,871
Marlin Business Services		729		18,334
NewStar Financial		1,435		15,068
†On Deck Capital		2,037		9,492
Voya Financial		3,680		135,755
				2,158,042
Diversified Telecommunication Services–2.23%
AT&T		170,253		6,423,646
ATN International		873		59,748
CenturyLink		26,010		621,119
†Cincinnati Bell		1,239		24,222
Cogent Communications Holdings		2,252		90,305
Consolidated Communications Holdings		3,804		81,672
†FairPoint Communications		1,193		18,670
Frontier Communications		25,266		29,309
†General Communication Class A		2,677		98,085

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)
Diversified Telecommunication Services (continued)
†Hawaiian Telcom Holdco		500	$	12,495
IDT Class B		1,774		25,492
†Iridium Communications		4,205		46,465
†Level 3 Communications		4,870		288,791
†Lumos Networks		1,037		18,531
†ORBCOMM		2,840		32,092
Verizon Communications		35,101		1,567,611
†Vonage Holdings		9,457		61,849
Windstream Holdings		2,822		10,949
†Zayo Group Holdings		2,542		78,548
				9,589,599
Electric Utilities–0.84%
ALLETE		1,303		93,399
Alliant Energy		2,790		112,074
American Electric Power		2,844		197,573
Avangrid		717		31,656
Duke Energy		3,872		323,660
Edison International		1,747		136,598
El Paso Electric		1,899		98,178
Entergy		2,019		154,999
Eversource Energy		3,381		205,260
Exelon		4,912		177,176
FirstEnergy		4,142		120,781
Great Plains Energy		2,778		81,340
Hawaiian Electric Industries		3,350		108,473
IDACORP		1,455		124,184
MGE Energy		1,434		92,278
NextEra Energy		2,606		365,179
OGE Energy		2,074		72,154
Otter Tail		1,714		67,874
PG&E		2,867		190,283
Pinnacle West Capital		1,088		92,654
PNM Resources		2,378		90,959
Portland General Electric		2,134		97,502
PPL		3,451		133,416
Southern		5,454		261,138
Westar Energy		1,044		55,353
Xcel Energy		2,482		113,874
				3,598,015
Electrical Equipment–0.75%
Acuity Brands		524		106,519
Allied Motion Technologies		758		20,633
AMETEK		7,327		443,796
AZZ		1,479		82,528
†Babcock & Wilcox Enterprises		2,436		28,647
Eaton		7,083		551,270
Emerson Electric		6,411		382,224
Encore Wire		1,573		67,167
EnerSys		2,490		180,401
†Generac Holdings		4,872		176,025

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electrical Equipment (continued)
General Cable		3,093	$	50,571
Hubbell		2,390		270,476
LSI Industries		457		4,136
Powell Industries		509		16,283
Regal Beloit		2,707		220,756
Rockwell Automation		1,662		269,178
†Sensata Technologies Holding		6,943		296,605
†Thermon Group Holdings		1,338		25,649
†Vicor		1,194		21,373
				3,214,237
Electronic Equipment, Instruments & Components–1.93%
Amphenol Class A		2,484		183,369
†Anixter International		2,020		157,964
†Arrow Electronics		3,850		301,917
Avnet		6,315		245,527
AVX		7,956		130,001
Badger Meter		1,828		72,846
Bel Fuse Class B		100		2,470
Belden		2,615		197,249
†Benchmark Electronics		3,326		107,430
CDW		2,461		153,886
Cognex		2,283		193,827
†Coherent		1,139		256,264
†Control4		614		12,041
Corning		15,126		454,536
CTS		2,254		48,686
Daktronics		2,615		25,182
Dolby Laboratories Class A		3,327		162,890
†Electro Scientific Industries		460		3,790
†ePlus		1,064		78,842
†Fabrinet		2,165		92,359
†FARO Technologies		954		36,061
†Fitbit Class A		1,208		6,414
†Flex		20,706		337,715
FLIR Systems		8,077		279,949
†II-VI		2,715		93,125
†Insight Enterprises		3,069		122,729
†IPG Photonics		2,284		331,408
†Itron		2,303		156,028
Jabil		13,360		389,978
†KEMET		3,824		48,947
†Keysight Technologies		6,402		249,230
†Kimball Electronics		1,253		22,617
†Knowles		4,393		74,330
Littelfuse		903		148,995
Mesa Laboratories		195		27,945
Methode Electronics		2,434		100,281
MTS Systems		843		43,667
National Instruments		5,162		207,616
†Novanta		1,849		66,564
†OSI Systems		916		68,837

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)
Park Electrochemical		1,422	$	26,193
PC Connection		1,762		47,680
†PCM		468		8,775
†Plexus		2,055		108,031
†Rogers		1,055		114,594
†Sanmina		4,462		170,002
†ScanSource		1,186		47,796
SYNNEX		2,512		301,340
Systemax		1,538		28,914
TE Connectivity		7,604		598,283
†Tech Data		2,372		239,572
†Trimble		5,235		186,732
†TTM Technologies		7,111		123,447
Universal Display		968		105,754
†VeriFone Systems		5,436		98,392
Vishay Intertechnology		7,503		124,550
†Zebra Technologies		2,662		267,584
				8,291,151
Energy Equipment & Services–1.02%
Archrock		6,266		71,432
†Atwood Oceanics		5,615		45,762
Baker Hughes, a GE company		3,689		201,087
Bristow Group		2,547		19,485
†CARBO Ceramics		560		3,836
Core Laboratories		1,387		140,461
†Diamond Offshore Drilling		5,355		57,995
†Dril-Quip		2,531		123,513
Ensco Class A		16,853		86,961
†Era Group		1,340		12,676
†Exterran		3,133		83,651
†Forum Energy Technologies		6,039		94,208
Frank’s International		3,834		31,784
†Geospace Technologies		1,182		16,347
Halliburton		4,635		197,961
†Helix Energy Solutions Group		9,439		53,236
Helmerich & Payne		2,373		128,949
†Hornbeck Offshore Services		1,588		4,494
†ION Geophysical		332		1,444
†Matrix Service		1,451		13,567
†McDermott International		16,513		118,398
Nabors Industries		15,348		124,933
National Oilwell Varco		8,228		271,030
†Natural Gas Services Group		679		16,873
†Newpark Resources		6,448		47,393
Noble		14,315		51,820
Oceaneering International		5,893		134,596
†Oil States International		2,950		80,093
†Parker Drilling		2,258		3,048
Patterson-UTI Energy		8,986		181,427
†PHI		903		8,813
†Pioneer Energy Services		5,840		11,972

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Energy Equipment & Services (continued)
†Rowan		7,100	$	72,704
RPC		3,412		68,957
Schlumberger		14,597		961,066
†SEACOR Holdings		1,038		35,603
†SEACOR Marine Holdings		1,043		21,235
†Superior Energy Services		6,675		69,620
†TechnipFMC		7,143		194,290
†Tesco		2,570		11,437
†TETRA Technologies		3,841		10,716
†Transocean		19,921		163,950
U.S. Silica Holdings		3,541		125,670
†Unit		3,218		60,273
†Weatherford International		46,413		179,618
				4,414,384
Food & Staples Retailing–2.07%
Andersons		1,719		58,704
Casey’s General Stores		2,657		284,591
†Chefs’ Warehouse		1,611		20,943
Costco Wholesale		3,709		593,180
CVS Health		20,877		1,679,763
Ingles Markets Class A		1,007		33,533
Kroger		12,343		287,839
†Natural Grocers by Vitamin Cottage		985		8,146
†Performance Food Group		3,962		108,559
PriceSmart		1,613		141,299
†Rite Aid		12,700		37,465
†Smart & Final Stores		2,200		20,020
SpartanNash		2,365		61,395
†Sprouts Farmers Market		7,238		164,085
†SUPERVALU		15,733		51,762
Sysco		3,283		165,233
†United Natural Foods		3,051		111,972
Village Super Market Class A		310		8,035
Walgreens Boots Alliance		18,510		1,449,518
Wal-Mart Stores		40,446		3,060,953
Weis Markets		1,415		68,939
Whole Foods Market		12,080		508,689
				8,924,623
Food Products–1.86%
Alico		310		9,703
Archer-Daniels-Midland		6,427		265,949
B&G Foods Class A		4,796		170,738
†Blue Buffalo Pet Products		6,135		139,939
Bunge		4,968		370,613
Calavo Growers		882		60,902
†Cal-Maine Foods		2,580		102,168
Campbell Soup		4,619		240,881
Conagra Brands		12,138		434,055
†Darling Ingredients		10,334		162,657
Dean Foods		6,682		113,594

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)
†Farmer Brothers		1,079	$	32,640
Flowers Foods		13,177		228,094
Fresh Del Monte Produce		3,101		157,872
General Mills		4,722		261,599
†Hain Celestial Group		4,249		164,946
Hershey		945		101,465
Hormel Foods		13,860		472,765
†Hostess Brands		2,178		35,066
Ingredion		2,517		300,052
J&J Snack Foods		1,165		153,862
JM Smucker		2,861		338,542
John B Sanfilippo & Son		672		42,410
Kellogg		1,742		120,999
Kraft Heinz		6,558		561,627
Lamb Weston Holdings		1,825		80,373
Lancaster Colony		1,006		123,356
†Landec		2,083		30,933
†Lifeway Foods		699		6,529
McCormick & Co.		1,484		144,705
Mondelez International		14,441		623,707
Omega Protein		1,390		24,881
†Pilgrim’s Pride		5,264		115,387
Pinnacle Foods		3,750		222,750
†Post Holdings		4,397		341,427
Sanderson Farms		1,422		164,454
Seaboard		59		235,705
†Seneca Foods Class A		364		11,302
Snyder’s-Lance		4,775		165,311
Tootsie Roll Industries		1,420		49,487
†TreeHouse Foods		2,845		232,408
Tyson Foods Class A		6,506		407,471
				8,023,324
Gas Utilities–0.24%
Atmos Energy		1,323		109,743
Chesapeake Utilities		620		46,469
National Fuel Gas		2,570		143,509
New Jersey Resources		2,264		89,881
Northwest Natural Gas		1,438		86,064
ONE Gas		1,574		109,881
South Jersey Industries		2,141		73,158
Southwest Gas Holdings		1,094		79,928
Spire		954		66,542
UGI		3,296		159,559
WGL Holdings		1,065		88,853
				1,053,587
Health Care Equipment & Supplies–2.50%
Abaxis		1,053		55,830
Abbott Laboratories		25,087		1,219,501
†ABIOMED		714		102,316
†Accuray		2,299		10,920

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Equipment & Supplies (continued)
†Alere		3,613	$	181,336
†Align Technology		787		118,144
Analogic		568		41,265
†AngioDynamics		2,264		36,699
†Anika Therapeutics		1,049		51,758
Atrion		84		54,037
Baxter International		7,371		446,240
Becton Dickinson & Co.		1,412		275,495
†Boston Scientific		6,822		189,106
Cantel Medical		1,223		95,284
CONMED		1,227		62,503
Cooper		1,149		275,094
CR Bard		1,065		336,657
†CryoLife		1,100		21,945
Danaher		9,745		822,381
DENTSPLY SIRONA		4,498		291,650
†DexCom		500		36,575
†Edwards Lifesciences		716		84,660
†Exactech		800		23,840
†Globus Medical		5,049		167,374
†Haemonetics		2,807		110,848
†Halyard Health		2,747		107,902
Hill-Rom Holdings		4,464		355,379
†Hologic		11,528		523,141
†ICU Medical		1,021		176,123
†IDEXX Laboratories		1,272		205,326
†Inogen		544		51,908
†Integer Holdings		2,485		107,476
†Integra LifeSciences Holdings		3,098		168,872
†Intuitive Surgical		124		115,986
Invacare		1,522		20,090
†Lantheus Holdings		1,324		23,369
LeMaitre Vascular		1,009		31,501
†LivaNova		605		37,032
†Masimo		1,668		152,088
Medtronic		14,615		1,297,081
Meridian Bioscience		2,980		46,935
†Merit Medical Systems		2,673		101,975
†Natus Medical		1,650		61,545
†Neogen		1,118		77,265
†NuVasive		2,105		161,917
†Nuvectra		338		4,489
†OraSure Technologies		3,072		53,023
†Orthofix International		627		29,143
†Quidel		1,563		42,420
ResMed		1,486		115,715
†RTI Surgical		2,100		12,285
†SeaSpine Holdings		660		7,603
STERIS		4,099		334,069
Stryker		1,836		254,800
†Surmodics		576		16,214
Teleflex		866		179,920

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 Equipment & Supplies (continued)
†Varex Imaging		2,170	$	73,346
†Varian Medical Systems		2,072		213,810
West Pharmaceutical Services		873		82,516
†Wright Medical Group		442		12,151
Zimmer Biomet Holdings		3,063		393,289
				10,759,162
Health Care Providers & Services–3.63%
†Acadia Healthcare		5,585		275,787
Aceto		1,439		22,233
†Addus HomeCare		433		16,108
Aetna		7,561		1,147,987
†Almost Family		856		52,772
†Amedisys		1,799		112,995
AmerisourceBergen		3,169		299,566
†AMN Healthcare Services		3,740		146,047
Anthem		4,347		817,801
†BioScrip		3,413		9,266
†BioTelemetry		1,656		55,393
†Brookdale Senior Living		8,359		122,961
†Capital Senior Living		1,634		24,853
Cardinal Health		4,025		313,628
†Centene		4,553		363,694
Chemed		949		194,099
Cigna		4,709		788,240
†Civitas Solutions		2,257		39,497
†Community Health Systems		5,888		58,644
†CorVel		1,234		58,553
†Cross Country Healthcare		2,183		28,183
†DaVita		8,004		518,339
†Diplomat Pharmacy		2,267		33,552
Ensign Group		2,803		61,021
†Envision Healthcare		4,912		307,835
†Express Scripts Holding		15,729		1,004,139
†Five Star Senior Living		461		691
†Hanger		1,874		22,301
†HCA Healthcare		1,747		152,338
†HealthEquity		1,480		73,748
HealthSouth		4,250		205,700
†Henry Schein		1,975		361,465
Humana		3,299		793,805
Kindred Healthcare		6,921		80,630
†Laboratory Corp. of America Holdings		3,195		492,477
Landauer		434		22,698
†LHC Group		1,107		75,154
†LifePoint Health		2,947		197,891
†Magellan Health		1,562		113,870
McKesson		2,823		464,496
†MEDNAX		3,444		207,914
†Molina Healthcare		3,472		240,193
National HealthCare		926		64,950
National Research Class A		927		24,936

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services (continued)
Owens & Minor		4,089	$	131,625
Patterson		6,302		295,879
†PharMerica		2,450		64,313
†Premier Class A		3,076		110,736
†Providence Service		766		38,767
Quest Diagnostics		4,224		469,540
†Quorum Health		1,472		6,109
†RadNet		3,391		26,280
†Select Medical Holdings		8,192		125,747
†Surgery Partners		1,621		36,878
†Tenet Healthcare		7,697		148,860
†Tivity Health		3,037		121,024
†Triple-S Management Class B		1,017		17,197
U.S. Physical Therapy		459		27,724
UnitedHealth Group		12,832		2,379,309
Universal Health Services Class B		3,346		408,480
†VCA		3,726		343,947
†WellCare Health Plans		2,253		404,549
				15,625,414
Health Care Technology–0.24%
†Allscripts Healthcare Solutions		12,779		163,060
†athenahealth		1,156		162,476
†Cerner		5,503		365,784
Computer Programs & Systems		313		10,266
†Evolent Health Class A		100		2,535
†HealthStream		1,113		29,294
†HMS Holdings		3,921		72,539
†Medidata Solutions		448		35,034
†Omnicell		2,195		94,605
†Quality Systems		2,697		46,415
†Veeva Systems Class A		886		54,321
				1,036,329
Hotels, Restaurants & Leisure–2.32%
Aramark		11,545		473,114
†Belmond Class A		6,085		80,931
†Biglari Holdings		51		20,387
†BJ’s Restaurants		1,462		54,459
Bloomin’ Brands		6,385		135,554
Bob Evans Farms		1,324		95,103
†Bojangles’		3,222		52,357
Boyd Gaming		3,072		76,216
†Bravo Brio Restaurant Group		1,400		6,440
Brinker International		2,294		87,401
†Buffalo Wild Wings		1,127		142,791
Carnival		5,447		357,160
†Carrols Restaurant Group		3,714		45,497
Cheesecake Factory		2,784		140,035
†Chipotle Mexican Grill		288		119,837
Choice Hotels International		1,757		112,887
Churchill Downs		487		89,267

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)
†Chuy’s Holdings		1,208	$	28,267
ClubCorp Holdings		5,242		68,670
Cracker Barrel Old Country Store		1,206		201,703
Darden Restaurants		1,986		179,614
†Dave & Buster’s Entertainment		3,378		224,671
†Del Frisco’s Restaurant Group		884		14,232
†Del Taco Restaurants		1,259		17,311
†Denny’s		3,309		38,947
DineEquity		1,438		63,344
Domino’s Pizza		603		127,553
Dunkin’ Brands Group		2,451		135,099
†El Pollo Loco Holdings		2,025		28,046
†Eldorado Resorts		1,215		24,300
†Fiesta Restaurant Group		1,638		33,825
†Habit Restaurants Class A		628		9,922
†Hilton Grand Vacations		2,717		97,975
Hilton Worldwide Holdings		3,736		231,072
†Hyatt Hotels Class A		1,582		88,924
ILG		7,286		200,292
International Game Technology		8,417		154,031
†Intrawest Resorts Holdings		3,884		92,206
Jack in the Box		968		95,348
†La Quinta Holdings		6,452		95,296
Las Vegas Sands		3,696		236,137
Marcus		1,216		36,723
Marriott International Class A		2,572		257,997
Marriott Vacations Worldwide		1,828		215,247
McDonald’s		4,575		700,707
MGM Resorts International		17,547		549,046
†Norwegian Cruise Line Holdings		7,010		380,573
†Panera Bread Class A		664		208,921
Papa John’s International		1,135		81,448
†Papa Murphy’s Holdings		207		905
†Penn National Gaming		2,255		48,257
†Pinnacle Entertainment		1,797		35,509
Planet Fitness Class A		3,422		79,869
†Potbelly		1,460		16,790
†Red Robin Gourmet Burgers		617		40,259
Red Rock Resorts Class A		478		11,257
Royal Caribbean Cruises		5,753		628,400
†Ruby Tuesday		2,748		5,523
Ruth’s Hospitality Group		3,110		67,643
†Scientific Games Class A		3,331		86,939
SeaWorld Entertainment		6,946		113,011
†Shake Shack Class A		500		17,440
Six Flags Entertainment		2,634		157,013
Sonic		1,631		43,205
Speedway Motorsports		3,631		66,338
Starbucks		9,184		535,519
Texas Roadhouse		3,405		173,485
Vail Resorts		651		132,042
Wendy’s		13,624		211,308

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
Wingstop		900	$	27,810
Wyndham Worldwide		2,178		218,693
Wynn Resorts		948		127,146
Yum Brands		2,149		158,510
				10,009,754
Household Durables–1.15%
†AV Homes		1,200		24,060
Bassett Furniture Industries		722		27,400
CalAtlantic Group		6,777		239,567
†Cavco Industries		502		65,084
†Century Communities		1,715		42,532
CSS Industries		543		14,205
DR Horton		9,540		329,798
Ethan Allen Interiors		1,870		60,401
Flexsteel Industries		419		22,672
Garmin		4,366		222,797
†GoPro		2,100		17,073
†Green Brick Partners		3,200		36,640
†Helen of Troy		1,362		128,164
Hooker Furniture		602		24,772
†Hovnanian Enterprises Class A		5,034		14,095
†Installed Building Products		1,531		81,066
†iRobot		1,320		111,065
KB Home		4,086		97,941
La-Z-Boy		3,341		108,583
Leggett & Platt		2,057		108,054
Lennar		6,297		335,756
Lennar Class B		300		13,491
Libbey		1,451		11,695
Lifetime Brands		785		14,248
†M/I Homes		1,091		31,148
MDC Holdings		3,075		108,640
†Meritage Homes		2,325		98,115
†Mohawk Industries		2,313		559,029
NACCO Industries Class A		326		23,097
Newell Brands		4,058		217,590
†NVR		36		86,782
†PICO Holdings		1,481		25,918
PulteGroup		10,201		250,231
†Taylor Morrison Home Class A		2,165		51,982
†Tempur Sealy International		2,133		113,881
Toll Brothers		7,489		295,890
†TopBuild		2,248		119,301
†TRI Pointe Group		8,843		116,639
Tupperware Brands		1,115		78,306
†Universal Electronics		767		51,274
Whirlpool		2,778		532,320
†William Lyon Homes Class A		1,617		39,034
†ZAGG		980		8,477
				4,958,813

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)
Household Products–0.91%
†Central Garden & Pet		894	$	28,420
†Central Garden & Pet Class A		2,897		86,968
Church & Dwight		3,166		164,252
Clorox		1,891		251,957
Colgate-Palmolive		4,673		346,409
Energizer Holdings		1,824		87,588
†HRG Group		9,517		168,546
Kimberly-Clark		2,042		263,643
Oil-Dri Corp. of America		282		11,847
Orchids Paper Products		536		6,941
Procter & Gamble		26,064		2,271,478
Spectrum Brands Holdings		1,217		152,174
WD-40		641		70,734
				3,910,957
Independent Power & Renewable Electricity Producers–0.27%
AES		8,502		94,457
Atlantica Yield		3,409		72,816
†Calpine		22,028		298,039
†Dynegy		7,740		64,010
NRG Energy		22,037		379,477
NRG Yield Class A		911		15,542
NRG Yield Class C		1,315		23,144
Ormat Technologies		2,822		165,595
Pattern Energy Group		2,827		67,396
				1,180,476
Industrial Conglomerates–1.07%
3M		3,853		802,156
Carlisle		1,683		160,558
General Electric		89,717		2,423,256
Honeywell International		6,453		860,120
Raven Industries		1,213		40,393
Roper Technologies		1,343		310,945
				4,597,428
Insurance–4.08%
Aflac		6,300		489,384
†Alleghany		332		197,474
Allied World Assurance Holdings		3,620		191,498
Allstate		5,966		527,633
†Ambac Financial Group		2,234		38,760
American Equity Investment Life Holding		5,666		148,902
American Financial Group		2,684		266,709
American International Group		10,777		673,778
American National Insurance		950		110,665
AMERISAFE		1,181		67,258
AmTrust Financial Services		11,446		173,292
Aon		1,931		256,726
†Arch Capital Group		3,794		353,942
Argo Group International Holdings		1,633		98,960
Arthur J. Gallagher & Co.		4,018		230,031

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Insurance (continued)
Aspen Insurance Holdings		3,477	$	173,328
Assurant		3,432		355,864
Assured Guaranty		7,548		315,054
Axis Capital Holdings		4,046		261,614
Baldwin & Lyons Class B		771		18,889
Brown & Brown		6,313		271,901
Chubb		4,853		705,529
Cincinnati Financial		3,498		253,430
CNA Financial		800		39,000
CNO Financial Group		6,176		128,955
Donegal Group Class A		996		15,836
EMC Insurance Group		1,480		41,114
Employers Holdings		2,070		87,561
†Enstar Group		875		173,819
Erie Indemnity Class A		810		101,307
Everest Re Group		1,159		295,070
FBL Financial Group Class A		1,968		121,032
Federated National Holding		630		10,080
Fidelity & Guaranty Life		1,767		54,865
First American Financial		6,407		286,329
FNF Group		3,821		171,295
†Genworth Financial		22,919		86,405
†Global Indemnity		541		20,975
†Greenlight Capital Re Class A		1,907		39,856
†Hallmark Financial Services		1,100		12,397
Hanover Insurance Group		2,039		180,717
Hartford Financial Services Group		11,882		624,637
HCI Group		887		41,671
Heritage Insurance Holdings		1,522		19,816
Horace Mann Educators		2,504		94,651
Infinity Property & Casualty		768		72,192
James River Group Holdings		1,709		67,899
Kemper		3,094		119,428
Loews		7,240		338,904
Maiden Holdings		5,121		56,843
†Markel		259		252,748
Marsh & McLennan		4,021		313,477
†MBIA		8,307		78,335
Mercury General		2,761		149,094
MetLife		10,102		555,004
National General Holdings		6,472		136,559
National Western Life Group Class A		202		64,563
Navigators Group		2,245		123,251
Old Republic International		15,592		304,512
OneBeacon Insurance Group Class A		1,009		18,394
Primerica		3,375		255,656
Principal Financial Group		9,145		585,920
ProAssurance		2,516		152,973
Progressive		9,293		409,728
Prudential Financial		4,695		507,717
Reinsurance Group of America		1,996		256,266
RenaissanceRe Holdings		2,240		311,472

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)
Insurance (continued)
RLI		2,013	$	109,950
Safety Insurance Group		893		60,992
Selective Insurance Group		3,458		173,073
State Auto Financial		2,262		58,201
State National		2,067		37,991
Stewart Information Services		1,222		55,454
†Third Point Reinsurance		4,097		56,948
Torchmark		3,599		275,324
Travelers		7,508		949,987
United Fire Group		1,596		70,320
United Insurance Holdings		739		11,624
Universal Insurance Holdings		1,971		49,669
Unum Group		7,016		327,156
Validus Holdings		4,136		214,948
White Mountains Insurance Group		255		221,501
Willis Towers Watson		2,952		429,398
†WMIH		7,240		9,050
WR Berkley		3,767		260,563
XL Group		5,561		243,572
				17,574,665
Internet & Direct Marketing Retail–1.14%
†1-800-Flowers.com Class A		2,100		20,475
†Amazon.com		2,827		2,736,536
†Duluth Holdings Class B		753		13,712
Expedia		2,455		365,672
†FTD		1,699		33,980
HSN		2,294		73,179
†Liberty Expedia Holdings Class A		200		10,826
†Liberty Interactive Corp. QVC Group Class A		16,175		396,935
†Liberty TripAdvisor Holdings Class A		3,875		44,950
†Liberty Ventures Class A		4,378		228,926
†Netflix		1,027		153,444
Nutrisystem		1,262		65,687
†Overstock.com		1,526		24,874
PetMed Express		1,442		58,545
†Priceline Group		276		516,264
†Shutterfly		1,832		87,020
†TripAdvisor		970		37,054
†Wayfair Class A		460		35,365
				4,903,444
Internet Software & Services–2.34%
†Actua		2,754		38,694
†Akamai Technologies		5,089		253,483
†Alphabet Class A		2,455		2,230,932
†Alphabet Class C		2,304		2,141,983
†Angie’s List		1,639		20,963
†Bankrate		2,961		38,049
†Bazaarvoice		2,600		12,870
†Blucora		3,219		68,243

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet Software & Services (continued)
†Carbonite		1,257	$	27,403
†Cars.com		5,057		134,668
†Cimpress		694		65,604
†CommerceHub Class A		50		871
†CommerceHub Class C		100		1,744
†comScore		172		4,515
†CoStar Group		508		133,909
†DHI Group		3,155		8,992
†eBay		14,091		492,058
†Endurance International Group Holdings		1,400		11,690
†Envestnet		932		36,907
†Facebook Class A		14,097		2,128,365
†GoDaddy Class A		1,139		48,316
†GrubHub		3,321		144,796
†GTT Communications		2,765		87,512
†InterActiveCorp		3,707		382,711
†Internap		5,106		18,739
j2 Global		3,193		271,692
†Limelight Networks		3,333		9,632
†Liquidity Services		1,758		11,163
LogMeIn		2,666		278,597
†Match Group		1,211		21,047
†Meet Group		1,889		9,539
NIC		3,826		72,503
†QuinStreet		4,100		17,097
Reis		689		14,641
†Shutterstock		791		34,867
†Stamps.com		437		67,680
†TechTarget		112		1,161
†Twitter		10,043		179,468
†VeriSign		951		88,405
†Web.com Group		4,370		110,561
†WebMD Health		2,389		140,115
†XO Group		950		16,739
†Yelp		1,016		30,500
†Zillow Group		1,031		50,354
†Zillow Group Class C		2,736		134,091
				10,093,869
IT Services–3.14%
Accenture Class A		4,051		501,028
†Acxiom		3,387		87,994
Alliance Data Systems		877		225,117
Amdocs		3,215		207,239
Automatic Data Processing		2,954		302,667
†Black Knight Financial Services Class A		843		34,521
†Blackhawk Network Holdings Class A		2,741		119,508
Booz Allen Hamilton Holding		4,772		155,281
Broadridge Financial Solutions		1,674		126,487
†CACI International Class A		1,559		194,953

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)
†Cardtronics Class A		4,145	$	136,205
Cass Information Systems		511		33,542
Cognizant Technology Solutions Class A		11,277		748,793
†Conduent		8,881		141,563
Convergys		5,654		134,452
†CoreLogic		5,633		244,360
CSG Systems International		2,367		96,053
CSRA		5,233		166,148
DST Systems		3,752		231,498
DXC Technology		8,109		622,122
†EPAM Systems		1,438		120,921
†Euronet Worldwide		2,534		221,396
†Everi Holdings		5,686		41,394
†ExlService Holdings		1,522		84,593
Fidelity National Information Services		6,324		540,070
†First Data		5,778		105,160
†Fiserv		1,384		169,319
†FleetCor Technologies		2,663		384,031
Forrester Research		1,302		50,973
†Gartner		1,093		134,996
Genpact		11,702		325,667
Global Payments		3,687		333,010
Hackett Group		2,748		42,594
International Business Machines		7,809		1,201,258
Jack Henry & Associates		1,095		113,738
Leidos Holdings		4,371		225,937
†Luxoft Holding		954		58,051
ManTech International Class A		2,055		85,036
Mastercard Class A		6,121		743,395
MAXIMUS		2,553		159,894
†MoneyGram International		2,316		39,951
Paychex		1,970		112,172
†PayPal Holdings		12,967		695,939
†Perficient		2,585		48,184
†PFSweb		867		7,161
†Planet Payment		2,351		7,758
Sabre		2,707		58,931
Science Applications International		2,057		142,797
†Sykes Enterprises		2,744		92,006
Syntel		2,786		47,251
TeleTech Holdings		3,257		132,886
†Teradata		8,098		238,810
Total System Services		6,864		399,828
Travelport Worldwide		4,753		65,401
†Unisys		1,659		21,235
†Vantiv Class A		2,171		137,511
†Virtusa		1,810		53,214
Visa Class A		12,957		1,215,107
Western Union		6,598		125,692

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
IT Services (continued)
†WEX		2,248	$	234,399
				13,527,197
Leisure Products–0.28%
†American Outdoor Brands		3,929		87,067
Brunswick		4,960		311,141
Callaway Golf		5,764		73,664
Hasbro		1,500		167,265
Johnson Outdoors Class A		435		20,971
†Malibu Boats Class A		533		13,789
Mattel		4,612		99,296
†Nautilus		3,253		62,295
Polaris Industries		2,948		271,894
Sturm Ruger & Co.		863		53,635
†Vista Outdoor		2,470		55,600
				1,216,617
Life Sciences Tools & Services–1.01%
Agilent Technologies		7,384		437,945
†Albany Molecular Research		1,179		25,584
†Bio-Rad Laboratories Class A		638		144,386
Bio-Techne		1,431		168,143
Bruker		5,417		156,226
†Cambrex		2,850		170,287
†Charles River Laboratories
International		1,968		199,063
†Enzo Biochem		4,048		44,690
†Illumina		736		127,711
†INC Research Holdings Class A		3,875		226,687
Luminex		1,878		39,663
†Mettler-Toledo International		504		296,624
†NeoGenomics		2,833		25,384
†PAREXEL International		2,122		184,423
PerkinElmer		2,771		188,816
†PRA Health Sciences		2,024		151,820
†Quintiles IMS Holdings		2,911		260,535
Thermo Fisher Scientific		6,135		1,070,373
†VWR		8,350		275,634
†Waters		738		135,674
				4,329,668
Machinery–3.08%
Actuant Class A		2,361		58,081
AGCO		4,610		310,668
Alamo Group		601		54,577
Albany International		1,561		83,357
Allison Transmission Holdings		6,946		260,544
Altra Industrial Motion		1,931		76,854
American Railcar Industries		879		33,666
Astec Industries		1,382		76,715
Barnes Group		3,140		183,784
Briggs & Stratton		1,714		41,307
Caterpillar		7,041		756,626

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)
†Chart Industries		1,938	$	67,307
CIRCOR International		730		43,347
†Colfax		6,044		237,952
Columbus McKinnon		1,631		41,460
†Commercial Vehicle Group		2,148		18,151
Crane		3,007		238,696
Cummins		2,644		428,910
Deere & Co.		2,726		336,906
Donaldson		3,672		167,223
Douglas Dynamics		2,086		68,629
Dover		4,722		378,799
EnPro Industries		1,230		87,785
ESCO Technologies		1,266		75,517
Federal Signal		3,041		52,792
Flowserve		3,617		167,937
Fortive		1,508		95,532
Franklin Electric		2,303		95,344
Global Brass & Copper Holdings		1,960		59,878
Gorman-Rupp		1,446		36,830
Graco		2,000		218,560
Greenbrier		1,266		58,553
†Harsco		8,374		134,821
Hillenbrand		4,858		175,374
Hurco		300		10,425
Hyster-Yale Materials Handling		834		58,589
IDEX		2,318		261,957
Illinois Tool Works		2,173		311,282
Ingersoll-Rand		6,040		551,996
ITT		5,656		227,258
John Bean Technologies		1,239		121,422
Kadant		799		60,085
Kennametal		4,558		170,560
LB Foster Class A		762		16,345
Lincoln Electric Holdings		2,702		248,827
Lindsay		431		38,467
†Lydall		1,558		80,549
†Manitowoc		9,983		59,998
†Meritor		4,351		72,270
†Middleby		712		86,515
†Milacron Holdings		4,151		73,016
Miller Industries		637		15,829
Mueller Industries		4,023		122,500
Mueller Water Products Class A		10,139		118,424
†Navistar International		3,715		97,444
NN		1,515		41,587
Nordson		977		118,530
Omega Flex		460		29,624
Oshkosh		4,312		297,011
PACCAR		8,001		528,386
Parker-Hannifin		2,142		342,334
Park-Ohio Holdings		841		32,042
Pentair.		3,906		259,905

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
†Proto Labs		1,289	$	86,685
†RBC Bearings		1,262		128,421
†Rexnord		6,889		160,169
Snap-on		1,689		266,862
†SPX		2,348		59,076
†SPX FLOW		2,588		95,445
Standex International		693		62,855
Stanley Black & Decker		4,222		594,162
Sun Hydraulics		1,373		58,586
Supreme Industries Class A		541		8,899
Tennant		1,073		79,187
Terex		4,799		179,963
Timken		4,140		191,475
Titan International		2,511		30,157
Toro		2,244		155,487
†TriMas		2,338		48,747
Trinity Industries		9,556		267,855
Wabash National		3,313		72,820
†WABCO Holdings		640		81,606
Wabtec		3,262		298,473
Watts Water Technologies Class A		1,597		100,930
†Welbilt		5,383		101,470
Woodward		3,381		228,488
Xylem		4,173		231,309
				13,264,786
Marine–0.07%
†Kirby		2,999		200,483
Matson		3,187		95,737
				296,220
Media–3.54%
AMC Entertainment Holdings		3,569		81,195
†AMC Networks Class A		1,731		92,453
Cable One		299		212,559
CBS Class B		3,643		232,351
†Charter Communications Class A		4,462		1,503,025
Cinemark Holdings		8,197		318,453
Comcast Class A		89,302		3,475,634
†Discovery Communications Class A		5,913		152,733
†Discovery Communications Class C		8,901		224,394
†DISH Network Class A		2,000		125,520
Entercom Communications Class A		1,617		16,736
Entravision Communications Class A		4,034		26,624
Gannett		4,323		37,697
†Global Eagle Entertainment		248		883
†Gray Television		4,357		59,691
†IMAX		3,030		66,660
Interpublic Group		15,055		370,353
John Wiley & Sons Class A		2,920		154,030
†Liberty Broadband Class A		589		50,530
†Liberty Broadband Class C		3,273		283,933

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)
†Liberty Media-Liberty Braves Class A		161	$	3,846
†Liberty Media-Liberty Braves Class C		328		7,862
†Liberty Media-Liberty Formula One Class A		404		14,152
†Liberty Media-Liberty Formula One Class C		820		30,028
†Liberty Media-Liberty SiriusXM		1,616		67,840
†Liberty Media-Liberty SiriusXM Class C		3,281		136,818
Lions Gate Entertainment Class A		4,584		129,360
†Lions Gate Entertainment Class B		5,657		148,666
†Live Nation Entertainment		4,799		167,245
†Madison Square Garden Class A		1,022		201,232
Meredith		2,605		154,867
†MSG Networks		2,905		65,217
National CineMedia		3,142		23,314
New Media Investment Group		3,310		44,619
New York Times Class A		8,928		158,026
News Class A		8,728		119,574
News Class B		4,704		66,562
Nexstar Media Group Class A		3,381		202,184
Omnicom Group		2,463		204,183
†Reading International Class A		1,404		22,647
Regal Entertainment Group Class A		3,876		79,303
Saga Communications Class A		635		29,051
Scholastic		2,212		96,421
†Scripps (E.W.) Class A		3,871		68,943
Scripps Networks Interactive Class A		3,030		206,979
Sinclair Broadcast Group Class A		6,006		197,597
Sirius XM Holdings		11,685		63,917
TEGNA		15,172		218,629
Time		5,270		75,625
Time Warner		13,201		1,325,512
Tribune Media Class A		2,049		83,538
†tronc		3,161		40,745
Twenty-First Century Fox Class A		13,507		382,788
Twenty-First Century Fox Class B		9,172		255,624
†Urban One		4,509		10,145
Viacom Class A		672		25,570
Viacom Class B		15,924		534,569
Walt Disney		19,331		2,053,919
World Wrestling Entertainment Class A		1,212		24,688
				15,227,259
Metals & Mining–0.91%
†AK Steel Holding		14,640		96,185
Alcoa		2,466		80,515
Allegheny Technologies		5,267		89,592
Carpenter Technology		3,350		125,391
†Century Aluminum		5,866		91,392
†Cliffs Natural Resources		13,819		95,627
†Coeur Mining		4,866		41,750

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Metals & Mining (continued)
Commercial Metals		7,019	$	136,379
Compass Minerals International		2,097		136,934
Ferroglobe		7,907		94,489
†Freeport-McMoRan		45,044		540,978
Gold Resource		2,205		8,996
Haynes International		793		28,794
Hecla Mining		21,793		111,144
Kaiser Aluminum		589		52,138
Materion		1,779		66,535
Newmont Mining		9,572		310,037
Nucor		8,625		499,129
†Real Industry		1,000		2,900
Reliance Steel & Aluminum		3,940		286,871
Royal Gold		2,859		223,488
†Ryerson Holding		977		9,672
Schnitzer Steel Industries Class A		1,849		46,595
Southern Copper		1,057		36,604
Steel Dynamics		8,761		313,731
†SunCoke Energy		2,834		30,891
†TimkenSteel		2,590		39,808
United States Steel		7,509		166,249
Worthington Industries		3,081		154,728
				3,917,542
Multiline Retail–0.70%
Big Lots		4,298		207,593
Dillard’s Class A		1,631		94,092
Dollar General		9,917		714,917
†Dollar Tree		8,478		592,782
Fred’s Class A		1,654		15,266
†JC Penney		20,415		94,930
Kohl’s		9,455		365,625
Macy’s		12,404		288,269
Nordstrom		2,520		120,532
†Ollie’s Bargain Outlet Holdings		3,343		142,412
Target		7,036		367,912
†Tuesday Morning		170		323
				3,004,653
Multi-Utilities–0.52%
Ameren		2,381		130,169
Avista		2,686		114,048
Black Hills		1,611		108,694
CenterPoint Energy		4,094		112,094
CMS Energy		3,042		140,693
Consolidated Edison		1,868		150,972
Dominion Energy		3,561		272,879
DTE Energy		1,911		202,165
MDU Resources Group		5,199		136,214
NiSource		4,110		104,230
NorthWestern		1,427		87,076
Public Service Enterprise Group		2,496		107,353

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)
Multi-Utilities (continued)
SCANA		1,325	$	88,788
Sempra Energy		1,205		135,864
Unitil		413		19,952
Vectren		2,100		122,724
WEC Energy Group		3,050		187,209
				2,221,124
Oil, Gas & Consumable Fuels–4.10%
Alon USA Energy		5,367		71,488
Anadarko Petroleum		6,053		274,443
†Antero Resources		4,574		98,844
Apache		3,694		177,053
†Bill Barrett		2,976		9,136
Cabot Oil & Gas		6,886		172,701
†Callon Petroleum		3,597		38,164
†Cheniere Energy		2,688		130,932
Cheniere Energy Partners Holdings		1,154		31,020
†Chesapeake Energy		25,824		128,345
Chevron		21,458		2,238,713
Cimarex Energy		847		79,626
†Clean Energy Fuels		6,062		15,397
†Cloud Peak Energy		4,877		17,216
†Cobalt International Energy		1,365		3,372
†Concho Resources		2,246		272,956
ConocoPhillips		13,425		590,163
†CONSOL Energy		12,588		188,065
†Contango Oil & Gas		934		6,202
†Continental Resources		4,192		135,527
CVR Energy		1,979		43,063
Delek U.S. Holdings		4,114		108,774
†Denbury Resources		22,775		34,846
Devon Energy		2,300		73,531
DHT Holdings		4,056		16,832
†Diamondback Energy		1,537		136,501
†Dorian LPG		2,800		22,904
†Eclipse Resources		12,076		34,537
†Energen		2,683		132,460
EnLink Midstream		6,510		114,576
EOG Resources		4,584		414,944
†EP Energy Class A		5,898		21,587
EQT		1,600		93,744
Exxon Mobil		45,215		3,650,207
GasLog		4,669		71,202
Green Plains		2,499		51,354
†Gulfport Energy		4,653		68,632
Hallador Energy		143		1,111
Hess		6,711		294,412
HollyFrontier		9,133		250,884
Kinder Morgan		25,523		489,021
†Kosmos Energy		17,649		113,130
†Laredo Petroleum		8,666		91,166
Marathon Oil		17,781		210,705

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum		11,253	$	588,869
Murphy Oil		9,158		234,720
†Newfield Exploration		899		25,586
Noble Energy		11,784		333,487
†Northern Oil and Gas		4,490		6,286
†Oasis Petroleum		13,316		107,194
Occidental Petroleum		6,777		405,739
ONEOK		3,218		167,851
†Overseas Shipholding Group Class A		5,002		13,305
†Pacific Ethanol		1,059		6,619
Panhandle Oil & Gas Class A		655		15,131
†Par Pacific Holdings		2,297		41,438
†Parsley Energy Class A		4,190		116,273
PBF Energy Class A		6,711		149,387
†PDC Energy		3,200		137,952
Phillips 66		5,073		419,486
Pioneer Natural Resources		1,757		280,382
†QEP Resources		10,395		104,990
Range Resources		4,892		113,348
†Renewable Energy Group		2,053		26,586
†REX American Resources		304		29,354
†Rice Energy		9,255		246,461
†Ring Energy		1,091		14,183
†RSP Permian		4,523		145,957
Scorpio Tankers		10,278		40,804
SemGroup Class A		4,194		113,238
Ship Finance International		3,968		53,965
SM Energy		4,130		68,269
†SRC Energy		12,672		85,283
Targa Resources		4,366		197,343
Teekay		3,211		21,417
Teekay Tankers Class A		3,937		7,402
Tesoro		8,115		759,564
Valero Energy		9,585		646,604
†Whiting Petroleum		16,040		88,380
Williams		9,701		293,746
World Fuel Services		3,337		128,308
†WPX Energy		19,382		187,230
				17,641,623
Paper & Forest Products–0.22%
†Boise Cascade		2,520		76,608
†Clearwater Paper		1,000		46,750
Deltic Timber		400		29,864
Domtar		4,124		158,444
KapStone Paper and Packaging		6,227		128,463
†Louisiana-Pacific		9,795		236,157
Mercer International		3,828		44,022
Neenah Paper		1,233		98,948
PH Glatfelter		2,899		56,646
†Resolute Forest Products		4,585		20,174

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)
Paper & Forest Products (continued)
Schweitzer-Mauduit International		1,582	$	58,898
				954,974
Personal Products–0.30%
†Avon Products		19,264		73,203
Coty Class A		11,827		221,875
†Edgewell Personal Care		3,412		259,380
Estee Lauder Class A		1,109		106,442
†Herbalife		1,198		85,453
Inter Parfums		2,061		75,536
Medifast		651		26,997
Natural Health Trends		462		12,867
Nu Skin Enterprises Class A		3,728		234,268
Nutraceutical International		800		33,320
†Revlon Class A		2,272		53,846
†USANA Health Sciences		1,676		107,432
				1,290,619
Pharmaceuticals–3.31%
†Akorn		6,787		227,636
Allergan		3,741		909,400
†Amphastar Pharmaceuticals		2,961		52,883
†ANI Pharmaceuticals		691		32,339
†Assembly Biosciences		746		15,405
Bristol-Myers Squibb		11,707		652,314
†Catalent		6,034		211,793
†Corcept Therapeutics		2,795		32,981
†Depomed		2,277		24,455
Eli Lilly & Co.		5,872		483,266
†Endo International		9,138		102,071
†Heska		416		42,461
†Horizon Pharma		7,374		87,529
†Impax Laboratories		2,344		37,738
†Innoviva		2,545		32,576
†Jazz Pharmaceuticals		1,742		270,881
Johnson & Johnson		27,896		3,690,362
†Lannett		1,820		37,128
†Lipocine		800		3,216
†Mallinckrodt		2,737		122,645
†Medicines		1,266		48,121
Merck & Co.		28,005		1,794,840
†Mylan		7,414		287,811
Perrigo		1,373		103,689
Pfizer		126,745		4,257,365
Phibro Animal Health Class A		888		32,900
†Prestige Brands Holdings		2,829		149,399
†SciClone Pharmaceuticals		2,470		27,170
†Sucampo Pharmaceuticals Class A		2,493		26,177
†Supernus Pharmaceuticals		1,662		71,632
†Taro Pharmaceutical Industries		1,701		190,614
†Tetraphase Pharmaceuticals		1,930		13,761

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Pharmaceuticals (continued)
Zoetis		2,916	$	181,900
				14,254,458
Professional Services–0.67%
†Advisory Board		2,208		113,712
Barrett Business Services		764		43,770
†CBIZ		3,969		59,535
†CDI		963		5,634
CRA International		465		16,889
Dun & Bradstreet		1,190		128,699
Equifax		1,374		188,815
Exponent		1,516		88,383
†Franklin Covey		769		14,842
†FTI Consulting		2,547		89,043
†GP Strategies		1,061		28,010
Heidrick & Struggles International		849		18,466
†Huron Consulting Group		1,078		46,570
†ICF International		1,623		76,443
Insperity		1,129		80,159
Kelly Services Class A		2,630		59,043
Kforce		2,861		56,076
Korn/Ferry International		3,509		121,166
ManpowerGroup		2,283		254,897
†Mistras Group		1,671		36,712
†Navigant Consulting		2,640		52,166
Nielsen Holdings		8,900		344,074
†On Assignment		3,282		177,720
Resources Connection		1,629		22,317
Robert Half International		5,591		267,977
†RPX		2,409		33,606
†TransUnion		2,826		122,394
†TriNet Group		3,099		101,461
†TrueBlue		2,288		60,632
†Verisk Analytics Class A		2,206		186,120
†Volt Information Sciences		1,104		4,361
				2,899,692
Real Estate Management & Development–0.45%
Alexander & Baldwin		3,201		132,457
†Altisource Portfolio Solutions		1,304		28,453
†CBRE Group Class A		10,533		383,401
Consolidated-Tomoka Land		242		13,782
†Forestar Group		2,419		41,486
†FRP Holdings		425		19,614
HFF Class A		3,142		109,247
†Howard Hughes		1,966		241,503
Jones Lang LaSalle		2,550		318,750
Kennedy-Wilson Holdings		5,467		104,146
†Marcus & Millichap		3,035		80,003
RE/MAX Holdings		783		43,887
Realogy Holdings		9,116		295,814
RMR Group Class A		1,199		58,331

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)
Real Estate Management & Development (continued)
†St. Joe		3,458	$	64,838
†Tejon Ranch		1,057		21,816
				1,957,528
Road & Rail–1.29%
AMERCO		572		209,386
ArcBest		1,859		38,295
†Avis Budget Group		5,061		138,013
Celadon Group		1,233		3,884
†Covenant Transportation Group Class A		696		12,201
CSX		15,537		847,699
†Genesee & Wyoming		3,508		239,912
Heartland Express		6,842		142,450
†Hertz Global Holdings		4,919		56,569
JB Hunt Transport Services		1,708		156,077
Kansas City Southern		2,675		279,939
Knight Transportation		5,155		190,993
Landstar System		1,631		139,614
Marten Transport		1,652		45,265
Norfolk Southern		6,331		770,483
Old Dominion Freight Line		3,641		346,769
†PAM Transportation Services		682		12,924
†Roadrunner Transportation Systems		1,695		12,323
Ryder System		4,401		316,784
†Saia		1,797		92,186
†Swift Transportation		6,007		159,186
Union Pacific		10,656		1,160,545
Universal Logistics Holdings		1,605		24,075
†USA Truck		643		5,568
Werner Enterprises		4,299		126,176
†YRC Worldwide		1,800		20,016
				5,547,332
Semiconductors & Semiconductor Equipment–3.85%
†Advanced Energy Industries		2,277		147,299
†Advanced Micro Devices		19,495		243,298
†Alpha & Omega Semiconductor		978		16,303
†Amkor Technology		18,058		176,427
Analog Devices		3,923		305,209
Applied Materials		13,871		573,011
†Axcelis Technologies		1,771		37,102
Broadcom		3,229		752,518
Brooks Automation		3,851		83,528
Cabot Microelectronics		1,233		91,032
†Cavium		1,040		64,615
†CEVA		1,455		66,130
†Cirrus Logic		4,130		259,034
Cohu		1,543		24,287
†Cree		6,029		148,615
Cypress Semiconductor		16,813		229,497
†Diodes		3,180		76,415

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†DSP Group		1,135	$	13,166
†Entegris		8,055		176,807
†First Solar		5,492		219,021
†FormFactor		5,162		64,009
†Inphi		1,028		35,260
†Integrated Device Technology		5,470		141,071
Intel		100,782		3,400,385
IXYS		2,247		36,963
KLA-Tencor		2,498		228,592
†Kulicke & Soffa Industries		4,748		90,307
Lam Research		3,645		515,512
†Lattice Semiconductor		3,916		26,081
†MACOM Technology Solutions Holdings		1,455		81,145
Marvell Technology Group		11,419		188,642
Maxim Integrated Products		6,113		274,474
†MaxLinear Class A		3,252		90,698
Microchip Technology		1,920		148,186
†Micron Technology		33,849		1,010,731
†Microsemi		6,205		290,394
MKS Instruments		2,984		200,823
Monolithic Power Systems		626		60,346
†Nanometrics		1,404		35,507
†NeoPhotonics		1,612		12,445
NVE		106		8,162
NVIDIA		8,978		1,297,860
†ON Semiconductor		22,039		309,428
†PDF Solutions		980		16,121
†Photronics		4,937		46,408
Power Integrations		1,502		109,496
†Qorvo		2,418		153,108
QUALCOMM		27,793		1,534,729
†Rambus		5,518		63,071
†Rudolph Technologies		2,362		53,972
†Semtech		2,818		100,744
†Sigma Designs		1,840		10,764
†Silicon Laboratories		1,141		77,987
Skyworks Solutions		6,234		598,152
†SunPower		4,083		38,135
†Synaptics		1,672		86,459
Teradyne		7,963		239,129
Texas Instruments		8,826		678,984
†Ultra Clean Holdings		1,666		31,238
†Veeco Instruments		2,504		69,736
Versum Materials		2,470		80,275
†Xcerra		3,827		37,390
Xilinx		3,359		216,051
Xperi		2,825		84,185
				16,576,469
Software–2.93%
†ACI Worldwide		7,858		175,783

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)
Activision Blizzard		6,308	$	363,152
†Adobe Systems		2,544		359,823
American Software Class A		1,038		10,681
†ANSYS		1,920		233,626
†Aspen Technology		2,177		120,301
†Autodesk		1,227		123,706
†Barracuda Networks		3,077		70,956
Blackbaud		1,140		97,755
CA		13,300		458,451
†Cadence Design Systems		3,771		126,291
CDK Global		2,286		141,869
†Citrix Systems		4,174		332,167
†Dell Technologies Class V		4,518		276,095
Ebix		1,122		60,476
†Electronic Arts		1,842		194,736
†Ellie Mae		441		48,470
†EnerNOC		2,209		17,120
Fair Isaac		869		121,147
†FireEye		1,388		21,111
†Fortinet		636		23,812
†Globant		900		39,096
†Glu Mobile		4,125		10,313
†Guidewire Software		1,320		90,697
Intuit		1,582		210,105
†Manhattan Associates		1,618		77,761
Microsoft		58,108		4,005,384
†MicroStrategy		568		108,869
Monotype Imaging Holdings		2,693		49,282
†Nuance Communications		14,994		261,046
Oracle		31,480		1,578,407
†Paycom Software		2,017		137,983
Pegasystems		2,820		164,547
Progress Software		3,296		101,813
†PTC		1,498		82,570
QAD Class A		624		19,999
†Qualys		1,772		72,298
†RealPage		1,817		65,321
†Red Hat		1,608		153,966
†Rubicon Project		543		2,791
†salesforce.com		1,838		159,171
†ServiceNow		808		85,648
†Silver Spring Networks		2,022		22,808
†Splunk		369		20,992
SS&C Technologies Holdings		4,747		182,332
Symantec		12,357		349,085
†Synchronoss Technologies		2,306		37,934
†Synopsys		3,432		250,296
†Tableau Software Class A		608		37,252
†Take-Two Interactive Software		2,433		178,534
†Telenav		2,040		16,524
TiVo		6,495		121,132
†Tyler Technologies		532		93,456

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software (continued)
†Ultimate Software Group		367	$	77,092
†VASCO Data Security International		611		8,768
†Verint Systems		2,558		104,111
†VMware Class A		307		26,841
†Workday Class A		554		53,738
†Zedge Class B		591		1,306
†Zynga Class A		44,336		161,383
				12,598,179
Specialty Retail–2.45%
Aaron’s		3,699		143,891
Abercrombie & Fitch		2,976		37,021
Advance Auto Parts		2,658		309,896
American Eagle Outfitters		11,096		133,707
†America’s Car-Mart		623		24,235
†Asbury Automotive Group		1,930		109,141
†Ascena Retail Group		6,778		14,573
†AutoNation		7,273		306,630
†AutoZone		117		66,744
Barnes & Noble		3,386		25,734
†Barnes & Noble Education		2,352		25,002
Bed Bath & Beyond		11,792		358,477
Best Buy		14,267		817,927
Big 5 Sporting Goods		952		12,424
Buckle		1,237		22,019
†Build-A-Bear Workshop		1,134		11,850
†Burlington Stores		1,087		99,993
†Cabela’s		3,742		222,350
Caleres		2,926		81,284
†CarMax		7,318		461,473
Cato Class A		1,385		24,362
Chico’s FAS		9,593		90,366
Children’s Place		1,567		159,991
Citi Trends		672		14,260
†Conn’s		1,428		27,275
†Destination XL Group		2,180		5,123
Dick’s Sporting Goods		4,988		198,672
DSW Class A		4,665		82,571
†Express		5,117		34,540
Finish Line Class A		1,965		27,844
†Five Below		2,010		99,234
Foot Locker		5,190		255,763
†Francesca’s Holdings		3,674		40,194
GameStop Class A		5,865		126,743
Gap		17,010		374,050
†Genesco		1,278		43,324
Group 1 Automotive		1,049		66,423
Guess		4,809		61,459
Haverty Furniture		1,170		29,367
†Hibbett Sports		1,445		29,984
Home Depot		7,738		1,187,009
†Kirkland’s		1,522		15,646

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)
Specialty Retail (continued)
L Brands		954	$	51,411
Lithia Motors Class A		1,598		150,580
Lowe’s		4,559		353,459
†MarineMax		1,717		33,567
†Michaels		3,812		70,598
Monro Muffler Brake		2,026		84,586
†Murphy USA		3,221		238,708
Office Depot		30,011		169,262
†O’Reilly Automotive		662		144,806
†Party City Holdco		3,179		49,751
Penske Automotive Group		5,799		254,634
Pier 1 Imports		5,916		30,704
Rent-A-Center		3,348		39,239
†RH		1,494		96,393
Ross Stores		2,793		161,240
†Sally Beauty Holdings		2,786		56,417
†Select Comfort		2,804		99,514
Shoe Carnival		1,009		21,068
Signet Jewelers		2,462		155,697
Sonic Automotive Class A		1,673		32,540
†Sportsman’s Warehouse Holdings		1,747		9,434
Stage Stores		1,354		2,816
Staples		30,924		311,405
Stein Mart		2,840		4,800
Tailored Brands		801		8,939
Tiffany & Co.		3,739		350,980
Tile Shop Holdings		2,800		57,820
TJX		4,109		296,547
Tractor Supply		1,796		97,361
†Ulta Beauty		944		271,249
†Urban Outfitters		7,015		130,058
†Vitamin Shoppe		1,290		15,029
West Marine		1,342		17,245
Williams-Sonoma		7,058		342,313
Winmark		403		51,967
†Zumiez		2,034		25,120
				10,565,828
Technology Hardware, Storage & Peripherals–2.52%
Apple		55,416		7,981,012
†Avid Technology		1,312		6,901
†Cray		1,700		31,280
Diebold Nixdorf		3,240		90,720
†Eastman Kodak		1,542		14,032
†Electronics For Imaging		2,085		98,787
Hewlett Packard Enterprise		39,407		653,762
HP		8,950		156,446
†NCR		5,626		229,766
NetApp		8,593		344,150
Seagate Technology		4,182		162,053
†Stratasys		3,145		73,310
†Super Micro Computer		2,271		55,980

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Technology Hardware, Storage & Peripherals (continued)
Western Digital		7,354	$	651,564
Xerox		10,184		292,586
				10,842,349
Textiles, Apparel & Luxury Goods–0.78%
Carter’s		2,028		180,391
Coach		8,864		419,622
Columbia Sportswear		3,442		199,843
†Crocs		2,540		19,583
Culp		857		27,853
†Deckers Outdoor		1,764		120,411
†Fossil Group		2,664		27,572
†G-III Apparel Group		2,017		50,324
Hanesbrands		5,101		118,139
†Iconix Brand Group		4,220		29,160
†Kate Spade & Co.		4,402		81,393
†Lululemon Athletica		1,527		91,116
†Michael Kors Holdings		2,900		105,125
Movado Group		888		22,422
NIKE Class B		9,868		582,212
Oxford Industries		1,193		74,551
†Perry Ellis International		696		13,544
PVH		2,239		256,366
Ralph Lauren		1,302		96,088
†Sequential Brands Group		1,209		4,824
†Skechers U.S.A. Class A		8,639		254,851
†Steven Madden		3,897		155,685
†Under Armour Class A		1,470		31,987
†Under Armour Class C		602		12,136
†Unifi		789		24,301
†Vera Bradley		1,584		15,492
VF		3,835		220,896
Wolverine World Wide		4,658		130,471
				3,366,358
Thrift & Mortgage Finance–0.61%
Astoria Financial		7,927		159,729
Bank Mutual		3,078		28,164
BankFinancial		1,093		16,308
Beneficial Bancorp		4,972		74,580
†BofI Holding		2,791		66,203
Capitol Federal Financial		10,191		144,814
Charter Financial		652		11,736
Clifton Bancorp		1,283		21,208
Dime Community Bancshares		2,608		51,117
†Essent Group		5,333		198,068
Federal Agricultural Mortgage Class C		554		35,844
First Defiance Financial		850		44,778
†Flagstar Bancorp		3,909		120,475
†HomeStreet		1,845		51,060
Kearny Financial		5,674		84,259
†LendingTree		618		106,420

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)
Thrift & Mortgage Finance (continued)
Meridian Bancorp		3,189	$	53,894
Meta Financial Group		500		44,500
†MGIC Investment		3,265		36,568
New York Community Bancorp		10,582		138,942
†NMI Holdings Class A		3,651		41,804
Northfield Bancorp		3,246		55,669
Northwest Bancshares		6,875		107,319
OceanFirst Financial		2,797		75,855
†Ocwen Financial		7,897		21,243
Oritani Financial		3,138		53,503
†PennyMac Financial Services Class A		2,294		38,310
†PHH		3,946		54,336
Provident Financial Services		4,489		113,931
Radian Group		2,073		33,894
Territorial Bancorp		299		9,326
TFS Financial		6,896		106,681
TrustCo Bank		5,644		43,741
United Community Financial		2,433		20,218
United Financial Bancorp		2,907		48,518
†Walker & Dunlop		1,799		87,845
Washington Federal		4,358		144,686
Waterstone Financial		984		18,548
WSFS Financial		1,365		61,903
				2,625,997
Tobacco–0.58%
†Alliance One International		554		7,978
Altria Group		12,276		914,194
Philip Morris International		8,201		963,207
Reynolds American		6,693		435,313
Universal		1,607		103,973
Vector Group		3,878		82,679
				2,507,344
Trading Companies & Distributors–0.75%
Air Lease		6,688		249,864
Applied Industrial Technologies		2,129		125,717
†Beacon Roofing Supply		3,948		193,452
†BMC Stock Holdings		2,911		63,605
†CAI International		1,223		28,863
†DXP Enterprises		1,012		34,914
Fastenal		3,457		150,483
GATX		1,878		120,699
H&E Equipment Services		3,129		63,863
†HD Supply Holdings		3,179		97,373
†Herc Holdings		2,623		103,136
Kaman		1,597		79,642
†MRC Global		5,251		86,747
MSC Industrial Direct		3,057		262,780
†NOW		6,473		104,086
†Rush Enterprises Class A		2,013		74,843
†Rush Enterprises Class B		547		19,916

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Trading Companies & Distributors (continued)
Textainer Group Holdings		1,155	$	16,748
Triton International		3,138		104,935
†United Rentals		4,629		521,735
†Univar		5,583		163,024
†Veritiv		960		43,200
Watsco		1,117		172,241
†WESCO International		2,703		154,882
†Willis Lease Finance		616		16,466
WW Grainger		895		161,574
				3,214,788
Transportation Infrastructure–0.03%
Macquarie Infrastructure		1,943		152,331
				152,331
Water Utilities–0.14%
American States Water		1,932		91,596
American Water Works		1,905		148,495
Aqua America		4,903		163,270
California Water Service Group		2,214		81,475
Connecticut Water Service		380		21,094
Middlesex Water		539		21,344
SJW Group		1,042		51,246
York Water		500		17,425
				595,945
Wireless Telecommunication Services–0.23%
†Boingo Wireless		3,554		53,168
Shenandoah Telecommunications		3,887		119,331
Spok Holdings		803		14,213
†Sprint		22,111		181,531
Telephone & Data Systems		5,193		144,106
†T-Mobile U.S		7,475		453,135
†United States Cellular		894		34,258
				999,742
Total Common Stock (Cost $384,809,320)				429,324,840
RIGHTS–0.00%
†=Dyax CVR		1,518		1,685
†=Media General CVR		5,975		11,353
Total Rights (Cost $1,685)				13,038

LVIP Dimensional U.S. Core Equity 2 Fund–25

LVIP Dimensional U.S. Core Equity 2 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–0.36%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		1,556,870	$	1,556,870
Total Money Market Fund (Cost $1,556,870)				1,556,870

TOTAL VALUE OF SECURITIES–100.07% (Cost $386,367,875)	$	430,894,748
★ LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)		(307,670	)
NET ASSETS APPLICABLE TO 37,562,046 SHARES OUTSTANDING–100.00%		$430,587,078
NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 2 FUND STANDARD CLASS ($403,347,006 / 35,183,262 Shares)		$11.464
NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 2 FUND SERVICE CLASS ($27,240,072 / 2,378,784 Shares)		$11.451
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	407,627,890
Undistributed net investment income		2,762,624
Accumulated net realized loss on investments		(24,330,333	)
Net unrealized appreciation of investments and foreign currencies		44,526,897
TOTAL NET ASSETS		$430,587,078

† Non-income producing for the period.

★ Includes $46,503 payable for fund shares redeemed, $585,368 payable for securities purchased and $168,212 due to manager and affiliates as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

Summary of Abbreviations:

CVR–Contingent Value Rights

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	3,605,332
Foreign tax withheld		(828	)
		3,604,504
EXPENSES:
Management fees		1,422,034
Accounting and administration expenses		48,915
Distribution fees-Service Class		25,963
Professional fees		24,728
Reports and statements to shareholders		22,373
Shareholder servicing fees		20,508
Trustees’ fees and expenses		5,131
Custodian fees		4,377
Pricing fees		3,361
Consulting fees		1,271
Other		1,549
		1,580,210
Less:
Management fees waived		(572,764	)
Total operating expenses		1,007,446
NET INVESTMENT INCOME		2,597,058
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from investments		541,357
Net change in unrealized appreciation (depreciation) of:
Investments		19,812,966
Foreign currencies		24
Net change in unrealized appreciation (depreciation)		19,812,990
NET REALIZED AND UNREALIZED GAIN		20,354,347
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,951,405

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,597,058		$	4,221,940
Net realized gain (loss)		541,357			(24,732,953	)
Net change in unrealized appreciation (depreciation)		19,812,990			51,648,186
Net increase in net assets resulting from operations		22,951,405			31,137,173
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(3,981,544	)
Service Class		—			(139,257	)
		—			(4,120,801	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		54,759,195			61,052,874
Service Class		17,065,439			14,538,143
Reinvestment of dividends and distributions:
Standard Class		—			3,981,544
Service Class		—			139,257
		71,824,634			79,711,818
Cost of shares redeemed:
Standard Class		(5,791,416	)		(178,624,085	)
Service Class		(6,542,099	)		(4,004,004	)
		(12,333,515	)		(182,628,089	)
Increase (Decrease) in net assets derived from capital share transactions		59,491,119			(102,916,271	)
NET INCREASE (DECREASE) IN NET ASSETS		82,442,524			(75,899,899	)
NET ASSETS:
Beginning of period		348,144,554			424,044,453
End of period	$	430,587,078		$	348,144,554
Undistributed net investment income	$	2,762,624		$	165,566

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 6/30/171 (unaudited)			Year Ended 12/31/16				5/1/152 to 12/31/15
Net asset value, beginning of period		$	10.801		$	9.362			$	10.000
Income (loss) from investment operations:
Net investment income3			0.074			0.135				0.092
Net realized and unrealized gain (loss)			0.589			1.435				(0.611	)
Total from investment operations			0.663			1.570				(0.519	)
Less dividends and distributions from:
Net investment income			—			(0.131	)			(0.088	)
Net realized gain			—			—				(0.031	)
Return of capital			—			—				—	4
Total dividends and distributions			—			(0.131	)			(0.119	)
Net asset value, end of period		$	11.464		$	10.801			$	9.362
Total return5			6.14%			16.75%				(5.21%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	403,347		$	332,641			$	420,357
Ratio of expenses to average net assets			0.50%			0.49%				0.47%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.79%			0.78%				0.76%
Ratio of net investment income to average net assets			1.33%			1.39%				1.41%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.04%			1.10%				1.12%
Portfolio turnover			3%			28%				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 minimis 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 6/30/171       (unaudited)		Year Ended 12/31/16			5/1/152 to 12/31/15
Net asset value, beginning of period		$10.803		$9.364			$10.000
Income (loss) from investment operations:
Net investment income3		0.060		0.114			0.075
Net realized and unrealized gain (loss)		0.588		1.430			(0.609	)
Total from investment operations		0.648		1.544			(0.534	)
Less dividends and distributions from:
Net investment income		—		(0.105	)		(0.071	)
Net realized gain		—		—			(0.031	)
Return of capital		—		—			—	4
Total dividends and distributions		—		(0.105	)		(0.102	)
Net asset value, end of period		$11.451		$10.803			$9.364
Total return5		6.00%		16.47%			(5.36%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$27,240		$15,504			$3,687
Ratio of expenses to average net assets		0.75%		0.74%			0.72%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.04%		1.03%			1.01%
Ratio of net investment income to average net assets		1.08%		1.14%			1.16%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.79%		0.85%			0.87%
Portfolio turnover		3%		28%			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 minimis 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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2015 - December 31, 2016), and has concluded that no provision for federal income that 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, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 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)

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. 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, 2017.

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. The fee is calculated daily and paid monthly. 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, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	10,939
Legal		2,642

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,318 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class shares. The two classes are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	151,206
Distribution fees payable to LFD		5,490
Printing and mailing fees payable to Lincoln Life		1,318
Shareholder servicing fees payable to Lincoln Life		10,198

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)

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	71,772,966
Sales		10,171,984

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	386,367,875
Aggregate unrealized appreciation	$	67,762,628
Aggregate unrealized depreciation		(23,235,755	)
Net unrealized appreciation	$	44,526,873

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$20,134,537	$2,301,092	$22,435,629

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 U.S. Core Equity 2 Fund–32

LVIP Dimensional U.S. Core Equity 2 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, 2017:

	Level 1			Level 2			Level 3		Total
Investments:
Assets:
Common Stock
Aerospace & Defense		$	8,968,263		$	—		$—		$	8,968,263
Air Freight & Logistics			2,933,719			—		—			2,933,719
Airlines			4,677,760			—		—			4,677,760
Auto Components			3,987,144			—		—			3,987,144
Automobiles			3,236,315			—		—			3,236,315
Banks			37,840,748			—		—			37,840,748
Beverages			4,214,691			—		—			4,214,691
Biotechnology			6,906,941			—		—			6,906,941
Building Products			3,592,286			—		—			3,592,286
Capital Markets			14,255,772			—		—			14,255,772
Chemicals			10,847,997			—		—			10,847,997
Commercial Services & Supplies			4,952,862			—		—			4,952,862
Communications Equipment			6,870,912			—		—			6,870,912
Construction & Engineering			2,617,651			—		—			2,617,651
Construction Materials			1,231,450			—		—			1,231,450
Consumer Finance			5,869,158			—		—			5,869,158
Containers & Packaging			3,812,981			—		—			3,812,981
Distributors			1,028,455			—		—			1,028,455
Diversified Consumer Services			1,965,840			—		—			1,965,840
Diversified Financial Services			2,158,042			—		—			2,158,042
Diversified Telecommunication Services			9,589,599			—		—			9,589,599
Electric Utilities			3,598,015			—		—			3,598,015
Electrical Equipment			3,214,237			—		—			3,214,237
Electronic Equipment, Instruments & Components			8,291,151			—		—			8,291,151
Energy Equipment & Services			4,414,384			—		—			4,414,384
Food & Staples Retailing			8,924,623			—		—			8,924,623
Food Products			8,023,324			—		—			8,023,324
Gas Utilities			1,053,587			—		—			1,053,587
Health Care Equipment & Supplies			10,759,162			—		—			10,759,162
Health Care Providers & Services			15,625,414			—		—			15,625,414
Health Care Technology			1,036,329			—		—			1,036,329
Hotels, Restaurants & Leisure			10,009,754			—		—			10,009,754
Household Durables			4,958,813			—		—			4,958,813
Household Products			3,910,957			—		—			3,910,957
Independent Power & Renewable Electricity Producers			1,180,476			—		—			1,180,476
Industrial Conglomerates			4,597,428			—		—			4,597,428
Insurance			17,535,905			38,760		—			17,574,665
Internet & Direct Marketing Retail			4,903,444			—		—			4,903,444
Internet Software & Services			10,093,869			—		—			10,093,869
IT Services			13,527,197			—		—			13,527,197
Leisure Products			1,216,617			—		—			1,216,617
Life Sciences Tools & Services			4,329,668			—		—			4,329,668
Machinery			13,264,786			—		—			13,264,786
Marine			296,220			—		—			296,220
Media			15,227,259			—		—			15,227,259
Metals & Mining			3,917,542			—		—			3,917,542
Multiline Retail			3,004,653			—		—			3,004,653
Multi-Utilities			2,221,124			—		—			2,221,124
Oil, Gas & Consumable Fuels			17,641,623			—		—			17,641,623
Paper & Forest Products			954,974			—		—			954,974

LVIP Dimensional U.S. Core Equity 2 Fund–33

LVIP Dimensional U.S. Core Equity 2 Fund

Notes to Financial Statements (continued)

3. Investments (continued)

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Personal Products		$	1,290,619		$      —		$      —		$	1,290,619
Pharmaceuticals			14,254,458		—		—			14,254,458
Professional Services			2,899,692		—		—			2,899,692
Real Estate Management & Development			1,957,528		—		—			1,957,528
Road & Rail			5,547,332		—		—			5,547,332
Semiconductors & Semiconductor Equipment			16,576,469		—		—			16,576,469
Software			12,598,179		—		—			12,598,179
Specialty Retail			10,565,828		—		—			10,565,828
Technology Hardware, Storage & Peripherals			10,842,349		—		—			10,842,349
Textiles, Apparel & Luxury Goods			3,366,358		—		—			3,366,358
Thrift & Mortgage Finance			2,625,997		—		—			2,625,997
Tobacco			2,507,344		—		—			2,507,344
Trading Companies & Distributors			3,214,788		—		—			3,214,788
Transportation Infrastructure			152,331		—		—			152,331
Water Utilities			595,945		—		—			595,945
Wireless Telecommunication Services			999,742		—		—			999,742
Money Market Fund			1,556,870		—		—			1,556,870
Rights			—		—		13,038			13,038
Total Investments		$	430,842,950		$38,760		$13,038		$	430,894,748

During the six months ended June 30, 2017, transfers out of Level 2 investments into Level 1 investments were made in the amount of $4,665,942 for the Fund. The transfers resulted from the Fund’s periodic liquidity review. 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. International fair value pricing was not utilized at June 30, 2017. 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		4,901,886			6,223,729
Service Class		1,525,767			1,426,438
Shares reinvested:
Standard Class		—			363,412
Service Class		—			12,707
		6,427,653			8,026,286
Shares redeemed:
Standard Class		(514,650	)		(20,689,669	)
Service Class		(582,193	)		(397,737	)
		(1,096,843	)		(21,087,406	)
Net increase (decrease)		5,330,810			(13,061,120	)

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 could be jeopardized. The Fund had no direct real estate holdings during the six months ended June 30, 2017. 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.

LVIP Dimensional U.S. Core Equity 2 Fund–34

LVIP Dimensional U.S. Core Equity 2 Fund

Notes to Financial Statements (continued)

5. 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 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, 2017, there were no Rule 144A securities.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,110.30		0.72%		$3.77
Service Class Shares		1,000.00		1,109.00		0.97%		5.07
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,021.22		0.72%		$3.61
Service Class Shares		1,000.00		1,019.98		0.97%		4.86

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Country Percentage
of Net Assets

Common Stock	90.04	%
Argentina	0.08	%
Belgium	0.02	%
Canada	1.27	%
China	0.55	%
Finland	0.12	%
France	4.37	%
Germany	3.73	%
Hong Kong	2.27	%
Ireland	0.34	%
Israel	0.97	%
Italy	0.78	%
Japan	4.42	%
Netherlands	1.98	%
Norway	0.74	%
Portugal	0.39	%
Republic of Korea	2.06	%
Singapore	0.62	%
South Africa	0.06	%
Spain	0.02	%
Sweden	0.18	%
Switzerland	2.24	%
Taiwan	0.52	%
Thailand	0.43	%
United Kingdom	6.98	%
United States	54.90	%
Corporate Bonds	0.10	%
Loan Agreement	0.02	%
Preferred Stock	0.10	%
Money Market Fund	8.22	%
Short-Term Investments	1.04	%
Total Value of Securities	99.52	%
Receivables and Other Assets Net of Liabilities	0.48	%
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	2.98	%
Air Freight & Logistics	0.46	%
Airlines	0.30	%
Auto Components	0.57	%
Automobiles	0.47	%
Banks	7.26	%
Beverages	1.18	%
Biotechnology	2.81	%
Building Products	1.02	%

Sector* Percentage
of Net Assets

Capital Markets	1.08	%
Chemicals	4.42	%
Commercial Services & Supplies	0.55	%
Communications Equipment	0.46	%
Construction Materials	0.67	%
Consumer Finance	0.67	%
Containers & Packaging	0.09	%
Diversified Financial Services	0.51	%
Diversified Telecommunication Services	1.53	%
Electric Utilities	0.11	%
Electrical Equipment	0.02	%
Electronic Equipment, Instruments & Components	1.02	%
Energy Equipment & Services	0.67	%
Equity Real Estate Investment Trusts	0.48	%
Food & Staples Retailing	1.73	%
Food Products	1.02	%
Health Care Equipment & Supplies	5.05	%
Health Care Providers & Services	0.57	%
Health Care Technology	0.11	%
Hotels, Restaurants & Leisure	0.89	%
Household Durables	0.80	%
Household Products	0.80	%
Industrial Conglomerates	3.40	%
Insurance	3.57	%
Internet & Direct Marketing Retail	1.02	%
Internet Software & Services	3.00	%
IT Services	1.90	%
Life Sciences Tools & Services	0.50	%
Machinery	2.36	%
Media	3.21	%
Metals & Mining	1.54	%
Multiline Retail	0.48	%
Multi-Utilities	0.29	%
Oil, Gas & Consumable Fuels	6.48	%
Personal Products	0.06	%
Pharmaceuticals	6.86	%
Professional Services	0.09	%
Semiconductors & Semiconductor Equipment	3.20	%
Software	5.25	%
Specialty Retail	1.36	%
Technology Hardware, Storage & Peripherals	2.83	%
Textiles, Apparel & Luxury Goods	0.42	%
Tobacco	0.35	%
Trading Companies & Distributors	0.17	%
Wireless Telecommunication Services	1.62	%
Total	90.26	%

*Allocation includes all investments except for short-term investments and money market fund.

IT - Information Technology

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 (unaudited) (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	2.38	%
Alphabet Class A & Class C	1.46	%
Samsung Electronics	1.30	%
Medtronic	1.23	%
Roper Technologies	1.21	%
Apple	1.11	%
Albemarle	1.09	%
Oracle	1.08	%
Stryker	1.07	%
Comcast Class A	1.05	%
Total	12.98	%

LVIP Franklin Templeton Global Equity Managed Volatility Fund–3

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–90.04%
Argentina–0.08%
MercadoLibre		2,800	$	702,464
				702,464
Belgium–0.02%
Ion Beam Applications		2,900		159,832
				159,832
Canada–1.27%
Alamos Gold (New York Shares)		424,990		3,051,428
Crescent Point Energy		58,700		449,031
†Husky Energy		270,300		3,068,180
†Kinaxis		500		31,130
†Shopify Class A		800		69,463
Tahoe Resources		251,500		2,168,237
Wheaton Precious Metals		149,200		2,963,751
				11,801,220
China–0.55%
†Alibaba Group Holding ADR		5,000		704,500
†Baidu ADR		22,800		4,078,008
#†Guotai Junan Securities Class H 144A		147,400		308,112
				5,090,620
Finland–0.12%
Nokia		95,800		585,933
Nokia ADR		85,700		527,912
				1,113,845
France–4.37%
Accor		26,964		1,264,060
AXA		203,686		5,571,727
BNP Paribas		105,813		7,621,073
Cie de Saint-Gobain		80,900		4,322,469
Cie Generale des Etablissements Michelin		24,820		3,299,726
Credit Agricole		210,438		3,385,355
Sanofi		47,546		4,548,559
SES FDR		140,130		3,285,016
Societe Generale		12,400		667,203
TOTAL		85,560		4,229,912
Zodiac Aerospace		85,480		2,318,736
				40,513,836
Germany–3.73%
Bayer		43,560		5,631,932
#†Delivery Hero 144A		1,900		60,328
Deutsche Lufthansa		120,650		2,745,673
Deutsche Telekom		28,600		513,501
HeidelbergCement		22,620		2,186,969
Infineon Technologies ADR		160,316		3,414,731
#Innogy 144A		67,656		2,663,224
KUKA		2,500		305,525
LANXESS		75,160		5,690,598
Merck		39,030		4,714,136

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
METRO		10,607	$	358,052
†QIAGEN		85,659		2,849,457
Siemens ADR		42,192		2,917,577
thyssenkrupp		20,400		579,584
				34,631,287
Hong Kong–2.27%
AIA Group		294,800		2,154,140
China Life Insurance		896,000		2,737,078
China Pacific Insurance Group		144,400		589,995
China Shenhua Energy		77,790		173,167
China Telecom		10,447,800		4,964,660
CK Hutchison Holdings		264,000		3,313,758
Jardine Strategic Holdings		1,166		48,611
Kunlun Energy		1,416,000		1,200,638
NetEase ADR		2,700		811,701
Sands China		73,700		337,469
Sinopharm Group		529,600		2,394,492
Tencent Holdings		66,000		2,360,207
				21,085,916
Ireland–0.34%
CRH		89,009		3,148,969
				3,148,969
Israel–0.97%
†Check Point Software Technologies		12,798		1,396,006
Teva Pharmaceutical Industries ADR		229,834		7,635,085
				9,031,091
Italy–0.78%
CNH Industrial		42,400		480,155
Enel		196,199		1,051,872
Eni		346,503		5,208,181
†Telecom Italia		532,232		491,174
				7,231,382
Japan–4.42%
†IHI		774,000		2,628,744
Inpex		245,500		2,359,507
JXTG Holdings		46,159		201,380
Keyence		1,200		526,410
Konica Minolta		402,700		3,336,887
Nissan Motor		227,700		2,263,335
Omron		103,200		4,472,994
Panasonic		459,500		6,226,077
Ryohin Keikaku		9,600		2,395,839
SoftBank Group		94,300		7,627,002
Start Today		25,000		614,581
Sumitomo Metal Mining		160,000		2,134,519
Suntory Beverage & Food		126,400		5,866,264
T&D Holdings		23,142		351,734
				41,005,273

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)
Netherlands–1.98%
Akzo Nobel		25,705	$	2,233,924
ASML Holding (New York Shares)		5,200		677,612
ING Groep		198,406		3,421,802
Koninklijke KPN		337,760		1,080,549
Koninklijke Philips		37,920		1,346,735
NN Group		92,160		3,275,708
Royal Dutch Shell Class B		236,790		6,360,897
				18,397,227
Norway–0.74%
Telenor		288,550		4,786,845
Yara International		54,820		2,059,177
				6,846,022
Portugal–0.39%
Galp Energia		238,290		3,607,520
				3,607,520
Republic of Korea–2.06%
Hana Financial Group		98,564		3,898,109
Hyundai Mobis		9,061		1,979,854
Hyundai Motor		1,761		245,492
KB Financial Group		17,683		891,762
Samsung Electronics		5,817		12,084,962
				19,100,179
Singapore–0.62%
Broadcom		7,900		1,841,095
DBS Group Holdings		134,605		2,027,752
Singapore Telecommunications		671,160		1,896,359
				5,765,206
South Africa–0.06%
Naspers Class N		2,700		525,244
				525,244
Spain–0.02%
#†Unicaja Banco 144A		134,812		180,151
				180,151
Sweden–0.18%
Getinge Class B		87,360		1,709,932
				1,709,932
Switzerland–2.24%
Chubb		24,076		3,500,169
†LafargeHolcim		15,000		858,797
Novartis		29,960		2,493,282
Novartis ADR		23,040		1,923,149
Roche Holding		21,670		5,518,630
Roche Holding ADR		32,000		1,017,600
†UBS Group		323,690		5,482,037
				20,793,664

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Taiwan–0.52%
Taiwan Semiconductor Manufacturing ADR		137,400	$	4,803,504
				4,803,504
Thailand–0.43%
Bangkok Bank NVDR		740,300		4,031,660
				4,031,660
United Kingdom–6.98%
†Atlassian		8,500		299,030
Aviva		330,650		2,265,246
BAE Systems		511,820		4,223,037
Barclays		1,851,100		4,888,232
BP		107,730		621,306
BP ADR		269,015		9,321,370
British American Tobacco		18,540		1,263,876
GlaxoSmithKline		141,250		3,008,847
HSBC Holdings		828,050		7,705,183
HSBC Holdings (London Shares)		51,440		476,825
Imperial Brands		6,573		295,226
Kingfisher		699,591		2,739,925
†LivaNova		56,400		3,452,244
RELX		37,425		809,154
†Rolls-Royce Holdings		215,370		2,499,332
Royal Dutch Shell Class A		52,762		1,400,190
Royal Dutch Shell (London Shares) Class A		19,560		518,435
RSA Insurance Group		58,500		468,970
Sky		419,752		5,434,258
†Standard Chartered		557,666		5,645,053
Vodafone Group		309,760		878,506
Vodafone Group ADR		227,372		6,532,398
				64,746,643
United States–54.90%
†2U		9,400		441,048
Abbott Laboratories		84,040		4,085,184
AbbVie		27,900		2,023,029
Accenture Class A		52,000		6,431,360
Activision Blizzard		4,000		230,280
†Adobe Systems		13,600		1,923,584
Aflac		33,400		2,594,512
Air Products & Chemicals		47,000		6,723,820
†Alarm.com Holdings		5,600		210,728
Albemarle		95,990		10,130,785
†Align Technology		1,200		180,144
†Alleghany		300		178,440
Allegheny Technologies		98,770		1,680,078
Allergan		26,710		6,492,934
Ally Financial		15,200		317,680
†Alphabet Class A		12,960		12,048,653
†Alphabet Class C		1,600		1,453,968
†Altice USA Class A		13,000		419,900

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)
Altria Group		9,540	$	710,444
†Amazon.com		5,900		5,711,200
American International Group		90,510		5,658,685
American Tower		7,900		1,045,328
Amgen		40,070		6,901,256
Amphenol Class A		13,000		959,660
Analog Devices		64,818		5,042,840
†ANSYS		5,200		632,736
Apache		57,954		2,777,735
Apple		71,840		10,346,397
Applied Materials		55,900		2,309,229
Archer-Daniels-Midland		73,700		3,049,706
†Arista Networks		200		29,958
†Aspen Technology		13,600		751,536
†Autodesk		6,000		604,920
Baker Hughes, a GE company		49,180		2,680,802
Becton Dickinson & Co.		39,410		7,689,285
Bemis		7,920		366,300
†Biogen		2,000		542,720
†Bioverativ		1,400		84,238
†BlackLine		3,200		114,368
†Bluebird Bio		1,200		126,060
Boeing		4,900		968,975
Bunge		54,800		4,088,080
†Cadence Design Systems		5,000		167,450
Capital Bank Financial		12,100		461,010
Capital One Financial		71,115		5,875,521
Carlisle		42,030		4,009,662
Caterpillar		8,625		926,843
†Celgene		54,730		7,107,785
Charles Schwab		6,400		274,944
†Charter Communications Class A		2,941		990,676
Chevron		42,940		4,479,930
Cintas		23,200		2,924,128
Cisco Systems		26,340		824,442
CIT Group		12,978		632,029
Citigroup		141,670		9,474,890
Citizens Financial Group		39,510		1,409,717
†Clovis Oncology		1,100		102,993
Cognex		3,500		297,150
Cognizant Technology Solutions Class A		15,100		1,002,640
†Coherent		1,900		427,481
Colgate-Palmolive		46,600		3,454,458
Comcast Class A		249,210		9,699,253
†CommerceHub Class A		8,020		139,708
†CommerceHub Class C		3,040		53,018
†CommScope Holding		59,400		2,258,982
ConocoPhillips		108,750		4,780,650
†CONSOL Energy		20,300		303,282
†CoStar Group		600		158,160
Coty Class A		28,900		542,164

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United States (continued)
CVS Health		41,511	$	3,339,975
Danaher		2,200		185,658
†Dell Technologies Class V		3,589		219,324
DENTSPLY SIRONA		17,300		1,121,732
Devon Energy		54,450		1,740,767
†DISH Network Class A		15,343		962,927
Donaldson		46,900		2,135,826
Dover		66,000		5,294,520
DXC Technology		37,967		2,912,828
Eastman Chemical		34,820		2,924,532
Ecolab		23,800		3,159,450
†Edwards Lifesciences		10,200		1,206,048
†Electronic Arts		11,800		1,247,496
Eli Lilly & Co.		79,271		6,524,003
†Ellie Mae		2,500		274,775
EOG Resources		15,000		1,357,800
Equinix		5,500		2,360,380
Erie Indemnity Class A		10,700		1,338,249
Exxon Mobil		25,700		2,074,761
†Facebook Class A		29,400		4,438,812
FedEx		4,400		956,252
†Fiserv		8,100		990,954
Fortive		4,500		285,075
†Freeport-McMoRan		20,510		246,325
Gap		81,020		1,781,630
General Dynamics		29,300		5,804,330
General Electric		44,300		1,196,543
General Motors		19,910		695,456
Gilead Sciences		70,450		4,986,451
Goldman Sachs Group		800		177,520
Hartford Financial Services Group		8,004		420,770
†Henry Schein		5,400		988,308
Hewlett Packard Enterprise		31,750		526,733
Honeywell International		56,200		7,490,898
†HubSpot		6,700		440,525
†IDEXX Laboratories		10,000		1,614,200
†Illumina		2,100		364,392
†Incyte		7,700		969,507
Intel		21,000		708,540
Intercontinental Exchange		20,000		1,318,400
International Paper		9,090		514,585
Intuit		6,600		876,546
†Intuitive Surgical		280		261,904
†Ionis Pharmaceuticals		18,820		957,373
†iRhythm Technologies		1,000		42,490
John Wiley & Sons Class A		43,700		2,305,175
Johnson & Johnson		49,900		6,601,271
Johnson Controls International		117,582		5,098,356
JPMorgan Chase & Co.		91,750		8,385,950
Kinder Morgan		47,390		907,992
KLA-Tencor		3,000		274,530
†KLX		3,200		160,000

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)
†Knowles		163,530	$	2,766,928
Lam Research		9,300		1,315,299
Leggett & Platt		22,520		1,182,976
†Liberty Broadband Class A		8,300		712,057
†Liberty Broadband Class C		3,400		294,950
†Liberty Expedia Holdings Class A		6,080		328,442
†Liberty Ventures Class A		9,120		476,885
†MACOM Technology Solutions Holdings		6,600		368,082
Marathon Oil		42,903		508,401
MarketAxess Holdings		5,000		1,005,500
Mastercard Class A		26,500		3,218,425
Matthews International Class A		34,000		2,082,500
McCormick & Co Non-Voting Shares		23,900		2,330,489
McDonald’s		25,300		3,874,948
Medtronic		129,120		11,459,400
Merck & Co.		26,060		1,670,185
MetLife		14,210		780,697
Microsoft		320,437		22,087,722
Monolithic Power Systems		5,300		510,920
Monsanto		7,470		884,149
Moody’s		8,000		973,440
MSCI		5,000		514,950
†MuleSoft Class A		1,900		47,386
†Netflix		5,300		791,873
†Neurocrine Biosciences		2,700		124,200
†Nevro		3,400		253,062
NIKE Class B		65,400		3,858,600
Nucor		25,300		1,464,111
NVIDIA		9,000		1,301,040
Occidental Petroleum		30,600		1,832,022
†Okta		600		13,680
Oracle		199,610		10,008,445
Pentair		79,300		5,276,622
PepsiCo		43,960		5,076,940
Perrigo		28,900		2,182,528
Pfizer		108,840		3,655,936
PNC Financial Services Group		5,976		746,223
Praxair		54,100		7,170,955
†Priceline Group		850		1,589,942
Procter & Gamble		45,700		3,982,755
†Q2 Holdings		4,000		147,800
Raytheon		6,700		1,081,916
†Regeneron Pharmaceuticals		2,800		1,375,192
Reynolds American		15,030		977,551
†Rite Aid		42,585		125,626
Rockwell Automation		1,400		226,744
Rockwell Collins		30,917		3,248,758
Roper Technologies		48,300		11,182,899
Ross Stores		63,500		3,665,855
†salesforce.com		23,000		1,991,800
†SBA Communications		8,000		1,079,200

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United States (continued)
Schlumberger		54,400	$	3,581,696
†ServiceNow		13,800		1,462,800
†Splunk		3,000		170,670
†Square Class A		3,000		70,380
Stanley Black & Decker		32,150		4,524,469
Stryker		71,608		9,937,758
Symantec		43,687		1,234,158
Target		39,900		2,086,371
†TESARO		5,500		769,230
†Tesla		600		216,966
Texas Instruments		78,250		6,019,773
Thermo Fisher Scientific		5,500		959,585
Tiffany & Co.		47,600		4,468,212
Time Warner		16,990		1,705,966
Twenty-First Century Fox Class A		123,030		3,486,670
†Tyler Technologies		2,500		439,175
†Ultimate Software Group		4,400		924,264
United Parcel Service Class B		29,800		3,295,582
United Technologies		60,400		7,375,444
UnitedHealth Group		9,400		1,742,948
†Veeva Systems Class A		16,000		980,960
Versum Materials		23,500		763,750
Visa Class A		32,110		3,011,276
Voya Financial		128,940		4,756,597
Walgreens Boots Alliance		117,310		9,186,546
Wal-Mart Stores		39,700		3,004,496
†Waters		2,700		496,368
Wells Fargo & Co.		25,110		1,391,345
West Pharmaceutical Services		36,600		3,459,432
Williams		22,838		691,535
†Workday Class A		5,500		533,500
WW Grainger		8,900		1,606,717
Xilinx		6,100		392,352
XL Group		28,600		1,252,680
Yum Brands		37,330		2,753,461
†Zendesk		8,200		227,796
				509,514,329
Total Common Stock (Cost $651,589,979)				835,537,016

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–0.10%
Diversified Telecommunication Services–0.05%
Frontier Communications
10.50% 9/15/22		52,000	$	49,855
11.00% 9/15/25		476,000		443,870
				493,725
Health Care Providers & Services–0.02%
Community Health Systems 6.875% 2/1/22		142,000		124,605
				124,605
Pharmaceuticals–0.01%
Valeant Pharmaceuticals International
#144A 6.75% 8/15/21		41,000		39,155
#144A 7.25% 7/15/22		27,000		25,515
#144A 7.50% 7/15/21		23,000		22,362
				87,032
Software–0.02%
#Veritas US 144A 7.50% 2/1/23		200,000		215,500
				215,500
Total Corporate Bonds (Cost $862,024)				920,862
«LOAN AGREEMENT–0.02%
Veritas US Tranche B1, 1st Lien 5.796% 1/27/23		218,790		219,474
Total Loan Agreement (Cost $189,544)				219,474

	Number of Shares		Value (U.S. $)
PREFERRED STOCK–0.10%
Volkswagen 1.36%		6,300	$	959,526
Total Preferred Stock (Cost $691,703)				959,526
MONEY MARKET FUND–8.22%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		76,288,310		76,288,310
Total Money Market Fund (Cost $76,288,310)				76,288,310
	Principal Amount°
SHORT-TERM INVESTMENTS–1.04%
≠Discount Note–0.93%
Federal Home Loan Bank 0.746% 7/3/17		8,635,000		8,635,000
				8,635,000
≠U.S. Treasury Obligation–0.11%
U.S. Treasury Bill 0.617% 8/10/17		1,000,000		999,085
				999,085
Total Short Term Investments (Cost $9,633,956)				9,634,085

TOTAL VALUE OF SECURITIES–99.52% (Cost $739,255,516)		923,559,273
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.48%		4,422,229
NET ASSETS APPLICABLE TO 27,865,338 SHARES OUTSTANDING–100.00%	$	927,981,502

NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON GLOBAL EQUITY MANAGED VOLATILITY FUND STANDARD CLASS ($87,509,385 / 2,625,364 Shares)	$	33.332
NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON GLOBAL EQUITY MANAGED VOLATILITY FUND SERVICE CLASS ($840,472,117 / 25,239,974 Shares)	$	33.299

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	839,872,247
Undistributed net investment income		8,191,610
Accumulated net realized loss on investments		(103,281,365	)
Net unrealized appreciation of investments, foreign currencies and derivatives		183,199,010
TOTAL NET ASSETS	$	927,981,502

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $3,514,347, which represents 0.38% 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.

† Non-income producing for the period.

LVIP Franklin Templeton Global Equity Managed Volatility Fund–8

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets (continued)

« Includes $104,918 cash and $3,670,936 foreign currencies held at broker for futures contracts, $717,065 payable for securities purchased, $607,974 payable for fund shares redeemed, $207,257 due to custodian and $732,962 due to manager and affiliates as of June 30, 2017.

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

« Loan agreements 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at June 30, 2017.

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BAML	EUR	7,356		USD	(8,388	)		7/3/17	$	14	$	—
BAML	GBP	(20,249	)	USD	26,293			7/3/17		—		(83	)
BAML	GBP	(10,000	)	USD	12,987			7/5/17		—		(39	)
BAML	GBP	80,058		USD	(102,717	)		7/13/17		1,600		—
BNYM	EUR	24,246		USD	(27,691	)		7/3/17		5		—
BNYM	HKD	(104,784	)	USD	13,421			7/5/17		—		(1	)
DB	EUR	94,427		USD	(107,741	)		7/3/17		125		—
HSBC	EUR	7,086		USD	(8,076	)		7/3/17		19		—
HSBC	EUR	(6,064,988	)	USD	6,786,248			8/18/17		—		(159,148	)
HSBC	GBP	(11,231	)	USD	14,643			7/13/17		10		—
HSBC	KRW	(1,156,137,782	)	USD	1,022,704			7/14/17		12,836		—
SHB	EUR	43,275		USD	(49,371	)		7/3/17		63		—
SSB	EUR	7,086		USD	(8,084	)		7/3/17		10		—
SSB	EUR	(6,064,991	)	USD	6,784,451			8/18/17		—		(160,949	)
SSB	GBP	(6,175,253	)	USD	8,052,345			7/13/17		5,828		—
UBS	EUR	7,086		USD	(8,083	)		7/3/17		11		—
UBS	GBP	3,631		USD	(4,704	)		7/13/17		27		—
UBS	JPY	(85,620,137	)	USD	763,541			7/3/17		2,206		—
UBS	JPY	(38,164,132	)	USD	343,998			8/28/17		3,819		—
UBS	KRW	(375,059,218	)	USD	330,243			7/14/17		2,636		—
Total									$	29,209	$	(320,220	)

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
78	British Pound	$	6,254,859	$	6,359,438		9/19/17	$	104,579	$	—
72	Euro		10,204,861		10,320,300		9/19/17		115,439		—
59	Japanese Yen		6,790,340		6,571,125		9/19/17		—		(219,215	)
									220,018		(219,215	)
Equity Contracts:
237	E-mini S&P 500 Index		28,753,847		28,687,665		9/18/17		—		(66,182	)
36	E-mini S&P MidCap 400 Index		6,355,732		6,285,960		9/18/17		—		(69,772	)
296	Euro STOXX 50 Index		12,041,132		11,599,401		9/18/17		—		(441,731	)
70	FTSE 100 Index		6,779,841		6,603,096		9/18/17		—		(176,745	)
43	Nikkei 225 Index (OSE)		7,690,147		7,653,790		9/8/17		—		(36,357	)
									—		(790,787	)
Total								$	220,018	$	(1,010,002	)

LVIP Franklin Templeton Global Equity Managed Volatility Fund–9

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Statement of Net Assets (continued)

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 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.

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

Summary of Abbreviations:

ADR–American Depositary Receipt

BAML–Bank of America Merrill Lynch

BNYM–BNY Mellon

DB–Deutsche Bank

EUR–Euro

FDR–Fiduciary Depositary Receipt

FTSE–Financial Times Stock Exchange

GBP–British Pound Sterling

HKD–Hong Kong Dollar

HSBC–Hong Kong Shanghai Bank

JPY–Japanese Yen

KRW–South Korean Won

NVDR–Non-Voting Depository Receipt

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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, 2017 (Unaudited)

INVESTMENT INCOME:
Dividends	$	11,437,063
Interest		104,697
Foreign tax withheld		(700,281	)
		10,841,479
EXPENSES:
Management fees		2,914,971
Distribution fees-Service Class		1,014,789
Accounting and administration expenses		111,846
Reports and statements to shareholders		50,130
Shareholder servicing fees		44,917
Custodian fees		40,755
Professional fees		25,951
Trustees’ fees and expenses		12,067
Pricing fees		9,702
Consulting fees		2,783
Other		3,766
Total operating expenses		4,231,677
NET INVESTMENT INCOME		6,609,802
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		14,760,952
Foreign currencies		149,450
Foreign currency exchange contracts		(1,066,918	)
Futures contracts		6,339,464
Net realized gain		20,182,948
Net change in unrealized appreciation (depreciation) of:
Investments		67,700,490
Foreign currencies		64,171
Foreign currency exchange contracts		(366,177	)
Futures contracts		(1,120,302	)
Net change in unrealized appreciation (depreciation)		66,278,182
NET REALIZED AND UNREALIZED GAIN		86,461,130
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	93,070,932

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	6,609,802		$	10,643,264
Net realized gain (loss)		20,182,948			(70,282,503	)
Net change in unrealized appreciation (depreciation)		66,278,182			80,547,433
Net increase in net assets resulting from operations		93,070,932			20,908,194
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,263,834	)
Service Class		—			(10,149,921	)
		—			(11,413,755	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,988,361			7,505,541
Service Class		37,202,038			126,465,675
Reinvestment of dividends and distributions:
Standard Class		—			1,263,834
Service Class		—			10,149,921
		39,190,399			145,384,971
Cost of shares redeemed:
Standard Class		(6,350,245	)		(12,596,988	)
Service Class		(69,310,696	)		(105,664,175	)
		(75,660,941	)		(118,261,163	)
Increase (decrease) in net assets derived from capital share transactions		(36,470,542	)		27,123,808
NET INCREASE IN NET ASSETS		56,600,390			36,618,247
NET ASSETS:
Beginning of period		871,381,112			834,762,865
End of period	$	927,981,502		$	871,381,112
Undistributed net investment income	$	8,191,610		$	1,581,808

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 6/30/17 (unaudited)1			12/31/162,3				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	30.020		$	29.762			$	32.846			$	34.021			$	28.735			$	24.161
Income (loss) from investment operations:
Net investment income4			0.270			0.433				0.466				0.650				0.449				0.526
Net realized and unrealized gain (loss)			3.042			0.289				(3.100	)			(1.322	)			5.270				4.582
Total from investment operations			3.312			0.722				(2.634	)			(0.672	)			5.719				5.108
Less dividends and distributions from:
Net investment income			—			(0.464	)			(0.450	)			(0.503	)			(0.433	)			(0.534	)
Total dividends and distributions			—			(0.464	)			(0.450	)			(0.503	)			(0.433	)			(0.534	)
Net asset value, end of period		$	33.332		$	30.020			$	29.762			$	32.846			$	34.021			$	28.735
Total return5			11.03%			2.42%				(8.02%	)			(1.99%	)			19.93%				21.21%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	87,510		$	82,911			$	86,144			$	99,743			$	107,183			$	94,499
Ratio of expenses to average net assets			0.72%			0.73%				0.74%				0.75%				0.79%				0.83%
Ratio of net investment income to average net assets			1.70%			1.49%				1.43%				1.89%				1.43%				1.99%
Portfolio turnover			9%			58%				11%				11%				14%				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. is responsible for the day-to -day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

³ 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 a portion 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.

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 6/30/171 (unaudited)			12/31/162,3				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	30.027		$	29.773			$	32.853			$	34.024			$	28.742			$	24.171
Income (loss) from investment operations:
Net investment income4			0.230			0.360				0.383				0.563				0.374				0.461
Net realized and unrealized gain (loss)			3.042			0.285				(3.093	)			(1.319	)			5.261				4.578
Total from investment operations			3.272			0.645				(2.710	)			(0.756	)			5.635				5.039
Less dividends and distributions from:
Net investment income			—			(0.391	)			(0.370	)			(0.415	)			(0.353	)			(0.468	)
Total dividends and distributions			—			(0.391	)			(0.370	)			(0.415	)			(0.353	)			(0.468	)
Net asset value, end of period		$	33.299		$	30.027			$	29.773			$	32.853			$	34.024			$	28.742
Total return5			10.90%			2.16%				(8.25%	)			(2.23%	)			19.63%				20.91%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	840,472		$	788,470			$	748,619			$	651,816			$	421,681			$	179,169
Ratio of expenses to average net assets			0.97%			0.98%				0.99%				1.00%				1.04%				1.08%
Ratio of net investment income to average net assets			1.45%			1.24%				1.18%				1.64%				1.18%				1.74%
Portfolio turnover			9%			58%				11%				11%				14%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

³  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 a portion 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.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust, The Trust consists of 92 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 (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 sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. 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 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 Global Equity Managed Volatility Fund–14

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. 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 $813 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly.

Templeton Investment Counsel, LLC, 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. SSGA Funds Management, Inc. (“SSGA”) is 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	25,444
Legal		6,142

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $40,505 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average

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)

daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	496,757
Distribution fees payable to LFD		173,478
Printing and mailing fees payable to Lincoln Life		40,505
Shareholder servicing fees payable to Lincoln Life		22,222

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	69,213,945
Sales		98,712,879

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	739,255,516
Aggregate unrealized appreciation	$	213,602,748
Aggregate unrealized depreciation		(29,298,991	)
Net unrealized appreciation	$	184,303,757

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, 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)*
2017		Short-Term			Long-Term			Total
	$13,508,734		$	53,403,235		$	52,397,761		$	119,309,730

*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)

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)

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, 2017:

	Level 1			Level 2			Total
Investments:
Assets:
Common Stock	$	835,537,016		$	—		$	835,537,016
Corporate Bonds		—			920,862			920,862
Loan Agreement		—			219,474			219,474
Preferred Stock		959,526			—			959,526
Money Market Fund		76,288,310			—			76,288,310
Short-Term Investments		—			9,634,085			9,634,085
Total Investments	$	912,784,852		$	10,774,421		$	923,559,273
Derivatives:
Assets:
Foreign Currency Exchange Contracts	$	—		$	29,209		$	29,209
Futures Contracts	$	220,018		$	—		$	220,018
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(320,220	)	$	(320,220	)
Futures Contracts	$	(1,010,002	)	$	—		$	(1,010,002	)

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

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		61,941			258,606
Service Class		1,159,106			4,389,510
Shares reinvested:
Standard Class		—			42,053
Service Class		—			337,707
		1,221,047			5,027,876
Shares redeemed:
Standard Class		(198,443	)		(433,212	)
Service Class		(2,177,440	)		(3,613,241	)
		(2,375,883	)		(4,046,453	)
Net increase (decrease)		(1,154,836	)		981,423

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 Franklin Templeton Global Equity Managed Volatility Fund–17

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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 and to facilitate or expedite the settlement of portfolio transactions. 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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to fix the U.S. dollar value of a security between trade date and settlement date and to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuation in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Foreign currency exchange contracts (Currency contracts)	Receivables and other assets net of liabilities	$	29,209	Receivables and other assets net of liabilities	$	(320,220	)
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities		—	Receivables and other assets net of liabilities		(790,787	)
Futures contracts (Currency contracts)	Receivables and other assets net of liabilities		220,018	Receivables and other assets net of liabilities		(219,215	)
Total		$	249,227		$	(1,330,222	)

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)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts			$(1,066,918)			$(366,177)
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			5,457,355			(1,424,180	)
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			882,109			303,878
Total			$	5,272,546		$	(1,486,479	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Foreign currency exchange contracts (average cost)		$	489,977		$	22,456,374
Futures contracts (average notional value)		$	81,828,814		$	—

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 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

LVIP Franklin Templeton Global Equity Managed Volatility Fund–19

LVIP Franklin Templeton Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

9. 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 Multi-Asset Opportunities Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Index
Disclosure of Fund Expenses	1
Security Type/Sector Allocations	2
Statement of Net Assets	3
Statement of Operations	4
Statements of Changes in Net Assets	4
Financial Highlights	5
Notes to Financial Statements	7

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,053.00		0.42%		$2.14
Service Class Shares		1,000.00		1,051.80		0.67%		3.41
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,022.71		0.42%		$2.11
Service Class Shares		1,000.00		1,021.47		0.67%		3.36

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 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 Franklin Templeton Multi-Asset Opportunities Fund–1

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Security Type/Sector Allocations (unaudited)

As of June 30, 2017

Security Type/Sector Percentage
of Net Assets

Investment Companies	99.09	%
Equity Funds	38.27	%
Fixed Income Funds	39.74	%
International Equity Fund	20.93	%
Money Market Fund	0.15	%
Total Value of Securities	99.09	%
Receivables and Other Assets Net of Liabilities	0.91	%
Total Net Assets	100.00	%

LVIP Franklin Templeton Multi-Asset Opportunities Fund–2

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–99.09%
Equity Funds–38.27%
²Franklin Growth Fund		19,322	$	1,685,494
²†Franklin Strategic Series–Franklin
Growth Opportunities Fund		23,945		913,269
✢Franklin Templeton Variable Insurance Products Trust–
Franklin Rising Dividends VIP Fund		65,067		1,703,459
Franklin Small Cap Value VIP Fund		87,656		1,619,886
				5,922,108
Fixed Income Funds–39.74%
²Franklin Total Return Fund		234,631		2,308,773
iShares Core U.S. Aggregate Bond ETF		35,080		3,841,611
				6,150,384

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
International Equity Fund–20.93%
²Franklin Mutual Global Discovery Fund		97,441	$	3,238,947
				3,238,947
Money Market Fund–0.15%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		22,859		22,859
				22,859
Total Investment Companies (Cost $14,945,843)				15,334,298

TOTAL VALUE OF SECURITIES–99.09% (Cost $14,945,843)		15,334,298
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.91%		140,772
NET ASSETS APPLICABLE TO 1,551,378 SHARES OUTSTANDING–100.00%	$	15,475,070

NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-ASSET OPPORTUNITIES FUND STANDARD CLASS ($1,071,919 / 107,338 Shares)	$	9.986
NET ASSET VALUE PER SHARE–LVIP FRANKLIN TEMPLETON MULTI-ASSET OPPORTUNITIES FUND SERVICE CLASS ($14,403,151 / 1,444,040 Shares)	$	9.974

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	15,440,781
Undistributed net investment income		49,895
Accumulated net realized loss on investments		(404,027	)
Net unrealized appreciation of investments and foreign currencies		388,421
TOTAL NET ASSETS	$	15,475,070

^²  Class R-6 shares.

† Non-income producing for the period.

✢ Class 1 shares.

« Includes $153 payable for fund shares redeemed, $7,122 expense reimbursement receivable from Lincoln Investment Advisors Corporation and $7,997 due to manager and affiliates at June 30, 2017.

ETF–Exchange-Traded Fund

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

LVIP Franklin Templeton Multi-Asset Opportunities Fund–3

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	111,590
EXPENSES:
Management fees		50,349
Professional fees		16,668
Distribution fees-Service Class		15,465
Reports and statements to shareholders		5,970
Custodian fees		3,404
Accounting and administration expenses		1,645
Consulting fees		864
Shareholder servicing fees		725
Trustees’ fees and expenses		173
Pricing fees		15
Other		453
		95,731
Less:
Management fees waived		(28,867	)
Expenses reimbursed		(23,203	)
Total operating expenses		43,661
NET INVESTMENT INCOME		67,929
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Distributions from investment companies		170,787
Investments		27,130
Foreign currencies		20
Net realized gain		197,937
Net change in unrealized appreciation (depreciation) of:
Investments		406,767
Foreign currencies		105
Net change in unrealized appreciation (depreciation)		406,872
NET REALIZED AND UNREALIZED GAIN		604,809
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	672,738

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	67,929		$	141,350
Net realized gain (loss)		197,937			(665,476	)
Net change in unrealized appreciation (depreciation)		406,872			648,165
Net increase in net assets resulting from operations		672,738			124,039
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(10,955	)
Service Class		—			(90,859	)
Net realized gain:
Standard Class		—			(2,601	)
Service Class		—			(28,321	)
		—			(132,736	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,400			27,461
Service Class		3,160,087			720,880
Reinvestment of dividends and distributions:
Standard Class		—			13,556
Service Class		—			119,180
		3,161,487			881,077
Cost of shares redeemed:
Standard Class		(24,187	)		(15,985	)
Service Class		(578,499	)		(541,292	)
		(602,686	)		(557,277	)
Increase in net assets derived from capital share transactions		2,558,801			323,800
NET INCREASE IN NET ASSETS		3,231,539			315,103
NET ASSETS:
Beginning of period		12,243,531			11,928,428
End of period	$	15,475,070		$	12,243,531
Undistributed (distributions in excess of) net investment income	$	49,895		$	(18,034	)

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

LVIP Franklin Templeton Multi-Asset Opportunities Fund–4

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			Year Ended
	Ended											5/1/142
	6/30/171											to
	(unaudited)			12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	9.483		$	9.487			$	9.938			$	10.000
Income (loss) from investment operations:
Net investment income3			0.060			0.133				0.161				0.165
Net realized and unrealized gain (loss)			0.443			(0.012	)			(0.429	)			(0.053	)
Total from investment operations			0.503			0.121				(0.268	)			0.112
Less dividends and distributions from:
Net investment income			—			(0.101	)			(0.120	)			(0.174	)
Net realized gain			—			(0.024	)			(0.063	)			—
Total dividends and distributions			—			(0.125	)			(0.183	)			(0.174	)
Net asset value, end of period		$	9.986		$	9.483			$	9.487			$	9.938
Total return4			5.30%			1.34%				(2.76%	)			1.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,072		$	1,040			$	1,015			$	1,054
Ratio of expenses to average net assets5			0.42%			0.57%				0.57%				0.57%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			1.19%			1.46%				1.46%				1.33%
Ratio of net investment income to average net assets			1.24%			1.42%				1.61%				2.43%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.47%			0.53%				0.72%				1.68%
Portfolio turnover			53%			98%				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–5

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 6/30/171			Year Ended								5/1/142 to
	(unaudited)			12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	9.483		$	9.488			$	9.938			$	10.000
Income (loss) from investment operations:
Net investment income3			0.048			0.109				0.136				0.148
Net realized and unrealized gain (loss)			0.443			(0.012	)			(0.428	)			(0.053	)
Total from investment operations			0.491			0.097				(0.292	)			0.095
Less dividends and distributions from:
Net investment income			—			(0.078	)			(0.095	)			(0.157	)
Net realized gain			—			(0.024	)			(0.063	)			—
Total dividends and distributions			—			(0.102	)			(0.158	)			(0.157	)
Net asset value, end of period		$	9.974		$	9.483			$	9.488			$	9.938
Total return4			5.18%			1.09%				(3.00%	)			0.94%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	14,403		$	11,204			$	10,913			$	9,676
Ratio of expenses to average net assets5			0.67%			0.82%				0.82%				0.82%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			1.44%			1.71%				1.71%				1.58%
Ratio of net investment income to average net assets			0.99%			1.17%				1.36%				2.18%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.22%			0.28%				0.47%				1.43%
Portfolio turnover			53%			98%				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–6

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 operates under a fund of funds structure and invests substantially all of its assets in open-end investment companies, including exchange-traded funds (“ETFs”) and mutual funds that are advised by 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. 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 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. Investments in money market funds have a stable NAV.

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, 2017 and for all open tax years (years ended December 31, 2014–December 31, 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 six months ended June 30, 2017, 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 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 Franklin Templeton Multi-Asset Opportunities Fund–7

LVIP Franklin Templeton Multi-Asset Opportunities 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.

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, 2017.

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, 2017.

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. 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. The waiver amount is 0.43% of the Fund’s average daily net assets. The fee is calculated daily and paid monthly. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the 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 0.42% of the average daily net assets for the Standard Class and 0.67% for the Service Class. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. The fees are calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, fees for these administrative and legal services were as follows:

Administrative	$	358
Legal		87

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $695 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares; the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

LVIP Franklin Templeton Multi-Asset Opportunities Fund–8

LVIP Franklin Templeton Multi-Asset Opportunities Fund

Notes to Financial Statements (continued)

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

Expense reimbursement receivable from LIAC	$	7,122
Management fees payable to LIAC		4,019
Distribution fees payable to LFD		2,919
Printing and mailing fees payable to Lincoln Life		695
Shareholder servicing fees payable to Lincoln Life		364

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, 2017, Lincoln Life directly owned 67.32% of the Fund.

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	11,078,965
Sales		6,946,797

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	14,945,843
Aggregate unrealized appreciation	$	508,177
Aggregate unrealized depreciation		(119,722	)
Net unrealized appreciation	$	388,455

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from November 1, 2016 through December 31, 2016, that, in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen on the first day of the following fiscal year. At December 31, 2016, the Fund deferred $49,178 of qualified late year ordinary losses.

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.

As of December 31, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No  Expiration)
Short-Term		Long-Term		Total
$	130,097	$	383,591	$	513,688

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 Multi-Asset Opportunities Fund–9

LVIP Franklin Templeton Multi-Asset 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, 2017:

	Level 1
Investments:
Assets:
Investment Companies	$	15,334,298

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		145			2,902
Service Class		322,648			76,868
Shares reinvested:
Standard Class		—			1,428
Service Class		—			12,562
		322,793			93,760
Shares redeemed:
Standard Class		(2,478	)		(1,694	)
Service Class		(60,062	)		(58,183	)
		(62,540	)		(59,877	)
Net increase		260,253			33,883

5. 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.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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–10

                              LVIP Franklin Templeton Value Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,055.20		0.05%		$0.25
Service Class Shares		1,000.00		1,053.40		0.40%		2.04
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,024.55		0.05%		$0.25
Service Class Shares		1,000.00		1,022.81		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 181/365 (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, 2017

Security Type/Sector Percentage of Net Assets

Affiliated Investment	9.28	%
Equity Fund	9.28	%
Unaffiliated Investments	90.59	%
Equity Funds	83.75	%
Money Market Fund	6.84	%
Total Value of Securities	99.87	%
Receivables and Other Assets Net of Liabilities	0.13	%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–9.28%
Equity Fund–9.28%
✢Franklin Templeton Variable Insurance Products Trust–
Franklin Growth & Income VIP Fund		2,001,191	$	29,697,673
Total Affiliated Investment (Cost $29,854,391)				29,697,673
UNAFFILIATED INVESTMENTS–90.59%
Equity Funds–83.75%
✢Franklin Templeton Variable Insurance Products Trust–
Franklin Income VIP Fund		5,621,428		89,155,843
Franklin Rising Dividends VIP Fund		1,129,496		29,570,215
Mutual Shares VIP Fund		6,936,192		149,336,204
				268,062,262

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Money Market Fund–6.84%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		21,910,384	$	21,910,384
				21,910,384
Total Unaffiliated Investments (Cost $268,857,783)				289,972,646

TOTAL VALUE OF SECURITIES–99.87% (Cost $298,712,174)		319,670,319
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.13%		414,811
NET ASSETS APPLICABLE TO 30,615,323 SHARES OUTSTANDING–100.00%	$	320,085,130

✢Class 1 shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
10	British Pound	$	801,905	$	815,313		9/19/17	$	13,408	$	—
10	Euro		1,417,342		1,433,375		9/19/17		16,033		—
9	Japanese Yen		1,035,815		1,002,375		9/19/17		—		(33,440	)
									29,441		(33,440	)
Equity Contracts:
100	E-mini S&P 500 Index		12,132,425		12,104,500		9/18/17		—		(27,925	)
7	E-mini S&P MidCap 400 Index		1,235,731		1,222,270		9/18/17		—		(13,461	)
40	Euro STOXX 50 Index		1,623,688		1,567,486		9/18/17		—		(56,202	)
9	FTSE 100 Index		871,694		848,970		9/18/17		—		(22,724	)
6	Nikkei 225 Index (OSE)		1,073,044		1,067,971		9/8/17		—		(5,073	)
									—		(125,385	)
Total								$	29,441	$	(158,825	)

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:

FTSE–Financial Times Stock Exchange

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Unaffiliated investments, at value	$	289,972,646
Affiliated investment, at value		29,697,673
Total investments, at value		319,670,319
Foreign currencies collateral held at broker for futures contracts, at value		445,988
Cash collateral held at broker for futures contracts		403,707
Receivable for fund shares sold		46,257
Foreign currencies, at value		29,761
Unrealized appreciation on futures contracts		29,441
Expense reimbursement from Lincoln Investment Advisors Corporation		18,049
Dividends receivable from investments		14,841
TOTAL ASSETS		320,658,363
LIABILITIES:
Cash due to custodian		248,970
Unrealized depreciation on futures contracts		158,825
Due to manager and affiliates		118,657
Other accrued expenses payable		22,381
Payable for investments purchased		13,651
Payable for fund shares redeemed		10,749
TOTAL LIABILITIES		573,233
TOTAL NET ASSETS	$	320,085,130
Unaffiliated investments, at cost	$	268,857,783
Affiliated investment, at cost		29,854,391
Total investments, at cost	$	298,712,174
Foreign currencies, at cost	$	29,802
Foreign currencies collateral held at broker for futures contracts, at cost	$	445,988
Standard Class:
Net Assets	$	36,382
Shares Outstanding		3,474
Net Asset Value Per Share	$	10.473	*
Service Class:
Net Assets	$	320,048,748
Shares Outstanding		30,611,849
Net Asset Value Per Share	$	10.455
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	306,663,681
Undistributed net investment income		5,716,061
Accumulated net realized loss on investments		(13,123,331	)
Net unrealized appreciation of investments and derivatives		20,828,719
TOTAL NET ASSETS	$	320,085,130

* Net Asset Value Per Share does not recalculate exactly, due to rounding.

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	4,384,561
Dividends from affiliated investment		1,819,503
		6,204,064
EXPENSES:
Management fees		993,137
Distribution fees-Service Class		534,704
Accounting and administration expenses		25,770
Professional fees		17,440
Shareholder servicing fees		15,483
Reports and statements to shareholders		13,988
Trustees’ fees and expenses		4,073
Custodian fees		2,284
Consulting fees		2,126
Pricing fees		126
Other		1,392
		1,610,523
Less:
Management fees waived		(947,300	)
Expenses reimbursed		(52,124	)
Total operating expenses		611,099
NET INVESTMENT INCOME		5,592,965
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investments		1,083,594
Distributions from affiliated investment		1,777,982
Sale of unaffiliated investments		(247,155	)
Sale of affiliated investment		(31,898	)
Foreign currencies		13,906
Futures contracts		1,480,330
Net realized gain		4,076,759
Net change in unrealized appreciation (depreciation) of:
Unaffiliated investments		8,181,904
Affiliated investment		(2,024,588	)
Foreign currencies		6
Futures contracts		(137,373	)
Net change in unrealized appreciation (depreciation)		6,019,949
NET REALIZED AND UNREALIZED GAIN		10,096,708
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,689,673

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

LVIP Franklin Templeton Value Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	5,592,965		$	5,708,578
Net realized gain (loss)		4,076,759			(16,375,919	)
Net change in unrealized appreciation (depreciation)		6,019,949			36,774,408
Net increase in net assets resulting from operations		15,689,673			26,107,067
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(853	)
Service Class		—			(5,969,338	)
Net realized gain:
Standard Class		—			(300	)
Service Class		—			(3,199,874	)
		—			(9,170,365	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		69			10,216
Service Class		42,817,795			98,331,083
Reinvestment of dividends and distributions:
Standard Class		—			1,153
Service Class		—			9,169,212
		42,817,864			107,511,664
Cost of shares redeemed:
Standard Class		(52	)		(10,773	)
Service Class		(18,471,572	)		(24,563,750	)
		(18,471,624	)		(24,574,523	)
Increase in net assets derived from capital share transactions		24,346,240			82,937,141
NET INCREASE IN NET ASSETS		40,035,913			99,873,843
NET ASSETS:
Beginning of period		280,049,217			180,175,374
End of period	$	320,085,130		$	280,049,217
Undistributed net investment income	$	5,716,061		$	123,096

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 6/30/171 (unaudited)			Year Ended								1/2/143 to
				12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	9.923		$	9.258			$	10.315			$	10.000
Income (loss) from investment operations:
Net investment income4			0.205			0.273				0.356				0.292
Net realized and unrealized gain (loss)			0.345			0.769				(1.151	)			0.179
Total from investment operations			0.550			1.042				(0.795	)			0.471
Less dividends and distributions from:
Net investment income			—			(0.249	)			(0.262	)			(0.156	)
Net realized gain			—			(0.128	)			—				—
Total dividends and distributions			—			(0.377	)			(0.262	)			(0.156	)
Net asset value, end of period		$	10.473		$	9.923			$	9.258			$	10.315
Total return5			5.52%			11.35%				(7.72%	)			4.70%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	36		$	34			$	31			$	30
Ratio of expenses to average net assets6			0.05%			0.05%				0.05%				0.05%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.70%			0.72%				0.74%				0.81%
Ratio of net investment income to average net assets			4.01%			2.88%				3.49%				2.84%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			3.36%			2.21%				2.79%				2.08%
Portfolio turnover			3%			45%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 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 6/30/171 (unaudited)			Year Ended								1/2/143 to
				12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	9.925		$	9.262			$	10.316			$	10.000
Income (loss) from investment operations:
Net investment income4			0.187			0.241				0.318				0.261
Net realized and unrealized gain (loss)			0.343			0.766				(1.146	)			0.173
Total from investment operations			0.530			1.007				(0.828	)			0.434
Less dividends and distributions from:
Net investment income			—			(0.216	)			(0.226	)			(0.118	)
Net realized gain			—			(0.128	)			—				—
Total dividends and distributions			—			(0.344	)			(0.226	)			(0.118	)
Net asset value, end of period		$	10.455		$	9.925			$	9.262			$	10.316
Total return5			5.34%			10.95%				(8.03%	)			4.34%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	320,049		$	280,015			$	180,144			$	93,679
Ratio of expenses to average net assets6			0.40%			0.40%				0.40%				0.40%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.05%			1.07%				1.09%				1.16%
Ratio of net investment income to average net assets			3.66%			2.53%				3.14%				2.49%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			3.01%			1.86%				2.44%				1.73%
Portfolio turnover			3%			45%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 Franklin Templeton Value Managed Volatility Fund–7

LVIP Franklin Templeton Value Managed Volatility Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 series of The Franklin Templeton Variable Insurance Products Trust (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The Underlying Funds, which are advised by an unaffiliated adviser, invest 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2014-December 31, 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 six months ended June 30, 2017, 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 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 are those of the specific securities sold. Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.

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)

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, 2017.

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. The waiver amount is 0.62% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. The fee is calculated daily and paid monthly.

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 0.05% 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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	8,585
Legal		2,073

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $10,713 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and Service Class shares. The two classes are identical except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	18,049
Management fees payable to LIAC		7,918
Distribution fees payable to LFD		92,371
Shareholder servicing fees payable		7,655
Printing and mailing fees payable to Lincoln Life		10,713

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.

Affiliated investment, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Funds and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Value 6/30/17			Dividends			Capital Gain Distributions
Franklin Templeton Variable Insurance Products Trust - Franklin Growth and Income VIP Fund - Class 1		$	26,030,554		$	6,669,213		$	945,608		$	(31,898	)		$	(2,024,588	)		$	29,697,673		$	1,819,503		$	1,777,982

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	40,882,421
Sales		9,639,417

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	298,712,174
Aggregate unrealized appreciation	$	21,114,863
Aggregate unrealized depreciation		(156,718	)
Net unrealized appreciation	$	20,958,145

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No  Expiration)
Short-Term	Long-Term	Total
$10,361,487	$2,060,663	$12,422,150

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 Franklin Templeton Value Managed Volatility Fund–10

LVIP Franklin Templeton Value 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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investment	$	29,697,673
Unaffiliated Investments		289,972,646
Total Investments	$	319,670,319
Derivatives:
Assets:
Futures Contracts	$	29,441
Liabilities:
Futures Contracts	$	(158,825	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		6			1,057
Service Class		4,189,470			10,405,412
Shares reinvested:
Standard Class		—			117
Service Class		—			933,766
	4,189,476			11,340,352
Shares redeemed:
Standard Class		(5	)		(1,095	)
Service Class		(1,790,899	)		(2,576,268	)
		(1,790,904	)		(2,577,363	)
Net increase		2,398,572			8,762,989

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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

LVIP Franklin Templeton Value Managed Volatility Fund–11

LVIP Franklin Templeton Value Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	—	Unrealized depreciation on futures contracts	$	(125,385	)
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts		29,441	Unrealized depreciation on futures contracts		(33,440	)
Total		$	29,441		$	(158,825	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	1,359,539		$	(172,125	)
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			120,791			34,752
Total			$	1,480,330		$	(137,373	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$19,114,715		$—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

LVIP Franklin Templeton Value Managed Volatility Fund–12

LVIP Franklin Templeton Value Managed Volatility Fund

Notes to Financial Statements (continued)

9. 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 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, 2017

LVIP 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	9
Statements of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	18

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,053.20		0.28%		$1.43
Service Class Shares		1,000.00		1,051.90		0.53%		2.70
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.41		0.28%		$1.40
Service Class Shares		1,000.00		1,022.17		0.53%		2.66

LVIP Global Moderate Allocation Managed

Risk Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,071.20		0.28%		$1.44
Service Class Shares		1,000.00		1,069.90		0.53%		2.72
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.41		0.28%		$1.40
Service Class Shares		1,000.00		1,022.17		0.53%		2.66

LVIP Global Growth Allocation Managed

Risk Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,076.50		0.28%		$1.44
Service Class Shares		1,000.00		1,075.20		0.53%		2.73
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.41		0.28%		$1.40
Service Class Shares		1,000.00		1,022.17		0.53%		2.66

* “Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 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 Global Allocation Managed Risk Funds–1

LVIP Global Allocation Managed Risk Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2017

LVIP Global Conservative Allocation Managed Risk Fund

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	90.46	%
Equity Funds	24.88	%
Fixed Income Funds	53.74	%
International Equity Funds	9.93	%
International Fixed Income Fund	1.91	%
Unaffiliated Investments	9.55	%
Commodity Fund	1.03	%
Equity Fund	2.00	%
Fixed Income Fund	1.54	%
International Equity Fund	2.01	%
Money Market Fund	2.97	%
Total Value of Securities	100.01	%
Liabilities Net of Receivables and Other Assets	(0.01	%)
Total Net Assets	100.00	%

LVIP Global Moderate Allocation Managed Risk Fund

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	88.76	%
Equity Funds	35.89	%
Fixed Income Funds	34.09	%
International Equity Funds	16.96	%
International Fixed Income Fund	1.82	%
Unaffiliated Investments	11.32	%
Commodity Fund	1.03	%
Equity Fund	2.00	%
Fixed Income Fund	0.26	%
International Equity Fund	4.02	%
Money Market Fund	4.01	%
Total Value of Securities	100.08	%
Liabilities Net of Receivables and Other Assets	(0.08	%)
Total Net Assets	100.00	%

LVIP Global Growth Allocation Managed

Risk Fund

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	90.80	%
Equity Funds	39.90	%
Fixed Income Funds	24.21	%
International Equity Funds	24.94	%
International Fixed Income Fund	1.75	%
Unaffiliated Investments	9.21	%
Commodity Fund	1.03	%
Equity Fund	0.99	%
Fixed Income Fund	0.19	%
International Equity Fund	3.00	%
Money Market Fund	4.00	%
Total Value of Securities	100.01	%
Liabilities Net of Receivables and Other Assets	(0.01	%)
Total Net Assets	100.00	%

LVIP Global Allocation Managed Risk Funds–2

LVIP Global Conservative Allocation Managed Risk Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–90.46%
Equity Funds–24.88%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		2,805,779	$	41,814,529
LVIP SSGA Mid-Cap Index Fund		3,426,216		41,655,935
LVIP SSGA S&P 500 Index Fund		11,421,588		194,132,725
LVIP SSGA Small-Cap Index Fund		928,641		27,986,453
LVIP T. Rowe Price Growth Stock Fund		1,047,736		41,573,110
				347,162,752
Fixed Income Funds–53.74%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		3,913,583		39,938,113
LVIP Delaware Bond Fund		19,366,477		266,986,247
LVIP JPMorgan High Yield Fund		5,933,695		66,475,182
LVIP PIMCO Low Duration Bond Fund		6,581,944		66,767,244
LVIP SSGA Bond Index Fund		5,833,808		66,452,905
LVIP Western Asset Core Bond Fund		24,728,884		243,431,136
				750,050,827
International Equity Funds–9.93%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		2,549,583		41,560,753
LVIP Mondrian International Value Fund		1,589,408		27,409,349
LVIP SSGA Developed International 150 Fund		1,564,139		13,970,887
LVIP SSGA International Index Fund		5,982,981		55,677,621
				138,618,610
International Fixed Income Fund–1.91%
*Lincoln Variable Insurance Products Trust–
†LVIP Global Income Fund		2,357,159		26,640,607
				26,640,607
Total Affiliated Investments (Cost $1,090,465,949)				1,262,472,796

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS–9.55%
Commodity Fund–1.03%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		2,201,788	$	14,355,656
				14,355,656
Equity Fund–2.00%
XFidelity® Variable Life Insurance Products–
Fidelity VIP Mid Cap Portfolio		784,923		27,888,314
				27,888,314
Fixed Income Fund–1.54%
²American Funds® –
American Funds Mortgage Fund		2,118,759		21,463,031
				21,463,031
International Equity Fund–2.01%
iShares MSCI Emerging Markets ETF		676,790		28,012,338
				28,012,338
Money Market Fund–2.97%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		41,531,154		41,531,154
				41,531,154
Total Unaffiliated Investments (Cost $127,884,614)				133,250,493

TOTAL VALUE OF SECURITIES–100.01% (Cost $1,218,350,563)		1,395,723,289
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.01%)		(72,814	)
NET ASSETS APPLICABLE TO 99,562,899 SHARES OUTSTANDING–100.00%	$	1,395,650,475

^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–3

LVIP Global Conservative Allocation Managed Risk Fund

Schedule of Investments (continued)

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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

LVIP Global Allocation Managed Risk Funds–4

LVIP Global Moderate Allocation Managed Risk Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–88.76%
Equity Funds–35.89%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		19,431,088	$	289,581,510
LVIP SSGA Mid-Cap Index Fund		17,738,506		215,664,755
LVIP SSGA S&P 500 Index Fund		84,475,152		1,435,824,157
LVIP SSGA Small-Cap Index Fund		7,236,382		218,082,853
LVIP T. Rowe Price Growth Stock Fund		7,250,681		287,699,786
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		5,932,800		143,906,005
				2,590,759,066
Fixed Income Funds–34.09%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		19,179,590		195,727,717
LVIP Delaware Bond Fund		57,054,090		786,547,680
LVIP JPMorgan High Yield Fund		17,455,164		195,550,197
LVIP PIMCO Low Duration Bond Fund		25,824,106		261,959,729
LVIP SSGA Bond Index Fund		34,371,247		391,522,874
LVIP Western Asset Core Bond Fund		63,921,066		629,238,977
				2,460,547,174
International Equity Funds–16.96%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		26,418,181		430,642,769
LVIP Mondrian International Value Fund		12,464,329		214,947,347
LVIP SSGA Developed International 150 Fund		24,375,825		217,724,872
LVIP SSGA Emerging Markets 100 Fund		7,644,122		72,840,840
LVIP SSGA International Index Fund		30,982,929		288,327,138
				1,224,482,966

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS (continued)
International Fixed Income Fund–1.82%
*Lincoln Variable Insurance Products Trust–
†LVIP Global Income Fund		11,592,348	$	131,016,717
				131,016,717
Total Affiliated Investments (Cost $5,322,470,232)				6,406,805,923
UNAFFILIATED INVESTMENTS–11.32%
Commodity Fund–1.03%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		11,400,370		74,330,416
				74,330,416
Equity Fund–2.00%
XFidelity® Variable Life Insurance Products–
Fidelity VIP Mid Cap Portfolio		4,064,291		144,404,262
				144,404,262
Fixed Income Fund–0.26%
²American Funds®–
American Funds Mortgage Fund		1,864,063		18,882,955
				18,882,955
International Equity Fund–4.02%
iShares MSCI Emerging Markets ETF		7,006,095		289,982,272
				289,982,272
Money Market Fund–4.01%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		289,278,640		289,278,640
				289,278,640
Total Unaffiliated Investments (Cost $806,233,729)				816,878,545

TOTAL VALUE OF SECURITIES–100.08% (Cost $6,128,703,961)		7,223,684,468
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.08%)		(5,974,509	)
NET ASSETS APPLICABLE TO 499,324,850 SHARES OUTSTANDING–100.00%	$	7,217,709,959

^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–5

LVIP Global Moderate Allocation Managed Risk Fund

Schedule of Investments (continued)

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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

LVIP Global Allocation Managed Risk Funds–6

LVIP Global Growth Allocation Managed Risk Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–90.80%
Equity Funds–39.90%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		24,184,740	$	360,425,187
LVIP SSGA Mid-Cap Index Fund		44,235,279		537,812,519
LVIP SSGA S&P 500 Index Fund		115,675,082		1,966,129,364
LVIP SSGA Small-Cap Index Fund		8,977,658		270,559,689
LVIP T. Rowe Price Growth Stock Fund		9,036,339		358,552,914
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		3,692,106		89,555,725
				3,583,035,398
Fixed Income Funds–24.21%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		15,376,250		156,914,630
LVIP Delaware Bond Fund		56,974,222		785,446,619
LVIP JPMorgan High Yield Fund		20,949,791		234,700,510
LVIP PIMCO Low Duration Bond Fund		23,225,669		235,601,184
LVIP SSGA Bond Index Fund		20,593,129		234,576,335
LVIP Western Asset Core Bond Fund		53,545,615		527,103,030
				2,174,342,308
International Equity Funds–24.94%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		18,858,688		177,686,554
LVIP MFS International Growth Fund		32,944,462		537,027,680
LVIP Mondrian International Value Fund		15,463,598		266,669,755
LVIP SSGA Developed International 150 Fund		30,241,425		270,116,407
LVIP SSGA Emerging Markets 100 Fund		19,028,245		181,320,147
LVIP SSGA International Index Fund		86,742,497		807,225,673
				2,240,046,216

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS (continued)
International Fixed Income Fund–1.75%
*Lincoln Variable Insurance Products Trust–
†LVIP Global Income Fund		13,890,088	$	156,985,779
				156,985,779
Total Affiliated Investments (Cost $6,752,269,164)				8,154,409,701
UNAFFILIATED INVESTMENTS–9.21%
Commodity Fund–1.03%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		14,189,352		92,514,572
				92,514,572
Equity Fund–0.99%
XFidelity® Variable Life Insurance Products–
Fidelity VIP Mid Cap Portfolio		2,508,038		89,110,575
				89,110,575
Fixed Income Fund–0.19%
²American Funds®–
American Funds Mortgage Fund		1,730,995		17,534,977
				17,534,977
International Equity Fund–3.00%
iShares MSCI Emerging Markets ETF		6,505,753		269,273,117
				269,273,117
Money Market Fund–4.00%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		359,113,507		359,113,507
				359,113,507
Total Unaffiliated Investments (Cost $811,538,935)				827,546,748

TOTAL VALUE OF SECURITIES–100.01% (Cost $7,563,808,099)		8,981,956,449
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.01%)		(849,040	)
NET ASSETS APPLICABLE TO 639,637,537 SHARES OUTSTANDING–100.00%	$	8,981,107,409

^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–7

LVIP Global Growth Allocation Managed Risk Fund

Schedule of Investments (continued)

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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

LVIP Global Allocation Managed Risk Funds–8

LVIP Global Allocation Managed Risk Funds

Statements of Assets and Liabilities

June 30, 2017 (unaudited)

	LVIP Global Conservative Allocation Managed Risk Fund			LVIP Global Moderate Allocation Managed Risk Fund			LVIP Global Growth Allocation Managed Risk Fund
ASSETS:
Affiliated investments, at value	$	1,262,472,796		$	6,406,805,923		$	8,154,409,701
Unaffiliated investments, at value		133,250,493			816,878,545			827,546,748
Total investments, at value		1,395,723,289			7,223,684,468			8,981,956,449
Cash		—			1,890,009			1,813,875
Receivables for investments sold		598,185			411,519			1,971,491
Receivables for fund shares sold		452,240			119,899			1,784,606
Dividends receivable from investments		58,846			207,758			249,125
TOTAL ASSETS		1,396,832,560			7,226,313,653			8,987,775,546
LIABILITIES:
Due to manager and affiliates		614,743			3,219,630			3,977,911
Payables for fund shares redeemed		487,255			5,211,130			2,478,381
Other accrued expenses payable		47,210			144,009			184,984
Payables for investments purchased		32,877			28,925			26,861
TOTAL LIABILITIES		1,182,085			8,603,694			6,668,137
TOTAL NET ASSETS	$	1,395,650,475		$	7,217,709,959		$	8,981,107,409
Affiliated investments, at cost	$	1,090,465,949		$	5,322,470,232		$	6,752,269,164
Unaffiliated investments, at cost		127,884,614			806,233,729			811,538,935
Total investments, at cost	$	1,218,350,563		$	6,128,703,961		$	7,563,808,099
Standard Class:
Net Assets	$	75,404,317		$	222,669,218		$	210,249,063
Shares Outstanding		5,371,174			15,383,190			14,956,925
Net Asset Value Per Share	$	14.039		$	14.475		$	14.057
Service Class:
Net Assets	$	1,320,246,158		$	6,995,040,741		$	8,770,858,346
Shares Outstanding		94,191,725			483,941,660			624,680,612
Net Asset Value Per Share	$	14.017		$	14.454		$	14.041
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	1,239,197,531		$	6,439,886,469		$	8,087,741,294
Accumulated net investments loss		(2,786,298	)		(13,008,762	)		(16,825,557	)
Accumulated net realized loss on investments		(18,133,484	)		(304,148,255	)		(507,956,678	)
Net unrealized appreciation of investments		177,372,726			1,094,980,507			1,418,148,350
TOTAL NET ASSETS	$	1,395,650,475		$	7,217,709,959		$	8,981,107,409

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 Operations

Six Months Ended June 30, 2017 (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 investments	$	865,757		$	4,378,351		$	5,502,829
EXPENSES:
Management fees		1,756,510			8,939,364			11,093,454
Distribution fees-Service Class		1,664,222			8,670,613			10,838,812
Shareholder servicing fees		68,121			351,276			436,390
Accounting and administration expenses		65,888			271,877			333,274
Professional fees		31,011			84,730			104,723
Reports and statements to shareholders		25,008			125,841			119,146
Trustees’ fees and expenses		19,291			97,186			122,639
Custodian fees		12,748			46,759			60,661
Consulting fees		3,355			9,630			11,501
Pricing fees		79			377			463
Other		5,822			25,631			25,796
Total operating expenses		3,652,055			18,623,284			23,146,859
NET INVESTMENT LOSS		(2,786,298	)		(14,244,933	)		(17,644,030	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investments		1,090,444			2,700,155			6,687,573
Sale of affiliated investments		4,773,753			45,293,652			40,144,442
Sale of unaffiliated investments		259,265			(6,349,317	)		260,296
Net realized gain		6,123,462			41,644,490			47,092,311
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		66,251,134			417,348,099			574,798,306
Unaffiliated investments		2,398,977			42,301,247			43,744,724
Net change in unrealized appreciation (depreciation)		68,650,111			459,649,346			618,543,030
NET REALIZED AND UNREALIZED GAIN		74,773,573			501,293,836			665,635,341
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	71,987,275		$	487,048,903		$	647,991,311

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 Changes in Net Assets

	LVIP Global Conservative Allocation Managed Risk Fund						LVIP Global Moderate Allocation Managed Risk Fund						LVIP Global Growth Allocation Managed Risk Fund
	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(2,786,298	)	$	23,669,510		$	(14,244,933	)	$	102,058,191		$	(17,644,030	)	$	136,558,331
Net realized gain (loss)		6,123,462			415,976			41,644,490			(151,282,051	)		47,092,311			(197,928,209	)
Net change in unrealized appreciation (depreciation)		68,650,111			44,877,964			459,649,346			340,822,104			618,543,030			455,179,531
Net increase in net assets resulting from operations		71,987,275			68,963,450			487,048,903			291,598,244			647,991,311			393,809,653
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,640,751	)		—			(3,862,169	)		—			(3,854,871	)
Service Class		—			(27,366,286	)		—			(111,135,539	)		—			(147,315,860	)
Net realized gain:
Standard Class		—			(1,145,461	)		—			(2,366,172	)		—			—
Service Class		—			(21,982,058	)		—			(78,960,435	)		—			—
		—			(52,134,556	)		—			(196,324,315	)		—			(151,170,731	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		4,928,205			11,819,840			17,771,823			36,985,268			13,373,115			31,385,381
Service Class		37,020,239			190,336,131			100,433,177			372,668,632			100,754,818			351,071,662
Reinvestment of dividends and distributions:
Standard Class		—			2,786,212			—			6,228,341			—			3,854,871
Service Class		—			49,348,344			—			190,095,974			—			147,315,860
		41,948,444			254,290,527			118,205,000			605,978,215			114,127,933			533,627,774
Cost of shares redeemed:
Standard Class		(6,988,846	)		(15,686,603	)		(20,917,978	)		(53,584,811	)		(17,200,506	)		(38,783,660	)
Service Class		(159,582,173	)		(238,868,182	)		(537,127,918	)		(780,184,284	)		(622,207,987	)		(953,293,497	)
		(166,571,019	)		(254,554,785	)		(558,045,896	)		(833,769,095	)		(639,408,493	)		(992,077,157	)
Decrease in net assets derived from capital share transactions		(124,622,575	)		(264,258	)		(439,840,896	)		(227,790,880	)		(525,280,560	)		(458,449,383	)
NET INCREASE (DECREASE) IN NET ASSETS		(52,635,300	)		16,564,636			47,208,007			(132,516,951	)		122,710,751			(215,810,461	)
NET ASSETS:
Beginning of period		1,448,285,775			1,431,721,139			7,170,501,952			7,303,018,903			8,858,396,658			9,074,207,119
End of period	$	1,395,650,475		$	1,448,285,775		$	7,217,709,959		$	7,170,501,952		$	8,981,107,409		$	8,858,396,658
Undistributed (Accumulated) net investment income (loss)	$	(2,786,298	)	$	—		$	(13,008,762	)	$	1,236,171		$	(16,825,557	)	$	818,473

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

LVIP Global Allocation Managed Risk Funds–11

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 6/30/171 (unaudited)												Year Ended 12/31/14
					12/31/162				12/31/15								12/31/13				12/31/12
Net asset value, beginning of period		$	13.330			$	13.188			$	13.944			$	13.623			$	12.850			$	12.226
Income (loss) from investment operations:
Net investment income (loss)3			(0.011	)			0.249				0.267				0.234				0.200				0.243
Net realized and unrealized gain (loss)			0.720				0.412				(0.545	)			0.542				1.049				0.946
Total from investment operations			0.709				0.661				(0.278	)			0.776				1.249				1.189
Less dividends and distributions from:
Net investment income			—				(0.304	)			(0.294	)			(0.282	)			(0.266	)			(0.503	)
Net realized gain			—				(0.215	)			(0.184	)			(0.173	)			(0.210	)			(0.062	)
Total dividends and distributions			—				(0.519	)			(0.478	)			(0.455	)			(0.476	)			(0.565	)
Net asset value, end of period		$	14.039			$	13.330			$	13.188			$	13.944			$	13.623			$	12.850
Total return4			5.32%				5.02%				(2.00%	)			5.70%				9.75%				9.78%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	75,404			$	73,615			$	73,945			$	80,856			$	67,666			$	58,577
Ratio of expenses to average net assets5			0.28%				0.27%				0.27%				0.27%				0.28%				0.29%
Ratio of net investment income (loss) to average net assets			(0.16%	)			1.86%				1.91%				1.67%				1.49%				1.90%
Portfolio turnover			14%				34%				23%				18%				24%				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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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  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–12

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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.325			$	13.185			$	13.939			$	13.620			$	12.849			$	12.225
Income (loss) from investment operations:
Net investment income (loss)3			(0.028	)			0.215				0.232				0.199				0.166				0.211
Net realized and unrealized gain (loss)			0.720				0.410				(0.543	)			0.540				1.047				0.945
Total from investment operations			0.692				0.625				(0.311	)			0.739				1.213				1.156
Less dividends and distributions from:
Net investment income			—				(0.270	)			(0.259	)			(0.247	)			(0.232	)			(0.470	)
Net realized gain			—				(0.215	)			(0.184	)			(0.173	)			(0.210	)			(0.062	)
Total dividends and distributions			—				(0.485	)			(0.443	)			(0.420	)			(0.442	)			(0.532	)
Net asset value, end of period		$	14.017			$	13.325			$	13.185			$	13.939			$	13.620			$	12.849
Total return4			5.19%				4.75%				(2.23%	)			5.43%				9.47%				9.51%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,320,246			$	1,374,671			$	1,357,776			$	1,344,553			$	1,189,830			$	867,245
Ratio of expenses to average net assets5			0.53%				0.52%				0.52%				0.52%				0.53%				0.54%
Ratio of net investment income (loss) to average net assets			(0.41%	)			1.61%				1.66%				1.42%				1.24%				1.65%
Portfolio turnover			14%				34%				23%				18%				24%				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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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  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 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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.513			$	13.341			$	14.109			$	13.815			$	12.562			$	11.844
Income (loss) from investment operations:
Net investment income (loss)3			(0.011	)			0.222				0.254				0.243				0.209				0.229
Net realized and unrealized gain (loss)			0.973				0.356				(0.729	)			0.331				1.279				0.900
Total from investment operations			0.962				0.578				(0.475	)			0.574				1.488				1.129
Less dividends and distributions from:
Net investment income			—				(0.253	)			(0.284	)			(0.280	)			(0.235	)			(0.411	)
Net realized gain			—				(0.153	)			(0.009	)			—				—				—
Total dividends and distributions			—				(0.406	)			(0.293	)			(0.280	)			(0.235	)			(0.411	)
Net asset value, end of period		$	14.475			$	13.513			$	13.341			$	14.109			$	13.815			$	12.562
Total return4			7.12%				4.34%				(3.37%	)			4.15%				11.86%				9.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	222,669			$	210,980			$	218,424			$	217,898			$	194,034			$	161,420
Ratio of expenses to average net assets5			0.28%				0.27%				0.27%				0.27%				0.27%				0.27%
Ratio of net investment income (loss) to average net assets			(0.16%	)			1.65%				1.79%				1.71%				1.58%				1.85%
Portfolio turnover			9%				23%				20%				19%				15%				18%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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 (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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.510			$	13.340			$	14.107			$	13.814			$	12.562			$	11.843
Income (loss) from investment operations:
Net investment income (loss)3			(0.028	)			0.188				0.218				0.207				0.176				0.198
Net realized and unrealized gain (loss)			0.972				0.354				(0.728	)			0.331				1.278				0.900
Total from investment operations			0.944				0.542				(0.510	)			0.538				1.454				1.098
Less dividends and distributions from:
Net investment income			—				(0.219	)			(0.248	)			(0.245	)			(0.202	)			(0.379	)
Net realized gain			—				(0.153	)			(0.009	)			—				—				—
Total dividends and distributions			—				(0.372	)			(0.257	)			(0.245	)			(0.202	)			(0.379	)
Net asset value, end of period		$	14.454			$	13.510			$	13.340			$	14.107			$	13.814			$	12.562
Total return4			6.99%				4.08%				(3.62%	)			3.88%				11.58%				9.32%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	6,995,041			$	6,959,522			$	7,084,595			$	6,972,807			$	5,519,293			$	2,854,360
Ratio of expenses to average net assets5			0.53%				0.52%				0.52%				0.52%				0.52%				0.52%
Ratio of net investment income (loss) to average net assets			(0.41%	)			1.40%				1.54%				1.46%				1.33%				1.60%
Portfolio turnover			9%				23%				20%				19%				15%				18%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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 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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.058			$	12.711			$	13.474			$	13.290			$	11.902			$	11.190
Income (loss) from investment operations:
Net investment income (loss)3			(0.010	)			0.228				0.246				0.243				0.226				0.234
Net realized and unrealized gain (loss)			1.009				0.377				(0.743	)			0.220				1.384				0.784
Total from investment operations			0.999				0.605				(0.497	)			0.463				1.610				1.018
Less dividends and distributions from:
Net investment income			—				(0.258	)			(0.266	)			(0.279	)			(0.222	)			(0.306	)
Return of capital			—				—				—				—				—	4			—
Total dividends and distributions			—				(0.258	)			(0.266	)			(0.279	)			(0.222	)			(0.306	)
Net asset value, end of period		$	14.057			$	13.058			$	12.711			$	13.474			$	13.290			$	11.902
Total return5			7.65%				4.75%				(3.69%	)			3.47%				13.55%				9.15%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	210,249			$	199,014			$	197,206			$	195,440			$	175,175			$	139,866
Ratio of expenses to average net assets6			0.28%				0.27%				0.27%				0.26%				0.27%				0.27%
Ratio of net investment income (loss) to average net assets			(0.15%	)			1.77%				1.82%				1.79%				1.78%				2.00%
Portfolio turnover			9%				21%				22%				15%				15%				21%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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

⁴ Amount rounds to less than $0.001 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.

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 (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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.059			$	12.713			$	13.475			$	13.292			$	11.905			$	11.191
Income (loss) from investment operations:
Net investment income (loss)3			(0.027	)			0.195				0.212				0.209				0.195				0.205
Net realized and unrealized gain (loss)			1.009				0.377				(0.742	)			0.219				1.383				0.784
Total from investment operations			0.982				0.572				(0.530	)			0.428				1.578				0.989
Less dividends and distributions from:
Net investment income			—				(0.226	)			(0.232	)			(0.245	)			(0.191	)			(0.275	)
Return of capital			—				—				—				—				—	4			—
Total dividends and distributions			—				(0.226	)			(0.232	)			(0.245	)			(0.191	)			(0.275	)
Net asset value, end of period		$	14.041			$	13.059			$	12.713			$	13.475			$	13.292			$	11.905
Total return5			7.52%				4.49%				(3.93%	)			3.21%				13.26%				8.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	8,770,858			$	8,659,383			$	8,877,001			$	8,704,565			$	6,467,673			$	2,518,033
Ratio of expenses to average net assets6			0.53%				0.52%				0.52%				0.51%				0.52%				0.52%
Ratio of net investment income (loss) to average net assets			(0.40%	)			1.52%				1.57%				1.54%				1.53%				1.75%
Portfolio turnover			9%				21%				22%				15%				15%				21%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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

⁴ Amount rounds to less than $0.001 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.

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–17

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially all 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, 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 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. Investments in government money market funds have a stable NAV.

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 2016), 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, 2017, 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 Global Allocation Managed Risk Funds–18

LVIP Global Allocation Managed Risk 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 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, 2017.

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 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. The fee is calculated daily and paid monthly. The fee is in addition to the management fee indirectly paid to the investment advisers of the Underlying Funds (including LIAC).

Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Funds’ managed risk strategy. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

	LVIP Global Conservative Allocation Managed Risk Fund			LVIP Global Moderate Allocation Managed Risk Fund			LVIP Global Growth Allocation Managed Risk Fund
Administrative		$	40,514		$	204,541		$	253,438
Legal			9,777			49,366			61,167

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The fees are calculated daily and paid annually. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2017, these fees were as follows:

	LVIP Global Conservative Allocation Managed Risk Fund			LVIP Global Moderate Allocation Managed Risk Fund			LVIP Global Growth Allocation Managed Risk Fund
Printing and mailing		$	19,231		$	104,480		$	92,425

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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 Global Allocation Managed Risk Funds–19

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

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

At June 30, 2017, each Fund had liabilities payable to affiliates as follows:

	LVIP Global Conservative Allocation Managed Risk Fund		LVIP Global Moderate Allocation Managed Risk Fund		LVIP Global Growth Allocation Managed Risk Fund
Management fees payable to LIAC		$288,802		$1,493,878		$1,856,700
Distribution fees payable to LFD		273,209		1,447,983		1,813,409
Shareholder servicing fees payable to Lincoln Life		33,501		173,290		215,377
Printing and mailing fees payable to Lincoln Life		19,231		104,479		92,425

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, 2017, the Funds engaged in securities purchases and securities sales as follows:

	LVIP Global Conservative Allocation Managed Risk Fund		LVIP Global Moderate Allocation Managed Risk Fund		LVIP Global Growth Allocation Managed Risk Fund
Purchases		$516,280		$2,561,125		$ 49,283
Sales		20,168		228,465		2,470,084

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–20

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

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

Affiliated investments, 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 issuers’ outstanding securities (non-LVIP Funds or ETFs).

Affiliated investments of the LVIP Global Conservative Allocation Managed Risk Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP BlackRock Inflation Protected Bond Fund		$	42,319,915		$	1,279,182		$	3,860,063		$	(26,541	)		$	225,620		$	39,938,113		$	—		$	—
LVIP Delaware Bond Fund			393,504,262			—			134,792,508			(3,887,210	)			12,161,703			266,986,247			—			—
LVIP Global Income Fund			28,144,559			370,615			2,950,037			(92,558	)			1,168,028			26,640,607			—			—
LVIP JPMorgan High Yield Fund			85,089,466			285,626			22,325,613			(370,992	)			3,796,695			66,475,182			—			—
LVIP MFS International Growth Fund			28,347,149			11,794,178			3,483,082			221,728				4,680,780			41,560,753			—			—
LVIP Mondrian International Value Fund			42,509,488			139,646			20,136,655			1,093,329				3,803,541			27,409,349			—			—
LVIP PIMCO Low Duration Bond Fund			70,538,394			1,813,294			6,433,439			11,843				837,152			66,767,244			—			—
LVIP SSGA Bond Index Fund			70,336,467			1,756,306			7,082,797			(109,535	)			1,552,464			66,452,905			—			—
LVIP SSGA Developed International 150 Fund			13,809,331			54,302			1,569,944			110,749				1,566,449			13,970,887			—			—
LVIP SSGA International Index Fund			42,151,919			12,685,109			4,793,818			354,312				5,280,099			55,677,621			—			—
LVIP SSGA Large Cap 100 Fund			55,411,390			188,982			18,011,742			1,326,624				2,899,275			41,814,529			—			—
LVIP SSGA Mid-Cap Index Fund			41,879,798			1,461,444			4,033,883			589,859				1,758,717			41,655,935			—			—
LVIP SSGA S&P 500 Index Fund			197,112,518			5,593,071			25,790,123			5,848,677				11,368,582			194,132,725			—			—
LVIP SSGA Small-Cap Index Fund			28,082,058			1,180,639			2,578,090			424,498				877,348			27,986,453			—			—
LVIP T. Rowe Price Growth Stock Fund			41,923,118			148,011			8,096,703			870,815				6,727,869			41,573,110			—			—
LVIP Western Asset Core Bond Fund			148,211,006			140,731,731			51,466,568			(1,591,845	)			7,546,812			243,431,136			—			—
Total		$	1,329,370,838		$	179,482,136		$	317,405,065		$	4,773,753			$	66,251,134		$	1,262,472,796		$	—		$	—

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 investments of the LVIP Global Moderate Allocation Managed Risk Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP BlackRock Inflation Protected Bond Fund		$	207,604,826		$	6,304,853		$	19,189,254		$	(570,451	)		$	1,577,743		$	195,727,717		$	—		$	—
LVIP Delaware Bond Fund			1,027,072,959			—			265,272,095			(6,685,345	)			31,432,161			786,547,680			—			—
LVIP Global Income Fund			138,064,417			3,040,905			15,493,856			(419,923	)			5,825,174			131,016,717			—			—
LVIP JPMorgan High Yield Fund			208,703,183			850,190			22,569,867			(879,400	)			9,446,091			195,550,197			—			—
LVIP MFS International Growth Fund			347,659,626			51,807,492			31,020,838			1,974,825				60,221,664			430,642,769			—			—
LVIP Mondrian International Value Fund			208,532,310			850,191			18,650,923			(1,952,998	)			26,168,767			214,947,347			—			—
LVIP PIMCO Low Duration Bond Fund			346,029,728			8,724,051			96,897,633			631,535				3,472,048			261,959,729			—			—
LVIP SSGA Bond Index Fund			414,059,489			14,075,413			45,410,148			(814,624	)			9,612,744			391,522,874			—			—
LVIP SSGA Developed International 150 Fund			203,228,217			3,113,908			13,835,712			(1,312,346	)			26,530,805			217,724,872			—			—
LVIP SSGA Emerging Markets 100 Fund			67,447,570			3,621,156			8,434,789			391,779				9,815,124			72,840,840			—			—
LVIP SSGA International Index Fund			275,985,377			1,133,588			26,382,893			1,317,340				36,273,726			288,327,138			—			—
LVIP SSGA Large Cap 100 Fund			339,763,066			1,416,985			78,040,363			7,931,240				18,510,582			289,581,510			—			—
LVIP SSGA Mid-Cap Index Fund			273,898,903			2,343,188			76,115,825			12,717,638				2,820,851			215,664,755			—			—
LVIP SSGA S&P 500 Index Fund			1,312,242,434			136,673,982			128,997,011			31,571,246				84,333,506			1,435,824,157			—			—
LVIP SSGA Small-Cap Index Fund			206,623,957			15,430,112			13,835,712			1,217,401				8,647,095			218,082,853			—			—
LVIP T. Rowe Price Growth Stock Fund			274,206,203			1,133,588			38,178,492			3,124,464				47,414,023			287,699,786			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			135,945,182			3,063,492			11,811,442			234,744				16,474,029			143,906,005			—			—
LVIP Western Asset Core Bond Fund			542,077,272			174,753,943			103,180,730			(3,183,474	)			18,771,966			629,238,977			—			—
Total		$	6,529,144,719		$	428,337,037		$	1,013,317,583		$	45,293,651			$	417,348,099		$	6,406,805,923		$	—		$	—

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 investments of the LVIP Global Growth Allocation Managed Risk Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP BlackRock Inflation Protected Bond Fund		$	171,069,884		$	5,561,484		$	20,560,437		$	(393,336	)		$	1,237,035		$	156,914,630		$	—		$	—
LVIP Clarion Global Real Estate Fund			171,874,787			9,287,225			11,009,435			24,190				7,509,787			177,686,554			—			—
LVIP Delaware Bond Fund			1,010,456,991			—			251,240,755			(4,561,743	)			30,792,126			785,446,619			—			—
LVIP Global Income Fund			170,650,674			4,121,802			24,490,822			(580,535	)			7,284,660			156,985,779			—			—
LVIP JPMorgan High Yield Fund			257,960,741			1,500,154			35,373,901			(1,109,852	)			11,723,368			234,700,510			—			—
LVIP MFS International Growth Fund			257,463,723			256,680,748			21,738,827			1,410,315				43,211,721			537,027,680			—			—
LVIP Mondrian International Value Fund			257,753,024			708,532			21,798,187			(2,381,634	)			32,388,020			266,669,755			—			—
LVIP PIMCO Low Duration Bond Fund			342,160,408			9,357,310			119,936,581			820,356				3,199,691			235,601,184			—			—
LVIP SSGA Bond Index Fund			255,896,301			9,244,864			36,073,397			(381,667	)			5,890,234			234,576,335			—			—
LVIP SSGA Developed International 150 Fund			251,196,128			4,181,835			16,514,152			434,776				30,817,820			270,116,407			—			—
LVIP SSGA Emerging Markets 100 Fund			166,127,911			9,166,770			19,206,561			(397,716	)			25,629,743			181,320,147			—			—
LVIP SSGA International Index Fund			852,841,433			2,161,630			156,344,288			(5,176,435	)			113,743,333			807,225,673			—			—
LVIP SSGA Large Cap 100 Fund			335,956,251			84,034,095			87,805,842			1,836,978				26,403,705			360,425,187			—			—
LVIP SSGA Mid-Cap Index Fund			507,792,448			34,022,278			33,030,769			4,168,634				24,859,928			537,812,519			—			—
LVIP SSGA S&P 500 Index Fund			1,963,412,109			9,162,604			181,142,485			44,660,604				130,036,532			1,966,129,364			—			—
LVIP SSGA Small-Cap Index Fund			255,371,064			19,472,600			16,514,152			1,254,114				10,976,063			270,559,689			—			—
LVIP T. Rowe Price Growth Stock Fund			254,194,161			89,566,228			31,628,246			2,856,377				43,564,394			358,552,914			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			84,014,113			2,002,665			6,809,595			506,310				9,842,232			89,555,725			—			—
LVIP Western Asset Core Bond Fund			422,807,289			184,459,032			93,005,911			(2,845,294	)			15,687,914			527,103,030			—			—
Total		$	7,988,999,440		$	734,691,856		$	1,184,224,343		$	40,144,442			$	574,798,306		$	8,154,409,701		$	—		$	—

LVIP Global Allocation Managed Risk Funds–23

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, 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		$197,852,556		$  593,371,724		$  762,505,086
Sales		323,325,171		1,042,806,237		1,309,594,112

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	LVIP Global Conservative Allocation Managed Risk Fund		LVIP Global Moderate Allocation Managed Risk Fund			LVIP Global Growth Allocation Managed Risk Fund
Cost of investments		$1,218,350,563		$6,128,703,961			$7,563,808,099
Aggregate unrealized appreciation		$   177,372,726		$1,115,903,071			$1,445,059,060
Aggregate unrealized depreciation		—		(20,922,564	)		(26,910,710	)
Net unrealized appreciation		$   177,372,726		$1,094,980,507			$1,418,148,350

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, 2016, the LVIP Global Moderate Allocation Managed Risk Fund and the LVIP Global Growth Allocation Managed Risk Fund had the following capital loss carryforwards for federal income tax purposes:

	Pre-Enactment Short-Term Capital Losses Expiring				Post-Enactment Losses (No Expiration)*
Fund	2017		2018		Short-Term		Long-Term		Total
LVIP Global Moderate Allocation Managed Risk Fund	$	—	$	—	$	32,340,466	$	12,271,301	$	44,611,767
LVIP Global Growth Allocation Managed Risk Fund		75,754,365		20,846,885		58,569,436		6,090,397		161,261,083

*Capital Loss Carryforwards with no expiration must be utilized first.

As of December 31, 2016, the LVIP Global Conservative Allocation Managed Risk Fund had no capital losses carryforwards.

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–24

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, 2017:

Investments:	LVIP Global Conservative Allocation Managed Risk Fund			LVIP Global Moderate Allocation Managed Risk Fund			LVIP Global Growth Allocation Managed Risk Fund
Assets:
Level 1
Affiliated Investments		$	1,262,472,796		$	6,406,805,923		$	8,154,409,701
Unaffiliated Investments			133,250,493			816,878,545			827,546,748
Total Investments		$	1,395,723,289		$	7,223,684,468		$	8,981,956,449

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		358,380			883,029			1,259,780			2,758,729			978,302			2,441,210
Service Class		2,697,077			14,315,330			7,139,002			27,920,713			7,367,808			27,529,574
Shares reinvested:
Standard Class		—			207,782			—			460,061			—			295,008
Service Class		—			3,682,341			—			14,051,892			—			11,273,156
		3,055,457			19,088,482			8,398,782			45,191,395			8,346,110			41,538,948
Shares redeemed:
Standard Class		(509,703	)		(1,175,203	)		(1,490,045	)		(3,977,654	)		(1,262,061	)		(3,009,788	)
Service Class		(11,666,788	)		(17,815,962	)		(38,326,797	)		(57,934,175	)		(45,785,671	)		(73,948,053	)
		(12,176,491	)		(18,991,165	)		(39,816,842	)		(61,911,829	)		(47,047,732	)		(76,957,841	)
Net increase (decrease)		(9,121,034	)		97,317			(31,418,060	)		(16,720,434	)		(38,701,622	)		(35,418,893	)

LVIP Global Allocation Managed Risk Funds–25

LVIP Global Allocation Managed Risk Funds

Notes to Financial Statements (continued)

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

7. 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–26

                        LVIP Global Income Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP Global Income Fund

Index
Disclosure of Fund Expenses	1
Security Type/Country Allocations and Credit Quality Breakdown	2
Statement of Net Assets	4
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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,040.10		0.66%		$3.34
Service Class Shares		1,000.00		1,038.90		0.91%		4.60
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,021.52		0.66%		$3.31
Service Class Shares		1,000.00		1,020.28		0.91%		4.56

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP Global Income Fund–1

LVIP Global Income Fund

Security Type/Country Allocations and Credit Quality Breakdown (unaudited)

As of June 30, 2017

Security Type Percentage
of Net Assets

Agency Collateralized Mortgage Obligations	0.57	%
Agency Mortgage-Backed Securities	0.55	%
Corporate Bonds	5.48	%
Municipal Bonds	0.06	%
Non-Agency Asset-Backed Securities	1.40	%
Non-Agency Collateralized Mortgage Obligations	0.89	%
Non-Agency Commercial Mortgage-Backed Securities	0.37	%
Loan Agreements	0.92	%
Sovereign Bonds	50.44	%
Supranational Banks	2.14	%
U.S. Treasury Obligations	31.19	%
Common Stock	0.01	%
Exchange-Traded Fund	0.06	%
Money Market Fund	2.11	%
Short-Term Investment	1.01	%
Total Investments	97.20	%
Security Sold Short	(0.13	%)
Receivables and Other Assets Net of Liabilities	2.93	%
Total Net Assets	100.00	%

Country* Percentage
of Net Assets

Australia	3.69	%
Brazil	1.18	%
Canada	0.13	%
Cayman Islands	0.78	%
China	0.12	%
France	5.19	%
Germany	0.12	%
Ghana	0.25	%
India	1.35	%
Indonesia	1.64	%
Italy	0.19	%
Japan	10.67	%
Luxembourg	1.12	%
Malaysia	0.74	%
Mexico	4.94	%
Monaco	0.01	%
Netherlands	0.05	%
New Zealand	5.90	%
Peru	0.01	%
Philippines	0.38	%
Poland	3.70	%
Republic of Korea	0.72	%
Serbia	0.02	%
Singapore	3.96	%
South Africa	0.14	%
Spain	5.37	%
Supranational	1.08	%
Thailand	0.67	%
Ukraine	0.40	%
United Kingdom	0.27	%
United States	39.16	%
Total	93.95	%

*Allocation includes all investments except for short - term investments.

LVIP Global Income Fund–2

LVIP Global Income Fund

Security Type/Country Allocations and Credit Quality Breakdown (unaudited) (continued)

Credit Quality Breakdown

(as a % of fixed income investments)*

U.S. Government	33.93	%
AAA	17.73	%
AA	9.32	%
A	22.37	%
BBB	12.40	%
BB	0.86	%
B	1.26	%
CCC	0.09	%
Below CCC	0.01	%
Not Rated	0.97	%
Short-Term Investment	1.06	%
Total	100.00	%

*For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s Rating Services (“S&P”) or Moody’s Investor Service, Inc. (“Moody’s”) or Fitch Inc. (“Fitch”). U.S. Treasury Obligation, Agency mortgage-backed, and Agency Collateralized Mortgage Obligation securities appear under “U.S. Government”. Discount notes, appear under “Short-Term Investment”. “Not Rated” is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

LVIP Global Income Fund–3

LVIP Global Income Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.57%
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2014-DN1 M2 3.416% 2/25/24		247,318	$	254,249
•Series 2014-DN3 M3 5.216% 8/25/24		250,000		272,858
•Series 2015-DN1 M3 5.366% 1/25/25		600,000		650,850
•Series 2015-DNA2 M3 5.116% 12/25/27		500,000		552,085
•Series 2015-DNA3 M2 4.066% 4/25/28		782,792		810,777
•Series 2015-HQ1 M3 5.016% 3/25/25		610,000		663,300
•Series 2015-HQA1 M2 3.866% 3/25/28		1,005,690		1,031,096
•Series 2015-HQA2 M2 4.016% 5/25/28		782,927		810,604
•Series 2016-HQA1 M2 3.966% 9/25/28		500,000		518,821
•Series 2016-HQA2 M2 3.466% 11/25/28		275,000		282,594
Total Agency Collateralized Mortgage Obligations (Cost $5,727,287)				5,847,234
AGENCY MORTGAGE-BACKED SECURITIES–0.55%
Fannie Mae ARM
•2.551% 9/1/34		118,409		125,210
•2.625% 10/1/32		60,779		64,073
•2.705% 9/1/33		102,318		108,344
•2.747% 6/1/35		655,688		690,839
•2.78% 7/1/34		35,272		37,073
•2.79% 11/1/37		46,882		49,245
•2.805% 10/1/35		286,255		297,436
•2.834% 9/1/33		155,712		163,510
•2.876% 4/1/38		17,796		18,972
•2.903% 11/1/34		33,972		35,278
•3.021% 10/1/37		27,175		28,387
•3.031% 4/1/34		149,675		157,369
•3.149% 8/1/36		43,152		46,107
•3.151% 6/1/36		38,349		40,730
•3.185% 4/1/38		125,627		131,205
•3.274% 2/1/35		16,827		17,750
•3.382% 1/1/37		6,844		7,252
•3.468% 1/1/37		114,275		120,901
•3.494% 3/1/35		52,787		55,671
•3.59% 5/1/36		9,783		10,384
•3.674% 5/1/38		108,888		116,198
Freddie Mac ARM
•2.75% 10/1/34		20,808		21,817
•2.823% 1/1/35		140,633		148,203
•2.908% 1/1/36		23,827		24,756

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac ARM (continued)
•2.923% 1/1/35		131,759	$	138,845
•2.946% 11/1/33		15,846		16,740
•2.95% 7/1/36		68,499		70,991
•3.011% 8/1/31		24,853		26,160
•3.051% 3/1/34		15,754		16,575
•3.223% 4/1/30		42,969		44,907
•3.494% 4/1/38		105,560		112,181
•3.588% 11/1/36		16,493		17,722
•3.623% 5/1/38		56,686		59,877
•3.674% 5/1/38		306,061		324,459
GNMA II S.F. 30 yr TBA 4.00% 7/20/47		2,170,000		2,283,416
Total Agency Mortgage-Backed Securities (Cost $5,580,504)				5,628,583
DCORPORATE BONDS–5.48%
Australia–0.28%
#BlueScope Steel Finance 144A 6.50% 5/15/21		200,000		211,500
#FMG Resources August 2006 Pty 144A 4.75% 5/15/22		100,000		100,625
National Australia Bank 1.875% 7/23/18		600,000		602,045
Westpac Banking
#144A 2.10% 2/25/21		1,500,000		1,493,251
#144A 2.25% 11/9/20		500,000		501,445
				2,908,866
Canada–0.12%
Canadian Natural Resources 1.75% 1/15/18		500,000		500,024
Royal Bank of Canada 2.10% 10/14/20		500,000		499,381
#Valeant Pharmaceuticals International 144A 5.375% 3/15/20		250,000		242,500
				1,241,905
Cayman Islands–0.14%
Alibaba Group Holding 2.50% 11/28/19		600,000		604,999
#Hutchison Whampoa International 14 144A 1.625% 10/31/17		500,000		499,105
#Park Aerospace Holdings 144A 5.25% 8/15/22		200,000		209,814
#•Seven & Seven 144A 2.43% 9/11/19		150,000		149,110
				1,463,028
China–0.12%
#Export-Import Bank of China 144A 2.50% 7/31/19		600,000		604,641

LVIP Global Income Fund–4

LVIP Global Income Fund

Statement of Net Assets (continued)

		Principal Amount°		Value (U.S. $)
DCORPORATE BONDS (continued)
China (continued)
Industrial & Commercial Bank of China 3.231% 11/13/19			600,000	$	610,669
					1,215,310
France–0.10%
#Electricite de France 144A 2.15% 1/22/19			1,000,000		1,003,457
					1,003,457
Germany–0.12%
•Deutsche Bank 2.482% 8/20/20			600,000		602,635
#Norddeutsche Landesbank Girozentrale 144A 2.00% 2/5/19			600,000		601,953
					1,204,588
Italy–0.19%
Banca Monte dei Paschi di Siena 2.875% 4/16/21	EUR		600,000		733,254
Intesa Sanpaolo
3.875% 1/16/18			700,000		706,566
3.875% 1/15/19			500,000		512,525
					1,952,345
Luxembourg–0.06%
Allergan Funding 2.35% 3/12/18			600,000		602,607
					602,607
Mexico–0.04%
Coca-Cola Femsa 2.375% 11/26/18			400,000		402,266
					402,266
Netherlands–0.05%
#•ING Bank 144A 1.989% 10/1/19			500,000		502,733
					502,733
Republic of Korea–0.04%
#Woori Bank 144A 4.75% 4/30/24			350,000		367,248
					367,248
South Africa–0.00%
#*K2016470219 South Africa 144A PIK 3.00% 12/31/22			92,050		5,293
					5,293
Spain–0.01%
Banco Popular Espanol 1.00% 3/3/22	EUR		100,000		117,812
					117,812
United Kingdom–0.27%
Delphi Automotive 3.15% 11/19/20			800,000		817,866
HSBC Holdings 3.40% 3/8/21			200,000		205,666

	Principal Amount°		Value (U.S. $)
DCORPORATE BONDS (continued)
United Kingdom (continued)
#Imperial Brands Finance 144A 2.95% 7/21/20		400,000	$	407,053
#Petrofac 144A 3.40% 10/10/18		200,000		188,086
#Sinopec Group Overseas Development 2015 144A 2.50% 4/28/20		500,000		502,694
#Sinopec Group Overseas Development 2017 144A 2.375% 4/12/20		300,000		300,272
#State Grid Overseas Investment 2014 144A 2.75% 5/7/19		300,000		302,949
				2,724,586
United States–3.94%
AbbVie 1.80% 5/14/18		800,000		801,179
American Tower
3.30% 2/15/21		500,000		513,488
3.40% 2/15/19		300,000		306,388
•Amgen 1.772% 5/22/19		1,000,000		1,008,424
Anadarko Petroleum 4.85% 3/15/21		200,000		213,645
Anheuser-Busch InBev Finance 2.65% 2/1/21		600,000		608,549
•Apple 2.006% 2/22/19		400,000		405,144
AT&T 2.45% 6/30/20		700,000		704,085
Bank of America
•2.198% 1/15/19		1,000,000		1,012,779
2.65% 4/1/19		700,000		708,730
•Bank of New York Mellon 2.049% 8/17/20		500,000		509,443
Beazer Homes USA 5.75% 6/15/19		3,000,000		3,155,625
#California Resources 144A 8.00% 12/15/22		73,000		46,445
Calpine 5.375% 1/15/23		775,000		758,531
Capital One Bank USA 2.30% 6/5/19		800,000		801,088
Capital One Financial 2.50% 5/12/20		300,000		301,499
CIT Group 5.00% 8/15/22		100,000		108,000
Citigroup
•2.073% 4/8/19		200,000		201,349
2.40% 2/18/20		800,000		804,810
CNH Industrial Capital 3.875% 10/15/21		400,000		411,500
#Dell International 144A 3.48% 6/1/19		400,000		409,538
Dollar General 1.875% 4/15/18		500,000		500,459
Dominion Energy 2.50% 12/1/19		500,000		504,177
EI du Pont de Nemours & Co. 2.20% 5/1/20		100,000		100,584

LVIP Global Income Fund–5

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
DCORPORATE BONDS (continued)
United States (continued)
Enable Midstream Partners 2.40% 5/15/19		400,000	$	398,612
Energy Transfer 4.15% 10/1/20		100,000		103,935
EnLink Midstream Partners 2.70% 4/1/19		100,000		99,823
Enterprise Products Operating 2.55% 10/15/19		200,000		201,834
Fiserv 2.70% 6/1/20		600,000		607,480
Ford Motor Credit 3.157% 8/4/20		300,000		305,946
•Goldman Sachs Group 2.446% 9/15/20		1,600,000		1,628,208
HCA 5.875% 5/1/23		100,000		109,125
•Hewlett Packard Enterprise 3.231% 10/5/18		600,000		611,540
HSBC USA 2.00% 8/7/18		600,000		601,789
#Jackson National Life Global Funding 144A 2.25% 4/29/21		500,000		494,926
JPMorgan Chase & Co.
1.85% 3/22/19		500,000		499,600
2.20% 10/22/19		1,000,000		1,003,532
2.40% 6/7/21		200,000		199,732
Juniper Networks 3.125% 2/26/19		500,000		508,665
Kinder Morgan 3.05% 12/1/19		200,000		203,588
#Kinder Morgan Finance 144A 6.00% 1/15/18		300,000		306,269
Kraft Heinz Foods 2.00% 7/2/18		500,000		501,388
Kroger 2.60% 2/1/21		500,000		500,442
Lockheed Martin 1.85% 11/23/18		300,000		300,600
Marriott International 2.875% 3/1/21		800,000		812,488
Maxim Integrated Products 2.50% 11/15/18		1,000,000		1,008,472
#Metropolitan Life Global Funding I 144A 3.875% 4/11/22		300,000		317,766
Morgan Stanley
•2.003% 1/24/19		500,000		503,696
•2.31% 1/27/20		800,000		812,407
Navient
5.50% 1/15/19		200,000		208,750
6.625% 7/26/21		100,000		107,875
#NBCUniversal Enterprise 144A 1.974% 4/15/19		600,000		602,250
#New York Life Global Funding 144A 2.10% 1/2/19		1,000,000		1,005,051
#NUVEEN FINANCE 144A 2.95% 11/1/19		300,000		304,457
Procter & Gamble 1.70% 11/3/21		200,000		197,508

	Principal Amount°		Value (U.S. $)
DCORPORATE BONDS (continued)
United States (continued)
Protective Life Global Funding
#144A 1.722% 4/15/19		300,000	$	298,012
#144A 2.262% 4/8/20		400,000		399,868
•Prudential Financial 1.962% 8/15/18		600,000		604,037
PSEG Power 3.00% 6/15/21		500,000		508,144
Regions Financial 2.00% 5/15/18		500,000		500,503
Reynolds American 2.30% 6/12/18		500,000		502,293
Sabine Pass Liquefaction 5.625% 2/1/21		300,000		326,851
Sanchez Energy 7.75% 6/15/21		150,000		136,500
Sempra Energy 2.85% 11/15/20		700,000		711,019
Southern 2.35% 7/1/21		400,000		397,461
#Sprint Communications 144A 9.00% 11/15/18		37,000		40,203
#Sprint Spectrum 144A 3.36% 9/20/21		200,000		202,250
#Talen Energy Supply 144A 9.50% 7/15/22		200,000		172,500
Tenet Healthcare
5.50% 3/1/19		160,000		166,400
#144A 7.50% 1/1/22		100,000		108,730
Time Warner 2.10% 6/1/19		500,000		500,438
Toys R Us 7.375% 10/15/18		350,000		316,750
TransDigm 6.00% 7/15/22		400,000		413,000
United Technologies 4.50% 4/15/20		500,000		534,847
Verizon Communications 2.625% 2/21/20		1,000,000		1,013,941
Viacom 2.75% 12/15/19		257,000		260,054
Walgreens Boots Alliance 1.75% 11/17/17		300,000		300,215
Wells Fargo
•2.033% 7/22/20		1,100,000		1,117,001
2.50% 3/4/21		200,000		200,797
Zimmer Biomet Holdings 2.70% 4/1/20		700,000		706,832
				40,401,859
Total Corporate Bonds (Cost $55,737,443)				56,113,903
MUNICIPAL BONDS–0.06%
Commonwealth of Pennsylvania Series 5.00% 1/15/20		400,000		436,124

LVIP Global Income Fund–6

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
State of Texas Series A 5.00% 4/1/21		180,000	$	204,419
Total Municipal Bonds (Cost $634,795)				640,543
NON-AGENCY ASSET-BACKED SECURITIES–1.40%
•American Express Credit Account Master Trust Series 2008-2 A 2.419% 9/15/20		300,000		302,278
#•Atrium X 144A 3.036% 7/16/25		150,000		150,229
#•Carlyle Global Market Strategies CLO Series 2014-4A A1R 144A 2.358% 10/15/26		820,000		821,699
Carlyle US CLO
#•Series 2017-1A A1A 144A 2.461% 4/20/31		800,000		802,898
#•Series 2017-2A B 144A 3.731% 7/20/31		250,000		250,000
#•Catamaran CLO Series 2014-2A BR 144A 4.108% 10/18/26		606,600		609,224
#•Cent CDO 15 Series 2007-15A A2B 144A 1.568% 3/11/21		1,000,000		971,650
#•Centerline REIT Series 2004-RR3 A2 144A 4.76% 9/21/45		127,427		127,948
•Chase Issuance Trust Series 2014-A5 A5 1.529% 4/15/21		750,000		752,783
Colony American Homes
#•Series 2014-1A A 144A 2.359% 5/17/31		257,516		258,926
#•Series 2014-1A C 144A 3.059% 5/17/31		100,000		100,837
•Conseco Financial Series 1997-3 A7 7.64% 3/15/28		64,211		65,506
Discover Card Execution Note Trust
•Series 2013-A6 A6 1.609% 4/15/21		580,000		582,646
•Series 2014-A1 A1 1.589% 7/15/21		800,000		803,661
#•Dryden 34 Senior Loan Fund Series 2014-34A AR 144A 2.318% 10/15/26		800,000		801,617
#•Dryden 38 Senior Loan Fund Series 2015-38A A 144A 2.588% 7/15/27		542,857		544,089
#•Dryden 49 Senior Loan Fund Series 2017-49A C 144A 0.00% 7/18/30		100,000		100,000
Invitation Homes Trust
#•Series 2014-SFR2 A 144A 2.309% 9/17/31		391,365		392,099

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Invitation Homes Trust (continued)
#•Series 2014-SFR2 B 144A 2.809% 9/17/31		740,000	$	739,999
#•Series 2015-SFR1 A 144A 2.659% 3/17/32		209,031		210,899
#•Series 2015-SFR2 A 144A 2.559% 6/17/32		321,000		323,932
•Madison Avenue Manufactured Housing Contract Trust Series 2002-A B1 4.466% 3/25/32		125,262		128,017
#•Madison Park Funding XXIII Series 2017-23A C 144A 7.00% 7/27/30		400,000		400,000
#•Octagon Investment Partners 24 Series 2015-1A A1 144A 2.622% 5/21/27		170,000		170,049
#•Octagon Investment Partners 31 Series 2017-1A C 144A 3.61% 7/20/30		65,415		65,284
•◆Park Place Securities Asset-Backed Pass Through Certificates Series 2004-WHQ2 M2 2.161% 2/25/35		12,120		12,129
•RAAC Trust Series 2004-SP1 AII 1.916% 3/25/34		220,006		209,494
#•SWAY Residential Trust Series 2014-1 A 144A 2.509% 1/17/32		12,497		12,497
Towd Point Mortgage Trust
#•Series 2015-3 A1B 144A 3.00% 3/25/54		157,687		159,545
#•Series 2016-1 A1 144A 3.50% 2/25/55		594,254		608,292
#•Series 2016-5 A1 144A 2.50% 10/25/56		409,442		409,859
#•Series 2017-1 A1 144A 2.75% 10/25/56		378,562		381,480
#•Series 2017-2 A1 144A 2.75% 4/25/57		255,839		258,278
#•Tricon American Homes Trust Series 2015-SFR1 A 144A 2.422% 5/17/32		649,542		653,172
West CLO
#•Series 2014-1A A2 144A 3.258% 7/18/26		310,000		310,014
#•Series 2014-1A B 144A 4.008% 7/18/26		830,000		830,186
Total Non-Agency Asset-Backed Securities (Cost $14,276,125)				14,321,216

LVIP Global Income Fund–7

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.89%
•Bear Stearns Alternative A Trust Series 2004-10 1A3 2.216% 9/25/34		85,155	$	85,036
CHL Mortgage Pass Through Trust
•◆Series 2004-6 1A1 3.608% 5/25/34		256,882		255,030
•◆Series 2004-11 2A1 3.156% 7/25/34		88,859		89,158
#•CSMC Trust Series 2014-IVR3 A1 144A 3.50% 7/25/44		146,202		147,510
Fannie Mae Connecticut Avenue Securities
•Series 2014-C02 2M1 2.166% 5/25/24		18,158		18,192
•Series 2014-C03 1M2 4.216% 7/25/24		761,000		811,444
•Series 2014-C04 1M2 6.116% 11/25/24		48,949		55,939
•Series 2014-C04 2M2 6.216% 11/25/24		232,771		262,398
•Series 2015-C01 1M2 5.516% 2/25/25		163,709		178,095
•Series 2015-C01 2M2 5.766% 2/25/25		653,525		705,953
•Series 2015-C02 1M2 5.216% 5/25/25		186,997		201,968
•Series 2015-C02 2M2 5.216% 5/25/25		335,697		359,454
•Series 2015-C03 2M2 6.216% 7/25/25		400,000		443,640
•Series 2017-C01 1M2 4.766% 7/25/29		465,000		491,063
•First Horizon Alternative Mortgage Securities Trust Series 2004-AA5 2A1 2.848% 12/25/34		208,748		203,419
•HarborView Mortgage Loan Trust Series 2004-1 3A 2.875% 4/19/34		230,703		237,805
•Impac Secured Assets CMN Owner Trust Series 2004-4 M1 1.981% 2/25/35		100,000		98,500
•IndyMac INDX Mortgage Loan Trust Series 2005-AR1 1A1 3.306% 3/25/35		343,231		337,013
•JPMorgan Mortgage Trust Series 2004-A1 5A1 3.423% 2/25/34		306,081		305,194
•Merrill Lynch Mortgage Investors Trust Series 2003-A 1A 1.956% 3/25/28		51,769		49,310
Morgan Stanley Mortgage Loan Trust
•Series 2004-8AR 4A2 3.237% 10/25/34		282,207		281,887

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Morgan Stanley Mortgage Loan Trust (continued)
•Series 2004-10AR 2A2 3.353% 11/25/34		244,635	$	247,968
•New York Mortgage Trust Series 2005-3 M1 1.891% 2/25/36		30,558		27,124
•Sequoia Mortgage Trust Series 2004-10 A2 1.852% 11/20/34		373,048		346,891
•Structured ARM Loan Trust Series 2004-12 3A1 3.366% 9/25/34		293,186		291,631
Structured Asset Mortgage Investments Trust
•Series 2003-AR1 A1 1.949% 10/19/33		368,516		345,242
•Series 2003-AR2 A1 1.949% 12/19/33		83,832		80,700
Structured Asset Mortgage Investments II Trust
•Series 2003-AR4 A1 1.909% 1/19/34		290,098		280,976
•Series 2004-AR6 A1A 1.909% 2/19/35		320,430		298,652
•Thornburg Mortgage Securities Trust Series 2003-4 A1 1.856% 9/25/43		261,945		252,955
WaMu Mortgage Pass Through Certificates Trust
•◆Series 2005-AR8 2AB2 1.636% 7/25/45		133,868		130,515
•◆Series 2005-AR19 A1A1 1.486% 12/25/45		352,026		340,086
Wells Fargo Mortgage-Backed Securities Trust
•Series 2003-L 1A2 2.885% 11/25/33		281,650		283,316
•Series 2003-O 1A2 2.883% 1/25/34		89,673		91,733
•Series 2004-X 1A1 3.047% 11/25/34		126,025		126,556
•Series 2005-AR9 2A2 3.132% 10/25/33		346,720		343,857
Total Non-Agency Collateralized Mortgage Obligations (Cost $8,979,966)				9,106,210
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.37%
Bank of America Commercial Mortgage Trust
•Series 2006-1 D 5.842% 9/10/45		170,000		169,620

LVIP Global Income Fund–8

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Bank of America Commercial Mortgage Trust (continued)
•Series 2006-4 AJ 5.695% 7/10/46		44,623	$	44,551
•Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13 AJ 5.611% 9/11/41		3,620		3,637
•CD Commercial Mortgage Trust Series 2005-CD1 E 5.434% 7/15/44		92,912		92,781
•Citigroup Commercial Mortgage Trust Series 2015-GC27 XA 1.571% 2/10/48		1,962,072		159,079
Commercial Mortgage Trust
•Series 2006-GG7 AJ 5.951% 7/10/38		351,000		330,839
•Series 2006-GG7 AM 5.951% 7/10/38		108,652		108,608
•Csail Commercial Mortgage Trust Series 2015-C2 XA 1.008% 6/15/57		6,830,430		331,417
•GE Commercial Mortgage Series 2007-C1 AM 5.606% 12/10/49		150,000		151,316
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2 A2 5.115% 7/15/41		5,760		5,761
•Series 2005-LDP5 F 5.824% 12/15/44		349,558		348,717
•Merrill Lynch Mortgage Trust Series 2005-CKI1 D 5.54% 11/12/37		47,105		47,053
Morgan Stanley Capital I Trust
•Series 2007-IQ16 AM 6.33% 12/12/49		500,000		506,125
•Series 2007-IQ16 AMA 6.326% 12/12/49		700,000		708,590
Multi Security Asset Trust Commercial Mortgage-Backed Securities Pass-Through
#•◆Series 2005-RR4A J 144A 5.88% 11/28/35		420,000		418,400
#•◆Series 2005-RR4A K 144A 5.88% 11/28/35		260,000		264,961
Resource Capital
#•Series 2014-CRE2 A 144A 2.222% 4/15/32		39,855		39,850

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Resource Capital (continued)
#•Series 2015-CRE4 A 144A 2.572% 8/15/32		36,935	$	36,833
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $3,955,607)				3,768,138
«LOAN AGREEMENTS–0.92%
Air Canada Tranche B 1st Lien 3.46% 10/6/23		6,423		6,459
Allison Transmission Tranche B 1st Lien 3.22% 9/23/22		115,070		115,759
AMC Entertainment Holdings Tranche B 1st Lien
3.285% 12/15/23		9,695		9,728
3.466% 12/15/22		15,129		15,182
Appvion Tranche B 1st Lien 7.79% 6/28/19		149,211		145,171
Aramark Services Tranche A 1st Lien 2.795% 3/28/22		20,686		20,789
Aristocrat Leisure Tranche B2 1st Lien 3.406% 10/20/21		16,621		16,710
Ascena Retail Group 1st Lien 5.625% 8/21/22		340,921		287,865
Avis Budget Car Rental Tranche B 1st Lien 3.30% 3/15/22		206,471		206,277
Bowie Resource Holdings Tranche B 1st Lien 6.976% 8/12/20		154,969		149,932
Cablevision Holdings Tranche B 1st Lien 3.459% 7/17/25		83,040		82,573
Caesars Entertainment Tranche B 1st Lien 2.50% 4/4/24		15,167		15,138
Calpine Construction Finance 3.48% 5/3/20		198,964		198,405
Caraustar Industries 1st Lien 6.50% 3/9/22		35,969		36,037
Chemours Tranche B1 1st Lien 3.57% 5/12/22		85,733		86,151
Ciena Tranche B 1st Lien 3.712% 1/30/22		24,784		24,908
Commscope Tranche B 1st Lien 3.25% 12/29/22		59,693		60,004
Consolidated Communications Tranche B 1st Lien 4.23% 10/5/23		24,102		24,216
Cyanco Intermediate 1st Lien 5.726% 4/29/20		56,023		56,350
Dell International Tranche A3 1st Lien 3.23% 12/31/18		104,098		104,384
Dollar Tree Tranche A 1st Lien 2.938% 7/6/20		69,599		69,772
EFS Cogen Holdings I Tranche B 1st Lien 4.80% 6/28/23		15,569		15,658

LVIP Global Income Fund–9

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
«LOAN AGREEMENTS (continued)
Endo Pharmaceutical Tranche B 1st Lien 5.00% 4/27/24		219,659	$	222,062
Energy Transfer Equity 1st Lien 3.826% 2/2/24		200,000		199,351
Evergreen Acqco 1 Tranche C 1st Lien 5.00% 10/3/19		184,041		174,379
FGI Operating Tranche B 1st Lien 5.50% 4/19/19		909,208		860,338
Fieldwood Energy 1st Lien 4.171% 9/28/18		604,108		581,831
Global Payments Tranche A2 1st Lien 2.942% 5/2/22		78,223		78,125
Global Telecommunciations Link Tranche B 1st Lien 5.046% 5/21/20		26,394		26,454
Goodyear Tire & Rubber 2nd Lien 3.12% 4/30/19		17,839		17,945
Gray Television Tranche B 1st Lien 3.551% 2/7/24		180,909		182,059
Greektown Holdings Tranche B 1st Lien 4.226% 4/25/24		225,935		226,076
Harsco 1st Lien 6.25% 11/2/23		29,013		29,484
Helix Gen Funding Tranche B 1st Lien 4.96% 6/2/24		500,000		503,663
Hertz Tranche B 1st Lien 3.50% 6/30/23		299,244		298,528
Huntsman International Tranche B-Ext 1st Lien 4.226% 4/19/19		33,022		33,151
JBS USA LUX Tranche B 1st Lien 5.75% 10/30/22		220,747		215,890
Kar Auction Services Tranche B5 1st Lien 3.813% 3/9/23		47,796		48,200
Leidos Innovations Tranche B 1st Lien 3.50% 8/16/23		22,635		22,788
Lightstone Holdco Tranche B 1st Lien 5.726% 1/30/24		394,603		385,366
Lightstone Holdco Tranche C 1st Lien 5.726% 1/30/24		24,405		23,834
Lions Gate Entertainment 1st Lien 3.051% 12/8/21		65,585		65,749
Live Nation Entertainment 1st Lien 3.50% 10/27/23		9,647		9,677
MKS Instruments Tranche B 1st Lien 3.976% 4/29/23		40,729		40,932
Navios Maritime Midstream Partners Tranche B 1st Lien 5.78% 6/18/20		132,640		132,640
Navistar Tranche B 1st Lien 5.09% 8/7/20		133,860		135,576
NRG Energy Tranche B 1st Lien 3.546% 6/30/23		118,800		118,785
OCI Beaumont Tranche B3 1st Lien 7.929% 8/20/19		355,852		360,300

		Principal Amount°	Value (U.S. $)
«LOAN AGREEMENTS (continued)
ON Semiconductor Tranche B 1st Lien 3.476% 3/31/23		220,174	$	220,686
Onsite Rental Group Operations Pty Tranche B 1st Lien 5.716% 7/31/21		247,294		181,452
OSG Bulk Ships Tranche B - Exit 1st Lien 5.43% 8/5/19		107,601		102,490
Oxbox Carbon & Minerals Tranche B 1st Lien 4.726% 1/19/20		74,960		75,710
PetSmart 1st Lien 4.22% 3/10/22		305,953		285,640
Rackspace Hosting Tranche B 1st Lien 4.50% 11/3/23		48,476		48,570
Russell Investments US Institutional Holdco Tranche B 1st Lien 6.795% 6/1/23		26,118		26,542
Smart & Final Stores Tranche B 1st Lien 4.796% 11/15/22		99,791		96,215
Spectrum Brands Tranche B 1st Lien 3.179% 6/23/22		194,513		195,475
Suddenlink (Altice US Finance I) Tranche B 1st Lien 3.466% 7/14/25		24,928		24,752
Sungard Availability Services Capital Tranche B 1st Lien 6.226% 3/31/19		356,523		355,038
TI Group Automotive Systems Tranche B 1st Lien 3.976% 6/30/22		124,982		125,061
United Airlines Tranche B 1st Lien 3.422% 4/1/24		27,000		27,145
UPC Financing Partnership Tranche AP 1st Lien 3.909% 4/15/25		30,254		30,342
US Renal Care 1st Lien 5.546% 12/31/22		199,494		193,446
UTEX Industries Tranche B 1st Lien 5.226% 5/22/21		359,098		322,328
Valeant Pharmaceuticals International Tranche B-F1 1st Lien 5.83% 4/1/22		128,271		130,162
Western Digital 1st Lien 3.976% 4/29/23		66,823		67,220
XPO Logistics Tranche B 1st Lien 3.405% 10/30/21		187,979		188,983
Zebra Technologies 1st Lien 3.723% 10/27/21		36,120		36,310
Total Loan Agreements (Cost $9,696,933)				9,474,218
DSOVEREIGN BONDS–50.44%
Australia–3.39%
Australia Government Bonds 3.25% 4/21/25	AUD	15,000,000		12,146,954

LVIP Global Income Fund–10

LVIP Global Income Fund

Statement of Net Assets (continued)

		Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Australia (continued)
Australia Government Bonds (continued)
4.75% 4/21/27	AUD		15,500,000	$	14,119,929
5.25% 3/15/19	AUD		10,400,000		8,462,367
					34,729,250
Brazil–1.19%
≠Brazil Letras Do Tesouro Nacional 10.89% 7/1/20	BRL		3,040,000		693,192
Brazil Notas do Tesouro Nacional Series B 6.00% 8/15/18	BRL		100,000		93,636
Brazil Notas do Tesouro Nacional Series F
10.00% 1/1/21	BRL		4,810,000		1,455,105
10.00% 1/1/23	BRL		15,614,000		4,667,697
10.00% 1/1/25	BRL		13,825,000		4,083,762
10.00% 1/1/27	BRL		3,889,000		1,142,254
					12,135,646
France–5.09%
French Republic Government Bond O.A.T.
0.00% 5/25/20	EUR		14,450,000		16,678,961
0.50% 5/25/25	EUR		16,500,000		18,891,024
#144A 1.25% 5/25/36	EUR		10,550,000		11,596,518
3.00% 4/25/22	EUR		3,800,000		4,986,578
					52,153,081
Ghana–0.25%
Ghana Government Bonds
18.75% 1/24/22	GHS		1,280,000		298,332
19.00% 11/2/26	GHS		3,850,000		929,465
19.75% 3/25/24	GHS		1,280,000		311,409
19.75% 3/15/32	GHS		3,850,000		932,600
21.50% 3/9/20	GHS		50,000		12,164
24.50% 6/21/21	GHS		50,000		13,258
24.75% 3/1/21	GHS		50,000		13,222
24.75% 7/19/21	GHS		50,000		13,415
					2,523,865
India–1.35%
India Government Bond 8.13% 9/21/22	INR		840,000,000		13,778,911
					13,778,911
Indonesia–1.64%
Indonesia Treasury Bonds
7.00% 5/15/27	IDR		155,044,000,000		11,778,807
8.25% 7/15/21	IDR		2,600,000,000		205,669
8.375% 3/15/34	IDR		29,440,000,000		2,382,370
8.75% 5/15/31	IDR		14,332,000,000		1,214,632
9.00% 3/15/29	IDR		5,142,000,000		440,151
10.00% 2/15/28	IDR		7,040,000,000		640,398
10.50% 8/15/30	IDR		1,160,000,000		110,478
					16,772,505

		Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Japan–10.67%
Japan Bank for International Cooperation 2.125% 6/1/20			200,000	$	200,061
Japan Government 5 yr Bonds 0.10% 6/20/26	JPY		2,910,000,000		25,990,084
Japan Government 10 yr Bonds
0.10% 6/20/21	JPY		2,850,000,000		25,521,379
1.30% 3/20/19	JPY		650,000,000		5,918,436
Japan Government 20 yr Bonds
0.20% 6/20/36	JPY		900,000,000		7,512,389
1.50% 3/20/34	JPY		970,000,000		10,127,757
1.60% 6/20/30	JPY		350,000,000		3,657,666
1.90% 3/22/21	JPY		809,000,000		7,722,553
1.90% 6/20/25	JPY		653,000,000		6,675,660
Japan Government 30 yr Bonds
0.30% 6/20/46	JPY		950,000,000		7,324,760
1.70% 9/20/44	JPY		795,000,000		8,647,147
					109,297,892
Malaysia–0.74%
Malaysia Government Bonds
3.314% 10/31/17	MYR		4,230,000		985,977
3.654% 10/31/19	MYR		4,000,000		936,765
3.90% 11/30/26	MYR		11,000,000		2,549,748
4.181% 7/15/24	MYR		13,023,000		3,078,748
					7,551,238
Mexico–4.90%
Mexican Bonos
4.75% 6/14/18	MXN		94,340,000		5,099,441
5.00% 12/11/19	MXN		384,880,000		20,457,516
6.50% 6/10/21	MXN		85,000,000		4,669,983
7.50% 6/3/27	MXN		77,500,000		4,497,487
7.75% 12/14/17	MXN		3,000,000		166,011
7.75% 11/23/34	MXN		75,000,000		4,442,372
8.50% 12/13/18	MXN		174,350,000		9,835,266
Mexican Udibonos
2.50% 12/10/20	MXN		4,308,241		232,989
3.50% 12/14/17	MXN		7,885,978		436,807
4.00% 6/13/19	MXN		5,470,142		306,490
					50,144,362
New Zealand–5.90%
New Zealand Government Bonds
4.50% 4/15/27	NZD		22,000,000		18,194,210
5.50% 4/15/23	NZD		26,000,000		21,928,401
6.00% 12/15/17	NZD		4,330,000		3,233,565
6.00% 5/15/21	NZD		20,500,000		17,021,025
					60,377,201
Peru–0.01%
Peru Government Bond 7.84% 8/12/20	PEN		427,000		146,423
					146,423

LVIP Global Income Fund–11

LVIP Global Income Fund

Statement of Net Assets (continued)

		Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Philippines–0.38%
Philippine Government Bonds
2.125% 5/23/18	PHP		82,264,000	$	1,618,822
3.375% 8/20/20	PHP		6,330,000		123,311
3.875% 11/22/19	PHP		88,610,000		1,760,210
5.00% 8/18/18	PHP		6,960,000		140,466
5.875% 1/31/18	PHP		9,410,000		189,424
≠Philippine Treasury Bill 1.33% 9/27/17	PHP		3,610,000		71,080
					3,903,313
Poland–3.70%
Republic of Poland Government Bonds
1.50% 4/25/20	PLN		20,000,000		5,316,206
1.75% 7/25/21	PLN		25,000,000		6,572,396
2.50% 7/25/26	PLN		29,000,000		7,407,594
5.25% 10/25/20	PLN		15,500,000		4,587,279
5.75% 10/25/21	PLN		15,050,000		4,608,432
5.75% 4/25/29	PLN		28,000,000		9,399,247
					37,891,154
Republic of Korea–0.68%
Korea Treasury Bond 1.375% 9/10/21	KRW		8,178,000,000		7,008,835
					7,008,835
Serbia–0.02%
#Serbia International Bond 144A 5.25% 11/21/17			200,000		202,534
					202,534
Singapore–3.96%
Singapore Government Bonds
2.00% 7/1/20	SGD		26,300,000		19,477,378
2.375% 6/1/25	SGD		10,000,000		7,485,019
2.875% 9/1/30	SGD		17,500,000		13,600,427
					40,562,824
South Africa–0.14%
Republic of South Africa Government Bonds
6.25% 3/31/36	ZAR		60,000		3,246
7.00% 2/28/31	ZAR		930,000		58,270
8.00% 1/31/30	ZAR		4,530,000		313,691
8.25% 3/31/32	ZAR		3,230,000		223,091
8.50% 1/31/37	ZAR		70,000		4,764
8.875% 2/28/35	ZAR		3,030,000		215,379
10.50% 12/21/26	ZAR		7,005,000		594,455
					1,412,896
Spain–5.36%
Spain Government Bonds
1.40% 1/31/20	EUR		19,200,000		22,854,783

		Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Spain (continued)
Spain Government Bonds (continued)
#144A 1.60% 4/30/25	EUR		19,050,000	$	22,551,274
#144A 4.20% 1/31/37	EUR		6,498,000		9,483,696
					54,889,753
Thailand–0.67%
Thailand Government Bond 3.875% 6/13/19	THB		224,000,000		6,886,948
					6,886,948
Ukraine–0.40%
#Ukraine Government International Bonds 144A 7.75% 9/1/27			2,040,000		1,980,452
#•Ukraine Government International Bonds GDP Linked 144A 3.03% 5/31/40			5,516,000		2,160,507
					4,140,959
Total Sovereign Bonds (Cost $499,913,195)					516,509,590
SUPRANATIONAL BANKS–2.14%
Asian Development Bank 2.35% 6/21/27	JPY		1,000,000,000		11,033,616
European Investment Bank 2.15% 1/18/27	JPY		1,000,000,000		10,840,525
Total Supranational Banks (Cost $20,941,992)					21,874,141
U.S. TREASURY OBLIGATIONS–31.19%
U.S. Treasury Bonds
2.50% 2/15/46			3,830,000		3,565,791
3.125% 8/15/44			11,000,000		11,624,547
3.625% 8/15/43			6,143,000		7,068,289
4.50% 5/15/38			11,500,000		14,893,845
5.375% 2/15/31			6,202,000		8,337,814
U.S. Treasury Inflation Index Notes
0.125% 4/15/21			773,790		772,891
0.125% 1/15/22			2,484,828		2,482,420
0.125% 7/15/22			1,063,320		1,062,531
0.125% 1/15/23			1,424,839		1,412,601
0.125% 7/15/24			669,377		657,899
0.625% 1/15/24			523,985		531,749
1.375% 1/15/20			1,243,847		1,289,718
1.875% 7/15/19			1,574,664		1,641,888
U.S. Treasury Notes
0.625% 4/30/18			23,200,000		23,078,571
0.875% 6/15/19			2,700,000		2,674,056
1.00% 8/15/18			3,000,000		2,990,097
1.00% 8/31/19			26,000,000		25,776,556
1.125% 4/30/20			50,000,000		49,458,000

LVIP Global Income Fund–12

LVIP Global Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
1.375% 2/28/19		4,500,000	$	4,501,053
1.50% 12/31/18		3,300,000		3,307,735
1.50% 2/28/19		4,000,000		4,008,908
1.625% 3/31/19		1,000,000		1,004,648
1.625% 6/30/19		25,000,000		25,115,225
1.625% 8/15/22		36,440,000		35,954,619
1.625% 2/15/26		30,200,000		28,707,094
1.75% 9/30/19		26,596,000		26,791,321
2.50% 5/15/24		20,000,000		20,494,920
¥3.125% 5/15/19		4,000,000		4,129,608
3.375% 11/15/19		2,900,000		3,030,442
3.625% 8/15/19		2,900,000		3,034,238
Total U.S. Treasury Obligations (Cost $317,108,254)				319,399,074
	Number of Shares
COMMON STOCK–0.01%
†=Holdco Class A		1,232,692		942
†Energy XXI Gulf Coast		3,847		71,439
†Halcon Resources		4,396		19,958
Total Common Stock (Cost $166,465)				92,339

	Number of Shares		Value (U.S. $)
EXCHANGE-TRADED FUND–0.06%
PowerShares Senior Loan Portfolio		26,000	$	601,640
Total Exchange-Traded Fund (Cost $603,655)				601,640
MONEY MARKET FUND–2.11%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		21,563,897		21,563,897
Total Money Market Fund (Cost $21,563,897)				21,563,897
	Principal Amount°
SHORT-TERM INVESTMENT–1.01%
≠Discount Note–1.01%
Federal Home Loan Bank 0.562% 7/3/17		10,330,000		10,330,000
Total Short-Term Investment (Cost $10,329,677)				10,330,000

TOTAL INVESTMENTS–97.20% (Cost $975,215,795) 995,270,726

SECURITY SOLD SHORT–(0.13%)
Fannie Mae S.F. 30 yr TBA 4.00% 7/1/47	(1,240,000	)		(1,303,502	)
Total Security Sold Short (Proceeds $1,307,086)				(1,303,502	)
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–2.93%				30,011,148
NET ASSETS APPLICABLE TO 90,903,860 SHARES OUTSTANDING–100.00%			$	1,023,978,372

NET ASSET VALUE PER SHARE–LVIP GLOBAL INCOME FUND STANDARD CLASS ($350,148,595 / 30,980,583 Shares)	$	11.302
NET ASSET VALUE PER SHARE–LVIP GLOBAL INCOME FUND SERVICE CLASS ($673,829,777 / 59,923,277 Shares)	$	11.245

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	1,022,249,108
Accumulated net investment loss		(10,912,974	)
Accumulated net realized loss on investments		(1,188,372	)
Net unrealized appreciation of investments, foreign currencies and derivatives		13,830,610
TOTAL NET ASSETS	$	1,023,978,372

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $73,249,166, which represents 7.15% 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.

LVIP Global Income Fund–13

LVIP Global Income Fund

Statement of Net Assets (continued)

• Variable rate security. The rate shown is the rate as of June 30, 2017. Interest rates reset periodically.

★ Includes $7,206,588 cash collateral held at broker for certain open derivatives, $4,502,398 payable for securities purchased, $207,562 payable for fund shares redeemed, and $710,599 due to manager and affiliates as of June 30, 2017.

* PIK. 100% of the income received was in the form of additional par.

◆ 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 value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

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

« Loan agreements 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at June 30, 2017.

° 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 foreign currency exchange contracts, futures contracts and swap contracts were outstanding at June 30, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BAML	EUR	(1,236,123	)	USD	1,322,998			7/10/17	$	—	$	(89,592	)
BAML	EUR	(112,716	)	USD	124,198			8/17/17		—		(4,873	)
BAML	EUR	(251,705	)	USD	282,991			8/31/17		—		(5,441	)
BAML	EUR	(1,236,123	)	USD	1,398,488			9/8/17		—		(18,640	)
BAML	JPY	(122,220,000	)	USD	1,125,652			4/18/18		22,996		—
BAML	JPY	(34,125,000	)	USD	312,500			5/25/18		3,988		—
BCLY	EUR	(705,000	)	USD	796,470			8/24/17		—		(11,111	)
BCLY	EUR	(762,446	)	USD	857,523			8/30/17		—		(16,129	)
BCLY	EUR	(11,112,782	)	USD	12,696,186			9/29/17		—		(58,794	)
BCLY	JPY	(288,100,000	)	USD	2,625,870			7/13/17		62,917		—
BCLY	JPY	(49,760,000	)	USD	479,085			7/31/17		36,048		—
BCLY	JPY	(13,360,000	)	USD	134,319			8/15/17		15,297		—
BCLY	JPY	(11,394,000	)	USD	115,357			8/24/17		13,812		—
BCLY	JPY	(81,840,000	)	USD	731,859			8/28/17		2,372		—
BCLY	JPY	(24,430,094	)	USD	218,352			9/21/17		340		—
BCLY	JPY	(192,553,560	)	USD	1,747,127			9/25/17		28,456		—
BCLY	JPY	(108,530,000	)	USD	1,003,708			10/24/17		33,560		—
BCLY	JPY	(79,441,000	)	USD	721,151			6/29/18		1,520		—
BNYM	AUD	(45,685,000	)	USD	34,369,773			7/28/17		—		(729,713	)
BNYM	EUR	(6,670,500	)	USD	7,406,198			7/28/17		—		(224,504	)
BNYM	GBP	42,559,500		USD	(54,648,100	)		7/28/17		837,476		—
BNYM	JPY	(5,763,041,500	)	USD	52,398,648			7/28/17		1,094,381		—
BNYM	MXN	193,920,000		USD	(10,176,589	)		7/28/17		456,433		—
BNYM	NZD	(83,224,000	)	USD	57,709,331			7/28/17		—		(3,244,721	)
BNYM	PLN	(100,458,500	)	USD	25,815,351			7/28/17		—		(1,290,180	)
BNYM	SEK	197,548,500		USD	(22,523,173	)		7/28/17		965,576		—
BNYM	SGD	(55,643,500	)	USD	40,005,392			7/28/17		—		(429,927	)
CITI	AUD	(1,703,000	)	USD	1,257,886			2/22/18		—		(47,217	)
CITI	EUR	(1,774,000	)	USD	1,944,676			8/3/17		—		(85,325	)
CITI	EUR	(146,969	)	USD	161,555			8/8/17		—		(6,664	)
CITI	EUR	(1,630,646	)	USD	1,842,263			8/24/17		—		(25,650	)
CITI	EUR	(162,300	)	USD	182,272			9/13/17		—		(3,845	)
CITI	INR	47,593,000		USD	(724,840	)		12/19/17		—		(2,490	)
CITI	JPY	(15,350,000	)	USD	133,250			7/13/17		—		(3,305	)

LVIP Global Income Fund–14

LVIP Global Income Fund

Statement of Net Assets (continued)

Foreign Currency Exchange Contracts (continued)

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
CITI	JPY	(24,520,467	)	USD	242,554			9/19/17	$	23,757		—
CITI	JPY	(18,273,000	)	USD	172,515			11/16/17		8,979		—
CITI	JPY	(170,648,500	)	USD	1,550,602			12/1/17		22,172		—
CITI	JPY	(230,500,000	)	USD	2,124,942			12/8/17		59,697		—
CITI	JPY	(11,693,000	)	USD	106,734			12/13/17		1,939		—
CITI	JPY	(336,389,300	)	USD	3,052,950			2/8/18		29,228		—
CITI	JPY	(36,124,000	)	USD	329,080			2/13/18		4,286		—
CITI	JPY	(294,831,000	)	USD	2,667,007			3/23/18		10,900		—
CITI	JPY	(25,100,000	)	USD	231,091			4/13/18		4,705		—
CITI	JPY	(105,000,000	)	USD	977,958			4/24/18		30,341		—
CITI	KRW	(7,770,000,000	)	USD	6,758,872			9/15/17		—		(33,580	)
CITI	MXN	(19,169,383	)	USD	1,062,676			7/5/17		7,281		—
DB	AUD	(459,687	)	USD	338,251			10/26/17		—		(14,532	)
DB	CLP	19,226,000		USD	(29,078	)		7/18/17		—		(131	)
DB	EUR	(683,600	)	USD	768,147			7/12/17		—		(13,132	)
DB	EUR	(2,196,300	)	USD	2,370,400			7/24/17		—		(141,471	)
DB	EUR	(1,141,261	)	USD	1,254,359			8/8/17		—		(51,919	)
DB	EUR	(1,796,751	)	USD	1,960,679			8/15/17		—		(96,585	)
DB	EUR	(946,717	)	USD	1,038,881			8/16/17		—		(45,155	)
DB	EUR	(22,847	)	USD	25,523			8/22/17		—		(645	)
DB	EUR	(564,000	)	USD	634,409			8/30/17		—		(11,852	)
DB	EUR	(590,000	)	USD	664,540			9/15/17		—		(12,117	)
DB	EUR	(2,128,907	)	USD	2,333,495			10/26/17		—		(113,793	)
DB	GBP	(210,000	)	USD	273,136			10/26/17		—		(1,385	)
DB	INR	13,590,000		USD	(206,809	)		10/26/17		702		—
DB	JPY	(25,363,000	)	USD	256,814			8/18/17		30,831		—
DB	JPY	(11,260,000	)	USD	114,166			8/24/17		13,816		—
DB	JPY	(23,347,000	)	USD	236,925			8/30/17		28,802		—
DB	JPY	(54,738,000	)	USD	492,292			9/1/17		4,290		—
DB	JPY	(97,000,000	)	USD	853,015			9/13/17		—		(12,269	)
DB	JPY	(284,100,000	)	USD	2,616,769			4/13/18		54,365		—
GSC	CLP	42,500,000		USD	(64,345	)		7/11/17		—		(342	)
GSC	EUR	(210,000	)	USD	223,643			7/18/17		—		(16,447	)
GSC	EUR	(970,000	)	USD	1,061,606			7/27/17		—		(47,958	)
GSC	EUR	(2,319,000	)	USD	2,534,667			8/2/17		—		(118,851	)
GSC	EUR	(663,556	)	USD	730,243			8/10/17		—		(29,333	)
GSC	EUR	(268,384	)	USD	294,326			8/16/17		—		(12,987	)
GSC	EUR	(456,438	)	USD	502,880			8/17/17		—		(19,789	)
GSC	EUR	(305,000	)	USD	342,865			8/28/17		—		(6,583	)
GSC	EUR	(311,000	)	USD	356,421			10/3/17		—		(618	)
GSC	JPY	(43,530,000	)	USD	387,262			7/27/17		—		(237	)
GSC	JPY	(24,447,000	)	USD	216,064			11/15/17		—		(2,717	)
GSC	KRW	(7,965,000,000	)	USD	7,035,908			9/7/17		73,800		—
HSBC	EUR	(5,579,250	)	USD	5,972,029			7/10/17		—		(403,704	)
HSBC	EUR	(520,000	)	USD	568,240			8/2/17		—		(26,770	)
HSBC	EUR	(799,545	)	USD	893,239			8/22/17		—		(22,552	)
HSBC	EUR	(461,000	)	USD	519,014			9/15/17		—		(9,696	)
HSBC	JPY	(50,970,000	)	USD	442,663			7/13/17		—		(10,769	)
HSBC	JPY	(51,004,000	)	USD	517,281			8/22/17		62,764		—
HSBC	JPY	(39,672,000	)	USD	393,962			9/1/17		40,277		—
HSBC	JPY	(7,824,000	)	USD	70,998			11/27/17		936		—
HSBC	JPY	(59,187,000	)	USD	535,386			2/27/18		2,843		—
HSBC	JPY	(53,500,000	)	USD	476,699			3/6/18		—		(4,851	)
HSBC	JPY	(19,870,000	)	USD	177,648			5/15/18		—		(1,888	)
HSBC	KRW	(2,146,000,000	)	USD	1,905,353			8/2/17		30,545		—

LVIP Global Income Fund–15

LVIP Global Income Fund

Statement of Net Assets (continued)

Foreign Currency Exchange Contracts (continued)

Counterparty	Contracts to Receive (Deliver)				In Exchange For				Settlement Date		Unrealized Appreciation		Unrealized Depreciation
HSBC		KRW	(7,310,000,000	)		USD	6,536,707			9/5/17	$	147,313		—
HSBC		KRW	(880,000,000	)		USD	767,754			9/20/17		—		(1,589	)
JPMC		AUD	(730,000	)		USD	537,670			10/26/17		—		(22,562	)
JPMC		AUD	(2,896,648	)		USD	2,184,130			10/31/17		—		(38,741	)
JPMC		AUD	(12,840,000	)		USD	9,464,749			11/15/17		—		(386,755	)
JPMC		BRL	23,272,629			USD	(6,820,817	)		12/29/17		—		(24,028	)
JPMC		CAD	(280,000	)		USD	211,040			10/26/17		—		(5,247	)
JPMC		EUR	(90,000	)		USD	95,828			7/12/17		—		(7,031	)
JPMC		EUR	(21,083	)		USD	22,480			7/13/17		—		(1,617	)
JPMC		EUR	(110,916	)		USD	120,672			7/17/17		—		(6,129	)
JPMC		EUR	(1,774,000	)		USD	1,936,345			8/2/17		—		(93,555	)
JPMC		EUR	(486,582	)		USD	543,222			8/21/17		—		(14,076	)
JPMC		EUR	(446,000	)		USD	502,740			9/15/17		—		(8,767	)
JPMC		EUR	(343,382	)		USD	388,227			9/18/17		—		(5,655	)
JPMC		EUR	(486,580	)		USD	545,388			9/19/17		—		(12,784	)
JPMC		EUR	(662,624	)		USD	726,412			10/26/17		—		(35,309	)
JPMC		INR	80,150,000			USD	(1,227,599	)		7/17/17		10,068		—
JPMC		INR	998,000			USD	(15,439	)		8/18/17		—		(84	)
JPMC		INR	6,000,000			USD	(91,185	)		10/26/17		431		—
JPMC		JPY	(5,819,000	)		USD	52,812			9/29/17		863		—
JPMC		JPY	(286,000,000	)		USD	2,825,388			10/10/17		270,687		—
JPMC		JPY	(98,749,400	)		USD	872,173			10/26/17		—		(10,637	)
JPMC		JPY	(274,457,000	)		USD	2,680,204			11/14/17		224,167		—
JPMC		JPY	(271,440,000	)		USD	2,405,935			12/13/17		—		(26,758	)
JPMC		JPY	(114,500,000	)		USD	1,050,299			12/18/17		23,864		—
JPMC		JPY	(176,475,000	)		USD	1,586,563			1/22/18		1,674		—
JPMC		JPY	(720,006,000	)		USD	6,453,690			2/16/18		—		(20,964	)
JPMC		JPY	(11,285,000	)		USD	102,377			2/28/18		834		—
JPMC		JPY	(113,300,000	)		USD	1,015,701			3/5/18		—		(4,051	)
JPMC		JPY	(24,468,902	)		USD	224,389			3/26/18		3,917		—
JPMC		JPY	(26,934,000	)		USD	246,834			5/22/18		3,375		—
JPMC		MXN	18,800,000			USD	(961,996	)		10/26/17		54,686		—
JPMC		PHP	4,600,000			USD	(91,035	)		10/26/17		—		(734	)
JPMC		SEK	40,458			USD	(4,527	)		10/26/17		308		—
MSC		EUR	(463,000	)		USD	521,963			9/14/17		—		(9,011	)
MSC		JPY	(48,880,000	)		USD	438,165			9/25/17		1,878		—
MSC		JPY	(9,000,000	)		USD	82,934			12/18/17		2,254		—
SCB		EUR	(107,800	)		USD	115,422			7/10/17		—		(7,767	)
SCB		EUR	(3,645,000	)		USD	3,969,149			7/17/17		—		(197,888	)
SCB		JPY	(63,360,000	)		USD	563,149			7/20/17		—		(688	)
SCB		JPY	(46,050,000	)		USD	417,282			10/12/17		5,897		—
SCB		JPY	(5,370,800	)		USD	47,754			11/16/17		—		(313	)
SCB		JPY	(31,894,000	)		USD	292,753			11/27/17		7,151		—
SCB		JPY	(18,274,000	)		USD	163,191			5/15/18		—		(1,925	)
UBS		EUR	(120,300	)		USD	128,183			7/18/17		—		(9,354	)
UBS		EUR	(136,016	)		USD	153,198			9/6/17		—		(2,717	)
UBS		EUR	(136,016	)		USD	153,661			9/7/17		—		(2,263	)
UBS		EUR	(984,000	)		USD	1,103,772			9/19/17		—		(25,007	)
Total											$	4,881,795	$	(8,566,785	)

LVIP Global Income Fund–16

LVIP Global Income Fund

Statement of Net Assets (continued)

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Interest Rate Contracts:
106	U.S. Treasury 2 yr Notes	$	22,940,302		$	22,907,594			10/2/17	$	—	$	(32,708	)
(6)	U.S. Treasury 5 yr Notes		(708,735	)		(707,016	)		10/2/17		1,719		—
(32)	U.S. Treasury 10 yr Notes		(4,034,170	)		(4,017,000	)		9/21/17		17,170		—
Total										$	18,889	$	(32,708	)

Swap Contracts

CDS Contracts

Counterparty	Swap Referenced Obligation	Notional Amount2		Annual Protection Payments			Termination Date		Upfront Payments Paid (Received)				Unrealized Appreciation			Unrealized (Depreciation)
	Protection Purchased/Moody’s Rating:
BCLY	Tenet Healthcare 6.875% 11/15/31/Caa1		160,000		5.00	%		3/20/19		$	(6,219	)		$	—		$	(4,312	)
CITI	Beazer Homes USA 9.125% 5/15/19/WR		3,000,000		5.00	%		6/20/19			(62,100	)			—			(195,484	)
CITI	Best Buy 5.50% 3/15/21/Baa1		90,000		5.00	%		6/20/22			(14,073	)			—			(1,754	)
ICE	CITI–CDX.NA.HY.283		640,000		5.00	%		6/20/22			(44,999	)			1,200			(263	)
ICE	CITI–ITRX.EUR.274		1,000,000		1.00	%		6/20/22			(20,024	)			—			(4,643	)
ICE	JPMC - Olin 5.50% 8/15/22/Ba1		500,000		1.00	%		12/20/21			11,800				—			(1,950	)
JPMC	AES 4.209% 6/01/19/Ba2		900,000		5.00	%		6/20/22			(119,752	)			—			(13,120	)
JPMC	Best Buy 5.50% 3/15/21/Baa1		90,000		5.00	%		6/20/22			(15,827	)			—			—
JPMC	Toys R Us 7.375% 10/15/18/Caa2		350,000		5.00	%		12/20/18			34,961				—			(2,853	)
											(236,233	)			1,200			(224,379	)
	Protection Sold/Moody’s Rating:
BCLY	Brazil Republic 4.25% 1/7/25/Ba2		500,000		1.00	%		6/20/22			(32,649	)			1,239			—
CITI	Bespoke 58 HY/42 IG EQ Tranche 0-3%		90,000		0.00	%		6/20/19			(21,000	)			5,001			—
CITI	Bespoke Hong Kong 3-5% Tranche 1%		470,000		0.00	%		12/20/18			(14,927	)			12,295			—
CITI	Simon Property 4.375% 3/01/21/A2		270,000		1.00	%		6/20/22			749				1,183			—
CITI	United Mexican States 5.95% 3/19/19/A3		200,000		1.00	%		6/20/20			(1,422	)			3,665			—
ICE	CITI–CDX.NA.IG.285		1,100,000		1.00	%		6/20/22			19,637				675			—

LVIP Global Income Fund–17

LVIP Global Income Fund

Statement of Net Assets (continued)

Swap Contracts

CDS Contracts (continued)

Counterparty	Swap Referenced Obligation	Notional Amount2		Annual Protection Payments			Termination Date		Upfront Payments Paid (Received)			Unrealized Appreciation		Unrealized (Depreciation)
JPMC	Calpine 5.375% 1/15/23/B2		125,000		5.00	%		6/20/22		9,275			—		(4,706	)
JPMC	General Electric 5.625% 9/15/17/A1		1,500,000		1.00	%		3/20/19		7,744			15,315		—
										(32,593	)		39,373		(4,706	)
Total										$(268,826	)		$40,573		$(229,085	)

Interest Rate Swap Contracts

Counterparty & Swap Referenced Obligation	Notional Amount2		Fixed Interest Rate Paid (Received)		Floating Interest Rate Paid (Received)			Termination Date		Upfront Payments Paid (Received)			Unrealized Appreciation			Unrealized Depreciation
LCH–HSBC IRS 3-Month USD-ICE-LIBOR		4,530,000		2.730%		(1.150%	)		7/7/24		$	—		$	—		$	(186,681	)
LCH–JPMC IRS 3-Month USD-ICE-LIBOR
LCH–JPMC IRS 3-Month USD-ICE-LIBOR		1,410,000		1.937%		(1.172%	)		1/29/25			—			20,364			—
LCH–JPMC IRS 3-Month USD-ICE-LIBOR		1,190,000		1.942%		(1.172%	)		1/30/25			—			16,860			—
LCH–JPMC IRS 3-Month USD-ICE-LIBOR		1,880,000		1.817%		(1.172%	)		2/3/25			—			43,489			—
LCH–JPMC IRS 3-Month USD-ICE-LIBOR		1,450,000		1.978%		(1.152%	)		3/27/25			—			18,147			—
LCH–JPMC IRS 3-Month USD-ICE-LIBOR		1,450,000		1.985%		(1.152%	)		3/27/25			—			17,383			—
LCH–JPMC IRS 3-Month USD-ICE-LIBOR		8,500,000		3.848%		(1.171%	)		8/22/43			—			—			(2,236,632	)
LCH–JPMC IRS 3-Month USD-ICE-LIBOR		7,550,000		2.384%		(1.221%	)		6/9/47			—			247,178			—
Total											$	—		$	363,421		$	(2,423,313	)

Total Return Swap Contracts

Notional Amount2	Expiration Date		Description	Unrealized Appreciation
320,000		3/20/18	Agreement with Citibank to receive the notional amount based on the iBoxx USD Liquid High Yield Index6 fixed rate and to pay the notional amount multiplied by the floating rate of 1.152% 3-month ICE LIBOR.		$2,356
320,000		6/20/18	Agreement with Citibank to receive the notional amount based on the iBoxx USD Liquid High Yield Index6 fixed rate and to pay the notional amount multiplied by the floating rate of 1.274% 3-month ICE LIBOR.		4,395
Total					$6,751

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 and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

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

LVIP Global Income Fund–18

LVIP Global Income Fund

Statement of Net Assets (continued)

²Notional amount shown is stated in U.S. dollars unless noted that the swap is denominated in another currency.

³Markit’s CDX.NA.HY Index, is composed of 100 of the most liquid North American entities with high yield credit ratings that trade in the CDS market.

⁴The European Markit iTraxx indices trade 3, 5, 7 and 10-year maturities, and a new series is determined on the basis of liquidity every six months. The benchmark Markit iTraxx Europe index comprises 125 equally-weighted European names. The Markit iTraxx Crossover index comprises the 75 most liquid sub-investment grade entities. Total Return indices are calculated and published hourly for Markit iTraxx Europe, Asia and Crossover. These indices measure the performance of the respective on-the-run Markit iTraxx CDS contracts.

⁵Markit’s North America Investment Grade Index, or CDX.NA.IG Index, is composed of 125 of the most liquid North American entities with investment grade credit ratings that trade in the CDS market.

⁶The Markit iBoxx USD Liquid High Yield Index consists of liquid USD high yield bonds, selected to provide a balanced representation of the broad USD high yield corporate bond universe. The index is used as a basis for tradable products, including ETFs. Multi-contributor pricing and support for the index from leading financial institutions ensure that the index is a tradable reflection of the corporate high yield bond market.

Summary of Abbreviations:

ARM–Adjustable Rate Mortgage

AUD–Australian Dollar

BAML–Bank of America Merrill Lynch

BCLY–Barclays Bank

BNYM–Bank of New York Mellon

BRL–Brazilian Real

CAD–Canadian Dollar

CITI–Citigroup Global Markets

CDS–Credit Default Swap

CDX.NA.HY–Credit Default Swap Index North America High Yield

CDX.NA.IG–Credit Default Swap Index North America Investment Grade

CLO–Collateralized Loan Obligation

CLP–Chilean Peso

DB–Deutsche Bank

EUR–Euro

GBP–British Pound Sterling

GDP–Gross Domestic Product

GHS–Ghanaian Cedi

GNMA–Government National Mortgage Association

GSC–Goldman Sachs Capital

HSBC–Hong Kong Shanghai Bank

ICE–IntercontinentalExchange, Inc.

IDR–Indonesia Rupiah

INR–Indian Rupee

IRS–Interest Rate Swap

ITRX.EUR–Markit iTraxx Europe Index

JPMC–JPMorgan Chase Bank

JPY–Japanese Yen

KRW–South Korean Won

LCH–London Clearing House

MSC–Morgan Stanley Capital

MXN–Mexican Peso

MYR–Malaysian Ringgit

NZD–New Zealand Dollar

O.A.T.–Obligations Assimilables du Trésor (French Treasury Bond)

PEN–Peruvian Nuevo Sol

PHP–Philippine Peso

PIK–Payment-in-kind

LVIP Global Income Fund–19

LVIP Global Income Fund

Statement of Net Assets (continued)

Summary of Abbreviations: (continued)

PLN–Polish Zloty

REIT–Real Estate Investment Trust

SCB–Standard Chartered Bank

SEK–Swedish Krona

S.F.–Single Family

SGD–Singapore Dollar

TBA–To be announced

THB–Thailand Baht

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 Global Income Fund–20

LVIP Global Income Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Interest	$	12,361,827
Dividends		145,720
Foreign tax withheld		(92,389	)
		12,415,158
EXPENSES:
Management fees		3,303,830
Distribution fees-Service Class		812,773
Accounting and administration expenses		126,821
Custodian fees		90,709
Reports and statements to shareholders		60,641
Shareholder servicing fees		50,255
Pricing fees		37,793
Professional fees		34,608
Trustees’ fees and expenses		13,723
Consulting fees		1,963
Other		4,496
		4,537,612
Less:
Management fees waived		(355,797	)
Total operating expenses		4,181,815
NET INVESTMENT INCOME		8,233,343
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments*		1,400,041
Foreign currencies		(15,927,812	)
Foreign currency exchange contracts		10,569,518
Futures contracts		(19,051	)
Swap contracts		(1,611,946	)
Net realized loss		(5,589,250	)
Net change in unrealized appreciation (depreciation) of:
Investments**		60,146,188
Security sold short		3,584
Foreign currencies		201,125
Foreign currency exchange contracts		(24,365,151	)
Futures contracts		(33,933	)
Swap contracts		1,050,819
Net change in unrealized appreciation (depreciation)		37,002,632
NET REALIZED AND UNREALIZED GAIN		31,413,382
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,646,725

*Includes $109,746 capital gain taxes paid.

**Includes $196,353 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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,233,343		$	15,686,265
Net realized loss		(5,589,250	)		(37,590,484	)
Net change in unrealized appreciation		37,002,632			25,242,240
Net increase in net assets resulting from operations		39,646,725			3,338,021
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain:
Standard Class		—			(1,605,780	)
Service Class		—			(2,752,518	)
		—			(4,358,298	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		11,901,387			43,869,716
Service Class		48,020,923			73,903,981
Reinvestment of dividends and distributions:
Standard Class		—			1,605,780
Service Class		—			2,752,518
		59,922,310			122,131,995
Cost of shares redeemed:
Standard Class		(51,135,999	)		(50,542,787	)
Service Class		(29,326,099	)		(78,623,688	)
		(80,462,098	)		(129,166,475	)
Decrease in net assets derived from capital share transactions		(20,539,788	)		(7,034,480	)
NET INCREASE (DECREASE) IN NET ASSETS		19,106,937			(8,054,757	)
NET ASSETS:
Beginning of period		1,004,871,435			1,012,926,192
End of period	$	1,023,978,372		$	1,004,871,435
Accumulated net investment loss	$	(10,912,974	)	$	(19,146,317	)

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 6/30/171											Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.866		$	10.858			$	11.556			$	11.427			$	11.804			$	11.193
Income (loss) from investment operations:
Net investment income2			0.098			0.189				0.193				0.195				0.187				0.216
Net realized and unrealized gain (loss)			0.338			(0.133	)			(0.427	)			0.021				(0.513	)			0.646
Total from investment operations			0.436			0.056				(0.234	)			0.216				(0.326	)			0.862
Less dividends and distributions from:
Net investment income			—			—				(0.362	)			(0.070	)			(0.030	)			(0.229	)
Net realized gain			—			(0.048	)			(0.102	)			(0.017	)			(0.021	)			(0.022	)
Total dividends and distributions			—			(0.048	)			(0.464	)			(0.087	)			(0.051	)			(0.251	)
Net asset value, end of period		$	11.302		$	10.866			$	10.858			$	11.556			$	11.427			$	11.804
Total return3			4.01%			0.51%				(2.02%	)			1.88%				(2.76%	)			7.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	350,148		$	374,814			$	379,407			$	819,163			$	781,803			$	412,853
Ratio of expenses to average net assets			0.66%			0.65%				0.65%				0.64%				0.69%				0.71%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.73%			0.72%				0.72%				0.71%				0.74%				0.76%
Ratio of net investment income to average net assets			1.78%			1.71%				1.69%				1.68%				1.63%				1.84%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.71%			1.64%				1.62%				1.61%				1.58%				1.79%
Portfolio turnover			37%			49%				54%				81%				51%				31%

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 6/30/171			Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.824		$	10.843			$	11.540			$	11.412			$	11.818			$	11.207
Income (loss) from investment operations:
Net investment income2			0.084			0.161				0.163				0.166				0.158				0.186
Net realized and unrealized gain (loss)			0.337			(0.132	)			(0.425	)			0.020				(0.513	)			0.647
Total from investment operations			0.421			0.029				(0.262	)			0.186				(0.355	)			0.833
Less dividends and distributions from:
Net investment income			—			—				(0.333	)			(0.041	)			(0.030	)			(0.200	)
Net realized gain			—			(0.048	)			(0.102	)			(0.017	)			(0.021	)			(0.022	)
Total dividends and distributions			—			(0.048	)			(0.435	)			(0.058	)			(0.051	)			(0.222	)
Net asset value, end of period		$	11.245		$	10.824			$	10.843			$	11.540			$	11.412			$	11.818
Total return3			3.89%			0.26%				(2.27%	)			1.62%				(3.01%	)			7.43%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	673,830		$	630,057			$	633,519			$	619,992			$	531,413			$	504,516
Ratio of expenses to average net assets			0.91%			0.90%				0.90%				0.89%				0.94%				0.96%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.98%			0.97%				0.97%				0.96%				0.99%				1.01%
Ratio of net investment income to average net assets			1.53%			1.46%				1.44%				1.43%				1.38%				1.59%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.46%			1.39%				1.37%				1.36%				1.33%				1.54%
Portfolio turnover			37%			49%				54%				81%				51%				31%

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, 2017(unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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. 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, index swap 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 (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 Securities (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 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.

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

LVIP Global Income Fund–24

LVIP Global Income Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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.

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.

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, 2017.

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. The fees are calculated daily and paid monthly. 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, 2018, 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.

LVIP Global Income Fund–25

LVIP Global Income 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	28,919
Legal		6,981

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $53,001 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	494,570
Distribution fees payable to LFD		138,299
Printing and mailing fees payable to Lincoln Life		53,001
Shareholder servicing fees payable to Lincoln Life		24,729

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	285,765,861
Purchases of U.S. government securities		138,108,683
Sales other than U.S. government securities		301,226,781
Sales of U.S. government securities		35,810,360

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	973,908,709
Aggregate unrealized appreciation	$	31,558,940
Aggregate unrealized depreciation		(11,500,425	)
Net unrealized appreciation	$	20,058,515

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.

LVIP Global Income Fund–26

LVIP Global Income 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)

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, 2017:

	Level 1				Level 2				Level 3			Total
Investments:
Assets:
Agency Collateralized Mortgage Obligations		$	—			$	5,847,234			$	—			5,847,234
Agency Mortgage-Backed Securities			—				5,628,583				—			5,628,583
Corporate Bonds			—				56,113,903				—			56,113,903
Municipal Bonds			—				640,543				—			640,543
Non-Agency Asset-Backed Securities			—				14,321,216				—			14,321,216
Non-Agency Collateralized Mortgage Obligations			—				9,106,210				—			9,106,210
Non-Agency Commercial Mortgage-Backed Securities			—				3,768,138				—			3,768,138
Loan Agreements			—				9,474,218				—			9,474,219
Sovereign Bonds			—				516,509,590				—			516,509,590
Supranational Banks			—				21,874,141				—			21,874,141
U.S. Treasury Obligations			—				319,399,074				—			319,399,074
Common Stock			91,397				—				942			92,339
Exchange-Traded Fund			601,640				—				—			601,640
Money Market Fund			21,563,897				—				—			21,563,897
Short-Term Investment			—				10,330,000				—			10,330,000
Total Investments		$	22,256,934			$	973,012,850			$	942		$	995,270,726
Liabilities:
Security Sold Short		$	—			$	(1,303,502	)		$	—		$	(1,303,502	)
Derivatives:
Assets:
Foreign Currency Exchange Contracts		$	—			$	4,881,795			$	—		$	4,881,795
Futures Contracts		$	18,889			$	—			$	—		$	18,889
Swap Contracts		$	—			$	410,745			$	—		$	410,745
Liabilities:
Foreign Currency Exchange Contracts		$	—			$	(8,566,785	)		$	—		$	(8,566,785	)
Futures Contracts		$	(32,708	)		$	—			$	—		$	(32,708	)
Swap Contracts		$	—			$	(2,652,398	)		$	—		$	(2,652,398	)

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

LVIP Global Income Fund–27

LVIP Global Income Fund

Notes to Financial Statements (continued)

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		1,077,884			3,989,264
Service Class		4,371,282			6,713,194
Shares reinvested:
Standard Class		—			145,162
Service Class		—			249,616
		5,449,166			11,097,236
Shares redeemed:
Standard Class		(4,592,762	)		(4,583,167	)
Service Class		(2,657,610	)		(7,179,095	)
		(7,250,372	)		(11,762,262	)
Net decrease		(1,801,206	)		(665,026	)

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 already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. 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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts and foreign cross currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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

LVIP Global Income Fund–28

LVIP Global Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to hedge currency risks associated with the Fund’s investments.

Swap Contracts–The Fund enters into CDS contracts, index swap (total return swap) 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 (including single name, baskets, and systemic), to enhance total return or to gain exposure to certain securities or markets. 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 and to gain exposure to markets the Fund invests in. The Fund may use interest rate swaps to manage 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, 2017, 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, 2017, the notional value of the protection sold was USD 4,255,000, 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 had 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, 2017, net unrealized appreciation of the protection sold was $34,667.

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.

During the six months ended June 30, 2017, the Fund used CDS contracts to hedge against credit events (including single name, baskets, and systemic), to enhance total return, and to gain exposure to certain securities or markets.

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.

LVIP Global Income Fund–29

LVIP Global Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2017, the Fund used index swap contracts to gain exposure to markets the Fund invests in.

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 manage 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.

During the six months ended June 30, 2017, the Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

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, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Foreign currency exchange contracts (Currency contracts)	Receivables and other assets net of liabilities	$	4,881,795	Receivables and other assets net of liabilities	$	(8,566,785	)
Futures contracts (Interest rate contracts)	Receivables and other assets net of liabilities		18,889	Receivables and other assets net of liabilities		(32,708	)
Swap contracts (Credit contracts)	Receivables and other assets net of liabilities		40,573	Receivables and other assets net of liabilities		(229,085	)
Swap contracts (Interest rate contracts)	Receivables and other assets net of liabilities		370,172	Receivables and other assets net of liabilities		(2,423,313	)
Total		$	5,311,429		$	(11,251,891	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	10,569,518			$	(24,365,151	)
Futures contracts (Interest rate contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(19,051	)			(33,933	)
Swap contracts (Credit contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(14,917	)			130,034
Swap contracts (Interest rate contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(1,597,029	)			920,785
Total			$	8,938,521			$	(23,348,265	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

LVIP Global Income Fund–30

LVIP Global Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD	94,282,805	USD	382,802,515
Futures contracts (average notional value)	USD	24,061,803	USD	4,114,274
CDS contracts (average notional value)*	EUR	296,000	EUR	—
CDS contracts (average notional value)*	USD	6,480,040	USD	2,660,600
Interest rate swap contracts (average notional value)**	USD	—	USD	61,415,360
Total return swap contracts (average notional value)**	USD	46,080	USD	—

*Long represents buying protection and short represents selling protection.

**Long represent paying floating interest payments and short represent receiving floating interest payments.

At June 30, 2017, the Fund pledged $7,206,588 cash collateral and securities collateral (comprised of U.S. treasury securities) valued at $93,949 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 currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At June 30, 2017, the Fund had 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 Exposure
Barclays Bank	$	195,561	$	(90,346	)	$	105,215
Citigroup Global Market		234,055		(410,220	)		(176,165	)
Deutsche Bank		132,806		(514,986	)		(382,180	)
JPMorgan Chase Bank		992,499		(3,017,453	)		(2,024,954	)
Standard Charted Bank		13,048		—			13,048
Total	$	1,567,969	$	(4,033,005	)	$	(2,465,036	)

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		$	105,215			$	—		$	—		$	—		$	—		$	105,215
Citigroup Global Market			(176,165	)			—			—			—			176,165			—
Deutsche Bank			(382,180	)			—			—			—			—			(382,180	)
JPMorgan Chase Bank			(2,024,954	)			—			—			—			2,024,954			—
Standard Charted Bank			13,048				—			—			—			—			13,048
Total		$	(2,465,036	)		$	—		$	—		$	—		$	2,201,119		$	(263,917	)

^(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–31

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 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–32

                              LVIP Goldman Sachs Income Builder Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,042.60		0.75%		$3.80
Service Class Shares		1,000.00		1,041.40		1.00%		5.06
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,021.08		0.75%		$3.76
Service Class Shares		1,000.00		1,019.84		1.00%		5.01

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector Percentage
of Net Assets

Common Stock	32.78	%
U.S. Markets	27.52	%
Aerospace & Defense	0.26	%
Air Freight & Logistics	0.33	%
Banks	5.06	%
Biotechnology	0.46	%
Capital Markets	0.21	%
Chemicals	0.73	%
Communications Equipment	0.72	%
Consumer Finance	0.27	%
Diversified Telecommunication Services	0.75	%
Electric Utilities	2.08	%
Electrical Equipment	0.82	%
Energy Equipment & Services	0.42	%
Equity Real Estate Investment Trusts	1.96	%
Food & Staples Retailing	0.42	%
Food Products	0.21	%
Health Care Equipment & Supplies	1.01	%
Health Care Providers & Services	0.37	%
Hotels, Restaurants & Leisure	0.24	%
Household Products	0.87	%
Industrial Conglomerates	0.76	%
Insurance	1.06	%
Media	0.74	%
Oil, Gas & Consumable Fuels	2.18	%
Pharmaceuticals	2.99	%
Road & Rail	0.27	%
Semiconductors & Semiconductor Equipment	0.58	%
Software	0.96	%
Technology Hardware, Storage & Peripherals	0.14	%
Tobacco	0.65	%
Developed Markets	5.08	%
Beverages	0.35	%
Communications Equipment	0.21	%
Construction & Engineering	0.50	%
Electric Utilities	0.50	%
Equity Real Estate Investment Trusts	0.25	%
Oil, Gas & Consumable Fuels	1.27	%
Personal Products	0.52	%
Tobacco	0.28	%
Transportation Infrastructure	0.56	%
Wireless Telecommunication Services	0.64	%
Emerging Markets	0.18	%
Semiconductors & Semiconductor Equipment	0.18	%
Convertible Preferred Stock	0.83	%
Preferred Stock	1.80	%
Master Limited Partnerships	0.84	%

Security Type/Sector Percentage
of Net Assets

Corporate Bonds	41.02	%
Automobiles	0.19	%
Banks	3.67	%
Beverages	1.42	%
Capital Markets	0.65	%
Chemicals	0.83	%
Commercial Services & Supplies	0.64	%
Communications Equipment	0.43	%
Consumer Finance	0.33	%
Diversified Financial Services	0.16	%
Diversified Telecommunication Services	2.94	%
Electric Utilities	0.64	%
Energy Equipment & Services	0.52	%
Equity Real Estate Investment Trusts	1.79	%
Food & Staples Retailing	1.92	%
Food Products	0.93	%
Health Care Equipment & Supplies	0.31	%
Health Care Providers & Services	2.16	%
Independent Power & Renewable Electricity
Producers	0.38	%
Insurance	1.30	%
Internet & Direct Marketing Retail	1.17	%
Internet Software & Services	0.50	%
IT Services	0.16	%
Life Sciences Tools & Services	0.64	%
Media	2.86	%
Metals & Mining	0.17	%
Mortgage Real Estate Investment Trusts	0.32	%
Multiline Retail	0.24	%
Multi-Utilities	0.48	%
Oil, Gas & Consumable Fuels	6.49	%
Pharmaceuticals	2.45	%
Semiconductors & Semiconductor Equipment	0.67	%
Software	0.76	%
Specialty Retail	0.15	%
Technology Hardware, Storage & Peripherals	0.39	%
Thrift & Mortgage Finance	0.32	%
Tobacco	1.15	%
Trading Companies & Distributors	0.17	%
Wireless Telecommunication Services	0.72	%
Non-Agency Asset-Backed Securities	7.28	%
Loan Agreements	3.77	%
U.S. Treasury Obligations	4.85	%
Money Market Fund	6.05	%
Total Value of Securities	99.22	%
Receivables and Other Assets Net of Liabilities	0.78	%
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 (unaudited) (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

Wells Fargo & Co.	1.56	%
Pfizer	1.53	%
M&T Bank	1.07	%
Duke Energy	1.04	%
BB&T	0.96	%
JPMorgan Chase & Co.	0.89	%
Exxon Mobil	0.83	%
Abbott Laboratories	0.82	%
MetLife	0.80	%
General Electric	0.76	%
Total	10.26	%

Geography* Percentage
of Net Assets

Belgium	0.35	%
Canada	1.55	%
Cayman Islands	7.11	%
Czech Republic	0.15	%
Finland	0.28	%
France	0.75	%
Ireland	0.81	%
Italy	0.56	%
Japan	0.28	%
Luxembourg	0.95	%
Netherlands	2.12	%
Spain	0.41	%
Taiwan	0.18	%
United Kingdom	1.67	%
United States	76.00	%
Total	93.17	%

*Allocation includes all investments except for money market fund.

IT- Information Technology

LVIP Goldman Sachs Income Builder Fund–3

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–32.78%
U.S. MARKETS–27.52%
Aerospace & Defense–0.26%
United Technologies		340	$	41,517
				41,517
Air Freight & Logistics–0.33%
United Parcel Service Class B		483		53,415
				53,415
Banks–5.06%
BB&T		3,384		153,667
JPMorgan Chase & Co.		1,560		142,584
M&T Bank		1,061		171,829
SunTrust Banks		1,642		93,134
Wells Fargo & Co.		4,529		250,952
				812,166
Biotechnology–0.46%
Gilead Sciences		1,050		74,319
				74,319
Capital Markets–0.21%
Invesco		965		33,958
				33,958
Chemicals–0.73%
EI du Pont de Nemours & Co.		348		28,087
Praxair		677		89,736
				117,823
Communications Equipment–0.72%
Cisco Systems		3,719		116,405
				116,405
Consumer Finance–0.27%
American Express		516		43,468
				43,468
Diversified Telecommunication Services–0.75%
CenturyLink		2,147		51,270
Verizon Communications		1,554		69,402
				120,672
Electric Utilities–2.08%
Duke Energy		1,995		166,762
FirstEnergy		3,867		112,762
PG&E		832		55,220
				334,744
Electrical Equipment–0.82%
Eaton		773		60,163
Emerson Electric		1,209		72,081
				132,244

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Energy Equipment & Services–0.42%
Schlumberger		1,025	$	67,486
				67,486
Equity Real Estate Investment Trusts–1.96%
AvalonBay Communities		273		52,462
Crown Castle International		679		68,022
DDR		9,415		85,394
Federal Realty Investment Trust		221		27,932
HCP		1,083		34,613
Mid-America Apartment Communities		443		46,683
				315,106
Food & Staples Retailing–0.42%
CVS Health		833		67,023
				67,023
Food Products–0.21%
Campbell Soup		634		33,063
				33,063
Health Care Equipment & Supplies–1.01%
Abbott Laboratories		2,723		132,365
Medtronic		338		29,998
				162,363
Health Care Providers & Services–0.37%
Aetna.		391		59,366
				59,366
Hotels, Restaurants & Leisure–0.24%
McDonald’s		250		38,290
				38,290
Household Products–0.87%
Kimberly-Clark		410		52,935
Procter & Gamble		999		87,063
				139,998
Industrial Conglomerates–0.76%
General Electric		4,524		122,193
				122,193
Insurance–1.06%
American International Group		685		42,826
MetLife		2,332		128,120
				170,946
Media–0.74%
Comcast Class A		1,696		66,008
Viacom Class B		1,573		52,806
				118,814
Oil, Gas & Consumable Fuels–2.18%
Chevron		970		101,200

LVIP Goldman Sachs Income Builder Fund–4

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
U.S. MARKETS (continued)
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips		722	$	31,739
Exxon Mobil		1,659		133,931
Williams		2,733		82,755
				349,625
Pharmaceuticals–2.99%
Bristol-Myers Squibb		1,364		76,002
Johnson & Johnson		639		84,533
Merck & Co.		1,143		73,255
Pfizer		7,333		246,315
				480,105
Road & Rail–0.27%
Union Pacific		399		43,455
				43,455
Semiconductors & Semiconductor Equipment–0.58%
Analog Devices		365		28,397
Maxim Integrated Products		579		25,997
Texas Instruments		510		39,234
				93,628
Software–0.96%
Microsoft		822		56,660
Oracle		1,937		97,121
				153,781
Technology Hardware, Storage & Peripherals–0.14%
Apple		152		21,891
				21,891
Tobacco–0.65%
Altria Group		628		46,767
Reynolds American		887		57,690
				104,457
Total U.S. Markets (Cost $4,060,479)				4,422,321
§DEVELOPED MARKETS–5.08%
Beverages–0.35%
Anheuser-Busch InBev ADR		505		55,732
				55,732
Communications Equipment–0.21%
Nokia OYJ ADR		5,607		34,539
				34,539
Construction & Engineering–0.50%
Vinci ADR		3,734		79,982
				79,982

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
§DEVELOPED MARKETS (continued)
Electric Utilities–0.50%
Fortis		2,275	$	79,966
				79,966
Equity Real Estate Investment Trusts–0.25%
Klepierre		1,001		41,027
				41,027
Oil, Gas & Consumable Fuels–1.27%
BP ADR		2,399		83,125
Royal Dutch Shell Class A ADR		2,284		121,486
				204,611
Personal Products–0.52%
Unilever (New York Shares)		1,506		83,237
				83,237
Tobacco–0.28%
Japan Tobacco ADR		2,577		45,278
				45,278
Transportation Infrastructure–0.56%
Atlantia ADR		6,330		89,316
				89,316
Wireless Telecommunication Services–0.64%
Vodafone Group ADR		3,558		102,221
				102,221
Total Developed Markets (Cost $763,099)				815,909
×EMERGING MARKETS–0.18%
Semiconductors & Semiconductor Equipment–0.18%
Taiwan Semiconductor Manufacturing ADR		817		28,562
				28,562
Total Emerging Markets (Cost $26,976)				28,562
Total Common Stock (Cost $4,850,554)				5,266,792
CONVERTIBLE PREFERRED STOCK–0.83%
Allergan 5.50%, exercise price $352.80, expiration date 3/1/18		38		32,987
American Tower 5.50%, exercise price $115.11, expiration date 2/15/18		286		34,672
Wells Fargo & Co. 7.50%, exercise price $156.71, expiration date 12/31/49		50		65,556
Total Convertible Preferred Stock (Cost $124,926)				133,215

LVIP Goldman Sachs Income Builder Fund–5

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
PREFERRED STOCK–1.80%
•Bank of America 6.10%		50,000	$	54,380
•Delphi Financial Group 4.372%		974		21,002
•Morgan Stanley 6.375%		837		23,888
Public Storage 5.75%		1,315		33,125
Qwest 6.50%		248		6,195
•SCE Trust III 5.75%		4,000		112,320
Verizon Communications 5.90%		1,433		38,576
Total Preferred Stock (Cost $268,085)				289,486
MASTER LIMITED PARTNERSHIPS–0.84%
AllianceBernstein Holding		2,468		58,368
Energy Transfer Partners		2,079		42,391
Plains All American Pipeline		1,280		33,626
Total Master Limited Partnerships (Cost $144,184)				134,385
	Principal Amount°
CORPORATE BONDS–41.02%
Automobiles–0.19%
General Motors 6.75% 4/1/46		25,000		29,753
				29,753
Banks–3.67%
Bank of America 3.248% 10/21/27		100,000		96,842
Citigroup 4.45% 9/29/27		150,000		156,195
•CoBank 6.25% 12/29/49		50,000		55,126
JPMorgan Chase
3.625% 12/1/27		100,000		99,189
•6.10% 10/29/49		25,000		27,156
•6.125% 12/29/49		50,000		54,125
Wells Fargo & Co. 3.90% 5/1/45		100,000		100,292
				588,925
Beverages–1.42%
Anheuser-Busch InBev Finance
4.70% 2/1/36		125,000		138,009
4.90% 2/1/46		80,000		90,652
				228,661
Capital Markets–0.65%
Morgan Stanley 4.00% 7/23/25		100,000		104,481
				104,481
Chemicals–0.83%
Ashland 6.875% 5/15/43		50,000		54,500
Sherwin-Williams 4.50% 6/1/47		75,000		78,913
				133,413

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Commercial Services & Supplies–0.64%
#Penske Truck Leasing 144A 3.375% 2/1/22		100,000	$	102,543
				102,543
Communications Equipment–0.43%
Alcatel-Lucent USA 6.45% 3/15/29		50,000		58,625
Nokia 4.375% 6/12/27		10,000		10,206
				68,831
Consumer Finance–0.33%
Navient 5.875% 3/25/21		50,000		53,000
				53,000
Diversified Financial Services–0.16%
#Neuberger Berman Group 144A 4.50% 3/15/27		25,000		26,218
				26,218
Diversified Telecommunication Services–2.94%
AT&T 4.75% 5/15/46		180,000		177,194
Intelsat Jackson Holdings
7.25% 10/15/20		50,000		47,500
#144A 8.00% 2/15/24		50,000		54,000
Telefonica Emisiones 7.045% 6/20/36		50,000		65,873
Verizon Communications 4.522% 9/15/48		135,000		128,242
				472,809
Electric Utilities–0.64%
Southern 4.40% 7/1/46		100,000		102,232
				102,232
Energy Equipment & Services–0.52%
Noble Holding International 7.75% 1/15/24		50,000		39,813
Weatherford International 6.80% 6/15/37		50,000		43,000
				82,813
Equity Real Estate Investment Trusts–1.79%
American Tower
3.375% 10/15/26		75,000		73,524
5.00% 2/15/24		75,000		82,987
DuPont Fabros Technology 5.625% 6/15/23		50,000		53,500
Equinix 5.375% 5/15/27		25,000		26,719
#SBA Communications 144A 4.875% 9/1/24		50,000		51,000
				287,730

LVIP Goldman Sachs Income Builder Fund–6

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food & Staples Retailing–1.92%
CVS Health 5.125% 7/20/45		125,000	$	143,858
Sysco
3.75% 10/1/25		100,000		103,846
4.85% 10/1/45		55,000		61,187
				308,891
Food Products–0.93%
Kraft Heinz Foods 4.375% 6/1/46		100,000		98,331
#Post Holdings 144A 5.50% 3/1/25		50,000		51,688
				150,019
Health Care Equipment & Supplies–0.31%
Becton Dickinson 3.70% 6/6/27		50,000		50,259
				50,259
Health Care Providers & Services–2.16%
Community Health Systems 6.875% 2/1/22		50,000		43,875
DaVita 5.00% 5/1/25		100,000		100,500
HCA
4.75% 5/1/23		50,000		53,000
5.875% 2/15/26		25,000		27,064
Tenet Healthcare
•4.746% 6/15/20		50,000		50,505
#144A 7.50% 1/1/22		20,000		21,746
THC Escrow III 5.125% 5/1/25		50,000		50,313
				347,003
Independent Power & Renewable Electricity Producers–0.38%
Dynegy 6.75% 11/1/19		45,000		46,631
NRG Energy 7.875% 5/15/21		13,000		13,488
				60,119
Insurance–1.30%
American International Group 4.50% 7/16/44		130,000		132,708
Hartford Financial Services Group 4.30% 4/15/43		75,000		76,563
				209,271
Internet & Direct Marketing Retail–1.17%
Amazon.com 4.95% 12/5/44		50,000		59,158
Priceline Group 3.65% 3/15/25		125,000		128,479
				187,637
Internet Software & Services–0.50%
VeriSign 5.25% 4/1/25		75,000		80,438
				80,438
IT Services–0.16%
#WEX 144A 4.75% 2/1/23		25,000		25,250
				25,250

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Life Sciences Tools & Services–0.64%
Thermo Fisher Scientific 3.65% 12/15/25		100,000	$	103,060
				103,060
Media–2.86%
21st Century Fox America 6.15% 2/15/41		50,000		63,324
Charter Communications Operating 6.484% 10/23/45		50,000		60,222
Clear Channel Worldwide Holdings 6.50% 11/15/22		25,000		25,625
Comcast 4.60% 8/15/45		25,000		27,328
DISH DBS
5.875% 11/15/24		60,000		64,243
7.75% 7/1/26		10,000		11,875
#Sirius XM Radio 144A 4.625% 5/15/23		75,000		77,344
#Univision Communications 144A 5.125% 5/15/23		50,000		50,609
#Videotron 144A 5.375% 6/15/24		75,000		79,500
				460,070
Metals & Mining–0.17%
#Glencore Finance Canada 144A 5.55% 10/25/42		25,000		26,718
				26,718
Mortgage Real Estate Investment Trusts–0.32%
#Ladder Capital Finance Holdings 144A 5.25% 3/15/22		50,000		51,500
				51,500
Multiline Retail–0.24%
JC Penney 7.40% 4/1/37		50,000		38,125
				38,125
Multi-Utilities–0.48%
NiSource Finance 4.375% 5/15/47		75,000		77,654
				77,654
Oil, Gas & Consumable Fuels–6.49%
Apache 4.75% 4/15/43		50,000		50,330
#Chesapeake Energy 144A 8.00% 1/15/25		20,000		19,875
#DCP Midstream Operating 144A 6.75% 9/15/37		50,000		54,000
Enterprise Products Operating
•4.877% 8/1/66		25,000		25,125
5.10% 2/15/45		100,000		110,230
Genesis Energy 6.00% 5/15/23		50,000		49,250
#Halcon Resources 144A 6.75% 2/15/25		50,000		45,250
Kinder Morgan 5.55% 6/1/45		55,000		58,495
Kinder Morgan Energy Partners 7.30% 8/15/33		50,000		60,334

LVIP Goldman Sachs Income Builder Fund–7

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Laredo Petroleum 5.625% 1/15/22		25,000	$	24,375
#MEG Energy 144A 6.375% 1/30/23		50,000		38,875
Plains All American Pipeline
3.60% 11/1/24		25,000		24,337
4.70% 6/15/44		135,000		123,509
#Range Resources 144A 5.875% 7/1/22		50,000		51,000
Sabine Pass Liquefaction 5.625% 3/1/25		125,000		138,093
Williams 7.50% 1/15/31		50,000		59,500
Williams Partners 6.30% 4/15/40		95,000		110,450
				1,043,028
Pharmaceuticals–2.45%
Mylan
3.95% 6/15/26		75,000		76,132
5.25% 6/15/46		130,000		142,752
Shire Acquisitions Investments Ireland 3.20% 9/23/26		100,000		97,979
Valeant Pharmaceuticals International
#144A 6.375% 10/15/20		25,000		24,344
#144A 7.00% 3/15/24		50,000		52,688
				393,895
Semiconductors & Semiconductor Equipment–0.67%
#Broadcom 144A 3.875% 1/15/27		50,000		51,445
Micron Technology 7.50% 9/15/23		50,000		56,025
				107,470
Software–0.76%
#BMC Software Finance 144A 8.125% 7/15/21		50,000		52,016
Microsoft 3.75% 2/12/45		50,000		49,821
Symantec 5.00% 4/15/25		20,000		20,922
				122,759
Specialty Retail–0.15%
L Brands 6.875% 11/1/35		25,000		24,250
				24,250
Technology Hardware, Storage & Peripherals–0.39%
#Dell International 144A 8.10% 7/15/36		50,000		63,010
				63,010
Thrift & Mortgage Finance–0.32%
Nationstar Mortgage 6.50% 7/1/21		50,000		51,375
				51,375
Tobacco–1.15%
Reynolds American 5.85% 8/15/45		150,000		184,409
				184,409
Trading Companies & Distributors–0.17%
#International Lease Finance 144A 7.125% 9/1/18		25,000		26,466
				26,466

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Wireless Telecommunication Services–0.72%
Sprint 7.875% 9/15/23		100,000	$	115,250
				115,250
Total Corporate Bonds (Cost $6,367,966)				6,589,335
NON-AGENCY ASSET-BACKED SECURITIES–7.28%
#•Carlyle Global Market Strategies CLO Series 2014-4A A1R 144A 2.358% 10/15/26		350,000		350,725
•Chase Education Loan Trust Series 2007-A A3 1.365% 12/28/23		67,814		67,602
#•Limerock CLO II Series 2014-2A AR 144A 2.458% 4/18/26		250,000		250,469
#•Madison Park Funding XII Series 2014-12A AR 144A 2.416% 7/20/26		250,000		251,108
#•Staniford Street CLO Series 2014-1A AR 144A 2.426% 6/15/25		250,000		249,873
Total Non-Agency Asset-Backed Securities (Cost $1,166,882)				1,169,777
«LOAN AGREEMENTS–3.77%
Avast Software Tranche B 1st Lien 4.546% 9/30/23		24,688		24,971
Axalta Coating Systems US Holdings 1st Lien 3.039% 6/1/24		18,863		18,943
Builders Firstsource Tranche B 1st Lien 4.069% 2/29/24		24,812		24,828
EnergySolutions Tranche B 1st Lien 6.98% 5/29/20		21,192		21,377
Equinix Tranche B 1st Lien 3.545% 1/9/23		49,624		49,935
First Data 1st Lien 3.716% 4/26/24		22,346		22,370
First Data Tranche B 1st Lien 3.466% 7/10/22		22,905		22,892
Getty Images Tranche B 1st Lien 4.75% 10/18/19		24,425		22,578
Global Payments Tranche B 1st Lien 3.226% 4/22/23		12,911		12,975
Infor US Tranche B 1st Lien 4.046% 2/1/22		24,687		24,561
Intelsat Jackson Holdings Tranche B2 1st Lien 4.00% 6/30/19		50,000		49,649
MEG Energy Tranche B 1st Lien 4.68% 12/31/23		24,349		23,809
Micron Technology Tranche B 1st Lien 3.80% 4/26/22		24,750		24,985
Murray Energy Tranche B2 1st Lien 8.25% 4/17/20		24,934		24,445

LVIP Goldman Sachs Income Builder Fund–8

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
«LOAN AGREEMENTS (continued)
Neiman Marcus Group 1st Lien 4.339% 10/25/20		24,494	$	18,493
Sabre GLBL Tranche B 1st Lien 3.976% 2/22/24		12,253		12,348
Shearer’s Foods 1st Lien 5.546% 7/30/21		24,625		24,625
SIG Combibloc US Acquisition Tranche B 1st Lien 4.226% 3/13/22		24,026		24,226
SS&C European Holdings Tranche B2 1st Lien 3.476% 7/8/22		1,150		1,156
SS&C Technologies Tranche B1 1st Lien 3.476% 7/8/22		16,547		16,635
TransDigm Tranche C 1st Lien 4.296% 2/28/20		49,230		49,296
U.S. Renal Care 1st Lien 5.546% 12/31/22		24,625		23,878
Valeant Pharmaceuticals International Tranche B-F1 1st Lien 5.83% 4/1/22		36,985		37,530
Victory Capital Operating 1st Lien 8.796% 10/31/21		29,155		29,629
Total Loan Agreements (Cost $605,821)				606,134
U.S. TREASURY OBLIGATIONS–4.85%
U.S. Treasury Bond 3.00% 11/15/45		370,000		381,172
U.S. Treasury Note 1.375% 9/30/20		400,000		397,086
Total U.S. Treasury Obligations (Cost $771,318)				778,258

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–6.05%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		971,975	$	971,975
Total Money Market Fund (Cost $971,975)				971,975

TOTAL VALUE OF SECURITIES–99.22% (Cost $15,271,711)		15,939,357
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.78%		125,657
NET ASSETS APPLICABLE TO 1,602,869 SHARES OUTSTANDING–100.00%	$	16,065,014
NET ASSET VALUE PER SHARE–LVIP GOLDMAN SACHS INCOME BUILDER FUND STANDARD CLASS ($951,399 / 94,813 Shares)	$	10.034
NET ASSET VALUE PER SHARE–LVIP GOLDMAN SACHS INCOME BUILDER FUND SERVICE CLASS ($15,113,615 / 1,508,056 Shares)	$	10.022
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	15,773,573
Undistributed net investment income		204,815
Accumulated net realized loss on investments		(559,268	)
Net unrealized appreciation of investments, foreign currencies and derivatives		645,894
TOTAL NET ASSETS	$	16,065,014

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $2,199,260, which represents 13.69% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

• Variable rate security. The rate shown is the rate as of June 30, 2017. Interest rates reset periodically.

LVIP Goldman Sachs Income Builder Fund–9

LVIP Goldman Sachs Income Builder Fund

Statement of Net Assets (continued)

« Includes $60,157 cash collateral held at broker for futures contracts, $79,981 payable for securities purchased, $309 payable for fund shares redeemed, $12,559 due to manager and affiliates and $7,277 expense reimbursement receivable from Lincoln Investment Advisors Corporation as of June 30, 2017.

« Loan agreements 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at June 30, 2017.

× 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.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Interest Rate Contracts:
(1)	U.S. Treasury 2 yr Notes	$	(216,440	)	$	(216,109	)		10/2/17	$	331	$	—
9	U.S. Treasury 5 yr Notes		1,064,284			1,060,523			10/2/17		—		(3,761	)
(3)	U.S. Treasury Long Bonds		(457,153	)		(461,063	)		9/21/17		—		(3,910	)
(7)	U.S. Treasury Ultra Bonds		(1,146,711	)		(1,161,125	)		9/21/17		—		(14,414	)
Total										$	331	$	(22,085	)

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

CLO–Collateralized Loan Obligation

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, 2017 (unaudited)

INVESTMENT INCOME:
Interest	$	173,988
Dividends		98,961
Foreign tax withheld		(1,326	)
		271,623
EXPENSES:
Management fees		45,074
Professional fees		24,190
Distribution fees-Service Class		16,195
Reports and statements to shareholders		5,541
Pricing fees		5,465
Accounting and administration expenses		1,785
Custodian fees		1,511
Consulting fees		864
Shareholder servicing fees		741
Trustees’ fees and expenses		188
Other		478
		102,032
Less:
Expenses reimbursed		(33,829	)
Total operating expenses		68,203
NET INVESTMENT INCOME		203,420
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		280,388
Foreign currencies		5,021
Foreign currency exchange contracts		(323	)
Futures contracts		(31,481	)
Net realized gain		253,605
Net change in unrealized appreciation (depreciation) of:
Investments		125,617
Foreign currencies		2
Futures contracts		(23,726	)
Net change in unrealized appreciation (depreciation)		101,893
NET REALIZED AND UNREALIZED GAIN		355,498
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	558,918

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	203,420		$	368,779
Net realized gain (loss)		253,605			(597,304	)
Net change in unrealized appreciation (depreciation)		101,893			1,200,226
Net increase in net assets resulting from operations		558,918			971,701
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(28,668	)
Service Class		—			(340,072	)
		—			(368,740	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		21,667			41,283
Service Class		3,389,988			2,741,909
Reinvestment of dividends and distributions:
Standard Class		—			28,668
Service Class		—			340,072
		3,411,655			3,151,932
Cost of shares redeemed:
Standard Class		(8,883	)		(7,971	)
Service Class		(310,568	)		(1,543,604	)
		(319,451	)		(1,551,575	)
Increase in net assets derived from capital share transactions		3,092,204			1,600,357
NET INCREASE IN NET ASSETS		3,651,122			2,203,318
NET ASSETS:
Beginning of period		12,413,892			10,210,574
End of period	$	16,065,014		$	12,413,892
Undistributed net investment income	$	204,815		$	1,395

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 6/30/171			Year Ended								5/1/142 to
	(unaudited)			12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	9.626		$	9.125			$	9.824			$	10.000
Income (loss) from investment operations:
Net investment income3			0.154			0.332				0.371				0.237
Net realized and unrealized gain (loss)			0.254			0.486				(0.748	)			(0.156	)
Total from investment operations			0.408			0.818				(0.377	)			0.081
Less dividends and distributions from:
Net investment income			—			(0.317	)			(0.322	)			(0.251	)
Return of capital			—			—				—				(0.006	)
Total dividends and distributions			—			(0.317	)			(0.322	)			(0.257	)
Net asset value, end of period		$	10.034		$	9.626			$	9.125			$	9.824
Total return4			4.26%			8.94%				(3.85%	)			0.80%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	951		$	900			$	795			$	826
Ratio of expenses to average net assets			0.75%			0.75%				0.75%				0.75%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.24%			1.34%				1.29%				1.52%
Ratio of net investment income to average net assets			3.16%			3.52%				3.77%				3.48%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.67%			2.93%				3.23%				2.71%
Portfolio turnover			49%			81%				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 expenses reimbursed by the manager. Performance would have been lower had the expenses reimbursed 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 6/30/171			Year Ended								5/1/142 to
	(unaudited)			12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	9.626		$	9.126			$	9.824			$	10.000
Income (loss) from investment operations:
Net investment income3			0.142			0.308				0.346				0.220
Net realized and unrealized gain (loss)			0.254			0.485				(0.747	)			(0.156	)
Total from investment operations			0.396			0.793				(0.401	)			0.064
Less dividends and distributions from:
Net investment income			—			(0.293	)			(0.297	)			(0.234	)
Return of capital			—			—				—				(0.006	)
Total dividends and distributions			—			(0.293	)			(0.297	)			(0.240	)
Net asset value, end of period		$	10.022		$	9.626			$	9.126			$	9.824
Total return4			4.14%			8.67%				(4.09%	)			0.63%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	15,114		$	11,514			$	9,416			$	7,835
Ratio of expenses to average net assets			1.00%			1.00%				1.00%				1.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.49%			1.59%				1.54%				1.77%
Ratio of net investment income to average net assets			2.91%			3.27%				3.52%				3.23%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.42%			2.68%				2.98%				2.46%
Portfolio turnover			49%			81%				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 expenses reimbursed by the manager. Performance would have been lower had the expenses reimbursed 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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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. 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 (“NAV”). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived 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 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, 2017 and for all open tax years (years ended December 31, 2013 - December 31, 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 six months ended June 30, 2017, 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

LVIP Goldman Sachs Income Builder Fund–14

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

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. 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. 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 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 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, 2017, 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 $6 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly.

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, 2018, 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.

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)

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	439
Legal		106

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $798 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and monthly.

At June 30, 2017, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	7,277
Management fees payable to LIAC		8,365
Distribution fees payable to LFD		3,023
Printing and mailing fees payable to Lincoln Life		798
Shareholder servicing fees payable to Lincoln Life		373

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, 2017, Lincoln Life directly owned 54.42% of the Fund.

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	8,938,991
Purchases of U.S. government securities		368,816
Sales other than U.S. government securities		6,558,700

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for the Fund were as follows:

Cost of investments	$	15,271,711
Aggregate unrealized appreciation	$	825,996
Aggregate unrealized depreciation		(158,350	)
Net unrealized appreciation	$	667,646

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 Goldman Sachs Income Builder Fund–16

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements (continued)

3. Investments (continued)

As of December 31, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$89,809	$701,808	$791,617

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, 2017:

	Level 1				Level 2			Total
Investments:
Assets:
Common Stock		$	5,225,765			$	41,027		$	5,266,792
Convertible Preferred Stock			133,215				—			133,215
Preferred Stock			235,106				54,380			289,486
Master Limited Partnerships			134,385				—			134,385
Corporate Bonds			—				6,589,335			6,589,335
Non-Agency Asset-Backed Securities			—				1,169,777			1,169,777
Loan Agreements			—				606,134			606,134
U.S. Treasury Obligations			—				778,258			778,258
Money Market Fund			971,975				—			971,975
Total Investments		$	6,700,446			$	9,238,911		$	15,939,357
Derivatives:
Assets:
Futures Contracts		$	331			$	—		$	331
Liabilities:
Futures Contracts		$	(22,085	)		$	—		$	(22,085	)

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

During the six months ended June 30, 2017, 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

LVIP Goldman Sachs Income Builder Fund–17

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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. International fair value pricing was not utilized at June 30, 2017. 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		2,190			4,320
Service Class		343,550			291,700
Shares issued upon reinvestment of dividends and distributions:
Standard Class		—			2,977
Service Class		—			35,318
		345,740			334,315
Shares redeemed:
Standard Class		(921	)		(823	)
Service Class		(31,606	)		(162,727	)
		(32,527	)		(163,550	)
Net increase		313,213			170,765

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 and to facilitate or expedite the settlement of portfolio transactions. The change in 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 does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. 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 risks if the 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. No foreign currency exchange contracts were outstanding at June 30, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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

LVIP Goldman Sachs Income Builder Fund–18

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, the Fund entered into futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; to facilitate investments in portfolio securities; and to reduce transaction costs.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Futures contracts (Interest rate contracts)	Receivables and other assets net of liabilities		$331	Receivables and other assets net of liabilities		$(22,085	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Realized gain (loss) on foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(323	)		$	—
Futures contracts (Interest rate contracts)	Realized gain (loss) on futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(31,481	)			(23,726	)
Total			$	(31,804	)		$	(23,726	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)		$       4,120		$     10,463
Futures contracts (average notional value)		1,014,738		1,458,617

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

LVIP Goldman Sachs Income Builder Fund–19

LVIP Goldman Sachs Income Builder Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

Fund had no direct real estate holdings during the six months ended June 30, 2017. 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 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 Goldman Sachs Income Builder Fund–20

                                  LVIP Government Money Market Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP Government Money Market Fund

Index
Disclosure of Fund Expenses	1
Security Type/Sector Allocation	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 Government Money Market Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 in the table reflect fee waivers and recoupments in effect.

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,001.50		0.45%		$2.23
Service Class Shares		1,000.00		1,000.40		0.66%		3.27
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,022.56		0.45%		$2.26
Service Class Shares		1,000.00		1,021.52		0.66%		3.31

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Sector	Percentage of Net Assets
Agency Obligations		52.23	%
U.S. Treasury Obligations		3.91	%
Repurchase Agreements		44.30	%
Money Market Fund		0.02	%
Total Value of Securities		100.46	%
Liabilities Net of Receivables and Other Assets		(0.46	%)
Total Net Assets		100.00	%

LVIP Government Money Market Fund–2

LVIP Government Money Market Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY OBLIGATIONS–52.23%
Federal Farm Credit Banks
1.00% 8/15/17		5,000,000	$	5,000,491
1.00% 11/6/17		1,000,000		999,927
•1.122% 12/28/17		2,445,000		2,444,890
1.125% 9/22/17		4,000,000		4,000,757
•1.169% 7/14/17		3,750,000		3,749,947
•1.267% 9/5/17		3,555,000		3,554,934
•1.267% 1/2/18		3,750,000		3,749,237
•1.279% 8/8/18		1,000,000		1,003,567
•1.324% 9/21/17		5,000,000		5,000,000
Federal Farm Credit Discount Notes
≠1.01% 7/11/17		4,620,000		4,619,230
≠1.05% 9/29/17		3,565,000		3,558,850
≠1.15% 1/11/18		4,680,000		4,658,311
Federal Home Loan Bank Discount Notes
≠1.01% 7/14/17		5,670,000		5,668,270
≠1.01% 7/21/17		4,500,000		4,497,865
≠1.01% 7/26/17		2,620,000		2,618,275
≠1.01% 7/28/17		4,425,000		4,421,774
≠1.04% 8/1/17		8,060,000		8,055,558
≠1.04% 8/9/17		11,500,000		11,488,302
≠1.04% 8/11/17		6,780,000		6,775,027
≠1.04% 8/23/17		3,500,000		3,496,419
≠1.04% 8/25/17		4,240,000		4,235,627
≠1.04% 8/28/17		4,620,000		4,613,338
≠1.04% 8/30/17		9,000,000		8,989,575
≠1.05% 9/13/17		6,285,000		6,272,081
≠1.05% 9/20/17		14,845,000		14,811,968
≠1.05% 9/21/17		1,000,000		997,813
≠1.05% 9/22/17		3,000,000		2,993,706
≠1.05% 9/25/17		9,500,000		9,476,171
≠1.05% 9/27/17		8,500,000		8,478,412
≠1.08% 10/12/17		13,605,000		13,562,961
≠1.08% 10/18/17		5,375,000		5,362,794
≠1.09% 11/8/17		3,500,000		3,486,868
≠1.14% 12/4/17		1,500,000		1,493,500
≠1.14% 12/5/17		9,000,000		8,960,750
≠1.14% 12/29/17		5,000,000		4,971,342
Federal Home Loan Banks
0.75% 9/8/17		1,250,000		1,249,349
•0.83% 5/9/18		3,500,000		3,500,000
0.875% 3/19/18		5,500,000		5,491,110
•0.906% 3/13/18		6,635,000		6,635,000
•0.949% 8/25/17		4,200,000		4,200,000
•0.987% 4/13/18		14,350,000		14,350,000
•1.056% 7/9/18		7,000,000		7,000,000
•1.064% 4/17/18		6,205,000		6,205,000
•1.067% 5/18/18		2,000,000		2,000,000
•1.089% 6/5/18		4,500,000		4,500,000
•1.09% 10/27/17		10,660,000		10,659,920
•1.112% 10/3/18		10,500,000		10,500,000
•1.114% 6/20/19		10,145,000		10,145,000

	Principal Amount°		Value (U.S. $)
AGENCY OBLIGATIONS (continued)
Federal Home Loan Banks (continued)
•1.139% 7/7/17		9,000,000	$	9,000,000
•1.141% 7/6/17		3,630,000		3,630,000
•1.151% 8/22/17		3,800,000		3,799,985
•1.219% 3/8/18		2,825,000		2,825,195
•1.257% 10/16/17		5,600,000		5,600,000
1.375% 3/9/18		5,000,000		5,009,245
Federal Home Loan Mortgage
0.75% 7/14/17		2,500,000		2,500,104
1.00% 9/29/17		4,900,000		4,903,271
•1.125% 1/8/18		3,395,000		3,395,000
•1.126% 1/12/18		3,395,000		3,395,000
•1.167% 11/13/17		1,920,000		1,920,513
Federal National Mortgage Association
0.875% 10/26/17		9,270,000		9,274,028
0.875% 3/28/18		6,000,000		5,989,994
1.00% 9/27/17		1,500,000		1,500,100
•1.182% 8/16/17		4,180,000		4,179,892
Freddie Mac Discount Notes
≠1.04% 8/2/17		5,530,000		5,526,068
≠1.04% 8/3/17		10,485,000		10,477,023
≠1.05% 9/18/17		5,000,000		4,988,644
≠1.08% 10/16/17		11,380,000		11,355,309
Total Agency Obligations (Cost $373,773,287)				373,773,287
U.S. TREASURY OBLIGATIONS–3.91%
•U.S. Treasury Floating Rate Note 1.238% 4/30/18		20,000,000		19,999,078
U.S. Treasury Note 0.75% 2/28/18		8,040,000		8,031,513
Total U.S. Treasury Obligations (Cost $28,030,591)				28,030,591
REPURCHASE AGREEMENTS–44.30%
Bank of Montreal 1.07%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $30,002,675 (collateralized by U.S. government and U.S. agency obligations 1.625%–5.50% 2/28/18–5/1/47; market value $30,689,255)		30,000,000		30,000,000

LVIP Government Money Market Fund–3

LVIP Government Money Market Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
REPURCHASE AGREEMENTS (continued)
Bank of Nova Scotia 1.10%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $30,002,750 (collateralized by U.S. government obligations 0.00%–2.25% 8/3/17–2/15/27; market value $30,602,867)		30,000,000	$	30,000,000
BNP Paribas 1.10%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $30,002,750 (collateralized by U.S. government obligations 0.00%–2.00% 7/20/17–5/15/45; market value $30,600,086)		30,000,000		30,000,000
Citigroup Global Markets 1.08%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $30,002,700 (collateralized by U.S. government obligations 2.875%–5.00% 5/15/37–8/15/45; market value $30,600,053)		30,000,000		30,000,000
Goldman Sachs & Co. 1.07%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $30,002,675 (collateralized by U.S. government agency obligations 3.00%–4.50% 1/1/26–11/1/46; market value $30,900,000)		30,000,000		30,000,000
Mizuho Securities USA 1.16%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $30,002,900 (collateralized by U.S. government agency obligations 4.50% 5/20/47; market value $30,600,001)		30,000,000		30,000,000
Morgan Stanley & Co. 1.01%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $30,002,525 (collateralized by U.S. government obligations 0.875%–4.75% 10/15/18–2/15/37; market value $30,600,048)		30,000,000		30,000,000

	Principal Amount°		Value (U.S. $)
REPURCHASE AGREEMENTS (continued)
Natixis 1.08%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $20,001,800 (collateralized by U.S. government obligations 1.50%–8.125% 5/15/20–5/15/45; market value $20,400,067)		20,000,000	$	20,000,000
1.10%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $6,000,550 (collateralized by U.S. government and U.S. agency obligations 1.25%–8.125% 5/31/19–4/1/47; market value $6,179,934)		6,000,000		6,000,000
RBC Capital Markets 1.07%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $30,002,675 (collateralized by U.S. government agency obligations 1.345%–6.911% 10/15/31–6/1/47; market value $32,188,278)		30,000,000		30,000,000
Societe Generale 1.10%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $11,001,008 (collateralized by U.S. government obligations 3.75% 11/15/43; market value $11,220,097)		11,000,000		11,000,000
TD Securities USA 1.15%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $40,003,833 (collateralized by U.S. government and U.S. agency obligations 0.00%–4.50% 7/20/17–3/20/41; market value $40,800,000)		40,000,000		40,000,000
Total Repurchase Agreements (Cost $317,000,000)				317,000,000

LVIP Government Money Market Fund–4

LVIP Government Money Market Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–0.02%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.91%)		136,052	$	136,052
Total Money Market Fund (Cost $136,052)				136,052

TOTAL VALUE OF SECURITIES–100.46% (Cost $718,939,930)D	$718,939,930
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.46%)	(3,322,292	)
NET ASSETS APPLICABLE TO 71,559,824 SHARES OUTSTANDING–100.00%	$715,617,638
NET ASSET VALUE PER SHARE–LVIP GOVERNMENT MONEY MARKET FUND STANDARD CLASS ($461,888,115 / 46,187,672 Shares)	$10.000
NET ASSET VALUE PER SHARE–LVIP GOVERNMENT MONEY MARKET FUND SERVICE CLASS ($253,729,523 / 25,372,152 Shares)	$10.000
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$715,596,278
Accumulated net realized gain on investments	21,360
TOTAL NET ASSETS	$715,617,638

D Also the cost for federal income tax purposes.

• Variable rate security. The rate shown is the rate as of June 30, 2017. Interest rates reset periodically.

« Includes $1,483,242 payable for fund shares redeemed, $10,500,000 payable for securities purchased and $328,578 due to manager and affiliates at June 30, 2017.

≠ 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–5

LVIP Government Money Market Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Interest	$	2,546,133
EXPENSES:
Management fees		1,295,660
Distribution fees-Service Class		300,655
Accounting and administration expenses		84,912
Shareholder servicing fees		33,286
Professional fees		17,271
Reports and statements to shareholders		16,452
Custodian fees		13,760
Trustees’ fees and expenses		9,356
Pricing fees		1,820
Consulting fees		1,610
Other		28,078
		1,802,860
Less:
Distribution fees waived-Service Class		(47,465	)
Plus:
Recoupment of prior expenses reduced by the Advisor		30,532
Total operating expenses		1,785,927
NET INVESTMENT INCOME		760,206
NET REALIZED LOSS FROM INVESTMENTS		(599	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	759,607

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	760,206		$	199,270
Net realized gain (loss)		(599	)		23,569
Net increase in net assets resulting from operations		759,607			222,839
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		(652,187	)		(125,698	)
Service Class		(108,019	)		(73,572	)
		(760,206	)		(199,270	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		282,663,835			628,723,155
Service Class		150,565,060			277,204,111
Reinvestment of dividends and distributions:
Standard Class		652,187			125,698
Service Class		108,019			73,572
		433,989,101			906,126,536
Cost of shares redeemed:
Standard Class		(304,917,756	)		(580,165,732	)
Service Class		(147,907,834	)		(291,359,879	)
		(452,825,590	)		(871,525,611	)
Increase (decrease) in net assets derived from capital share transactions		(18,836,489	)		34,600,925
NET INCREASE (DECREASE) IN NET ASSETS		(18,837,088	)		34,624,494
NET ASSETS:
Beginning of period		734,454,726			699,830,232
End of period	$	715,617,638		$	734,454,726
Undistributed net investment income	$	—		$	—

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

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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
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			0.015				0.003				0.002				0.003				0.002				0.003
Total from investment operations			0.015				0.003				0.002				0.003				0.002				0.003
Less dividends and distributions from:
Net investment income			(0.015	)			(0.003	)			(0.002	)			(0.003	)			(0.002	)			(0.003	)
Net realized gain			—				—				—				—				—				—	3
Total dividends and distributions			(0.015	)			(0.003	)			(0.002	)			(0.003	)			(0.002	)			(0.003	)
Net asset value, end of period		$	10.000			$	10.000			$	10.000			$	10.000			$	10.000			$	10.000
Total return4			0.15%				0.03%				0.02%				0.03%				0.02%				0.03%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	461,888			$	483,490			$	434,793			$	482,693			$	447,167			$	429,048
Ratio of expenses to average net assets5			0.45%				0.37%				0.17%				0.12%				0.17%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped			0.44%				0.44%				0.43%				0.41%				0.44%				0.43%
Ratio of net investment income to average net assets5			0.30%				0.04%				0.02%				0.03%				0.02%				0.03%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed/recouped			0.31%				(0.03%	)			(0.24%	)			(0.26%	)			(0.25%	)			(0.20%	)

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 year ended December 31, 2012, net realized gain distributions of $1,804, was made by the Fund’s Standard Class, which calculated to de minimis 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  The Fund recouped management fees during the six months ended June 30, 2017, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%.

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

LVIP Government Money Market Fund–7

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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
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			0.004				0.003				0.002				0.003				0.002				0.003
Total from investment operations			0.004				0.003				0.002				0.003				0.002				0.003
Less dividends and distributions from:
Net investment income			(0.004	)			(0.003	)			(0.002	)			(0.003	)			(0.002	)			(0.003	)
Net realized gain			—				—				—				—				—				—	3
Total dividends and distributions			(0.004	)			(0.003	)			(0.002	)			(0.003	)			(0.002	)			(0.003	)
Net asset value, end of period		$	10.000			$	10.000			$	10.000			$	10.000			$	10.000			$	10.000
Total return4			0.04%				0.03%				0.02%				0.03%				0.02%				0.03%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	253,730			$	250,965			$	265,037			$	283,668			$	302,807			$	351,557
Ratio of expenses to average net assets5			0.66%				0.38%				0.17%				0.12%				0.17%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped			0.69%				0.69%				0.68%				0.66%				0.69%				0.68%
Ratio of net investment income to average net assets5			0.09%				0.03%				0.02%				0.03%				0.02%				0.03%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed/recouped			0.06%				(0.28%	)			(0.49%	)			(0.51%	)			(0.50%	)			(0.45%	)

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 year ended December 31, 2012, net realized gain distributions of $1,528, was made by the Fund’s Service Class, which calculated to de minimis 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 waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

⁵  The Fund recouped management fees during the six months ended June 30, 2017, which increased the Ratio of expenses to average net assets and decreased Ratio of net investment income to average net assets by 0.01%.

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

LVIP Government Money Market Fund–8

LVIP Government Money Market Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 “NAV”) 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. As a government money market fund, the Fund will (i) be permitted to use the amortized cost method of valuation to seek to maintain a $10.00 share price and (ii) will not be subject to a liquidity fee and/or a redemption gate on Fund redemptions. The Board of Trustees (“Board”) has reserved its ability to change this policy with respect to liquidity fees and/or redemption gates, but such change would become effective only after shareholders are provided with specific advance notice of the change.

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 fair 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. Open-end investment companies are valued at published NAV. Investments in government money market funds have a stable NAV.

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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.

LVIP Government Money Market Fund–9

LVIP Government Money Market Fund

Notes to Financial Statements

1. Significant Accounting Policies (continued)

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, 2017, and matured on the next business day.

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 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, 2017.

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. The fee is calculated daily and paid monthly.

BlackRock Advisors, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	19,498
Legal		4,705

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $12,140 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LIAC may waive or reimburse its management fee, and LFD may waive or reimburse any 12b-1 Fee, in order to maintain a positive net yield for the Fund. These voluntary waivers and reimbursements may be modified or terminated at any time, without notice. Amounts waived or reimbursed may be recouped for a period of up to 36 months from the date of the waiver or reimbursement, provided that the amount of such recoupment may not exceed the amounts waived or reimbursed and may not cause any Class of the Fund to maintain a negative net yield. Recoupment is further limited to no more than 50% of the Fund’s excess return above a minimum yield of 0.10%. During the six months ended June 30, 2017, LIAC recouped $30,532 in previously waived management fees. The following table summarizes the remaining amounts of waivers or reimbursements that may be recouped and the fiscal years in which they expire:

LVIP Government Money Market Fund–10

LVIP Government Money Market Fund

Notes to Financial Statements (continued)

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

	Recoupment		Expiration Date
	6/30/17		7/1/17 -12/31/17		2018		2019		2020		Total
LFD	$	—	$	389,567	$	672,703	$	702,507	$	47,465	$	1,812,242
LIAC		30,532		1,106,023		1,842,491		440,076		—		3,388,590
Total	$	30,532	$	1,495,590	$	2,515,194	$	1,142,583	$	47,465	$	5,200,832

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	247,990
Distribution fees payable to LFD		51,876
Shareholder servicing fees payable to Lincoln Life		16,572
Printing and mailing fees payable to Lincoln Life		12,140

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

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, 2017:

	Level 1		Level 2		Total
Investments:
Assets:
Agency Obligations	$	—	$	373,773,287	$	373,773,287
U.S. Treasury Obligations		—		28,030,591		28,030,591
Repurchase Agreements		—		317,000,000		317,000,000
Money Market Fund		136,052		—		136,052
Total Investments	$	136,052	$	718,803,878	$	718,939,930

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

During the six months ended June 30, 2017, 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–11

LVIP Government Money Market Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		28,266,383			62,872,317
Service Class		15,056,506			27,720,412
Shares reinvested:
Standard Class		65,219			12,570
Service Class		10,802			7,357
		43,398,910			90,612,656
Shares redeemed:
Standard Class		(30,491,775	)		(58,016,574	)
Service Class		(14,790,784	)		(29,135,988	)
		(45,282,559	)		(87,152,562	)
Net increase (decrease)		(1,883,649	)		3,460,094

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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–12

                            LVIP Invesco Diversified Equity-Income Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,050.50		0.07%		$0.36
Service Class Shares		1,000.00		1,048.70		0.42%		2.13
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,024.45		0.07%		$0.35
Service Class Shares		1,000.00		1,022.71		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 181/365 (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 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, 2017

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	93.03	%
Equity Funds	93.03	%
Unaffiliated Investment	6.87	%
Money Market Fund	6.87	%
Total Value of Securities	99.90	%
Receivables and Other Assets Net of Liabilities	0.10	%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–93.03%
Equity Funds–93.03%
*Invesco V.I. Core Equity Fund		2,417,303	$	90,092,871
*Invesco V.I. Diversified Dividend Fund		3,262,283		88,995,073
**Invesco V.I. Equity and Income Fund		6,506,289		120,301,289
Total Affiliated Investments (Cost $278,993,519)				299,389,233

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT–6.87%
Money Market Fund–6.87%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		22,127,619	$	22,127,619
Total Unaffiliated Investment (Cost $22,127,619)				22,127,619

TOTAL VALUE OF SECURITIES–99.90% (Cost $301,121,138)		321,516,852
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.10%		309,255
NET ASSETS APPLICABLE TO 29,308,839 SHARES OUTSTANDING–100.00%	$	321,826,107

* Series I Shares.

** Series II Shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
7	British Pound	$	561,334	$	570,719		9/19/17	$	9,385	$	—
6	Euro		850,405		860,025		9/19/17		9,620		—
6	Japanese Yen		689,205		668,250		9/19/17		—		(20,955	)
									19,005		(20,955	)
Equity Contracts:
2	E-mini Russell 2000 Index		139,963		141,430		9/18/17		1,467		—
105	E-mini S&P 500 Index		12,737,707		12,709,725		9/18/17		—		(27,982	)
11	E-mini S&P MidCap 400 Index		1,942,655		1,920,710		9/18/17		—		(21,945	)
24	Euro STOXX 50 Index		974,213		940,492		9/18/17		—		(33,721	)
6	FTSE 100 Index		581,129		565,979		9/18/17		—		(15,150	)
3	Nikkei 225 Index (OSE)		536,522		533,985		9/8/17		—		(2,537	)
									1,467		(101,335	)
Total								$	20,472	$	(122,290	)

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

FTSE–Financial Times Stock Exchange

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Affiliated investments, at value	$	299,389,233
Unaffiliated investment, at value		22,127,619
Total investments, at value		321,516,852
Cash collateral held at broker for futures contracts		515,460
Foreign currencies collateral held at broker for futures contracts, at value		272,796
Receivable for fund shares sold		42,733
Unrealized appreciation on futures contracts		20,472
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		17,785
Foreign currencies, at value		17,238
Receivable for investments sold		15,128
Dividends receivable from investments		14,254
TOTAL ASSETS		322,432,718
LIABILITIES:
Cash due to custodian		318,397
Unrealized depreciation on futures contracts		122,290
Due to manager and affiliates		121,034
Other accrued expenses payable		23,531
Payable for fund shares redeemed		21,359
TOTAL LIABILITIES		606,611
TOTAL NET ASSETS	$	321,826,107
Affiliated investments, at cost	$	278,993,519
Unaffiliated investment, at cost		22,127,619
Total investments, at cost	$	301,121,138
Foreign currencies collateral held at broker for futures contracts, at cost	$	272,796
Foreign currencies, at cost	$	17,238
Standard Class:
Net Assets	$	2,008,832
Shares Outstanding		182,650
Net Asset Value Per Share	$	10.998
Service Class:
Net Assets	$	319,817,275
Shares Outstanding		29,126,189
Net Asset Value Per Share	$	10.980
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	298,099,717
Accumulated net investment loss		(540,633	)
Accumulated net realized gain on investments		3,973,148
Net unrealized appreciation of investments and derivatives		20,293,875
TOTAL NET ASSETS	$	321,826,107

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment	$	59,993
EXPENSES:
Management fees		909,656
Distribution fees-Service Class		527,264
Accounting and administration expenses		25,618
Professional fees		18,142
Shareholder servicing fees		15,447
Reports and statements to shareholders		11,751
Trustees’ fees and expenses		3,961
Custodian fees		2,489
Consulting fees		2,123
Pricing fees		140
Other		1,070
		1,517,661
Less:
Management fees waived		(833,851	)
Expenses reimbursed		(50,420	)
Total operating expenses		633,390
NET INVESTMENT LOSS		(573,397	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of affiliated investments		(478,038	)
Foreign currencies		8,040
Futures contracts		1,319,850
Net realized gain		849,852
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		14,062,303
Foreign currencies		8
Futures contracts		(74,716	)
Net change in unrealized appreciation (depreciation)		13,987,595
NET REALIZED AND UNREALIZED GAIN		14,837,447
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,264,050

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(573,397	)	$	2,050,313
Net realized gain		849,852			3,261,544
Net change in unrealized appreciation (depreciation)		13,987,595			16,419,455
Net increase in net assets resulting from operations		14,264,050			21,731,312
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(19,662	)
Service Class		—			(2,033,727	)
Net realized gain:
Standard Class		—			(23,938	)
Service Class		—			(3,138,645	)
		—			(5,215,972	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		117,386			1,144,376
Service Class		46,577,001			146,014,786
Reinvestment of dividends and distributions:
Standard Class		—			43,600
Service Class		—			5,172,372
		46,694,387			152,375,134
Cost of shares redeemed:
Standard Class		(55,041	)		(445,417	)
Service Class		(14,757,204	)		(14,424,247	)
		(14,812,245	)		(14,869,664	)
Increase in net assets derived from capital share transactions		31,882,142			137,505,470
NET INCREASE IN NET ASSETS		46,146,192			154,020,810
NET ASSETS:
Beginning of period		275,679,915			121,659,105
End of period	$	321,826,107		$	275,679,915
Undistributed (Accumulated) net investment income (loss)	$	(540,633	)	$	32,764

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 6/30/171				Year Ended								5/1/143 to
	(unaudited)				12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	10.469			$	9.661			$	10.341			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.002	)			0.143				0.226				0.154
Net realized and unrealized gain (loss)			0.531				0.926				(0.725	)			0.306
Total from investment operations			0.529				1.069				(0.499	)			0.460
Less dividends and distributions from:
Net investment income			—				(0.114	)			(0.181	)			(0.079	)
Net realized gain			—				(0.147	)			—				(0.040	)
Total dividends and distributions			—				(0.261	)			(0.181	)			(0.119	)
Net asset value, end of period		$	10.998			$	10.469			$	9.661			$	10.341
Total return5			5.05%				11.14%				(4.84%	)			4.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,009			$	1,851			$	983			$	566
Ratio of expenses to average net assets6			0.07%				0.07%				0.07%				0.07%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.65%				0.67%				0.72%				1.11%
Ratio of net investment income (loss) to average net assets			(0.03%	)			1.43%				2.21%				2.22%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.61%	)			0.83%				1.56%				1.18%
Portfolio turnover			2%				5%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 6/30/171				Year Ended								5/1/143 to
	(unaudited)				12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	10.470			$	9.664			$	10.343			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.020	)			0.108				0.189				0.130
Net realized and unrealized gain (loss)			0.530				0.923				(0.723	)			0.306
Total from investment operations			0.510				1.031				(0.534	)			0.436
Less dividends and distributions from:
Net investment income			—				(0.078	)			(0.145	)			(0.053	)
Net realized gain			—				(0.147	)			—				(0.040	)
Total dividends and distributions			—				(0.225	)			(0.145	)			(0.093	)
Net asset value, end of period		$	10.980			$	10.470			$	9.664			$	10.343
Total return5			4.87%				10.75%				(5.17%	)			4.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	319,817			$	273,829			$	120,676			$	32,068
Ratio of expenses to average net assets6			0.42%				0.42%				0.42%				0.42%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.00%				1.02%				1.07%				1.46%
Ratio of net investment income (loss) to average net assets			(0.38%	)			1.08%				1.86%				1.87%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.96%	)			0.48%				1.21%				0.83%
Portfolio turnover			2%				5%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially all 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2014–December 31, 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 six months ended June 30, 2017, 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 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 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)

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, 2017.

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 calculated daily and paid monthly. 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 0.55% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2018, 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 0.07% 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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	8,465
Legal		2,044

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $8,448 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	17,785
Management fees payable to LIAC		13,189
Distribution fees payable to LFD		91,747
Printing and mailing fees payable to Lincoln Life		8,448
Shareholder servicing fees payable to Lincoln Life		7,650

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 investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
Invesco V.I. Core Equity Fund		$	76,380,461		$	10,064,543		$	2,679,745		$	(362,236	)		$	6,689,848		$	90,092,871		$	—		$	—
Invesco V.I. Diversified Dividend Fund			77,552,390			10,152,673			1,493,268			(3,007	)			2,786,285			88,995,073			—			—
Invesco V.I. Equity and Income Fund			102,490,722			15,197,378			1,860,186			(112,795	)			4,586,170			120,301,289			—			—
Total		$	256,423,573		$	35,414,594		$	6,033,199		$	(478,038	)		$	14,062,303		$	299,389,233		$	—		$	—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$35,414,594
Sales	6,033,199

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	301,121,138
Aggregate unrealized appreciation	$	20,395,714
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	20,395,714

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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investments	$	299,389,233
Unaffiliated Investment		22,127,619
Total Investments	$	321,516,852
Derivatives:
Assets:
Futures Contracts	$	20,472
Liabilities:
Futures Contracts	$	(122,290	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		10,918			115,377
Service Class		4,338,147			14,593,022
Shares reinvested:
Standard Class		—			4,261
Service Class		—			507,492
		4,349,065			15,220,152
Shares redeemed:
Standard Class		(5,103	)		(44,542	)
Service Class		(1,366,006	)		(1,433,230	)
		(1,371,109	)		(1,477,772	)
Net increase		2,977,956			13,742,380

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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)

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives					Liability Derivatives
	Statement of Assets and Liabilities Location		Fair Value			Statement of Assets and Liabilities Location		Fair Value
Futures contracts (Currency contracts)		Unrealized appreciation on futures contracts		$	19,005		Unrealized depreciation on futures contracts		$	(20,955	)
Futures contracts (Equity contracts)		Unrealized appreciation on futures contracts			1,467		Unrealized depreciation on futures contracts			(101,335	)
Total				$	20,472				$	(122,290	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	78,768		$	19,227
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			1,241,082			(93,943	)
Total			$	1,319,850		$	(74,716	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$17,722,311		$—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 Select Equity Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,065.00		0.14%		$0.72
Service Class Shares		1,000.00		1,063.20		0.49%		2.51
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,024.10		0.14%		$0.70
Service Class Shares		1,000.00		1,022.36		0.49%		2.46

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 Invesco Select Equity Managed Volatility Fund–1

LVIP Invesco Select Equity Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2017

Security Type/Sector	Percentage of Net Assets
Affiliated Investment		65.08%
Equity Fund		65.08%
Unaffiliated Investments		34.92%
Equity Fund		28.08%
Money Market Fund		6.84%
Total Value of Securities		100.00%
Receivables and Other Assets Net of Liabilities		0.00%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–65.08%
Equity Fund–65.08%
*Invesco V.I. Equally-Weighted S&P 500 Fund		4,811,551	$	89,542,968
Total Affiliated Investment (Cost $79,004,294)				89,542,968
UNAFFILIATED INVESTMENTS–34.92%
Equity Fund–28.08%
*Invesco V.I. Comstock Fund		1,998,848		38,637,740
				38,637,740

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Money Market Fund–6.84%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		9,409,461	$	9,409,461
				9,409,461
Total Unaffiliated Investments (Cost $43,407,607)				48,047,201

TOTAL VALUE OF SECURITIES–100.00% (Cost $122,411,901)		137,590,169
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.00%		2,114
NET ASSETS APPLICABLE TO 13,213,984 SHARES OUTSTANDING–100.00%	$	137,592,283

* Series I Shares.

The following futures contracts were outstanding at June 30, 2017:1

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
47	E-mini S&P 500 Index		$5,702,240		$5,689,115		9/18/17		$(13,125	)
13	E-mini S&P MidCap 400 Index		2,295,564		2,269,930		9/18/17		(25,634	)
2	Euro STOXX 50 Index		81,184		78,374		9/18/17		(2,810	)
Total									$(41,569	)

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 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.”

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Affiliated investment, at value	$	89,542,968
Unaffiliated investments, at value		48,047,201
Total investments, at value		137,590,169
Cash collateral held at broker for futures contracts		297,807
Foreign currencies collateral, held at broker for future contracts, at value		42,571
Receivable for fund shares sold		20,889
Expenses reimbursement from Lincoln Investment Advisors Corporation		17,917
Dividends receivable from investments		6,065
Receivable for investments sold		2,918
Foreign currencies, at value		685
TOTAL ASSETS		137,979,021
LIABILITIES:
Payable for fund shares redeemed		167,920
Other accrued expenses payable		112,762
Due to manager and affiliates		64,487
Unrealized depreciation on futures contracts		41,569
TOTAL LIABILITIES		386,738
TOTAL NET ASSETS	$	137,592,283
Affiliated investment, at cost	$	79,004,294
Unaffiliated investments, at cost		43,407,607
Total investments, at cost	$	122,411,901
Foreign currencies collateral held at broker for futures contracts, at cost	$	42,571
Foreign currencies, at cost	$	686
Standard Class:
Net Assets	$	92,852
Shares Outstanding		8,902
Net Asset Value Per Share	$	10.430	*
Service Class:
Net Assets	$	137,499,431
Shares Outstanding		13,205,082
Net Asset Value Per Share	$	10.413
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	133,972,462
Accumulated net investment loss		(280,823	)
Accumulated net realized loss on investments		(11,236,054	)
Net unrealized appreciation of investments, foreign currencies and derivatives		15,136,698
TOTAL NET ASSETS	$	137,592,283

* Net Asset Value Per Share does not recalculate exactly, due to rounding.

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	26,061
EXPENSES:
Management fees		435,726
Distribution fees-Service Class		234,463
Accounting and administration expenses		19,815
Professional fees		18,387
Reports and statements to shareholders		8,851
Shareholder servicing fees		6,607
Consulting fees		1,948
Trustees’ fees and expenses		1,809
Custodian fees		1,565
Pricing fees		48
Other		711
		729,930
Less:
Management fees waived		(341,877	)
Expenses reimbursed		(59,741	)
Total operating expenses		328,312
NET INVESTMENT LOSS		(302,251	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain from:
Sale of affiliated investment		155,149
Sale of unaffiliated investments		28,820
Foreign currencies		418
Futures contracts		558,959
Net realized gain		743,346
Net change in unrealized appreciation (depreciation) of:
Affiliated investment		6,574,550
Unaffiliated investments		1,233,270
Foreign currencies		1
Futures contracts		5,036
Net change in unrealized appreciation (depreciation)		7,812,857
NET REALIZED AND UNREALIZED GAIN		8,556,203
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,253,952

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(302,251	)	$	505,354
Net realized gain (loss)		743,346			(6,079,772	)
Net change in unrealized appreciation (depreciation)		7,812,857			13,358,213
Net increase in net assets resulting from operations		8,253,952			7,783,795
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(838	)
Service Class		—			(833,106	)
		—			(833,944	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		614			3,300
Service Class		7,851,871			23,912,333
Reinvestment of dividends and distributions:
Standard Class		—			838
Service Class		—			833,106
		7,852,485			24,749,577
Cost of shares redeemed:
Standard Class		(1,540	)		(7,714	)
Service Class		(11,218,996	)		(18,381,123	)
		(11,220,536	)		(18,388,837	)
Increase (Decrease) in net assets derived from capital share transactions		(3,368,051	)		6,360,740
NET INCREASE IN NET ASSETS		4,885,901			13,310,591
NET ASSETS:
Beginning of period		132,706,382			119,395,791
End of period	$	137,592,283		$	132,706,382
Undistributed (accumulated) net investment income (loss)	$	(280,823	)	$	21,428

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												1/2/143
	6/30/171				Year Ended								to
	(unaudited)				12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	9.794			$	9.307			$	10.376			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.005	)			0.070				0.213				0.187
Net realized and unrealized gain (loss)			0.641				0.511				(1.104	)			0.298
Total from investment operations			0.636				0.581				(0.891	)			0.485
Less dividends and distributions from:
Net investment income			—				(0.094	)			(0.178	)			(0.109	)
Total dividends and distributions			—				(0.094	)			(0.178	)			(0.109	)
Net asset value, end of period		$	10.430			$	9.794			$	9.307			$	10.376
Total return5			6.50%				6.24%				(8.59%	)			4.85%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	93			$	88			$	87			$	90
Ratio of expenses to average net assets6			0.14%				0.10%				0.00%				0.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.74%				0.75%				0.76%				0.84%
Ratio of net investment income (loss) to average net assets			(0.10%	)			0.75%				2.12%				1.84%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.70%	)			0.10%				1.36%				1.00%
Portfolio turnover			4%				84%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 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												1/2/143
	6/30/171				Year Ended								to
	(unaudited)				12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	9.794			$	9.310			$	10.377			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.023	)			0.037				0.177				0.155
Net realized and unrealized gain (loss)			0.642				0.509				(1.101	)			0.294
Total from investment operations			0.619				0.546				(0.924	)			0.449
Less dividends and distributions from:
Net investment income			—				(0.062	)			(0.143	)			(0.072	)
Total dividends and distributions			—				(0.062	)			(0.143	)			(0.072	)
Net asset value, end of period		$	10.413			$	9.794			$	9.310			$	10.377
Total return5			6.32%				5.86%				(8.91%	)			4.49%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	137,499			$	132,618			$	119,309			$	75,250
Ratio of expenses to average net assets6			0.49%				0.45%				0.35%				0.35%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.09%				1.10%				1.11%				1.19%
Ratio of net investment income (loss) to average net assets			(0.45%	)			0.40%				1.77%				1.49%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(1.05%	)			(0.25%	)			1.01%				0.65%
Portfolio turnover			4%				84%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 Select Equity Managed Volatility Fund–7

LVIP Invesco Select Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2014–December 31, 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 six months ended June 30, 2017, 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 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 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 Invesco Select Equity Managed Volatility Fund–8

LVIP Invesco Select 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 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, 2017.

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. The fee is calculated daily and paid monthly. 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. The waiver amount is 0.51% of average daily net assets of the Fund. This agreement will continue at least through April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Fund’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 0.14% 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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	3,835
Legal		926

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations..

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $5,910 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class shares. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation, or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of average daily net assets of the Service Class shares. The 12b-1 fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	17,917
Management fees payable to LIAC		15,808
Distribution fees payable to LFD		39,494
Printing and mailing fees payable to Lincoln Life		5,910
Shareholder servicing fees payable to Lincoln Life		3,275

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, LIAC (LVIP Funds), or investments in issuers whereby the Fund held 5% or more of the issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16	Purchases	Sales	Net Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Value 6/30/17	Dividends	Capital Gain Distributions
Invesco V.I. Equally-Weighted S&P 500 Fund	$86,226,377	$2,485,584	$5,898,692	$155,149	$6,754,550	$89,542,968	$—	$—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	4,714,123
Sales		7,968,984

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for the Fund were as follows:

Cost of investments	$	122,411,901
Aggregate unrealized appreciation	$	15,178,268
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	15,178,268

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 31,2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$4,627,727	$6,737,276	$11,365,003

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 Invesco Select Equity Managed Volatility Fund–10

LVIP Invesco Select Equity 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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investment	$	89,542,968
Unaffiliated Investments		48,047,201
Total Investments	$	137,590,169
Derivatives:
Liabilities:
Futures Contracts	$	(41,569	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		61			359
Service Class		770,227			2,613,380
Shares reinvested:
Standard Class		—			85
Service Class		—			84,876
		770,288			2,698,700
Shares redeemed:
Standard Class		(151	)		(797	)
Service Class		(1,105,591	)		(1,973,345	)
		(1,105,742	)		(1,974,142	)
Net increase (decrease)		(335,454	)		724,558

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.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce costs. 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

LVIP Invesco Select Equity Managed Volatility Fund–11

LVIP Invesco Select Equity Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$—	Unrealized depreciation on futures contracts	$(41,569)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$558,959	$5,036

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume	Short Derivative Volume
Futures contracts (average notional value)	$7,911,017	$—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 JPMorgan High Yield Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP JPMorgan High Yield Fund

Index
Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Credit Quality Breakdown	2
Statement of Net Assets	3
Statement of Operations	18
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	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 JPMorgan High Yield Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,039.20		0.66%		$3.34
Service Class Shares		1,000.00		1,038.00		0.91%		4.60
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,021.52		0.66%		$3.31
Service Class Shares		1,000.00		1,020.28		0.91%		4.56

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP JPMorgan High Yield Fund–1

LVIP JPMorgan High Yield Fund

Security Type/Sector Allocation and Credit Quality Breakdown (unaudited)

As of June 30, 2017

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

Security Type/Sector	Percentage of Net Assets
Convertible Bonds		0.03%
Corporate Bonds		91.21%
Aerospace & Defense		1.82%
Air Freight & Logistics		0.18%
Airlines		0.22%
Auto Components		1.46%
Automobiles		0.25%
Banks		1.85%
Beverages		0.13%
Biotechnology		0.08%
Building Products		0.22%
Capital Markets		0.20%
Chemicals		2.94%
Commercial Services & Supplies		2.36%
Communications Equipment		1.11%
Construction & Engineering		1.02%
Construction Materials		1.76%
Consumer Finance		1.56%
Containers & Packaging		1.65%
Diversified Consumer Services		0.16%
Diversified Financial Services		0.68%
Diversified Telecommunication Services		5.31%
Electric Utilities		0.00%
Electrical Equipment		0.25%
Electronic Equipment, Instruments & Components		0.08%
Energy Equipment & Services		2.63%
Equity Real Estate Investment Trusts		1.70%
Food & Staples Retailing		1.89%
Food Products		1.79%
Gas Utilities		0.19%
Health Care Equipment & Supplies		0.50%
Health Care Providers & Services		6.45%
Hotels, Restaurants & Leisure		4.01%
Household Durables		0.72%
Household Products		0.69%
Independent Power & Renewable Electricity Producers		2.65%
Industrial Conglomerates		0.45%
Insurance		0.69%
Internet & Direct Marketing Retail		0.19%
Internet Software & Services		0.11%
IT Services		1.19%
Life Sciences Tools & Services		0.32%
Machinery		1.36%
Marine		0.23%
Media		9.46%

Security Type/Sector	Percentage of Net Assets
Metals & Mining		5.15%
Mortgage Real Estate Investment Trusts		0.08%
Multiline Retail		0.42%
Oil, Gas & Consumable Fuels		9.19%
Paper & Forest Products		0.25%
Personal Products		0.14%
Pharmaceuticals		2.68%
Professional Services		0.46%
Semiconductors & Semiconductor Equipment		0.84%
Software		1.70%
Specialty Retail		1.10%
Technology Hardware, Storage & Peripherals		0.93%
Textiles, Apparel & Luxury Goods		0.00%
Thrift & Mortgage Finance		0.16%
Trading Companies & Distributors		1.77%
Wireless Telecommunication Services		3.83%
Loan Agreements		3.98%
Common Stock		0.52%
Preferred Stock		0.94%
Right		0.03%
Warrants		0.00%
Money Market Fund		2.68%
Total Value of Securities		99.39%
Receivables and Other Assets Net of Liabilities		0.61%
Total Net Assets		100.00%
IT–Information Technology
Credit Quality Breakdown (as a % of fixed income investments)*
A		0.06%
BBB		7.96%
BB		46.78%
B		34.96%
CCC		6.40%
Not Rated		3.84%
Total		100.00%

*For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s Rating Services (“S&P”) or Moody’s Investor Service, Inc. (“Moody’s”) or Fitch Inc. (“Fitch”). “Not Rated” is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

LVIP JPMorgan High Yield Fund–2

LVIP JPMorgan High Yield Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Principal Amount°		Value (U.S. $)
CONVERTIBLE BONDS–0.03%
Liberty Interactive 3.75% exercise price $947.47, maturity date 2/15/30		138,000	$	92,460
Liberty Interactive 4.00% exercise price $927.52, maturity date 11/15/29		192,000		129,600
Total Convertible Bonds (Cost $209,157)				222,060
CORPORATE BONDS–91.21%
Aerospace & Defense–1.82%
Arconic
5.125% 10/1/24		1,025,000		1,068,563
5.40% 4/15/21		768,000		809,280
5.87% 2/23/22		1,574,000		1,692,050
Bombardier
#144A 6.00% 10/15/22		1,232,000		1,236,620
#144A 6.125% 1/15/23		1,956,000		1,965,780
#144A 7.50% 3/15/25		1,643,000		1,708,720
#144A 7.75% 3/15/20		112,000		120,820
#144A 8.75% 12/1/21		840,000		934,500
Orbital ATK
5.25% 10/1/21		400,000		414,000
5.50% 10/1/23		505,000		534,037
TransDigm
5.50% 10/15/20		500,000		510,625
6.00% 7/15/22		1,956,000		2,019,570
6.375% 6/15/26		632,000		643,060
6.50% 7/15/24		175,000		181,125
6.50% 5/15/25		1,082,000		1,103,640
				14,942,390
Air Freight & Logistics–0.18%
XPO Logistics
#144A 6.125% 9/1/23		400,000		418,000
#144A 6.50% 6/15/22		1,025,000		1,080,094
				1,498,094
Airlines–0.22%
#American Airlines Group 144A 5.50% 10/1/19		300,000		317,430
United Continental Holdings 5.00% 2/1/24		1,480,000		1,507,750
				1,825,180
Auto Components–1.46%
American Axle & Manufacturing
#144A 6.25% 4/1/25		2,190,000		2,140,725
#144A 6.50% 4/1/27		2,199,000		2,144,025
6.625% 10/15/22		76,000		78,280
Dana 5.50% 12/15/24		422,000		439,935
#Dana Financing Luxembourg 144A 5.75% 4/15/25		987,000		1,024,013
Goodyear Tire & Rubber 4.875% 3/15/27		2,331,000		2,371,792

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Auto Components (continued)
Goodyear Tire & Rubber (continued)
5.00% 5/31/26		1,060,000	$	1,099,750
5.125% 11/15/23		885,000		929,250
#JB Poindexter 144A 9.00% 4/1/22		609,000		640,211
Tenneco 5.375% 12/15/24		296,000		307,100
#ZF North America Capital 144A 4.75% 4/29/25		817,000		864,999
				12,040,080
Automobiles–0.25%
Fiat Chrysler Automobiles 5.25% 4/15/23		2,034,000		2,077,223
=‡Motors Liquidation 8.80% 3/1/21		425,000		0
				2,077,223
Banks–1.85%
•Barclays 8.25% 12/29/49		1,085,000		1,152,813
CIT Group
5.00% 8/15/22		2,835,000		3,061,800
5.375% 5/15/20		500,000		539,375
•Citigroup 6.25% 12/29/49		660,000		733,013
#•Credit Agricole 144A 8.125% 12/29/49		784,000		913,536
Royal Bank of Scotland Group
5.125% 5/28/24		1,250,000		1,314,994
6.10% 6/10/23		3,304,000		3,645,075
6.125% 12/15/22		2,370,000		2,597,781
•7.50% 12/29/49		908,000		939,326
•8.625% 12/29/49		335,000		365,987
				15,263,700
Beverages–0.13%
#Cott Holdings 144A 5.50% 4/1/25		1,016,000		1,038,860
				1,038,860
Biotechnology–0.08%
Concordia International
#‡144A 7.00% 4/15/23		2,596,000		389,400
#144A 9.00% 4/1/22		337,000		256,962
				646,362
Building Products–0.22%
#Airxcel 144A 8.50% 2/15/22		480,000		506,400
#NCI Building Systems 144A 8.25% 1/15/23		730,000		792,963
#NWH Escrow 144A 7.50% 8/1/21		585,000		523,575
				1,822,938
Capital Markets–0.20%
•Goldman Sachs Group 5.70% 12/29/49		594,000		618,948
#MSCI 144A 5.25% 11/15/24		955,000		1,017,075
				1,636,023

LVIP JPMorgan High Yield Fund–3

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Chemicals–2.94%
#Axalta Coating Systems 144A 4.875% 8/15/24		560,000	$	579,600
Blue Cube Spinco
9.75% 10/15/23		1,802,000		2,189,430
10.00% 10/15/25		817,000		1,011,037
CF Industries
#144A 4.50% 12/1/26		314,000		323,458
5.15% 3/15/34		1,531,000		1,421,916
5.375% 3/15/44		236,000		211,515
Chemours
5.375% 5/15/27		215,000		222,233
7.00% 5/15/25		740,000		810,300
#CVR Partners 144A 9.25% 6/15/23		3,211,000		3,371,550
#GCP Applied Technologies 144A 9.50% 2/1/23		969,000		1,104,660
Hexion 6.625% 4/15/20		4,310,000		3,954,425
#Koppers 144A 6.00% 2/15/25		465,000		495,225
Momentive Performance Materials
3.88% 10/24/21		775,000		771,125
=‡8.875% 10/15/20		600,000		0
NOVA Chemicals
#144A 4.875% 6/1/24		660,000		658,350
#144A 5.00% 5/1/25		518,000		516,705
#144A 5.25% 8/1/23		880,000		907,500
#144A 5.25% 6/1/27		330,000		329,175
#Nufarm Australia 144A 6.375% 10/15/19		574,000		588,350
Olin 5.125% 9/15/27		900,000		929,250
PolyOne 5.25% 3/15/23		1,704,000		1,797,720
Scotts Miracle-Gro
5.25% 12/15/26		435,000		456,750
6.00% 10/15/23		450,000		485,325
#Valvoline 144A 5.50% 7/15/24		175,000		185,500
#Venator Finance 144A 5.75% 7/15/25		54,000		54,675
#Versum Materials 144A 5.50% 9/30/24		820,000		864,075
				24,239,849
Commercial Services & Supplies–2.36%
#ACCO Brands 144A 5.25% 12/15/24		529,000		550,821
#ACE Cash Express 144A 11.00% 2/1/19		2,182,000		2,187,455
ADT 4.125% 6/15/23		3,633,000		3,610,294
Covanta Holding
5.875% 3/1/24		350,000		342,125
5.875% 7/1/25		156,000		151,710
#GW Honos Security 144A 8.75% 5/15/25		4,975,000		5,217,531
Harland Clarke Holdings
#144A 6.875% 3/1/20		700,000		724,500
#144A 8.375% 8/15/22		574,000		612,745
#Prime Security Services Borrower 144A 9.25% 5/15/23		5,115,000		5,571,053
Quad/Graphics 7.00% 5/1/22		490,000		501,432
				19,469,666

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Communications Equipment–1.11%
Avaya
#‡144A 7.00% 4/1/19		3,092,000	$	2,496,790
#‡144A 10.50% 3/1/21		862,000		88,355
CommScope
#144A 5.00% 6/15/21		928,000		952,360
#144A 5.50% 6/15/24		810,000		846,199
CommScope Technologies
#144A 5.00% 3/15/27		620,000		620,000
#144A 6.00% 6/15/25		547,000		586,657
Goodman Networks 8.00% 5/11/22		371,076		320,981
Hughes Satellite Systems
5.25% 8/1/26		1,301,000		1,364,424
6.625% 8/1/26		564,000		607,710
Nokia
3.375% 6/12/22		155,000		156,565
4.375% 6/12/27		155,000		158,198
5.375% 5/15/19		128,000		135,720
6.625% 5/15/39		658,000		760,812
				9,094,771
Construction & Engineering–1.02%
AECOM
5.125% 3/15/27		2,230,000		2,230,000
5.875% 10/15/24		2,624,000		2,866,720
MasTec 4.875% 3/15/23		1,674,000		1,678,185
#Tutor Perini 144A 6.875% 5/1/25		1,559,000		1,644,745
				8,419,650
Construction Materials–1.76%
Cemex
#144A 5.70% 1/11/25		2,925,000		3,111,469
#144A 6.125% 5/5/25		2,536,000		2,738,880
#144A 7.75% 4/16/26		980,000		1,123,325
CEMEX Finance
#144A 6.00% 4/1/24		200,000		213,020
#144A 9.375% 10/12/22		2,905,000		3,093,825
Summit Materials
#144A 5.125% 6/1/25		313,000		321,608
6.125% 7/15/23		2,435,000		2,562,837
US Concrete
6.375% 6/1/24		905,000		959,300
#144A 6.375% 6/1/24		370,000		392,200
				14,516,464
Consumer Finance–1.56%
Ally Financial
4.625% 5/19/22		6,399,000		6,670,957
4.625% 3/30/25		700,000		719,551
5.75% 11/20/25		2,005,000		2,117,781
8.00% 11/1/31		1,430,000		1,758,900
#FirstCash 144A 5.375% 6/1/24		248,000		259,780
Springleaf Finance 7.75% 10/1/21		475,000		533,188

LVIP JPMorgan High Yield Fund–4

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Consumer Finance (continued)
Springleaf Finance (continued)
8.25% 12/15/20		666,000	$	749,250
				12,809,407
Containers & Packaging–1.65%
#Ardagh Packaging Finance 144A 7.25% 5/15/24		525,000		576,187
Ball
4.375% 12/15/20		200,000		210,750
5.00% 3/15/22		135,000		144,619
5.25% 7/1/25		1,066,000		1,180,595
Berry Plastics
5.125% 7/15/23		1,385,000		1,447,325
5.50% 5/15/22		500,000		521,250
6.00% 10/15/22		500,000		535,000
#BWAY Holding 144A 5.50% 4/15/24		1,180,000		1,208,025
#Crown Americas 144A 4.25% 9/30/26		690,000		690,000
#Flex Acquisition 144A 6.875% 1/15/25 .		266,000		277,139
Graphic Packaging International 4.75% 4/15/21		357,000		377,081
Owens-Brockway Glass Container
#144A 5.00% 1/15/22		685,000		726,956
#144A 5.375% 1/15/25		199,000		212,930
#144A 5.875% 8/15/23		105,000		115,959
#144A 6.375% 8/15/25		460,000		517,213
Reynolds Group Issuer
#144A 5.125% 7/15/23		850,000		884,000
5.75% 10/15/20		1,385,000		1,419,057
6.875% 2/15/21		281,939		290,045
Sealed Air
#144A 4.875% 12/1/22		360,000		384,750
#144A 5.125% 12/1/24		660,000		711,150
#144A 5.25% 4/1/23		200,000		215,500
#144A 5.50% 9/15/25		500,000		547,500
#144A 6.50% 12/1/20		355,000		397,600
				13,590,631
Diversified Consumer Services–0.16%
Service Corp International
5.375% 5/15/24		700,000		741,930
8.00% 11/15/21		500,000		595,625
				1,337,555
Diversified Financial Services–0.68%
#CNG Holdings 144A 9.375% 5/15/20		1,518,000		1,351,020
#LPL Holdings 144A 5.75% 9/15/25		673,000		701,603
#NFP 144A 9.00% 7/15/21		796,000		835,442
#Quicken Loans 144A 5.75% 5/1/25		2,570,000		2,666,375
				5,554,440
Diversified Telecommunication Services–5.31%
#Cincinnati Bell 144A 7.00% 7/15/24		953,000		998,458

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Consolidated Communications 6.50% 10/1/22		598,000	$	598,000
Embarq 7.995% 6/1/36		9,736,000		9,882,040
Frontier Communications 6.25% 9/15/21		923,000		826,085
8.50% 4/15/20		252,000		265,545
9.25% 7/1/21		1,926,000		1,894,202
10.50% 9/15/22		700,000		671,125
11.00% 9/15/25		1,190,000		1,109,675
Intelsat Jackson Holdings
5.50% 8/1/23		1,520,000		1,265,400
7.25% 4/1/19		711,000		712,067
7.25% 10/15/20		1,075,000		1,021,250
7.50% 4/1/21		1,370,000		1,270,675
#144A 8.00% 2/15/24		2,326,000		2,512,080
#144A 9.75% 7/15/25		607,000		607,759
Level 3 Financing
5.125% 5/1/23		210,000		218,530
5.25% 3/15/26		1,335,000		1,388,547
5.375% 8/15/22		585,000		604,013
5.375% 1/15/24		421,000		440,471
5.375% 5/1/25		1,600,000		1,688,000
Qwest 7.25% 9/15/25		400,000		444,886
Qwest Capital Funding 7.75% 2/15/31		607,000		579,855
SFR Group
#144A 6.00% 5/15/22		3,325,000		3,482,937
#144A 6.25% 5/15/24		1,106,000		1,172,360
#144A 7.375% 5/1/26		1,100,000		1,197,625
#UPCB Finance IV 144A 5.375% 1/15/25		1,095,000		1,151,119
#Virgin Media Finance 144A 6.375% 4/15/23		1,760,000		1,856,800
#Virgin Media Secured Finance 144A 5.25% 1/15/26		455,000		475,275
Windstream Services
7.50% 6/1/22		469,000		420,927
7.50% 4/1/23		353,000		311,522
7.75% 10/1/21		1,050,000		992,250
Zayo Group
#144A 5.75% 1/15/27		1,580,000		1,657,025
6.00% 4/1/23		1,311,000		1,386,382
6.375% 5/15/25		575,000		622,794
				43,725,679
Electric Utilities–0.00%
‡Texas Competitive Electric Holdings 11.50% 10/1/20		3,115,000		23,363
				23,363
Electrical Equipment–0.25%
Sensata Technologies
#144A 4.875% 10/15/23		435,000		445,331

LVIP JPMorgan High Yield Fund–5

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electrical Equipment (continued)
Sensata Technologies (continued)
#144A 5.00% 10/1/25		391,000	$	410,863
#144A 5.625% 11/1/24		531,000		571,489
#Sensata Technologies UK Financing 144A 6.25% 2/15/26		597,000		653,715
				2,081,398
Electronic Equipment, Instruments & Components–0.08%
CDW
5.00% 9/1/23		259,000		270,331
5.50% 12/1/24		335,000		363,998
				634,329
Energy Equipment & Services–2.63%
Archrock Partners 6.00% 10/1/22		575,000		560,625
CSI Compressco 7.25% 8/15/22		720,000		666,000
Ensco
4.50% 10/1/24		172,000		133,300
5.20% 3/15/25		316,000		258,330
8.00% 1/31/24		167,000		157,815
KCA Deutag UK Finance
#144A 7.25% 5/15/21		1,277,000		1,136,530
#144A 9.875% 4/1/22		985,000		960,375
#Nabors Industries 144A 5.50% 1/15/23		565,000		537,456
Noble Holding International
5.25% 3/15/42		66,000		36,630
6.20% 8/1/40		441,000		266,805
7.75% 1/15/24		547,000		435,549
Parker Drilling
6.75% 7/15/22		1,658,000		1,280,805
7.50% 8/1/20		493,000		428,910
Precision Drilling
5.25% 11/15/24		631,000		553,703
6.50% 12/15/21		226,000		222,327
Rowan 7.375% 6/15/25		779,000		730,313
#‡Sea Trucks Group 144A 9.00% 3/26/18		1,218,750		335,156
SESI 7.125% 12/15/21		239,000		228,843
#Shelf Drilling Holdings 144A 9.50% 11/2/20		2,624,311		2,558,703
Transocean
5.80% 10/15/22		615,000		573,487
6.80% 3/15/38		2,185,000		1,605,975
#144A 9.00% 7/15/23		2,020,000		2,105,850
9.35% 12/15/41		488,000		436,760
#Transocean Proteus 144A 6.25% 12/1/24		1,374,650		1,409,016
#Trinidad Drilling 144A 6.625% 2/15/25		229,000		218,123
Unit 6.625% 5/15/21		1,307,000		1,257,987
Weatherford International
4.50% 4/15/22		861,000		764,138
5.95% 4/15/42		526,000		412,910
6.50% 8/1/36		367,000		313,785

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Energy Equipment & Services (continued)
Weatherford International (continued)
6.75% 9/15/40		111,000	$	96,015
7.00% 3/15/38		478,000		411,080
7.75% 6/15/21		164,000		165,435
8.25% 6/15/23		402,000		403,005
				21,661,741
Equity Real Estate Investment Trusts–1.70%
CyrusOne
#144A 5.00% 3/15/24		671,000		692,807
#144A 5.375% 3/15/27		407,000		424,806
DuPont Fabros Technology 5.875% 9/15/21		470,000		489,681
Equinix
4.875% 4/1/20		187,000		191,792
5.375% 1/1/22		1,189,000		1,257,367
5.375% 4/1/23		500,000		521,875
5.75% 1/1/25		412,000		445,475
5.875% 1/15/26		300,000		327,843
GLP Capital
5.375% 11/1/23		1,555,000		1,696,894
5.375% 4/15/26		755,000		826,567
Iron Mountain
5.75% 8/15/24		1,372,000		1,406,300
#144A 6.00% 10/1/20		967,000		1,003,263
MGM Growth Properties Operating Partnership 5.625% 5/1/24		315,000		344,925
Outfront Media Capital
5.25% 2/15/22		336,000		349,440
5.625% 2/15/24		1,000,000		1,047,500
5.875% 3/15/25		500,000		525,625
SBA Communications
4.875% 7/15/22		683,000		705,197
#144A 4.875% 9/1/24		290,000		295,800
Uniti Group
#144A 6.00% 4/15/23		802,000		836,582
#144A 7.125% 12/15/24		550,000		546,563
#144A 7.125% 12/15/24		95,000		94,555
				14,030,857
Food & Staples Retailing–1.89%
#Albertsons 144A 5.75% 3/15/25		1,728,000		1,611,360
#Cumberland Farms 144A 6.75% 5/1/25		284,000		299,620
New Albertsons
#144A 6.625% 6/15/24		2,269,000		2,257,655
6.625% 6/1/28		844,000		772,260
7.45% 8/1/29		511,000		498,225
7.75% 6/15/26		600,000		604,500
8.00% 5/1/31		625,000		621,875
8.70% 5/1/30		106,000		108,650
Rite Aid
#144A 6.125% 4/1/23		1,236,000		1,218,233

LVIP JPMorgan High Yield Fund–6

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
Rite Aid (continued)
6.75% 6/15/21		172,000	$	177,504
SUPERVALU
6.75% 6/1/21		2,039,000		2,008,415
7.75% 11/15/22		4,725,000		4,618,687
#Tops Holding 144A 8.00% 6/15/22		878,000		725,447
				15,522,431
Food Products–1.79%
B&G Foods 5.25% 4/1/25		759,000		776,077
#Bumble Bee Holdings 144A 9.00% 12/15/17		2,051,000		2,057,409
#Dean Foods 144A 6.50% 3/15/23		1,613,000		1,705,748
#Dole Food 144A 7.25% 6/15/25		1,122,000		1,172,490
JBS USA Finance
#144A 5.75% 6/15/25		1,443,000		1,363,635
#144A 5.875% 7/15/24		2,448,000		2,307,240
#144A 7.25% 6/1/21		1,980,000		1,988,910
#144A 7.25% 6/1/21		256,000		257,152
#144A 8.25% 2/1/20		411,000		413,055
#Pilgrim’s Pride 144A 5.75% 3/15/25		508,000		511,810
Post Holdings
#144A 5.00% 8/15/26		799,000		799,000
#144A 5.50% 3/1/25		717,000		741,199
#144A 5.75% 3/1/27		651,000		672,157
				14,765,882
Gas Utilities–0.19%
AmeriGas Partners
5.50% 5/20/25		630,000		645,750
5.625% 5/20/24		406,000		420,210
5.75% 5/20/27		520,000		529,100
				1,595,060
Health Care Equipment & Supplies–0.50%
Alere
#144A 6.375% 7/1/23		772,000		832,795
6.50% 6/15/20		442,000		450,287
7.25% 7/1/18		375,000		375,563
#Hologic 144A 5.25% 7/15/22		985,000		1,037,944
#Sterigenics-Nordion Holdings 144A 6.50% 5/15/23		800,000		826,000
Teleflex
4.875% 6/1/26		148,000		152,070
5.25% 6/15/24		405,000		421,200
				4,095,859
Health Care Providers & Services–6.45%
Acadia Healthcare
5.125% 7/1/22		410,000		425,375
5.625% 2/15/23		330,000		342,994
6.50% 3/1/24		400,000		428,000
#AMN Healthcare 144A 5.125% 10/1/24		763,000		774,445

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
Centene
4.75% 5/15/22		486,000	$	509,693
4.75% 1/15/25		1,125,000		1,158,750
5.625% 2/15/21		1,040,000		1,086,800
6.125% 2/15/24		700,000		758,576
Community Health Systems
5.125% 8/1/21		450,000		457,313
6.25% 3/31/23		425,000		440,343
6.875% 2/1/22		1,124,000		986,310
7.125% 7/15/20		786,000		768,315
DaVita
5.00% 5/1/25		1,125,000		1,130,625
5.125% 7/15/24		1,174,000		1,193,811
5.75% 8/15/22		400,000		411,500
Envision Healthcare
#144A 5.125% 7/1/22		1,186,000		1,223,063
5.625% 7/15/22		1,794,000		1,861,275
#Fresenius Medical Care US Finance 144A 5.75% 2/15/21		630,000		692,213
Fresenius Medical Care US Finance II
#144A 5.875% 1/31/22		1,488,000		1,655,400
#144A 6.50% 9/15/18		225,000		237,515
HCA
4.25% 10/15/19		630,000		655,200
4.50% 2/15/27		905,000		933,281
5.00% 3/15/24		506,000		536,993
5.25% 4/15/25		705,000		759,637
5.25% 6/15/26		1,035,000		1,118,835
5.375% 2/1/25		2,276,000		2,406,415
5.50% 6/15/47		1,475,000		1,530,313
5.875% 3/15/22		1,019,000		1,132,364
5.875% 5/1/23		1,220,000		1,331,325
5.875% 2/15/26		2,125,000		2,300,313
6.50% 2/15/20		1,250,000		1,367,187
7.50% 2/15/22		1,065,000		1,228,744
8.00% 10/1/18		1,000,000		1,075,250
HCA Healthcare 6.25% 2/15/21		470,000		514,650
IASIS Healthcare 8.375% 5/15/19		2,528,000		2,541,904
#MPH Acquisition Holdings 144A 7.125% 6/1/24		2,780,000		2,971,125
#Surgery Center Holdings 144A 6.75% 7/1/25		173,000		175,595
#Team Health Holdings 144A 6.375% 2/1/25		1,464,000		1,423,740
Tenet Healthcare
4.375% 10/1/21		495,000		504,900
4.50% 4/1/21		2,021,000		2,063,946
#144A 4.625% 7/15/24		608,000		610,280
4.75% 6/1/20		840,000		873,600
5.50% 3/1/19		1,535,000		1,596,400
6.00% 10/1/20		658,000		706,527
6.25% 11/1/18		150,000		158,287

LVIP JPMorgan High Yield Fund–7

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
Tenet Healthcare (continued)
6.75% 2/1/20		115,000	$	119,887
6.75% 6/15/23		885,000		887,212
#144A 7.50% 1/1/22		360,000		391,428
8.00% 8/1/20		858,000		869,797
8.125% 4/1/22		377,000		401,034
THC Escrow
#144A 4.625% 7/15/24		762,000		765,962
#144A 5.125% 5/1/25		2,058,000		2,070,862
#144A 7.00% 8/1/25		515,000		514,356
				53,079,665
Hotels, Restaurants & Leisure–4.01%
Boyd Gaming
6.375% 4/1/26		395,000		428,081
6.875% 5/15/23		781,000		838,599
#CCM Merger 144A 6.00% 3/15/22		272,000		279,480
Cedar Fair
5.375% 6/1/24		265,000		278,250
#144A 5.375% 4/15/27		215,000		227,363
#‡Chukchansi Economic Development Authority 144A 9.75% 5/30/20		236,584		110,011
#Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A 10.50% 7/1/19		866,000		846,515
Eldorado Resorts
#144A 6.00% 4/1/25		150,000		159,563
7.00% 8/1/23		225,000		244,125
#ESH Hospitality 144A 5.25% 5/1/25		1,265,000		1,314,019
#Gateway Casinos & Entertainment 144A 8.25% 3/1/24		475,000		495,187
#Golden Nugget 144A 8.50% 12/1/21		790,000		841,350
#Hilton Domestic Operating 144A 4.25% 9/1/24		935,000		950,194
#Hilton Grand Vacations Borrower 144A 6.125% 12/1/24		357,000		390,469
Hilton Worldwide Finance
#144A 4.625% 4/1/25		562,000		580,967
#144A 4.875% 4/1/27		279,000		292,601
International Game Technology
#144A 6.25% 2/15/22		800,000		878,000
#144A 6.50% 2/15/25		1,580,000		1,741,950
#Jack Ohio Finance 144A 6.75% 11/15/21		865,000		906,087
#KFC Holding 144A 4.75% 6/1/27		2,147,000		2,197,991
#Landry’s 144A 6.75% 10/15/24		2,073,000		2,127,416
MGM Resorts International
4.625% 9/1/26		941,000		955,115
6.00% 3/15/23		1,505,000		1,663,025
7.75% 3/15/22		1,552,000		1,825,540
#NCL 144A 4.75% 12/15/21		956,000		994,708
#New Red Finance 144A 4.25% 5/15/24		2,173,000		2,164,721
Ruby Tuesday 7.625% 5/15/20		150,000		142,875

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
Sabre GLBL
#144A 5.25% 11/15/23		142,000	$	148,035
#144A 5.375% 4/15/23		474,000		496,515
Scientific Games International
#144A 7.00% 1/1/22		795,000		848,663
10.00% 12/1/22		1,615,000		1,776,500
#Seminole Hard Rock Entertainment 144A 5.875% 5/15/21		1,755,000		1,772,550
#Shingle Springs Tribal Gaming Authority 144A 9.75% 9/1/21		1,101,000		1,169,813
#Six Flags Entertainment 144A 4.875% 7/31/24		1,396,000		1,408,034
Speedway Motorsports 5.125% 2/1/23		480,000		489,600
#Wynn Las Vegas 144A 5.50% 3/1/25		1,000,000		1,054,375
				33,038,287
Household Durables–0.72%
CalAtlantic Group
5.25% 6/1/26		294,000		306,127
5.375% 10/1/22		250,000		270,313
5.875% 11/15/24		1,117,000		1,214,737
8.375% 1/15/21		340,000		403,325
Mattamy Group
#144A 6.50% 11/15/20		848,000		869,200
#144A 6.875% 12/15/23		207,000		212,434
#New Home 144A 7.25% 4/1/22		1,202,000		1,250,080
Tempur Sealy International 5.625% 10/15/23		680,000		708,900
Toll Brothers Finance
4.875% 11/15/25		260,000		270,400
5.625% 1/15/24		375,000		405,469
				5,910,985
Household Products–0.69%
#American Greetings 144A 7.875% 2/15/25		536,000		582,230
Central Garden & Pet 6.125% 11/15/23		310,000		331,700
#Kronos Acquisition Holdings 144A 9.00% 8/15/23		2,553,000		2,553,000
Spectrum Brands
5.75% 7/15/25		1,561,000		1,682,134
6.125% 12/15/24		525,000		565,031
				5,714,095
Independent Power & Renewable Electricity Producers–2.65%
AES
5.50% 3/15/24		1,289,000		1,348,616
5.50% 4/15/25		960,000		1,009,200
Calpine
#144A 5.25% 6/1/26		1,210,000		1,191,850
5.375% 1/15/23		521,000		509,929
5.50% 2/1/24		675,000		642,094

LVIP JPMorgan High Yield Fund–8

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Independent Power & Renewable Electricity Producers (continued)
Calpine (continued)
5.75% 1/15/25		520,000	$	490,100
#144A 5.875% 1/15/24		1,560,000		1,614,600
Dynegy
5.875% 6/1/23		2,646,000		2,487,240
7.375% 11/1/22		940,000		930,600
7.625% 11/1/24		285,000		277,875
#144A 8.00% 1/15/25		630,000		614,250
‡GenOn Energy 9.875% 10/15/20		2,733,000		1,639,800
NRG Energy
6.25% 5/1/24		1,375,000		1,395,625
6.625% 1/15/27		1,467,000		1,476,169
NRG Yield Operating 5.00% 9/15/26		535,000		547,037
#Pattern Energy Group 144A 5.875% 2/1/24		500,000		528,750
Talen Energy Supply
#144A 4.625% 7/15/19		69,000		67,447
6.50% 6/1/25		1,087,000		769,053
#144A 9.50% 7/15/22		1,300,000		1,121,250
#Terraform Global Operating 144A 9.75% 8/15/22		1,400,000		1,575,000
TerraForm Power Operating
#f144A 6.375% 2/1/23		729,000		761,805
#f144A 6.625% 6/15/25		730,000		779,275
				21,777,565
Industrial Conglomerates–0.45%
#Gates Global 144A 6.00% 7/15/22		2,148,000		2,164,110
Icahn Enterprises
5.875% 2/1/22		884,000		909,415
6.25% 2/1/22		312,000		326,040
6.75% 2/1/24		312,000		326,071
				3,725,636
Insurance–0.69%
CNO Financial Group 5.25% 5/30/25		1,299,000		1,382,136
#Fidelity & Guaranty Life Holdings 144A 6.375% 4/1/21		527,000		543,469
#Liberty Mutual Group 144A 7.80% 3/15/37		837,000		1,044,685
Radian Group 7.00% 3/15/21		927,000		1,040,557
#USIS Merger Sub 144A 6.875% 5/1/25		704,000		718,080
•XLIT 3.616% 12/29/49		1,020,000		953,700
				5,682,627
Internet & Direct Marketing Retail–0.19%
Liberty Interactive 8.25% 2/1/30		380,000		410,400
Netflix
#144A 4.375% 11/15/26		425,000		425,000
5.50% 2/15/22		335,000		365,461
5.75% 3/1/24		360,000		393,750
				1,594,611

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Internet Software & Services–0.11%
#J2 Cloud Services 144A 6.00% 7/15/25		369,000	$	381,915
Match Group 6.375% 6/1/24		355,000		387,394
#VeriSign 144A 4.75% 7/15/27		165,000		167,681
				936,990
IT Services–1.19%
Alliance Data Systems
#144A 5.375% 8/1/22		708,000		718,620
#144A 5.875% 11/1/21		385,000		399,437
#Booz Allen Hamilton 144A 5.125% 5/1/25		380,000		374,300
First Data
#144A 5.00% 1/15/24		2,608,000		2,691,925
#144A 5.375% 8/15/23		325,000		340,438
#144A 5.75% 1/15/24		2,010,000		2,095,425
#144A 7.00% 12/1/23		2,172,000		2,324,040
#Gartner 144A 5.125% 4/1/25		805,000		847,593
				9,791,778
Life Sciences Tools & Services–0.32%
#Jaguar Holding II 144A 6.375% 8/1/23		1,000,000		1,056,250
Quintiles IMS
#144A 4.875% 5/15/23		580,000		596,675
#144A 5.00% 10/15/26		965,000		997,569
				2,650,494
Machinery–1.36%
#ATS Automation Tooling Systems 144A 6.50% 6/15/23		932,000		973,940
Navistar International 8.25% 11/1/21		2,505,000		2,542,575
Oshkosh 5.375% 3/1/25		250,000		263,750
#Tennant 144A 5.625% 5/1/25		527,000		555,985
#Terex 144A 5.625% 2/1/25		1,742,000		1,794,260
Titan International 6.875% 10/1/20		695,000		724,537
#Vertiv Group 144A 9.25% 10/15/24		3,996,000		4,335,660
				11,190,707
Marine–0.23%
#Bluewater Holding 144A 10.00% 12/10/19		2,100,000		1,858,500
				1,858,500
Media–9.46%
Altice Financing
#144A 6.50% 1/15/22		1,330,000		1,393,175
#144A 6.625% 2/15/23		686,000		729,520
#144A 7.50% 5/15/26		1,475,000		1,640,937
Altice Luxembourg
#144A 7.625% 2/15/25		200,000		220,000
#144A 7.75% 5/15/22		1,829,000		1,943,313
Altice US Finance I
#144A 5.375% 7/15/23		2,590,000		2,701,694
#144A 5.50% 5/15/26		1,484,000		1,561,910

LVIP JPMorgan High Yield Fund–9

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
AMC Entertainment Holdings
5.875% 2/15/22		486,000	$	509,085
#144A 5.875% 11/15/26		540,000		564,975
#144A 6.125% 5/15/27		444,000		469,668
AMC Networks
4.75% 12/15/22		15,000		15,515
5.00% 4/1/24		1,985,000		2,037,106
Cablevision Systems
8.00% 4/15/20		1,838,000		2,051,667
8.625% 9/15/17		115,000		116,581
CCO Holdings
#144A 5.125% 5/1/27		1,104,000		1,131,600
#144A 5.375% 5/1/25		825,000		880,687
#144A 5.50% 5/1/26		885,000		941,419
#144A 5.75% 2/15/26		2,869,000		3,077,003
#144A 5.875% 4/1/24		4,821,000		5,158,470
Clear Channel Worldwide Holdings
6.50% 11/15/22		1,632,000		1,685,366
6.50% 11/15/22		1,593,000		1,632,825
7.625% 3/15/20		1,833,000		1,830,709
7.625% 3/15/20		45,000		44,550
CSC Holdings
5.25% 6/1/24		680,000		695,368
#144A 5.50% 4/15/27		1,638,000		1,736,280
6.75% 11/15/21		433,000		480,630
8.625% 2/15/19		608,000		667,845
#144A 10.125% 1/15/23		290,000		337,125
#144A 10.875% 10/15/25		210,000		253,313
DISH DBS
5.00% 3/15/23		384,000		394,560
5.875% 7/15/22		400,000		431,000
5.875% 11/15/24		489,000		523,582
6.75% 6/1/21		6,307,000		7,016,537
7.75% 7/1/26		1,502,000		1,783,625
#EMI Music Publishing Group North America Holdings 144A 7.625% 6/15/24		725,000		808,375
#EW Scripps 144A 5.125% 4/28/17		310,000		320,075
Gray Television
#144A 5.125% 10/15/24		875,000		885,937
#144A 5.875% 7/15/26		555,000		567,487
iHeartCommunications 9.00% 12/15/19		1,384,000		1,091,630
Lamar Media
5.00% 5/1/23		66,000		68,970
5.375% 1/15/24		50,000		52,500
5.75% 2/1/26		280,000		302,750
LIN Television 5.875% 11/15/22		539,000		567,297
#Live Nation Entertainment 144A 4.875% 11/1/24		1,230,000		1,251,525
Mediacom Broadband 6.375% 4/1/23		978,000		1,026,792
Nexstar Broadcasting
#144A 5.625% 8/1/24		385,000		390,775

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
Nexstar Broadcasting (continued)
#144A 6.125% 2/15/22		405,000	$	425,756
Quebecor Media 5.75% 1/15/23		318,000		336,683
Regal Entertainment Group
5.75% 3/15/22		722,000		756,295
5.75% 6/15/23		550,000		577,500
Sinclair Television Group
#144A 5.125% 2/15/27		545,000		530,013
#144A 5.625% 8/1/24		584,000		600,790
6.125% 10/1/22		915,000		955,031
Sirius XM Radio
#144A 4.625% 5/15/23		1,100,000		1,134,375
#144A 5.00% 8/1/27		792,000		801,900
#144A 5.375% 4/15/25		1,295,000		1,341,944
#144A 5.75% 8/1/21		406,000		420,210
TEGNA
#144A 5.50% 9/15/24		265,000		273,944
6.375% 10/15/23		1,025,000		1,085,219
#Unitymedia 144A 6.125% 1/15/25		1,645,000		1,772,488
#Unitymedia Hessen 144A 5.50% 1/15/23		945,000		982,800
Univision Communications
#144A 5.125% 5/15/23		2,000,000		2,024,360
#144A 5.125% 2/15/25		2,147,000		2,133,581
#144A 6.75% 9/15/22		986,000		1,027,905
Videotron
#144A 5.125% 4/15/27		313,000		322,390
#144A 5.375% 6/15/24		1,318,000		1,397,080
WMG Acquisition
#144A 4.875% 11/1/24		185,000		189,625
#144A 5.00% 8/1/23		255,000		262,331
#144A 5.625% 4/15/22		815,000		846,581
#144A 6.75% 4/15/22		1,316,000		1,386,735
#Ziggo Bond Finance 144A 5.875% 1/15/25		520,000		536,900
#Ziggo Secured Finance 144A 5.50% 1/15/27		1,750,000		1,791,563
				77,905,752
Metals & Mining–5.15%
AK Steel
7.00% 3/15/27		1,295,000		1,343,563
7.50% 7/15/23		1,135,000		1,231,475
#Alcoa Nederland Holding 144A 6.75% 9/30/24		797,000		868,730
Aleris International
7.875% 11/1/20		96,000		90,960
#144A 9.50% 4/1/21		795,000		821,466
Anglo American Capital
#144A 4.125% 9/27/22		1,328,000		1,364,520
#144A 4.75% 4/10/27		1,010,000		1,040,098
#144A 4.875% 5/14/25		1,881,000		1,965,645

LVIP JPMorgan High Yield Fund–10

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Metals & Mining (continued)
ArcelorMittal
6.125% 6/1/25		1,180,000	$	1,327,500
6.75% 2/25/22		4,685,000		5,294,050
7.25% 3/1/41		191,000		211,533
7.50% 10/15/39		1,283,000		1,444,979
Commercial Metals
4.875% 5/15/23		1,252,000		1,272,345
5.375% 7/15/27		315,000		321,694
#Constellium 144A 6.625% 3/1/25		1,159,000		1,112,640
FMG Resources August 2006 Pty
#144A 4.75% 5/15/22		552,000		555,450
#144A 5.125% 5/15/24		598,000		599,495
Freeport-McMoRan
3.55% 3/1/22		1,375,000		1,295,497
3.875% 3/15/23		4,210,000		3,936,350
4.00% 11/14/21		1,193,000		1,172,123
5.40% 11/14/34		150,000		135,375
5.45% 3/15/43		2,120,000		1,838,676
Hecla Mining 6.875% 5/1/21		1,191,000		1,235,960
#Hudbay Minerals 144A 7.25% 1/15/23		360,000		373,050
Kaiser Aluminum 5.875% 5/15/24		388,000		409,340
Lundin Mining
#144A 7.50% 11/1/20		870,000		916,893
#144A 7.875% 11/1/22		725,000		793,875
Novelis
#144A 5.875% 9/30/26		1,210,000		1,249,325
#144A 6.25% 8/15/24		1,290,000		1,357,725
Steel Dynamics
5.00% 12/15/26		425,000		437,219
5.125% 10/1/21		85,000		87,506
5.25% 4/15/23		275,000		287,031
5.50% 10/1/24		1,030,000		1,096,950
6.375% 8/15/22		325,000		337,187
Teck Resources
4.75% 1/15/22		633,000		658,320
5.40% 2/1/43		560,000		529,026
6.00% 8/15/40		1,025,000		1,035,250
6.125% 10/1/35		1,200,000		1,257,000
#144A 8.50% 6/1/24		556,000		643,570
#United States Steel 144A 8.375% 7/1/21		397,000		437,692
				42,387,083
Mortgage Real Estate Investment Trusts–0.08%
#Ladder Capital Finance Holdings 144A 5.25% 3/15/22		625,000		643,750
				643,750
Multiline Retail–0.42%
Dollar Tree 5.75% 3/1/23		1,831,000		1,941,409
#JC Penney 144A 5.875% 7/1/23		470,000		468,238

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Multiline Retail (continued)
#Neiman Marcus Group 144A 8.00% 10/15/21		1,942,000	$	1,082,665
				3,492,312
Oil, Gas & Consumable Fuels–9.19%
Antero Resources
5.125% 12/1/22		2,798,000		2,818,090
5.375% 11/1/21		1,426,000		1,445,607
Baytex Energy
#144A 5.125% 6/1/21		157,000		140,123
#144A 5.625% 6/1/24		267,000		229,620
#Blue Racer Midstream 144A 6.125% 11/15/22		415,000		420,187
#California Resources 144A 8.00% 12/15/22		1,577,000		1,003,366
Callon Petroleum
6.125% 10/1/24		701,000		716,773
#144A 6.125% 10/1/24		692,000		707,570
#Cenovus Energy 144A 4.25% 4/15/27		327,000		312,122
Cheniere Corpus Christi Holdings
5.875% 3/31/25		820,000		877,400
7.00% 6/30/24		825,000		921,937
Chesapeake Energy
4.875% 4/15/22		1,233,000		1,152,855
5.75% 3/15/23		363,000		328,515
6.125% 2/15/21		703,000		692,455
#144A 8.00% 1/15/25		1,117,000		1,110,019
#144A 8.00% 6/15/27		804,000		790,935
#CITGO Petroleum 144A 6.25% 8/15/22		1,257,000		1,282,140
CONSOL Energy 5.875% 4/15/22		1,060,000		1,046,750
Continental Resources
4.50% 4/15/23		486,000		465,345
5.00% 9/15/22		1,201,000		1,182,985
Crestwood Midstream Partners
#144A 5.75% 4/1/25		580,000		580,000
6.25% 4/1/23		684,000		697,680
DCP Midstream Operating
3.875% 3/15/23		1,667,000		1,616,990
#144A 4.75% 9/30/21		248,000		254,200
4.95% 4/1/22		270,000		275,400
#144A 6.75% 9/15/37		735,000		793,800
#Delek Logistics Partners 144A 6.75% 5/15/25		1,392,000		1,412,880
Energy Transfer Equity 5.875% 1/15/24		2,432,000		2,590,080
EP Energy
7.75% 9/1/22		909,000		540,855
#144A 8.00% 11/29/24		209,000		209,523
#144A 8.00% 2/15/25		2,096,000		1,572,000
9.375% 5/1/20		1,885,000		1,496,219
Genesis Energy
5.625% 6/15/24		429,000		408,623

LVIP JPMorgan High Yield Fund–11

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Genesis Energy (continued)
5.75% 2/15/21		375,000	$	375,937
6.00% 5/15/23		500,000		492,500
6.75% 8/1/22		355,000		357,663
Global Partners
6.25% 7/15/22		697,000		703,970
7.00% 6/15/23		635,000		635,000
Hilcorp Energy I
#144A 5.00% 12/1/24		995,000		920,375
#144A 5.75% 10/1/25		386,000		365,735
#Holly Energy Partners 144A 6.00% 8/1/24		833,000		870,485
Martin Midstream Partners 7.25% 2/15/21		431,000		437,465
MEG Energy
#144A 6.375% 1/30/23		1,234,000		959,435
#144A 6.50% 1/15/25		1,356,000		1,239,045
#144A 7.00% 3/31/24		261,000		204,233
NGL Energy Partners
5.125% 7/15/19		199,000		198,503
#144A 6.125% 3/1/25		819,000		753,480
6.875% 10/15/21		352,000		351,120
NuStar Logistics
4.80% 9/1/20		479,000		500,555
5.625% 4/28/27		577,000		607,293
6.75% 2/1/21		291,000		318,645
Oasis Petroleum 6.50% 11/1/21		1,395,000		1,360,125
PBF Holding
7.00% 11/15/23		604,000		597,960
#144A 7.25% 6/15/25		865,000		837,969
PBF Logistics 6.875% 5/15/23		411,000		419,220
#Peabody Energy 144A 6.00% 3/31/22		249,000		248,066
=‡Penn Virginia Escrow 8.50% 5/1/20		927,000		13,905
QEP Resources
5.25% 5/1/23		146,000		138,700
5.375% 10/1/22		2,169,000		2,098,507
6.875% 3/1/21		718,000		748,515
Range Resources
4.875% 5/15/25		77,000		73,535
#144A 5.00% 3/15/23		177,000		173,903
#144A 5.75% 6/1/21		215,000		220,375
Rice Energy 7.25% 5/1/23		115,000		124,487
RSP Permian 6.625% 10/1/22		737,000		768,323
SemGroup
5.625% 7/15/22		362,000		350,235
5.625% 11/15/23		497,000		474,635
SM Energy
5.00% 1/15/24		55,000		48,950
6.50% 1/1/23		433,000		414,597
6.75% 9/15/26		250,000		239,920
#Standard Industries 144A 6.00% 10/15/25		387,000		416,025

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Stone Energy 7.50% 5/31/22		89,671	$	85,187
Summit Midstream Holdings
5.50% 8/15/22		652,000		654,445
5.75% 4/15/25		821,000		829,210
Sunoco
5.50% 8/1/20		500,000		513,125
6.25% 4/15/21		778,000		814,955
6.375% 4/1/23		750,000		791,850
#Tallgrass Energy Partners 144A 5.50% 9/15/24		850,000		864,875
Targa Resources Partners
4.25% 11/15/23		537,000		526,931
#144A 5.125% 2/1/25		1,187,000		1,227,061
5.25% 5/1/23		850,000		875,500
#144A 5.375% 2/1/27		380,000		395,200
Tesoro
#144A 4.75% 12/15/23		725,000		784,813
5.125% 4/1/24		235,000		249,687
#144A 5.125% 12/15/26		805,000		880,042
Tesoro Logistics
5.25% 1/15/25		2,235,000		2,355,131
6.25% 10/15/22		384,000		409,920
6.375% 5/1/24		230,000		250,125
Ultra Resources
#144A 6.875% 4/15/22		3,441,000		3,419,494
#144A 7.125% 4/15/25		593,000		585,587
W&T Offshore 8.50% 6/15/19		720,000		500,400
Western Refining Logistics
7.50% 2/15/23		785,000		849,763
Whiting Petroleum
5.00% 3/15/19		4,186,000		4,180,768
5.75% 3/15/21		580,000		548,100
6.25% 4/1/23		106,000		97,785
Williams
3.70% 1/15/23		870,000		861,300
5.75% 6/24/44		695,000		721,062
7.50% 1/15/31		64,000		76,160
7.75% 6/15/31		451,000		538,945
WPX Energy
5.25% 9/15/24		62,000		59,210
6.00% 1/15/22		593,000		590,035
				75,689,101
Paper & Forest Products–0.25%
Cascades
#144A 5.50% 7/15/22		465,000		476,625
#144A 5.75% 7/15/23		510,000		524,025
Clearwater Paper
4.50% 2/1/23		630,000		623,700
#144A 5.375% 2/1/25		450,000		447,750
				2,072,100

LVIP JPMorgan High Yield Fund–12

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Personal Products–0.14%
Revlon Consumer Products
5.75% 2/15/21		778,000	$	719,650
6.25% 8/1/24		493,000		431,375
				1,151,025
Pharmaceuticals–2.68%
#~Capsugel PIK 144A 7.00% 5/15/19		243,000		243,000
Endo Finance
#144A 5.375% 1/15/23		223,000		187,320
#144A 5.75% 1/15/22		827,000		748,270
#144A 5.875% 10/15/24		380,000		393,300
#144A 6.00% 7/15/23		1,600,000		1,352,800
#144A 6.00% 2/1/25		960,000		787,200
Mallinckrodt International Finance
3.50% 4/15/18		72,000		72,270
4.75% 4/15/23		136,000		116,620
#144A 5.50% 4/15/25		640,000		563,200
#144A 5.625% 10/15/23		811,000		744,093
#144A 5.75% 8/1/22		875,000		826,875
#Nature’s Bounty 144A 7.625% 5/15/21		1,970,000		2,098,050
#Prestige Brands 144A 5.375% 12/15/21		825,000		854,906
Valeant Pharmaceuticals International
#144A 5.375% 3/15/20		1,203,000		1,166,910
#144A 5.875% 5/15/23		2,542,000		2,192,475
#144A 6.125% 4/15/25		1,293,000		1,099,050
#144A 6.375% 10/15/20		2,514,000		2,448,007
#144A 6.50% 3/15/22		521,000		547,701
#144A 6.75% 8/15/21		1,236,000		1,180,380
#144A 7.00% 10/1/20		1,502,000		1,485,103
#144A 7.00% 3/15/24		1,113,000		1,172,824
#144A 7.25% 7/15/22		1,133,000		1,070,685
#144A 7.50% 7/15/21		717,000		697,282
				22,048,321
Professional Services–0.46%
FTI Consulting 6.00% 11/15/22		350,000		364,437
#IHS Markit 144A 5.00% 11/1/22		381,000		413,145
#Nielsen Co. Luxembourg 144A 5.00% 2/1/25		825,000		847,688
Nielsen Finance
4.50% 10/1/20		300,000		305,334
#144A 5.00% 4/15/22		1,820,000		1,892,800
				3,823,404
Semiconductors & Semiconductor Equipment–0.84%
Micron Technology
#144A 5.25% 8/1/23		944,000		985,064
#144A 5.25% 1/15/24		325,000		338,000
5.50% 2/1/25		79,000		83,740
5.875% 2/15/22		125,000		130,937
7.50% 9/15/23		1,163,000		1,303,141
NXP
#144A 3.75% 6/1/18		420,000		427,350

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Semiconductors & Semiconductor Equipment (continued)
NXP (continued)
#144A 4.125% 6/1/21		1,165,000	$	1,229,658
#144A 4.625% 6/15/22		1,243,000		1,339,333
#144A 5.75% 3/15/23		200,000		211,000
Qorvo 6.75% 12/1/23		803,000		884,304
				6,932,527
Software–1.70%
#Camelot Finance 144A 7.875% 10/15/24		1,174,000		1,267,920
#CURO Financial Technologies 144A 12.00% 3/1/22		373,000		392,583
#Exela Intermediate 144A 10.00% 7/15/23		1,535,000		1,519,650
#Genesys Telecommunications Laboratories 144A 10.00% 11/30/24		1,965,000		2,213,081
#~Infor Software Parent PIK 144A 7.125% 5/1/21		750,000		776,250
Infor US
#144A 5.75% 8/15/20		988,000		1,021,345
6.50% 5/15/22		996,000		1,035,840
#Informatica 144A 7.125% 7/15/23		451,000		461,292
#Nuance Communications 144A 5.375% 8/15/20		483,000		492,056
Open Text
#144A 5.625% 1/15/23		737,000		772,007
#144A 5.875% 6/1/26		945,000		1,018,823
#Rackspace Hosting 144A 8.625% 11/15/24		495,000		528,413
#Solera 144A 10.50% 3/1/24		815,000		940,306
SS&C Technologies Holdings 5.875% 7/15/23		474,000		507,280
#Symantec 144A 5.00% 4/15/25		987,000		1,035,422
				13,982,268
Specialty Retail–1.10%
Caleres 6.25% 8/15/23		500,000		523,750
Claire’s Stores
#144A 6.125% 3/15/20		1,074,000		515,520
#144A 9.00% 3/15/19		2,417,000		1,232,670
#Group 1 Automotive 144A 5.25% 12/15/23		1,335,000		1,355,025
#Guitar Center 144A 6.50% 4/15/19		148,000		129,315
#Jo-Ann Stores 144A 8.125% 3/15/19		156,000		156,195
L Brands
5.625% 10/15/23		525,000		563,063
6.75% 7/1/36		825,000		796,125
#Party City Holdings 144A 6.125% 8/15/23		410,000		426,400
Penske Automotive Group 5.50% 5/15/26		1,062,000		1,059,345
PetSmart
#144A 5.875% 6/1/25		322,000		311,937

LVIP JPMorgan High Yield Fund–13

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Specialty Retail (continued)
PetSmart (continued)
#144A 7.125% 3/15/23		823,000	$	734,527
#144A 8.875% 6/1/25		625,000		578,813
Sally Holdings 5.50% 11/1/23		615,000		628,837
				9,011,522
Technology Hardware, Storage & Peripherals–0.93%
Dell International
#144A 3.48% 6/1/19		10,000		10,238
#144A 5.45% 6/15/23		1,520,000		1,651,510
#144A 5.875% 6/15/21		565,000		593,250
#144A 7.125% 6/15/24		585,000		643,357
Diebold Nixdorf 8.50% 4/15/24		1,375,000		1,543,575
EMC 2.65% 6/1/20		448,000		439,895
NCR
5.00% 7/15/22		373,000		382,325
6.375% 12/15/23		130,000		139,913
Western Digital
#144A 7.375% 4/1/23		773,000		851,266
10.50% 4/1/24		1,216,000		1,437,531
				7,692,860
Textiles, Apparel & Luxury Goods–0.00%
Levi Strauss & Co. 5.00% 5/1/25		25,000		26,250
				26,250
Thrift & Mortgage Finance–0.16%
Nationstar Mortgage
6.50% 7/1/21		527,000		541,492
6.50% 6/1/22		173,000		178,623
7.875% 10/1/20		565,000		580,891
				1,301,006
Trading Companies & Distributors–1.77%
#Ahern Rentals 144A 7.375% 5/15/23		1,534,000		1,265,550
Aircastle
5.00% 4/1/23		1,202,000		1,286,140
5.125% 3/15/21		202,000		216,972
Ashtead Capital
#144A 5.625% 10/1/24		1,395,000		1,506,600
#144A 6.50% 7/15/22		425,000		441,469
Fly Leasing 6.75% 12/15/20		200,000		210,250
#Hardwoods Acquisition 144A 7.50% 8/1/21		1,069,000		959,427
#HD Supply 144A 5.75% 4/15/24		508,000		541,020
Park Aerospace Holdings
#144A 5.25% 8/15/22		561,000		588,528
#144A 5.50% 2/15/24		581,000		608,307
United Rentals North America
4.625% 7/15/23		470,000		489,740
5.50% 5/15/27		495,000		511,088
5.75% 11/15/24		1,830,000		1,923,787

	Principal		Value
	Amount°		(U.S. $)
CORPORATE BONDS (continued)
Trading Companies & Distributors (continued)
United Rentals North America (continued)
5.875% 9/15/26		235,000	$	251,156
6.125% 6/15/23		1,943,000		2,028,006
#Univar USA 144A 6.75% 7/15/23		758,000		794,005
WESCO Distribution 5.375% 6/15/24		870,000		912,413
				14,534,458
Wireless Telecommunication Services–3.83%
#SoftBank Group 144A 4.50% 4/15/20		1,415,000		1,474,557
Sprint
7.125% 6/15/24		3,500,000		3,902,500
7.25% 9/15/21		1,492,000		1,661,715
7.625% 2/15/25		1,479,000		1,706,396
7.875% 9/15/23		3,535,000		4,074,087
Sprint Capital
6.875% 11/15/28		313,000		348,704
8.75% 3/15/32		3,384,000		4,272,300
Sprint Communications
6.00% 11/15/22		1,190,000		1,264,375
#144A 7.00% 3/1/20		1,552,000		1,707,697
7.00% 8/15/20		1,250,000		1,378,125
#144A 9.00% 11/15/18		696,000		756,246
11.50% 11/15/21		90,000		115,650
T-Mobile USA
5.125% 4/15/25		849,000		893,573
6.00% 3/1/23		1,365,000		1,448,169
6.00% 4/15/24		1,624,000		1,741,740
6.375% 3/1/25		2,389,000		2,589,079
6.50% 1/15/24		129,000		138,997
6.50% 1/15/26		755,000		835,219
6.625% 4/1/23		1,129,000		1,197,530
				31,506,659
Total Corporate Bonds (Cost $733,530,887)				751,112,220
«LOAN AGREEMENTS–3.98%
Alon USA Partners Tranche B 1st Lien 9.25% 11/13/18		68,972		69,145
Avaya DIP 1st Lien 8.617% 1/23/18		241,000		249,271
Avaya Tranche B-3 1st Lien 5.67% 10/26/17		280,000		223,805
Avaya Tranche B6 6.532% 3/31/18		585,000		467,930
Avaya Tranche B7 1st Lien 8.617% 5/29/20		250,069		200,743
Berry Plastics Tranche I 1st Lien 3.726% 10/1/22		210,806		211,260
Berry Plastics Tranche L 1st Lien 3.367% 1/6/21		255,000		255,319

LVIP JPMorgan High Yield Fund–14

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
«LOAN AGREEMENTS (continued)
California Resources 1st Lien 11.534% 12/31/21		1,930,000	$	2,045,800
Chesapeake Energy 1st Lien 8.686% 8/23/21		3,211,109		3,411,000
Cincinnati Bell Tranche B 1st Lien 4.227% 9/10/20		248,907		251,333
Concordia International Tranche B 1st Lien 5.501% 10/21/21		1,013,905		760,429
Consolidated Communications Tranche B 1st Lien 4.23% 10/5/23		578,000		580,737
Delta 2 Lux Sarl Tranche B 1st Lien 4.504% 2/1/24		550,000		551,031
Delta 2 Lux Tranche B 2nd Lien 8.004% 7/29/22		247,500		249,688
EMI Music Tranche B5 1st Lien 3.576% 8/20/23		235,352		235,835
FGI Operating Tranche B 1st Lien 5.50% 4/19/19		330,216		312,467
First Data 1st Lien 3.466% 7/10/22		1,111,380		1,110,774
Genesys Telecommunications Laboratories Tranche B 1st Lien 5.158% 12/1/23		352,855		354,531
Go Daddy Operating Tranche B 1st Lien 3.726% 2/15/24		394,576		395,933
Gulf Finance Tranche B 1st Lien 6.55% 8/25/23		296,887		278,331
iHeartCommunications Tranche D 1st Lien 7.976% 1/30/19		2,532,692		2,078,390
iHeartCommunications Tranche E 1st Lien 8.726% 7/30/19		850,642		697,526
Intrawest Operations Group 1st Lien 5.00% 12/9/20		242,492		243,250
Landrys 1st Lien 3.968% 10/4/23		405,795		405,119
MEG Energy Tranche B 1st Lien 4.68% 12/31/23		2,158,480		2,110,594
Microsemi Tranche B 1st Lien 2.25% 1/15/23		482,398		483,737
Moran Foods Tranche B 1st Lien 7.226% 12/5/23		2,189,000		2,164,374
ON Semiconductor Tranche B 1st Lien 3.476% 3/31/23		380,500		381,385
PetSmart 1st Lien 4.22% 3/10/22		438,382		409,278
Quest Software US Holdings 1st Lien 7.00% 10/31/22		497,484		505,942

	Principal Amount°		Value (U.S. $)
«LOAN AGREEMENTS (continued)
Revlon Consumer Products Tranche B 1st Lien 4.726% 9/7/23		1,462,960	$	1,368,965
Rite Aid 2nd Lien 5.98% 8/21/20		155,000		156,679
Scientific Games Tranche B3 1st Lien 5.076% 10/1/21		247,934		250,673
Securus Technologies Holdings 1st Lien 5.50% 6/20/24		1,125,000		1,125,473
Securus Technology Holdings 2nd Lien 9.25% 6/20/25		241,000		242,657
SolarWinds Holdings 1st Lien 4.726% 2/5/23		158,802		159,348
SUPERVALU Delayed Draw Tranche B-DD 1st Lien 1.00% 6/8/24		68,625		66,681
SUPERVALU Tranche B 1st Lien 4.589% 6/8/24		799,089		776,451
Syniverse Holdings 1st Lien 4.147% 4/23/19		875,582		821,222
Syniverse Holdings Tranche B 1st Lien 4.172% 4/23/19		525,000		493,064
Tribune Media Tranche B 1st Lien 4.226% 12/27/20		373,469		375,338
Ultra Resources 1st Lien 4.117% 4/12/24		1,250,400		1,247,274
=‡Vertis 1st Lien 15.00% 12/20/17		243,194		0
Vertiv Intermediate Holdings Tranche B 1st Lien 5.226% 11/30/23		743,314		747,495
Viskase Tranche B 1st Lien 4.546% 1/30/21		827,932		791,710
Vistra Operations Tranche B 1st Lien 5.00% 8/4/23		1,519,720		1,508,329
Vistra Operations Tranche C 1st Lien 3.977% 8/4/23		347,471		344,867
XPO Logistics Tranche B 1st Lien 3.405% 10/30/21		581,292		584,396
Total Loan Agreements (Cost $33,867,139)				32,755,579
	Number of Shares
COMMON STOCK–0.52%
†Dynegy		1,250		10,337
†=Escrow General Motors		400,000		0
†=General Motors Escrow		325,000		0
†NII Holdings		84,804		68,182
†Penn Virginia		7,023		258,095
†Penn Virginia (New)		5,760		211,680
†Sabine Oil & Gas Holdings		167		6,805

LVIP JPMorgan High Yield Fund–15

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
†Stone Energy		7,572	$	139,174
†=Texas Competitive Electric Holdings Escrow		6,255,000		15,638
†=Texas Competitive Electric Holdings Escrow (Nonext)		1,920,000		4,800
†Ultra Petroleum		36,212		392,900
Vistra Energy		188,914		3,171,866
Total Common Stock (Cost $5,558,087)				4,279,477
PREFERRED STOCK–0.94%
•Bank of America 6.10%		1,201,000		1,306,208
•Hartford Financial Services Group 7.875%		5,600		172,200
#•ILFC E-Capital Trust I 144A 4.34%		3,320,000		3,170,600
#•ILFC E-Capital Trust II 144A 4.59%		1,886,000		1,810,560
•XLIT 4.278%		1,505		1,328,163
Total Preferred Stock (Cost $6,677,284)				7,787,731
RIGHT–0.03%
=Vistra Energy CVR		188,914		212,528
Total Right (Cost $0)				212,528

	Number of Shares		Value (U.S. $)
WARRANTS–0.00%
Sabine Oil & Gas Holdings Tranche 1, exercise price $48.25		531	$	3,717
Sabine Oil & Gas Holdings Tranche 2, exercise price $25.37		95		523
Total Warrants (Cost $3,348)				4,240
MONEY MARKET FUND–2.68%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		22,086,823		22,086,823
Total Money Market Fund (Cost $22,086,823)				22,086,823

TOTAL VALUE OF SECURITIES–99.39% (Cost $801,932,725)	818,460,658
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.61%	5,038,163
NET ASSETS APPLICABLE TO 73,528,132 SHARES OUTSTANDING–100.00%	$823,498,821
NET ASSET VALUE PER SHARE–LVIP JP MORGAN HIGH YIELD FUND STANDARD CLASS ($641,904,260 / 57,295,921 Shares)	$11.203
NET ASSET VALUE PER SHARE–LVIP JP MORGAN HIGH YIELD FUND SERVICE CLASS ($181,594,561 / 16,232,211 Shares)	$11.187
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$807,106,460
Undistributed net investment income	26,676,996
Accumulated net realized loss on investments	(26,812,568	)
Net unrealized appreciation of investments	16,527,933
TOTAL NET ASSETS	$823,498,821

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $368,456,414, which represents 44.74% 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, 2017. Interest rates reset periodically.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2017.

« Includes $615,391 payable for fund shares redeemed, $496,691 due to manager and affiliates, and $8,120,935 payable for securities purchased as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

« Loan agreements 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

LVIP JPMorgan High Yield Fund–16

LVIP JPMorgan High Yield Fund

Statement of Net Assets (continued)

or more European banks such as the London Inter-Bank Offered Rate (LIBOR), or (iii) the certificate of deposit rate. Loan agreements may be subject to restrictions on resale. Stated rate in effect at June 30, 2017.

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

‡ Non-income producing security. Security is currently in default.

Summary of Abbreviations:

CVR–Contingent Value Rights

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–17

LVIP JPMorgan High Yield Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Interest	$	25,736,939
Dividends		472,340
		26,209,279
EXPENSES:
Management fees		2,697,192
Distribution fees-Service Class		225,220
Accounting and administration expenses		107,291
Shareholder servicing fees		41,742
Professional fees		35,164
Reports and statements to shareholders		27,848
Pricing fees		25,640
Trustees’ fees and expenses		11,641
Custodian fees		6,948
Consulting fees		1,784
Other		5,717
		3,186,187
Less:
Management fees waived		(152,449	)
Total operating expenses		3,033,738
NET INVESTMENT INCOME		23,175,541
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on:
Investments		1,448,341
Foreign currencies		12,446
Net realized gain		1,460,787
Net change in unrealized appreciation (depreciation) of investments		8,455,350
NET REALIZED AND UNREALIZED GAIN		9,916,137
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,091,678

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	23,175,541		$	46,707,122
Net realized gain (loss)		1,460,787			(20,443,373	)
Net change in unrealized appreciation (depreciation)		8,455,350			77,421,172
Net increase in net assets resulting from operations		33,091,678			103,684,921
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(36,564,581	)
Service Class		—			(8,870,916	)
		—			(45,435,497	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		21,417,154			80,835,985
Service Class		20,417,136			61,707,607
Reinvestment of dividends and distributions:
Standard Class		—			36,564,581
Service Class		—			8,870,916
		41,834,290			187,979,089
Cost of shares redeemed:
Standard Class		(94,559,498	)		(100,477,627	)
Service Class		(26,775,497	)		(53,248,765	)
		(121,334,995	)		(153,726,392	)
Increase (decrease) in net assets derived from capital share transactions		(79,500,705	)		34,252,697
NET INCREASE (DECREASE) IN NET ASSETS		(46,409,027	)		92,502,121
NET ASSETS:
Beginning of period		869,907,848			777,405,727
End of period	$	823,498,821		$	869,907,848
Undistributed net investment income	$	26,676,996		$	3,501,455

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

LVIP JPMorgan High Yield Fund–18

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
	6/30/171											Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.780		$	10.026			$	11.082			$	11.304			$	11.123			$	10.139
Income (loss) from investment operations:
Net investment income2			0.299			0.613				0.618				0.609				0.639				0.681
Net realized and unrealized gain (loss)			0.124			0.743				(1.051	)			(0.290	)			0.090				0.825
Total from investment operations			0.423			1.356				(0.433	)			0.319				0.729				1.506
Less dividends and distributions from:
Net investment income			—			(0.602	)			(0.565	)			(0.502	)			(0.546	)			(0.522	)
Net realized gain			—			—				(0.058	)			(0.039	)			(0.002	)			—
Total dividends and distributions			—			(0.602	)			(0.623	)			(0.541	)			(0.548	)			(0.522	)
Net asset value, end of period		$	11.203		$	10.780			$	10.026			$	11.082			$	11.304			$	11.123
Total return3			3.92%			13.58%				(3.94%	)			2.84%				6.57%				14.93%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	641,904		$	688,621			$	625,243			$	526,920			$	404,998			$	207,465
Ratio of expenses to average net assets			0.66%			0.65%				0.65%				0.67%				0.71%				0.75%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.69%			0.68%				0.68%				0.70%				0.73%				0.75%
Ratio of net investment income to average net assets			5.45%			5.75%				5.56%				5.23%				5.55%				6.22%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			5.42%			5.72%				5.53%				5.20%				5.53%				6.22%
Portfolio turnover			23%			45%				36%				37%				33%				36%

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–19

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
	6/30/171											Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.778		$	10.026			$	11.080			$	11.302			$	11.122			$	10.143
Income (loss) from investment operations:
Net investment income2			0.285			0.587				0.590				0.579				0.609				0.652
Net realized and unrealized gain (loss)			0.124			0.740				(1.049	)			(0.289	)			0.090				0.825
Total from investment operations			0.409			1.327				(0.459	)			0.290				0.699				1.477
Less dividends and distributions from:
Net investment income			—			(0.575	)			(0.537	)			(0.473	)			(0.517	)			(0.498	)
Net realized gain			—			—				(0.058	)			(0.039	)			(0.002	)			—
Total dividends and distributions			—			(0.575	)			(0.595	)			(0.512	)			(0.519	)			(0.498	)
Net asset value, end of period		$	11.187		$	10.778			$	10.026			$	11.080			$	11.302			$	11.122
Total return3			3.80%			13.29%				(4.17%	)			2.58%				6.31%				14.63%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	181,595		$	181,287			$	152,163			$	153,275			$	149,361			$	130,206
Ratio of expenses to average net assets			0.91%			0.90%				0.90%				0.92%				0.96%				1.00%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.94%			0.93%				0.93%				0.95%				0.98%				1.00%
Ratio of net investment income to average net assets			5.20%			5.50%				5.31%				4.98%				5.30%				5.97%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			5.17%			5.47%				5.28%				4.95%				5.28%				5.97%
Portfolio turnover			23%			45%				36%				37%				33%				36%

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–20

LVIP JPMorgan High Yield Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 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.

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 JPMorgan High Yield Fund–21

LVIP JPMorgan High Yield 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 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, 2017.

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. The fee is calculated daily and paid monthly. This agreement will continue through at least April 30, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	24,650
Legal		5,949

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $21,362 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	417,432
Distribution fees payable to LFD		37,512
Printing and mailing fees to Lincoln Life		21,362
Shareholder servicing fees payable to Lincoln Life		20,385

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 JPMorgan High Yield Fund–22

LVIP JPMorgan High Yield Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	232,189,487
Sales		319,189,427

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	801,932,725
Aggregate unrealized appreciation	$	33,055,425
Aggregate unrealized depreciation		(16,527,492	)
Net unrealized appreciation	$	16,527,933

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short Term	Long Term	Total
$4,118,681	$23,458,810	$27,577,491

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 JPMorgan High Yield Fund–23

LVIP JPMorgan High Yield 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, 2017:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Convertible Bond	$	—	$	222,060	$	—	$	222,060
Corporate Bonds		—		751,098,315		13,905	$	751,112,220
Loan Agreements		—		32,755,579		—		32,755,579
Common Stock
Automobiles		—		—		—		—
Electric Utilities		—		—		20,438		20,438
Independent Power & Renewable Electricity Producers		3,182,203		—		—		3,182,203
Oil, Gas & Consumable Fuels		750,559		258,095		—		1,008,654
Wireless Telecommunication Services		68,182		—		—		68,182
Preferred Stock		172,200		7,615,531		—		7,787,731
Warrant		4,240		—		—		4,240
Rights		—		—		212,528		212,528
Money Market Fund		22,086,823		—		—		22,086,823
Total Investments	$	26,264,207	$	791,949,580	$	246,871	$	818,460,658

During the six months ended June 30, 2017, 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
	6/30/17			12/31/16
Shares sold:
Standard Class		1,939,937			7,466,951
Service Class		1,850,259			5,821,815
Shares reinvested:
Standard Class		—			3,416,398
Service Class		—			828,768
		3,790,196			17,533,932
Shares redeemed:
Standard Class		(8,524,639	)		(9,362,751	)
Service Class		(2,438,562	)		(5,007,132	)
		(10,963,201	)		(14,369,883	)
Net increase (decrease)		(7,173,005	)		3,164,049

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.

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

LVIP JPMorgan High Yield Fund–24

LVIP JPMorgan High Yield Fund

Notes to Financial Statements (continued)

5. Credit and 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. Rule 144A 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 High Yield Fund–25

                            LVIP JPMorgan Retirement Income Fund (formerly LVIP Delaware Foundation^® Conservative Allocation Fund)   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP JPMorgan Retirement Income Fund

Index
Disclosure of Fund Expenses	1
Security Type/Sector Allocation, Top 10 Equity Holdings and Geography 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 JPMorgan Retirement Income Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,055.70		0.64%		$3.26
Service Class Shares		1,000.00		1,054.30		0.89%		4.53
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,021.62		0.64%		$3.21
Service Class Shares		1,000.00		1,020.38		0.89%		4.46

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

The Fund operates under a fund of funds structure. The Fund invests a substantial 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 JPMorgan Retirement Income Fund–1

LVIP JPMorgan Retirement Income Fund

Security Type/Sector Allocation, Top 10 Equity Holdings and

Geography Allocation (unaudited)

As of June 30, 2017

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

Security Type/Sector	Percentage of Net Assets
Preferred Stock		0.00%
Investment Companies		72.76%
Equity Funds		25.26%
Fixed Income Funds		25.89%
International Equity Funds		9.51%
Money Market Funds		12.10%
Agency Collateralized Mortgage Obligations		1.71%
Agency Commercial Mortgage-Backed Securities		0.76%
Agency Mortgage-Backed Securities		1.78%
Corporate Bonds		11.50%
Aerospace & Defense		0.07%
Air Freight & Logistics		0.26%
Airlines		0.11%
Automobiles		0.04%
Banks		2.26%
Beverages		0.38%
Biotechnology		0.24%
Capital Markets		1.11%
Chemicals		0.13%
Commercial Services & Supplies		0.18%
Consumer Finance		0.39%
Diversified Financial Services		1.26%
Diversified Telecommunication Services		0.57%
Electric Utilities		1.18%
Equity Real Estate Investment Trusts		0.51%
Food & Staples Retailing		0.06%
Health Care Equipment & Supplies		0.14%

Security Type/Sector	Percentage of Net Assets
Industrial Conglomerates		0.25%
Insurance		0.26%
Machinery		0.34%
Media		0.09%
Multiline Retail		0.12%
Multi-Utilities		0.09%
Oil, Gas & Consumable Fuels		0.65%
Pharmaceuticals		0.40%
Road & Rail		0.06%
Semiconductors & Semiconductor Equipment		0.04%
Software		0.03%
Specialty Retail		0.10%
Technology Hardware, Storage & Peripherals		0.05%
Tobacco		0.08%
Wireless Telecommunication Services		0.05%
Non-Agency Asset-Backed Securities		1.46%
Non-Agency Collateralized Mortgage Obligations		0.41%
Non-Agency Commercial Mortgage-Backed Securities		3.26%
U.S. Treasury Obligations		6.48%
Total Value of Securities		100.12%
Liabilities Net of Receivables and Other Assets		(0.12%	)
Total Net Assets		100.00%

LVIP JPMorgan Retirement Income Fund–2

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
PREFERRED STOCK–0.00%
†=Vedanta Limited 10/26/18		90,936	$	14,069
Total Preferred Stock (Cost $0)				14,069
INVESTMENT COMPANIES–72.76%
Equity Funds–25.26%
iShares S&P GSCITM Commodity Indexed Trust ETF		46,361		649,981
²† JPMorgan Commodities Strategy Fund		373,739		3,244,053
² JPMorgan Equity Index Fund		1,245,159		46,618,749
² JPMorgan Mid Cap Equity Fund		92,066		4,527,810
² JPMorgan Realty Income Fund		406,666		5,323,256
² JPMorgan Small Cap Equity Fund		18,451		1,030,120
² JPMorgan Small Cap Growth Fund		61,209		1,024,021
² JPMorgan Small Cap Value Fund		32,692		1,007,884
Vanguard S&P 500 ETF		18,155		4,031,499
				67,457,373
Fixed Income Funds–25.89%
iShares TIPS Bond ETF		57,722		6,547,406
² JPMorgan Corporate Bond Fund		1,722,771		17,486,129
² JPMorgan Floating Rate Income Fund		987,778		9,294,991
² JPMorgan High Yield Fund		3,222,907		23,978,428
² JPMorgan Inflation Managed Bond Fund		1,157,459		11,852,381
				69,159,335
International Equity Funds–9.51%
² JPMorgan Emerging Economies Fund		331,822		4,386,690
² JPMorgan Emerging Markets Equity Fund		202,626		5,223,711
² JPMorgan International Equity Fund		295,888		4,908,784
² JPMorgan International Opportunities Fund		344,649		5,417,884
² JPMorgan Intrepid International Fund		258,899		5,465,368
				25,402,437
Money Market Funds–12.10%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		2,893,492		2,893,492
JPMorgan Prime Money Market Fund IM Shares (seven-day effective yield 1.21%)		29,424,134		29,432,961
				32,326,453
Total Investment Companies (Cost $193,865,866)				194,345,598

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.71%
Fannie Mae REMICs
*Series 2012-98 MI 3.00% 8/25/31		260,132	$	28,348
•*Series 2012-122 SD 4.884% 11/25/42		316,497		62,824
*Series 2013-7 EI 3.00% 10/25/40		145,602		18,451
*Series 2013-55 AI 3.00% 6/25/33		314,933		44,301
Series 2015-40 GZ 3.50% 5/25/45		73,136		72,253
Series 2015-89 AZ 3.50% 12/25/45		25,366		26,037
•*Series 2015-95 SH 4.784% 1/25/46		241,730		53,952
*Series 2016-50 IB 3.00% 2/25/46		94,986		13,879
•*Series 2016-55 SK 4.784% 8/25/46		196,878		45,212
•*Series 2016-62 SA 4.784% 9/25/46		389,192		95,843
•*Series 2016-74 GS 4.784% 10/25/46		95,167		23,817
*Series 2017-12 JI 3.50% 5/25/40		110,760		14,779
Freddie Mac REMICs
Series 4065 DE 3.00% 6/15/32		40,000		40,806
*Series 4109 AI 3.00% 7/15/31		475,941		52,904
*Series 4161 IM 3.50% 2/15/43		66,905		14,172
*Series 4181 DI 2.50% 3/15/33		128,860		15,482
•*Series 4184 GS 4.961% 3/15/43		210,921		45,621
*Series 4342 CI 3.00% 11/15/33		77,750		9,359
Series 4457 KZ 3.00% 4/15/45		119,512		114,232
•*Series 4494 SA 5.021% 7/15/45		76,063		16,342
*Series 4543 HI 3.00% 4/15/44		104,664		16,613
•*Series 4594 SG 4.841% 6/15/46		578,988		144,045
Series 4614 HB 2.50% 9/15/46		101,000		92,200
•*Series 4618 SA 4.841% 9/15/46		118,414		28,418
Series 4623 LZ 2.50% 10/15/46		88,461		77,510
Series 4623 MW 2.50% 10/15/46		105,000		96,852
*Series 4625 BI 3.50% 6/15/46		372,864		74,979
•*Series 4631 GS 4.841% 11/15/46		422,215		89,507
•*Series 4648 SA 4.841% 1/15/47		285,544		63,258
Freddie Mac Strips
•*Series 267 S5 4.841% 8/15/42		264,775		54,951

LVIP JPMorgan Retirement Income Fund–3

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Freddie Mac Strips (continued)
•*Series 299 S1 4.841% 1/15/43		199,843	$	40,285
•*Series 326 S2 4.791% 3/15/44		139,131		27,882
Freddie Mac Structured Agency Credit Risk Debt Notes
•Series 2015-DNA3 M2 4.066% 4/25/28		455,112		471,382
•Series 2015-HQA1 M2 3.866% 3/25/28		183,520		188,156
•Series 2016-DNA3 M2 3.216% 12/25/28		250,000		256,244
•Series 2016-DNA4 M2 2.516% 3/25/29		500,000		505,642
•Series 2016-HQA2 M2 3.466% 11/25/28		250,000		256,903
◆Freddie Mac Structured Pass Through Certificates Series T-58 2A 6.50% 9/25/43		67,741		78,476
GNMA
Series 2012-136 MX 2.00% 11/20/42		40,000		36,775
Series 2013-113 AZ 3.00% 8/20/43		278,185		270,573
Series 2013-113 LY 3.00% 5/20/43		29,000		29,047
Series 2015-64 GZ 2.00% 5/20/45		107,379		90,389
*Series 2015-74 CI 3.00% 10/16/39		210,941		28,647
*Series 2015-142 AI 4.00% 2/20/44		72,813		9,328
•*Series 2016-108 SK 4.838% 8/20/46		295,678		69,367
Series 2016-111 PB 2.50% 8/20/46		97,000		89,146
*Series 2016-116 GI 3.50% 11/20/44		368,188		58,526
*Series 2016-118 DI 3.50% 3/20/43		417,720		63,139
•*Series 2016-120 AS 4.888% 9/20/46		320,217		77,679
•*Series 2016-120 NS 4.888% 9/20/46		426,681		105,683
•*Series 2016-121 JS 4.888% 9/20/46		314,065		76,713
Series 2016-134 MW 3.00% 10/20/46		16,000		16,267
Series 2016-156 PB 2.00% 11/20/46		61,000		50,480

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
*Series 2016-160 GI 3.50% 11/20/46		252,992	$	59,824
*Series 2016-163 MI 3.50% 11/20/46		203,239		24,404
*Series 2016-163 XI 3.00% 10/20/46		296,187		39,982
Total Agency Collateralized Mortgage Obligations (Cost $4,697,523)				4,567,886
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.76%
Freddie Mac Multifamily Structured Pass Through Certificates
◆Series K719 A1 2.53% 12/25/21		71,101		72,233
◆Series K725 A2 3.002% 1/25/24		185,000		190,421
•◆Series KS03 A4 3.161% 5/25/25		150,000		155,037
FREMF Mortgage Trust
#•Series 2011-K10 B 144A 4.793% 11/25/49		60,000		63,577
#•Series 2011-K12 B 144A 4.492% 1/25/46		115,000		121,854
#•Series 2011-K14 B 144A 5.341% 2/25/47		70,000		76,449
#•Series 2011-K15 B 144A 5.116% 8/25/44		15,000		16,320
#•Series 2011-K704 B 144A 4.69% 10/25/30		110,000		112,582
#•Series 2012-K18 B 144A 4.40% 1/25/45		85,000		90,070
#•Series 2012-K22 B 144A 3.811% 8/25/45		150,000		155,589
#•Series 2012-K708 B 144A 3.883% 2/25/45		145,000		148,293
#•Series 2013-K29 C 144A 3.601% 5/25/46		295,000		290,428
#•Series 2013-K32 B 144A 3.651% 10/25/46		110,000		113,697
#•Series 2013-K33 B 144A 3.617% 8/25/46		120,000		122,513
#•Series 2013-K712 B 144A 3.48% 5/25/45		80,000		81,863
#•Series 2013-K713 B 144A 3.274% 4/25/46		50,000		50,933
#•Series 2013-K713 C 144A 3.274% 4/25/46		165,000		166,042
Total Agency Commercial Mortgage-Backed Securities (Cost $2,025,067)				2,027,901

LVIP JPMorgan Retirement Income Fund–4

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES–1.78%
Fannie Mae
3.16% 12/1/26		510,000	$	522,655
3.17% 1/1/27		300,000		307,328
Fannie Mae ARM
•2.909% 7/1/45		43,896		44,725
•3.103% 8/1/35		974		1,028
•3.217% 3/1/44		119,235		123,003
Fannie Mae S.F. 15 yr 5.00% 7/1/20		154,845		158,954
Fannie Mae S.F. 30 yr
5.50% 11/1/34		5,587		6,250
5.50% 4/1/37		121,854		137,232
5.50% 8/1/37		21,325		23,893
5.50% 3/1/38		26,024		29,029
5.50% 6/1/39		60,362		67,480
5.50% 7/1/40		61,103		68,325
5.50% 5/1/44		1,306,684		1,463,134
6.00% 9/1/36		26,615		30,674
6.00% 12/1/36		5,724		6,498
6.00% 6/1/37		3,186		3,621
6.00% 9/1/38		17,562		19,979
6.00% 11/1/38		13,454		15,282
6.00% 10/1/39		201,056		229,339
6.00% 11/1/40		9,347		10,654
7.50% 6/1/31		8,552		10,283
Freddie Mac ARM
•2.554% 10/1/46		166,696		167,421
•2.929% 10/1/45		88,508		90,193
•3.105% 3/1/46		119,905		122,918
Freddie Mac S.F. 30 yr
5.00% 6/1/36		106,857		116,782
5.50% 3/1/34		7,212		8,067
5.50% 12/1/34		6,703		7,508
5.50% 12/1/35		7,124		7,998
5.50% 8/1/40		15,969		17,769
5.50% 6/1/41		74,369		83,096
6.00% 2/1/36		13,764		15,586
6.00% 3/1/36		18,756		21,281
6.00% 8/1/38		21,626		24,582
6.00% 5/1/40		34,339		38,900
6.50% 4/1/39		34,199		38,388
7.00% 11/1/33		1,206		1,388
GNMA I S.F. 30 yr
5.50% 2/15/41		48,686		54,286
7.00% 12/15/34		64,894		76,264
GNMA II S.F. 30 yr
5.50% 5/20/37		38,349		42,558
5.50% 4/20/40		33,412		36,456
6.00% 2/20/39		43,288		48,103
6.00% 10/20/39		149,132		165,711
6.00% 2/20/40		157,609		176,026

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA II S.F. 30 yr (continued)
6.00% 4/20/46		51,437	$	57,368
6.50% 10/20/39		59,428		67,069
Total Agency Mortgage-Backed Securities (Cost $4,762,757)				4,765,084
CORPORATE BONDS–11.50%
Aerospace & Defense–0.07%
Rockwell Collins 3.20% 3/15/24		175,000		177,649
				177,649
Air Freight & Logistics–0.26%
Aviation Capital Group
#144A 2.875% 9/17/18		10,000		10,099
#144A 2.875% 1/20/22		500,000		498,760
#144A 4.875% 10/1/25		175,000		190,899
				699,758
Airlines–0.11%
◆American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26		85,783		87,928
◆American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27		108,471		109,285
◆American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27		33,343		34,133
◆American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28		68,230		69,969
				301,315
Automobiles–0.04%
General Motors 6.75% 4/1/46		100,000		119,011
				119,011
Banks–2.26%
Bank of America
•3.124% 1/20/23		655,000		662,890
4.183% 11/25/27		275,000		280,239
•4.443% 1/20/48		240,000		254,482
Capital One Financial 3.75% 3/9/27		85,000		84,862
Citizens Bank 2.55% 5/13/21		250,000		250,362
Citizens Financial Group 4.30% 12/3/25		160,000		167,109
Cooperatieve Rabobank 3.75% 7/21/26		250,000		250,435
Huntington Bancshares 2.30% 1/14/22		120,000		118,324
ING Groep 3.95% 3/29/27		500,000		520,972
Lloyds Banking Group 3.00% 1/11/22		200,000		202,187

LVIP JPMorgan Retirement Income Fund–5

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
PNC Bank
2.45% 11/5/20		250,000	$	252,244
2.625% 2/17/22		250,000		251,979
•PNC Financial Services Group 5.00% 12/29/49		205,000		211,663
#Santander UK 144A 5.00% 11/7/23		200,000		215,084
Santander UK Group Holdings 3.571% 1/10/23		400,000		409,527
SunTrust Bank 3.30% 5/15/26		200,000		195,845
SunTrust Banks 2.70% 1/27/22		100,000		100,314
Toronto-Dominion Bank
2.125% 4/7/21		140,000		139,486
2.50% 12/14/20		130,000		131,565
•3.625% 9/15/31		200,000		198,764
U.S. Bancorp
2.375% 7/22/26		250,000		235,891
3.10% 4/27/26		240,000		237,485
Wells Fargo & Co.
3.069% 1/24/23		405,000		410,934
4.75% 12/7/46		175,000		187,298
Wells Fargo Capital X 5.95% 12/15/36		60,000		68,010
				6,037,951
Beverages–0.38%
Anheuser-Busch InBev Finance 3.65% 2/1/26		985,000		1,016,666
				1,016,666
Biotechnology–0.24%
Celgene
3.25% 8/15/22		405,000		416,836
4.625% 5/15/44		115,000		121,282
Gilead Sciences 4.15% 3/1/47		110,000		110,793
				648,911
Capital Markets–1.11%
Bank of New York Mellon
2.15% 2/24/20		45,000		45,276
2.20% 8/16/23		160,000		155,272
2.50% 4/15/21		355,000		358,005
•3.442% 2/7/28		220,000		223,524
•4.625% 12/29/49		255,000		257,832
Goldman Sachs Group
3.85% 1/26/27		320,000		325,893
5.15% 5/22/45		330,000		367,399
Morgan Stanley
3.95% 4/23/27		265,000		267,930
4.375% 1/22/47		465,000		486,313
State Street
2.55% 8/18/20		175,000		178,366

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
State Street (continued)
3.10% 5/15/23		110,000	$	112,043
3.55% 8/18/25		170,000		177,209
				2,955,062
Chemicals–0.13%
Westlake Chemical 5.00% 8/15/46		340,000		360,537
				360,537
Commercial Services & Supplies–0.18%
Penske Truck Leasing
#144A 3.30% 4/1/21		150,000		154,230
#144A 3.40% 11/15/26		40,000		39,385
#144A 4.20% 4/1/27		290,000		300,171
				493,786
Consumer Finance–0.39%
Daimler Finance North America
#144A 2.20% 10/30/21		150,000		148,274
#144A 3.45% 1/6/27		215,000		218,770
Ford Motor Credit 3.096% 5/4/23		200,000		197,864
General Motors Financial 5.25% 3/1/26		450,000		486,881
				1,051,789
Diversified Financial Services–1.26%
AerCap Ireland Capital 3.95% 2/1/22		285,000		297,041
Air Lease
3.00% 9/15/23		185,000		184,194
3.625% 4/1/27		430,000		430,917
Credit Suisse Group Funding Guernsey 4.55% 4/17/26		730,000		776,884
International Lease Finance 8.625% 1/15/22		165,000		203,372
National Rural Utilities Cooperative Finance
2.70% 2/15/23		220,000		220,429
•4.75% 4/30/43		200,000		204,772
•5.25% 4/20/46		155,000		163,450
UBS Group Funding Switzerland
#144A 2.65% 2/1/22		200,000		199,789
#144A 3.00% 4/15/21		200,000		203,248
#144A 3.491% 5/23/23		200,000		204,849
#144A 4.253% 3/23/28		260,000		272,171
				3,361,116
Diversified Telecommunication Services–0.57%
AT&T 5.25% 3/1/37		665,000		710,650
Telefonica Emisiones 5.213% 3/8/47		600,000		650,368

LVIP JPMorgan Retirement Income Fund–6

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Verizon Communications 5.25% 3/16/37		140,000	$	150,970
				1,511,988
Electric Utilities–1.18%
Berkshire Hathaway Energy 3.75% 11/15/23		310,000		326,534
Consumers Energy 3.25% 8/15/46		130,000		119,498
Dominion Energy 3.90% 10/1/25		160,000		165,914
Duke Energy 2.65% 9/1/26		440,000		418,722
#Enel Finance International 144A
6.00% 10/7/39		105,000		125,279
Entergy
2.95% 9/1/26		35,000		33,581
4.00% 7/15/22		440,000		465,553
Entergy Louisiana 4.95% 1/15/45		50,000		51,615
Entergy Mississippi 2.85% 6/1/28		155,000		150,440
Exelon
3.497% 6/1/22		150,000		153,415
3.95% 6/15/25		145,000		150,300
Indiana Michigan Power
3.20% 3/15/23		125,000		126,855
4.55% 3/15/46		55,000		60,412
#Metropolitan Edison 144A 4.00% 4/15/25		125,000		128,457
NV Energy 6.25% 11/15/20		195,000		219,541
Pennsylvania Electric 5.20% 4/1/20		220,000		232,570
Public Service Co. of Oklahoma 5.15% 12/1/19		120,000		127,981
#Trans-Allegheny Interstate Line 144A 3.85% 6/1/25		90,000		93,486
				3,150,153
Equity Real Estate Investment Trusts–0.51%
American Tower
4.00% 6/1/25		220,000		228,251
4.40% 2/15/26		100,000		104,994
#American Tower Trust I 144A 3.07% 3/15/23		270,000		272,473
Crown Castle International 5.25% 1/15/23		75,000		83,414
DDR 7.875% 9/1/20		190,000		217,791
Host Hotels & Resorts
3.75% 10/15/23		45,000		45,947
3.875% 4/1/24		40,000		40,747
4.50% 2/1/26		150,000		157,569
Realty Income 4.125% 10/15/26		140,000		144,988

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
UDR 4.00% 10/1/25		55,000	$	56,977
				1,353,151
Food & Staples Retailing–0.06%
Kroger 4.45% 2/1/47		170,000		164,526
				164,526
Health Care Equipment & Supplies–0.14%
Thermo Fisher Scientific 3.00% 4/15/23		365,000		368,436
				368,436
Industrial Conglomerates–0.25%
General Electric
2.10% 12/11/19		235,000		236,947
5.55% 5/4/20		150,000		164,885
6.00% 8/7/19		234,000		254,388
				656,220
Insurance–0.26%
•Manulife Financial 4.061% 2/24/32		200,000		202,183
•MetLife 5.25% 12/29/49		190,000		197,737
#Principal Life Global Funding II 144A 3.00% 4/18/26		140,000		138,142
•Prudential Financial 5.375% 5/15/45		140,000		151,900
				689,962
Machinery–0.34%
Parker-Hannifin 3.30% 11/21/24		15,000		15,481
Roper Technologies
2.80% 12/15/21		105,000		106,002
3.80% 12/15/26		55,000		56,619
Siemens Financieringsmaatschappij #144A 1.70% 9/15/21		480,000		469,179
#144A 3.125% 3/16/24		250,000		254,193
				901,474
Media–0.09%
Comcast 3.00% 2/1/24		240,000		243,515
				243,515
Multiline Retail–0.12%
Dollar General 3.875% 4/15/27		320,000		328,351
				328,351
Multi-Utilities–0.09%
CMS Energy 6.25% 2/1/20		215,000		236,816
				236,816
Oil, Gas & Consumable Fuels–0.65%
BP Capital Markets
3.216% 11/28/23		315,000		320,173
3.224% 4/14/24		80,000		80,862

LVIP JPMorgan Retirement Income Fund–7

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Enbridge 4.25% 12/1/26		90,000	$	93,971
Energy Transfer
6.125% 12/15/45		220,000		238,951
9.70% 3/15/19		238,000		266,651
MPLX
4.875% 12/1/24		90,000		96,100
4.875% 6/1/25		100,000		106,209
Regency Energy Partners 5.00% 10/1/22		155,000		166,423
Shell International Finance
4.00% 5/10/46		105,000		103,943
4.375% 5/11/45		250,000		262,274
				1,735,557
Pharmaceuticals–0.40%
Mylan 3.95% 6/15/26		390,000		395,886
Shire Acquisitions Investments Ireland
2.40% 9/23/21		215,000		212,704
2.875% 9/23/23		455,000		451,621
				1,060,211
Road & Rail–0.06%
Burlington Northern Santa Fe 4.70% 9/1/45		135,000		152,408
				152,408
Semiconductors & Semiconductor Equipment–0.04%
QUALCOMM 4.65% 5/20/35		105,000		114,635
				114,635
Software–0.03%
Microsoft 4.10% 2/6/37		70,000		75,550
				75,550
Specialty Retail–0.10%
Lowe’s 3.70% 4/15/46		270,000		260,925
				260,925
Technology Hardware, Storage & Peripherals–0.05%
Apple 3.45% 2/9/45		130,000		122,474
				122,474
Tobacco–0.08%
Reynolds American 4.00% 6/12/22		205,000		217,473
				217,473

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Wireless Telecommunication Services–0.05%
#Deutsche Telekom International Finance 144A 2.485% 9/19/23		150,000	$	145,820
				145,820
Total Corporate Bonds (Cost $30,100,943)				30,713,196
NON-AGENCY ASSET-BACKED SECURITIES–1.46%
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		40,413		40,786
Ally Master Owner Trust Series 2012-5 A 1.54% 9/15/19		150,000		150,029
Avis Budget Rental Car Funding AESOP
#Series 2013-1A A 144A 1.92% 9/20/19		190,000		189,910
#Series 2014-1A A 144A 2.46% 7/20/20		240,000		240,636
•BA Credit Card Trust Series 2014-A3 A 1.449% 1/15/20		155,000		155,052
CNH Equipment Trust
•Series 2016-B A2B 1.559% 10/15/19		18,589		18,613
Series 2016-B B 2.20% 10/15/23		575,000		572,673
Discover Card Execution Note Trust
•Series 2014-A1 A1 1.589% 7/15/21		200,000		200,915
•Series 2017-A1 A1 1.649% 7/15/24		185,000		185,997
#Flagship Credit Auto Trust Series 2017-2 B 144A 2.57% 4/15/23		90,000		89,812
#Ford Credit Auto Owner Trust Series 2016-2 A 144A 2.03% 12/15/27		325,000		322,626
#•Golden Credit Card Trust Series 2014-2A A 144A 1.609% 3/15/21		100,000		100,265
#Hyundai Auto Lease Securitization Trust Series 2016-C A3 144A 1.49% 2/18/20.		125,000		124,737
•Mercedes-Benz Auto Lease Trust Series 2016-A A2B 1.719% 7/16/18		37,200		37,224
#•Mercedes-Benz Master Owner Trust Series 2016-AA A 144A 1.739% 5/15/20		135,000		135,499
#•Navistar Financial Dealer Note Master Owner Trust II Series 2016-1 A 144A 2.566% 9/27/21		90,000		90,480

LVIP JPMorgan Retirement Income Fund–8

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
Nissan Auto Lease Trust Series 2016-B A3 1.50% 7/15/19		100,000	$	99,779
#•PFS Financing Series 2015-AA A 144A 1.779% 4/15/20		100,000		99,980
Synchrony Credit Card Master Note Trust
Series 2012-6 A 1.36% 8/17/20		155,000		154,985
Series 2015-2 A 1.60% 4/15/21		135,000		135,023
Towd Point Mortgage Trust
#•Series 2015-5 A1B 144A 2.75% 5/25/55		99,127		99,890
#•Series 2015-6 A1B 144A 2.75% 4/25/55		104,254		105,063
#•Series 2016-1 A1B 144A 2.75% 2/25/55		69,330		69,846
#•Series 2016-2 A1 144A 3.00% 8/25/55		78,056		79,150
#•Series 2016-3 A1 144A 2.25% 4/25/56		89,290		89,019
#Verizon Owner Trust Series 2016-2A A 144A 1.68% 5/20/21		115,000		114,686
•Wells Fargo Dealer Floorplan Master Note Trust Series 2014-2 A 1.662% 10/20/19		200,000		200,167
Total Non-Agency Asset-Backed Securities (Cost $3,905,722)				3,902,842
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.41%
JPMorgan Mortgage Trust
#•Series 2014-2 B1 144A 3.424% 6/25/29		77,258		77,463
#•Series 2014-2 B2 144A 3.424% 6/25/29		77,258		75,905
#•Series 2014-IVR6 2A4 144A 2.50% 7/25/44		100,000		99,544
#•Series 2015-4 B1 144A 3.628% 6/25/45		95,708		94,348
#•Series 2015-4 B2 144A 3.628% 6/25/45		95,708		93,252
#•Series 2015-6 B1 144A 3.623% 10/25/45		95,589		94,833
#•Series 2015-6 B2 144A 3.623% 10/25/45		95,589		93,818
#•Series 2016-4 B1 144A 3.904% 10/25/46		98,537		99,301
#•Series 2016-4 B2 144A 3.904% 10/25/46		98,537		100,266
New Residential Mortgage Loan Trust
#•Series 2016-4A A1 144A 3.75% 11/25/56		86,879		89,506
#•Series 2017-1A A1 144A 4.00% 2/25/57		92,111		95,762

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
#•Sequoia Mortgage Trust Series 2014-2 A4 144A 3.50% 7/25/44		70,660	$	71,783
Total Non-Agency Collateralized Mortgage Obligations (Cost $1,079,044)				1,085,781
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES– 3.26%
•Banc of America Commercial Mortgage Trust Series 2007-4 AM 6.158% 2/10/51		42,648		42,662
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18 A4 5.70% 6/11/50		70,671		71,012
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49		200,000		202,647
•Series 2016-CD2 A4 3.526% 11/10/49		105,000		108,416
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.839% 12/10/54		90,000		94,092
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		195,000		202,795
Series 2015-GC27 A5 3.137% 2/10/48		215,000		215,984
Series 2016-P3 A4 3.329% 4/15/49		145,000		147,703
Series 2016-P5 A4 2.941% 10/10/49		130,000		128,036
COMM Mortgage Trust
#Series 2013-CR6 AM 144A 3.147% 3/10/46		145,000		146,165
#Series 2013-WWP A2 144A 3.424% 3/10/31		100,000		103,541
Series 2014-CR19 A5 3.796% 8/10/47		100,000		105,006
Series 2014-CR20 AM 3.938% 11/10/47		340,000		354,486
#Series 2015-3BP A 144A 3.178% 2/10/35		400,000		403,746
Series 2015-CR23 A4 3.497% 5/10/48		135,000		138,886
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		250,000		253,778
Series 2016-C3 A5 2.89% 9/10/49		160,000		157,258
#•DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.871% 11/10/46		300,000		327,692

LVIP JPMorgan Retirement Income Fund–9

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GRACE Mortgage Trust
#Series 2014-GRCE A 144A 3.369% 6/10/28		1,190,000	$	1,235,971
#Series 2014-GRCE B 144A 3.52% 6/10/28		200,000		205,530
GS Mortgage Securities Trust
Series 2015-GC32 A4 3.764% 7/10/48		105,000		110,197
Series 2017-GS5 A4 3.674% 3/10/50		210,000		219,170
#Houston Galleria Mall Trust Series 2015-HGLR A1A2 144A 3.087% 3/5/37		160,000		159,563
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C32 A5 3.598% 11/15/48		225,000		232,582
Series 2015-C33 A4 3.77% 12/15/48		340,000		355,948
JPM-DB Commercial Mortgage Securities Trust Series 2016-C2 A4 3.144% 6/15/49		275,000		276,010
JPMorgan Chase Commercial Mortgage Securities Trust
•Series 2005-CB11 E 5.702% 8/12/37		60,000		62,281
Series 2013-LC11 B 3.499% 4/15/46		130,000		130,393
Series 2015-JP1 A5 3.914% 1/15/49		130,000		138,067
Series 2016-JP2 A4 2.822% 8/15/49		310,000		303,002
Series 2016-JP2 AS 3.056% 8/15/49		210,000		204,839
•Series 2016-JP3 B 3.397% 8/15/49		60,000		58,782
#Series 2016-WIKI A 144A 2.798% 10/5/31		75,000		76,090
#Series 2016-WIKI B 144A 3.201% 10/5/31		115,000		117,149

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		135,000	$	141,438
Series 2015-C23 A4 3.719% 7/15/50		440,000		460,745
Series 2015-C26 A5 3.531% 10/15/48		140,000		144,550
Series 2016-C29 A4 3.325% 5/15/49		130,000		132,084
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS3 A4 3.617% 9/15/57		250,000		258,761
Series 2016-BNK1 A3 2.652% 8/15/49		205,000		197,435
•Series 2017-RB1 XA 1.445% 3/15/50		1,473,810		144,625
WF-RBS Commercial Mortgage Trust Series 2012-C10 A3 2.875% 12/15/45		130,000		131,066
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $8,778,426)				8,700,183
U.S. TREASURY OBLIGATIONS–6.48%
U.S. Treasury Notes
¥0.75% 1/31/18		1,340,000		1,336,769
1.375% 5/31/20		1,400,000		1,393,493
1.875% 1/31/22		220,000		220,309
1.875% 3/31/22		175,000		175,123
2.00% 11/15/26		10,000		9,752
2.25% 2/15/27		14,250,000		14,186,260
Total U.S. Treasury Obligations (Cost $17,149,395)				17,321,706

TOTAL VALUE OF SECURITIES–100.12% (Cost $266,364,743)	267,444,246
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.12%)	(323,971	)
NET ASSETS APPLICABLE TO 18,681,245 SHARES OUTSTANDING–100.00%	$    267,120,275

NET ASSET VALUE PER SHARE–LVIP JPMORGAN RETIREMENT INCOME FUND STANDARD CLASS ($224,602,158 / 15,704,563 Shares)	$14.302
NET ASSET VALUE PER SHARE–LVIP JPMORGAN RETIREMENT INCOME FUND SERVICE CLASS ($42,518,117 / 2,976,682 Shares)	$14.284

LVIP JPMorgan Retirement Income Fund–10

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets (continued)

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	224,098,787
Undistributed net investment income		2,966,262
Accumulated net realized gain on investments		38,821,527
Net unrealized appreciation of investments and derivatives		1,233,699
TOTAL NET ASSETS	$	267,120,275

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $11,705,795, which represents 4.38% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

² Class R-6 shares.

† Non-income producing for the period.

• Variable rate security. The rate shown is the rate as of June 30, 2017. Interest rates reset periodically.

* Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the principal portion of the security.

« Includes $1,334,242 due to custodian, $37,845 cash collateral due to broker, $200,045 foreign currencies collateral held at broker, $83,570 payable for fund shares redeemed, $17,697 expense reimbursement receivable from manager and $135,350 due to manager and affiliates as of June 30, 2017.

◆ 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 value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

° 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.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Equity Contracts:
85	E-mini MSCI EAFE Index		$  8,001,441			$  8,030,800			9/18/17		$29,359		$           —
53	E-mini MSCI Emerging Markets Index		2,646,825			2,671,995			9/18/17		25,170		—
10	E-mini Russell 2000 Index		709,901			707,150			9/18/17		—		(2,751	)
11	E-mini S&P 500 Index		1,335,635			1,331,495			9/18/17		—		(4,140	)
51	Euro STOXX 50 Index		2,064,586			1,998,546			9/18/17		—		(66,040	)
(14)	FTSE 100 Index		(1,354,452	)		(1,320,619	)		9/18/17		33,833		—
12	SPI 200 Index		1,319,818			1,302,547			9/22/17		—		(17,271	)
18	Topix Index		2,565,699			2,578,973			9/8/17		13,274		—
											101,636		(90,202	)
Interest Rate Contracts:
53	Australia 10 yr Bonds		5,351,618			5,265,499			9/18/17		—		(86,119	)
(13)	Canada 10 yr Bonds		(1,446,940	)		(1,408,968	)		9/21/17		37,972		—
(36)	Euro-Bund		(6,770,233	)		(6,655,674	)		9/8/17		114,559		—
(20)	Long Gilt		(3,324,932	)		(3,270,973	)		9/28/17		53,959		—
(21)	U.S. Treasury 2 yr Notes		(4,544,519	)		(4,538,296	)		10/2/17		6,223		—
(55)	U.S. Treasury 5 yr Notes		(6,496,822	)		(6,480,977	)		10/2/17		15,845		—
											228,558		(86,119	)
Total											$330,194		$(176,321)

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.”

LVIP JPMorgan Retirement Income Fund–11

LVIP JPMorgan Retirement Income Fund

Statement of Net Assets (continued)

Summary of Abbreviations:

ARM–Adjustable Rate Mortgage

BB–Barclays Bank

DB–Deutsche Bank

EAFE–Europe Australasia Far East

ETF–Exchange-Traded Fund

FTSE–Financial Times Stock Exchange

FREMF–Freddie Mac Multifamily

GNMA–Government National Mortgage Association

GS–Goldman Sachs

JPM–JPMorgan

MSCI–Morgan Stanley Capital International

RBS–Royal Bank of Scotland

REMICs–Real Estate Mortgage Investment Conduits

S&P–Standard and Poor’s

S.F.–Single Family

SPI–Swiss Performance Index

WF–Wells Fargo

yr–Year

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

LVIP JPMorgan Retirement Income Fund–12

LVIP JPMorgan Retirement Income Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Interest	$	2,639,180
Dividends		1,406,902
Foreign tax withheld		(35,217	)
		4,010,865
EXPENSES:
Management fees		999,958
Distribution fees-Service Class		52,304
Reports and statements to shareholders		50,867
Professional fees		41,713
Pricing fees		34,819
Accounting and administration expenses		33,320
Custodian fees		25,423
Shareholder servicing fees		13,028
Trustees’ fees and expenses		3,613
Consulting fees		1,141
Other		1,667
		1,257,853
Less:
Management fees waived		(259,120	)
Expenses reimbursed		(98,929	)
Total operating expenses		899,804
NET INVESTMENT INCOME		3,111,061
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments*		36,697,323
Foreign currencies		(270,970	)
Foreign currency exchange contracts		60,449
Futures contracts		(306,727	)
Options purchased		(2,135	)
Swap contracts		(90,298	)
Net realized gain		36,087,642
Net change in unrealized appreciation (depreciation) of:
Investments**		(24,883,383	)
Foreign currencies		13,070
Foreign currency exchange contracts		(16,198	)
Futures contracts		170,890
Swap contracts		16,258
Net change in unrealized appreciation (depreciation)		(24,699,363	)
NET REALIZED AND UNREALIZED GAIN		11,388,279
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,499,340

*Includes $1,979 capital gains taxes paid.

**Includes $1,576 increase in capital gains taxes accrued.

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

LVIP JPMorgan Retirement Income Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,111,061		$	5,881,260
Net realized gain		36,087,642			5,906,532
Net change in unrealized appreciation (depreciation)		(24,699,363	)		1,087,450
Net increase in net assets resulting from operations		14,499,340			12,875,242
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(5,736,151	)
Service Class		—			(950,393	)
Net realized gain:
Standard Class		—			(8,273,975	)
Service Class		—			(1,497,334	)
		—			(16,457,853	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,996,575			7,229,526
Service Class		2,983,664			2,895,282
Reinvestment of dividends and distributions:
Standard Class		—			14,010,126
Service Class		—			2,447,727
		4,980,239			26,582,661
Cost of shares redeemed:
Standard Class		(16,285,046	)		(38,935,112	)
Service Class		(4,310,056	)		(7,113,771	)
		(20,595,102	)		(46,048,883	)
Decrease in net assets derived from capital share transactions		(15,614,863	)		(19,466,222	)
NET DECREASE IN NET ASSETS		(1,115,523	)		(23,048,833	)
NET ASSETS:
Beginning of period		268,235,798			291,284,631
End of period	$	267,120,275		$	268,235,798
Undistributed (distributions in excess of) net investment income	$	2,966,262		$	(144,799	)

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

LVIP JPMorgan Retirement Income Fund–13

LVIP JPMorgan Retirement Income Fund

Financial Highlights

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

				LVIP JPMorgan Retirement Income Fund Standard Class
	Six Months
	Ended
	6/30/171,2											Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/143				12/31/13				12/31/12
Net asset value, beginning of period		$	13.548		$	13.751			$	14.896			$	15.257			$	14.502			$	13.436
Income (loss) from investment operations:
Net investment income4			0.165			0.297				0.348				0.402				0.378				0.404
Net realized and unrealized gain (loss)			0.589			0.353				(0.491	)			0.342				0.963				1.020
Total from investment operations			0.754			0.650				(0.143	)			0.744				1.341				1.424
Less dividends and distributions from:
Net investment income			—			(0.352	)			(0.402	)			(0.411	)			(0.329	)			(0.358	)
Net realized gain			—			(0.501	)			(0.600	)			(0.694	)			(0.257	)			—
Total dividends and distributions			—			(0.853	)			(1.002	)			(1.105	)			(0.586	)			(0.358	)
Net asset value, end of period		$	14.302		$	13.548			$	13.751			$	14.896			$	15.257			$	14.502
Total return5			5.57%			4.71%				(0.94%	)			4.88%				9.34%				10.63%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	224,602		$	226,619			$	247,317			$	283,263			$	299,595			$	304,270
Ratio of expenses to average net assets6			0.64%			0.73%				0.73%				0.73%				0.73%				0.73%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.91%			0.88%				0.88%				0.87%				0.88%				0.88%
Ratio of net investment income to average net assets			2.37%			2.13%				2.33%				2.58%				2.51%				2.85%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.10%			1.97%				2.18%				2.44%				2.36%				2.70%
Portfolio turnover			170%			161%				140%				142%				159%				142%

¹  Effective May 1, 2017, J.P. Morgan Investment Management, Inc. replaced Delaware Investments Fund Advisers and Jackson Square Partners, LLC as the Fund’s sub-adviser.

²  Ratios have been annualized and total return and portfolio turnover have not been annualized.

³  Effective October 1, 2014, Jackson Square Partners, LLC was added as a sub-adviser to the Fund.

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 JPMorgan Retirement Income Fund–14

LVIP JPMorgan Retirement Income Fund

Financial Highlights (continued)

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

				LVIP JPMorgan Retirement Income Fund Service Class
	Six Months
	Ended
	6/30/171,2											Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/143				12/31/13				12/31/12
Net asset value, beginning of period		$	13.548		$	13.751			$	14.895			$	15.257			$	14.503			$	13.438
Income (loss) from investment operations:
Net investment income4			0.147			0.262				0.310				0.362				0.340				0.369
Net realized and unrealized gain (loss)			0.589			0.353				(0.489	)			0.342				0.962				1.018
Total from investment operations			0.736			0.615				(0.179	)			0.704				1.302				1.387
Less dividends and distributions from:
Net investment income			—			(0.317	)			(0.365	)			(0.372	)			(0.291	)			(0.322	)
Net realized gain			—			(0.501	)			(0.600	)			(0.694	)			(0.257	)			—
Total dividends and distributions			—			(0.818	)			(0.965	)			(1.066	)			(0.548	)			(0.322	)
Net asset value, end of period		$	14.284		$	13.548			$	13.751			$	14.895			$	15.257			$	14.503
Total return5			5.43%			4.45%				(1.18%	)			4.61%				9.07%				10.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	42,518		$	41,617			$	43,968			$	47,038			$	47,560			$	47,088
Ratio of expenses to average net assets6			0.89%			0.98%				0.98%				0.98%				0.98%				0.98%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.16%			1.13%				1.13%				1.12%				1.13%				1.13%
Ratio of net investment income to average net assets			2.12%			1.88%				2.08%				2.33%				2.26%				2.60%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.85%			1.72%				1.93%				2.19%				2.11%				2.45%
Portfolio turnover			170%			161%				140%				142%				159%				142%

¹  Effective May 1, 2017, J.P. Morgan Investment Management, Inc. replaced Delaware Investments Fund Advisers and Jackson Square Partners, LLC as the Fund’s sub-adviser.

²  Ratios have been annualized and total return and portfolio turnover have not been annualized.

³  Effective October 1, 2014, Jackson Square Partners, LLC was added as a sub-adviser to the Fund.

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 JPMorgan Retirement Income Fund–15

LVIP JPMorgan Retirement Income Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 Retirement Income Fund (formerly 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 operates under a fund of funds structure and invests a substantial portion of its assets in open-end investment companies, including exchange-traded funds (“ETFs”), advised by J.P. Morgan 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 also invest in individual securities. Financial statements for the Underlying Funds can be found at www.sec.gov.

The Fund’s investment objective is to seek to provide current income and some 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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.

LVIP JPMorgan Retirement Income Fund–16

LVIP JPMorgan Retirement Income Fund

Notes to Financial Statements (continued)

1. Significant Accounting Policies (continued)

To Be Announced Securities (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 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. 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 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. 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. 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 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, 2017.

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, 2017.

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. The fee is calculated daily and paid monthly. Effective May 1, 2017, LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.38% of the Fund’s average daily net assets. Prior to May 1, 2017, the waiver amount was 0.10% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board and LIAC.

LVIP JPMorgan Retirement Income Fund–17

LVIP JPMorgan Retirement Income Fund

Notes to Financial Statements (continued)

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

Effective May 1, 2017, LIAC has contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.45% of the Fund’s average daily net assets for the Standard Class and 0.70% for the Service Class. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. Prior to May 1, 2017, LIAC had contractually agreed to waive its fees and/or reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.73% the Fund’s average daily net assets for the Standard Class and 0.98% for the Service Class.

Effective May 1, 2017, J.P. Morgan Investment Management, Inc. (“JPM”) is responsible for the day-to-day management of the Fund’s investment portfolio. Prior to May 1, 2017, Delaware Investments Fund Advisers (“DIFA”) and Jackson Square Partners, LLP (“JSP”) were responsible for the day-to-day management of the Fund’s investment portfolio. For these services, LIAC, not the Fund, pays or paid JPM, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	7,630
Legal		1,842

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $38,371 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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.

At June 30, 2017, the Fund had receivables from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	17,697
Management fees payable to LIAC		81,826
Distribution fees payable to LFD		8,740
Shareholder servicing fees payable to Lincoln Life		6,413
Printing and mailing fees payable to Lincoln Life		38,371

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, 2017, the Fund engaged in securities sales of $26,157.

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 JPMorgan Retirement Income Fund–18

LVIP JPMorgan Retirement Income Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	413,344,387
Purchases of U.S. government securities		32,515,996
Sales other than U.S. government securities		437,116,987
Sales of U.S. government securities		20,161,612

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	266,364,743
Aggregate unrealized appreciation	$	1,986,219
Aggregate unrealized depreciation		(906,716	)
Net unrealized appreciation	$	1,079,503

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 JPMorgan Retirement Income Fund–19

LVIP JPMorgan Retirement 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, 2017:

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Preferred Stock	$	—		$	—	$	14,069		14,069
Investment Companies		194,345,598			—		—		194,345,598
Agency Collateralized Mortgage Obligations		—			4,567,886		—		4,567,886
Agency Commercial Mortgage-Backed Securities		—			2,027,901		—		2,027,901
Agency Mortgage-Backed Securities		—			4,765,084		—		4,765,084
Corporate Bonds		—			30,713,196		—		30,713,196
Non-Agency Asset-Backed Securities		—			3,902,842		—		3,902,842
Non-Agency Collateralized Mortgage Obligations		—			1,085,781		—		1,085,781
Non-Agency Commercial Mortgage-Backed Securities		—			8,700,183		—		8,700,183
U.S. Treasury Obligations		—			17,321,706		—		17,321,706
Total Investments	$	194,345,598		$	73,084,579	$	14,069	$	267,444,246
Derivatives:
Assets:
Futures Contracts	$	330,194		$	—	$	—	$	330,194
Liabilities:
Futures Contracts	$	(176,321	)	$	—	$	—	$	(176,321	)

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. 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			Year
	Ended			Ended
	6/30/17			12/31/16
Shares sold:
Standard Class		143,248			516,503
Service Class		214,729			208,236
Shares reinvested:
Standard Class		—			1,016,817
Service Class		—			177,726
		357,977			1,919,282
Shares redeemed:
Standard Class		(1,165,509	)		(2,792,174	)
Service Class		(309,896	)		(511,486	)
		(1,475,405	)		(3,303,660	)
Net decrease		(1,117,428	)		(1,384,378	)

LVIP JPMorgan Retirement Income Fund–20

LVIP JPMorgan Retirement Income 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 already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. 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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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. At June 30, 2017, the Fund pledged securities with a value of $693,324 and foreign currencies with a value of $200,045 and received $35,845 in cash as collateral for futures contracts.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to facilitate investments in portfolio securities; and to reduce transaction costs.

Options Contracts–During the six months ended June 30, 2017, The Fund may enter 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 caused by interest rates or market conditions 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 facilitate investments in portfolio securities; as a cash management tool; and to generate income. 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.

During the six months ended June 30, 2017, the Fund used options contracts to manage the Fund’s exposure to changes in foreign currencies; to adjust the Fund’s overall exposure to certain markets; and to protect the value of portfolio securities.

LVIP JPMorgan Retirement Income Fund–21

LVIP JPMorgan Retirement Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

No options contracts were outstanding at June 30, 2017.

There were no transactions in options written during the six months ended June 30, 2017.

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 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. In one instance, an interest rate swap involves payments received by the Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. The Fund may enter into either side of such swap contract. Interest rate swaps may be used to manage 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.

During the six months ended June 30, 2017, the Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to 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, 2017, 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.

During the six months ended June 30, 2017, the Fund used CDS contracts to hedge against credit events (including single name, baskets, and systemic).

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 Statement of Net Assets.

LVIP JPMorgan Retirement Income Fund–22

LVIP JPMorgan Retirement Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Liabilities net of receivables and other assets		101,636	Liabilities net of receivables and other assets		(90,202	)
Futures contracts (Interest rate contracts)	Liabilities net of receivables and other assets		228,558	Liabilities net of receivables and other assets		(86,119	)
Total		$	330,194		$	(176,321	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	60,449			$	(16,198	)
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			7,146				11,434
Futures contracts (Interest rate contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(313,873	)			159,456
Options contracts (Interest rate contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased			(2,135	)			—
Swap contracts (Credit contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(58,349	)			1,670
Swap contracts (Interest rate contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			(31,949	)			14,588
Total			$	(338,711	)		$	170,950

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Forward foreign currency contracts (average cost)		USD	619,747		USD	1,213,168
Futures contracts (average notional value)		USD	8,694,339		USD	10,114,577
Options contracts (average notional value)		USD	167		USD	—
CDS contracts (average notional value)*		USD	694,501		USD	—
Interest rate swap contracts (average notional value)		USD	—		USD	488,480

*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 currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) including the

LVIP JPMorgan Retirement Income Fund–23

LVIP JPMorgan Retirement Income Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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, 2017, the Fund had no derivative assets or liabilities subject to netting arrangements.

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 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, 2017. 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 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 Funds’ existing contracts and expects the risk of loss to be remote.

LVIP JPMorgan Retirement Income Fund–24

LVIP JPMorgan Retirement Income Fund

Notes to Financial Statements (continued)

8. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. Subsequent Events

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

LVIP JPMorgan Retirement Income Fund–25

                          LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,058.20		0.76%		$3.88
Service Class Shares		1,000.00		1,056.90		1.01%		5.15
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,021.03		0.76%		$3.81
Service Class Shares		1,000.00		1,019.79		1.01%		5.06

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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

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

As of June 30, 2017

Sector designations may be different than the sector designations

presented in other Fund materials.

Security Type/Sector	Percentage of Net Assets
Common Stock		89.05%
Aerospace & Defense		0.89%
Airlines		0.60%
Auto Components		0.70%
Automobiles		0.14%
Banks		7.04%
Beverages		1.58%
Biotechnology		0.79%
Building Products		0.74%
Capital Markets		4.14%
Chemicals		0.91%
Commercial Services & Supplies		0.04%
Communications Equipment		0.79%
Construction & Engineering		0.10%
Consumer Finance		0.89%
Containers & Packaging		2.85%
Distributors		0.57%
Diversified Financial Services		0.02%
Diversified Telecommunication Services		0.21%
Electric Utilities		2.69%
Electrical Equipment		1.67%
Electronic Equipment, Instruments & Components		3.15%
Energy Equipment & Services		0.58%
Equity Real Estate Investment Trusts		7.86%
Food & Staples Retailing		0.99%
Food Products		1.64%
Gas Utilities		0.90%
Health Care Equipment & Supplies		0.67%
Health Care Providers & Services		4.70%
Hotels, Restaurants & Leisure		1.35%
Household Durables		2.44%
Household Products		0.41%
Independent Power & Renewable Electricity Producers		0.38%
Industrial Conglomerates		0.71%
Insurance		7.02%
Internet & Direct Marketing Retail		1.01%
Internet Software & Services		0.55%
IT Services		1.49%
Leisure Products		0.10%
Machinery		2.18%

Security Type/Sector	Percentage of Net Assets
Media		1.81%
Metals & Mining		0.33%
Mortgage Real Estate Investment Trusts		0.29%
Multiline Retail		1.12%
Multi-Utilities		3.25%
Oil, Gas & Consumable Fuels		5.41%
Personal Products		1.31%
Pharmaceuticals		0.57%
Professional Services		0.49%
Real Estate Management & Development		0.41%
Road & Rail		0.02%
Semiconductors & Semiconductor Equipment		1.21%
Software		1.23%
Specialty Retail		3.14%
Technology Hardware, Storage & Peripherals		0.94%
Textiles, Apparel & Luxury Goods		1.24%
Trading Companies & Distributors		0.77%
Wireless Telecommunication Services		0.02%
Money Market Fund		10.76%
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
Mohawk Industries		1.28%
EQT		1.22%
Loews		1.15%
Energen		1.15%
Edison International		1.12%
M&T Bank		1.05%
CMS Energy		1.01%
Expedia		1.01%
Ball		0.99%
Humana		0.97%
Total		10.95%

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–89.05%
Aerospace & Defense–0.89%
Boeing		8,900	$	1,759,975
Curtiss-Wright		7,300		669,994
HEICO Class A		13,875		860,944
Huntington Ingalls Industries		8,835		1,644,724
L3 Technologies		3,090		516,277
Northrop Grumman		310		79,580
Spirit AeroSystems Holdings Class A		6,180		358,069
				5,889,563
Airlines–0.60%
Delta Air Lines		21,700		1,166,158
†United Continental Holdings		37,250		2,803,063
				3,969,221
Auto Components–0.70%
BorgWarner		87,368		3,700,908
†Visteon		9,200		938,952
				4,639,860
Automobiles–0.14%
General Motors		27,500		960,575
				960,575
Banks–7.04%
Bank of America		154,300		3,743,318
Citigroup		49,000		3,277,120
Citizens Financial Group		125,301		4,470,740
Comerica		1,200		87,888
East West Bancorp		4,700		275,326
Fifth Third Bancorp		212,594		5,518,940
First Republic Bank		42,811		4,285,381
Huntington Bancshares		234,256		3,167,141
KeyCorp		20,300		380,422
M&T Bank		43,099		6,979,883
PNC Financial Services Group		19,000		2,372,530
Popular		46,800		1,952,028
Regions Financial		62,140		909,730
SunTrust Banks		99,374		5,636,493
†SVB Financial Group		1,950		342,791
Synovus Financial		35,300		1,561,672
Zions Bancorporation		42,951		1,885,978
				46,847,381
Beverages–1.58%
Constellation Brands Class A		21,529		4,170,813
Dr Pepper Snapple Group		53,767		4,898,711
Molson Coors Brewing Class B		16,516		1,425,991
				10,495,515
Biotechnology–0.79%
†ACADIA Pharmaceuticals		7,900		220,331
†Alnylam Pharmaceuticals		4,850		386,836
Amgen		9,500		1,636,185
†BioMarin Pharmaceutical		1,500		136,230

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
Gilead Sciences		23,400	$	1,656,252
†Incyte		3,625		456,424
†Intercept Pharmaceuticals		1,900		230,033
†Juno Therapeutics		10,300		307,867
†TESARO		1,850		258,741
				5,288,899
Building Products–0.74%
Fortune Brands Home & Security		72,711		4,743,666
Owens Corning		2,900		194,068
				4,937,734
Capital Markets–4.14%
Ameriprise Financial		30,485		3,880,436
BGC Partners Class A		6,800		85,952
Goldman Sachs Group		5,000		1,109,500
Intercontinental Exchange		3,000		197,760
Invesco		131,260		4,619,039
Lazard Class A		1,610		74,591
LPL Financial Holdings		14,300		607,178
MarketAxess Holdings		1,025		206,127
Morgan Stanley		20,200		900,112
MSCI		20,990		2,161,760
Northern Trust		47,370		4,604,838
Raymond James Financial		55,808		4,476,918
T. Rowe Price Group		62,117		4,609,703
				27,533,914
Chemicals–0.91%
Cabot		26,790		1,431,390
Huntsman		51,760		1,337,478
Sherwin-Williams		9,338		3,277,264
				6,046,132
Commercial Services & Supplies–0.04%
†Stericycle		3,450		263,304
				263,304
Communications Equipment–0.79%
†ARRIS International		24,660		690,973
†CommScope Holding		114,083		4,338,576
†F5 Networks		1,750		222,355
				5,251,904
Construction & Engineering–0.10%
Fluor		2,680		122,690
Jacobs Engineering Group		9,740		529,759
				652,449
Consumer Finance–0.89%
Ally Financial		147,145		3,075,331
Capital One Financial		1,000		82,620
Discover Financial Services		33,360		2,074,658
Navient		19,600		326,340

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)
Consumer Finance (continued)
Synchrony Financial		11,320	$	337,562
				5,896,511
Containers & Packaging–2.85%
Avery Dennison		4,290		379,107
Ball		155,328		6,556,395
†Berry Global Group		19,100		1,088,891
International Paper		5,680		321,545
Packaging Corp. of America		5,800		646,062
Silgan Holdings		129,902		4,128,286
WestRock		103,637		5,872,072
				18,992,358
Distributors–0.57%
Genuine Parts		40,912		3,794,997
				3,794,997
Diversified Financial Services–0.02%
Voya Financial		3,800		140,182
				140,182
Diversified Telecommunication Services–0.21%
AT&T		22,600		852,698
CenturyLink		16,350		390,438
Verizon Communications		3,800		169,708
				1,412,844
Electric Utilities–2.69%
Alliant Energy		6,060		243,430
American Electric Power		100		6,947
Edison International		95,613		7,475,980
Exelon		17,000		613,190
FirstEnergy		11,500		335,340
Great Plains Energy		5,200		152,256
NextEra Energy		5,900		826,767
Pinnacle West Capital		620		52,799
Portland General Electric		16,600		758,454
Westar Energy		19,088		1,012,046
Xcel Energy		139,693		6,409,115
				17,886,324
Electrical Equipment–1.67%
AMETEK		66,508		4,028,390
EnerSys		1,900		137,655
Hubbell		32,893		3,722,501
Regal Beloit		30,385		2,477,897
Rockwell Automation		4,600		745,016
				11,111,459
Electronic Equipment, Instruments & Components–3.15%
Amphenol Class A		66,367		4,899,212
†Arrow Electronics		67,442		5,288,802
Avnet		12,300		478,224
CDW		80,473		5,031,977

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electronic Equipment, Instruments & Components (continued)
FLIR Systems		9,600	$	332,736
†Keysight Technologies		127,224		4,952,830
				20,983,781
Energy Equipment & Services–0.58%
Baker Hughes, a GE company		35,820		1,952,548
†Dril-Quip		2,900		141,520
Halliburton		28,600		1,221,506
†TechnipFMC		20,400		554,880
				3,870,454
Equity Real Estate Investment Trusts–7.86%
American Campus Communities		45,876		2,169,935
American Homes 4 Rent Class A		94,895		2,141,780
Apartment Investment & Management		1,130		48,556
Apple Hospitality		44,800		838,208
AvalonBay Communities		19,847		3,813,998
Boston Properties		28,484		3,504,102
Brandywine Realty Trust		38,100		667,893
Brixmor Property Group		155,448		2,779,410
Corecivic		21,900		604,002
Corporate Office Properties Trust		14,000		490,420
Crown Castle International		1,550		155,279
CyrusOne		4,600		256,450
Digital Realty Trust		2,220		250,749
Douglas Emmett		2,560		97,818
Equinix		4,045		1,735,952
†Equity Commonwealth		42,560		1,344,896
Equity LifeStyle Properties		3,830		330,682
Essex Property Trust		8,105		2,085,173
Federal Realty Investment Trust		17,802		2,249,995
GEO Group		11,500		340,055
GGP		80,961		1,907,441
HCP		25,160		804,114
Hospitality Properties Trust		9,600		279,840
Kimco Realty		163,803		3,005,785
Liberty Property Trust		3,600		146,556
Mid-America Apartment Communities		4,399		463,567
Outfront Media		115,231		2,664,141
Park Hotels & Resorts		66,990		1,806,050
Piedmont Office Realty Trust Class A		31,900		672,452
Prologis		11,150		653,836
Rayonier		93,313		2,684,615
Regency Centers		33,429		2,093,993
Retail Properties of America		11,800		144,078
†SBA Communications		2,350		317,015
SL Green Realty		250		26,450
Spirit Realty Capital		5,900		43,719
Sun Communities		2,000		175,380
Taubman Centers		890		52,999
Ventas		300		20,844
Vornado Realty Trust		41,288		3,876,943

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)
Equity Real Estate Investment Trusts (continued)
Weyerhaeuser		98,018	$	3,283,603
WP Carey		19,496		1,286,931
				52,315,705
Food & Staples Retailing–0.99%
Kroger		140,792		3,283,269
†Rite Aid		30,400		89,680
Sysco		24,600		1,238,118
†US Foods Holding		6,500		176,930
Walgreens Boots Alliance		2,300		180,113
Wal-Mart Stores		21,500		1,627,120
				6,595,230
Food Products–1.64%
Archer-Daniels-Midland		15,700		649,666
Bunge		17,400		1,298,040
Conagra Brands		18,600		665,136
Ingredion		10,170		1,212,366
†Pilgrim’s Pride		65,700		1,440,144
†TreeHouse Foods		37,617		3,072,933
Tyson Foods Class A		40,640		2,545,283
				10,883,568
Gas Utilities–0.90%
National Fuel Gas		77,255		4,313,919
UGI		34,970		1,692,898
				6,006,817
Health Care Equipment & Supplies–0.67%
Baxter International		5,800		351,132
Hill-Rom Holdings		15,300		1,218,033
†Hologic		33,690		1,528,852
Zimmer Biomet Holdings		10,610		1,362,324
				4,460,341
Health Care Providers & Services–4.70%
Aetna		3,900		592,137
AmerisourceBergen		53,834		5,088,928
Anthem		1,700		319,821
†Centene		2,700		215,676
Cigna		26,025		4,356,325
†DaVita		2,700		174,852
†Express Scripts Holding		6,200		395,808
†Henry Schein		20,051		3,669,734
Humana		26,878		6,467,384
†Laboratory Corp. of America Holdings		12,224		1,884,207
McKesson		2,500		411,350
†Premier Class A		29,400		1,058,400
Quest Diagnostics		4,300		477,988
UnitedHealth Group		5,800		1,075,436
Universal Health Services Class B		29,897		3,649,826
†WellCare Health Plans		7,900		1,418,524
				31,256,396

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure–1.35%
Darden Restaurants		2,975	$	269,059
†Hilton Grand Vacations		22,459		809,871
Hilton Worldwide Holdings		63,263		3,912,816
Marriott International Class A		15,250		1,529,727
Restaurant Brands International		7,200		450,288
Royal Caribbean Cruises		2,300		251,229
Vail Resorts		2,400		486,792
Wyndham Worldwide		2,700		271,107
†Yum China Holdings		26,050		1,027,151
				9,008,040
Household Durables–2.44%
DR Horton		18,175		628,310
†Mohawk Industries		35,204		8,508,455
Newell Brands		116,839		6,264,907
†NVR		50		120,531
Toll Brothers		18,200		719,082
				16,241,285
Household Products–0.41%
Energizer Holdings		44,798		2,151,200
Procter & Gamble		6,800		592,620
				2,743,820
Independent Power & Renewable Electricity Producers–0.38%
AES		65,300		725,483
NRG Energy		103,900		1,789,158
				2,514,641
Industrial Conglomerates–0.71%
Carlisle		49,509		4,723,159
				4,723,159
Insurance–7.02%
†Alleghany		3,938		2,342,322
Allied World Assurance Holdings		5,660		299,414
American Financial Group		5,770		573,365
American International Group		14,800		925,296
American National Insurance		400		46,596
Aon		1,820		241,969
†Arch Capital Group		8,040		750,052
Aspen Insurance Holdings		2,770		138,085
Assurant		2,790		289,295
Assured Guaranty		21,470		896,158
Axis Capital Holdings		10,200		659,532
Chubb		15,617		2,270,399
Everest Re Group		4,175		1,062,913
First American Financial		1,300		58,097
FNF Group		6,750		302,603
Hanover Insurance Group		5,960		528,235
Hartford Financial Services Group		112,965		5,938,570
Loews		164,063		7,679,789
Marsh & McLennan		65,397		5,098,350

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)
Insurance (continued)
Principal Financial Group		3,400	$	217,838
Progressive		59,961		2,643,680
Prudential Financial		5,300		573,142
RenaissanceRe Holdings		5,600		778,680
Torchmark		10,530		805,545
Unum Group		76,318		3,558,708
Validus Holdings		1,700		88,349
White Mountains Insurance Group		700		608,041
WR Berkley		27,495		1,901,829
XL Group		123,947		5,428,879
				46,705,731
Internet & Direct Marketing Retail–1.01%
Expedia		45,048		6,709,900
				6,709,900
Internet Software & Services–0.55%
†eBay		41,300		1,442,196
†InterActiveCorp		3,700		381,988
†Match Group		95,071		1,652,334
†Pandora Media		17,200		153,424
				3,629,942
IT Services–1.49%
DXC Technology		21,850		1,676,332
Fidelity National Information Services		4,500		384,300
Jack Henry & Associates		52,441		5,447,047
Leidos Holdings		4,300		222,267
†Square Class A		9,000		211,140
Total System Services		9,700		565,025
†Vantiv Class A		20,470		1,296,570
Western Union		4,100		78,105
				9,880,786
Leisure Products–0.10%
Hasbro		5,850		652,333
				652,333
Machinery–2.18%
Allison Transmission Holdings		7,800		292,578
Crane		12,070		958,117
Cummins		4,100		665,102
†Gardner Denver Holdings		15,700		339,277
IDEX		37,018		4,183,404
Ingersoll-Rand		12,800		1,169,792
Parker-Hannifin		10,550		1,686,101
Snap-on		32,944		5,205,152
				14,499,523
Media–1.81%
Cable One		50		35,545
CBS Class B		52,964		3,378,044
Comcast Class A		28,500		1,109,220
†DISH Network Class A		67,648		4,245,588

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Media (continued)
†Liberty SiriusXM Group		16,000	$	671,680
Sirius XM Holdings		144,000		787,680
TEGNA		9,300		134,013
Viacom Class B		20,300		681,471
Walt Disney		9,600		1,020,000
				12,063,241
Metals & Mining–0.33%
Newmont Mining		6,700		217,013
Reliance Steel & Aluminum		1,450		105,575
Steel Dynamics		52,040		1,863,552
				2,186,140
Mortgage Real Estate Investment Trusts–0.29%
AGNC Investment		17,600		374,704
Chimera Investment		41,700		776,871
Two Harbors Investment		75,500		748,205
				1,899,780
Multiline Retail–1.12%
Kohl’s		107,209		4,145,772
Nordstrom		68,924		3,296,635
				7,442,407
Multi-Utilities–3.25%
Ameren		3,750		205,013
CenterPoint Energy		82,678		2,263,724
CMS Energy		145,964		6,750,835
Consolidated Edison		2,445		197,605
DTE Energy		1,530		161,859
MDU Resources Group		22,100		579,020
Sempra Energy		47,768		5,385,842
WEC Energy Group		98,836		6,066,554
				21,610,452
Oil, Gas & Consumable Fuels–5.41%
Apache		2,900		138,997
Cabot Oil & Gas		31,800		797,544
Chevron		3,300		344,289
Cimarex Energy		4,955		465,820
ConocoPhillips		3,800		167,048
Devon Energy		27,300		872,781
†Energen		155,410		7,672,592
EOG Resources		14,600		1,321,592
EQT		137,936		8,081,670
Exxon Mobil		5,400		435,942
Marathon Oil		43,210		512,039
Marathon Petroleum		20,990		1,098,407
Murphy Oil		4,440		113,797
Noble Energy		630		17,829
Occidental Petroleum		800		47,896
ONEOK		2,200		114,752
PBF Energy Class A		155,267		3,456,243

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)
Oil, Gas & Consumable Fuels (continued)
†QEP Resources		21,930	$	221,493
†Rice Energy		1,900		50,597
Tesoro		10,600		992,160
Valero Energy		33,330		2,248,442
Williams		201,152		6,090,883
World Fuel Services		15,180		583,671
†WPX Energy		15,580		150,503
				35,996,987
Personal Products–1.31%
Coty Class A		185,832		3,486,208
†Edgewell Personal Care		54,003		4,105,308
†Herbalife		2,640		188,311
Nu Skin Enterprises Class A		15,300		961,452
				8,741,279
Pharmaceuticals–0.57%
Allergan		6,800		1,653,012
†Mallinckrodt		6,700		300,227
†Mylan		6,600		256,212
Perrigo		4,150		313,408
Pfizer		37,100		1,246,189
				3,769,048
Professional Services–0.49%
ManpowerGroup		23,950		2,674,017
†TransUnion		13,900		602,009
				3,276,026
Real Estate Management & Development–0.41%
†CBRE Group Class A		75,161		2,735,860
				2,735,860
Road & Rail–0.02%
Landstar System		1,460		124,976
				124,976
Semiconductors & Semiconductor Equipment–1.21%
Analog Devices		36,875		2,868,875
Applied Materials		38,400		1,586,304
KLA-Tencor		7,598		695,293
Lam Research		1,900		268,717
Marvell Technology Group		109,240		1,804,645
†ON Semiconductor		17,260		242,330
QUALCOMM		2,530		139,707
Skyworks Solutions		2,000		191,900
Teradyne		8,300		249,249
				8,047,020
Software–1.23%
Activision Blizzard		5,850		336,785
†Citrix Systems		7,520		598,442
Microsoft		6,600		454,938
†Nuance Communications		47,000		818,270

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software (continued)
†Synopsys		73,509	$	5,361,011
†VMware Class A		4,900		428,407
†Zynga Class A		58,200		211,848
				8,209,701
Specialty Retail–3.14%
†AutoZone		6,198		3,535,711
Bed Bath & Beyond		71,861		2,184,574
Best Buy		108,863		6,241,116
†Burlington Stores		5,800		533,542
Gap		136,810		3,008,452
Staples		30,800		310,156
Tiffany		53,166		4,990,692
†Ulta Beauty		300		86,202
				20,890,445
Technology Hardware, Storage & Peripherals–0.94%
Apple		3,000		432,060
HP		98,900		1,728,772
†NCR		8,900		363,476
NetApp		18,000		720,900
Western Digital		17,200		1,523,920
Xerox		51,820		1,488,789
				6,257,917
Textiles, Apparel & Luxury Goods–1.24%
†Michael Kors Holdings		2,200		79,750
PVH		52,268		5,984,686
Ralph Lauren		29,696		2,191,565
				8,256,001
Trading Companies & Distributors–0.77%
MSC Industrial Direct		49,389		4,245,478
†United Rentals		5,900		664,989
†WESCO International		4,000		229,200
				5,139,667
Wireless Telecommunication Services–0.02%
Telephone & Data Systems		5,200		144,300
				144,300
Total Common Stock (Cost $481,056,400)				592,483,825
MONEY MARKET FUND–10.76%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		71,611,202		71,611,202
Total Money Market Fund (Cost $71,611,202)				71,611,202

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–7

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–99.81% (Cost $552,667,602)	$	664,095,027
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.19%		1,281,413
NET ASSETS APPLICABLE TO 40,577,909 SHARES OUTSTANDING–100.00%	$	665,376,440
NET ASSET VALUE PER SHARE–LVIP JPMORGAN SELECT MID CAP VALUE MANAGED VOLATILITY FUND STANDARD CLASS ($37,322,372 / 2,258,269 Shares)		$16.527
NET ASSET VALUE PER SHARE–LVIP JPMORGAN SELECT MID CAP VALUE MANAGED VOLATILITY FUND SERVICE CLASS ($628,054,068 / 38,319,640 Shares)		$16.390
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	576,750,816
Undistributed net investment income		3,019,075
Accumulated net realized loss on investments		(25,541,986	)
Net unrealized appreciation of investments, foreign currencies and derivatives		111,148,535
TOTAL NET ASSETS	$	665,376,440

† Non-income producing for the period.

« Includes $1,780,873 cash collateral held at broker for futures contracts, $555,167 due to manager and affiliates, $1,696,912 payable for securities purchased and $206,251 payable for fund shares redeemed as of June 30, 2017.

The following futures contracts were outstanding at June 30, 2017:1

Futures Contracts

Contracts to Buy (Sell)			Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
	Equity Contracts:
	189	E-mini S&P 500 Index		$22,935,273	$	22,877,505		9/18/17		$  (57,768	)
	121	E-mini S&P MidCap 400 Index		21,348,932		21,127,810		9/18/17		(221,122	)
	Total									$(278,890	)

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:

IT–Information Technology

S&P–Standard & Poor’s

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	5,593,973
Foreign tax withheld		(2,108	)
		5,591,865
EXPENSES:
Management fees		2,233,890
Distribution fees-Service Class		750,329
Accounting and administration expenses		79,284
Reports and statements to shareholders		35,398
Shareholder servicing fees		31,868
Professional fees		23,336
Custodian fees		8,581
Trustees’ fees and expenses		8,507
Consulting fees		2,484
Pricing fees		668
Other		2,391
Total operating expenses		3,176,736
NET INVESTMENT INCOME		2,415,129
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Investments		5,716,458
Futures contracts		2,662,449
Net realized gain		8,378,907
Net change in unrealized appreciation (depreciation) of:
Investments		24,259,050
Futures contracts		81,913
Net change in unrealized appreciation (depreciation)		24,340,963
NET REALIZED AND UNREALIZED GAIN		32,719,870
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	35,134,999

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,415,129		$	3,635,365
Net realized gain (loss)		8,378,907			(5,667,055	)
Net change in unrealized appreciation (depreciation)		24,340,963			52,640,419
Net increase in net assets resulting from operations		35,134,999			50,608,729
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(258,638	)
Service Class		—			(2,773,155	)
	—			(3,031,793)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,525,291			6,402,046
Service Class		55,021,457			148,121,505
Reinvestment of dividends and distributions:
Standard Class		—			258,638
Service Class		—			2,773,155
	57,546,748			157,555,344
Cost of shares redeemed:
Standard Class		(3,378,788	)		(5,680,905	)
Service Class		(28,919,667	)		(42,214,279	)
	(32,298,455)			(47,895,184)
Increase in net assets derived from capital share transactions		25,248,293			109,660,160
NET INCREASE IN NET ASSETS		60,383,292			157,237,096
NET ASSETS:
Beginning of period		604,993,148			447,756,052
End of period	$	665,376,440		$	604,993,148
Undistributed net investment income	$	3,019,075		$	603,946

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 6/30/171 (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/123
Net asset value, beginning of period		$	15.618		$	14.299			$	15.623			$	14.564			$	11.782			$	10.357
Income (loss) from investment operations:
Net investment income4			0.080			0.138				0.113				0.133				0.094				0.061
Net realized and unrealized gain (loss)			0.829			1.294				(1.322	)			1.050				2.753				1.364
Total from investment operations			0.909			1.432				(1.209	)			1.183				2.847				1.425
Less dividends and distributions from:
Net investment income			—			(0.113	)			(0.103	)			(0.123	)			(0.065	)			—
Return of capital			—			—				(0.012	)			(0.001	)			—				—
Total dividends and distributions			—			(0.113	)			(0.115	)			(0.124	)			(0.065	)			—
Net asset value, end of period		$	16.527		$	15.618			$	14.299			$	15.623			$	14.564			$	11.782
Total return5			5.82%			10.01%				(7.74%	)			8.11%				24.17%				13.76%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	37,322		$	36,086			$	32,080			$	32,478			$	24,156			$	16,971
Ratio of expenses to average net assets			0.76%			0.78%				0.80%				0.81%				0.95%				1.13%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.76%			0.78%				0.81%				0.84%				0.99%				1.22%
Ratio of net investment income to average net assets			0.99%			0.94%				0.74%				0.89%				0.70%				0.55%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.99%			0.94%				0.73%				0.86%				0.66%				0.46%
Portfolio turnover			17%			77%				20%				24%				25%				146%

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

²  Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to -day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 6/30/171 (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/123
Net asset value, beginning of period		$	15.507		$	14.202			$	15.515			$	14.466			$	11.705			$	10.315
Income (loss) from investment operations:
Net investment income4			0.059			0.101				0.074				0.095				0.061				0.033
Net realized and unrealized gain (loss)			0.824			1.280				(1.310	)			1.041				2.731				1.357
Total from investment operations			0.883			1.381				(1.236	)			1.136				2.792				1.390
Less dividends and distributions from:
Net investment income			—			(0.076	)			(0.065	)			(0.086	)			(0.031	)			—
Return of capital			—			—				(0.012	)			(0.001	)			—				—
Total dividends and distributions			—			(0.076	)			(0.077	)			(0.087	)			(0.031	)			—
Net asset value, end of period		$	16.390		$	15.507			$	14.202			$	15.515			$	14.466			$	11.705
Total return5			5.69%			9.72%				(7.96%	)			7.85%				23.87%				13.48%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	628,054		$	568,907			$	415,676			$	328,511			$	199,294			$	36,282
Ratio of expenses to average net assets			1.01%			1.03%				1.05%				1.06%				1.20%				1.38%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.01%			1.03%				1.06%				1.09%				1.24%				1.47%
Ratio of net investment income to average net assets			0.74%			0.69%				0.49%				0.64%				0.45%				0.30%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.74%			0.69%				0.48%				0.61%				0.41%				0.21%
Portfolio turnover			17%			77%				20%				24%				25%				146%

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

²  Effective May 1, 2016, SSGA Funds Management, Inc. is responsible for the day-to -day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 (“NAV”). Futures contracts are valued at the daily quoted settlement prices. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 change in market prices. 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.

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)

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. 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 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 $6,692 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly.

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. SSGA Funds Management, Inc. (“SSGA”) is 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	17,972
Legal		4,339

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $28,971 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	381,672
Distribution fees payable to LFD		128,706
Shareholder servicing fees payable to Lincoln Life		15,818
Printing and mailing fees payable to Lincoln Life		28,971

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	118,361,708
Sales		99,189,673

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	552,667,602
Aggregate unrealized appreciation	$	124,436,153
Aggregate unrealized depreciation		(13,008,728	)
Net unrealized appreciation	$	111,427,425

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Pre-Enactment Short-Term	Post-Enactment
Capital Losses Expiring In	Losses (No Expiration)*
2017	Short-Term	Long-Term	Total
$1,546,552	$12,678,284	$14,908,490	$29,133,326

*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, 2017:

	Level 1
Investments:
Assets:
Common Stock	$	592,483,825
Money Market Fund		71,611,202
Total Investments	$	664,095,027
Derivatives:
Liabilities:
Futures Contracts	$	(278,890	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		156,726			436,486
Service Class		3,438,342			10,099,424
Shares reinvested:
Standard Class		—			16,510
Service Class		—			178,269
		3,595,068			10,730,689
Shares redeemed:
Standard Class		(208,996	)		(385,886	)
Service Class		(1,804,751	)		(2,861,010	)
		(2,013,747	)		(3,246,896	)
Net increase		1,581,321			7,483,793

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments and to facilitate investments in 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 JPMorgan Select Mid Cap Value Managed Volatility Fund–15

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Notes to Financial Statements (continued)

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuation in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities	$—	Receivables and other assets net of liabilities	$(278,890)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$2,662,449	$81,913

Average Volume of Derivatives-The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$43,110,150		$-

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, 2017. 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, 2017, there were no Rule 144A securities.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund–16

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

Notes to Financial Statements (continued)

9. 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–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, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,049.20		0.30%		$1.52
Service Class Shares		1,000.00		1,047.90		0.55%		2.79
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.31		0.30%		$1.51
Service Class Shares		1,000.00		1,022.07		0.55%		2.76

LVIP Managed Risk Profile 2020 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,061.20		0.30%		$1.53
Service Class Shares		1,000.00		1,059.90		0.55%		2.81
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.31		0.30%		$1.51
Service Class Shares		1,000.00		1,022.07		0.55%		2.76

LVIP Managed Risk Profile 2030 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,069.80		0.30%		$1.54
Service Class Shares		1,000.00		1,068.50		0.55%		2.82
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.31		0.30%		$1.51
Service Class Shares		1,000.00		1,022.07		0.55%		2.76

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,074.60		0.30%		$1.54
Service Class Shares		1,000.00		1,073.30		0.55%		2.83
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.31		0.30%		$1.51
Service Class Shares		1,000.00		1,022.07		0.55%		2.76

LVIP Managed Risk Profile 2050 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,085.00		0.30%		$1.55
Service Class Shares		1,000.00		1,083.80		0.55%		2.84
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.31		0.30%		$1.51
Service Class Shares		1,000.00		1,022.07		0.55%		2.76

* “Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 Managed Risk Profile Target Maturity Funds–2

LVIP Managed Risk Profile Target Maturity Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2017

LVIP Managed Risk Profile 2010 Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investments		93.06%
Equity Funds		26.02%
Fixed Income Funds		49.63%
International Equity Funds		13.51%
International Fixed Income Fund		3.90%
Unaffiliated Investments		7.21%
Fixed Income Fund		1.95%
International Equity Fund		1.94%
Money Market Fund		3.32%
Total Value of Securities		100.27%
Liabilities Net of Receivables and Other Assets		(0.27%	)
Total Net Assets		100.00%

LVIP Managed Risk Profile 2020 Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investments		93.53%
Equity Funds		35.53%
Fixed Income Funds		37.78%
International Equity Funds		17.31%
International Fixed Income Fund		2.91%
Unaffiliated Investments		6.91%
International Equity Funds		2.89%
Money Market Fund		4.02%
Total Value of Securities		100.44%
Liabilities Net of Receivables and Other Assets		(0.44%	)
Total Net Assets		100.00%

LVIP Managed Risk Profile 2030 Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investments		92.28%
Equity Funds		35.45%
Fixed Income Funds		31.89%
International Equity Funds		23.00%
International Fixed Income Fund		1.94%
Unaffiliated Investments		7.46%
International Equity Funds		3.85%
Money Market Fund		3.61%
Total Value of Securities		99.74%
Receivables and Other Assets Net of Liabilities		0.26%
Total Net Assets		100.00%

LVIP Managed Risk Profile 2040 Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investments		91.30%
Equity Funds		40.79%
Fixed Income Funds		24.88%
International Equity Funds		25.63%
Unaffiliated Investments		8.57%
Commodity Fund		0.98%
International Equity Funds		2.86%
Money Market Fund		4.73%
Total Value of Securities		99.87%
Receivables and Other Assets Net of Liabilities		0.13%
Total Net Assets		100.00%

LVIP Managed Risk Profile 2050 Fund

Security Type/Sector	Percentage of Net Assets
Affiliated Investments		87.59%
Equity Funds		47.47%
Fixed Income Funds		11.26%
International Equity Funds		28.86%
Unaffiliated Investments		12.45%
Commodity Fund		0.96%
International Equity Funds		4.66%
Money Market Fund		6.83%
Total Value of Securities		100.04%
Liabilities Net of Receivables and Other Assets		(0.04%	)
Total Net Assets		100.00%

LVIP Managed Risk Profile Target Maturity Funds–3

LVIP Managed Risk Profile 2010 Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–93.06%
Equity Funds–26.02%
*Lincoln Variable Insurance Products Trust–
LVIP Delaware Special Opportunities Fund		8,717	$	357,789
LVIP SSGA Mid-Cap Index Fund		29,466		358,242
LVIP SSGA S&P 500 Index Fund		483,480		8,217,714
LVIP SSGA Small-Cap Index Fund		11,850		357,128
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		14,780		358,511
				9,649,384
Fixed Income Funds–49.63%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		353,836		3,610,895
LVIP Delaware Bond Fund		156,433		2,156,585
LVIP JPMorgan High Yield Fund		225,454		2,525,766
LVIP PIMCO Low Duration Bond Fund		142,818		1,448,746
LVIP SSGA Bond Index Fund		569,600		6,488,317
LVIP Western Asset Core Bond Fund		220,702		2,172,593
				18,402,902
International Equity Funds–13.51%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		113,254		1,067,075
LVIP SSGA International Index Fund		423,868		3,944,518
				5,011,593

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS (continued)
International Fixed Income Fund–3.90%
*Lincoln Variable Insurance Products Trust–
†LVIP Global Income Fund		127,908	$	1,445,619
				1,445,619
Total Affiliated Investments (Cost $25,488,807)				34,509,498
UNAFFILIATED INVESTMENTS–7.21%
Fixed Income Fund–1.95%
✢American Funds® –
Mortgage Bond Fund		68,035		722,529
				722,529
International Equity Fund–1.94%
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		33,655		718,201
				718,201
Money Market Fund–3.32%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		1,232,519		1,232,519
				1,232,519
Total Unaffiliated Investments (Cost $2,392,559)				2,673,249

TOTAL VALUE OF SECURITIES–100.27% (Cost $27,881,366)		37,182,747
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.27%)		(100,070	)
NET ASSETS APPLICABLE TO 3,159,213 SHARES OUTSTANDING–100.00%	$	37,082,677

† Non-income producing for the period.

* Standard Class shares.

✢ Class 1 shares.

LVIP Managed Risk Profile Target Maturity Funds–4

LVIP Managed Risk Profile 2010 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)			Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
	Currency Contracts:
	(2)	British Pound		$(158,911	)	$	(163,063	)		9/19/17		$      —		$(4,152	)
	(1)	Euro		(140,749	)		(143,337	)		9/19/17		—		(2,588	)
	(1)	Japanese Yen		(114,287	)		(111,375	)		9/19/17		2,912		—
												2,912		(6,740	)
	Equity Contracts:
	(1)	E-mini MSCI Emerging Markets Index		(50,129	)		(50,415	)		9/18/17		—		(286	)
	(2)	E-mini Russell 2000 Index		(142,408	)		(141,430	)		9/18/17		978		—
	(6)	E-mini S&P 500 Index		(728,500	)		(726,270	)		9/18/17		2,230		—
	(1)	E-mini S&P MidCap 400 Index		(175,704	)		(174,610	)		9/18/17		1,094		—
	(3)	Euro STOXX 50 Index		(122,117	)		(117,562	)		9/18/17		4,555		—
	(2)	FTSE 100 Index		(193,895	)		(188,660	)		9/18/17		5,235		—
	(1)	Nikkei 225 Index (OSE)		(178,706	)		(177,995	)		9/8/17		711		—
												14,803		(286	)
	Total											$17,715		$(7,026	)

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:

FTSE–Financial Times Stock Exchange

MSCI–Morgan Stanly Capital International

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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

LVIP Managed Risk Profile Target Maturity Funds–5

LVIP Managed Risk Profile 2020 Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–93.53%
Equity Funds–35.53%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		25,566	$	1,231,231
LVIP Delaware Special Opportunities Fund		29,900		1,227,198
LVIP SSGA Mid-Cap Index Fund		101,926		1,239,218
LVIP SSGA S&P 500 Index Fund		2,108,840		35,843,956
LVIP SSGA Small-Cap Index Fund		82,876		2,497,625
LVIP SSGA Small-Mid Cap 200 Fund		87,896		1,261,131
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		102,259		2,480,405
				45,780,764
Fixed Income Funds–37.78%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		612,031		6,245,773
LVIP Delaware Bond Fund		428,407		5,906,020
LVIP JPMorgan High Yield Fund		445,659		4,992,716
LVIP PIMCO Low Duration Bond Fund		494,046		5,011,601
LVIP SSGA Bond Index Fund		1,970,416		22,445,014
LVIP Western Asset Core Bond Fund		414,433		4,079,679
				48,680,803
International Equity Funds–17.31%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		391,781		3,691,358
LVIP SSGA International Index Fund		1,999,019		18,602,873
				22,294,231

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS (continued)
International Fixed Income Fund–2.91%
*Lincoln Variable Insurance Products Trust–
†LVIP Global Income Fund		331,886	$	3,750,979
				3,750,979
Total Affiliated Investments (Cost $82,495,884)				120,506,777
UNAFFILIATED INVESTMENTS–6.91%
International Equity Funds–2.89%
iShares MSCI Emerging Markets ETF		60,037		2,484,931
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		58,223		1,242,469
				3,727,400
Money Market Fund–4.02%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		5,171,567		5,171,567
				5,171,567
Total Unaffiliated Investments (Cost $7,976,117)				8,898,967

TOTAL VALUE OF SECURITIES–100.44% (Cost $90,472,001)		129,405,744
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.44%)		(561,074	)
NET ASSETS APPLICABLE TO 10,837,261 SHARES OUTSTANDING–100.00%	$	128,844,670

† Non-income producing for the period.

* Standard Class shares.

LVIP Managed Risk Profile Target Maturity Funds–6

LVIP Managed Risk Profile 2020 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)				Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
	Currency Contracts:
	(12	)	British Pound		$(953,465)		$	(978,375	)		9/19/17		$        —		$(24,910	)
	(5	)	Euro		(703,746	)		(716,688	)		9/19/17		—		(12,942	)
	(4	)	Japanese Yen		(457,147	)		(445,500	)		9/19/17		11,647		—
													11,647		(37,852	)
	Equity Contracts:
	(6)		E-mini MSCI Emerging Markets Index		(300,775	)		(302,490	)		9/18/17		—		(1,715	)
	(7)		E-mini Russell 2000 Index		(498,429	)		(495,005	)		9/18/17		3,424		—
	(31)		E-mini S&P 500 Index		(3,763,919	)		(3,752,395	)		9/18/17		11,524		—
	(3)		E-mini S&P MidCap 400 Index		(527,113	)		(523,830	)		9/18/17		3,283		—
	(14)		Euro STOXX 50 Index		(569,878	)		(548,620	)		9/18/17		21,258		—
	(10)		FTSE 100 Index		(968,749	)		(943,299	)		9/18/17		25,450		—
	(3)		Nikkei 225 Index (OSE)		(536,117	)		(533,985	)		9/8/17		2,132		—
													67,071		(1,715	)
	Total												$78,718		$(39,567	)

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:

ETF–Exchange-Traded Fund

FTSE–Financial Times Stock Exchange

MSCI–Morgan Stanley Capital International

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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

LVIP Managed Risk Profile Target Maturity Funds–7

LVIP Managed Risk Profile 2030 Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–92.28%
Equity Funds–35.45%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		30,998	$	1,492,825
LVIP Delaware Special Opportunities Fund		36,559		1,500,546
LVIP MFS Value Fund		72,811		3,012,266
LVIP SSGA Mid-Cap Index Fund		123,585		1,502,549
LVIP SSGA S&P 500 Index Fund		2,291,223		38,943,924
LVIP SSGA Small-Cap Index Fund		50,249		1,514,366
LVIP SSGA Small-Mid Cap 200 Fund		106,590		1,529,350
LVIP T. Rowe Price Growth Stock Fund		75,810		3,008,075
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		123,993		3,007,574
				55,511,475
Fixed Income Funds–31.89%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		593,660		6,058,303
LVIP Delaware Bond Fund		253,032		3,488,294
LVIP JPMorgan High Yield Fund		540,377		6,053,840
LVIP PIMCO Low Duration Bond Fund		299,536		3,038,493
LVIP SSGA Bond Index Fund		2,123,765		24,191,808
LVIP Western Asset Core Bond Fund		721,376		7,101,229
				49,931,967
International Equity Funds–23.00%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		475,037		4,475,798
LVIP MFS International Growth Fund		275,394		4,489,199
LVIP Mondrian International Value Fund		259,623		4,477,190
LVIP SSGA Emerging Markets 100 Fund		159,770		1,522,447
LVIP SSGA International Index Fund		2,262,451		21,054,365
				36,018,999

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS (continued)
International Fixed Income Fund–1.94%
*Lincoln Variable Insurance Products Trust–
†LVIP Global Income Fund		268,184	$	3,031,015
				3,031,015
Total Affiliated Investments (Cost $101,075,935)				144,493,456
UNAFFILIATED INVESTMENTS–7.46%
International Equity Funds–3.85%
iShares MSCI Emerging Markets ETF		72,810		3,013,606
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		141,167		3,012,512
				6,026,118
Money Market Fund–3.61%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		5,645,986		5,645,986
				5,645,986
Total Unaffiliated Investments (Cost $10,212,660)				11,672,104

TOTAL VALUE OF SECURITIES–99.74% (Cost $111,288,595)		156,165,560
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.26%		411,164
NET ASSETS APPLICABLE TO 13,491,955 SHARES OUTSTANDING–100.00%	$	156,576,724

† Non-income producing for the period.

* Standard Class shares.

LVIP Managed Risk Profile Target Maturity Funds–8

LVIP Managed Risk Profile 2030 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)				Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
	Currency Contracts:
	(20	)	British Pound		$(1,589,109)		$	(1,630,625	)		9/19/17		$        —		$(41,516	)
	(8	)	Euro		(1,125,994	)		(1,146,700	)		9/19/17		—		(20,706	)
	(6	)	Japanese Yen		(685,720	)		(668,250	)		9/19/17		17,470		—
													17,470		(62,222	)
	Equity Contracts:
	(12	)	E-mini MSCI Emerging Markets Index		(601,551	)		(604,980	)		9/18/17		—		(3,429	)
	(8	)	E-mini Russell 2000 Index		(569,634	)		(565,720	)		9/18/17		3,914		—
	(40	)	E-mini S&P 500 Index		(4,856,670	)		(4,841,800	)		9/18/17		14,870		—
	(4	)	E-mini S&P MidCap 400 Index		(702,817	)		(698,440	)		9/18/17		4,377		—
	(27	)	Euro STOXX 50 Index		(1,099,050	)		(1,058,054	)		9/18/17		40,996		—
	(15	)	FTSE 100 Index		(1,454,208	)		(1,414,949	)		9/18/17		39,259		—
	(4	)	Nikkei 225 Index (OSE)		(714,822	)		(711,980	)		9/8/17		2,842		—
													106,258		(3,429	)
	Total												$123,728		$(65,651	)

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:

ETF–Exchange-Traded Fund

FTSE–Financial Times Stock Exchange

MSCI–Morgan Stanley Capital International

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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

LVIP Managed Risk Profile Target Maturity Funds–9

LVIP Managed Risk Profile 2040 Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–91.30%
Equity Funds–40.79%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		21,680	$	1,044,069
LVIP Delaware Special Opportunities Fund		25,569		1,049,441
LVIP MFS Value Fund		76,382		3,160,020
LVIP SSGA Mid-Cap Index Fund		86,432		1,050,844
LVIP SSGA S&P 500 Index Fund		1,911,182		32,484,360
LVIP SSGA Small-Cap Index Fund		34,762		1,047,630
LVIP SSGA Small-Mid Cap 200 Fund		74,543		1,069,540
LVIP T. Rowe Price Growth Stock Fund		52,874		2,097,990
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		86,719		2,103,450
				45,107,344
Fixed Income Funds–24.88%
*Lincoln Variable Insurance Products Trust–
LVIP BlackRock Inflation Protected Bond Fund		207,590		2,118,453
LVIP Delaware Bond Fund		115,438		1,591,433
LVIP JPMorgan High Yield Fund		377,912		4,233,746
LVIP PIMCO Low Duration Bond Fund		209,481		2,124,971
LVIP SSGA Bond Index Fund		1,021,124		11,631,627
LVIP Western Asset Core Bond Fund		590,497		5,812,850
				27,513,080
International Equity Funds–25.63%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		442,957		4,173,537
LVIP MFS International Growth Fund		257,192		4,192,482
LVIP Mondrian International Value Fund		242,093		4,174,888

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS (continued)
International Equity Funds (continued)
LVIP SSGA Emerging Markets 100 Fund		223,471	$	2,129,459
LVIP SSGA International Index Fund		1,469,323		13,673,524
				28,343,890
Total Affiliated Investments (Cost $65,398,625)				100,964,314
UNAFFILIATED INVESTMENTS–8.57%
Commodity Fund–0.98%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		166,639		1,086,486
				1,086,486
International Equity Funds–2.86%
iShares MSCI Emerging Markets ETF		25,461		1,053,831
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		98,729		2,106,870
				3,160,701
Money Market Fund–4.73%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		5,233,071		5,233,071
				5,233,071
Total Unaffiliated Investments (Cost $8,867,134)				9,480,258

TOTAL VALUE OF SECURITIES–99.87% (Cost $74,265,759)		110,444,572
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.13%		147,746
NET ASSETS APPLICABLE TO 9,963,505 SHARES OUTSTANDING–100.00%	$	110,592,318

* Standard Class shares.

** Institutional Class shares.

LVIP Managed Risk Profile Target Maturity Funds–10

LVIP Managed Risk Profile 2040 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
(13)	British Pound	$	(1,032,921	)	$	(1,059,906	)		9/19/17	$	—	$	(26,985	)
(5)	Euro		(703,746	)		(716,688	)		9/19/17		—		(12,942	)
(3)	Japanese Yen		(342,860	)		(334,125	)		9/19/17		8,735		—
											8,735		(39,927	)
Equity Contracts:
(7)	E-mini MSCI Emerging Markets Index		(350,905	)		(352,905	)		9/18/17		—		(2,000	)
(5)	E-mini Russell 2000 Index		(356,021	)		(353,575	)		9/18/17		2,446		—
(30)	E-mini S&P 500 Index		(3,642,502	)		(3,631,350	)		9/18/17		11,152		—
(3)	E-mini S&P MidCap 400 Index		(527,113	)		(523,830	)		9/18/17		3,283		—
(18)	Euro STOXX 50 Index		(732,700	)		(705,369	)		9/18/17		27,331		—
(10)	FTSE 100 Index		(969,472	)		(943,299	)		9/18/17		26,173		—
(2)	Nikkei 225 Index (OSE)		(357,411	)		(355,990	)		9/8/17		1,421		—
											71,806		(2,000	)
Total										$	80,541	$	(41,927	)

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:

ETF–Exchange-Traded Fund

FTSE–Financial Times Stock Exchange

MSCI–Morgan Stanley Capital International

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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

LVIP Managed Risk Profile Target Maturity Funds–11

LVIP Managed Risk Profile 2050 Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–87.59%
Equity Funds–47.47%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		7,735	$	372,498
LVIP Delaware Special Opportunities Fund		9,122		374,416
LVIP MFS Value Fund		36,333		1,503,140
LVIP SSGA Mid-Cap Index Fund		92,507		1,124,703
LVIP SSGA S&P 500 Index Fund		725,977		12,339,429
LVIP SSGA Small-Cap Index Fund		24,939		751,598
LVIP SSGA Small-Mid Cap 200 Fund		26,590		381,507
LVIP T. Rowe Price Growth Stock Fund		37,776		1,498,931
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		30,937		750,420
				19,096,642
Fixed Income Funds–11.26%
*Lincoln Variable Insurance Products Trust–
LVIP Delaware Bond Fund		17,480		240,982
LVIP JPMorgan High Yield Fund		101,111		1,132,745
LVIP PIMCO Low Duration Bond Fund		37,363		379,007
LVIP SSGA Bond Index Fund		99,341		1,131,593
LVIP Western Asset Core Bond Fund		167,136		1,645,284
				4,529,611
International Equity Funds–28.86%
*Lincoln Variable Insurance Products Trust–
LVIP Clarion Global Real Estate Fund		158,035		1,489,002
LVIP MFS International Growth Fund		91,749		1,495,595

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS (continued)
International Equity Funds (continued)
LVIP Mondrian International Value Fund		86,375	$	1,489,530
LVIP SSGA Emerging Markets 100 Fund		79,719		759,642
LVIP SSGA International Index Fund		684,970		6,374,328
				11,608,097
Total Affiliated Investments (Cost $26,793,008)				35,234,350
UNAFFILIATED INVESTMENTS–12.45%
Commodity Fund–0.96%
**PIMCO Variable Insurance Products Trust–
PIMCO CommodityRealReturn Strategy Portfolio		59,442		387,561
				387,561
International Equity Funds–4.66%
iShares MSCI Emerging Markets ETF		18,007		745,310
*Delaware VIP Trust–
Delaware VIP Emerging Markets Series		52,833		1,127,450
				1,872,760
Money Market Fund–6.83%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		2,746,263		2,746,263
				2,746,263
Total Unaffiliated Investments (Cost $4,733,543)				5,006,584

TOTAL VALUE OF SECURITIES–100.04% (Cost $31,526,551)		40,240,934
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)		(16,669	)
NET ASSETS APPLICABLE TO 3,889,710 SHARES OUTSTANDING–100.00%	$	40,224,265

* Standard Class shares.

** Institutional Class shares.

LVIP Managed Risk Profile Target Maturity Funds–12

LVIP Managed Risk Profile 2050 Fund

Schedule of Investments (continued)

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
(7)	Euro	$	(985,244	)	$	(1,003,362	)		9/19/17	$	—	$	(18,118	)
											—		(18,118	)
Equity Contracts:
(12)	E-mini S&P 500 Index		(1,457,001	)		(1,452,540	)		9/18/17		4,461		—
(23)	Euro STOXX 50 Index		(936,228	)		(901,305	)		9/18/17		34,923		—
											39,384		—
Total										$	39,384	$	(18,118	)

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:

ETF–Exchange-Traded Fund

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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

LVIP Managed Risk Profile Target Maturity Funds–13

LVIP Managed Risk Profile Target Maturity Funds

Statements of Assets and Liabilities

June 30, 2017 (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:
Affiliated investments, at value		$	34,509,498			$	120,506,777			$	144,493,456			$	100,964,314			$	35,234,350
Unaffiliated investments, at value			2,673,249				8,898,967				11,672,104				9,480,258				5,006,584
Total investments, at value			37,182,747				129,405,744				156,165,560				110,444,572				40,240,934
Cash			13,520				67,420				381,367				64,014				33,464
Cash collateral held at broker for futures contracts			47,159				222,503				304,229				218,893				61,096
Foreign currencies collateral held at broker for futures contracts, at value			21,646				100,175				165,911				98,219				60,499
Unrealized appreciation on futures contracts			17,715				78,718				123,728				80,541				39,384
Expense reimbursement receivable from Lincoln Investment Advisors Corporation			9,596				9,685				10,113				10,437				6,973
Receivable for investments sold			5,562				125				6,003				23,859				—
Receivable for fund shares sold			3,616				11,975				125,079				11,792				20,092
Dividends receivable from investments			711				2,760				3,170				2,977				1,569
TOTAL ASSETS			37,302,272				129,899,105				157,285,160				110,955,304				40,464,011
LIABILITIES:
Payable for fund shares redeemed			174,761				645,283				444,295				242,267				148,619
Other accrued expenses payable			22,544				24,842				26,111				25,340				19,953
Due to manager and affiliates			11,231				38,433				47,111				37,328				14,878
Unrealized depreciation on futures contracts			7,026				39,567				65,651				41,927				18,118
Foreign currency due to custodian			4,033				16,442				25,875				16,124				7,881
Payable for investments purchased			—				289,868				99,393				—				30,297
TOTAL LIABILITIES			219,595				1,054,435				708,436				362,986				239,746
TOTAL NET ASSETS		$	37,082,677			$	128,844,670			$	156,576,724			$	110,592,318			$	40,224,265
Affiliated investments, at cost		$	25,488,807			$	82,495,884			$	101,075,935			$	65,398,625			$	26,793,008
Unaffiliated investments, at cost			2,392,559				7,976,117				10,212,660				8,867,134				4,733,543
Total investments, at cost		$	27,881,366			$	90,472,001			$	111,288,595			$	74,265,759			$	31,526,551
Foreign currencies collateral held at broker for futures contracts, at cost		$	21,646			$	100,175			$	165,911			$	98,219			$	60,499
Standard Class:
Net Assets		$	29,609,030			$	104,763,243			$	129,847,815			$	85,366,895			$	31,050,205
Shares Outstanding			2,521,644				8,809,361				11,186,157				7,684,975				3,007,802
Net Asset Value Per Share		$	11.742			$	11.892			$	11.608			$	11.108			$	10.323
Service Class:
Net Assets		$	7,473,647			$	24,081,427			$	26,728,909			$	25,225,423			$	9,174,060
Shares Outstanding			637,569				2,027,900				2,305,798				2,278,530				891,908
Net Asset Value Per Share		$	11.722			$	11.875			$	11.592			$	11.071			$	10.286
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)		$	28,873,216			$	94,736,445			$	120,283,853			$	82,632,508			$	34,904,990
Accumulated net investment loss			(54,856	)			(194,218	)			(218,601	)			(128,766	)			(19,002	)
Accumulated net realized loss on investments			(1,047,757	)			(4,670,461	)			(8,423,586	)			(8,128,859	)			(3,397,384	)
Net unrealized appreciation of investments, foreign currencies and derivatives			9,312,074				38,972,904				44,935,058				36,217,435				8,735,661
TOTAL NET ASSETS		$	37,082,677			$	128,844,670			$	156,576,724			$	110,592,318			$	40,224,265

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, 2017 (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 investments		$	9,706			$	32,448			$	48,892			$	67,295			$	31,255
EXPENSES:
Management fees			46,523				164,048				196,395				138,259				47,644
Accounting and administration expenses			16,357				19,719				20,668				18,914				16,352
Professional fees			15,318				16,339				16,561				16,117				12,396
Distribution expenses-Service Class			8,734				29,808				31,819				30,150				10,477
Reports and statements to shareholders			2,855				5,809				7,303				8,354				5,488
Custodian fees			2,695				3,575				4,409				3,995				2,936
Consulting fees			1,841				1,944				1,971				1,922				1,841
Shareholder servicing fees			1,795				6,321				7,698				5,431				1,931
Trustees’ fees and expenses			509				1,805				2,142				1,478				512
Pricing fees			136				141				142				140				50
Other			340				559				608				503				475
			97,103				250,068				289,716				225,263				100,102
Less:
Expenses reimbursed			(32,541	)			(23,402	)			(22,223	)			(29,202	)			(32,452	)
Total operating expenses			64,562				226,666				267,493				196,061				67,650
NET INVESTMENT LOSS			(54,856	)			(194,218	)			(218,601	)			(128,766	)			(36,395	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investments			4,427				—				—				—				—
Sale of affiliated investments			1,266,370				2,422,761				2,886,856				2,575,436				121,563
Sale of unaffiliated investments			11,026				576,468				(278,450	)			(21,503	)			16,033
Foreign currencies			2,478				10,771				15,540				9,960				9,037
Futures contracts			(174,362	)			(733,382	)			(937,500	)			(673,146	)			(334,953	)
Net realized gain (loss)			1,109,939				2,276,618				1,686,446				1,890,747				(188,320	)
Net change in unrealized appreciation (depreciation) of:
Affiliated investments			614,766				5,454,880				7,727,059				5,621,258				2,950,624
Unaffiliated investments			123,512				326,511				1,389,819				562,725				313,013
Foreign currencies			(2	)			(17	)			(14	)			(14	)			(27	)
Futures contracts			4,850				10,717				33,653				27,856				42,360
Net change in unrealized appreciation (depreciation)			743,126				5,792,091				9,150,517				6,211,825				3,305,970
NET REALIZED AND UNREALIZED GAIN			1,853,065				8,068,709				10,836,963				8,102,572				3,117,650
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,798,209			$	7,874,491			$	10,618,362			$	7,973,806			$	3,081,255

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 6/30/17 (unaudited)				Year Ended 12/31/16				Six Months Ended 6/30/17 (unaudited)				Year Ended 12/31/16				Six Months Ended 6/30/17 (unaudited)				Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)		$	(54,856	)		$	712,033			$	(194,218	)		$	2,550,303			$	(218,601	)		$	2,842,358
Net realized gain			1,109,939				178,739				2,276,618				2,666,530				1,686,446				678,374
Net change in unrealized appreciation (depreciation)			743,126				1,017,172				5,792,091				681,917				9,150,517				2,375,147
Net increase in net assets resulting from operations			1,798,209				1,907,944				7,874,491				5,898,750				10,618,362				5,895,879
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class			—				(644,691	)			—				(2,305,504	)			—				(2,610,218	)
Service Class			—				(119,481	)			—				(422,705	)			—				(421,365	)
Net realized gain on investments:
Standard Class			—				(1,449,799	)			—				(2,764,080	)			—				(3,151,302	)
Service Class			—				(260,135	)			—				(578,236	)			—				(588,197	)
			—				(2,474,106	)			—				(6,070,525	)			—				(6,771,082	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class			1,698,980				12,003,771				8,197,040				16,677,747				9,133,151				23,517,757
Service Class			1,218,991				1,135,482				919,008				2,554,746				1,805,699				3,600,108
Reinvestment of dividends and distributions:
Standard Class			—				2,094,490				—				5,069,584				—				5,761,520
Service Class			—				379,616				—				1,000,941				—				1,009,562
			2,917,971				15,613,359				9,116,048				25,303,018				10,938,850				33,888,947
Cost of shares redeemed:
Standard Class			(5,317,946	)			(13,391,007	)			(21,717,736	)			(32,888,533	)			(19,503,042	)			(33,297,047	)
Service Class			(1,074,388	)			(859,775	)			(2,036,214	)			(3,318,221	)			(1,097,932	)			(3,626,233	)
			(6,392,334	)			(14,250,782	)			(23,753,950	)			(36,206,754	)			(20,600,974	)			(36,923,280	)
Increase (decrease) in net assets derived from capital share transactions			(3,474,363	)			1,362,577				(14,637,902	)			(10,903,736	)			(9,662,124	)			(3,034,333	)
NET INCREASE (DECREASE) IN NET ASSETS			(1,676,154	)			796,415				(6,763,411	)			(11,075,511	)			956,238				(3,909,536	)
NET ASSETS:
Beginning of period			38,758,831				37,962,416				135,608,081				146,683,592				155,620,486				159,530,022
End of period		$	37,082,677			$	38,758,831			$	128,844,670			$	135,608,081			$	156,576,724			$	155,620,486
Accumulated net investment loss		$	(54,856	)		$	—			$	(194,218	)		$	—			$	(218,601	)		$	—

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 6/30/17 (unaudited)				Year Ended 12/31/16				Six Months Ended 6/30/17 (unaudited)				Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)		$	(128,766	)		$	1,904,080			$	(36,395	)		$	647,569
Net realized gain (loss)			1,890,747				(3,236	)			(188,320	)			(938,059	)
Net change in unrealized appreciation (depreciation)			6,211,825				2,166,208				3,305,970				1,829,728
Net increase in net assets resulting from operations			7,973,806				4,067,052				3,081,255				1,539,238
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class			—				(1,649,893	)			—				(546,155	)
Service Class			—				(384,912	)			—				(126,538	)
Net realized gain:
Standard Class			—				(1,665,129	)			—				(174,257	)
Service Class			—				(480,873	)			—				(44,342	)
			—				(4,180,807	)			—				(891,292	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class			5,649,882				13,292,017				4,062,372				7,490,790
Service Class			2,987,806				3,910,256				1,196,081				2,747,999
Reinvestment of dividends and distributions:
Standard Class			—				3,315,022				—				720,412
Service Class			—				865,785				—				170,880
			8,637,688				21,383,080				5,258,453				11,130,081
Cost of shares redeemed:
Standard Class			(13,532,061	)			(17,106,056	)			(4,086,514	)			(4,473,977	)
Service Class			(2,843,513	)			(3,848,504	)			(396,374	)			(353,786	)
			(16,375,574	)			(20,954,560	)			(4,482,888	)			(4,827,763	)
Increase (decrease) in net assets derived from capital share transactions			(7,737,886	)			428,520				775,565				6,302,318
NET INCREASE IN NET ASSETS			235,920				314,765				3,856,820				6,950,264
NET ASSETS:
Beginning of period			110,356,398				110,041,633				36,367,445				29,417,181
End of period		$	110,592,318			$	110,356,398			$	40,224,265			$	36,367,445
Undistributed (accumulated) net investment income (loss)		$	(128,766	)		$	—			$	(19,002	)		$	17,393

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
	6/30/171									Year Ended
	(unaudited)			12/31/162			12/31/15			12/31/14			12/31/13			12/31/12
Net asset value, beginning of period	$	11.191		$	11.379		$	12.448		$	12.105		$	11.259		$	10.604
Income (loss) from investment operations:
Net investment income (loss)3		(0.014	)		0.197			0.208			0.158			0.127			0.147
Net realized and unrealized gain (loss)		0.565			0.306			(0.413	)		0.421			0.878			0.756
Total from investment operations		0.551			0.503			(0.205	)		0.579			1.005			0.903
Less dividends and distributions from:
Net investment income		—			(0.224	)		(0.224	)		(0.236	)		(0.159	)		(0.248	)
Net realized gain		—			(0.467	)		(0.640	)		—			—			—
Total dividends and distributions		—			(0.691	)		(0.864	)		(0.236	)		(0.159	)		(0.248	)
Net asset value, end of period	$	11.742		$	11.191		$	11.379		$	12.448		$	12.105		$	11.259
Total return4		4.92%			4.44%			(1.61%	)		4.78%			8.93%			8.54%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	29,609		$	31,758		$	31,507		$	36,507		$	48,876		$	45,927
Ratio of expenses to average net assets5		0.30%			0.30%			0.30%			0.30%			0.30%			0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5		0.48%			0.43%			0.44%			0.42%			0.43%			0.54%
Ratio of net investment income (loss) to average net assets		(0.25%	)		1.71%			1.68%			1.27%			1.08%			1.33%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.43%	)		1.58%			1.54%			1.15%			0.95%			1.09%
Portfolio turnover		13%			47%			32%			37%			37%			35%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.186			$	11.375			$	12.443			$	12.101			$	11.256			$	10.577
Income (loss) from investment operations:
Net investment income (loss)3			(0.028	)			0.168				0.177				0.127				0.098				0.119
Net realized and unrealized gain (loss)			0.564				0.305				(0.412	)			0.420				0.877				0.754
Total from investment operations			0.536				0.473				(0.235	)			0.547				0.975				0.873
Less dividends and distributions from:
Net investment income			—				(0.195	)			(0.193	)			(0.205	)			(0.130	)			(0.194	)
Net realized gain			—				(0.467	)			(0.640	)			—				—				—
Total dividends and distributions			—				(0.662	)			(0.833	)			(0.205	)			(0.130	)			(0.194	)
Net asset value, end of period		$	11.722			$	11.186			$	11.375			$	12.443			$	12.101			$	11.256
Total return4			4.79%				4.17%				(1.85%	)			4.52%				8.66%				8.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	7,474			$	7,001			$	6,455			$	7,804			$	8,752			$	9,303
Ratio of expenses to average net assets5			0.55%				0.55%				0.55%				0.55%				0.55%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.73%				0.68%				0.69%				0.67%				0.68%				0.79%
Ratio of net investment income (loss) to average net assets			(0.50%	)			1.46%				1.43%				1.02%				0.83%				1.08%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.68%	)			1.33%				1.29%				0.90%				0.71%				0.84%
Portfolio turnover			13%				47%				32%				37%				37%				35%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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
	6/30/171												Year Ended
	(unaudited)				12/31/162				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.206			$	11.222			$	12.110			$	11.829			$	10.788			$	10.159
Income (loss) from investment operations:
Net investment income (loss)3			(0.014	)			0.214				0.210				0.151				0.137				0.147
Net realized and unrealized gain (loss)			0.700				0.283				(0.480	)			0.369				1.063				0.702
Total from investment operations			0.686				0.497				(0.270	)			0.520				1.200				0.849
Less dividends and distributions from:
Net investment income			—				(0.231	)			(0.219	)			(0.239	)			(0.159	)			(0.220	)
Net realized gain			—				(0.282	)			(0.399	)			—				—				—
Total dividends and distributions			—				(0.513	)			(0.618	)			(0.239	)			(0.159	)			(0.220	)
Net asset value, end of period		$	11.892			$	11.206			$	11.222			$	12.110			$	11.829			$	10.788
Total return4			6.12%				4.45%				(2.21%	)			4.39%				11.13%				8.38%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	104,763			$	111,809			$	123,071			$	131,581			$	190,689			$	158,362
Ratio of expenses to average net assets5			0.30%				0.30%				0.30%				0.30%				0.30%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.34%				0.32%				0.31%				0.31%				0.31%				0.36%
Ratio of net investment income (loss) to average net assets			(0.25%	)			1.89%				1.74%				1.25%				1.20%				1.39%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.29%	)			1.87%				1.73%				1.24%				1.19%				1.33%
Portfolio turnover			13%				28%				28%				31%				27%				30%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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
	6/30/171												Year Ended
	(unaudited)				12/31/162				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.204			$	11.220			$	12.107			$	11.827			$	10.788			$	10.136
Income (loss) from investment operations:
Net investment income (loss)3			(0.029	)			0.186				0.180				0.121				0.108				0.120
Net realized and unrealized gain (loss)			0.700				0.283				(0.479	)			0.368				1.062				0.699
Total from investment operations			0.671				0.469				(0.299	)			0.489				1.170				0.819
Less dividends and distributions from:
Net investment income			—				(0.203	)			(0.189	)			(0.209	)			(0.131	)			(0.167	)
Net realized gain			—				(0.282	)			(0.399	)			—				—				—
Total dividends and distributions			—				(0.485	)			(0.588	)			(0.209	)			(0.131	)			(0.167	)
Net asset value, end of period.		$	11.875			$	11.204			$	11.220			$	12.107			$	11.827			$	10.788
Total return4			5.99%				4.20%				(2.45%	)			4.13%				10.85%				8.10%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	24,082			$	23,799			$	23,613			$	27,490			$	28,539			$	25,404
Ratio of expenses to average net assets5			0.55%				0.55%				0.55%				0.55%				0.55%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.59%				0.57%				0.56%				0.56%				0.56%				0.61%
Ratio of net investment income (loss) to average net assets			(0.50%	)			1.64%				1.49%				1.00%				0.95%				1.14%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.54%	)			1.62%				1.48%				0.99%				0.94%				1.08%
Portfolio turnover			13%				28%				28%				31%				27%				30%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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
	6/30/171												Year Ended
	(unaudited)				12/31/162				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.851			$	10.930			$	12.174			$	11.934			$	10.627			$	10.030
Income (loss) from investment operations:
Net investment income (loss)3			(0.013	)			0.200				0.209				0.158				0.140				0.155
Net realized and unrealized gain (loss)			0.770				0.205				(0.539	)			0.340				1.320				0.634
Total from investment operations			0.757				0.405				(0.330	)			0.498				1.460				0.789
Less dividends and distributions from:
Net investment income			—				(0.218	)			(0.205	)			(0.258	)			(0.153	)			(0.192	)
Net realized gain			—				(0.266	)			(0.709	)			—				—				—
Total dividends and distributions			—				(0.484	)			(0.914	)			(0.258	)			(0.153	)			(0.192	)
Net asset value, end of period		$	11.608			$	10.851			$	10.930			$	12.174			$	11.934			$	10.627
Total return4			6.98%				3.72%				(2.66%	)			4.16%				13.74%				7.90%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	129,848			$	131,282			$	136,001			$	146,452			$	214,620			$	169,078
Ratio of expenses to average net assets5			0.30%				0.30%				0.30%				0.30%				0.30%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.33%				0.32%				0.31%				0.31%				0.31%				0.36%
Ratio of net investment income (loss) to average net assets			(0.24%	)			1.83%				1.74%				1.30%				1.23%				1.48%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.27%	)			1.81%				1.73%				1.29%				1.22%				1.42%
Portfolio turnover			10%				31%				30%				26%				24%				25%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.849			$	10.930			$	12.172			$	11.933			$	10.628			$	10.007
Income (loss) from investment operations:
Net investment income (loss)3			(0.027	)			0.173				0.178				0.128				0.111				0.128
Net realized and unrealized gain (loss)			0.770				0.202				(0.536	)			0.338				1.319				0.634
Total from investment operations			0.743				0.375				(0.358	)			0.466				1.430				0.762
Less dividends and distributions from:
Net investment income			—				(0.190	)			(0.175	)			(0.227	)			(0.125	)			(0.141	)
Net realized gain			—				(0.266	)			(0.709	)			—				—				—
Total dividends and distributions			—				(0.456	)			(0.884	)			(0.227	)			(0.125	)			(0.141	)
Net asset value, end of period		$	11.592			$	10.849			$	10.930			$	12.172			$	11.933			$	10.628
Total return4			6.85%				3.45%				(2.90%	)			3.90%				13.46%				7.63%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	26,729			$	24,338			$	23,529			$	23,964			$	23,139			$	20,793
Ratio of expenses to average net assets5			0.55%				0.55%				0.55%				0.55%				0.55%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.58%				0.57%				0.56%				0.56%				0.56%				0.61%
Ratio of net investment income (loss) to average net assets			(0.49%	)			1.58%				1.49%				1.05%				0.98%				1.23%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.52%	)			1.56%				1.48%				1.04%				0.97%				1.17%
Portfolio turnover			10%				31%				30%				26%				24%				25%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.337			$	10.346			$	11.655			$	11.523			$	10.009			$	9.503
Income (loss) from investment operations:
Net investment income (loss)3			(0.010	)			0.185				0.196				0.151				0.132				0.135
Net realized and unrealized gain (loss)			0.781				0.207				(0.577	)			0.251				1.523				0.539
Total from investment operations			0.771				0.392				(0.381	)			0.402				1.655				0.674
Less dividends and distributions from:
Net investment income			—				(0.198	)			(0.189	)			(0.270	)			(0.141	)			(0.168	)
Net realized gain			—				(0.203	)			(0.739	)			—				—				—
Total dividends and distributions			—				(0.401	)			(0.928	)			(0.270	)			(0.141	)			(0.168	)
Net asset value, end of period		$	11.108			$	10.337			$	10.346			$	11.655			$	11.523			$	10.009
Total return4			7.46%				3.81%				(3.22%	)			3.48%				16.54%				7.12%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	85,367			$	86,980			$	87,556			$	94,657			$	146,675			$	116,009
Ratio of expenses to average net assets5			0.30%				0.30%				0.30%				0.30%				0.30%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.35%				0.34%				0.33%				0.33%				0.33%				0.40%
Ratio of net investment income (loss) to average net assets			(0.18%	)			1.78%				1.70%				1.29%				1.22%				1.37%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.23%	)			1.74%				1.67%				1.26%				1.19%				1.27%
Portfolio turnover			13%				27%				25%				25%				25%				28%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	10.315			$	10.325			$	11.634			$	11.503			$	9.993			$	9.465
Income (loss) from investment operations:
Net investment income (loss)3			(0.023	)			0.158				0.166				0.122				0.105				0.110
Net realized and unrealized gain (loss)			0.779				0.207				(0.575	)			0.249				1.518				0.537
Total from investment operations			0.756				0.365				(0.409	)			0.371				1.623				0.647
Less dividends and distributions from:
Net investment income			—				(0.172	)			(0.161	)			(0.240	)			(0.113	)			(0.119	)
Net realized gain			—				(0.203	)			(0.739	)			—				—				—
Total dividends and distributions			—				(0.375	)			(0.900	)			(0.240	)			(0.113	)			(0.119	)
Net asset value, end of period		$	11.071			$	10.315			$	10.325			$	11.634			$	11.503			$	9.993
Total return4			7.33%				3.55%				(3.46%	)			3.22%				16.25%				6.86%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	25,225			$	23,376			$	22,486			$	22,424			$	19,191			$	14,957
Ratio of expenses to average net assets5			0.55%				0.55%				0.55%				0.55%				0.55%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.60%				0.59%				0.58%				0.58%				0.58%				0.65%
Ratio of net investment income (loss) to average net assets			(0.43%	)			1.53%				1.45%				1.04%				0.97%				1.12%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.48%	)			1.49%				1.42%				1.01%				0.94%				1.02%
Portfolio turnover			13%				27%				25%				25%				25%				28%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	9.514			$	9.345			$	9.888			$	11.054			$	9.401			$	8.953
Income (loss) from investment operations:
Net investment income (loss)3			(0.007	)			0.189				0.186				0.138				0.138				0.157
Net realized and unrealized gain (loss)			0.816				0.222				(0.554	)			0.196				1.651				0.379
Total from investment operations			0.809				0.411				(0.368	)			0.334				1.789				0.536
Less dividends and distributions from:
Net investment income			—				(0.182	)			(0.157	)			(0.214	)			(0.133	)			(0.088	)
Net realized gain			—				(0.060	)			(0.018	)			(1.286	)			—				—
Return of capital			—				—				—				—				(0.003	)			—
Total dividends and distributions			—				(0.242	)			(0.175	)			(1.500	)			(0.136	)			(0.088	)
Net asset value, end of period		$	10.323			$	9.514			$	9.345			$	9.888			$	11.054			$	9.401
Total return4			8.50%				4.41%				(3.75%	)			2.94%				19.04%				6.01%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	31,050			$	28,659			$	24,406			$	20,614			$	37,291			$	21,788
Ratio of expenses to average net assets5			0.30%				0.30%				0.30%				0.30%				0.30%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.47%				0.50%				0.54%				0.52%				0.55%				0.94%
Ratio of net investment income (loss) to average net assets			(0.14%	)			2.01%				1.87%				1.24%				1.34%				1.70%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.31%	)			1.81%				1.63%				1.02%				1.09%				1.06%
Portfolio turnover			20%				23%				26%				46%				24%				30%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 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 6/30/171 (unaudited)				12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	9.491			$	9.324			$	9.866			$	11.032			$	9.385			$	8.938
Income (loss) from investment operations:
Net investment income (loss)3			(0.019	)			0.165				0.160				0.111				0.112				0.133
Net realized and unrealized gain (loss)			0.814				0.221				(0.552	)			0.195				1.645				0.379
Total from investment operations			0.795				0.386				(0.392	)			0.306				1.757				0.512
Less dividends and distributions from:
Net investment income			—				(0.159	)			(0.132	)			(0.186	)			(0.107	)			(0.065	)
Net realized gain			—				(0.060	)			(0.018	)			(1.286	)			—				—
Return of capital			—				—				—				—				(0.003	)			—
Total dividends and distributions			—				(0.219	)			(0.150	)			(1.472	)			(0.110	)			(0.065	)
Net asset value, end of period		$	10.286			$	9.491			$	9.324			$	9.866			$	11.032			$	9.385
Total return4			8.38%				4.15%				(3.98%	)			2.68%				18.73%				5.74%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	9,174			$	7,708			$	5,011			$	3,075			$	3,585			$	2,212
Ratio of expenses to average net assets5			0.55%				0.55%				0.55%				0.55%				0.55%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.72%				0.75%				0.79%				0.77%				0.80%				1.19%
Ratio of net investment income (loss) to average net assets			(0.39%	)			1.76%				1.62%				0.99%				1.09%				1.45%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.56%	)			1.56%				1.38%				0.77%				0.84%				0.81%
Portfolio turnover			20%				23%				26%				46%				24%				30%

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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 Managed Risk Profile Target Maturity Funds–27

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially all of its assets in open-end investment companies, including exchange-traded funds (“ETF”), 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–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 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 2016), 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, 2017, 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 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 Managed Risk Profile Target Maturity Funds–28

LVIP Managed Risk Profile Target Maturity 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. 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, 2017.

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. The fees are calculated daily and paid monthly. 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 Funds 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, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Fund’s managed risk strategy. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, 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		$	1,080		$	3,757		$	4,514		$	3,116		$	1,077
Legal			260			906			1,090			752			260

Lincoln Life also provides certain contractholder and additional corporate services to the Funds. Effective May 1, 2017, each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The fees are calculated daily and paid annually. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2017, 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		$	1,149		$	3,566		$	5,198		$	6,390		$	3,773

The Funds currently offer two classes of shares: the Standard Class and Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation, or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

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)

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, 2017, 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		$	9,596		$	9,685		$	10,113		$	10,437		$	6,973
Management fees payable to LIAC			7,651			26,771			32,651			23,058			8,276
Distribution fees payable to LFD			1,543			4,991			5,475			5,205			1,869
Shareholder servicing fees payable to Lincoln Life			888			3,105			3,787			2,675			960
Printing and mailing fees payable to Lincoln Life			1,149			3,566			5,198			6,390			3,773

Each 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, 2017, each Fund engaged in securities purchases and securities sales as follows:

	LVIP Managed Risk Profile 2020 Fund			LVIP Managed Risk Profile 2030 Fund			LVIP Managed Risk Profile 2040 Fund			LVIP Managed Risk Profile 2050 Fund
Securities purchases		$	103,824		$	136,108		$	57,567		$	96,451
Securities sales			161,621			161,499			51,882			426,921

For the six months ended June 30, 2017, LVIP Managed Risk Profile 2010 Fund did not engage in any 17a-7 securities purchases or securities sales.

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 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)

Affiliated investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of each Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

LVIP Managed Risk Profile 2010 Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Value 6/30/17			Dividends			Capital Gain Distributions
LVIP BlackRock Inflation Protected Bond Fund		$	2,322,195		$	2,068,592		$	802,605		$	4,603			$	18,110			$	3,610,895		$	—		$	—
LVIP Clarion Global Real Estate Fund			1,166,832			70,786			217,297			8,716				38,038				1,067,075			—			—
LVIP Delaware Bond Fund			2,311,806			—			216,018			(5,988	)			66,785				2,156,585			—			—
LVIP Delaware Special Opportunities Fund			386,954			25,765			73,490			6,933				11,627				357,789			—			—
LVIP Global Income Fund			2,316,445			428,771			1,349,996			(6,858	)			57,257				1,445,619			—			—
LVIP JPMorgan High Yield Fund			2,722,849			153,478			455,247			(17,140	)			121,826				2,525,766			—			—
LVIP PIMCO Low Duration Bond Fund			1,548,124			131,746			249,020			106				17,790				1,448,746			—			—
LVIP SSGA Bond Index Fund			6,947,400			528,883			1,120,590			16,757				115,867				6,488,317			—			—
LVIP SSGA International Index Fund			4,630,802			297,212			1,508,508			223,466				301,546				3,944,518			—			—
LVIP SSGA Mid-Cap Index Fund			383,032			17,889			63,334			7,253				13,402				358,242			—			—
LVIP SSGA S&P 500 Index Fund			8,883,070			411,443			1,830,789			740,097				13,893				8,217,714			—			—
LVIP SSGA Small-Cap Index Fund			770,487			42,402			486,320			292,370				(261,811	)			357,128			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			380,218			17,889			83,791			19,616				24,579				358,511			—			—
LVIP Western Asset Core Bond Fund			2,321,637			545,720			747,060			(23,561	)			75,857				2,172,593			—			—
Total		$	37,091,851		$	4,740,576		$	9,204,065		$	1,266,370			$	614,766			$	34,509,498		$	—		$	—

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 2020 Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Value 6/30/17			Dividends			Capital Gain Distributions
LVIP Baron Growth Opportunities Fund		$	1,301,876		$	55,052		$	332,495		$	131,465			$	75,333			$	1,231,231		$	—		$	—
LVIP BlackRock Inflation Protected Bond Fund			6,650,618			1,762,759			2,207,387			11,506				28,277				6,245,773			—			—
LVIP Clarion Global Real Estate Fund			4,009,415			246,519			728,551			27,946				136,029				3,691,358			—			—
LVIP Delaware Bond Fund			5,747,938			—			—			—				158,082				5,906,020			—			—
LVIP Delaware Special Opportunities Fund			2,632,523			101,070			1,639,300			149,609				(16,704	)			1,227,198			—			—
LVIP Global Income Fund			3,980,822			1,406,509			1,744,798			(12,573	)			121,019				3,750,979			—			—
LVIP JPMorgan High Yield Fund			8,023,070			340,536			3,619,339			(125,494	)			373,943				4,992,716			—			—
LVIP PIMCO Low Duration Bond Fund			5,321,065			485,183			857,082			584				61,851				5,011,601			—			—
LVIP SSGA Bond Index Fund			21,224,767			4,443,062			3,698,513			13,303				462,395				22,445,014			—			—
LVIP SSGA International Index Fund			21,219,975			918,506			6,076,552			915,029				1,625,915				18,602,873			—			—
LVIP SSGA Mid-Cap Index Fund			1,316,284			64,023			214,270			25,191				47,990				1,239,218			—			—
LVIP SSGA S&P 500 Index Fund			34,518,083			4,306,581			6,088,314			1,278,069				1,829,537				35,843,956			—			—
LVIP SSGA Small-Cap Index Fund			2,670,188			139,138			432,421			28,803				91,917				2,497,625			—			—
LVIP SSGA Small-Mid Cap 200 Fund			1,331,540			126,756			214,270			16,479				626				1,261,131			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			2,613,250			110,103			554,269			20,128				291,193				2,480,405			—			—
LVIP Western Asset Core Bond Fund			3,541,127			2,063,345			1,634,986			(57,284	)			167,477				4,079,679			—			—
Total		$	126,102,541		$	16,569,142		$	30,042,547		$	2,422,761			$	5,454,880			$	120,506,777		$	—		$	—

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 2030 Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Value 6/30/17			Dividends			Capital Gain Distributions
LVIP Baron Growth Opportunities Fund		$	1,481,497		$	62,915		$	296,970		$	62,882			$	182,501			$	1,492,825		$	—		$	—
LVIP BlackRock Inflation Protected Bond Fund			6,054,330			653,900			678,488			1,349				27,212				6,058,303			—			—
LVIP Clarion Global Real Estate Fund			6,083,159			209,270			1,995,824			(116,824	)			296,017				4,475,798			—			—
LVIP Delaware Bond Fund			3,394,925			—			—			—				93,369				3,488,294			—			—
LVIP Delaware Special Opportunities Fund			1,513,460			113,755			201,569			25,244				49,656				1,500,546			—			—
LVIP Global Income Fund			3,020,061			231,454			339,244			(4,332	)			123,076				3,031,015			—			—
LVIP JPMorgan High Yield Fund			6,086,964			395,537			678,488			(23,176	)			273,003				6,053,840			—			—
LVIP MFS International Growth Fund			3,041,840			1,634,038			944,049			78,391				678,979				4,489,199			—			—
LVIP MFS Value Fund			3,006,834			143,919			401,465			10,987				251,991				3,012,266			—			—
LVIP Mondrian International Value Fund			4,561,449			188,744			806,983			3,457				530,523				4,477,190			—			—
LVIP PIMCO Low Duration Bond Fund			3,027,641			312,537			339,244			470				37,089				3,038,493			—			—
LVIP SSGA Bond Index Fund			24,151,834			2,248,391			2,713,951			(847	)			506,381				24,191,808			—			—
LVIP SSGA Emerging Markets 100 Fund			1,475,918			75,951			251,379			27,648				194,309				1,522,447			—			—
LVIP SSGA International Index Fund			19,615,376			1,212,797			2,458,618			310,872				2,373,938				21,054,365			—			—
LVIP SSGA Mid-Cap Index Fund			1,497,941			88,640			169,622			13,600				71,990				1,502,549			—			—
LVIP SSGA S&P 500 Index Fund			39,284,149			3,579,969			7,529,850			2,196,219				1,413,437				38,943,924			—			—
LVIP SSGA Small-Cap Index Fund			3,013,248			97,474			1,673,506			123,212				(46,062	)			1,514,366			—			—
LVIP SSGA Small-Mid Cap 200 Fund			1,515,456			162,237			169,622			6,269				15,010				1,529,350			—			—
LVIP T. Rowe Price Growth Stock Fund			1,499,513			1,519,535			280,099			87,697				181,429				3,008,075			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			2,973,838			125,829			458,890			111,661				255,136				3,007,574			—			—
LVIP Western Asset Core Bond Fund			5,665,733			2,386,691			1,141,347			(27,923	)			218,075				7,101,229			—			—
Total		$	141,965,166		$	15,443,583		$	23,529,208		$	2,886,856			$	7,727,059			$	144,493,456		$	—		$	—

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 2040 Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Value 6/30/17			Dividends			Capital Gain Distributions
LVIP Baron Growth Opportunities Fund		$	1,039,836		$	44,296		$	210,719		$	61,625			$	109,031			$	1,044,069		$	—		$	—
LVIP BlackRock Inflation Protected Bond Fund			4,249,489			208,750			2,344,683			(46,631	)			51,528				2,118,453			—			—
LVIP Clarion Global Real Estate Fund			4,269,829			296,078			578,428			(42,491	)			228,549				4,173,537			—			—
LVIP Delaware Bond Fund			1,548,836			—			—			—				42,597				1,591,433			—			—
LVIP Delaware Special Opportunities Fund			1,062,084			79,930			144,821			35,991				16,257				1,049,441			—			—
LVIP Global Income Fund*			2,119,674			35,292			2,170,419			(8,512	)			23,965				—			—			—
LVIP JPMorgan High Yield Fund			3,204,051			1,333,395			462,178			(26,644	)			185,122				4,233,746			—			—
LVIP MFS International Growth Fund			4,269,833			878,613			1,575,568			227,343				392,261				4,192,482			—			—
LVIP MFS Value Fund			3,168,034			151,998			435,483			14,432				261,039				3,160,020			—			—
LVIP Mondrian International Value Fund			5,335,698			194,833			1,899,064			68,022				475,399				4,174,888			—			—
LVIP PIMCO Low Duration Bond Fund			2,124,980			227,471			253,607			142				25,985				2,124,971			—			—
LVIP SSGA Bond Index Fund			9,535,745			3,148,553			1,304,767			4,801				247,295				11,631,627			—			—
LVIP SSGA Emerging Markets 100 Fund			2,071,928			106,360			359,289			39,340				271,120				2,129,459			—			—
LVIP SSGA International Index Fund			12,708,431			873,524			1,635,723			204,734				1,522,558				13,673,524			—			—
LVIP SSGA Mid-Cap Index Fund			1,051,318			66,687			126,804			9,823				49,820				1,050,844			—			—
LVIP SSGA S&P 500 Index Fund			32,868,502			1,613,039			4,946,973			1,797,072				1,152,720				32,484,360			—			—
LVIP SSGA Small-Cap Index Fund			2,114,688			143,226			1,300,419			120,856				(30,721	)			1,047,630			—			—
LVIP SSGA Small-Mid Cap 200 Fund			1,063,497			118,066			126,804			4,626				10,155				1,069,540			—			—
LVIP T. Rowe Price Growth Stock Fund			1,052,422			1,079,055			318,435			25,109				259,839				2,097,990			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			2,087,220			88,594			328,049			106,198				149,487				2,103,450			—			—
LVIP Western Asset Core Bond Fund			3,753,068			2,700,483			797,553			(20,400	)			177,252				5,812,850			—			—
Total		$	100,699,163		$	13,388,243		$	21,319,786		$	2,575,436			$	5,621,258			$	100,964,314		$	—		$	—

LVIP Managed Risk Profile Target Maturity Funds–34

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 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP Baron Growth Opportunities Fund		$	336,383		$	38,096		$	58,681		$	507			$	56,193		$	372,498		$	—		$	—
LVIP BlackRock Inflation Protected Bond Fund*			687,422			28,454			714,184			(11,801	)			10,109			—			—			—
LVIP Clarion Global Real Estate Fund			1,726,517			166,608			462,497			(38,709	)			97,083			1,489,002			—			—
LVIP Delaware Bond Fund			234,532			—			—			—				6,450			240,982			—			—
LVIP Delaware Special Opportunities Fund			343,496			52,669			38,607			516				16,342			374,416			—			—
LVIP JPMorgan High Yield Fund			1,036,484			156,076			103,265			(4,045	)			47,495			1,132,745			—			—
LVIP MFS International Growth Fund			1,035,998			389,903			121,254			(117	)			191,065			1,495,595			—			—
LVIP MFS Value Fund			1,024,865			497,445			122,178			80				102,928			1,503,140			—			—
LVIP Mondrian International Value Fund			1,380,885			152,382			208,118			(10,834	)			175,215			1,489,530			—			—
LVIP PIMCO Low Duration Bond Fund			343,722			65,285			34,422			(120	)			4,542			379,007			—			—
LVIP SSGA Bond Index Fund			342,777			835,128			72,247			(39	)			25,974			1,131,593			—			—
LVIP SSGA Emerging Markets 100 Fund			670,322			87,154			100,048			2,025				100,189			759,642			—			—
LVIP SSGA International Index Fund			6,167,575			661,845			1,286,758			37,327				794,339			6,374,328			—			—
LVIP SSGA Mid-Cap Index Fund			680,085			482,455			87,756			684				49,235			1,124,703			—			—
LVIP SSGA S&P 500 Index Fund			12,347,531			1,420,245			2,510,889			116,850				965,692			12,339,429			—			—
LVIP SSGA Small-Cap Index Fund			1,025,945			141,654			463,169			29,917				17,251			751,598			—			—
LVIP SSGA Small-Mid Cap 200 Fund			343,939			66,658			34,422			638				4,694			381,507			—			—
LVIP T. Rowe Price Growth Stock Fund			680,927			753,683			92,987			812				156,496			1,498,931			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			675,222			76,191			85,838			924				83,921			750,420			—			—
LVIP Western Asset Core Bond Fund			794,887			949,128			141,090			(3,052	)			45,411			1,645,284			—			—
Total		$	31,879,514		$	7,021,059		$	6,738,410		$	121,563			$	2,950,624		$	35,234,350		$	—		$	—

*Issuer was not an investment of the Fund at June 30, 2017.

LVIP Managed Risk Profile Target Maturity Funds–35

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, 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		$	4,853,493		$	16,763,063		$	15,752,785		$	13,791,352		$	7,357,024
Sales			9,543,812			33,912,938			28,027,988			23,223,058			7,497,810

At June 30, 2017, 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, 2017, 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		$	27,881,366		$	90,472,001			$	111,288,595			$	74,265,759			$	31,526,551
Aggregate unrealized appreciation		$	9,301,381		$	38,990,956			$	44,917,979			$	36,469,632			$	8,774,795
Aggregate unrealized depreciation			—			(57,213	)			(41,014	)			(290,819	)			(60,412	)
Net unrealized appreciation		$	9,301,381		$	38,933,743			$	44,876,965			$	36,178,813			$	8,714,383

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, 2017:

Level 1 Investments: Assets:	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
Affiliated Investments		$	34,509,498			$	120,506,777			$	144,493,456			$	100,964,314			$	35,234,350
Unaffiliated Investments			2,673,249				8,898,967				11,672,104				9,480,258				5,006,584
Total		$	37,182,747			$	129,405,744			$	156,165,560			$	110,444,572			$	40,240,934
Derivatives:
Assets:
Future Contracts:		$	17,715			$	78,718			$	123,728			$	80,541			$	39,384
Liabilities:
Future Contracts:		$	(7,026	)		$	(39,567	)		$	(65,651	)		$	(41,927	)		$	(18,118	)

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

During the six months ended June 30, 2017, 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–36

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 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		146,588			1,056,730			704,562			1,475,696			806,701			2,148,253
Service Class		105,513			99,354			78,892			225,760			159,543			329,050
Shares reinvested:
Standard Class		—			185,050			—			449,943			—			527,983
Service Class		—			33,601			—			88,915			—			92,590
		252,101			1,374,735			783,454			2,240,314			966,244			3,097,876
Shares redeemed:
Standard Class		(462,805	)		(1,172,712	)		(1,872,866	)		(2,915,248	)		(1,719,342	)		(3,019,887	)
Service Class		(93,804	)		(74,580	)		(175,250	)		(294,935	)		(97,003	)		(331,175	)
		(556,609	)		(1,247,292	)		(2,048,116	)		(3,210,183	)		(1,816,345	)		(3,351,062	)
Net increase (decrease)		(304,508	)		127,443			(1,264,662	)		(969,869	)		(850,101	)		(253,186	)

	LVIP Managed Risk Profile 2040 Fund						LVIP Managed Risk Profile 2050 Fund
	Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		523,310			1,282,707			405,412			799,554
Service Class		278,138			377,128			119,889			294,151
Shares reinvested:
Standard Class		—			319,758			—			75,662
Service Class		—			83,747			—			17,997
		801,448			2,063,340			525,301			1,187,364
Shares redeemed:
Standard Class		(1,252,481	)		(1,651,279	)		(410,057	)		(474,619	)
Service Class		(265,799	)		(372,424	)		(40,120	)		(37,425	)
		(1,518,280	)		(2,023,703	)		(450,177	)		(512,044	)
Net increase (decrease)		(716,832	)		39,637			75,124			675,320

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 contracts in the normal course of pursuing its investment objectives and strategies. Each Fund may invest in futures contracts to hedge the Funds’ existing portfolio securities against fluctuations in the value caused by interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds’ investments; to facilitate in portfolio securities; and to reduce costs. In addition, each Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, each Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. 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

LVIP Managed Risk Profile Target Maturity Funds–37

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, each Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to hedge currency risks associated with the Funds’ investments.

LVIP Managed Risk Profile 2010 Fund

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	14,803	Unrealized depreciation on futures contracts	$	(286	)
Future contracts (Currency contracts)	Unrealized appreciation on futures contracts		2,912	Unrealized depreciation on futures contracts		(6,740	)
Total		$	17,715		$	(7,026	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(167,681	)		$	19,117
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(6,681	)			(14,267	)
Total			$	(174,362	)		$	4,850

LVIP Managed Risk Profile 2020 Fund

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	67,071	Unrealized depreciation on futures contracts	$	(1,715	)
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts		11,647	Unrealized depreciation on futures contracts		(37,852	)
Total		$	78,718		$	(39,567	)

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 2020 Fund

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(700,008	)		$	79,308
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(33,374	)			(68,591	)
Total			$	(733,382	)		$	10,717

LVIP Managed Risk Profile 2030 Fund

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	106,258	Unrealized depreciation on futures contracts	$	(3,429	)
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts		17,470	Unrealized depreciation on futures contracts		(62,222	)
Total		$	123,728		$	(65,651	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(851,750	)		$	123,764
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(85,750	)			(90,111	)
Total			$	(937,500	)		$	33,653

LVIP Managed Risk Profile 2040 Fund

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	71,806	Unrealized depreciation on futures contracts	$	(2,000	)
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts		8,735	Unrealized depreciation on futures contracts		(39,927	)
Total		$	80,541		$	(41,927	)

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 2040 Fund

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(617,222	)		$	89,676
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(55,924	)			(61,820	)
Total			$	(673,146	)		$	27,856

LVIP Managed Risk Profile 2050 Fund

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value		Statements of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	39,384	Unrealized depreciation on futures contracts	$	—
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts		—	Unrealized depreciation on futures contracts		(18,118	)
Total		$	39,384		$	(18,118	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	(287,449	)		$	65,222
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			(47,504	)			(22,862	)
Total			$	(334,953	)		$	42,360

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by each Fund during the six months ended June 30, 2017.

	Long Derivative Volume Future Contracts (Average Notional Value)			Short Derivative Volume Future Contracts (Average Notional Value)
LVIP Managed Risk Profile 2010 Fund		$	—		$	2,367,316
LVIP Managed Risk Profile 2020 Fund			—			10,536,234
LVIP Managed Risk Profile 2030 Fund			—			13,507,926
LVIP Managed Risk Profile 2040 Fund			—			9,478,840
LVIP Managed Risk Profile 2050 Fund			—			3,643,752

LVIP Managed Risk Profile Target Maturity Funds–40

LVIP Managed Risk Profile Target Maturity Funds

Notes to Financial Statements (continued)

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–41

                              LVIP MFS International Equity Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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	5
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 International Equity Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,168.80		0.20%		$1.08
Service Class Shares		1,000.00		1,167.30		0.45%		2.42
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.80		0.20%		$1.00
Service Class Shares		1,000.00		1,022.56		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 181/365 (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, 2017

Security Type/Sector	Percentage of Net Assets
Affiliated Investments		92.87	%
Equity Fund		9.33	%
International Equity Funds		83.54	%
Unaffiliated Investment		6.61	%
Money Market Fund		6.61	%
Total Value of Securities		99.48	%
Receivables and Other Assets Net of Liabilities		0.52	%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–92.87%
Equity Fund–9.33%
*Lincoln Variable Insurance Products Trust–
LVIP MFS Value Fund		567,780	$	23,489,641
				23,489,641
International Equity Funds–83.54%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		10,021,460		163,359,816
MFS® Variable Insurance Trust II–
XMFS® Research International Portfolio		2,976,004		46,842,308
				210,202,124
Total Affiliated Investments (Cost $195,368,236)				233,691,765

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT–6.61%
Money Market Fund–6.61%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		16,615,647	$	16,615,647
Total Unaffiliated Investment (Cost $16,615,647)				16,615,647

TOTAL VALUE OF SECURITIES–99.48% (Cost $211,983,883)		250,307,412
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.52%		1,317,271
NET ASSETS APPLICABLE TO 23,760,790 SHARES OUTSTANDING–100.00%	$	251,624,683

* Standard Class shares.

X Initial Class.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)			Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation			Unrealized Depreciation
	Currency Contracts:
	39	British Pound		$	3,127,430		$	3,179,719		9/19/17		$	52,289		$	—
	41	Euro			5,811,102			5,876,838		9/19/17			65,736			—
	36	Japanese Yen			4,143,258			4,009,500		9/19/17			—			(133,758	)
													118,025			(133,758	)
	Equity Contracts:
	19	E-mini S&P 500 Index			2,305,161			2,299,855		9/18/17			—			(5,306	)
	155	Euro STOXX 50 Index			6,291,792			6,074,011		9/18/17			—			(217,781	)
	36	FTSE 100 Index			3,486,775			3,395,878		9/18/17			—			(90,897	)
	22	Nikkei 225 Index (OSE)			3,934,494			3,915,893		9/8/17			—			(18,601	)
													—			(332,585	)
	Total											$	118,025		$	(466,343	)

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 MFS International Equity Managed Volatility Fund–3

LVIP MFS International Equity Managed Volatility Fund

Schedule of Investments (continued)

Summary of Abbreviations:

FTSE–Financial Times Stock Exchange

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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 Assets and Liabilities

June 30, 2017 (unaudited)

ASSETS:
Affiliated investments, at value	$	233,691,765
Unaffiliated investment, at value		16,615,647
Total investments, at value		250,307,412
Foreign currencies collateral held at broker for futures contracts, at value		1,825,157
Receivable for fund shares sold		518,804
Unrealized appreciation on futures contracts		118,025
Foreign currencies, at value		113,952
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		21,412
Dividends receivable from investments		10,341
TOTAL ASSETS		252,915,103
LIABILITIES:
Cash collateral due to broker for futures contracts, at value		493,567
Unrealized depreciation on futures contracts		466,343
Due to manager and affiliates		108,524
Cash due to custodian		91,319
Payable for fund shares redeemed		77,872
Payable for investments purchased		30,398
Accrued expenses payable		22,397
TOTAL LIABILITIES		1,290,420
TOTAL NET ASSETS	$	251,624,683
Affiliated investments, at cost	$	195,368,236
Unaffiliated investment, at cost		16,615,647
Total investments, at cost	$	211,983,883
Foreign currencies collateral held at broker, at cost	$	518,804
Foreign Currencies, at cost	$	114,104
Standard Class:
Net Assets	$	10,936
Shares Outstanding		1,032
Net Asset Value Per Share	$	10.600	*
Service Class:
Net Assets	$	251,613,747
Shares Outstanding		23,759,758
Net Asset Value Per Share	$	10.590
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	231,928,467
Undistributed net investment income		123,465
Accumulated net realized loss on investments		(18,402,309	)
Net unrealized appreciation of investments, derivatives and foreign currencies		37,975,060
TOTAL NET ASSETS	$	251,624,683

* Net Asset Value Per Share does not recalculate exactly, due to rounding.

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

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	42,973
EXPENSES:
Management fees		988,990
Distribution fees-Service Class		290,867
Accounting and administration expenses		23,168
Professional fees		17,278
Reports and statements to shareholders		12,251
Shareholder servicing fees		12,118
Trustees’ fees and expenses		3,087
Custodian fees		2,215
Consulting fees		2,056
Pricing fees		105
Other		730
		1,352,865
Less:
Management fees waived		(756,286	)
Expenses reimbursed		(73,008	)
Total operating expenses		523,571
NET INVESTMENT LOSS		(480,598	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain from:
Sale of affiliated investments		508,453
Foreign currencies		64,119
Futures contracts		2,166,216
Net realized gain		2,738,788
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		34,493,827
Foreign currencies		44
Futures contracts		(594,104	)
Net change in unrealized appreciation (depreciation)		33,899,767
NET REALIZED AND UNREALIZED GAIN		36,638,555
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	36,157,957

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

LVIP MFS International Equity Managed Volatility Fund    

Statements of Changes in Net Assets    

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(480,598	)	$	2,284,270
Net realized gain (loss)		2,738,788			(16,215,767	)
Net change in unrealized appreciation (depreciation)		33,899,767			10,969,401
Net increase (decrease) in net assets resulting from operations		36,157,957			(2,962,096	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(122	)
Service Class		—			(2,278,940	)
		—			(2,279,062	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Service Class		22,638,148			61,566,775
Reinvestment of dividends and distributions:
Standard Class		—			122
Service Class		—			2,278,940
		22,638,148			63,845,837
Cost of shares redeemed:
Service Class		(21,924,462	)		(25,766,789	)
		(21,924,462	)		(25,766,789	)
Increase in net assets derived from capital share transactions		713,686			38,079,048
NET INCREASE IN NET ASSETS		36,871,643			32,837,890
NET ASSETS:
Beginning of period		214,753,040			181,915,150
End of period	$	251,624,683		$	214,753,040
Undistributed net investment income	$	123,465		$	604,063

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

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 6/30/171 (unaudited)				12/31/162				Year Ended 12/31/15				12/31/14				5/1/133 to 12/31/13
Net asset value, beginning of period		$	9.069			$	9.313			$	9.389			$	10.195			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.008	)			0.129				0.116				0.111				0.132
Net realized and unrealized gain (loss)			1.539				(0.253	)			(0.102	)			(0.837	)			0.128
Total from investment operations			1.531				(0.124	)			0.014				(0.726	)			0.260
Less dividends and distributions from:
Net investment income			—				(0.120	)			(0.090	)			(0.080	)			(0.063	)
Return of capital			—				—				—				—				(0.002	)
Total dividends and distributions			—				(0.120	)			(0.090	)			(0.080	)			(0.065	)
Net asset value, end of period		$	10.600			$	9.069			$	9.313			$	9.389			$	10.195
Total return5			16.88%				(1.32%	)			0.13%				(7.12%	)			2.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	11			$	9			$	9			$	10			$	513
Ratio of expenses to average net assets6			0.20%				0.20%				0.20%				0.20%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed 6			0.91%				0.92%				0.94%				0.97%				1.32%
Ratio of net investment income (loss) to average net assets			(0.16%	)			1.40%				1.19%				1.10%				1.99%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.87%	)			0.68%				0.45%				0.33%				0.87%
Portfolio turnover			7%				35%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 MFS International Equity Managed Volatility Fund–7

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 6/30/171 (unaudited)			12/31/162			Year Ended 12/31/15			12/31/14			5/1/133 to 12/31/13
Net asset value, beginning of period	$	9.072		$	9.315		$	9.391		$	10.195		$	10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.020	)		0.106			0.091			0.084			0.116
Net realized and unrealized gain (loss)		1.538			(0.252	)		(0.101	)		(0.833	)		0.127
Total from investment operations		1.518			(0.146	)		(0.010	)		(0.749	)		0.243
Less dividends and distributions from:
Net investment income		—			(0.097	)		(0.066	)		(0.055	)		(0.046	)
Return of capital		—			—			—			—			(0.002	)
Total dividends and distributions		—			(0.097	)		(0.066	)		(0.055	)		(0.048	)
Net asset value, end of period	$	10.590		$	9.072		$	9.315		$	9.391		$	10.195
Total return5		16.73%			(1.55%	)		(0.13%	)		(7.35%	)		2.43%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	251,614		$	214,744		$	181,906		$	94,507		$	41,935
Ratio of expenses to average net assets6		0.45%			0.45%			0.45%			0.45%			0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6		1.16%			1.17%			1.19%			1.22%			1.57%
Ratio of net investment income (loss) to average net assets		(0.41%	)		1.15%			0.94%			0.85%			1.74%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(1.12%	)		0.43%			0.20%			0.08%			0.62%
Portfolio turnover		7%			35%			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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 MFS International Equity Managed Volatility Fund–8

LVIP MFS International Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 substantially all 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013 - December 31, 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 six months ended June 30, 2017, 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 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 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 MFS International Equity Managed Volatility Fund–9

LVIP MFS International Equity Managed Volatility 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, 2017.

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). The fee is calculated daily and paid monthly. 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, 2018, 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, 2018 and cannot be terminated before that date without the mutual agreement of the Board and LIAC. The fees are calculated daily and paid monthly.

SSGA Funds Management, Inc. (the “Sub-Adviser”), is responsible for managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	6,509
Legal		1,572

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $9,085 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

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 MFS International Equity Managed Volatility Fund–10

LVIP MFS International Equity Managed Volatility Fund

Notes to Financial Statements (continued)

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

At June 30, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	21,412
Management fees payable to LIAC		41,520
Distribution fees payable to LFD		51,898
Shareholder servicing fees payable to Lincoln Life		6,021
Printing and mailing fees payable to Lincoln Life		9,085

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.

Affiliated investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16		Purchases		Sales		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/17		Dividends	Capital Gain Distributions
LVIP MFS International Growth Fund		$140,205,056		$7,790,779		$11,328,735		$432,864		$26,259,852		$163,359,816	$—	$—
LVIP MFS Value Fund		19,818,523		3,170,740		1,303,366		19,654		1,784,090		23,489,641	—	—
MFS® Research International Portfolio		39,619,551		3,187,037		2,470,100		55,935		6,449,885		46,842,308	—	—
Total		$199,643,130		$14,148,556		$15,102,201		$508,453		$34,493,827		$233,691,765	$—	$—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	14,148,556
Sales		15,102,201

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	211,983,883
Aggregate unrealized appreciation	$	38,323,529
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	38,323,529

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$10,301,927	$8,422,762	$18,724,689

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 MFS International Equity Managed Volatility Fund–11

LVIP MFS International Equity 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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investments	$	233,691,765
Unaffiliated Investment		16,615,647
Total Investments	$	250,307,412
Derivatives:
Assets:
Futures Contracts	$	118,025
Liabilities:
Futures Contracts	$	(466,343	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Service Class		2,294,454			6,683,150
Shares reinvested:
Standard Class		—			14
Service Class		—			251,851
		2,294,454			6,935,015
Shares redeemed:
Service Class		(2,205,179	)		(2,793,542	)
		(2,205,179	)		(2,793,542	)
Net increase		89,275			4,141,473

LVIP MFS International Equity Managed Volatility Fund–12

LVIP MFS International 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 contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts	$	118,025	Unrealized depreciation on futures contracts	$	(133,758	)
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts		—	Unrealized depreciation on futures contracts		(332,585	)
Total		$	118,025		$	(466,343	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	486,903		$	140,040
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			1,679,313			(734,144	)
Total			$	2,166,216		$	(594,104	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$27,072,292		$—

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.

LVIP MFS International Equity Managed Volatility Fund–13

LVIP MFS International 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–14

                              LVIP MFS International Growth Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,189.40		0.78%		$4.23
Service Class Shares		1,000.00		1,188.00		1.03%		5.59
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,020.93		0.78%		$3.91
Service Class Shares		1,000.00		1,019.69		1.03%		5.16

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Country	Percentage of Net Assets
Common Stock		98.93%
Australia		1.65%
Brazil		0.33%
Canada		4.16%
China		2.85%
Denmark		1.38%
France		17.55%
Germany		11.32%
Hong Kong		3.15%
India		2.21%
Ireland		0.75%
Israel		1.91%
Italy		0.88%
Japan		9.32%
Mexico		0.74%
Netherlands		1.55%
Peru		0.60%
Republic of Korea		0.25%
Singapore		1.18%
Spain		1.71%
Sweden		0.93%
Switzerland		14.24%
Taiwan		2.01%
United Kingdom		13.88%
United States		4.38%
Money Market Fund		0.61%
Total Value of Securities		99.54%
Receivables and Other Assets Net of Liabilities		0.46%
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		1.09%
Air Freight & Logistics		0.31%
Banks		5.43%
Beverages		4.97%
Building Products		0.89%
Capital Markets		2.71%
Chemicals		6.82%
Commercial Services & Supplies		1.11%
Communications Equipment		0.93%
Consumer Finance		0.74%
Diversified Financial Services		0.40%
Electrical Equipment		3.00%
Electronic Equipment, Instruments & Components		0.72%
Food & Staples Retailing		1.14%
Food Products		6.23%
Health Care Equipment & Supplies		3.72%
Health Care Providers & Services		1.44%
Hotels, Restaurants & Leisure		3.52%
Household Products		2.18%
Insurance		3.14%
Internet Software & Services		2.75%
IT Services		5.09%
Leisure Products		0.19%
Life Sciences Tools & Services		2.52%
Machinery		0.78%
Media		1.98%
Oil, Gas & Consumable Fuels		1.77%
Personal Products		2.98%
Pharmaceuticals		8.94%
Professional Services		1.87%
Road & Rail		2.54%
Semiconductors & Semiconductor Equipment		2.30%
Software		5.95%
Textiles, Apparel & Luxury Goods		4.91%
Tobacco		1.70%
Trading Companies & Distributors		0.92%
Transportation Infrastructure		0.14%
Wireless Telecommunication Services		1.11%
Total		98.93%

LVIP MFS International Growth Fund–2

LVIP MFS International Growth Fund

Security Type/Country and Sector Allocations

  and Top 10 Equity Holdings (unaudited) (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
Nestle		4.27%
Roche Holding		3.55%
AIA Group		3.14%
SAP		2.75%
Canadian National Railway		2.54%
Pernod Ricard		2.49%
Novartis		2.46%
Accenture Class A		2.43%
LVMH Moet Hennessy Louis Vuitton		2.34%
L’Oreal		2.26%
Total		28.23%

IT–Information Technology

LVIP MFS International Growth Fund–3

LVIP MFS International Growth Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–98.93%
Australia–1.65%
Brambles		1,133,025	$	8,473,303
Caltex Australia		299,288		7,271,335
Oil Search		1,585,764		8,312,340
				24,056,978
Brazil–0.33%
Ambev ADR		877,240		4,816,048
				4,816,048
Canada–4.16%
Canadian National Railway		456,286		36,981,980
Element Fleet Management		847,919		5,819,308
Ritchie Bros Auctioneers		265,201		7,619,825
Suncor Energy		349,522		10,212,360
				60,633,473
☐China–2.85%
†Alibaba Group Holding ADR		175,173		24,681,876
†Baidu ADR		65,930		11,792,240
†Yum China Holdings		126,235		4,977,446
				41,451,562
Denmark–1.38%
Carlsberg Class B		77,666		8,297,051
Novo Nordisk Class B		276,552		11,843,096
				20,140,147
France–17.55%
Air Liquide		171,027		21,135,624
Danone		380,369		28,590,395
Dassault Systemes		209,055		18,741,228
Essilor International		120,189		15,292,309
Kering		75,063		25,565,642
Legrand		93,428		6,535,913
L’Oreal		158,006		32,917,099
LVMH Moet Hennessy Louis Vuitton		136,797		34,107,780
Pernod Ricard		271,354		36,338,937
Publicis Groupe		161,854		12,073,308
†Schneider Electric		317,060		24,360,490
				255,658,725
Germany–11.32%
Bayer		238,645		30,854,741
Brenntag		230,465		13,340,273
Fresenius Medical Care & Co.		217,476		20,907,004
GEA Group		278,088		11,380,260
Linde		106,797		20,223,984
†QIAGEN		381,802		12,700,689
SAP		383,264		40,031,778
Symrise		218,683		15,490,660
				164,929,389
∎Hong Kong–3.15%
AIA Group		6,262,000		45,757,206

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
∎Hong Kong (continued)
Dairy Farm International Holdings		16,900	$	133,172
				45,890,378
India–2.21%
†Adani Ports & Special Economic Zone		350,739		1,969,999
HDFC Bank ADR		257,511		22,395,732
ITC		1,560,354		7,812,935
				32,178,666
Ireland–0.75%
Paddy Power Betfair		102,995		10,973,130
				10,973,130
Israel–1.91%
Nice ADR		353,696		27,842,949
				27,842,949
Italy–0.88%
Prysmian		435,878		12,819,330
				12,819,330
Japan–9.32%
AEON Financial Service		511,000		10,803,805
Bandai Namco Holdings		83,200		2,833,127
Japan Tobacco		484,800		17,012,719
Keyence		23,800		10,440,471
Obic		227,400		13,950,300
Shiseido		297,300		10,557,157
SoftBank Group		199,800		16,159,863
Sundrug		440,400		16,406,099
Terumo		511,800		20,135,275
TOTO		340,800		12,998,729
Yamato Holdings		223,900		4,535,729
				135,833,274
Mexico–0.74%
Grupo Financiero Banorte		1,220,402		7,743,194
Grupo Financiero Inbursa		1,796,649		3,065,898
				10,809,092
Netherlands–1.55%
Akzo Nobel		259,810		22,579,098
				22,579,098
Peru–0.60%
Credicorp		48,353		8,674,045
				8,674,045
Republic of Korea–0.25%
NAVER		4,965		3,636,472
				3,636,472

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–1.18%
DBS Group Holdings		1,138,400	$	17,149,385
				17,149,385
Spain–1.71%
Amadeus IT Group		416,266		24,889,190
				24,889,190
Sweden–0.93%
Telefonaktiebolaget LM Ericsson Class B		1,891,416		13,526,632
				13,526,632
Switzerland–14.24%
†Julius Baer Group		246,892		12,989,573
Nestle		714,377		62,169,945
Novartis		430,277		35,807,805
Roche Holding		203,038		51,707,039
Sika Bearer Shares		1,336		8,582,501
Sonova Holding		59,907		9,727,312
†UBS Group		1,561,928		26,452,926
				207,437,101
Taiwan–2.01%
MediaTek		743,000		6,362,640
Taiwan Semiconductor Manufacturing ADR		654,031		22,864,924
				29,227,564
United Kingdom–13.88%
Burberry Group		549,264		11,882,610
Compass Group		939,667		19,826,689
Croda International		225,077		11,388,937
Diageo		778,137		22,990,897
Experian		542,449		11,127,575
HSBC Holdings		2,168,487		20,100,870
Intertek Group		292,194		16,048,556
Reckitt Benckiser Group		312,727		31,705,110
†Rolls-Royce Holdings		1,365,584		15,847,369
Smith & Nephew		523,418		9,032,867
Whitbread		298,745		15,435,614
WPP		797,781		16,770,588
				202,157,682

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United States–4.38%
Accenture Class A		285,877	$	35,357,267
†Mellanox Technologies		99,626		4,313,806
†Mettler-Toledo International		40,890		24,065,401
				63,736,474
Total Common Stock (Cost $1,191,545,514)				1,441,046,784
MONEY MARKET FUND–0.61%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		8,911,247		8,911,247
Total Money Market Fund (Cost $8,911,247)				8,911,247

TOTAL VALUE OF SECURITIES–99.54% (Cost $1,200,456,761)		1,449,958,031
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.46%		6,727,217
NET ASSETS APPLICABLE TO 89,359,359 SHARES OUTSTANDING–100.00%	$	1,456,685,248

NET ASSET VALUE PER SHARE–LVIP MFS INTERNATIONAL GROWTH FUND STANDARD CLASS ($1,276,212,161 / 78,289,941 Shares)	$16.301
NET ASSET VALUE PER SHARE–LVIP MFS INTERNATIONAL GROWTH FUND SERVICE CLASS ($180,473,087 / 11,069,418 Shares)	$16.304

LVIP MFS International Growth Fund–5

LVIP MFS International Growth Fund

Statement of Net Assets (continued)

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	1,244,620,549
Undistributed net investment income		13,576,485
Accumulated net realized loss on investments		(51,069,393	)
Net unrealized appreciation of investments and foreign currencies		249,557,607
TOTAL NET ASSETS	$	1,456,685,248

D Securities have been classified by country of origin. Classification by type of business has been presented on page 2.

∎ 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 $830,704 due to manager and affiliates, $36,708 payable for securities purchased and $370,939 payable for fund shares redeemed as of June 30, 2017.

☐ Securities listed and traded on the Hong Kong Stock Exchange.

ADR–American Depositary Receipt

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	18,853,689
Interest		12,578
Foreign tax withheld		(1,813,323	)
		17,052,944
EXPENSES:
Management fees		4,498,473
Distribution fees-Service Class		213,057
Accounting and administration expenses		135,090
Custodian fees		72,903
Shareholder servicing fees		57,803
Reports and statements to shareholders		30,126
Professional fees		29,057
Trustees’ fees and expenses		14,228
Pricing fees		6,673
Consulting fees		2,060
Other		5,767
		5,065,237
Less:
Management fees waived		(565,099	)
Total operating expenses		4,500,138
NET INVESTMENT INCOME		12,552,806
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Investments		10,446,009
Foreign currencies		28,665
Foreign currency exchange contracts		281,359
Net realized gain		10,756,033
Net change in unrealized appreciation (depreciation) of:
Investments		161,069,205
Foreign currencies		320,330
Foreign currency exchange contracts		1,313
Net change in unrealized appreciation (depreciation)		161,390,848
NET REALIZED AND UNREALIZED GAIN		172,146,881
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	184,699,687

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	12,552,806		$	17,682,002
Net realized gain (loss)		10,756,033			(18,987,032	)
Net change in unrealized appreciation (depreciation)		161,390,848			28,750,515
Net increase in net assets resulting from operations		184,699,687			27,445,485
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(14,282,757	)
Service Class		—			(2,093,631	)
		—			(16,376,388	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		339,750,435			116,388,090
Service Class		13,239,435			21,445,904
Reinvestment of dividends and distributions:
Standard Class		—			14,282,757
Service Class		—			2,093,631
		352,989,870			154,210,382
Cost of shares redeemed:
Standard Class		(78,113,125	)		(422,621,307	)
Service Class		(20,006,349	)		(23,888,650	)
		(98,119,474	)		(446,509,957	)
Increase (decrease) in net assets derived from capital share transactions		254,870,396			(292,299,575	)
NET INCREASE (DECREASE) IN NET ASSETS		439,570,083			(281,230,478	)
NET ASSETS:
Beginning of period		1,017,115,165			1,298,345,643
End of period	$	1,456,685,248		$	1,017,115,165
Undistributed net investment income	$	13,576,485		$	1,023,679

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.705		$	13.700			$	13.694			$	14.580			$	12.935			$	10.913
Income (loss) from investment operations:
Net investment income2			0.174			0.207				0.162				0.233				0.133				0.155
Net realized and unrealized gain (loss)			2.422			0.018				0.013				(0.968	)			1.625				1.960
Total from investment operations			2.596			0.225				0.175				(0.735	)			1.758				2.115
Less dividends and distributions from:
Net investment income			—			(0.220	)			(0.169	)			(0.151	)			(0.113	)			(0.093	)
Total dividends and distributions			—			(0.220	)			(0.169	)			(0.151	)			(0.113	)			(0.093	)
Net asset value, end of period		$	16.301		$	13.705			$	13.700			$	13.694			$	14.580			$	12.935
Total return3			18.94%			1.66%				1.29%				(5.05%	)			13.61%				19.40%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,276,212		$	859,431			$	1,140,787			$	793,036			$	608,707			$	163,120
Ratio of expenses to average net assets			0.78%			0.78%				0.78%				0.79%				0.86%				1.01%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.89%			0.88%				0.88%				0.89%				0.95%				1.06%
Ratio of net investment income to average net assets			2.34%			1.49%				1.14%				1.62%				0.96%				1.29%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.23%			1.39%				1.04%				1.52%				0.87%				1.24%
Portfolio turnover			9%			20%				27%				22%				29%				36%

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.724		$	13.719			$	13.711			$	14.597			$	12.952			$	10.928
Income (loss) from investment operations:
Net investment income2			0.156			0.173				0.127				0.197				0.097				0.125
Net realized and unrealized gain (loss)			2.424			0.018				0.015				(0.968	)			1.626				1.962
Total from investment operations			2.580			0.191				0.142				(0.771	)			1.723				2.087
Less dividends and distributions from:
Net investment income			—			(0.186	)			(0.134	)			(0.115	)			(0.078	)			(0.063	)
Total dividends and distributions			—			(0.186	)			(0.134	)			(0.115	)			(0.078	)			(0.063	)
Net asset value, end of period		$	16.304		$	13.724			$	13.719			$	13.711			$	14.597			$	12.952
Total return3			18.80%			1.41%				1.05%				(5.29%	)			13.32%				19.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	180,473		$	157,684			$	157,559			$	157,869			$	159,496			$	137,989
Ratio of expenses to average net assets			1.03%			1.03%				1.03%				1.04%				1.11%				1.26%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			1.14%			1.13%				1.13%				1.14%				1.20%				1.31%
Ratio of net investment income to average net assets			2.09%			1.24%				0.89%				1.37%				0.71%				1.04%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.98%			1.14%				0.79%				1.27%				0.62%				0.99%
Portfolio turnover			9%			20%				27%				22%				29%				36%

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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 (“NAV”). Investments in government money market funds have a stable NAV. 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. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included with 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 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 on investments” on the Statement of Operations and totaled $1,044 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly. 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, 2018 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	30,113
Legal		7,270

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $22,851 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has

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)

entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	740,267
Distribution fees payable to LFD		37,718
Shareholder servicing fees payable to Lincoln Life		29,868
Printing and mailing fees payable to Lincoln Life		22,851

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, 2017, the Fund engaged in securities purchases of $591,131 and securities sales of $903,006.

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	363,635,985
Sales		98,464,295

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,200,456,761
Aggregate unrealized appreciation	$	305,316,008
Aggregate unrealized depreciation		(55,814,738	)
Net unrealized appreciation	$	249,501,270

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; 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, 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)*
2017		Short-Term	Long-Term	Total
	$24,423,915	$—	$18,857,241		$43,281,156

*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.

LVIP MFS International Growth Fund–12

LVIP MFS International Growth 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, 2017:

	Level 1
Investments:
Assets:
Common Stock	$	1,441,046,784
Money Market Fund		8,911,247
Total Investments	$	1,449,958,031

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

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. 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
	6/30/17			12/31/16
Shares sold:
Standard Class		20,824,634			8,524,509
Service Class		883,118			1,566,251
Shares reinvested:
Standard Class		—			1,051,608
Service Class		—			153,919
		21,707,752			11,296,287
Shares redeemed:
Standard Class		(5,242,814	)		(30,136,430	)
Service Class		(1,302,973	)		(1,715,738	)
		(6,545,787	)		(31,852,168	)
Net increase (decrease)		15,161,965			(20,555,881	)

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 and to facilitate or expedite the settlement of portfolio

LVIP MFS International Growth Fund–13

LVIP MFS International Growth Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

transactions. 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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	281,359		$	1,313

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume	Short Derivative Volume
Foreign currency exchange contracts (average cost)	$2,833,742	$896,596

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.

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. 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, 2017, there were no Rule 144A securities.

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 MFS International Growth Fund–14

LVIP MFS International Growth Fund

Notes to Financial Statements (continued)

8. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,090.80		0.66%		$3.42
Service Class Shares		1,000.00		1,089.50		0.91%		4.71
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,021.52		0.66%		$3.31
Service Class Shares		1,000.00		1,020.28		0.91%		4.56

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector	Percentage of Net Assets
Common Stock		98.46%
Aerospace & Defense		3.52%
Air Freight & Logistics		1.46%
Auto Components		1.04%
Automobiles		0.18%
Banks		13.54%
Beverages		1.62%
Building Products		2.20%
Capital Markets		7.77%
Chemicals		3.51%
Consumer Finance		0.98%
Containers & Packaging		0.49%
Diversified Telecommunication Services		0.84%
Electric Utilities		1.59%
Electrical Equipment		0.92%
Energy Equipment & Services		1.47%
Equity Real Estate Investment Trusts		0.39%
Food & Staples Retailing		1.59%
Food Products		3.75%
Health Care Equipment & Supplies		5.24%
Health Care Providers & Services		1.92%
Household Durables		0.18%
Household Products		0.49%
Industrial Conglomerates		3.97%
Insurance		7.80%
IT Services		5.55%
Life Sciences Tools & Services		1.24%
Machinery		2.04%
Media		4.22%
Multiline Retail		0.23%
Oil, Gas & Consumable Fuels		3.19%
Personal Products		0.40%
Pharmaceuticals		7.03%
Professional Services		0.45%
Road & Rail		1.31%
Semiconductors & Semiconductor Equipment		1.29%
Software		0.22%
Specialty Retail		0.21%
Textiles, Apparel & Luxury Goods		0.43%
Tobacco		4.19%
Money Market Fund		2.17%
Total Value of Securities		100.63%
Liabilities Net of Receivables and Other Assets		(0.63%	)
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
JPMorgan Chase & Co.		4.52%
Philip Morris International		3.69%
Johnson & Johnson		3.52%
Wells Fargo & Co.		3.28%
Accenture Class A		2.64%
Medtronic		2.55%
US Bancorp		2.21%
Johnson Controls International		2.20%
3M		2.17%
Citigroup		2.14%
Total		28.92%

IT–Information Technology

LVIP MFS Value Fund–2

LVIP MFS Value Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–98.46%
Aerospace & Defense–3.52%
Lockheed Martin		53,394	$	14,822,708
Northrop Grumman		68,708		17,638,031
United Technologies		128,882		15,737,781
				48,198,520
Air Freight & Logistics–1.46%
United Parcel Service Class B		180,470		19,958,177
				19,958,177
Auto Components–1.04%
Delphi Automotive		163,117		14,297,205
				14,297,205
Automobiles–0.18%
Harley-Davidson		45,916		2,480,382
				2,480,382
Banks–13.54%
Citigroup		437,496		29,259,733
JPMorgan Chase & Co.		678,078		61,976,329
PNC Financial Services Group		151,660		18,937,784
US Bancorp		584,401		30,342,100
Wells Fargo & Co.		812,549		45,023,340
				185,539,286
Beverages–1.62%
Diageo		478,194		14,128,757
PepsiCo		69,897		8,072,405
				22,201,162
Building Products–2.20%
Johnson Controls International		695,198		30,143,785
				30,143,785
Capital Markets–7.77%
Bank of New York Mellon		299,885		15,300,133
BlackRock		31,510		13,310,139
Franklin Resources		124,191		5,562,515
Goldman Sachs Group		129,725		28,785,978
Moody’s		78,378		9,537,035
Nasdaq		195,073		13,945,769
S&P Global		21,303		3,110,025
State Street		134,129		12,035,395
T. Rowe Price Group		66,616		4,943,573
				106,530,562
Chemicals–3.51%
EI du Pont de Nemours & Co.		65,160		5,259,064
Monsanto		45,934		5,436,748
PPG Industries		241,452		26,550,062
Sherwin-Williams		31,149		10,932,053
				48,177,927

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Consumer Finance–0.98%
American Express		160,062	$	13,483,623
				13,483,623
Containers & Packaging–0.49%
†Crown Holdings		112,449		6,708,707
				6,708,707
Diversified Telecommunication Services–0.84%
Verizon Communications		256,984		11,476,906
				11,476,906
Electric Utilities–1.59%
Duke Energy		209,298		17,495,220
Xcel Energy		94,216		4,322,630
				21,817,850
Electrical Equipment–0.92%
Eaton		161,997		12,608,227
				12,608,227
Energy Equipment & Services–1.47%
Schlumberger		305,561		20,118,136
				20,118,136
Equity Real Estate Investment Trusts–0.39%
Public Storage		25,778		5,375,486
				5,375,486
Food & Staples Retailing–1.59%
CVS Health		271,521		21,846,580
				21,846,580
Food Products–3.75%
Archer-Daniels-Midland		115,752		4,789,818
Danone		84,736		6,369,172
General Mills		193,074		10,696,300
JM Smucker		46,698		5,525,774
Nestle		276,298		24,045,331
				51,426,395
Health Care Equipment & Supplies–5.24%
Abbott Laboratories		454,129		22,075,211
Danaher		174,593		14,733,903
Medtronic		393,787		34,948,596
				71,757,710
Health Care Providers & Services–1.92%
Cigna		47,423		7,938,136
†Express Scripts Holding		100,776		6,433,540
McKesson		59,740		9,829,619
UnitedHealth Group		11,442		2,121,576
				26,322,871

LVIP MFS Value Fund–3

LVIP MFS Value Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Household Durables–0.18%
Newell Brands		46,486	$	2,492,579
				2,492,579
Household Products–0.49%
Procter & Gamble		77,383		6,743,929
				6,743,929
Industrial Conglomerates–3.97%
3M		143,108		29,793,655
Honeywell International		184,636		24,610,132
				54,403,787
Insurance–7.80%
Aon		184,292		24,501,621
Chubb		192,324		27,960,063
MetLife		347,191		19,074,674
Prudential Financial		78,470		8,485,746
Travelers		212,825		26,928,747
				106,950,851
IT Services–5.55%
Accenture Class A		292,653		36,195,323
Amdocs		53,041		3,419,023
Cognizant Technology Solutions Class A		83,672		5,555,821
DXC Technology		42,211		3,238,428
Fidelity National Information Services		156,461		13,361,770
†Fiserv		51,700		6,324,978
International Business Machines		52,080		8,011,466
				76,106,809
Life Sciences Tools & Services–1.24%
Thermo Fisher Scientific		97,425		16,997,740
				16,997,740
Machinery–2.04%
Illinois Tool Works		82,915		11,877,574
Ingersoll-Rand		90,735		8,292,271
Stanley Black & Decker		55,179		7,765,341
				27,935,186
Media–4.22%
Comcast Class A		468,437		18,231,568
Interpublic Group		278,469		6,850,337
Omnicom Group		218,639		18,125,173
Time Warner		116,160		11,663,626
Walt Disney		27,665		2,939,406
				57,810,110
Multiline Retail–0.23%
Target		60,510		3,164,068
				3,164,068
Oil, Gas & Consumable Fuels–3.19%
Chevron		103,918		10,841,765

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
EOG Resources		130,469	$	11,810,054
Exxon Mobil		148,302		11,972,420
Occidental Petroleum		152,007		9,100,659
				43,724,898
Personal Products–0.40%
Coty Class A		293,837		5,512,382
				5,512,382
Pharmaceuticals–7.03%
Johnson & Johnson		364,256		48,187,426
Merck & Co.		203,357		13,033,150
Novartis		38,997		3,245,344
Pfizer		863,703		29,011,784
Roche Holding		11,187		2,848,958
				96,326,662
Professional Services–0.45%
Equifax		44,804		6,156,966
				6,156,966
Road & Rail–1.31%
Canadian National Railway		99,385		8,055,154
Union Pacific		91,395		9,953,830
				18,008,984
Semiconductors & Semiconductor Equipment–1.29%
Texas Instruments		230,296		17,716,671
				17,716,671
Software–0.22%
Oracle		58,950		2,955,753
				2,955,753
Specialty Retail–0.21%
Advance Auto Parts		24,738		2,884,203
				2,884,203
Textiles, Apparel & Luxury Goods–0.43%
Hanesbrands		255,828		5,924,976
				5,924,976
Tobacco–4.19%
Altria Group		92,491		6,887,805
Philip Morris International		430,355		50,545,195
				57,433,000
Total Common Stock (Cost $832,325,717)				1,349,719,051

LVIP MFS Value Fund–4

LVIP MFS Value Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–2.17%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		29,756,504	$	29,756,504
Total Money Market Fund (Cost $29,756,504)				29,756,504

TOTAL VALUE OF SECURITIES–100.63% (Cost $862,082,221)	$1,379,475,555
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.63%)	(8,683,823	)
NET ASSETS APPLICABLE TO 33,172,142 SHARES OUTSTANDING–100.00%	$1,370,791,732

NET ASSET VALUE PER SHARE–LVIP MFS VALUE FUND STANDARD CLASS ($419,058,287 / 10,129,251 Shares)	$41.371
NET ASSET VALUE PER SHARE–LVIP MFS VALUE FUND SERVICE CLASS ($951,733,445 / 23,042,891 Shares)	$41.303

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$817,442,888
Undistributed net investment income	12,249,030
Accumulated net realized gain on investments	23,697,880
Net unrealized appreciation of investments, derivatives and foreign currencies	517,401,934
TOTAL NET ASSETS	$1,370,791,732

† Non-income producing for the period.

« Includes $34,539 cash due to custodian, $551,411 payable for fund shares redeemed, $10,097,676 payable for securities purchased, and $948,535 due to manager and affiliates as of June 30, 2017.

The following foreign currency exchange contracts were outstanding at June 30, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BBH		GBP	97,329		USD	(126,397	)		7/3/17		$383		$   —
BNP		CHF	258,073		USD	(269,728	)		7/3/17		—		(543	)
BNP		EUR	50,119		USD	(57,239	)		7/3/17		13		—
Total											$396		$(543	)

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:

BBH–Brown Brothers Harriman, & Co.

BNP–Banque Paribas

CHF–Swiss Franc

EUR–Euro

GBP–British Pound Sterling

IT–Information Technology

USD–United States Dollar

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	15,214,035
Interest		8,957
Foreign tax withheld		(153,405	)
		15,069,587
EXPENSES:
Management fees		3,940,569
Distribution fees-Service Class		1,143,606
Accounting and administration expenses		161,361
Shareholder servicing fees		64,770
Reports and statements to shareholders		53,531
Professional fees		26,115
Trustees’ fees and expenses		17,474
Custodian fees		10,865
Consulting fees		2,252
Pricing fees		734
Other		8,381
Total operating expenses		5,429,658
NET INVESTMENT INCOME		9,639,929
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		21,193,432
Foreign currencies		2,895
Foreign currency exchange contracts		(1,126	)
Net realized gain		21,195,201
Net change in unrealized appreciation (depreciation) of:
Investments		81,390,090
Foreign currencies		28,458
Foreign currency exchange contracts		(147	)
Net change in unrealized appreciation (depreciation)		81,418,401
NET REALIZED AND UNREALIZED GAIN		102,613,602
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	112,253,531

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,639,929		$	20,451,831
Net realized gain		21,195,201			29,063,826
Net change in unrealized appreciation (depreciation)		81,418,401			103,916,094
Net increase in net assets resulting from operations		112,253,531			153,431,751
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(6,655,471	)
Service Class		—			(14,918,897	)
Net realized gain:
Standard Class		—			(13,152,045	)
Service Class		—			(36,469,491	)
		—			(71,195,904	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		55,707,619			146,594,666
Service Class		38,106,929			62,478,291
Reinvestment of dividends and distributions:
Standard Class		—			19,807,516
Service Class		—			51,388,388
		93,814,548			280,268,861
Cost of shares redeemed:
Standard Class		(24,763,461	)		(38,272,399	)
Service Class		(63,872,615	)		(120,418,378	)
		(88,636,076	)		(158,690,777	)
Increase in net assets derived from capital share transactions		5,178,472			121,578,084
NET INCREASE IN NET ASSETS		117,432,003			203,813,931
NET ASSETS:
Beginning of period		1,253,359,729			1,049,545,798
End of period	$	1,370,791,732		$	1,253,359,729
Undistributed net investment income	$	12,249,030		$	2,609,101

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	37.927		$	35.359			$	37.268			$	34.526			$	25.797			$	22.445
Income (loss) from investment operations:
Net investment income2			0.328			0.728				0.757				0.815				0.548				0.517
Net realized and unrealized gain (loss)			3.116			4.166				(0.990	)			2.815				8.718				3.143
Total from investment operations			3.444			4.894				(0.233	)			3.630				9.266				3.660
Less dividends and distributions from:
Net investment income			—			(0.726	)			(0.765	)			(0.888	)			(0.537	)			(0.308	)
Net realized gain			—			(1.600	)			(0.911	)			—				—				—
Total dividends and distributions			—			(2.326	)			(1.676	)			(0.888	)			(0.537	)			(0.308	)
Net asset value, end of period		$	41.371		$	37.927			$	35.359			$	37.268			$	34.526			$	25.797
Total return3			9.08%			14.06%				(0.54%	)			10.51%				35.96%				16.33%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	419,058		$	354,924			$	206,615			$	161,935			$	137,795			$	91,949
Ratio of expenses to average net assets			0.66%			0.66%				0.66%				0.66%				0.68%				0.69%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.66%			0.66%				0.66%				0.66%				0.69%				0.69%
Ratio of net investment income to average net assets			1.66%			1.97%				2.04%				2.28%				1.78%				2.09%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.66%			1.97%				2.04%				2.28%				1.77%				2.09%
Portfolio turnover			7%			15%				15%				11%				16%				21%

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	37.912		$	35.352			$	37.262			$	34.526			$	25.804			$	22.453
Income (loss) from investment operations:
Net investment income2			0.279			0.632				0.664				0.724				0.469				0.455
Net realized and unrealized gain (loss)			3.112			4.162				(0.991	)			2.811				8.714				3.142
Total from investment operations			3.391			4.794				(0.327	)			3.535				9.183				3.597
Less dividends and distributions from:
Net investment income			—			(0.634	)			(0.672	)			(0.799	)			(0.461	)			(0.246	)
Net realized gain			—			(1.600	)			(0.911	)			—				—				—
Total dividends and distributions			—			(2.234	)			(1.583	)			(0.799	)			(0.461	)			(0.246	)
Net asset value, end of period		$	41.303		$	37.912			$	35.352			$	37.262			$	34.526			$	25.804
Total return3			8.95%			13.78%				(0.79%	)			10.23%				35.62%				16.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	951,734		$	898,436			$	842,931			$	899,694			$	868,365			$	687,473
Ratio of expenses to average net assets			0.91%			0.91%				0.91%				0.91%				0.93%				0.94%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.91%			0.91%				0.91%				0.91%				0.94%				0.94%
Ratio of net investment income to average net assets			1.41%			1.72%				1.79%				2.03%				1.53%				1.84%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.41%			1.72%				1.79%				2.03%				1.52%				1.84%
Portfolio turnover			7%			15%				15%				11%				16%				21%

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 MFS Value Fund–9

LVIP MFS Value 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 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 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. Commission rebates are included in “Net realized gain (loss) on investments” on the Statement of Operations and totaled $26,818 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	36,667
Legal		8,851

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $44,474 for the six months ended June 30, 2017.

LVIP MFS Value Fund–10

LVIP MFS Value Fund

Notes to Financial Statements (continued)

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

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	677,096
Distribution fees payable to LFD		194,658
Shareholder servicing fees payable to Lincoln Life		32,307
Printing and mailing fees payable to Lincoln Life		44,474

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	84,459,006
Sales		86,623,432

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	862,082,221
Aggregate unrealized appreciation	$	528,213,768
Aggregate unrealized depreciation		(10,820,434	)
Net unrealized appreciation	$	517,393,334

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, 2017:

	Level 1		Level 2			Total
Investments:
Assets:
Common Stock	$	1,349,719,051	$	—		$	1,349,719,051
Money Market Fund		29,756,504		—			29,756,504
Total Investments	$	1,379,475,555	$	—		$	1,379,475,555
Derivatives:
Assets:
Foreign Currency Exchange Contracts	$	—	$	396		$	396
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(543	)	$	(543	)

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

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		1,393,806			4,014,702
Service Class		958,812			1,713,081
Shares reinvested:
Standard Class		—			532,008
Service Class		—			1,384,663
		2,352,618			7,644,454
Shares redeemed:
Standard Class		(622,534	)		(1,032,089	)
Service Class		(1,614,034	)		(3,243,355	)
		(2,236,568	)		(4,275,444	)
Net increase		116,050			3,369,010

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 and to facilitate or expedite the settlement of portfolio transactions. 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

LVIP MFS Value Fund–12

LVIP MFS Value Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Foreign currency exchange contracts (Currency contracts)	Liabilities net of receivables and other assets	$396	Liabilities net of receivables and other assets	$(543)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(1,126)	$(147)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume	Short Derivative Volume
Foreign currency exchange contracts (average cost)	$8,229	$13,418

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

LVIP MFS Value Fund–13

LVIP MFS Value Fund

Notes to Financial Statements (continued)

9. 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, 2017

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	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 Mondrian International Value Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,121.30		0.74%		$3.89
Service Class Shares		1,000.00		1,119.90		0.99%		5.20
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,021.12		0.74%		$3.71
Service Class Shares		1,000.00		1,019.89		0.99%		4.96

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Country	Percentage of Net Assets
Common Stock		99.06%
Australia		1.30%
Denmark		1.06%
France		7.19%
Germany		10.02%
Hong Kong		2.77%
Italy		5.47%
Japan		17.46%
Netherlands		5.61%
Singapore		6.61%
Spain		5.50%
Sweden		4.49%
Switzerland		9.81%
Taiwan		1.84%
United Kingdom		19.93%
Preferred Stock		0.15%
Money Market Fund		0.20%
Total Value of Securities		99.41%
Receivables and Other Assets Net of Liabilities		0.59%
Total Net Assets		100.00%

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

Sector	Percentage of Net Assets
Auto Components		0.33%
Automobiles		6.10%
Banks		7.46%
Beverages		2.81%
Building Products		2.29%
Commercial Services & Supplies		3.23%
Communications Equipment		1.44%
Diversified Telecommunication Services		8.96%
Electric Utilities		5.56%
Electrical Equipment		4.37%
Energy Equipment & Services		1.21%
Equity Real Estate Investment Trusts		1.23%

Sector	Percentage of Net Assets
Food & Staples Retailing		5.09%
Food Products		2.87%
Health Care Equipment & Supplies		1.05%
Household Durables		0.63%
Industrial Conglomerates		1.24%
Insurance		8.16%
Media		1.16%
Multiline Retail		1.26%
Multi-Utilities		1.57%
Oil, Gas & Consumable Fuels		8.19%
Pharmaceuticals		11.65%
Road & Rail		0.92%
Semiconductors & Semiconductor Equipment		1.84%
Software		2.39%
Specialty Retail		2.19%
Technology Hardware, Storage & Peripherals		2.49%
Wireless Telecommunication Services		1.52%
Total		99.21%

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
Sanofi		3.43%
Royal Dutch Shell Class B		3.18%
Telia		3.04%
ABB		2.91%
Honda Motor		2.87%
GlaxoSmithKline		2.86%
Takeda Pharmaceutical		2.82%
Iberdrola		2.81%
Kirin Holdings		2.81%
Enel		2.75%
Total		29.48%

LVIP Mondrian International Value Fund–2

LVIP Mondrian International Value Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–99.06%
Australia–1.30%
QBE Insurance Group		1,669,261	$	15,152,159
				15,152,159
Denmark–1.06%
ISS		313,642		12,318,579
				12,318,579
France–7.19%
Cie de Saint-Gobain		498,754		26,648,315
Sanofi		417,759		39,965,535
Societe Generale		319,073		17,168,261
				83,782,111
Germany–10.02%
Allianz		152,139		29,957,182
Bayerische Motoren Werke		51,783		4,807,221
Daimler		388,180		28,095,710
Deutsche Telekom		1,456,830		26,156,797
SAP		266,400		27,825,378
				116,842,288
∎Hong Kong–2.77%
China Mobile		1,671,000		17,732,083
CK Hutchison Holdings		250,500		3,144,305
#WH Group 144A		11,260,500		11,365,137
				32,241,525
Italy–5.47%
Enel		5,978,029		32,049,721
Eni		2,108,920		31,698,531
				63,748,252
Japan–17.46%
Canon		854,400		28,987,690
Honda Motor		1,227,900		33,449,972
Hoya		235,200		12,197,569
Isuzu Motors		238,200		2,935,276
Kirin Holdings		1,607,300		32,710,466
Kyushu Railway		332,500		10,775,395
Mitsubishi Electric		1,187,300		17,053,418
Santen Pharmaceutical		27,100		367,196
Sekisui Chemical		408,800		7,309,151
Sumitomo Electric Industries		250,200		3,848,375
Takeda Pharmaceutical		647,800		32,880,998
Tokio Marine Holdings		505,800		20,915,544
				203,431,050
Netherlands–5.61%
Koninklijke Ahold Delhaize		1,482,194		28,338,943
Royal Dutch Shell Class A		8		212
Royal Dutch Shell Class B		1,378,033		37,018,144
				65,357,299

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Singapore–6.61%
Ascendas Real Estate Investment Trust		7,556,800	$	14,325,947
Jardine Matheson Holdings		175,700		11,279,940
Singapore Telecommunications		6,908,300		19,519,366
United Overseas Bank		1,899,281		31,894,953
				77,020,206
Spain–5.50%
Banco Santander		1,242,776		8,221,377
Iberdrola		4,140,326		32,785,280
Telefonica		2,241,978		23,143,382
				64,150,039
Sweden–4.49%
Telefonaktiebolaget LM Ericsson Class B		2,352,578		16,824,673
Telia		7,704,241		35,472,777
				52,297,450
Switzerland–9.81%
ABB		1,370,860		33,853,337
Nestle		254,176		22,120,124
Novartis		351,466		29,249,126
Zurich Insurance Group		99,922		29,083,565
				114,306,152
Taiwan–1.84%
Taiwan Semiconductor Manufacturing		721,000		4,941,765
Taiwan Semiconductor Manufacturing ADR		472,316		16,512,167
				21,453,932
United Kingdom–19.93%
Amec Foster Wheeler		1,506,447		9,166,800
BP		4,632,200		26,715,049
G4S		5,955,120		25,316,387
GlaxoSmithKline		1,564,965		33,336,211
John Wood Group		597,587		4,985,186
Kingfisher		6,506,727		25,483,383
Lloyds Banking Group		34,471,024		29,699,223
National Grid		1,472,998		18,260,342
Next		291,615		14,645,626
Pearson		1,506,457		13,567,817
†Tesco		14,116,533		31,035,700
				232,211,724
Total Common Stock (Cost $1,042,171,441)				1,154,312,766

LVIP Mondrian International Value Fund–3

LVIP Mondrian International Value Fund

Statement of Net Assets (continued)

	Number of		Value
	Shares		(U.S. $)
PREFERRED STOCK–0.15%
Bayerische Motoren Werke 4.96%		21,446	$	1,768,017
Total Preferred Stock (Cost $1,547,482)				1,768,017

	Number of		Value
	Shares		(U.S. $)
MONEY MARKET FUND–0.20%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		2,381,107	$	2,381,107
Total Money Market Fund (Cost $2,381,107)				2,381,107

TOTAL VALUE OF SECURITIES–99.41% (Cost $1,046,100,030)	$1,158,461,890
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.59%	6,854,121
NET ASSETS APPLICABLE TO 67,605,099 SHARES OUTSTANDING–100.00%	$1,165,316,011

NET ASSET VALUE PER SHARE–LVIP MONDRIAN INTERNATIONAL VALUE FUND STANDARD CLASS ($855,716,248 / 49,622,485 Shares)	$17.245
NET ASSET VALUE PER SHARE –LVIP MONDRIAN INTERNATIONAL VALUE FUND SERVICE CLASS ($309,599,763 / 17,982,614 Shares)	$17.217

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$1,045,687,778
Undistributed net investment income	25,969,869
Accumulated net realized loss on investments	(18,740,990	)
Net unrealized appreciation of investments, foreign currencies and derivatives	112,399,354
TOTAL NET ASSETS	$1,165,316,011

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $11,365,137, which represents 0.98% 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.

∎ 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 $2,445,004 payable for securities purchased, $508,499 payable for fund shares redeemed and $809,123 due to manager and affiliates as of June 30, 2017.

The following foreign currency exchange contracts were outstanding at June 30, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)				In Exchange For				Settlement Date		Unrealized Appreciation			Unrealized Depreciation
BNYM		CHF	(1,098,932	)		GBP	881,351			7/4/17		$	1,746		$	—
BNYM		EUR	(8,033	)		USD	9,163			7/3/17			—			(13	)
BNYM		GBP	241,081			USD	(312,685	)		7/3/17			1,342			—
BNYM		HKD	5,357,281			USD	(686,373	)		7/3/17			—			(136	)
BNYM		JPY	(18,627,349	)		USD	165,685			7/3/17			51			—
Total												$	3,139		$	(149	)

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.”

LVIP Mondrian International Value Fund–4

LVIP Mondrian International Value Fund

Statement of Net Assets (continued)

Summary of Abbreviations:

ADR–American Depositary Receipt

BNYM–BNY Mellon

CHF–Swiss Franc

EUR–Euro

GBP–British Pound Sterling

HKD–Hong Kong Dollar

JPY–Japanese Yen

USD–United States Dollar

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

LVIP Mondrian International Value Fund–5

LVIP Mondrian International Value Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	30,662,835
Foreign tax withheld		(2,751,425	)
	27,911,410
EXPENSES:
Management fees		3,939,625
Distribution fees-Service Class		386,629
Accounting and administration expenses		145,039
Shareholder servicing fees		58,527
Reports and statements to shareholders		54,242
Custodian fees		53,413
Professional fees		30,788
Trustees’ fees and expenses		15,719
Pricing fees		6,132
Consulting fees		2,132
Other		8,070
Total operating expenses		4,700,316
NET INVESTMENT INCOME		23,211,094
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		15,727,799
Foreign currencies		97,822
Foreign currency exchange contracts		(43,378	)
Net realized gain		15,782,243
Net change in unrealized appreciation (depreciation) of:
Investments		93,906,947
Foreign currencies		307,004
Foreign currency exchange contracts		2,841
Net change in unrealized appreciation (depreciation)		94,216,792
NET REALIZED AND UNREALIZED GAIN		109,999,035
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	133,210,129

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

LVIP Mondrian International Value Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	23,211,094		$	36,563,542
Net realized gain (loss)		15,782,243			(30,897,624	)
Net change in unrealized appreciation (depreciation)		94,216,792			38,509,145
Net increase in net assets resulting from operations		133,210,129			44,175,063
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(24,677,289	)
Service Class		—			(8,247,101	)
Net realized gain on investments:
Standard Class		—			(28,660,530	)
Service Class		—			(10,618,052	)
		—			(72,202,972	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		15,007,116			82,105,172
Service Class		10,233,960			26,244,518
Reinvestment of dividends and distributions:
Standard Class		—			53,337,819
Service Class		—			18,865,153
	25,241,076			180,552,662
Cost of shares redeemed:
Standard Class		(95,809,919	)		(118,151,807	)
Service Class		(38,038,492	)		(45,004,057	)
		(133,848,411	)		(163,155,864	)
Increase (decrease) in net assets derived from capital share transactions		(108,607,335	)		17,396,798
NET INCREASE (DECREASE) IN NET ASSETS		24,602,794			(10,631,111	)
NET ASSETS:
Beginning of period		1,140,713,217			1,151,344,328
End of period	$	1,165,316,011		$	1,140,713,217
Undistributed net investment income	$	25,969,869		$	2,758,775

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

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	15.381		$	15.782			$	16.942			$	18.131			$	15.243			$	14.310
Income (loss) from investment operations:
Net investment income2			0.332			0.517				0.457				0.784				0.420				0.460
Net realized and unrealized gain (loss)			1.532			0.114				(1.101	)			(1.234	)			2.897				0.907
Total from investment operations			1.864			0.631				(0.644	)			(0.450	)			3.317				1.367
Less dividends and distributions from:
Net investment income			—			(0.470	)			(0.516	)			(0.739	)			(0.429	)			(0.434	)
Net realized gain			—			(0.562	)			—				—				—				—
Total dividends and distributions			—			(1.032	)			(0.516	)			(0.739	)			(0.429	)			(0.434	)
Net asset value, end of period		$	17.245		$	15.381			$	15.782			$	16.942			$	18.131			$	15.243
Total return3			12.13%			4.01%				(3.79%	)			(2.54%	)			21.84%				9.62%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	855,716		$	838,576			$	842,056			$	861,700			$	808,623			$	561,634
Ratio of expenses to average net assets			0.74%			0.73%				0.73%				0.73%				0.76%				0.83%
Ratio of net investment income to average net assets			4.05%			3.28%				2.61%				4.21%				2.50%				3.13%
Portfolio turnover			9%			21%				19%				18%				33%				13%

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

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	15.375		$	15.777			$	16.934			$	18.122			$	15.236			$	14.306
Income (loss) from investment operations:
Net investment income2			0.311			0.477				0.412				0.736				0.381				0.422
Net realized and unrealized gain (loss)			1.531			0.114				(1.096	)			(1.231	)			2.891				0.906
Total from investment operations			1.842			0.591				(0.684	)			(0.495	)			3.272				1.328
Less dividends and distributions from:
Net investment income			—			(0.431	)			(0.473	)			(0.693	)			(0.386	)			(0.398	)
Net realized gain			—			(0.562	)			—				—				—				—
Total dividends and distributions			—			(0.993	)			(0.473	)			(0.693	)			(0.386	)			(0.398	)
Net asset value, end of period		$	17.217		$	15.375			$	15.777			$	16.934			$	18.122			$	15.236
Total return3			11.99%			3.75%				(4.03%	)			(2.79%	)			21.55%				9.34%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	309,600		$	302,137			$	309,288			$	333,679			$	357,738			$	131,710
Ratio of expenses to average net assets			0.99%			0.98%				0.98%				0.98%				1.01%				1.08%
Ratio of net investment income to average net assets			3.80%			3.03%				2.36%				3.96%				2.25%				2.88%
Portfolio turnover			9%			21%				19%				18%				33%				13%

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–8

LVIP Mondrian International Value Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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”). 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. 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 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, the Fund did not incur any interest or tax penalties.

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

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

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 Mondrian International Value Fund–9

LVIP Mondrian International 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. 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 taxwithholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage 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, 2017.

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, 2017.

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. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	32,952
Legal		7,954

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $48,102 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP Mondrian International Value Fund–10

LVIP Mondrian International Value Fund

Notes to Financial Statements (continued)

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

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	667,198
Distribution fees payable to LFD		65,150
Printing and mailing fees payable to Lincoln Life		48,102
Shareholder servicing fees payable to Lincoln life		28,673

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	103,120,395
Sales		195,032,840

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for the Fund were as follows:

Cost of investments	$	1,046,100,030
Aggregate unrealized appreciation	$	247,317,140
Aggregate unrealized depreciation		(134,955,280	)
Net unrealized appreciation	$	112,361,860

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, whereas before the Act, capital losses carried forward were treated as short-term.

As of December 31, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post Enactment Losses (No Expiration)

Long-Term

$28,157,713

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 Mondrian International Value Fund–11

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, 2017:

	Level 1		Level 2			Total
Investments:
Assets:
Common Stock	$	1,154,312,766	$	—		$	1,154,312,766
Money Market Fund		2,381,107		—			2,381,107
Preferred Stock		1,768,017		—			1,768,017
Total Investments	$	1,158,461,890	$	—		$	1,158,461,890
Derivatives:
Assets:
Foreign Currency Exchange Contracts	$	—	$	3,139		$	3,139
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(149	)	$	(149	)

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

During the six months ended June 30, 2017, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. 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. International fair value pricing was not utilized at June 30, 2017. 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		911,584			5,241,586
Service Class		623,500			1,688,813
Shares reinvested:
Standard Class		—			3,421,827
Service Class		—			1,210,566
		1,535,084			11,562,792
Shares redeemed:
Standard Class		(5,809,163	)		(7,499,923	)
Service Class		(2,291,866	)		(2,852,212	)
		(8,101,029	)		(10,352,135	)
Net increase (decrease)		(6,565,945	)		1,210,657

LVIP Mondrian International Value Fund–12

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 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 already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. 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. 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.

During the six months ended June 30, 2017, the fund entered into foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Foreign currency exchange contracts (Currency contracts)	Receivables and other assets net of liabilities	$3,139	Receivables and other assets net of liabilities	$(149)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized loss from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(43,378)	$2,841

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume	Short Derivative Volume
Foreign currency exchange contracts (average cost)	$249,880	$479,735

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.

LVIP Mondrian International Value Fund–13

LVIP Mondrian International Value Fund

Notes to Financial Statements (continued)

6. 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 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 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will complywith the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–14

                            LVIP Multi-Manager Global Equity Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00	$	1,101.90		0.35%		$1.82
Service Class Shares		1,000.00		1,099.90		0.70%		3.64
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00	$	1,023.06		0.35%		$1.76
Service Class Shares		1,000.00		1,021.32		0.70%		3.51

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 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, 2017

Security Type/Sector	Percentage of Net Assets
Affiliated Investments		36.22%
Equity Funds		19.52%
International Equity Funds		16.70%
Unaffiliated Investments		63.70%
Equity Funds		43.81%
International Equity Funds		13.08%
Money Market Fund		6.81%
Total Value of Securities		99.92%
Receivables and Other Assets Net of Liabilities		0.08%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–36.22%
Equity Funds–19.52%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA S&P 500 Index Fund		437,303	$	7,432,840
LVIP SSGA Small-Cap Index Fund		99,693		3,004,453
				10,437,293
International Equity Funds–16.70%
*Lincoln Variable Insurance Products Trust–
LVIP MFS International Growth Fund		182,112		2,968,602
LVIP SSGA International Index Fund		640,804		5,963,322
				8,931,924
Total Affiliated Investments (Cost $16,958,656)				19,369,217
UNAFFILIATED INVESTMENTS–63.70%
Equity Funds–43.81%
XAmerican Century VP–Mid Cap Value Fund		138,979		2,972,771
**BlackRock Equity Dividend Fund		83,417		1,992,833
#ClearBridge®– Variable Appreciation Portfolio		62,611		2,479,381
XFidelity® Variable Life Insurance Products–Fidelity® VIP Mid Cap Portfolio		98,310		3,492,957
XFidelity®–VIP Contrafund® Portfolio		111,685		3,973,767

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS (continued)
Equity Funds (continued)
✢Franklin Templeton Variable Insurance Products Trust–
Mutual Shares VIP Fund		115,892	$	2,495,158
✢Franklin Templeton Variable Insurance Products Trust–
Templeton Growth Securities		199,257		3,024,719
#Invesco V.I. Comstock Fund		25,901		500,675
#Invesco V.I. Core Equity Fund		66,936		2,494,699
				23,426,960
International Equity Funds–13.08%
**DFA International Core Equity Portfolio		304,730		4,010,245
iShares Core MSCI Emerging Markets ETF		59,674		2,986,087
				6,996,332
Money Market Fund–6.81%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		3,642,999		3,642,999
				3,642,999
Total Unaffiliated Investments (Cost $31,898,233)				34,066,291

TOTAL VALUE OF SECURITIES–99.92% (Cost $48,856,889)		53,435,508
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.08%		43,139
NET ASSETS APPLICABLE TO 5,169,279 SHARES OUTSTANDING–100.00%	$	53,478,647

# Series I shares.

* Standard Class shares.

** Institutional Class shares.

X Initial Class.

✢ Class 1 shares.

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, 2017:¹

Futures Contracts

Contracts to Buy (Sell)			Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation			Unrealized Depreciation
	Currency Contracts:
	2	British Pound		$	160,381		$	163,063		9/19/17		$	2,682		$	—
	2	Euro			283,468			286,675		9/19/17			3,207			—
	2	Japanese Yen			230,181			222,750		9/19/17			—			(7,431	)
													5,889			(7,431	)
	Equity Contracts:
	3	E-mini MSCI Emerging Markets Index			151,312			151,245		9/18/17			—			(67	)
	3	E-mini Russell 2000 Index			209,945			212,145		9/18/17			2,200			—
	12	E-mini S&P 500 Index			1,455,891			1,452,540		9/18/17			—			(3,351	)
	2	E-mini S&P MidCap 400 Index			352,905			349,220		9/18/17			—			(3,685	)
	9	Euro STOXX 50 Index			365,330			352,685		9/18/17			—			(12,645	)
	2	FTSE 100 Index			193,710			188,660		9/18/17			—			(5,050	)
	1	Nikkei 225 Index (OSE)			178,841			177,995		9/8/17			—			(846	)
													2,200			(25,644	)
	Total											$	8,089		$	(33,075	)

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:

DFA–Dimensional Fund Advisors

ETF–Exchange-Traded Fund

FTSE–Financial Times Stock Exchange

MSCI–Morgan Stanley Capital International

OSE–Osaka Securities Exchange

S&P–Standard and Poor’s

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, 2017 (unaudited)

ASSETS:
Affiliated investments, at value	$	19,369,217
Unaffiliated investments, at value		34,066,291
Total investments, at value		53,435,508
Foreign currencies collateral held at broker for futures contracts, at value		104,520
Cash collateral held at broker for futures contracts		52,246
Unrealized appreciation on futures contracts		8,089
Foreign currencies, at value		6,089
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		4,447
Dividends receivable from investments		2,293
Receivable for fund shares sold		5
TOTAL ASSETS		53,613,197
LIABILITIES:
Payable for fund shares redeemed		35,208
Unrealized depreciation on futures contracts		33,075
Due to manager and affiliates		25,838
Other accrued expenses payable		22,212
Payable for investments purchased		12,134
Cash due to custodian		6,083
TOTAL LIABILITIES		134,550
TOTAL NET ASSETS	$	53,478,647
Affiliated investments, at cost	$	16,958,656
Unaffiliated investments, at cost		31,898,233
Total investments, at cost	$	48,856,889
Foreign currencies, at cost	$	6,096
Foreign currencies collateral held at broker for futures contracts, at cost	$	104,520
Standard Class:
Net Assets	$	2,740,779
Shares Outstanding		264,495
Net Asset Value Per Share	$	10.362
Service Class:
Net Assets	$	50,737,868
Shares Outstanding		4,904,784
Net Asset Value Per Share	$	10.345
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	50,576,106
Undistributed net investment income		23,377
Accumulated net realized loss on investments		(1,674,461	)
Net unrealized appreciation of investments, foreign currencies and derivatives		4,553,625
TOTAL NET ASSETS	$	53,478,647

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment	$	177,791
EXPENSES:
Distribution fees-Service Class		82,552
Management fees		62,123
Accounting and administration expenses		16,753
Professional fees		15,466
Reports and statements to shareholders		4,650
Custodian fees		2,617
Shareholder servicing fees		2,560
Consulting fees		1,873
Trustees’ fees and expenses		640
Pricing fees		139
Other		351
		189,724
Less:
Management fees waived		(15,842	)
Expenses reimbursed		(5,241	)
Total operating expenses		168,641
NET INVESTMENT INCOME		9,150
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investments		315,165
Sale of unaffiliated investments		(45,941	)
Sale of affiliated investments		(657	)
Foreign currencies		3,771
Futures contracts		253,959
Net realized gain		526,297
Net change in unrealized appreciation (depreciation) of:
Unaffiliated investments		2,197,240
Affiliated investments		1,984,739
Foreign currencies		3
Futures contracts		(23,334	)
Net change in unrealized appreciation (depreciation)		4,158,648
NET REALIZED AND UNREALIZED GAIN		4,684,945
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,694,095

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,150		$	470,143
Net realized gain (loss)		526,297			(883,519	)
Net change in unrealized appreciation (depreciation)		4,158,648			2,748,620
Net increase in net assets resulting from operations		4,694,095			2,335,244
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(36,814	)
Service Class		—			(516,528	)
		—			(553,342	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		148,910			542,775
Service Class		6,380,755			10,896,454
Reinvestment of dividends and distributions:
Standard Class		—			36,814
Service Class		—			516,528
	6,529,665			11,992,571
Cost of shares redeemed:
Standard Class		(63,437	)		(107,235	)
Service Class		(3,053,402	)		(3,366,020	)
		(3,116,839	)		(3,473,255	)
Increase in net assets derived from capital share transactions		3,412,826			8,519,316
NET INCREASE IN NET ASSETS		8,106,921			10,301,218
NET ASSETS:
Beginning of period		45,371,726			35,070,508
End of period	$	53,478,647		$	45,371,726
Undistributed net investment income	$	23,377		$	14,227

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											5/1/143
	6/30/171			Year Ended								to
	(unaudited)			12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	9.404		$	9.018			$	9.829			$	10.000
Income (loss) from investment operations:
Net investment income4			0.018			0.139				0.157				0.150
Net realized and unrealized gain (loss)			0.940			0.393				(0.821	)			(0.149	)
Total from investment operations			0.958			0.532				(0.664	)			0.001
Less dividends and distributions from:
Net investment income			—			(0.146	)			(0.140	)			(0.161	)
Net realized gain			—			—				(0.007	)			(0.011	)
Total dividends and distributions			—			(0.146	)			(0.147	)			(0.172	)
Net asset value, end of period		$	10.362		$	9.404			$	9.018			$	9.829
Total return5			10.19%			5.90%				(6.77%	)			0.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,741		$	2,411			$	1,852			$	1,526
Ratio of expenses to average net assets6			0.35%			0.35%				0.35%				0.35%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.43%			0.47%				0.52%				0.68%
Ratio of net investment income to average net assets			0.37%			1.54%				1.62%				2.19%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.29%			1.42%				1.45%				1.86%
Portfolio turnover			5%			19%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 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												5/1/143
	6/30/171				Year Ended								to
	(unaudited)				12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	9.405			$	9.020			$	9.830			$	10.000
Income (loss) from investment operations:
Net investment income4			0.001				0.108				0.123				0.125
Net realized and unrealized gain (loss)			0.939				0.392				(0.820	)			(0.147	)
Total from investment operations			0.940				0.500				(0.697	)			(0.022	)
Less dividends and distributions from:
Net investment income			—				(0.115	)			(0.106	)			(0.137	)
Net realized gain			—				—				(0.007	)			(0.011	)
Total dividends and distributions			—				(0.115	)			(0.113	)			(0.148	)
Net asset value, end of period		$	10.345			$	9.405			$	9.020			$	9.830
Total return5			9.99%				5.54%				(7.10%	)			(0.23%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	50,738			$	42,961			$	33,219			$	19,081
Ratio of expenses to average net assets6			0.70%				0.70%				0.70%				0.70%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.78%				0.82%				0.87%				1.03%
Ratio of net investment income to average net assets			0.02%				1.19%				1.27%				1.84%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.06%	)			1.07%				1.10%				1.51%
Portfolio turnover			5%				19%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 Multi-Manager Global Equity Managed Volatility Fund–8

LVIP Multi-Manager Global Equity Managed Volatility Fund

Notes to Financial Statements

June 30, 2017(unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially all 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 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. Investments in government money market funds have a stable NAV. 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 the tax positions taken or to be taken on the Fund’s federal income tax returns through the six months ended June 30, 2017 and for all open tax years (years ended December 31, 2014 - December 31, 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 six months ended June 30, 2017, 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 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 within the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased

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)

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, 2017.

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. The fee is calculated daily and paid monthly. 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, 2017, this waiver amounted to $15,842.

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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	1,398
Legal		337

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,805 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation, or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of average daily net assets of the Service Class shares. This 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from or liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	4,447
Management fees payable to LIAC		8,175
Distribution fees payable to LFD		14,586
Printing and mailing fees payable to Lincoln Life		1,805
Shareholder servicing fees payable to Lincoln Life		1,272

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, 2017, the Fund engaged in securities purchases of $115,547 and securities sales of $37,844.

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, 2017, Lincoln Life directly owned 30.21% of the Fund.

Affiliated investments, 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 issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16		Purchases		Sales		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/17		Dividends		Capital Gain Distributions
LVIP MFS International Growth Fund	$	2,559,727	$	273,208	$	368,784	$	21,324		$	483,127	$	2,968,602		$—		$—
LVIP SSGA International Index Fund		5,080,845		557,123		423,238		(21,360	)		769,952		5,963,322		—		—
LVIP SSGA S&P 500 Index Fund		6,353,649		807,972		327,640		254			598,605		7,432,840		—		—
LVIP SSGA Small-Cap Index Fund		2,533,622		428,904		90,253		(875	)		133,055		3,004,453		—		—
Total	$	16,527,843	$	2,067,207	$	1,209,915	$	(657	)	$	1,984,739	$	19,369,217	$	—	$	—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	5,927,354
Sales		2,457,242

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	48,856,889
Aggregate unrealized appreciation	$	4,578,619
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	4,578,619

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)

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.

As of December 31, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$942,852	$—	$942,852

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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investments	$	19,369,217
Unaffiliated Investments		34,066,291
Total Investments	$	53,435,508
Derivatives:
Assets:
Futures Contracts	$	8,089
Liabilities:
Futures Contracts	$	(33,075	)

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

During the six months ended June 30, 2017, 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 Multi-Manager Global Equity Managed Volatility Fund–12

LVIP Multi-Manager Global Equity Managed Volatility Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		14,476			59,050
Service Class		641,875			1,202,093
Shares reinvested:
Standard Class		—			3,910
Service Class		—			54,864
		656,351			1,319,917
Shares redeemed:
Standard Class		(6,310	)		(11,957	)
Service Class		(305,175	)		(371,621	)
		(311,485	)		(383,578	)
Net increase		344,866			936,339

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$2,200		Unrealized depreciation on futures contracts		$	(25,644	)
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts	5,889		Unrealized depreciation on futures contracts			(7,431	)
Total		$8,089				$	(33,075	)

LVIP Multi-Manager Global Equity Managed Volatility Fund–13

LVIP Multi-Manager Global 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, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$228,146		$(30,890	)
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		25,813		7,556
Total			$253,959		$(23,334	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume	Short Derivative Volume
Futures contracts (average notional value)	$3,354,145	$—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 PIMCO Low Duration Bond Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP PIMCO Low Duration Bond Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation, and Credit Quality Ratings	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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,012.60		0.63	%		$3.14
Service Class Shares		1,000.00		1,011.40		0.88	%		4.39
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,021.67		0.63	%		$3.16
Service Class Shares		1,000.00		1,020.43		0.88	%		4.41

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP PIMCO Low Duration Bond Fund–1

LVIP PIMCO Low Duration Bond Fund

Security Type/Sector Allocation, and Credit Quality Ratings (unaudited)

As of June 30, 2017

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

Security Type/Sector Percentage
of Net Assets

Agency Asset-Backed Security	0.29	%
Agency Collateralized Mortgage Obligations	1.09	%
Agency Obligation	4.07	%
Corporate Bonds	58.08	%
Air Freight & Logistics	0.70	%
Airlines	0.14	%
Auto Components	0.37	%
Automobiles	7.37	%
Banks	12.53	%
Beverages	0.91	%
Biotechnology	0.74	%
Capital Markets	3.95	%
Chemicals	0.09	%
Commercial Services & Supplies	0.27	%
Consumer Finance	4.21	%
Diversified Consumer Services	0.46	%
Diversified Financial Services	0.11	%
Diversified Telecommunication Services	1.47	%
Electric Utilities	2.40	%
Equity Real Estate Investment Trusts	0.56	%
Food & Staples Retailing	0.64	%
Food Products	0.72	%
Gas Utilities	0.12	%
Health Care Equipment & Supplies	1.11	%
Health Care Providers & Services	0.43	%
Hotels, Restaurants & Leisure	0.52	%
Household Durables	1.09	%
Insurance	0.28	%
Life Sciences Tools & Services	0.48	%
Media	0.74	%
Metals & Mining	0.26	%
Multi-Utilities	0.12	%
Oil, Gas & Consumable Fuels	7.01	%
Paper & Forest Products	1.14	%
Pharmaceuticals	1.63	%
Real Estate Management & Development	0.92	%
Road & Rail	0.45	%
Semiconductors & Semiconductor Equipment	0.56	%
Software	0.21	%
Technology Hardware, Storage & Peripherals	0.35	%
Tobacco	0.83	%
Trading Companies & Distributors	1.17	%
Wireless Telecommunication Services	1.02	%

Security Type/Sector Percentage
of Net Assets

Loan Agreement	0.17	%
Municipal Bond	0.30	%
Non-Agency Asset-Backed Securities	8.77	%
Non-Agency Collateralized Mortgage Obligations	0.30	%
Non-Agency Commercial Mortgage-Backed Securities	1.12	%
Sovereign Bonds	5.68	%
U.S. Treasury Obligations	53.55	%
Options Purchased	0.01	%
Short-Term Investments	6.43	%
Total Investments	139.86	%
Security Sold Short	(4.21	%)
Liabilities Net of Receivables and Other Assets	(35.65	%)
Total Net Assets	100.00	%
Credit Quality Ratings (as a % of fixed income investments)*
U.S. Government	42.40	%
AAA	4.73	%
AA	2.92	%
A	18.89	%
BBB	21.98	%
BB	1.85	%
Below CCC	3.74	%
Not Rated	3.49	%
Total	100.00	%

*For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s Rating Services (“S&P”) or Moody’s Investor Service, Inc. (“Moody”) or Fitch Inc. (“Fitch”). Agency Asset-Backed Security, Agency Collateralized Mortgage Obligations, Agency Obligation, U.S. Treasury Obligations; and Security Sold Short appear under “U.S. Government”. “Not Rated” is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

LVIP PIMCO Low Duration Bond Fund–2

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY ASSET-BACKED SECURITY–0.29%
#•Navient Student Loan Trust Series 2016-5A A 144A 2.466% 6/25/65		2,836,440	$	2,881,233
Total Agency Asset-Backed Security (Cost $2,836,440)				2,881,233
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–1.09%
•Fannie Mae REMICs Series 2011-86 NF 1.766% 9/25/41		3,059,924		3,082,783
GNMA
•Series 2016-H11 F 1.793% 5/20/66		2,640,319		2,660,568
•Series 2016-H17 FC 1.823% 8/20/66		2,631,989		2,657,005
•Series 2016-H19 FA 1.773% 9/20/66		2,487,763		2,504,666
Total Agency Collateralized Mortgage Obligations (Cost $10,815,927)				10,905,022
AGENCY OBLIGATION–4.07%
Freddie Mac 1.25% 8/15/19		41,000,000		40,809,965
Total Agency Obligation (Cost $40,987,700)				40,809,965
CORPORATE BONDS–58.08%
Air Freight & Logistics–0.70%
#Aviation Capital Group 144A 2.875% 9/17/18		4,680,000		4,726,341
#SMBC Aviation Capital Finance 144A 2.65% 7/15/21		2,300,000		2,260,442
				6,986,783
Airlines–0.14%
◆Northwest Airlines Series 2002-1 Class G-2 Pass Through Trust 6.264% 11/20/21		240,697		257,245
#◆Virgin Australia Trust Series 2013-1A 144A 5.00% 10/23/23		214,517		223,634
#WestJet Airlines 144A 3.50% 6/16/21		850,000		869,432
				1,350,311
Auto Components–0.37%
Delphi Automotive 3.15% 11/19/20		3,600,000		3,680,395
				3,680,395

		Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Automobiles–7.37%
Daimler Finance North America
#•144A 1.792% 10/30/19			3,000,000	$	3,014,055
#144A 2.00% 8/3/18			10,025,000		10,052,148
#•144A 2.041% 7/5/19			1,500,000		1,513,188
#144A 2.70% 8/3/20			2,400,000		2,433,864
Ford Motor Credit
2.943% 1/8/19			3,400,000		3,444,962
5.00% 5/15/18			9,000,000		9,232,164
General Motors 3.50% 10/2/18			5,200,000		5,292,903
General Motors Financial
2.40% 4/10/18			1,600,000		1,606,285
•2.663% 4/10/18			2,500,000		2,518,575
3.00% 9/25/17			4,500,000		4,513,045
3.25% 5/15/18			2,500,000		2,529,833
4.75% 8/15/17			3,370,000		3,381,583
#Kia Motors 144A 2.625% 4/21/21			4,500,000		4,475,695
Nissan Motor Acceptance
#144A 2.00% 3/8/19			10,900,000		10,911,009
#•144A 2.045% 1/13/22			3,100,000		3,131,927
#RCI Banque 144A 3.50% 4/3/18			1,000,000		1,011,804
Volkswagen Financial Services 2.375% 11/13/18	GBP		3,691,000		4,883,285
					73,946,325
Banks–12.53%
#ABN AMRO Bank 144A 1.80% 9/20/19			5,900,000		5,870,134
#Banco do Brasil 144A 6.00% 1/22/20			300,000		317,910
Bank of America
6.875% 4/25/18			8,383,000		8,725,311
6.875% 11/15/18			1,200,000		1,278,864
Barclays
2.00% 3/16/18			5,000,000		5,008,835
•3.295% 8/10/21			2,800,000		2,938,060
•7.00% 6/15/49	GBP		1,000,000		1,333,383
•8.25% 12/29/49			2,200,000		2,337,500
#Barclays Bank 144A 6.05% 12/4/17			5,675,000		5,773,569
CIT Group
5.375% 5/15/20			900,000		970,875
#144A 5.50% 2/15/19			836,000		879,890
•DBS Bank 3.625% 9/21/22			3,480,000		3,491,539
•HBOS 1.923% 9/6/17			7,000,000		6,997,130
•HSBC Holdings 2.849% 5/25/21			4,100,000		4,243,676
ICICI Bank & Co. 4.80% 5/22/19			3,500,000		3,648,260
Industrial Bank of Korea 2.375% 7/17/17			2,250,000		2,250,250
Intesa Sanpaolo 3.875% 1/16/18			600,000		605,628
•JPMorgan Chase & Co. 7.90% 4/29/49			700,000		728,525
KEB Hana Bank 3.50% 10/25/17			3,300,000		3,317,912

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)
Mizuho Bank
•1.928% 12/12/17			13,800,000	$	13,834,400
#144A 2.45% 4/16/19			3,200,000		3,217,926
•MUFG Americas Holdings 1.75% 2/9/18			1,000,000		1,000,399
Royal Bank of Scotland 6.934% 4/9/18	EUR		2,300,000		2,761,248
•Royal Bank of Scotland Group 3.498% 5/15/23			5,000,000		5,038,015
•Santander Holdings USA 2.642% 11/24/17			1,000,000		1,004,043
Santander U.K.
2.35% 9/10/19			4,100,000		4,126,945
2.50% 3/14/19			2,000,000		2,016,688
#Standard Chartered 144A 2.40% 9/8/19			6,000,000		6,007,788
•State Bank of India/London 2.252% 4/6/20			5,000,000		5,000,000
Sumitomo Mitsui Financial Group 2.058% 7/14/21			2,500,000		2,459,300
#Sumitomo Mitsui Trust Bank 144A 2.05% 3/6/19			11,800,000		11,802,797
•United Overseas Bank 2.875% 10/17/22			1,200,000		1,205,832
•Wells Fargo & Co. 1.852% 1/30/20			5,500,000		5,537,879
					125,730,511
Beverages–0.91%
Anheuser-Busch InBev Finance
2.65% 2/1/21			4,400,000		4,462,691
3.30% 2/1/23			4,500,000		4,639,509
					9,102,200
Biotechnology–0.74%
AbbVie
2.30% 5/14/21			5,000,000		4,992,170
2.85% 5/14/23			800,000		799,285
3.20% 11/6/22			1,600,000		1,643,002
					7,434,457
Capital Markets–3.95%
BGC Partners 5.125% 5/27/21			5,200,000		5,485,568
Credit Suisse Group Funding Guernsey 3.45% 4/16/21			4,000,000		4,109,804
Goldman Sachs Group
•2.023% 12/27/20			4,000,000		4,008,292
•2.446% 9/15/20			1,000,000		1,017,630
Macquarie Group
3.00% 12/3/18			6,000,000		6,076,698
7.625% 8/13/19			6,000,000		6,644,952
#144A 7.625% 8/13/19			1,000,000		1,107,492

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Morgan Stanley
•2.553% 10/24/23		1,500,000	$	1,527,175
6.625% 4/1/18		400,000		414,279
S&P Global 3.30% 8/14/20		2,400,000		2,462,249
UBS Group Funding Switzerland
#•144A 2.736% 9/24/20		1,500,000		1,528,157
#144A 3.00% 4/15/21		5,200,000		5,284,448
				39,666,744
Chemicals–0.09%
#Solvay Finance America 144A 3.40% 12/3/20		900,000		929,403
				929,403
Commercial Services & Supplies–0.27%
#AP Moeller - Maersk 144A 2.875% 9/28/20		2,500,000		2,550,383
#Penske Truck Leasing 144A 4.875% 7/11/22		175,000		191,388
				2,741,771
Consumer Finance–4.21%
Ally Financial
3.60% 5/21/18		1,500,000		1,518,750
4.125% 3/30/20		2,100,000		2,163,000
4.75% 9/10/18		200,000		206,000
#BMW U.S. Capital 144A 1.50% 4/11/19		4,000,000		3,985,252
LeasePlan
#144A 2.50% 5/16/18		4,091,000		4,102,786
#144A 2.875% 1/22/19		5,770,000		5,790,466
#144A 3.00% 10/23/17		7,000,000		7,022,099
Navient
5.50% 1/15/19		4,650,000		4,853,437
8.00% 3/25/20		300,000		336,000
Synchrony Financial
1.875% 8/15/17		2,000,000		2,000,476
•2.402% 2/3/20		4,200,000		4,233,306
•2.58% 11/9/17		6,000,000		6,019,350
				42,230,922
Diversified Consumer Services–0.46%
#Hutchison Whampoa International 12 II 144A 2.00% 11/8/17		1,000,000		1,001,333
#Hutchison Whampoa International 14 144A 1.625% 10/31/17		3,600,000		3,593,560
				4,594,893

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)
Diversified Financial Services–0.11%
#Cantor Fitzgerald 144A 6.50% 6/17/22		1,000,000	$	1,120,608
				1,120,608
Diversified Telecommunication Services–1.47%
•AT&T 2.023% 7/15/21		6,600,000		6,672,204
Telecom Italia Capital 6.999% 6/4/18		2,900,000		3,034,125
Telefonica Emisiones 6.221% 7/3/17		5,070,000		5,070,000
				14,776,329
Electric Utilities–2.40%
#E.ON International Finance 144A 5.80% 4/30/18		4,400,000		4,535,186
#Enel Finance International 144A 6.25% 9/15/17		828,000		835,335
Entergy 4.00% 7/15/22		636,000		672,936
Exelon 2.45% 4/15/21		1,300,000		1,297,589
FirstEnergy 2.75% 3/15/18		3,200,000		3,220,886
#Iberdrola Finance Ireland 144A 5.00% 9/11/19		4,555,000		4,826,596
#Kentucky Power 144A 6.00% 9/15/17		3,700,000		3,730,421
#Korea East-West Power 144A 2.50% 7/16/17		500,000		500,079
Pennsylvania Electric 5.20% 4/1/20		1,400,000		1,479,990
Southern 2.35% 7/1/21		3,000,000		2,980,956
				24,079,974
Equity Real Estate Investment Trusts–0.56%
#Crown Castle Towers 144A 3.222% 5/15/22		4,500,000		4,609,530
#SBA Tower Trust 144A 3.598% 4/10/18		1,000,000		1,000,593
				5,610,123
Food & Staples Retailing–0.64%
CVS Health 3.50% 7/20/22		1,000,000		1,038,222
#Heathrow Funding 144A 4.875% 7/15/21		300,000		323,513
#Tesco 144A 5.50% 11/15/17		1,500,000		1,518,177
Walgreens Boots Alliance 1.75% 11/17/17		3,000,000		3,002,145
#Wesfarmers 144A 1.874% 3/20/18		500,000		500,793
				6,382,850
Food Products–0.72%
Kraft Heinz Foods 2.00% 7/2/18		4,300,000		4,311,937

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food Products (continued)
#Mondelez International Holdings Netherlands 144A 2.00% 10/28/21		3,000,000	$	2,925,951
				7,237,888
Gas Utilities–0.12%
#Korea Gas 144A 2.25% 7/25/17		1,200,000		1,200,332
				1,200,332
Health Care Equipment & Supplies–1.11%
Boston Scientific
2.65% 10/1/18		3,500,000		3,533,208
3.375% 5/15/22		5,800,000		5,977,294
Zimmer Biomet Holdings 2.00% 4/1/18		1,600,000		1,603,189
				11,113,691
Health Care Providers & Services–0.43%
Anthem 1.875% 1/15/18		200,000		200,192
Cardinal Health 1.95% 6/15/18		1,800,000		1,805,182
Humana 2.625% 10/1/19		1,000,000		1,012,577
#Universal Health Services 144A 3.75% 8/1/19		1,300,000		1,330,875
				4,348,826
Hotels, Restaurants & Leisure–0.52%
MGM Resorts International 8.625% 2/1/19		3,800,000		4,199,000
Wyndham Worldwide 2.50% 3/1/18		1,000,000		1,004,520
				5,203,520
Household Durables–1.09%
DR Horton
3.75% 3/1/19		2,000,000		2,046,654
4.00% 2/15/20		6,797,000		7,062,695
Toll Brothers Finance 8.91% 10/15/17		1,800,000		1,836,000
				10,945,349
Insurance–0.28%
#NUVEEN FINANCE 144A 2.95% 11/1/19		2,800,000		2,841,602
				2,841,602
Life Sciences Tools & Services–0.48%
Thermo Fisher Scientific 3.30% 2/15/22		4,600,000		4,758,226
				4,758,226

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)
Media–0.74%
DISH DBS 4.25% 4/1/18		2,000,000	$	2,030,640
Sky
#144A 2.625% 9/16/19		1,000,000		1,007,299
#144A 6.10% 2/15/18		1,000,000		1,026,039
#144A 9.50% 11/15/18		2,000,000		2,198,844
Time Warner Cable
6.75% 7/1/18		500,000		523,229
8.25% 4/1/19		600,000		662,164
				7,448,215
Metals & Mining–0.26%
#Minera y Metalurgica del Boleo 144A 2.875% 5/7/19		2,611,000		2,637,225
				2,637,225
Multi-Utilities–0.12%
Dominion Energy Gas Holdings 2.50% 12/15/19		1,200,000		1,208,711
				1,208,711
Oil, Gas & Consumable Fuels–7.01%
BG Energy Capital
#144A 4.00% 12/9/20		2,800,000		2,947,944
•6.50% 11/30/72		4,200,000		4,274,747
Central Nippon Expressway 2.369% 9/10/18		5,000,000		5,019,575
CNOOC Finance 2013 1.75% 5/9/18		2,345,000		2,341,987
Energy Transfer
9.00% 4/15/19		3,000,000		3,337,599
9.70% 3/15/19		851,000		953,446
Imperial Brands Finance
2.05% 2/11/18		1,500,000		1,501,707
#144A 2.05% 2/11/18		1,800,000		1,802,048
#144A 2.05% 7/20/18		6,079,000		6,082,836
#144A 2.95% 7/21/20		2,000,000		2,035,264
Kinder Morgan
2.00% 12/1/17		1,200,000		1,200,768
7.25% 6/1/18		3,000,000		3,141,051
#Kinder Morgan Finance 144A 6.00% 1/15/18		1,800,000		1,837,616
Petroleos Mexicanos
3.125% 1/23/19		4,280,000		4,320,660
•3.178% 7/18/18		1,000,000		1,012,500
3.50% 7/18/18		3,600,000		3,652,560
5.75% 3/1/18		1,000,000		1,024,174
9.25% 3/30/18		4,500,000		4,718,461
Pioneer Natural Resources
3.45% 1/15/21		1,000,000		1,028,243
6.875% 5/1/18		1,100,000		1,144,289
Regency Energy Partners 5.75% 9/1/20		500,000		541,230

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Sabine Pass Liquefaction 6.25% 3/15/22		3,500,000	$	3,967,197
Statoil 1.25% 11/9/17		1,711,000		1,709,771
Western Gas Partners 2.60% 8/15/18		1,100,000		1,103,319
Woodside Finance
#144A 3.65% 3/5/25		800,000		798,418
#144A 3.70% 9/15/26		2,500,000		2,466,463
#144A 4.60% 5/10/21		2,900,000		3,061,756
#144A 8.75% 3/1/19		3,000,000		3,314,244
				70,339,873
Paper & Forest Products–1.14%
Georgia-Pacific
#144A 2.539% 11/15/19		4,400,000		4,441,576
#144A 3.734% 7/15/23		3,400,000		3,568,099
#144A 5.40% 11/1/20		3,100,000		3,392,863
				11,402,538
Pharmaceuticals–1.63%
•Allergan Funding 2.483% 3/12/20		2,300,000		2,352,141
Forest Laboratories
#144A 4.375% 2/1/19		371,000		382,728
#144A 5.00% 12/15/21		5,400,000		5,901,347
Shire Acquisitions Investments Ireland 2.875% 9/23/23		4,300,000		4,268,064
Teva Pharmaceutical Finance Netherlands III 2.80% 7/21/23		2,200,000		2,142,765
Zoetis 3.45% 11/13/20		1,300,000		1,345,473
				16,392,518
Real Estate Management & Development–0.92%
Mitsubishi UFJ Trust & Banking
#144A 2.45% 10/16/19		4,000,000		4,027,236
#144A 2.65% 10/19/20		5,200,000		5,235,547
				9,262,783
Road & Rail–0.45%
#Asciano Finance 144A 5.00% 4/7/18		3,000,000		3,055,290
Kansas City Southern 2.35% 5/15/20		1,500,000		1,498,477
				4,553,767
Semiconductors & Semiconductor Equipment–0.56%
KLA-Tencor
2.375% 11/1/17		2,060,000		2,064,967
3.375% 11/1/19		1,000,000		1,028,724
NVIDIA 2.20% 9/16/21		2,500,000		2,474,590
				5,568,281

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)
Software–0.21%
Symantec 4.20% 9/15/20			2,000,000	$	2,110,000
					2,110,000
Technology Hardware, Storage & Peripherals–0.35%
#Dell International 144A 3.48% 6/1/19			1,000,000		1,023,846
Hewlett Packard Enterprise
2.45% 10/5/17			636,000		637,629
2.85% 10/5/18			1,800,000		1,815,957
					3,477,432
Tobacco–0.83%
BAT International Finance
#•144A 1.756% 6/15/18			2,000,000		2,005,708
#144A 3.50% 6/15/22			300,000		309,545
Reynolds American 4.00% 6/12/22			5,700,000		6,046,817
					8,362,070
Trading Companies & Distributors–1.17%
AerCap Ireland Capital
4.625% 10/30/20			2,000,000		2,127,180
5.00% 10/1/21			300,000		324,980
BOC Aviation
2.875% 10/10/17			1,300,000		1,302,858
3.00% 3/30/20			2,000,000		2,016,868
International Lease Finance
4.625% 4/15/21			600,000		639,733
5.875% 8/15/22			500,000		565,731
6.25% 5/15/19			3,860,000		4,142,004
8.25% 12/15/20			500,000		589,955
					11,709,309
Wireless Telecommunication Services–1.02%
SingTel Group Treasury 2.375% 9/8/17			9,000,000		9,010,386
•Wind Acquisition Finance 3.668% 7/15/20	EUR		1,100,000		1,262,835
					10,273,221
Total Corporate Bonds (Cost $578,053,375)					582,759,976
«LOAN AGREEMENT–0.17%
Las Vegas Sands 1st Lien 3.23% 3/29/24			1,674,745		1,679,041
Total Loan Agreement (Cost $1,670,040)					1,679,041

		Principal Amount°		Value (U.S. $)
MUNICIPAL BOND–0.30%
•State of Texas Series C-2 1.627% 6/1/19			3,000,000	$	3,001,170
Total Municipal Bond (Cost $3,000,000)					3,001,170
NON-AGENCY ASSET-BACKED SECURITIES–8.77%
•Accredited Mortgage Loan Trust Series 2004-3 2A2 2.416% 10/25/34			22,351		22,211
•Amortizing Residential Collateral Trust Series 2004-1 A5 2.216% 10/25/34			84,449		82,605
#•Apidos CLO XVI Series 2013-16A A1R 144A 2.189% 1/19/25			5,800,000		5,797,100
#•Atlas Senior Loan Fund II Series 2012-2A AR 144A 2.40% 1/30/24			4,558,459		4,556,148
#•Ballyrock CLO Series 2013-1A A 144A 2.352% 5/20/25			900,000		899,951
•Bear Stearns Asset-Backed Securities I Trust Series 2004-BO1 M4 2.416% 10/25/34			1,046,000		1,049,082
•Bear Stearns Asset-Backed Securities Trust Series 2003-2 A3 2.716% 3/25/43			89,285		88,188
#•BlueMountain CLO Series 2015-1A A1R 144A 2.485% 4/13/27			700,000		702,547
#•Cadogan Square CLO IV Series 4A C 144A 0.409% 7/24/23	EUR		700,000		784,928
#•Carlyle Global Market Strategies CLO Series 2014-5A A1R 144A 2.298% 10/16/25			5,800,000		5,797,077
#•CELF Low Levered Partners Series 2006-1A A3 144A 0.09% 3/4/24	EUR		779,001		888,572
#•CIFC Funding Series 2012-2A A1R 144A 2.568% 12/5/24			1,718,278		1,719,130
#•COA Summit CLO Series 2014-1A A1 144A 2.506% 4/20/23			365,200		365,240
#•Colony Starwood Homes Trust Series 2016-1A A 144A 2.709% 7/17/33			3,091,271		3,134,359
•CWABS Asset-Backed Certificates Trust Series 2004-6 1A1 1.756% 12/25/34			3,269,535		3,167,447
#•Drug Royalty II Series 2014-1 A1 144A 4.008% 7/15/23			143,956		144,802
#Eagle I Series 2014-1A A1 144A 2.57% 12/15/39			375,000		372,621

LVIP PIMCO Low Duration Bond Fund–7

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Finn Square CLO Series 2012-1A A1R 144A 2.506% 12/24/23			2,681,178	$	2,678,550
GCAT
#fSeries 2015-2 A1 144A 3.75% 7/25/20			407,816		408,672
#fSeries 2016-1 A1 144A 4.50% 3/25/21			682,924		686,677
•GSAA Home Equity Trust Series 2004-11 2A2 1.856% 12/25/34			64,316		64,511
#•Halcyon Loan Advisors Funding Series 2012-1A A1 144A 2.682% 8/15/23			1,934,172		1,934,238
#•LCM XII Series 12A AR 144A 2.418% 10/19/22			3,899,078		3,899,947
#•Malin CLO BV Series 2007-1A A1 144A 0.01% 5/7/23	EUR		2,082,584		2,376,588
Navient Private Education Loan Trust
#•Series 2014-CTA A 144A 1.859% 9/16/24			374,958		375,074
#•Series 2015-AA A2B 144A 2.359% 12/15/28			2,468,753		2,503,147
#fNYMT Residential Series 2016-RP1A A 144A 4.00% 3/25/21			976,833		969,506
#OneMain Financial Issuance Trust Series 2015-2A A 144A 2.57% 7/18/25			3,509,772		3,513,728
•Option One Mortgage Loan Trust Asset-Backed Certificates Series 2005-5 A3 1.426% 12/25/35			452,846		451,463
Securitized Asset-Backed Receivables Trust Series 2006-OP1 0.525% 10/25/35			3,584,426		3,561,577
•SLM Private Credit Student Loan Trust Series 2005-A A3 1.446% 6/15/23			2,782,933		2,774,338
#Sofi Professional Loan Program Series 2016-F A2 144A 3.02% 2/25/40			4,457,107		4,476,159
#•Symphony CLO VIII Series 2012-8A AR 144A 2.255% 1/9/23			4,023,682		4,023,115
#•Venture XVII CLO Series 2014-17A AR 144A 2.384% 7/15/26			5,000,000		5,000,000
#fVOLT LIX Series 2017-NPL6 A1 144A 3.25% 5/25/47			3,305,546		3,309,606

		Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#fVOLT LVIII Series 2017-NPL5 A1 144A 3.375% 5/28/47			6,575,453	$	6,572,988
#fVOLT LX Series 2017-NPL7 A1 144A 3.25% 4/25/59			1,900,000		1,898,303
#fVOLT XL Series 2015-NP14 A1 144A 4.375% 11/27/45			909,631		912,914
Voya CLO
#•Series 2012-2A AR 144A 2.458% 10/15/22			888,018		888,993
#•Series 2012-3A AR 144A 2.478% 10/15/22			299,499		299,771
#•=WhiteHorse IX Series 2014-9A AR 144A 2.464% 7/17/26			4,900,000		4,900,000
Total Non-Agency Asset-Backed Securities (Cost $87,463,006)					88,051,873
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–0.30%
Bear Stearns ARM Trust
•Series 2003-1 5A1 3.10% 4/25/33			76,017		76,594
•Series 2005-5 A1 2.58% 8/25/35			649,099		658,768
•Credit Suisse First Boston Mortgage Securities Series 2003-AR18 2A3 2.989% 7/25/33			7,863		7,789
•Eurosail-U.K. Series 2007-4X A2A 0.59% 6/13/45	GBP		54,396		70,942
•GSR Mortgage Loan Trust Series 2005-5F 8A1 1.716% 6/25/35			549,666		525,814
Merrill Lynch Mortgage Investors Trust
•Series 2003-A3 1A 3.154% 5/25/33			15,395		15,370
•Series 2005-2 1A 2.665% 10/25/35			40,408		40,345
•New York Mortgage Trust Series 2005-3 A1 1.696% 2/25/36			1,069,538		1,017,821
•Sequoia Mortgage Trust Series 2004-6 A1 2.76% 7/20/34			12,385		12,211
•Structured ARM Loan Trust Series 2004-6 3A2 3.351% 6/25/34			155,818		161,549
•Structured Asset Mortgage Investments II Trust Series 2005-AR5 A3 1.459% 7/19/35			401,006		390,223
Total Non-Agency Collateralized Mortgage Obligations (Cost $2,951,797)					2,977,426

LVIP PIMCO Low Duration Bond Fund–8

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

		Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.12%
BAMLL Commercial Mortgage Securities Trust
#•Series 2014-FL1 A 144A 2.559% 12/15/31			2,000,000	$	2,003,763
#•Series 2015-ASHF A 144A 2.379% 1/15/28			850,000		852,799
#•BBCMS Trust Series 2015-RRI A 144A 2.409% 5/15/32			6,407,511		6,409,526
#•Countrywide Commercial Mortgage Trust Series 2007-MF1 A 144A 6.477% 11/12/43			291,718		292,083
#•Credit Suisse First Boston Mortgage Securities Series 2004-C2 J 144A 5.362% 5/15/36			500,000		517,970
Morgan Stanley Capital I Trust Series 2007-IQ16 A4 5.809% 12/12/49			1,192,869		1,196,343
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $11,342,008)					11,272,484
DSOVEREIGN BONDS–5.68%
Czech Republic–2.40%
^Czech Republic Ministry of Finance Bill 0.00% 8/25/17	CZK		550,000,000		24,068,361
					24,068,361
India–0.08%
Export-Import Bank of India 2.75% 4/1/20			793,000		793,656
					793,656
Malaysia–0.89%
Malaysia Treasury Bill
3.028% 8/30/17	MYR		22,190,000		5,144,272
3.06% 7/28/17	MYR		16,140,000		3,752,440
					8,896,712
Mexico–2.05%
Mexico Cetes 6.96% 8/31/17	MXN		379,000,000		20,631,759
					20,631,759
Saudi Arabia–0.26%
#Saudi Government International Bond 144A 2.375% 10/26/21			2,700,000		2,660,029
					2,660,029
Total Sovereign Bonds (Cost $54,882,567)					57,050,517

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS–53.55%
^U.S. Treasury Bill 0.966% 8/31/17		1,155,000	$	1,153,263
U.S. Treasury Notes
×1.25% 6/30/19		150,800,000		150,399,475
¥1.50% 8/31/18		281,700,000		282,360,305
¥2.375% 5/15/27		102,800,000		103,464,602
Total U.S. Treasury Obligations (Cost $537,134,011)				537,377,645
	Number of Contracts
OPTIONS PURCHASED–0.01%
Call Swaptions–0.01%
2 yr IRS pay a fixed rate 2.67% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 9/8/17 (MSC)		52,400,000		72,102
Total Options Purchased (Cost $74,830)				72,102
	Principal Amount°
SHORT-TERM INVESTMENTS–6.43%
Repurchase Agreements–6.43%
JPMorgan Securities 1.35%, dated 6/30/17, to be repurchased on 7/3/17, repurchase price $64,507,256 (collateralized by U.S.government obligations 1.123% 4/30/19; market value $65,846,695)		64,500,000		64,500,000
Total Short-Term Investments (Cost $64,500,000)				64,500,000

LVIP PIMCO Low Duration Bond Fund–9

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

TOTAL INVESTMENTS–139.86% (Cost $1,395,711,701)				$	1,403,338,454
	Principal Amount°			Value (U.S. $)
SECURITY SOLD SHORT–(4.21%)
U.S. Treasury Obligation–(4.21%)
U.S. Treasury Note 1.75% 5/31/22		(42,500,000	)		(42,255,965	)
Total Security Sold Short (Proceeds $42,378,719)					(42,255,965	)
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(35.65%)					(357,668,985	)
NET ASSETS APPLICABLE TO 98,961,319 SHARES OUTSTANDING–100.00%				$	1,003,413,504

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $304,347,546, which represents 30.33% 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, 2017. Interest rates reset periodically.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2017.

^ Zero coupon security. The rate shown is the yield at the time of purchase.

◆ 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 value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

« Loan agreements 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at June 30, 2017.

× Fully or partially pledge as collateral for reverse repurchase agreements.

° 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 open derivatives and reverse repurchase agreements.

LVIP PIMCO Low Duration Bond Fund–10

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, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BNP	EUR	(1,462,000	)		USD	1,646,095			7/5/17	$	—	$	(24,156	)
BNP	EUR	(16,386,000	)		USD	18,666,439			8/2/17		—		(83,254	)
BNP	GBP	(5,020,000	)		USD	6,461,764			7/5/17		—		(77,611	)
BNP	JPY	3,350,400,000			USD	(29,927,646	)		7/5/17		—		(133,232	)
BNP	JPY	(3,350,400,000	)		USD	29,962,841			8/2/17		130,200		—
BNP	MXN	(13,286,531	)		USD	740,546			8/8/17		13,266		—
BNP	MXN	(379,000,000	)		USD	20,868,968			8/31/17		194,918		—
GSC	AUD	5,449,000			USD	(4,121,198	)		7/5/17		66,669		—
GSC	EUR	10,575,000			USD	(12,032,143	)		7/5/17		49,189		—
GSC	GBP	5,020,000			USD	(6,529,413	)		7/5/17		9,961		—
GSC	GBP	(6,400,000	)		USD	8,331,732			8/2/17		—		(13,342	)
GSC	JPY	(3,350,400,000	)		USD	30,259,978			7/5/17		465,565		—
GSC	MXN	9,837,000			USD	(540,347	)		8/8/17		—		(1,888	)
GSC	MYR	(16,087,401	)		USD	3,777,271			8/1/17		44,148		—
JPMC	AUD	(38,486,000	)		USD	28,609,909			7/5/17		—		(968,780	)
JPMC	CZK	(550,000,000	)		USD	21,810,683			8/25/17		—		(2,328,188	)
JPMC	JPY	(32,300,000	)		USD	287,283			7/5/17		46		—
JPMC	MXN	(12,137,819	)		USD	665,051			8/8/17		649		—
JPMC	MYR	(22,058,246	)		USD	5,179,815			9/5/17		67,646		—
Total										$	1,042,257	$	(3,630,451	)

Futures Contracts

Contracts to Buy (Sell)			Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
	Interest Rate Contracts:
	464	Euro-BOBL	$	70,516,662		$	69,795,416			9/8/17	$	—	$	(721,246	)
	(83)	Euro-Buxl 30 yr Bonds		(15,782,184	)		(15,501,443	)		9/8/17		280,741		—
	(219)	Long Gilt		(36,478,181	)		(35,817,153	)		9/28/17		661,028		—
	(800)	U.S. Treasury 5 yr Notes		(94,464,643	)		(94,268,750	)		10/2/17		195,893		—
	Total										$	1,137,662	$	(721,246	)

LVIP PIMCO Low Duration Bond Fund–11

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

Reverse Repurchase Agreements²

Counterparty	Interest Rate		Trade Date		Maturity Date		Principal Amount			Face Value Including Accrued Interest
JPM–collateralized U.S. Treasury Notes 1.25% 6/30/19; market value $64,827,360		1.15%		6/30/17		7/3/17	$	(64,837,500	)		(64,839,571	)
JPM–collateralized U.S. Treasury Notes 1.50% 8/31/18; market value $146,442,458		0.84%		6/13/17		7/17/17		(147,013,125	)		(147,071,440	)
RBC–collateralized U.S. Treasury Notes 2.38% 5/15/27; market value $96,463,307		1.01%		6/20/17		7/6/17		(97,018,750	)		(97,045,969	)
RBS–collateralized U.S. Treasury Notes 1.50% 8/31/18; market value $4,911,486		1.45%		6/30/17		7/3/17		(4,936,750	)		(4,936,949	)
SG–collateralized U.S. Treasury Notes 1.25% 6/30/19; market value $40,292,698		1.45%		6/29/17		7/3/17		(40,299,000	)		(40,302,246	)
SG–collateralized U.S. Treasury Notes 2.38% 5/15/27; market value $7,447,841		1.10%		6/29/17		7/7/17		(7,492,500	)		(7,492,729	)
Total							$	(361,597,625	)	$	(361,688,904	)

Swap Contracts

Interest Rate Swap Contracts

Counterparty & Swap Referenced Obligation	Notional Amount3			Fixed Interest Rate Paid (Received)		Floating Interest Rate Paid (Received)		Termination Date		Upfront Payments Paid (Received)			Unrealized Appreciation		Unrealized Depreciation
CME - CS-2 yr IRS			142,500,000		(1.350%)		1.295%		12/28/18	$	—		$	—	$	(380,729	)
CME - CS-5 yr IRS		MXN	983,000,000		(5.798%)		7.145%		9/6/21		(1,647,762	)		—		(208,329	)
CME - CS-5 yr IRS		MXN	267,900,000		(7.199%)		7.145%		12/3/21		(151,280	)		425,713		—
CME - CS-10 yr IRS			108,600,000		(1.500%)		1.299%		6/21/27		9,213,461			—		(1,406,164	)
											7,414,419			425,713		(1,995,222	)

Counterparty & Swap Referenced Obligation	Notional Amount3		Floating Interest Rate Paid (Received)		Floating Interest Rate Paid (Received)		Termination Date		Upfront Payments Paid (Received)		Unrealized Appreciation		Unrealized Depreciation
CME - CS-USD Receive 3 Month - Pay 1 Month IRS		71,100,000		(1.299%)		1.227%		5/21/22	$	—	$	—	$	(29,000	)
CME - CS-USD Receive 3 Month - Pay 1 Month IRS		954,000,000		(1.299%)		1.227%		6/21/20		25,771		—		(397,443	)
										25,771		—		(426,443	)
Total									$	7,440,190	$	425,713	$	(2,421,665	)

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, notional values and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

LVIP PIMCO Low Duration Bond Fund–12

LVIP PIMCO Low Duration Bond Fund

Schedule of Investments (continued)

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

²See Note 1 in “Notes to Financial Statements.”

³Notional amount 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

BAMLL–Bank of America Merrill Lynch Large Loan

BNP–BNP Paribas

CLO–Collateralized Loan Obligation

CME–Chicago Mercantile Exchange Inc.

CS–Credit Suisse First Boston

CZK–Czech Republic Koruna

EUR–Euro

GBP–British Pound Sterling

GNMA–Government National Mortgage Association

GSC–Goldman Sachs Capital

HSBC–Hong Kong Shanghai Bank

IRS–Interest Rate Swap

JPM–JPMorgan

JPMC–JPMorgan Chase

JPY–Japanese Yen

MSC–Morgan Stanley Capital

MXN–Mexican Peso

MYR–Malaysian Ringgit

RBC–Royal Bank of Canada

RBS–Royal Bank of Scotland

REMIC–Real Estate Mortgage Investment Conduit

SG–Societe Generale

USD–U.S. Dollar

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, 2017 (unaudited)

ASSETS:
Investments, at value	$	1,338,766,352
Short-term investments, at value		64,500,000
Receivable for securities sold		44,314,060
Upfront payments paid on interest rate swap contracts		9,239,232
Dividends and interest receivable		6,966,874
Foreign currencies, at value		2,907,573
Unrealized appreciation on futures contracts		1,137,662
Unrealized appreciation on foreign currency exchange contracts		1,042,257
Cash collateral held at brokers for certain open derivatives		1,014,000
Receivable for fund shares sold		520,323
Unrealized appreciation on interest rate swap contracts		425,713
Foreign currencies collateral held at broker for futures contracts, at value		330,226
Swap payments receivable		182,825
Options purchased, at value		72,102
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		18,726
TOTAL ASSETS		1,471,437,925
LIABILITIES:
Reverse repurchase agreements		361,597,625
Payable for securities purchased		52,317,338
Security sold short, at value		42,255,965
Unrealized depreciation on foreign currency exchange contracts		3,630,451
Unrealized depreciation on interest rate swap contracts		2,421,665
Upfront payments received on interest rate swap contracts		1,799,042
Payable for fund shares redeemed		1,073,271
Cash collateral due to brokers for certain open derivatives		950,000
Unrealized depreciation on futures contracts		721,246
Due to manager and affiliates		569,782
Swap payments payable		212,713
Cash due to custodian		198,665
Other accrued expenses payable		98,364
Interest expense payable for reverse repurchase agreements		91,279
Interest expense payable for securities sold short		57,804
Cash collateral due to broker for futures contracts		29,211
TOTAL LIABILITIES		468,024,421
TOTAL NET ASSETS	$	1,003,413,504
Investments, at cost	$	1,331,136,871
Short-term investments, at value		64,500,000
Options purchased, at cost		74,830
Foreign currencies, at cost		2,871,818
Security sold short, at proceeds		(42,378,719	)
Foreign currencies collateral held at broker for futures contracts, at cost		300,226

LVIP PIMCO Low Duration Bond Fund–14

LVIP PIMCO Low Duration Bond Fund

Statement of Assets and Liabilities (continued)

Standard Class:
Net Assets	$	582,129,923
Shares Outstanding		57,385,202
Net Asset Value Per Share	$	10.144
Service Class:
Net Assets	$	421,283,581
Shares Outstanding		41,576,117
Net Asset Value Per Share	$	10.133
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	990,485,783
Undistributed net investment income		11,793,927
Accumulated net realized loss on investments		(2,878,467	)
Net unrealized appreciation of investments, foreign currencies and derivatives		4,012,261
TOTAL NET ASSETS	$	1,003,413,504

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

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Interest	$	12,510,539
Dividends		7,964
		12,518,503
EXPENSES:
Management fees		2,877,984
Interest expense on reverse repurchase agreements		506,081
Distribution fees-Service Class		503,928
Accounting and administration expenses		143,996
Interest expense on securities sold short		57,936
Shareholder servicing fees		55,760
Professional fees		47,847
Reports and statements to shareholders		27,696
Custodian fees		17,371
Pricing fees		16,142
Trustees’ fees and expenses		15,603
Consulting fees		2,113
Other		5,470
		4,277,927
Less:
Management fees waived		(163,826	)
Expenses reimbursed		(25,131	)
Total operating expenses		4,088,970
NET INVESTMENT INCOME		8,429,533
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		1,883,697
Securities sold short		(260,979	)
Foreign currencies		871,457
Foreign currency exchange contracts		(2,570,515	)
Futures contracts		1,364,865
Options purchased		(127,925	)
Options written		1,001,045
Swap contracts		53,483
Net realized gain		2,215,128
Net change in unrealized appreciation (depreciation) of:
Investments		7,313,852
Securities sold short		122,754
Foreign currencies		547,248
Foreign currency exchange contracts		(3,232,223	)
Futures contracts		(1,144,571	)
Options purchased		(72,310	)
Options written		(191,634	)
Swap contracts		(189,900	)
Net change in unrealized appreciation (depreciation)		3,153,216
NET REALIZED AND UNREALIZED GAIN		5,368,344
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,797,877

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

LVIP PIMCO Low Duration Bond Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,429,533		$	17,299,680
Net realized gain (loss)		2,215,128			(2,205,876	)
Net change in unrealized appreciation (depreciation)		3,153,216			12,817,778
Net increase in net assets resulting from operations		13,797,877			27,911,582
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(12,926,662	)
Service Class		—			(5,227,925	)
Net realized gain:
Standard Class		—			(1,625,968	)
Service Class		—			(739,307	)
		—			(20,519,862	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		22,341,655			63,069,353
Service Class		87,536,860			254,656,841
Reinvestment of dividends and distributions:
Standard Class		—			14,552,630
Service Class		—			5,967,232
		109,878,515			338,246,056
Cost of shares redeemed:
Standard Class		(225,382,027	)		(99,227,295	)
Service Class		(56,126,008	)		(114,430,179	)
		(281,508,035	)		(213,657,474	)
Increase (Decrease) in net assets derived from capital share transactions		(171,629,520	)		124,588,582
NET INCREASE (DECREASE) IN NET ASSETS		(157,831,643	)		131,980,302
NET ASSETS:
Beginning of period		1,161,245,147			1,029,264,845
End of period	$	1,003,413,504		$	1,161,245,147
Undistributed net investment income	$	11,793,927		$	3,364,394

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, 2017 (unaudited)

Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	13,797,877
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		7,663,765,827
Costs to cover securities sold short		(1,873,611,317	)
Proceeds from securities sold short		1,915,729,057
Purchase of long-term investments		(7,694,184,424	)
Net proceeds (costs) of short-term securities		(128,498,098	)
Net amortization of premium/(discount) on investments		3,824,650
Non-cash adjustments for income from treasury inflation-protected securities		44,873
Net realized (gain) loss on sales of investments from changes in the foreign exchange rates		(1,209,828	)
Net realized (gain) loss from investments		(1,883,697	)
Net realized (gain) loss from securities sold short		260,979
Net change in unrealized (appreciation) depreciation of investments		(7,313,852	)
Net change in unrealized (appreciation) depreciation of securities sold short		(122,754	)
Net change in unrealized (appreciation) depreciation of swap contracts		189,900
Net change in unrealized (appreciation) depreciation of futures contracts		1,144,571
Net change in unrealized (appreciation) depreciation of foreign currency exchange contracts		3,232,223
Net change in unrealized (appreciation) depreciation of options purchased		72,310
Net change in unrealized (appreciation) depreciation of options written		191,634
Costs of options purchased		(275,881	)
Options purchased expired/exercised		482,813
Premiums on options written		1,036,871
Options written expired/exercised		(1,434,418	)
(Increase) Decrease in receivable for securities sold		(44,258,641	)
(Increase) Decrease in dividends and interest receivable		1,251,544
Net amortization of upfront payments on swap contracts		59,358
Premiums paid (received) for swap contracts		(9,402,387	)
Increase (Decrease) in cash collateral due to brokers for certain open derivatives		(40,000	)
(Increase) Decrease in cash collateral held at brokers for certain open derivatives		1,628,000
(Increase) Decrease in cash collateral held at broker for futures contracts		20,000
(Increase) Decrease in cash collateral due to broker for futures contracts		(1,553,655	)
(Increase) Decrease in foreign currencies pledged as collateral for futures contracts		(59,737	)
(Increase) Decrease in net swaps payments receivable/payable		45,646
Increase (Decrease) in payable for securities purchased		47,307,022
Increase (Decrease) in due to manager and affiliates		30,856
Increase (Decrease) in other accrued expenses		(25,456	)
Increase (Decrease) in interest expense payable for reverse repurchase agreements and securities sold short		110,649
(Increase) Decrease in prepaid printing and mailing fees to Lincoln Life		(18,726	)
Cash provided by (used for) operating activities		(109,666,211	)
Cash provided by (used for) financing activities:
Costs to cover reverse repurchase agreements		(6,906,259,375	)
Proceeds from reverse repurchase agreements		7,179,546,750
Proceeds from shares sold, net of amounts receivables		110,222,870
Shares redeemed, net of amounts payables		(281,315,488	)
Cash provided by (used for) financing activities		102,194,757
Net increase (decrease) in cash		(7,471,454	)
Cash and foreign currencies at beginning of year		10,180,362
Cash and foreign currencies at end of year	$	2,708,908
Cash paid during the period for interest expenses	$	453,368

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 6/30/171			Year Ended								5/1/142 to 12/31/14
	(unaudited)			12/31/16				12/31/15
Net asset value, beginning of period		$	10.018		$	9.948			$	9.939			$	10.000
Income (loss) from investment operations:
Net investment income3			0.078			0.164				0.134				0.062
Net realized and unrealized gain (loss)			0.048			0.097				0.032				(0.042	)
Total from investment operations			0.126			0.261				0.166				0.020
Less dividends and distributions from:
Net investment income			—			(0.170	)			(0.127	)			(0.066	)
Net realized gain			—			(0.021	)			(0.030	)			(0.015	)
Total dividends and distributions			—			(0.191	)			(0.157	)			(0.081	)
Net asset value, end of period		$	10.144		$	10.018			$	9.948			$	9.939
Total return4			1.26%			2.63%				1.67%				0.20%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	582,130		$	775,966			$	791,901			$	779,587
Ratio of expenses to average net assets5			0.63%			0.63%				0.57%				0.57%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.66%			0.63%				0.57%				0.57%
Ratio of net investment income to average net assets6			1.55%			1.63%				1.33%				0.92%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.52%			1.63%				1.33%				0.92%
Portfolio turnover			576%			817%				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. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁵  The ratio of expenses to average net assets excluding interest expense for the six months ended June 30, 2017, the years ended December 31, 2016 and 2015, and the period May 1, 2014 through December 31, 2014 was 0.53%, 0.54%, 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, 2017, the years ended December 31, 2016 and 2015, and the period May 1, 2014 through December 31, 2014 was 1.65%, 1.72%, 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 6/30/171			Year Ended								5/1/142 to
	(unaudited)			12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	10.019		$	9.950			$	9.941			$	10.000
Income (loss) from investment operations:
Net investment income3			0.065			0.139				0.109				0.045
Net realized and unrealized gain (loss)			0.049			0.097				0.032				(0.040	)
Total from investment operations			0.114			0.236				0.141				0.005
Less dividends and distributions from:
Net investment income			—			(0.146	)			(0.102	)			(0.049	)
Net realized gain			—			(0.021	)			(0.030	)			(0.015	)
Total dividends and distributions			—			(0.167	)			(0.132	)			(0.064	)
Net asset value, end of period		$	10.133		$	10.019			$	9.950			$	9.941
Total return4			1.14%			2.37%				1.42%				0.04%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	421,284		$	385,279			$	237,364			$	57,110
Ratio of expenses to average net assets5			0.88%			0.88%				0.82%				0.82%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.91%			0.88%				0.82%				0.82%
Ratio of net investment income to average net assets6			1.30%			1.38%				1.08%				0.67%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.27%			1.38%				1.08%				0.67%
Portfolio turnover			576%			817%				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. Total return reflects a waiver by the manager, as applicable. Performance would have been lower had the waiver not been in effect.

⁵  The ratio of expenses to average net assets excluding interest expense for the six months ended June 30, 2017, the years ended December 31, 2016 and 2015, and the period May 1, 2014 through December 31, 2014 was 0.78%, 0.79%, 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, 2017, the years ended December 31, 2016 and 2015, and the period May 1, 2014 through December 31, 2014 was 1.40%, 1.45%, 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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2014-December 31, 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 six months ended June 30, 2017, 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. All open repurchase agreements as of the date of this report were entered into on June 30, 2017, and matured on the next business day.

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 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 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, 2017, the Fund had average reverse repurchase agreements of $134,250,305, for which it paid interest at an average rate of 0.85%. At June 30, 2017, the Fund pledged $360,385,150 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/Demand	Overnight	Up to 30 days			31-90 days	Greater Than 90 Days But Less Than One Year	Total
U.S. Treasury Obligations	$—	$—	$	(361,597,625	)	$—	$—	$	(361,597,625	)

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, 2017.

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. 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 $500 million. The fee is calculated daily and paid monthly. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2017, LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses exceed 0.54% of the average daily net assets for the Standard Class and 0.79% for the Service Class. This agreement will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	33,115
Legal		7,993

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $20,127 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	18,726
Management fees payable to LIAC		436,380
Distribution fees payable to LFD		86,477
Printing and mailing fees to Lincoln Life		20,127
Shareholder servicing fees payable to Lincoln Life		26,798

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, 2017, the Fund engaged in securities purchases of $20,470,025 and securities sales of $121,671,142.

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 PIMCO Low Duration Bond Fund–22

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	137,459,083
Purchases of U.S. government securities		7,556,725,341
Sales other than U.S. government securities		403,352,956
Sales of U.S. government securities		7,260,412,872

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,353,258,152
Aggregate unrealized appreciation	$	9,410,269
Aggregate unrealized depreciation		(1,658,034	)
Net unrealized appreciation	$	7,752,235

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.

As of December 31, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term		Total
$1,897,914		$528,546		$2,426,460

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 PIMCO Low Duration Bond Fund–23

LVIP PIMCO Low Duration 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, 2017:

	Level 1			Level 2			Level 3		Total
Investments:
Assets:
Agency Asset-Backed Security	$	—		$	2,881,233		$	—	$	2,881,233
Agency Collateralized Mortgage Obligations		—			10,905,022			—		10,905,022
Agency Obligation		—			40,809,965			—		40,809,965
Corporate Bonds		—			582,759,976			—		582,759,976
Loan Agreements		—			1,679,041			—		1,679,041
Municipal Bonds		—			3,001,170			—		3,001,170
Non-Agency Asset-Backed Securities		—			83,151,873			4,900,000		88,051,873
Non-Agency Collateralized Mortgage Obligations		—			2,977,426			—		2,977,426
Non-Agency Commercial Mortgage-Backed Securities		—			11,272,484			—		11,272,484
Sovereign Bonds		—			57,050,517			—		57,050,517
U.S. Treasury Obligations		—			537,377,645			—		537,377,645
Option Purchased		—			72,102			—		72,102
Short-Term Investments		—			64,500,000			—		64,500,000
Total Investments	$	—		$	1,398,438,454		$	4,900,000	$	1,403,338,454
Liabilities:
Security Sold Short	$	—		$	(42,255,965	)	$	—	$	(42,255,965	)
Derivatives:
Assets:
Foreign Currency Exchange Contracts	$	—		$	1,042,257		$	—	$	1,042,257
Futures Contracts	$	1,137,662		$	—		$	—	$	1,137,662
Swap Contracts	$	—		$	425,713		$	—	$	425,713
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(3,630,451	)	$	—	$	(3,630,451	)
Futures Contracts	$	(721,246	)	$	—		$	—	$	(721,246	)
Swap Contracts	$	—		$	(2,421,665	)	$	—	$	(2,421,665	)
Reverse Repurchase Agreements	$	—		$	(361,597,625	)	$	—	$	(361,597,625	)

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

During the six months ended June 30, 2017, 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–24

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		2,220,329			6,279,545
Service Class		8,694,658			25,402,193
Shares reinvested:
Standard Class		—			1,449,409
Service Class		—			594,362
		10,914,987			33,725,509
Shares redeemed:
Standard Class		(22,292,446	)		(9,875,791	)
Service Class		(5,573,063	)		(11,396,888	)
		(27,865,509	)		(21,272,679	)
Net increase (decrease)		(16,950,522	)		12,452,830

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 and to facilitate or expedite the settlement of portfolio transactions. 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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to fix the U.S. dollar value of a security between trade date and settlement date; and to hedge the U.S. dollar value of securities it already owned that were denominated in foreign currencies.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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. At June 30, 2017, the Fund pledged $613,435 in securities, $682,000 in cash, and $330,226 in foreign currencies as collateral for futures contracts. At June 30, 2017, the Fund also received $29,211 in cash as collateral for futures contracts.

LVIP PIMCO Low Duration Bond Fund–25

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts–During the six months ended June 30, 2017, 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 caused by interest rates or market conditions 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 facilitate investments in portfolio securities; as a cash management tool; and to generate income. 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.

During the six months ended June 30, 2017, the Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions; to protect the value of portfolio securities; to facilitate investments in portfolio securities; and to generate income.

Transactions in options written during the six months ended June 30, 2017 for the Fund were as follows:

Put Options	Number of contracts			Premiums
Options outstanding at December 31, 2016		168,400,000			$	397,547
Options written		290,400,000				1,036,871
Options exercised		(458,800,000	)			(1,434,418	)
Options outstanding at June 30, 2017		—			$	—

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 manage 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.

During the six months ended June 30, 2017, the Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to 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 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

LVIP PIMCO Low Duration Bond Fund–26

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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, 2017, 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. No CDS contracts were outstanding at June 30, 2017.

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.

During the six months ended June 30, 2017, the Fund used CDS contracts to hedge against credit events (including single name, baskets, and systemic); and to gain exposure to certain securities or markets.

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.

At June 30, 2017, the Fund pledged $7,113,826 in securities and $332,000 in cash as collateral for certain open derivatives. At June 30, 2017, the Fund also received $950,000 in cash 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.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency exchange contracts (Currency contracts)	Unrealized appreciation on foreign currency exchange contracts	$	1,042,257	Unrealized depreciation on foreign currency exchange contracts	$	(3,630,451	)
Options purchased (Interest rate contracts)	Options purchased, at value		72,102	Options purchased, at value		—
Futures contracts (Interest rate contracts)	Unrealized appreciation on futures contracts		1,137,662	Unrealized depreciation on futures contracts		(721,246	)
Swap contracts (Interest rate contracts)	Unrealized appreciation on interest rate swap contracts		425,713	Unrealized depreciation on interest rate swap contracts		(2,421,665	)
Total		$	2,677,734		$	(6,773,362	)

LVIP PIMCO Low Duration Bond Fund–27

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, 2017 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
Foreign currency exchange contracts (Currency contracts )	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$	(2,570,515	)		$	(3,232,223	)
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			879,929				—
Futures contracts (Interest rate contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			484,936				(1,144,571	)
Options purchased (Currency contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased			(21,887	)			—
Options purchased (Interest rate contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased			(106,038	)			(72,310	)
Options written (Interest rate contracts)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written			1,001,045				(191,634	)
Swap contracts (Credit contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			—				(8,625	)
Swap contracts (Interest rate contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts			53,483				(181,275	)
Total			$	(279,047	)		$	(4,830,638	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD	7,333,693	USD	113,911,328
Futures contracts (average notional value)	USD	113,641,726	USD	291,306,320
Options contracts (average notional value)	USD	176,049	USD	110,737
CDS contracts (average notional value)*	USD	—	USD	1,029,600
Interest rate swap contracts (average notional value)**	MXN	1,248,498,400	MXN	—
Interest rate swap contracts (average notional value)**	USD	1,119,820,800	USD	65,865,600

*Long represents buying protection and short represents selling protection.

**Long represent paying floating interest payments and short represent receiving floating interest payments.

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out), netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

LVIP PIMCO Low Duration Bond Fund–28

LVIP PIMCO Low Duration Bond 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, 2017, the Fund had 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
BNP Paribas		$	338,384		$	(318,253	)		$	20,131
Credit Suisse First Boston			1,563,375			(3,142,911	)			(1,579,536	)
Morgan Stanley Capital			—			(2,728	)			(2,728	)
JPMorgan Chase Bank			68,341			(3,296,968	)			(3,228,627	)
Total		$	1,970,100		$	(6,760,860	)		$	(4,790,760	)

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)
BNP Paribas		$	20,131			$	—		$	—		$	—		$	—		$	20,131
Credit Suisse First Boston			(1,579,536	)			—			—			565,536			1,014,000			—
Morgan Stanley Capital			(2,728	)			—			—			—			—			(2,728	)
JPMorgan Chase Bank			(3,228,627	)			—			—			2,847,850			—			(380,777	)
Total		$	(4,790,760	)		$	—		$	—		$	3,413,386		$	1,014,000		$	(363,374	)

Repurchase Agreements

Repurchase agreements are entered into by a the Fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. 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 MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral. The liability reflects the Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of June 30, 2017, the following tables is a summary of the Fund’s repurchase agreements by counterparty which are subject to offset under an MRA:

Counterparty	Repurchase Agreement		Fair Value of Non Cash Collateral Received				Cash Collateral Received			Net Collateral Received				Net Exposurea
JPMorgan Securities		$64,500,000		$	(64,500,000	)		$	—		$	(64,500,000	)		$—

LVIP PIMCO Low Duration Bond Fund–29

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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, 2017, 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 Pledged			Net Collateral Pledged			Net Exposure(a)
JPMorgan		$	(211,850,625	)		$	211,269,818		$	211,269,818		$	(580,807	)
Royal Bank of Canada			(97,018,750	)			96,463,307			96,463,307			(555,443	)
Royal Bank of Scotland			(4,936,750	)			4,911,486			4,911,486			(25,264	)
Societe Generale			(47,791,500	)			47,740,539			47,740,539			(50,961	)
Total		$	(361,597,625	)		$	360,385,150		$	360,385,150		$	(1,212,475	)

^(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 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 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

LVIP PIMCO Low Duration Bond Fund–30

LVIP PIMCO Low Duration Bond Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

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 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–31

                                    LVIP Select Core Equity Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,091.80		0.10	%		$0.52
Service Class Shares		1,000.00		1,090.00		0.45	%		2.33
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,024.30		0.10	%		$0.50
Service Class Shares		1,000.00		1,022.56		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 181/365 (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 Select Core Equity Managed Volatility Fund–1

LVIP Select Core Equity Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2017

Security Type/Sector Percentage
of Net Assets

Investment Companies	99.73	%
Equity Funds	93.02	%
Money Market Fund	6.71	%
Total Value of Securities	99.73	%
Receivables and Other Assets Net of Liabilities	0.27	%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–99.73%
Equity Funds–93.02%
Fidelity®–
XVIP Contrafund® Portfolio		8,388,964	$	298,479,338
XVIP Equity-Income Portfolio		5,683,148		128,041,323
				426,520,661

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Money Market Fund–6.71%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		30,789,845	$	30,789,845
				30,789,845
Total Investment Companies (Cost $407,034,684)				457,310,506

TOTAL VALUE OF SECURITIES–99.73% (Cost $407,034,684)		457,310,506
« RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.27%		1,216,410
NET ASSETS APPLICABLE TO 36,013,656 SHARES OUTSTANDING–100.00%	$	458,526,916
NET ASSET VALUE PER SHARE–LVIP SELECT CORE EQUITY MANAGED VOLATILITY FUND STANDARD CLASS ($130,563 / 10,234 Shares)	$	12.758
NET ASSET VALUE PER SHARE–LVIP SELECT CORE EQUITY MANAGED VOLATILITY FUND SERVICE CLASS ($458,396,353 / 36,003,422 Shares)	$	12.732
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	411,921,163
Accumulated net investment loss		(122,176	)
Accumulated net realized loss on investments		(3,402,358	)
Net unrealized appreciation of investments and derivatives.		50,130,287
TOTAL NET ASSETS	$	458,526,916

X Initial Class.

« Includes $15,884 cash due to broker, $272,050 foreign currencies held at broker, $1,049,716 cash collateral held at broker for futures contracts, $72,951 payable for fund shares redeemed, $187,973 due to manager and affiliates and $26,201 expense reimbursement receivable from Lincoln Investment Advisors Corporation as of June 30, 2017.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
6    British Pound	$	481,143	$	489,188		9/19/17	$	8,045	$	—
5    Euro		708,671		716,688		9/19/17		8,017		—
5    Japanese Yen		575,453		556,875		9/19/17		—		(18,578	)
								16,062		(18,578	)
Equity Contracts:
207    E-mini S&P 500 Index		25,114,120		25,056,315		9/18/17		—		(57,805	)
20    E-mini S&P MidCap 400 Index		3,531,320		3,492,200		9/18/17		—		(39,120	)
22    Euro STOXX 50 Index		893,029		862,118		9/18/17		—		(30,911	)
5    FTSE 100 Index		484,274		471,649		9/18/17		—		(12,625	)
3    Nikkei 225 Index (OSE)		536,522		533,985		9/8/17		—		(2,537	)
								—		(142,998	)
Total							$	16,062	$	(161,576	)

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.”

Summary of Abbreviations:

FTSE–Financial Times Stock Exchange

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from investment companies	$	870,155
EXPENSES:
Management fees		1,588,822
Distribution fees-Service Class		794,158
Accounting and administration expenses		31,254
Shareholder servicing fees		22,281
Professional fees		21,984
Reports and statements to shareholders		17,693
Trustees’ fees and expenses		6,157
Custodian fees		4,334
Consulting fees		2,294
Pricing fees		128
Other		1,926
		2,491,031
Less:
Management fees waived		(1,407,242	)
Expenses reimbursed		(62,657	)
Total operating expenses		1,021,132
NET INVESTMENT LOSS		(150,977	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from investment companies		12,772,205
Sale of investments in investment companies		(87,745	)
Foreign currencies		6,187
Futures contracts		2,519,895
Net realized gain		15,210,542
Net change in unrealized appreciation (depreciation) of:
Investments in investment companies		24,389,271
Foreign currencies		7
Futures contracts		(66,558	)
Net change in unrealized appreciation (depreciation)		24,322,720
NET REALIZED AND UNREALIZED GAIN		39,533,262
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,382,285

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

LVIP Select Core Equity Managed Volatility Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(150,977	)	$	3,074,512
Net realized gain (loss)		15,210,542			(10,148,502	)
Net change in unrealized appreciation (depreciation)		24,322,720			35,622,530
Net increase in net assets resulting from operations		39,382,285			28,548,540
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(2,275	)
Service Class		—			(3,425,776	)
		—			(3,428,051	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		59			176,681
Service Class		10,395,974			52,561,579
Reinvestment of dividends and distributions:
Standard Class		—			2,275
Service Class		—			3,425,776
		10,396,033			56,166,311
Cost of shares redeemed:
Standard Class		(93,965	)		(604,095	)
Service Class		(42,249,777	)		(73,865,272	)
		(42,343,742	)		(74,469,367	)
Decrease in net assets derived from capital share transactions		(31,947,709	)		(18,303,056	)
NET INCREASE IN NET ASSETS		7,434,576			6,817,433
NET ASSETS:
Beginning of period		451,092,340			444,274,907
End of period	$	458,526,916		$	451,092,340
Undistributed (accumulated) net investment income (loss)	$	(122,176	)	$	28,801

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 6/30/171 (unaudited)				12/31/162				Year Ended 12/31/15				12/31/14				5/1/133 to 12/31/13
Net asset value, beginning of period		$	11.684			$	11.081			$	11.839			$	11.459			$	10.000
Income (loss) from investment operations:
Net investment income4			0.017				0.112				0.119				0.141				0.224
Net realized and unrealized gain (loss)			1.057				0.619				(0.688	)			0.570				1.346
Total from investment operations			1.074				0.731				(0.569	)			0.711				1.570
Less dividends and distributions from:
Net investment income			—				(0.128	)			(0.189	)			(0.331	)			(0.111	)
Total dividends and distributions			—				(0.128	)			(0.189	)			(0.331	)			(0.111	)
Net asset value, end of period		$	12.758			$	11.684			$	11.081			$	11.839			$	11.459
Total return5			9.18%				6.59%				(4.81%	)			6.18%				15.70%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	131			$	210			$	626			$	448			$	229
Ratio of expenses to average net assets6			0.10%				0.10%				0.10%				0.10%				0.10%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			0.75%				0.75%				0.77%				0.80%				1.24%
Ratio of net investment income to average net assets			0.28%				1.03%				1.02%				1.20%				3.09%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.37%	)			0.38%				0.35%				0.50%				1.95%
Portfolio turnover			5%				44%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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–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 6/30/171 (unaudited)				12/31/162				Year Ended 12/31/15				12/31/14				5/1/133 to 12/31/13
Net asset value, beginning of period		$	11.681			$	11.082			$	11.838			$	11.459			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.004	)			0.076				0.078				0.100				0.202
Net realized and unrealized gain (loss)			1.055				0.612				(0.686	)			0.568				1.342
Total from investment operations			1.051				0.688				(0.608	)			0.668				1.544
Less dividends and distributions from:
Net investment income			—				(0.089	)			(0.148	)			(0.289	)			(0.085	)
Total dividends and distributions			—				(0.089	)			(0.148	)			(0.289	)			(0.085	)
Net asset value, end of period		$	12.732			$	11.681			$	11.082			$	11.838			$	11.459
Total return5			9.00%				6.22%				(5.15%	)			5.81%				15.44%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	458,396			$	450,882			$	443,649			$	290,592			$	101,106
Ratio of expenses to average net assets6			0.45%				0.45%				0.45%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed6			1.10%				1.10%				1.12%				1.15%				1.59%
Ratio of net investment income (loss) to average net assets			(0.07%	)			0.68%				0.67%				0.85%				2.74%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.72%	)			0.03%				0.00%				0.15%				1.60%
Portfolio turnover			5%				44%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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. 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 Fidelity^® - VIP Contrafund^® Portfolio and VIP Equity-Income Portfolio (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The Fidelity^® - VIP Contrafund^® Portfolio and VIP Equity-Income Portfolio, which are advised by an unaffiliated adviser, invest 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. Investments in government money market funds have a stable NAV. 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, 2017 and for the open tax years (years ended December 31, 2013-December 31, 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 six months ended June 30, 2017, 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 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. Income and capital gain distributions from the Underlying Funds are recorded on the ex-dividend date.

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)

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, 2017.

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 calculated daily and paid monthly. 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 0.62% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2018, 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 managing the Fund’s volatility management overlay. 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, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	12,944
Legal		3,124

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $13,924 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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 Select Core Equity Managed Volatility Fund–9

LVIP Select Core Equity Managed Volatility Fund

Notes to Financial Statements (continued)

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

At June 30, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	26,201
Management fees payable to LIAC		30,342
Distribution fees payable to LFD		132,708
Shareholder servicing fees payable to Lincoln Life		10,999
Printing and mailing fees payable to Lincoln Life		13,924

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	21,584,322
Sales		39,163,347

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	407,034,684
Aggregate unrealized appreciation	$	50,275,822
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	50,275,822

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, 2017:

	Level 1
Investments:
Assets:
Investment Companies	$	457,310,506
Derivatives:
Assets:
Futures Contracts	$	16,062
Liabilities:
Futures Contracts	$	(161,576	)

LVIP Select Core Equity Managed Volatility Fund–10

LVIP Select Core Equity Managed Volatility Fund

Notes to Financial Statements (continued)

3. Investments (continued)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		5			16,613
Service Class		840,762			4,869,418
Shares reinvested:
Standard Class		—			194
Service Class		—			292,263
		840,767			5,178,488
Shares redeemed:
Standard Class		(7,754	)		(55,273	)
Service Class		(3,436,316	)		(6,597,740	)
		(3,444,070	)		(6,653,013	)
Net decrease		(2,603,303	)		(1,474,525	)

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market condition; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Futures contracts (Currency contracts)	Receivables and other assets net of liabilities	$	16,062	Receivables and other assets net of liabilities	$	(18,578	)
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities		—	Receivables and other assets net of liabilities		(142,998	)
Total		$	16,062		$	(161,576	)

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, 2017 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
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	69,190		$	17,597
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			2.450,705			(84,155	)
Total			$	2,519,895		$	(66,558	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Futures contracts (Average notional value)		$	32,321,033		$	—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 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, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 and reimbursements in effect.

LVIP SSGA Conservative Index Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,055.60		0.20	%		$1.02
Service Class Shares		1,000.00		1,054.30		0.45	%		2.29
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.80		0.20	%		$1.00
Service Class Shares		1,000.00		1,022.56		0.45	%		2.26

LVIP SSGA Moderate Index Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,072.70		0.19	%		$0.98
Service Class Shares		1,000.00		1,071.40		0.44	%		2.26
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.85		0.19	%		$0.95
Service Class Shares		1,000.00		1,022.61		0.44	%		2.21

LVIP SSGA Moderately Aggressive Index Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,084.40		0.20	%		$1.03
Service Class Shares		1,000.00		1,083.10		0.45	%		2.32
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.80		0.20	%		$1.00
Service Class Shares		1,000.00		1,022.56		0.45	%		2.26

LVIP SSGA Allocation Funds–1

LVIP SSGA Allocation Funds

Disclosure

OF FUND EXPENSES (unaudited) (continued)

LVIP SSGA Conservative Structured Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,051.30		0.20	%		$1.02
Service Class Shares		1,000.00		1,050.00		0.45	%		2.29
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.80		0.20	%		$1.00
Service Class Shares		1,000.00		1,022.56		0.45	%		2.26

LVIP SSGA Moderate Structured Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,067.10		0.19	%		$0.97
Service Class Shares		1,000.00		1,065.70		0.44	%		2.25
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.85		0.19	%		$0.95
Service Class Shares		1,000.00		1,022.61		0.44	%		2.21

LVIP SSGA Moderately Aggressive Structured Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,076.90		0.19	%		$0.98
Service Class Shares		1,000.00		1,075.60		0.44	%		2.26
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.85		0.19	%		$0.95
Service Class Shares		1,000.00		1,022.61		0.44	%		2.21

* “Expenses Paid During Period” are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 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, 2017

LVIP SSGA Conservative Index Allocation Fund

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	85.13	%
Equity Funds	21.68	%
Fixed Income Fund	49.63	%
International Equity Fund	13.82	%
Unaffiliated Investments	13.89	%
Fixed Income Fund	9.94	%
International Equity Fund	3.95	%
Total Value of Securities	99.02	%
Receivables and Other Assets Net of Liabilities	0.98	%
Total Net Assets	100.00	%

LVIP SSGA Moderate Index Allocation Fund

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	83.67	%
Equity Funds	33.77	%
Fixed Income Fund	30.01	%
International Equity Fund	19.89	%
Unaffiliated Investments	15.99	%
Fixed Income Fund	10.02	%
International Equity Fund	5.97	%
Total Value of Securities	99.66	%
Receivables and Other Assets Net of Liabilities	0.34	%
Total Net Assets	100.00	%

LVIP SSGA Moderately Aggressive Index Allocation Fund

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	85.01	%
Equity Funds	37.92	%
Fixed Income Fund	25.12	%
International Equity Fund	21.97	%
Unaffiliated Investments	15.03	%
Fixed Income Fund	5.03	%
International Equity Fund	10.00	%
Total Value of Securities	100.04	%
Liabilities Net of Receivables and Other Assets	(0.04	%)
Total Net Assets	100.00	%

LVIP SSGA Allocation Funds–3

LVIP SSGA Structured Allocation Funds

Security Type/Sector Allocations (unaudited) (continued)

As of June 30, 2017

LVIP SSGA Conservative Structured Allocation Fund

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	90.03	%
Equity Funds	21.97	%
Fixed Income Fund	50.05	%
International Equity Funds	18.01	%
Unaffiliated Investment	10.02	%
Fixed Income Fund	10.02	%
Total Value of Securities	100.05	%
Liabilities Net of Receivables and Other Assets	(0.05	%)
Total Net Assets	100.00	%

LVIP SSGA Moderate Structured Allocation Fund

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	100.11	%
Equity Funds	33.98	%
Fixed Income Funds	40.10	%
International Equity Funds	26.03	%
Total Value of Securities	100.11	%
Liabilities Net of Receivables and Other Assets	(0.11	%)
Total Net Assets	100.00	%

LVIP SSGA Moderately Aggressive Structured Allocation Fund

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	95.01	%
Equity Funds	37.95	%
Fixed Income Fund	25.02	%
International Equity Funds	32.04	%
Unaffiliated Investments	5.06	%
Fixed Income Fund	5.01	%
Money Market Fund	0.05	%
Total Value of Securities	100.07	%
Liabilities Net of Receivables and Other Assets	(0.07	%)
Total Net Assets	100.00	%

LVIP SSGA Allocation Funds–4

LVIP SSGA Conservative Index Allocation Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–85.13%
Equity Funds–21.68%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		247,679	$	3,011,286
LVIP SSGA S&P 500 Index Fund		1,001,225		17,017,819
LVIP SSGA Small-Cap Index Fund		67,129		2,023,075
				22,052,180
Fixed Income Fund–49.63%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		4,432,795		50,493,973
				50,493,973
International Equity Fund–13.82%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA International Index Fund		1,510,228		14,054,186
				14,054,186
Total Affiliated Investments (Cost $74,287,803)				86,600,339

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS–13.89%
Fixed Income Fund–9.94%
SPDR® Bloomberg Barclays TIPS ETF		180,029	$	10,112,229
				10,112,229
International Equity Fund–3.95%
iShares Core MSCI Emerging Markets ETF		80,352		4,020,814
				4,020,814
Total Unaffiliated Investments (Cost $13,499,539)				14,133,043

TOTAL VALUE OF SECURITIES–99.02% (Cost $87,787,342)		100,733,382
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.98%		1,001,793
NET ASSETS APPLICABLE TO 7,962,208 SHARES OUTSTANDING–100.00%	$	101,735,175

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–83.67%
Equity Funds–33.77%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		1,657,934	$	20,157,165
LVIP SSGA S&P 500 Index Fund		4,730,932		80,411,650
LVIP SSGA Small-Cap Index Fund		449,357		13,542,257
				114,111,072
Fixed Income Fund–30.01%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		8,901,439		101,396,294
				101,396,294
International Equity Fund–19.89%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA International Index Fund		7,220,985		67,198,483
				67,198,483
Total Affiliated Investments (Cost $231,204,604)				282,705,849

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS–15.99%
Fixed Income Fund–10.02%
SPDR® Bloomberg Barclays TIPS ETF		602,543	$	33,844,840
				33,844,840
International Equity Fund–5.97%
iShares Core MSCI Emerging Markets ETF		403,422		20,187,237
				20,187,237
Total Unaffiliated Investments (Cost $52,304,741)				54,032,077

TOTAL VALUE OF SECURITIES–99.66% (Cost $283,509,345)		336,737,926
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.34%		1,154,496
NET ASSETS APPLICABLE TO 24,035,277 SHARES OUTSTANDING–100.00%	$	337,892,422

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–85.01%
Equity Funds–37.92%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		1,762,485	$	21,428,290
LVIP SSGA S&P 500 Index Fund		4,669,800		79,372,588
LVIP SSGA Small-Cap Index Fund		511,798		15,424,052
				116,224,930
Fixed Income Fund–25.12%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		6,757,850		76,978,668
				76,978,668
International Equity Fund–21.97%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA International Index Fund		7,237,428		67,351,501
				67,351,501
Total Affiliated Investments (Cost $208,513,353)				260,555,099

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS–15.03%
Fixed Income Fund–5.03%
SPDR® Bloomberg Barclays TIPS ETF		274,455	$	15,416,137
				15,416,137
International Equity Fund–10.00%
iShares Core MSCI Emerging Markets ETF		612,638		30,656,405
				30,656,405
Total Unaffiliated Investments (Cost $43,506,227)				46,072,542

TOTAL VALUE OF SECURITIES–100.04% (Cost $252,019,580)		306,627,641
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.04%)		(116,512	)
NET ASSETS APPLICABLE TO 21,269,868 SHARES OUTSTANDING–100.00%	$	306,511,129

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–90.03%
Equity Funds–21.97%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		1,124,641	$	16,760,531
LVIP SSGA Mid-Cap Index Fund		342,411		4,163,039
LVIP SSGA S&P 500 Index Fund		977,143		16,608,503
LVIP SSGA Small-Cap Index Fund		139,212		4,195,417
LVIP SSGA Small-Mid Cap 200 Fund		295,318		4,237,221
				45,964,711
Fixed Income Fund–50.05%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		9,194,303		104,732,304
				104,732,304
International Equity Funds–18.01%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		1,641,460		14,661,518
LVIP SSGA Emerging Markets 100 Fund		885,298		8,436,002
LVIP SSGA International Index Fund		1,565,967		14,572,887
				37,670,407
Total Affiliated Investments (Cost $163,686,422)				188,367,422

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT–10.02%
Fixed Income Fund–10.02%
SPDR® Bloomberg Barclays TIPS ETF		373,397	$	20,973,709
Total Unaffiliated Investment (Cost $20,565,750)				20,973,709

TOTAL VALUE OF SECURITIES–100.05% (Cost $184,252,172)		209,341,131
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)		(99,477	)
NET ASSETS APPLICABLE TO 17,346,472 SHARES OUTSTANDING–100.00%	$	209,241,654

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

S&P–Standard & Poor’s

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–100.11%
Equity Funds–33.98%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		7,403,095	$	110,328,323
LVIP SSGA Mid-Cap Index Fund		3,005,378		36,539,384
LVIP SSGA S&P 500 Index Fund		6,432,212		109,328,303
LVIP SSGA Small-Cap Index Fund		916,393		27,617,345
LVIP SSGA Small-Mid Cap 200 Fund		1,943,926		27,891,453
				311,704,808
Fixed Income Funds–40.10%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		24,207,297		275,745,320
SPDR® Bloomberg Barclays TIPS ETF		1,638,614		92,040,948
				367,786,268

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS (continued)
International Equity Funds–26.03%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		10,290,594	$	91,915,589
LVIP SSGA Emerging Markets 100 Fund		5,827,519		55,530,430
LVIP SSGA International Index Fund		9,817,399		91,360,713
				238,806,732
Total Affiliated Investments (Cost $782,146,790)				918,297,808

TOTAL VALUE OF SECURITIES–100.11% (Cost $782,146,790)		918,297,808
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.11%)		(1,004,010	)
NET ASSETS APPLICABLE TO 70,080,133 SHARES OUTSTANDING–100.00%	$	917,293,798

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

S&P–Standard & Poor’s

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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–95.01%
Equity Funds–37.95%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		4,570,343	$	68,111,816
LVIP SSGA Mid-Cap Index Fund		1,712,691		20,822,893
LVIP SSGA S&P 500 Index Fund		3,970,974		67,494,640
LVIP SSGA Small-Cap Index Fund		696,310		20,984,696
LVIP SSGA Small-Mid Cap 200 Fund		1,477,052		21,192,745
				198,606,790
Fixed Income Fund–25.02%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Bond Index Fund		11,495,454		130,944,714
				130,944,714
International Equity Funds–32.04%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		6,450,783		57,618,390
LVIP SSGA Emerging Markets 100 Fund		5,534,870		52,741,772
LVIP SSGA International Index Fund		6,154,209		57,271,065
				167,631,227
Total Affiliated Investments (Cost $408,011,284)				497,182,731

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS–5.06%
Fixed Income Fund–5.01%
SPDR® Bloomberg Barclays TIPS ETF		466,881	$	26,224,706
				26,224,706
Money Market Fund–0.05%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		231,678		231,678
				231,678
Total Unaffiliated Investments (Cost $26,099,685)				26,456,384

TOTAL VALUE OF SECURITIES–100.07% (Cost $434,110,969)		523,639,115
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)		(362,759	)
NET ASSETS APPLICABLE TO 38,726,749 SHARES OUTSTANDING–100.00%	$	523,276,356

* Standard Class shares.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

S&P–Standard & Poor’s

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, 2017 (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:
Affiliated investments, at value		$	86,600,339			$	282,705,849			$	260,555,099			$	188,367,422			$	918,297,808			$	497,182,731
Unaffiliated investments, at value			14,133,043				54,032,077				46,072,542				20,973,709				—				26,456,384
Total investments, at value			100,733,382				336,737,926				306,627,641				209,341,131				918,297,808				523,639,115
Receivable for fund shares sold			1,108,786				1,407,482				34,436				34,423				12,514				181,756
Cash			31,256				559				—				50,828				—				625,646
Receivable for investments sold			20,119				14,168				30,629				18,792				126,435				27,850
Expense reimbursement receivable from Lincoln Investment Advisors Corporation			3,927				—				—				—				—				—
Dividends receivable from investments			21				100				177				21				28				22
TOTAL ASSETS			101,897,491				338,160,235				306,692,883				209,445,195				918,436,785				524,474,389
LIABILITIES:
Payable for fund shares redeemed			64,064				132,417				46,106				42,143				656,607				112,936
Payable for investments purchased			51,301				14,718				452				69,584				—				885,117
Due to manager and affiliates			31,902				102,016				86,552				74,172				330,907				177,590
Accrued expenses payable			15,049				18,662				18,404				17,642				28,965				22,390
Cash due to custodian			—				—				30,240				—				126,508				—
TOTAL LIABILITIES			162,316				267,813				181,754				203,541				1,142,987				1,198,033
TOTAL NET ASSETS		$	101,735,175			$	337,892,422			$	306,511,129			$	209,241,654			$	917,293,798			$	523,276,356
Affiliated investments, at cost		$	74,287,803			$	231,204,604			$	208,513,353			$	163,686,422			$	782,146,790			$	408,011,284
Unaffiliated investments, at cost			13,499,539				52,304,741				43,506,227				20,565,750				—				26,099,685
Total investments, at cost		$	87,787,342			$	283,509,345			$	252,019,580			$	184,252,172			$	782,146,790			$	434,110,969
Standard Class:
Net Assets		$	25,624,553			$	100,622,685			$	120,161,367			$	15,319,799			$	82,075,372			$	64,524,802
Shares Outstanding			2,003,382				7,150,124				8,324,326				1,268,365				6,260,894				4,767,993
Net Asset Value Per Share		$	12.791			$	14.073			$	14.435			$	12.078			$	13.109			$	13.533
Service Class:
Net Assets		$	76,110,622			$	237,269,737			$	186,349,762			$	193,921,855			$	835,218,426			$	458,751,554
Shares Outstanding			5,958,826				16,885,153				12,945,542				16,078,107				63,819,239				33,958,756
Net Asset Value Per Share		$	12.773			$	14.052			$	14.395			$	12.061			$	13.087			$	13.509
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)		$	90,547,807			$	288,427,506			$	255,827,905			$	187,598,971			$	787,621,900			$	445,619,581
Accumulated net investment loss			(64,810	)			(88,971	)			(142,316	)			(250,952	)			(985,340	)			(787,944	)
Accumulated net realized loss on investments			(1,693,862	)			(3,674,694	)			(3,782,521	)			(3,195,324	)			(5,493,780	)			(11,083,427	)
Net unrealized appreciation of investments			12,946,040				53,228,581				54,608,061				25,088,959				136,151,018				89,528,146
TOTAL NET ASSETS		$	101,735,175			$	337,892,422			$	306,511,129			$	209,241,654			$	917,293,798			$	523,276,356

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, 2017 (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 investments		$	126,203			$	467,312			$	368,753			$	204,226			$	164			$	250,679
Dividends from affiliated investments			—				—				—				—				884,812				—
			126,203				467,312				368,753				204,226				884,976				250,679
EXPENSES:
Management fees			121,950				400,323				361,510				260,418				1,127,090				635,744
Distribution expenses-Service Class			93,452				286,460				227,572				242,119				1,031,630				560,542
Accounting and administration expenses			18,611				26,279				25,228				22,476				47,248				33,051
Professional fees			10,665				13,081				12,693				11,905				18,680				15,069
Shareholder servicing fees			4,838				16,202				14,572				10,205				44,463				25,273
Reports and statements to shareholders			3,212				6,179				5,402				5,011				26,677				8,532
Trustees’ fees and expenses			1,357				4,224				3,825				2,810				12,099				6,786
Custodian fees			1,248				2,444				2,549				2,267				7,088				4,142
Consulting fees			958				1,198				1,164				1,079				1,828				1,401
Pricing fees			9				23				20				13				50				27
Other			527				1,162				1,138				1,042				4,299				2,354
			256,827				757,575				655,673				559,345				2,321,152				1,292,921
Less:
Management fees waived			(48,780	)			(160,129	)			(144,604	)			(104,167	)			(450,836	)			(254,298	)
Expenses reimbursed			(17,034	)			—				—				—				—				—
Total operating expenses			191,013				597,446				511,069				455,178				1,870,316				1,038,623
NET INVESTMENT LOSS			(64,810	)			(130,134	)			(142,316	)			(250,952	)			(985,340	)			(787,944	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of affiliated investments			159,372				(120,762	)			(80,489	)			1,070,943				3,099,709				327,903
Sale of unaffiliated investments			(35,520	)			(185,635	)			(222,477	)			(15,656	)			—				(24,712	)
Net realized gain (loss)			123,852				(306,397	)			(302,966	)			1,055,287				3,099,709				303,191
Net change in unrealized appreciation (depreciation) of:
Affiliated investments			4,466,027				19,242,542				18,596,768				9,455,215				55,731,886				37,659,047
Unaffiliated investments			677,709				3,307,097				4,953,119				12,606				—				15,517
Net change in unrealized appreciation (depreciation)			5,143,736				22,549,639				23,549,887				9,467,821				55,731,886				37,674,564
NET REALIZED AND UNREALIZED GAIN			5,267,588				22,243,242				23,246,921				10,523,108				58,831,595				37,977,755
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,202,778			$	22,113,108			$	23,104,605			$	10,272,156			$	57,846,255			$	37,189,811

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 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(64,810	)	$	1,812,469		$	(130,134	)	$	5,546,280		$	(142,316	)	$	5,155,288
Net realized gain (loss)		123,852			(96,550	)		(306,397	)		36,059			(302,966	)		(86,238	)
Net change in unrealized appreciation (depreciation)		5,143,736			2,893,430			22,549,639			11,632,949			23,549,887			12,689,494
Net increase in net assets resulting from operations		5,202,778			4,609,349			22,113,108			17,215,288			23,104,605			17,758,544
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(427,317	)		—			(1,644,457	)		—			(2,018,785	)
Service Class		—			(1,419,848	)		—			(3,981,407	)		—			(3,275,794	)
Net realized gain:
Standard Class		—			(142,582	)		—			(788,337	)		—			(1,162,670	)
Service Class		—			(572,904	)		—			(2,537,160	)		—			(2,374,310	)
		—			(2,562,651	)		—			(8,951,361	)		—			(8,831,559	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		5,502,491			7,105,831			16,771,053			29,853,228			17,580,807			28,585,645
Service Class		4,970,172			22,350,409			23,080,034			35,276,634			9,849,980			21,448,194
Reinvestment of dividends and distributions:
Standard Class		—			569,899			—			2,432,794			—			3,181,455
Service Class		—			1,992,752			—			6,518,567			—			5,650,104
		10,472,663			32,018,891			39,851,087			74,081,223			27,430,787			58,865,398
Cost of shares redeemed:
Standard Class		(1,261,489	)		(1,411,387	)		(3,542,415	)		(4,656,637	)		(3,098,595	)		(4,004,243	)
Service Class		(8,574,060	)		(20,008,638	)		(23,476,591	)		(34,130,536	)		(15,121,600	)		(25,146,351	)
		(9,835,549	)		(21,420,025	)		(27,019,006	)		(38,787,173	)		(18,220,195	)		(29,150,594	)
Increase in net assets derived from capital share transactions		637,114			10,598,866			12,832,081			35,294,050			9,210,592			29,714,804
NET INCREASE IN NET ASSETS		5,839,892			12,645,564			34,945,189			43,557,977			32,315,197			38,641,789
NET ASSETS:
Beginning of period		95,895,283			83,249,719			302,947,233			259,389,256			274,195,932			235,554,143
End of period	$	101,735,175		$	95,895,283		$	337,892,422		$	302,947,233		$	306,511,129		$	274,195,932
Undistributed (accumulated) net investment income (loss)	$	(64,810	)	$	—		$	(88,971	)	$	41,163		$	(142,316	)	$	—

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 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16			Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(250,952	)	$	4,060,170		$	(985,340	)	$	17,381,916		$	(787,944	)	$	9,935,643
Net realized gain		1,055,287			1,727,918			3,099,709			13,168,084			303,191			6,045,460
Net change in unrealized appreciation (depreciation)		9,467,821			7,071,341			55,731,886			44,506,314			37,674,564			29,883,903
Net increase in net assets resulting from operations		10,272,156			12,859,429			57,846,255			75,056,314			37,189,811			45,865,006
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(312,253	)		—			(1,594,105	)		—			(1,309,673	)
Service Class		—			(3,918,039	)		—			(16,689,435	)		—			(9,180,904	)
Net realized gain:
Standard Class		—			(288,185	)		—			(1,928,492	)		—			(1,609,809	)
Service Class		—			(4,643,580	)		—			(24,567,048	)		—			(13,855,741	)
		—			(9,162,057	)		—			(44,779,080	)		—			(25,956,127	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,220,698			5,601,266			8,867,368			18,867,416			5,629,331			18,972,084
Service Class		9,494,323			30,812,022			26,766,656			56,821,753			23,515,713			37,847,326
Reinvestment of dividends and distributions:
Standard Class		—			600,438			—			3,522,597			—			2,919,482
Service Class		—			8,561,619			—			41,256,483			—			23,036,645
		10,715,021			45,575,345			35,634,024			120,468,249			29,145,044			82,775,537
Cost of shares redeemed:
Standard Class		(505,940	)		(1,550,784	)		(1,757,250	)		(6,233,054	)		(1,840,762	)		(4,985,645	)
Service Class		(19,855,437	)		(34,275,735	)		(61,650,890	)		(114,639,577	)		(36,055,205	)		(65,372,637	)
		(20,361,377	)		(35,826,519	)		(63,408,140	)		(120,872,631	)		(37,895,967	)		(70,358,282	)
Increase (decrease) in net assets derived from capital share transactions		(9,646,356	)		9,748,826			(27,774,116	)		(404,382	)		(8,750,923	)		12,417,255
NET INCREASE IN NET ASSETS		625,800			13,446,198			30,072,139			29,872,852			28,438,888			32,326,134
NET ASSETS:
Beginning of period		208,615,854			195,169,656			887,221,659			857,348,807			494,837,468			462,511,334
End of period	$	209,241,654		$	208,615,854		$	917,293,798		$	887,221,659		$	523,276,356		$	494,837,468
Accumulated net investment loss	$	(250,952	)	$	—		$	(985,340	)	$	—		$	(787,944	)	$	—

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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.117			$	11.876			$	12.260			$	11.996			$	11.404			$	10.751
Income (loss) from investment operations:
Net investment income2			0.004				0.261				0.244				0.225				0.188				0.244
Net realized and unrealized gain (loss)			0.670				0.333				(0.359	)			0.342				0.587				0.730
Total from investment operations			0.674				0.594				(0.115	)			0.567				0.775				0.974
Less dividends and distributions from:
Net investment income			—				(0.262	)			(0.250	)			(0.223	)			(0.183	)			(0.317	)
Net realized gain			—				(0.091	)			(0.019	)			(0.080	)			—				(0.004	)
Total dividends and distributions			—				(0.353	)			(0.269	)			(0.303	)			(0.183	)			(0.321	)
Net asset value, end of period		$	12.791			$	12.117			$	11.876			$	12.260			$	11.996			$	11.404
Total return3			5.56%				5.01%				(0.94%	)			4.73%				6.80%				9.10%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	25,624			$	20,170			$	13,664			$	11,603			$	7,043			$	1,649
Ratio of expenses to average net assets4			0.20%				0.20%				0.20%				0.20%				0.20%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.33%				0.33%				0.33%				0.34%				0.38%				0.43%
Ratio of net investment income to average net assets			0.06%				2.13%				1.97%				1.82%				1.59%				2.16%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.07%	)			2.00%				1.84%				1.68%				1.41%				1.92%
Portfolio turnover			9%				18%				22%				16%				39%				25%

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–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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.115			$	11.875			$	12.258			$	11.995			$	11.404			$	10.754
Income (loss) from investment operations:
Net investment income (loss)2			(0.012	)			0.229				0.213				0.194				0.157				0.215
Net realized and unrealized gain (loss)			0.670				0.334				(0.358	)			0.341				0.588				0.730
Total from investment operations			0.658				0.563				(0.145	)			0.535				0.745				0.945
Less dividends and distributions from:
Net investment income			—				(0.232	)			(0.219	)			(0.192	)			(0.154	)			(0.291	)
Net realized gain			—				(0.091	)			(0.019	)			(0.080	)			—				(0.004	)
Total dividends and distributions			—				(0.323	)			(0.238	)			(0.272	)			(0.154	)			(0.295	)
Net asset value, end of period		$	12.773			$	12.115			$	11.875			$	12.258			$	11.995			$	11.404
Total return3			5.43%				4.74%				(1.19%	)			4.46%				6.53%				8.82%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	76,111			$	75,725			$	69,586			$	65,920			$	61,760			$	59,305
Ratio of expenses to average net assets4			0.45%				0.45%				0.45%				0.45%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.58%				0.58%				0.58%				0.59%				0.63%				0.68%
Ratio of net investment income (loss) to average net assets			(0.19%	)			1.88%				1.72%				1.57%				1.34%				1.91%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.32%	)			1.75%				1.59%				1.43%				1.16%				1.67%
Portfolio turnover			9%				18%				22%				16%				39%				25%

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–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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.119		$	12.703			$	13.159			$	12.905			$	11.638			$	10.664
Income (loss) from investment operations:
Net investment income2			0.007			0.287				0.246				0.251				0.190				0.215
Net realized and unrealized gain (loss)			0.947			0.556				(0.440	)			0.319				1.260				1.029
Total from investment operations			0.954			0.843				(0.194	)			0.570				1.450				1.244
Less dividends and distributions from:
Net investment income			—			(0.273	)			(0.236	)			(0.272	)			(0.183	)			(0.264	)
Net realized gain			—			(0.154	)			(0.026	)			(0.044	)			—				(0.006	)
Total dividends and distributions			—			(0.427	)			(0.262	)			(0.316	)			(0.183	)			(0.270	)
Net asset value, end of period		$	14.073		$	13.119			$	12.703			$	13.159			$	12.905			$	11.638
Total return3			7.27%			6.65%				(1.48%	)			4.41%				12.47%				11.70%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	100,622		$	81,080			$	51,915			$	32,003			$	11,835			$	2,641
Ratio of expenses to average net assets4			0.19%			0.19%				0.19%				0.19%				0.20%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.29%			0.29%				0.29%				0.29%				0.31%				0.34%
Ratio of net investment income to average net assets			0.10%			2.20%				1.85%				1.88%				1.53%				1.89%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.00%			2.10%				1.75%				1.78%				1.42%				1.75%
Portfolio turnover			6%			10%				17%				9%				20%				21%

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–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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.116			$	12.702			$	13.156			$	12.903			$	11.638			$	10.666
Income (loss) from investment operations:
Net investment income (loss)2			(0.010	)			0.253				0.213				0.216				0.158				0.186
Net realized and unrealized gain (loss)			0.946				0.555				(0.438	)			0.320				1.259				1.029
Total from investment operations			0.936				0.808				(0.225	)			0.536				1.417				1.215
Less dividends and distributions from:
Net investment income			—				(0.240	)			(0.203	)			(0.239	)			(0.152	)			(0.237	)
Net realized gain			—				(0.154	)			(0.026	)			(0.044	)			—				(0.006	)
Total dividends and distributions			—				(0.394	)			(0.229	)			(0.283	)			(0.152	)			(0.243	)
Net asset value, end of period		$	14.052			$	13.116			$	12.702			$	13.156			$	12.903			$	11.638
Total return3			7.14%				6.37%				(1.71%	)			4.15%				12.18%				11.43%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	237,270			$	221,867			$	207,474			$	206,432			$	187,311			$	145,027
Ratio of expenses to average net assets4			0.44%				0.44%				0.44%				0.44%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.54%				0.54%				0.54%				0.54%				0.56%				0.59%
Ratio of net investment income (loss) to average net assets			(0.15%	)			1.95%				1.60%				1.63%				1.28%				1.64%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.25%	)			1.85%				1.50%				1.53%				1.17%				1.50%
Portfolio turnover			6%				10%				17%				9%				20%				21%

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–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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.311			$	12.833			$	13.380			$	13.192			$	11.654			$	10.584
Income (loss) from investment operations:
Net investment income2			0.004				0.291				0.258				0.259				0.197				0.207
Net realized and unrealized gain (loss)			1.120				0.652				(0.529	)			0.272				1.528				1.148
Total from investment operations			1.124				0.943				(0.271	)			0.531				1.725				1.355
Less dividends and distributions from:
Net investment income			—				(0.283	)			(0.250	)			(0.291	)			(0.187	)			(0.276	)
Net realized gain			—				(0.182	)			(0.026	)			(0.052	)			—				(0.009	)
Total dividends and distributions			—				(0.465	)			(0.276	)			(0.343	)			(0.187	)			(0.285	)
Net asset value, end of period		$	14.435			$	13.311			$	12.833			$	13.380			$	13.192			$	11.654
Total return3			8.44%				7.37%				(2.04%	)			4.01%				14.81%				12.86%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	120,161			$	97,140			$	66,606			$	42,380			$	19,904			$	5,463
Ratio of expenses to average net assets4			0.20%				0.19%				0.19%				0.19%				0.20%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.30%				0.29%				0.29%				0.29%				0.31%				0.34%
Ratio of net investment income to average net assets			0.06%				2.21%				1.91%				1.91%				1.56%				1.83%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.04%	)			2.11%				1.81%				1.81%				1.45%				1.69%
Portfolio turnover			6%				10%				20%				12%				27%				23%

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–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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.291			$	12.815			$	13.361			$	13.174			$	11.640			$	10.558
Income (loss) from investment operations:
Net investment income (loss)2			(0.013	)			0.257				0.224				0.224				0.163				0.178
Net realized and unrealized gain (loss)			1.117				0.652				(0.528	)			0.272				1.527				1.144
Total from investment operations			1.104				0.909				(0.304	)			0.496				1.690				1.322
Less dividends and distributions from:
Net investment income			—				(0.251	)			(0.216	)			(0.257	)			(0.156	)			(0.231	)
Net realized gain			—				(0.182	)			(0.026	)			(0.052	)			—				(0.009	)
Total dividends and distributions			—				(0.433	)			(0.242	)			(0.309	)			(0.156	)			(0.240	)
Net asset value, end of period		$	14.395			$	13.291			$	12.815			$	13.361			$	13.174			$	11.640
Total return3			8.31%				7.11%				(2.28%	)			3.75%				14.52%				12.58%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	186,350			$	177,056			$	168,948			$	176,575			$	169,949			$	134,350
Ratio of expenses to average net assets4			0.45%				0.44%				0.44%				0.44%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.55%				0.54%				0.54%				0.54%				0.56%				0.59%
Ratio of net investment income (loss) to average net assets			(0.19%	)			1.96%				1.66%				1.66%				1.31%				1.58%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.29%	)			1.86%				1.56%				1.56%				1.20%				1.44%
Portfolio turnover			6%				10%				20%				12%				27%				23%

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–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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.489			$	11.265			$	11.877			$	11.682			$	11.138			$	10.709
Income (loss) from investment operations:
Net investment income2			—3				0.259				0.247				0.234				0.190				0.236
Net realized and unrealized gain (loss)			0.589				0.509				(0.468	)			0.412				0.597				0.651
Total from investment operations			0.589				0.768				(0.221	)			0.646				0.787				0.887
Less dividends and distributions from:
Net investment income			—				(0.265	)			(0.310	)			(0.296	)			(0.239	)			(0.436	)
Net realized gain			—				(0.279	)			(0.081	)			(0.155	)			(0.004	)			(0.022	)
Total dividends and distributions			—				(0.544	)			(0.391	)			(0.451	)			(0.243	)			(0.458	)
Net asset value, end of period		$	12.078			$	11.489			$	11.265			$	11.877			$	11.682			$	11.138
Total return4			5.13%				6.84%				(1.86%	)			5.54%				7.07%				8.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	15,320			$	13,873			$	9,094			$	8,095			$	3,846			$	524
Ratio of expenses to average net assets5			0.20%				0.20%				0.19%				0.19%				0.20%				0.20%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.30%				0.30%				0.29%				0.29%				0.30%				0.31%
Ratio of net investment income (loss) to average net assets			(0.01%	)			2.23%				2.07%				1.93%				1.64%				2.13%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.11%	)			2.13%				1.97%				1.83%				1.54%				2.02%
Portfolio turnover			4%				17%				22%				16%				15%				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  Amount rounds to less than $0.001 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–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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.487			$	11.264			$	11.875			$	11.681			$	11.138			$	10.711
Income (loss) from investment operations:
Net investment income (loss)2			(0.015	)			0.229				0.217				0.203				0.160				0.208
Net realized and unrealized gain (loss)			0.589				0.509				(0.466	)			0.412				0.597				0.652
Total from investment operations			0.574				0.738				(0.249	)			0.615				0.757				0.860
Less dividends and distributions from:
Net investment income			—				(0.236	)			(0.281	)			(0.266	)			(0.210	)			(0.411	)
Net realized gain			—				(0.279	)			(0.081	)			(0.155	)			(0.004	)			(0.022	)
Total dividends and distributions			—				(0.515	)			(0.362	)			(0.421	)			(0.214	)			(0.433	)
Net asset value, end of period		$	12.061			$	11.487			$	11.264			$	11.875			$	11.681			$	11.138
Total return3			5.00%				6.57%				(2.10%	)			5.27%				6.81%				8.09%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	193,922			$	194,743			$	186,076			$	202,181			$	199,373			$	208,671
Ratio of expenses to average net assets4			0.45%				0.45%				0.44%				0.44%				0.45%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.55%				0.55%				0.54%				0.54%				0.55%				0.56%
Ratio of net investment income (loss) to average net assets			(0.26%	)			1.98%				1.82%				1.68%				1.39%				1.88%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.36%	)			1.88%				1.72%				1.58%				1.29%				1.77%
Portfolio turnover			4%				17%				22%				16%				15%				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.

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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.285			$	11.863			$	12.650			$	12.426			$	11.276			$	10.633
Income (loss) from investment operations:
Net investment income2			0.001				0.274				0.264				0.259				0.237				0.227
Net realized and unrealized gain (loss)			0.823				0.816				(0.603	)			0.432				1.205				0.883
Total from investment operations			0.824				1.090				(0.339	)			0.691				1.442				1.110
Less dividends and distributions from:
Net investment income			—				(0.286	)			(0.360	)			(0.352	)			(0.283	)			(0.437	)
Net realized gain			—				(0.382	)			(0.088	)			(0.115	)			(0.009	)			(0.030	)
Total dividends and distributions			—				(0.668	)			(0.448	)			(0.467	)			(0.292	)			(0.467	)
Net asset value, end of period		$	13.109			$	12.285			$	11.863			$	12.650			$	12.426			$	11.276
Total return3			6.71%				9.27%				(2.69%	)			5.56%				12.81%				10.54%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	82,075			$	70,035			$	52,020			$	39,714			$	21,706			$	5,172
Ratio of expenses to average net assets4			0.19%				0.18%				0.17%				0.17%				0.18%				0.19%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.29%				0.28%				0.27%				0.27%				0.28%				0.29%
Ratio of net investment income to average net assets			0.01%				2.24%				2.08%				2.02%				1.96%				2.04%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.09%	)			2.14%				1.98%				1.92%				1.86%				1.94%
Portfolio turnover			4%				12%				17%				10%				16%				12%

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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.280			$	11.859			$	12.646			$	12.423			$	11.274			$	10.607
Income (loss) from investment operations:
Net investment income (loss)2			(0.015	)			0.242				0.232				0.226				0.205				0.198
Net realized and unrealized gain (loss)			0.822				0.817				(0.603	)			0.432				1.206				0.882
Total from investment operations			0.807				1.059				(0.371	)			0.658				1.411				1.080
Less dividends and distributions from:
Net investment income			—				(0.256	)			(0.328	)			(0.320	)			(0.253	)			(0.383	)
Net realized gain			—				(0.382	)			(0.088	)			(0.115	)			(0.009	)			(0.030	)
Total dividends and distributions			—				(0.638	)			(0.416	)			(0.435	)			(0.262	)			(0.413	)
Net asset value, end of period		$	13.087			$	12.280			$	11.859			$	12.646			$	12.423			$	11.274
Total return3			6.57%				9.01%				(2.95%	)			5.29%				12.53%				10.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	835,219			$	817,187			$	805,329			$	886,843			$	922,379			$	576,189
Ratio of expenses to average net assets4			0.44%				0.43%				0.42%				0.42%				0.43%				0.44%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.54%				0.53%				0.52%				0.52%				0.53%				0.54%
Ratio of net investment income (loss) to average net assets			(0.24%	)			1.99%				1.83%				1.77%				1.72%				1.79%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.34%	)			1.89%				1.73%				1.67%				1.62%				1.69%
Portfolio turnover			4%				12%				17%				10%				16%				12%

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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.567			$	12.036			$	12.945			$	12.803			$	11.407			$	10.711
Income (loss) from investment operations:
Net investment income (loss)2			(0.006	)			0.291				0.300				0.292				0.225				0.223
Net realized and unrealized gain (loss)			0.972				0.957				(0.749	)			0.385				1.501				0.983
Total from investment operations			0.966				1.248				(0.449	)			0.677				1.726				1.206
Less dividends and distributions from:
Net investment income			—				(0.300	)			(0.403	)			(0.385	)			(0.301	)			(0.474	)
Net realized gain			—				(0.417	)			(0.057	)			(0.150	)			(0.029	)			(0.036	)
Total dividends and distributions			—				(0.717	)			(0.460	)			(0.535	)			(0.330	)			(0.510	)
Net asset value, end of period		$	13.533			$	12.567			$	12.036			$	12.945			$	12.803			$	11.407
Total return3			7.69%				10.48%				(3.48%	)			5.28%				15.15%				11.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	64,525			$	56,314			$	37,405			$	28,117			$	14,043			$	4,150
Ratio of expenses to average net assets4			0.19%				0.18%				0.18%				0.18%				0.19%				0.19%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.29%				0.28%				0.28%				0.28%				0.29%				0.29%
Ratio of net investment income (loss) to average net assets			(0.09%	)			2.35%				2.31%				2.21%				1.82%				1.99%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.19%	)			2.25%				2.21%				2.11%				1.72%				1.89%
Portfolio turnover			5%				15%				15%				12%				15%				12%

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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	12.560			$	12.032			$	12.940			$	12.799			$	11.404			$	10.684
Income (loss) from investment operations:
Net investment income (loss)2			(0.022	)			0.259				0.267				0.257				0.192				0.194
Net realized and unrealized gain (loss)			0.971				0.955				(0.748	)			0.386				1.503				0.980
Total from investment operations			0.949				1.214				(0.481	)			0.643				1.695				1.174
Less dividends and distributions from:
Net investment income			—				(0.269	)			(0.370	)			(0.352	)			(0.271	)			(0.418	)
Net realized gain			—				(0.417	)			(0.057	)			(0.150	)			(0.029	)			(0.036	)
Total dividends and distributions			—				(0.686	)			(0.427	)			(0.502	)			(0.300	)			(0.454	)
Net asset value, end of period		$	13.509			$	12.560			$	12.032			$	12.940			$	12.799			$	11.404
Total return3			7.56%				10.20%				(3.72%	)			5.02%				14.88%				11.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	458,751			$	438,523			$	425,106			$	451,218			$	428,859			$	377,863
Ratio of expenses to average net assets4			0.44%				0.43%				0.43%				0.43%				0.44%				0.44%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4			0.54%				0.53%				0.53%				0.53%				0.54%				0.54%
Ratio of net investment income (loss) to average net assets			(0.34%	)			2.10%				2.06%				1.96%				1.57%				1.74%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.44%	)			2.00%				1.96%				1.86%				1.47%				1.64%
Portfolio turnover			5%				15%				15%				12%				15%				12%

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially all 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 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–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. Investments in government money market funds have a stable NAV.

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 2016), 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, 2017, 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 SSGA Allocation Funds–27

LVIP SSGA 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 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, 2017.

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, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. The fee is calculated daily and paid monthly.

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, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. The fees are calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, 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		$	2,876		$	8,985		$	8,148		$	5,952		$	25,686		$	14,380
Legal			694			2,169			1,967			1,437			6,200			3,471

Lincoln Life also provides certain contractholder and additional corporate services to the Funds. Effective May 1, 2017, the Funds pay Lincoln Life a fee for such services at an annual rate of 0.029% of the Funds’ average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The fees are calculated daily and paid annually. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2017, 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		$	1,606		$	3,943		$	3,301		$	3,101		$	22,882		$	5,869

The Funds currently offer two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25%

LVIP SSGA Allocation Funds–28

LVIP SSGA Allocation Funds

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. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Funds had receivables due from and liabilities payable 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		$	3,927		$	—		$	—		$	—		$	—		$	—
Management fees payable to LIAC			12,400			41,469			37,496			25,954			113,560			64,653
Distribution fees payable to LFD			15,499			48,587			38,506			40,099			172,510			94,568
Printing and mailing fees payable to Lincoln Life			1,606			3,943			3,301			3,101			22,882			5,869
Shareholder servicing fees payable to Lincoln Life			2,397			8,017			7,249			5,018			21,955			12,500

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, 2017, 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		$	319,164		$	1,058,673		$	782,546		$	215,770		$	271,242		$	369,012
Sales			350,639			469,824			404,378			385,542			1,130,347			353,378

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 investments, 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 issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Funds and the corresponding activity for the six months ended June 30, 2017, were as follows:

LVIP SSGA Conservative Index Allocation Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	48,060,685		$	4,790,429		$	3,379,638		$	(88,036	)		$	1,110,533		$	50,493,973		$	—		$	—
LVIP SSGA International Index Fund			13,455,191			871,482			2,135,674			68,814				1,794,373			14,054,186			—			—
LVIP SSGA Mid-Cap Index Fund			2,862,567			205,190			222,741			7,869				158,401			3,011,286			—			—
LVIP SSGA S&P 500 Index Fund			16,357,653			1,058,229			1,878,113			165,264				1,314,786			17,017,819			—			—
LVIP SSGA Small-Cap Index Fund			1,919,723			145,142			135,185			5,461				87,934			2,023,075			—			—
Total		$	82,655,819		$	7,070,472		$	7,751,351		$	159,372			$	4,466,027		$	86,600,339		$	—		$	—

LVIP SSGA Moderate Index Allocation Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	91,171,109		$	11,536,209		$	3,328,141		$	(132,808	)		$	2,149,925		$	101,396,294		$	—		$	—
LVIP SSGA International Index Fund			60,763,987			4,466,317			6,722,153			(61,277	)			8,751,609			67,198,483			—			—
LVIP SSGA Mid-Cap Index Fund			18,091,635			1,664,813			665,628			(5,089	)			1,071,434			20,157,165			—			—
LVIP SSGA S&P 500 Index Fund			72,977,948			5,860,580			5,170,466			83,563				6,660,025			80,411,650			—			—
LVIP SSGA Small-Cap Index Fund			12,129,725			1,251,886			443,752			(5,151	)			609,549			13,542,257			—			—
Total		$	255,134,404		$	24,779,805		$	16,330,140		$	(120,762	)		$	19,242,542		$	282,705,849		$	—		$	—

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 Moderately Aggressive Index Allocation Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	68,829,391		$	9,310,147		$	2,668,318		$	(106,481	)		$	1,613,929		$	76,978,668		$	—		$	—
LVIP SSGA International Index Fund			60,558,339			4,109,848			5,920,112			(111,428	)			8,714,854			67,351,501			—			—
LVIP SSGA Mid-Cap Index Fund			19,122,340			1,924,422			747,129			(147	)			1,128,804			21,428,290			—			—
LVIP SSGA S&P 500 Index Fund			71,629,869			6,014,032			4,861,807			138,756				6,451,738			79,372,588			—			—
LVIP SSGA Small-Cap Index Fund			13,736,630			1,534,832			533,664			(1,189	)			687,443			15,424,052			—			—
Total		$	233,876,569		$	22,893,281		$	14,731,030		$	(80,489	)		$	18,596,768		$	260,555,099		$	—		$	—

LVIP SSGA Conservative Structured Allocation Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	104,765,363		$	4,541,568		$	6,769,471		$	(139,547	)		$	2,334,391		$	104,732,304		$	—		$	—
LVIP SSGA Developed International 150 Fund			14,396,865			260,236			1,786,649			145,156				1,645,910			14,661,518			—			—
LVIP SSGA Emerging Markets 100 Fund			8,192,095			148,706			1,144,333			(96,550	)			1,336,084			8,436,002			—			—
LVIP SSGA International Index Fund			14,664,725			260,235			2,359,697			210,167				1,797,457			14,572,887			—			—
LVIP SSGA Large Cap 100 Fund			16,505,395			448,717			1,496,144			126,365				1,176,198			16,760,531			—			—
LVIP SSGA Mid-Cap Index Fund			4,158,396			78,294			310,754			23,764				213,339			4,163,039			—			—
LVIP SSGA S&P 500 Index Fund			16,776,756			297,412			1,965,717			725,118				774,934			16,608,503			—			—
LVIP SSGA Small-Cap Index Fund			4,182,592			108,490			292,825			64,583				132,577			4,195,417			—			—
LVIP SSGA Small-Mid Cap 200 Fund			4,207,280			244,508			270,779			11,887				44,325			4,237,221			—			—
Total		$	187,849,467		$	6,388,166		$	16,396,369		$	1,070,943			$	9,455,215		$	188,367,422		$	—		$	—

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 Moderate Structured Allocation Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	267,897,559		$	14,285,364		$	12,134,677		$	(298,665	)		$	5,995,739		$	275,745,320		$	—		$	—
LVIP SSGA Developed International 150 Fund			87,660,654			1,484,386			8,241,541			43,745				10,968,345			91,915,589			—			—
LVIP SSGA Emerging Markets 100 Fund			52,373,720			887,716			5,728,476			(528,893	)			8,526,363			55,530,430			—			—
LVIP SSGA International Index Fund			89,282,408			1,177,698			11,446,730			286,449				12,060,888			91,360,713			—			—
LVIP SSGA Large Cap 100 Fund			105,504,634			2,979,883			6,576,828			550,587				7,870,047			110,328,323			—			—
LVIP SSGA Mid-Cap Index Fund			35,433,718			701,131			1,640,334			121,715				1,923,154			36,539,384			—			—
LVIP SSGA S&P 500 Index Fund			107,223,672			1,413,237			8,981,349			2,928,026				6,744,717			109,328,303			—			—
LVIP SSGA Small-Cap Index Fund			26,724,774			821,819			1,213,468			143,494				1,140,726			27,617,345			—			—
LVIP SSGA Small-Mid Cap 200 Fund			26,879,076			1,848,784			1,213,468			32,256				344,805			27,891,453			—			—
SPDR® Barclays TIPS ETF			88,908,245			7,197,773			4,043,167			(179,005	)			157,102			92,040,948			884,812			—
Total		$	887,888,460		$	32,797,791		$	61,220,038		$	3,099,709			$	55,731,886		$	918,297,808		$	884,812		$	—

LVIP SSGA Moderately Aggressive Structured Allocation Fund

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP SSGA Bond Index Fund		$	124,606,961		$	9,733,073		$	6,085,156		$	(156,515	)		$	2,846,351		$	130,944,714		$	—		$	—
LVIP SSGA Developed International 150 Fund			53,821,806			2,025,589			5,046,330			(7,128	)			6,824,453			57,618,390			—			—
LVIP SSGA Emerging Markets 100 Fund			48,716,900			1,766,792			5,199,421			(764,760	)			8,222,261			52,741,772			—			—
LVIP SSGA International Index Fund			54,817,956			1,515,133			6,702,415			384,023				7,256,368			57,271,065			—			—
LVIP SSGA Large Cap 100 Fund			63,795,738			3,031,941			3,827,394			192,596				4,918,935			68,111,816			—			—
LVIP SSGA Mid-Cap Index Fund			19,776,060			873,631			973,625			26,435				1,120,392			20,822,893			—			—
LVIP SSGA S&P 500 Index Fund			64,835,298			1,968,201			5,175,207			572,472				5,293,876			67,494,640			—			—
LVIP SSGA Small-Cap Index Fund			19,886,545			1,105,535			973,625			63,875				902,366			20,984,696			—			—
LVIP SSGA Small-Mid Cap 200 Fund			20,000,956			1,874,464			973,625			16,905				274,045			21,192,745			—			—
Total		$	470,258,220		$	23,894,359		$	34,956,798		$	327,903			$	37,659,047		$	497,182,731		$	—		$	—

LVIP SSGA Allocation Funds–32

LVIP SSGA Allocation Funds

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, 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		$	8,545,116		$	30,826,867		$	26,999,029		$	7,830,215		$	32,797,791		$	26,520,889
Sales			9,011,354			19,372,418			17,849,093			17,748,041			61,220,038			36,172,003

At June 30, 2017, 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, 2017, 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		$	87,787,342		$	283,509,345		$	252,019,580		$	184,252,172		$	782,146,790		$	434,110,969
Aggregate unrealized appreciation		$	12,946,040		$	53,228,581		$	54,608,061		$	25,088,959		$	136,151,018		$	89,528,146
Aggregate unrealized depreciation			—			—			—			—			—			—
Net unrealized appreciation		$	12,946,040		$	53,228,581		$	54,608,061		$	25,088,959		$	136,151,018		$	89,528,146

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 tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2017:

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
Investments:
Assets:
Affiliated Investments		$	86,600,339		$	282,705,849		$	260,555,099		$	188,367,422		$	918,297,808		$	497,182,731
Unaffiliated Investments			14,133,043			54,032,077			46,072,542			20,973,709			—			26,456,384
Total		$	100,733,382		$	336,737,926		$	306,627,641		$	209,341,131		$	918,297,808		$	523,639,115

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

LVIP SSGA Allocation Funds–33

LVIP SSGA Allocation Funds

Notes to Financial Statements (continued)

3. Investments (continued)

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		439,220			582,309			1,225,189			2,266,795			1,247,433			2,174,826
Service Class		394,617			1,867,172			1,686,374			2,715,888			706,673			1,654,393
Shares reinvested:
Standard Class		—			46,784			—			184,756			—			238,151
Service Class		—			163,537			—			495,113			—			423,690
		833,837			2,659,802			2,911,563			5,662,552			1,954,106			4,491,060
Shares redeemed:
Standard Class		(100,499	)		(114,941	)		(255,339	)		(357,984	)		(220,803	)		(305,455	)
Service Class		(686,477	)		(1,639,828	)		(1,716,932	)		(2,629,900	)		(1,083,051	)		(1,939,382	)
		(786,976	)		(1,754,769	)		(1,972,271	)		(2,987,884	)		(1,303,854	)		(2,244,837	)
Net increase		46,861			905,033			939,292			2,674,668			650,252			2,246,223

	LVIP SSGA Conservative Structured Allocation Fund						LVIP SSGA Moderate Structured Allocation Fund						LVIP SSGA Moderately Aggressive Structured Allocation Fund
	Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		103,390			482,729			697,597			1,540,475			426,356			1,540,447
Service Class		801,758			2,671,953			2,102,173			4,706,693			1,797,650			3,060,599
Shares reinvested:
Standard Class		—			51,925			—			287,110			—			233,314
Service Class		—			740,418			—			3,367,656			—			1,844,493
		905,148			3,947,025			2,799,770			9,901,934			2,224,006			6,678,853
Shares redeemed:
Standard Class		(42,547	)		(134,443	)		(137,583	)		(511,818	)		(139,577	)		(400,389	)
Service Class		(1,677,076	)		(2,978,917	)		(4,831,270	)		(9,432,035	)		(2,752,588	)		(5,323,721	)
		(1,719,623	)		(3,113,360	)		(4,968,853	)		(9,943,853	)		(2,892,165	)		(5,724,110	)
Net increase (decrease)		(814,475	)		833,665			(2,169,083	)		(41,919	)		(668,159	)		954,743

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially

LVIP SSGA Allocation Funds–34

LVIP SSGA Allocation Funds

Notes to Financial Statements (continued)

6. Recent Accounting Pronouncements (continued)

consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

7. 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–35

                                        LVIP SSGA Bond Index Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

LVIP SSGA Bond Index Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Credit Quality Breakdown	2
Statement of Net Assets	4
Statement of Operations	62
Statements of Changes in Net Assets	62
Financial Highlights	63
Notes to Financial Statements	65

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,021.10		0.33	%		$1.65
Service Class Shares		1,000.00		1,019.70		0.58	%		2.90
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.16		0.33	%		$1.66
Service Class Shares		1,000.00		1,021.92		0.58	%		2.91

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP SSGA Bond Index Fund–1

LVIP SSGA Bond Index Fund

Security Type/Sector Allocation and Credit Quality Breakdown (unaudited)

As of June 30, 2017

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	0.69	%
Agency Mortgage-Backed Securities	28.10	%
Agency Obligations	1.83	%
Corporate Bonds	26.70	%
Aerospace & Defense	0.40	%
Air Freight & Logistics	0.12	%
Airlines	0.08	%
Auto Components	0.02	%
Automobiles	0.44	%
Banks	4.28	%
Beverages	0.77	%
Biotechnology	0.56	%
Building Products	0.06	%
Capital Markets	2.34	%
Chemicals	0.46	%
Commercial Services & Supplies	0.08	%
Communications Equipment	0.19	%
Construction & Engineering	0.02	%
Construction Materials	0.01	%
Consumer Finance	0.40	%
Containers & Packaging	0.08	%
Diversified Consumer Services	0.06	%
Diversified Financial Services	0.39	%
Diversified Telecommunication Services	1.10	%
Electric Utilities	1.16	%
Electrical Equipment	0.04	%
Electronic Equipment, Instruments & Components	0.08	%
Energy Equipment & Services	0.11	%
Equity Real Estate Investment Trusts	0.76	%
Food & Staples Retailing	0.48	%
Food Products	0.33	%
Gas Utilities	0.06	%
Health Care Equipment & Supplies	0.48	%
Health Care Providers & Services	0.57	%
Hotels, Restaurants & Leisure	0.16	%
Household Durables	0.07	%
Household Products	0.11	%
Independent Power & Renewable Electricity Producers	0.02	%
Industrial Conglomerates	0.28	%
Insurance	0.72	%
Internet & Direct Marketing Retail	0.04	%
Internet Software & Services	0.11	%
IT Services	0.33	%
Leisure Products	0.01	%
Life Sciences Tools & Services	0.07	%
Machinery	0.33	%
Media	0.99	%

Security Type/Sector Percentage
of Net Assets

Metals & Mining	0.31	%
Multiline Retail	0.13	%
Multi-Utilities	0.49	%
Oil, Gas & Consumable Fuels	2.69	%
Paper & Forest Products	0.03	%
Personal Products	0.07	%
Pharmaceuticals	0.96	%
Professional Services	0.01	%
Real Estate Management & Development	0.01	%
Road & Rail	0.36	%
Semiconductors & Semiconductor Equipment	0.36	%
Software	0.71	%
Specialty Retail	0.28	%
Technology Hardware, Storage & Peripherals	0.62	%
Textiles, Apparel & Luxury Goods	0.03	%
Tobacco	0.23	%
Trading Companies & Distributors	0.06	%
Water Utilities	0.02	%
Wireless Telecommunication Services	0.16	%
Municipal Bonds	0.63	%
Non-Agency Asset-Backed Securities	0.44	%
Non-Agency Commercial Mortgage-Backed Securities	1.07	%
Regional Bonds	0.23	%
Sovereign Bonds	1.33	%
Supranational Banks	1.67	%
U.S. Treasury Obligations	36.63	%
Money Market Fund	1.45	%
Total Value of Securities	100.77	%
Liabilities Net of Receivables and Other Assets	(0.77	%)
Total Net Assets	100.00	%
IT–Information Technology

LVIP SSGA Bond Index Fund–2

LVIP SSGA Bond Index Fund

Security Type/Sector Allocation and Credit Quality Breakdown (unaudited) (continued)

Credit Quality Breakdown (as a % of fixed income investments)*
U.S. Government	67.71	%
AAA	4.57	%
AA	5.45	%
A	12.82	%
BBB	9.35	%
Not Rated	0.10	%
Total	100.00	%

*For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s Rating Services (“S&P”) or Moody’s Investor Service, Inc. (“Moody”) or Fitch Inc. (“Fitch”). Agency Commercial Mortgage-Backed Securities, Agency Mortgage-Backed Securities, Agency Obligations, and U.S. Treasury Obligations appear under “U.S. Government”. “Not Rated” is used to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

LVIP SSGA Bond Index Fund –3

LVIP SSGA Bond Index Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.69%
Fannie Mae-Aces
•Series 2013-M12 APT 2.471% 3/25/23		535,859	$	538,249
•Series 2014-M1 ASQ2 2.323% 11/25/18		2,055,487		2,072,320
•Series 2014-M2 A2 3.513% 12/25/23		1,285,000		1,358,776
•Series 2014-M4 A2 3.346% 3/25/24		1,000,000		1,048,215
Series 2015-M1 A2 2.532% 9/25/24		500,000		496,013
•Series 2016-M13 A2 2.56% 9/25/26		1,600,000		1,554,179
Freddie Mac Multifamily Structured Pass Through Certificates
◆Series K006 A1 3.398% 7/25/19		548,984		559,960
◆Series K025 A1 1.875% 4/25/22		1,149,431		1,148,201
◆Series K026 A2 2.51% 11/25/22		1,000,000		1,009,414
◆Series K030 A1 2.779% 9/25/22		1,078,536		1,101,557
•◆Series K030 A2 3.25% 4/25/23		6,000,000		6,269,872
•◆Series K050 A2 3.334% 8/25/25		900,000		941,868
◆Series K060 A2 3.30% 10/25/26		1,000,000		1,035,776
◆Series K710 A2 1.883% 5/25/19		1,500,000		1,505,322
Total Agency Commercial Mortgage-Backed Securities (Cost $20,442,018)				20,639,722
AGENCY MORTGAGE-BACKED SECURITIES–28.10%
Fannie Mae S.F. 10 yr
4.00% 8/1/19		20,739		21,470
4.00% 6/1/20		126,465		130,920
4.00% 5/1/23		74,243		76,858
6.00% 12/1/17		153		153
6.00% 9/1/18		2,416		2,455
Fannie Mae S.F. 15 yr
2.50% 10/1/27		1,135,927		1,149,436
2.50% 3/1/28		2,454,761		2,483,918
2.50% 4/1/28		2,898,258		2,931,689
2.50% 7/1/28		599,657		606,552
2.50% 9/1/28		1,170,315		1,183,791
2.50% 10/1/28		3,822,656		3,866,669
2.50% 3/1/29		3,005,115		3,039,712
2.50% 2/1/30		2,121,350		2,139,955
2.50% 5/1/30		763,699		770,383
2.50% 2/1/31		4,587,196		4,614,197
2.50% 7/1/31		1,832,040		1,842,824
2.50% 10/1/31		1,881,452		1,892,526
3.00% 11/1/26		2,098,126		2,159,390
3.00% 6/1/27		530,122		545,582
3.00% 8/1/27		979,214		1,007,724
3.00% 9/1/27		4,025,709		4,143,416
3.00% 10/1/27		612,056		629,927
3.00% 12/1/27		173,822		178,897
3.00% 8/1/29		2,617,765		2,688,620
3.00% 4/1/30		1,487,084		1,527,335
3.00% 5/1/30		3,854,490		3,966,643
3.00% 6/1/30		2,833,755		2,910,457
3.00% 12/1/30		1,242,002		1,275,620

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 15 yr (continued)
3.50% 11/1/25		509,178	$	530,114
3.50% 12/1/25		1,250,959		1,304,053
3.50% 12/1/26		678,984		706,902
3.50% 1/1/27		1,789,359		1,862,932
3.50% 10/1/29		2,048,266		2,132,648
3.50% 4/1/32		983,120		1,024,968
4.00% 4/1/24		89,418		93,726
4.00% 5/1/24		155,482		162,978
4.00% 6/1/24		217,952		228,566
4.00% 7/1/24		90,968		95,409
4.00% 10/1/24		6,522		6,839
4.00% 12/1/24		210,928		221,194
4.00% 1/1/25		368,858		388,218
4.00% 3/1/25		431,330		456,017
4.00% 5/1/25		147,381		154,529
4.00% 7/1/25		2,415		2,542
4.00% 8/1/25		12,125		12,761
4.00% 9/1/25		177,102		186,395
4.00% 10/1/25		171,993		181,023
4.00% 1/1/26		6,768		7,128
4.00% 3/1/26		455,934		480,019
4.00% 5/1/26		4,329		4,555
4.00% 7/1/26		369,840		389,178
4.50% 2/1/23		65,429		67,932
4.50% 4/1/23		5,892		6,184
4.50% 5/1/23		6,443		6,687
4.50% 6/1/23		203,272		214,202
4.50% 11/1/23		8,893		9,171
4.50% 1/1/24		1,723		1,765
4.50% 2/1/24		1,814		1,914
4.50% 3/1/24		3,346		3,530
4.50% 4/1/24		88,797		93,663
4.50% 5/1/24		173,016		182,496
4.50% 7/1/24		153,799		162,207
4.50% 8/1/24		224,178		236,290
4.50% 11/1/24		92,746		97,595
4.50% 4/1/25		162,971		171,913
4.50% 5/1/25		16,701		17,610
4.50% 6/1/25		4,290		4,393
5.00% 6/1/19		301		308
5.00% 4/1/23		16,324		17,199
5.00% 6/1/23		325,646		344,665
5.00% 9/1/23		149,314		157,898
5.00% 11/1/23		77,629		82,293
5.00% 12/1/23		76,566		80,943
5.00% 3/1/25		37,329		39,580
5.00% 6/1/25		1,749		1,855
5.50% 12/1/18		5,738		5,774
5.50% 3/1/20		16,865		17,007
5.50% 4/1/22		33,482		35,266
5.50% 7/1/22		26,008		27,219
6.00% 6/1/20		5,530		5,701

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. 15 yr (continued)
6.00% 8/1/22		7,184	$	7,521
6.00% 9/1/22		24,758		26,197
Fannie Mae S.F. 20 yr
3.00% 11/1/34		1,419,054		1,446,933
3.00% 12/1/34		1,088,526		1,109,911
3.00% 2/1/35		1,935,600		1,973,631
3.00% 3/1/36		817,157		831,228
3.00% 11/1/36		3,359,126		3,411,811
3.50% 6/1/34		4,442,313		4,636,456
3.50% 7/1/34		5,203,817		5,418,352
3.50% 2/1/37		2,149,047		2,229,416
4.00% 9/1/35		421,162		447,413
4.00% 10/1/35		750,715		797,518
4.00% 1/1/37		940,996		999,874
Fannie Mae S.F. 30 yr
3.00% 9/1/42		1,671,900		1,678,827
3.00% 10/1/42		2,951,911		2,965,408
3.00% 11/1/42		1,951,424		1,959,691
3.00% 12/1/42		1,837,499		1,846,388
3.00% 1/1/43		3,948,220		3,964,921
3.00% 3/1/43		8,218,791		8,252,976
3.00% 4/1/43		2,143,940		2,152,921
3.00% 5/1/43		1,352,482		1,358,144
3.00% 6/1/43		5,694,857		5,717,773
3.00% 7/1/43		3,391,073		3,404,736
3.00% 8/1/43		4,793,945		4,813,003
3.00% 9/1/45		2,880,441		2,880,980
3.00% 11/1/45		5,432,663		5,432,378
3.00% 9/1/46		6,752,629		6,748,284
3.00% 10/1/46		4,121,326		4,118,674
3.00% 11/1/46		4,357,364		4,354,560
3.00% 12/1/46		10,191,647		10,185,089
3.00% 1/1/47		7,832,831		7,827,791
3.50% 10/1/40		737,830		762,219
3.50% 12/1/40		474,874		490,303
3.50% 2/1/41		737,805		761,895
3.50% 8/1/42		633,933		653,772
3.50% 9/1/42		6,363,583		6,567,556
3.50% 10/1/42		3,915,423		4,037,420
3.50% 11/1/42		1,373,528		1,416,652
3.50% 1/1/43		2,510,471		2,587,735
3.50% 2/1/43		477,733		492,462
3.50% 7/1/43		5,055,694		5,204,164
3.50% 10/1/44		2,670,730		2,744,707
3.50% 1/1/45		2,087,741		2,145,570
3.50% 4/1/45		4,109,448		4,223,276
3.50% 5/1/45		3,598,960		3,698,648
3.50% 8/1/45		9,091,743		9,351,609
3.50% 11/1/45		5,991,447		6,157,404
3.50% 12/1/45		5,584,421		5,739,105
3.50% 2/1/46		17,713,902		18,204,560
3.50% 5/1/46		2,611,772		2,684,116

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
3.50% 6/1/46		1,174,275	$	1,206,802
3.50% 2/1/47		2,793,216		2,870,586
3.50% 3/1/47		1,968,424		2,022,947
4.00% 1/1/39		36,109		38,202
4.00% 2/1/39		49,412		52,227
4.00% 3/1/39		2,248		2,376
4.00% 4/1/39		200,789		212,146
4.00% 6/1/39		127,432		134,582
4.00% 8/1/39		445,025		472,642
4.00% 9/1/39		601,326		641,090
4.00% 11/1/39		33,824		35,728
4.00% 12/1/39		828,574		874,972
4.00% 1/1/40		338,456		357,502
4.00% 5/1/40		224,684		237,503
4.00% 8/1/40		91,685		96,801
4.00% 9/1/40		147,275		155,431
4.00% 10/1/40		672,346		709,948
4.00% 11/1/40		969,545		1,023,759
4.00% 12/1/40		1,572,773		1,666,471
4.00% 1/1/41		3,476,638		3,669,425
4.00% 2/1/41		947,472		1,000,193
4.00% 3/1/41		12,678		13,348
4.00% 4/1/41		335,553		353,878
4.00% 5/1/41		1,601,547		1,690,033
4.00% 6/1/41		17,167		18,112
4.00% 9/1/41		326,327		344,292
4.00% 10/1/41		177,349		187,428
4.00% 11/1/41		361,697		381,644
4.00% 12/1/41		15,517		16,374
4.00% 1/1/42		12,642		13,341
4.00% 3/1/42		198,688		208,963
4.00% 10/1/43		4,766,963		5,017,564
4.00% 12/1/43		1,229,252		1,292,822
4.00% 7/1/44		2,426,065		2,551,528
4.00% 9/1/44		2,604,588		2,739,283
4.00% 10/1/44		3,741,348		3,934,830
4.00% 3/1/45		3,465,058		3,644,252
4.00% 7/1/45		3,518,724		3,700,693
4.00% 9/1/45		9,837,603		10,348,353
4.00% 4/1/46		2,728,057		2,869,137
4.00% 7/1/46		892,883		939,058
4.00% 11/1/46		3,764,815		3,960,047
4.00% 4/1/47		985,987		1,036,977
4.50% 8/1/33		22,422		24,148
4.50% 1/1/34		14,556		15,676
4.50% 9/1/35		66,235		71,332
4.50% 2/1/38		21,291		22,909
4.50% 4/1/38		22,340		23,961
4.50% 7/1/38		63,878		68,634
4.50% 11/1/38		115,409		124,062
4.50% 2/1/39		297,579		319,908
4.50% 3/1/39		226,487		243,522

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)
Fannie Mae S.F. 30 yr (continued)
4.50% 4/1/39		883,328	$	953,731
4.50% 5/1/39		324,185		351,857
4.50% 6/1/39		104,963		112,895
4.50% 7/1/39		383,900		413,103
4.50% 9/1/39		254,217		275,926
4.50% 1/1/40		809,563		882,493
4.50% 2/1/40		1,424,704		1,546,106
4.50% 5/1/40		842,804		912,751
4.50% 6/1/40		420,799		455,127
4.50% 8/1/40		152,969		164,393
4.50% 9/1/40		425,627		460,439
4.50% 10/1/40		2,600,388		2,809,159
4.50% 11/1/40		406,720		437,142
4.50% 2/1/41		1,597,545		1,724,797
4.50% 4/1/41		20,940		22,462
4.50% 5/1/41		2,107,942		2,279,707
4.50% 6/1/41		250,425		270,955
4.50% 1/1/42		2,246,027		2,428,848
4.50% 9/1/43		1,046,650		1,124,722
4.50% 12/1/43		2,919,487		3,136,237
4.50% 10/1/44		316,516		339,607
5.00% 9/1/33		134,154		147,182
5.00% 4/1/34		451,978		495,189
5.00% 7/1/34		317,008		348,026
5.00% 11/1/34		152,228		166,890
5.00% 4/1/35		97,583		107,136
5.00% 6/1/35		163,199		178,867
5.00% 7/1/35		1,839,552		2,019,495
5.00% 9/1/35		26,956		29,575
5.00% 10/1/35		119,828		131,560
5.00% 12/1/35		555,891		610,263
5.00% 2/1/36		1,272,889		1,397,517
5.00% 3/1/36		71,570		78,568
5.00% 11/1/36		23,843		26,144
5.00% 8/1/37		4,816		5,257
5.00% 4/1/38		163,976		179,010
5.00% 7/1/38		24,286		26,513
5.00% 11/1/38		13,603		14,850
5.00% 8/1/39		781,319		854,242
5.00% 12/1/39		160,764		175,614
5.00% 1/1/40		340,047		374,230
5.00% 7/1/40		1,583,504		1,737,258
5.00% 9/1/40		425,346		464,797
5.00% 6/1/41		1,392,437		1,525,393
5.50% 11/1/33		55,237		61,689
5.50% 1/1/34		63,685		71,366
5.50% 5/1/34		82,349		91,923
5.50% 7/1/34		70,654		78,809
5.50% 10/1/34		150,190		168,160
5.50% 9/1/35		72,806		81,484
5.50% 10/1/35		64,917		72,169
5.50% 12/1/35		377,019		418,336

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Fannie Mae S.F. 30 yr (continued)
5.50% 1/1/36		384,269	$	429,884
5.50% 4/1/36		1,000,194		1,118,863
5.50% 8/1/36		269,612		301,767
5.50% 1/1/37		281,636		314,580
5.50% 3/1/37		93,975		104,125
5.50% 5/1/37		117,709		131,752
5.50% 6/1/37		105,841		118,319
5.50% 8/1/37		36,329		40,361
5.50% 11/1/37		1,357		1,512
5.50% 12/1/37		198		220
5.50% 1/1/38		2,218,563		2,471,631
5.50% 2/1/38		41,082		45,574
5.50% 5/1/38		157,758		176,061
5.50% 6/1/38		10,310		11,512
5.50% 7/1/38		84,392		93,794
5.50% 10/1/38		36,456		40,654
5.50% 1/1/39		157,464		175,590
5.50% 5/1/39		341,189		380,685
5.50% 6/1/39		350,626		390,886
5.50% 10/1/39		147,745		164,486
5.50% 7/1/41		278,390		310,252
6.00% 12/1/35		117,257		134,681
6.00% 2/1/36		46,215		52,281
6.00% 6/1/36		30,070		34,073
6.00% 7/1/36		116,386		131,636
6.00% 8/1/36		56,334		64,006
6.00% 9/1/36		73,465		83,364
6.00% 10/1/36		80,017		90,840
6.00% 11/1/36		7,432		8,475
6.00% 1/1/37		80,462		91,727
6.00% 2/1/37		323,737		368,989
6.00% 3/1/37		37,835		42,938
6.00% 4/1/37		3,767		4,236
6.00% 5/1/37		96,141		109,202
6.00% 6/1/37		50,729		57,366
6.00% 8/1/37		117,155		133,006
6.00% 9/1/37		161,815		183,375
6.00% 10/1/37		235,086		266,104
6.00% 11/1/37		56,721		64,257
6.00% 1/1/38		30,079		34,019
6.00% 2/1/38		19,232		21,623
6.00% 4/1/38		3,921		4,421
6.00% 5/1/38		135,037		152,729
6.00% 6/1/38		52,400		59,013
6.00% 8/1/38		65,956		74,156
6.00% 9/1/38		24,065		27,057
6.00% 10/1/38		28,961		32,583
6.00% 11/1/38		18,427		20,718
6.00% 12/1/38		423,549		479,049
6.00% 4/1/40		394,094		447,302
6.00% 6/1/40		674,723		765,423
6.50% 3/1/32		1,154		1,288

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)
Fannie Mae S.F. 30 yr (continued)
6.50% 7/1/36		66,174	$	75,406
6.50% 9/1/36		65,136		73,360
6.50% 11/1/36		112,611		133,059
6.50% 9/1/37		13,181		14,928
6.50% 10/1/37		141,036		158,408
6.50% 2/1/38		102,681		115,535
6.50% 3/1/38		310,894		364,299
6.50% 5/1/38		42,987		47,733
6.50% 7/1/38		121,670		139,682
6.50% 10/1/38		83,558		92,419
7.00% 8/1/39		222,967		249,345
Fannie Mae S.F. 30 yr TBA
3.00% 7/1/47		3,000,000		2,995,955
3.50% 7/1/47		5,800,000		5,957,008
4.00% 7/1/47		5,100,000		5,361,176
4.50% 7/1/47		1,100,000		1,179,965
Freddie Mac S.F. 15 yr
2.50% 4/1/28		125,043		126,110
2.50% 7/1/28		398,030		402,936
2.50% 8/1/28		2,957,187		2,993,662
2.50% 9/1/28		2,236,378		2,263,955
2.50% 10/1/28		3,044,337		3,081,859
2.50% 10/1/29		1,884,191		1,897,718
2.50% 1/1/31		2,232,024		2,246,404
2.50% 5/1/31		871,857		877,473
2.50% 6/1/31		3,115,682		3,135,755
2.50% 12/1/31		2,752,345		2,771,134
3.00% 11/1/26		2,554,201		2,625,010
3.00% 2/1/27		242,780		249,510
3.00% 3/1/27		631,902		649,420
3.00% 4/1/27		866,065		890,074
3.00% 11/1/27		430,879		442,824
3.00% 2/1/29		1,284,290		1,319,893
3.00% 4/1/30		3,499,322		3,596,330
3.00% 12/1/30		3,772,117		3,876,689
3.00% 5/1/31		1,951,064		2,005,151
3.00% 2/1/32		1,361,048		1,398,965
3.00% 5/1/32		1,140,879		1,172,506
3.50% 12/1/25		1,302,344		1,363,318
3.50% 3/1/26		896,234		934,027
3.50% 2/1/30		345,482		360,632
4.00% 2/1/24		51,086		52,900
4.00% 8/1/24		86,427		90,708
4.00% 2/1/25		130,349		136,797
4.00% 7/1/25		358,798		376,604
4.00% 4/1/26		778,294		816,995
4.50% 3/1/18		10,691		10,929
4.50% 4/1/18		14,043		14,355
4.50% 10/1/18		7,048		7,205
4.50% 11/1/18		34,450		35,216
4.50% 12/1/18		15,426		15,769
4.50% 1/1/19		17,998		18,454

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 15 yr (continued)
4.50% 2/1/19		23,243	$	23,852
4.50% 7/1/19		39,663		40,577
4.50% 12/1/19		12,566		12,846
4.50% 4/1/21		9,859		10,090
4.50% 6/1/24		4,240		4,506
4.50% 7/1/24		145,977		155,056
4.50% 8/1/24		64,207		67,876
4.50% 11/1/24		136,234		144,497
4.50% 5/1/25		49,122		52,213
5.00% 10/1/17		393		403
5.00% 4/1/18		27,443		28,142
5.00% 4/1/23		86,006		92,156
5.00% 1/1/25		9,890		10,142
5.00% 3/1/25		46,406		49,597
5.50% 4/1/18		12,219		12,331
6.00% 11/1/23		57,603		61,685
Freddie Mac S.F. 15 yr TBA
2.50% 7/1/32		1,075,000		1,081,131
3.50% 7/1/32		1,000,000		1,041,485
Freddie Mac S.F. 20 yr
3.00% 5/1/35		2,315,777		2,360,869
3.00% 4/1/36		2,103,655		2,144,671
3.00% 2/1/37		1,272,009		1,290,925
Freddie Mac S.F. 30 yr
3.00% 10/1/42		2,150,158		2,157,938
3.00% 1/1/43		4,303,230		4,319,463
3.00% 3/1/43		5,080,555		5,100,511
3.00% 4/1/43		3,293,287		3,305,251
3.00% 7/1/43		1,346,913		1,350,112
3.00% 8/1/43		565,953		567,300
3.00% 10/1/43		1,635,635		1,639,800
3.00% 8/1/45		9,495,076		9,480,692
3.00% 4/1/46		1,775,552		1,772,862
3.00% 10/1/46		6,849,768		6,839,392
3.00% 11/1/46		4,162,758		4,156,451
3.00% 12/1/46		2,506,653		2,502,855
3.00% 1/1/47		4,597,023		4,590,059
3.00% 2/1/47		8,358,994		8,347,496
3.50% 2/1/42		2,442,837		2,520,638
3.50% 5/1/42		2,231,806		2,302,799
3.50% 10/1/42		2,202,399		2,272,552
3.50% 2/1/43		1,390,233		1,435,784
3.50% 5/1/43		1,682,613		1,736,205
3.50% 8/1/43		3,307,967		3,412,488
3.50% 2/1/44		1,074,871		1,109,027
3.50% 3/1/44		77,803		80,275
3.50% 6/1/44		1,290,932		1,330,662
3.50% 8/1/44		1,444,434		1,487,440
3.50% 11/1/44		2,607,695		2,681,853
3.50% 1/1/45		3,169,208		3,258,358
3.50% 7/1/45		7,664,921		7,890,415

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)
Freddie Mac S.F. 30 yr (continued)
3.50% 10/1/45		3,243,024	$	3,334,250
3.50% 12/1/45		1,690,183		1,742,169
3.50% 1/1/46		4,330,183		4,453,345
3.50% 3/1/46		2,245,467		2,308,632
3.50% 5/1/46		1,766,289		1,815,975
3.50% 6/1/46		3,804,139		3,911,149
3.50% 12/1/46		4,342,649		4,464,807
3.50% 2/1/47		3,404,812		3,500,590
3.50% 3/1/47		1,968,476		2,023,849
4.00% 5/1/39		254,234		268,090
4.00% 2/1/40		95,668		101,023
4.00% 5/1/40		154,430		163,073
4.00% 8/1/40		43,649		46,088
4.00% 9/1/40		367,033		387,570
4.00% 10/1/40		1,292,278		1,364,574
4.00% 11/1/40		3,206,586		3,395,963
4.00% 12/1/40		1,551,778		1,638,630
4.00% 2/1/41		1,294,877		1,371,437
4.00% 12/1/41		1,907,114		2,013,900
4.00% 1/1/42		510,102		536,886
4.00% 3/1/42		107,766		113,902
4.00% 4/1/42		2,865,678		3,035,613
4.00% 6/1/42		10,039		10,601
4.00% 5/1/44		3,251,640		3,422,376
4.00% 9/1/44		1,020,861		1,074,464
4.00% 4/1/45		3,791,921		3,991,025
4.00% 10/1/45		1,769,313		1,862,215
4.00% 11/1/45		660,487		695,168
4.00% 1/1/46		2,024,886		2,131,207
4.00% 2/1/46		1,564,274		1,646,410
4.00% 2/1/47		970,168		1,021,109
4.50% 2/1/39		63,404		68,082
4.50% 4/1/39		27,107		29,127
4.50% 5/1/39		89,880		97,399
4.50% 6/1/39		696,298		752,722
4.50% 7/1/39		151,845		163,230
4.50% 9/1/39		642,804		699,403
4.50% 10/1/39		589,955		635,104
4.50% 1/1/40		1,575,306		1,707,676
4.50% 2/1/40		939,100		1,017,958
4.50% 7/1/40		140,387		150,968
4.50% 8/1/40		98,717		106,142
4.50% 9/1/40		884,544		960,727
4.50% 2/1/41		3,227,049		3,475,541
4.50% 3/1/41		452,677		492,791
4.50% 9/1/41		878,420		943,621
4.50% 3/1/44		423,096		453,154
4.50% 5/1/44		21,700		23,241
4.50% 7/1/45		1,402,611		1,505,019
5.00% 10/1/34		172,012		189,082
5.00% 2/1/35		44,830		48,886
5.00% 8/1/35		73,837		80,560

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac S.F. 30 yr (continued)
5.00% 10/1/35		33,871	$	37,017
5.00% 11/1/35		14,766		16,092
5.00% 12/1/35		116,026		126,546
5.00% 2/1/37		82,633		90,318
5.00% 5/1/37		90,132		98,511
5.00% 12/1/37		361,954		396,266
5.00% 1/1/38		4,689		5,134
5.00% 4/1/38		3,929		4,302
5.00% 6/1/38		160,394		175,523
5.00% 7/1/38		21,004		23,014
5.00% 9/1/38		8,490		9,299
5.00% 10/1/38		166,214		182,040
5.00% 12/1/38		479,405		524,633
5.00% 1/1/39		41,181		45,109
5.00% 2/1/39		756,286		828,500
5.00% 3/1/39		1,797,793		1,971,974
5.00% 8/1/39		98,915		108,983
5.00% 9/1/39		532,212		583,766
5.00% 1/1/40		488,591		535,831
5.00% 5/1/40		163,513		179,404
5.00% 6/1/40		1,059,564		1,158,617
5.00% 9/1/40		110,370		120,909
5.00% 3/1/41		183,102		200,160
5.50% 8/1/33		40,630		45,585
5.50% 6/1/34		102,344		114,381
5.50% 6/1/35		67,619		75,788
5.50% 11/1/35		111,733		124,844
5.50% 1/1/37		50,329		56,115
5.50% 5/1/37		68,912		76,748
5.50% 7/1/37		29,781		33,050
5.50% 1/1/38		283,906		316,576
5.50% 2/1/38		66,067		73,274
5.50% 5/1/38		538,981		600,951
5.50% 6/1/38		18,102		20,191
5.50% 8/1/38		67,628		75,688
5.50% 12/1/38		84,624		94,429
5.50% 8/1/39		118,933		132,696
5.50% 12/1/39		544,353		601,125
5.50% 3/1/40		361,311		400,450
5.50% 4/1/40		852,365		942,635
5.50% 5/1/40		252,761		281,466
5.50% 6/1/41		65,259		72,737
6.00% 11/1/28		13,856		15,738
6.00% 7/1/33		13,162		14,856
6.00% 8/1/36		17,239		19,454
6.00% 11/1/36		37,882		42,648
6.00% 4/1/37		684		774
6.00% 5/1/37		101,117		114,243
6.00% 8/1/37		228,299		258,294
6.00% 9/1/37		114,285		129,357
6.00% 10/1/37		17,080		19,192
6.00% 11/1/37		166,447		187,937

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)
Freddie Mac S.F. 30 yr (continued)
6.00% 12/1/37		13,616	$	15,300
6.00% 1/1/38		140,428		158,034
6.00% 4/1/38		12,810		14,433
6.00% 6/1/38		22,249		25,062
6.00% 7/1/38		30,390		34,155
6.00% 8/1/38		56,562		63,666
6.00% 9/1/38		23,298		26,226
6.00% 10/1/38		73,394		82,545
6.00% 11/1/38		20,621		23,171
6.00% 3/1/39		31,820		35,837
6.00% 5/1/40		823,852		930,002
6.00% 7/1/40		1,084,537		1,227,231
6.50% 11/1/36		149,143		166,598
6.50% 8/1/37		84,057		93,704
6.50% 10/1/37		21,259		23,500
6.50% 6/1/38		42,318		46,778
6.50% 4/1/39		89,272		99,266
Freddie Mac S.F. 30 yr TBA
3.50% 7/1/47		700,000		719,122
4.00% 7/1/47		4,600,000		4,837,780
4.50% 7/1/47		700,000		749,884
GNMA I S.F. 30 yr
3.00% 9/15/42		1,400,616		1,420,695
3.00% 11/15/42		1,332,801		1,351,908
3.00% 12/15/42		387,369		392,922
3.00% 2/15/45		864,394		875,134
3.50% 10/15/40		242,117		250,991
3.50% 1/15/41		84,656		87,758
3.50% 7/15/41		75,372		78,409
3.50% 10/15/41		581,866		604,546
3.50% 3/15/42		40,765		42,283
3.50% 6/15/42		2,367,838		2,459,441
3.50% 10/15/42		242,409		251,662
4.00% 6/15/39		84,986		89,467
4.00% 4/15/40		1,984,062		2,088,658
4.00% 8/15/40		485,043		511,708
4.00% 10/15/40		596,597		631,554
4.00% 12/15/40		924,461		984,339
4.00% 1/15/41		898,087		956,280
4.00% 9/15/41		350,145		369,657
4.50% 2/15/39		151,931		162,852
4.50% 3/15/39		932,662		1,000,407
4.50% 4/15/39		102,765		110,359
4.50% 5/15/39		85,991		93,871
4.50% 6/15/39		167,945		180,186
4.50% 7/15/39		341,583		367,307
4.50% 8/15/39		53,670		57,648
4.50% 9/15/39		294,044		315,933
4.50% 10/15/39		980,676		1,070,701
4.50% 11/15/39		423,224		456,629
4.50% 12/15/39		236,405		254,264

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA I S.F. 30 yr (continued)
4.50% 1/15/40		865,589	$	930,051
4.50% 4/15/40		167,199		180,200
4.50% 5/15/40		261,250		284,886
4.50% 6/15/40		690,712		749,953
4.50% 8/15/40		265,624		286,280
4.50% 9/15/40		148,636		160,862
4.50% 1/15/41		467,208		513,824
4.50% 2/15/41		1,890,393		2,057,019
4.50% 3/15/41		214,025		231,051
4.50% 6/15/41		201,567		218,215
4.50% 7/15/41		25,820		27,830
5.00% 3/15/35		65,717		72,871
5.00% 3/15/38		20,610		22,659
5.00% 4/15/38		18,211		20,013
5.00% 5/15/38		2,874		3,151
5.00% 8/15/38		2,676		2,920
5.00% 1/15/39		184,856		203,321
5.00% 4/15/39		216,760		237,713
5.00% 5/15/39		867,838		955,991
5.00% 6/15/39		751,359		826,667
5.00% 9/15/39		1,645,005		1,797,461
5.00% 10/15/39		152,036		167,800
5.00% 11/15/39		417,999		464,057
5.00% 1/15/40		1,001,734		1,108,406
5.00% 2/15/40		536,373		595,281
5.00% 4/15/40		373,587		408,560
5.00% 7/15/40		377,594		414,956
5.50% 10/15/33		208,379		234,868
5.50% 4/15/37		47,879		53,774
5.50% 7/15/37		22,795		25,607
5.50% 1/15/38		194,700		216,602
5.50% 2/15/38		219,355		246,028
5.50% 7/15/38		90,707		101,716
5.50% 8/15/38		27,595		30,732
5.50% 9/15/38		423,675		474,894
5.50% 12/15/38		292,853		328,179
5.50% 1/15/39		175,009		194,816
5.50% 5/15/39		224,532		252,206
5.50% 7/15/39		5,819		6,502
5.50% 10/15/39		231,026		257,327
5.50% 12/15/39		67,527		75,202
5.50% 4/15/40		413,281		461,589
5.50% 2/15/41		58,471		65,117
6.00% 5/15/37		1,605		1,809
6.00% 1/15/38		95,712		107,898
6.00% 3/15/38		3,621		4,128
6.00% 5/15/38		191,815		218,612
6.00% 7/15/38		107,856		121,589
6.00% 8/15/38		63,533		71,629
6.00% 10/15/38		44,323		49,988
6.00% 11/15/38		73,474		82,829
6.00% 12/15/38		135,944		153,337

LVIP SSGA Bond Index Fund–9

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)
6.00% 1/15/39		32,524	$	36,665
6.00% 5/15/39		7,283		8,210
6.00% 6/15/39		6,035		6,803
6.00% 8/15/39		7,916		8,924
6.00% 10/15/39		9,348		10,654
6.00% 6/15/40		7,275		8,202
6.00% 12/15/40		580,186		654,053
6.50% 3/15/38		2,186		2,389
6.50% 5/15/38		12,693		13,871
6.50% 7/15/38		69,675		76,139
6.50% 9/15/38		5,483		5,991
6.50% 10/15/38		18,062		20,436
6.50% 2/15/39		138,978		156,807
6.50% 8/15/39		16,661		18,666
GNMA II S.F. 30 yr
3.00% 9/20/42		2,110,394		2,139,870
3.00% 11/20/42		1,068,709		1,083,636
3.00% 12/20/42		1,679,731		1,703,192
3.00% 1/20/43		1,647,853		1,670,868
3.00% 2/20/43		2,335,154		2,363,580
3.00% 3/20/43		3,760,490		3,809,392
3.00% 6/20/43		1,475,717		1,496,330
3.00% 9/20/43		2,584,680		2,620,784
3.00% 12/20/44		2,204,782		2,229,446
3.00% 3/20/45		2,311,392		2,337,134
3.00% 4/20/45		1,907,530		1,928,775
3.00% 6/20/45		3,071,824		3,106,035
3.00% 8/20/45		3,468,309		3,506,936
3.00% 12/20/45		807,490		816,483
3.00% 5/20/46		3,513,538		3,552,668
3.00% 9/20/46		4,008,461		4,053,104
3.00% 10/20/46		4,075,307		4,120,694
3.00% 11/20/46		3,304,799		3,341,605
3.00% 12/20/46		7,782,238		7,868,909
3.00% 1/20/47		7,106,518		7,185,664
3.00% 2/20/47		1,972,163		1,994,127
3.00% 6/20/47		2,500,000		2,527,843
3.50% 4/20/42		758,585		789,057
3.50% 6/20/42		2,283,910		2,377,751
3.50% 10/20/42		911,871		948,502
3.50% 12/20/42		1,877,581		1,953,008
3.50% 2/20/43		3,128,855		3,254,551
3.50% 3/20/43		2,394,661		2,491,957
3.50% 5/20/43		2,288,795		2,380,746
3.50% 9/20/43		2,802,572		2,915,171
3.50% 1/20/44		3,126,027		3,251,629
3.50% 10/20/44		2,575,515		2,671,859
3.50% 12/20/44		1,866,680		1,936,508
3.50% 3/20/45		1,722,508		1,786,020
3.50% 4/20/45		8,671,459		8,998,391
3.50% 6/20/45		3,388,465		3,513,404
3.50% 10/20/45		3,409,448		3,535,161

	Principal Amount°		Value (U.S. $)
AGENCY MORTGAGE-BACKED SECURITIES (continued)
GNMA II S.F. 30 yr (continued)
3.50% 11/20/45		2,184,341	$	2,264,882
3.50% 12/20/45		746,823		774,359
3.50% 3/20/46		3,068,084		3,181,210
3.50% 5/20/46		5,851,160		6,066,903
3.50% 6/20/46		7,359,249		7,630,599
3.50% 7/20/46		3,691,964		3,828,093
3.50% 10/20/46		6,619,220		6,863,283
3.50% 1/20/47		2,654,554		2,752,433
3.50% 6/20/47		4,000,000		4,147,488
4.00% 8/20/40		514,662		550,399
4.00% 10/20/41		97,043		102,732
4.00% 11/20/41		1,665,824		1,763,534
4.00% 12/20/41		661,376		699,994
4.00% 5/20/42		1,509,135		1,595,905
4.00% 7/20/42		956,876		1,011,851
4.00% 8/20/42		713,658		754,600
4.00% 8/20/43		1,227,340		1,294,150
4.00% 3/20/44		1,800,588		1,896,238
4.00% 8/20/44		2,402,610		2,530,240
4.00% 10/20/44		699,629		736,794
4.00% 12/20/44		2,442,619		2,572,375
4.00% 1/20/45		504,621		531,427
4.00% 2/20/45		1,304,438		1,373,732
4.00% 8/20/45		1,123,836		1,183,844
4.00% 9/20/45		1,605,999		1,691,312
4.00% 10/20/45		2,338,320		2,462,536
4.00% 11/20/45		1,482,106		1,560,838
4.00% 1/20/46		320,788		337,829
4.00% 6/20/46		1,491,399		1,570,624
4.00% 1/20/47		1,466,444		1,544,692
4.00% 4/20/47		2,983,353		3,147,726
4.50% 7/20/41		2,349,484		2,524,548
4.50% 12/20/43		1,520,103		1,616,425
4.50% 1/20/44		1,306,161		1,388,927
4.50% 3/20/44		987,230		1,061,231
4.50% 4/20/45		836,252		889,242
4.50% 4/20/47		1,092,994		1,163,182
5.00% 4/20/43		1,125,521		1,223,797
GNMA II S.F. 30 yr TBA
3.00% 7/1/47		3,300,000		3,333,258
3.50% 7/1/47		5,600,000		5,800,375
4.00% 7/1/47		4,100,000		4,314,289
Total Agency Mortgage-Backed Securities (Cost $830,477,085)				833,249,228
AGENCY OBLIGATIONS–1.83%
Federal Home Loan Banks
0.875% 8/5/19		2,000,000		1,976,164
1.125% 7/14/21		2,000,000		1,949,892
1.25% 1/16/19		7,000,000		6,986,819
1.375% 3/18/19		2,000,000		1,999,460
1.83% 7/29/20		1,000,000		1,005,225

LVIP SSGA Bond Index Fund–10

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
AGENCY OBLIGATIONS (continued)
Federal Home Loan Banks (continued)
4.125% 3/13/20		400,000	$	426,740
5.375% 5/15/19		1,000,000		1,072,341
5.50% 7/15/36		300,000		406,836
Federal Home Loan Mortgage
1.25% 8/1/19		500,000		498,157
1.25% 10/2/19		1,000,000		994,828
1.30% 8/28/19		2,000,000		1,991,704
1.33% 12/30/20		1,000,000		977,844
1.375% 5/1/20		2,600,000		2,583,786
1.75% 5/30/19		500,000		503,465
2.00% 7/30/19		100,000		101,185
2.375% 1/13/22		4,500,000		4,597,398
3.75% 3/27/19		700,000		728,361
6.25% 7/15/32		750,000		1,067,870
6.75% 9/15/29		100,000		141,133
6.75% 3/15/31		300,000		434,043
Federal National Mortgage Association
1.00% 8/28/19		7,000,000		6,933,808
1.00% 10/24/19		1,000,000		989,258
1.125% 7/20/18		2,000,000		1,996,162
1.25% 2/26/19		2,000,000		1,992,356
1.75% 9/12/19		1,000,000		1,006,302
1.875% 9/18/18		1,000,000		1,006,364
2.125% 4/24/26		1,765,000		1,722,388
2.625% 9/6/24		2,085,000		2,141,237
5.625% 7/15/37		100,000		137,560
6.25% 5/15/29		500,000		679,393
6.625% 11/15/30		300,000		429,524
7.125% 1/15/30		500,000		730,857
7.25% 5/15/30		500,000		742,182
Tennessee Valley Authority
3.875% 2/15/21		400,000		429,822
4.625% 9/15/60		150,000		181,791
4.65% 6/15/35		500,000		601,071
4.70% 7/15/33		200,000		239,936
5.25% 9/15/39		1,025,000		1,345,723
5.375% 4/1/56		200,000		272,418
5.88% 4/1/36		75,000		102,988
6.15% 1/15/38		100,000		143,522
7.125% 5/1/30		100,000		145,071
Total Agency Obligations (Cost $53,085,786)				54,412,984
CORPORATE BONDS–26.70%
Aerospace & Defense–0.40%
Boeing
1.65% 10/30/20		100,000		99,123
1.875% 6/15/23		250,000		240,744
2.60% 10/30/25		100,000		98,582
4.875% 2/15/20		200,000		215,365
6.00% 3/15/19		100,000		106,953

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Aerospace & Defense (continued)
Boeing (continued)
6.125% 2/15/33		50,000	$	65,534
6.875% 3/15/39		100,000		145,595
Boeing Capital 4.70% 10/27/19		300,000		320,168
Embraer Netherlands Finance 5.40% 2/1/27		330,000		345,263
General Dynamics
1.875% 8/15/23		150,000		144,648
2.125% 8/15/26		150,000		140,900
2.25% 11/15/22		250,000		248,834
Hexcel
3.95% 2/15/27		50,000		51,301
4.70% 8/15/25		50,000		53,921
L3 Technologies
3.85% 12/15/26		75,000		77,463
3.95% 5/28/24		154,000		158,577
4.75% 7/15/20		100,000		106,846
4.95% 2/15/21		100,000		107,892
Lockheed Martin
1.85% 11/23/18		90,000		90,180
2.50% 11/23/20		150,000		152,179
2.90% 3/1/25		300,000		299,009
3.10% 1/15/23		50,000		51,218
3.35% 9/15/21		100,000		104,122
3.55% 1/15/26		250,000		259,515
3.60% 3/1/35		150,000		148,483
3.80% 3/1/45		500,000		494,277
4.07% 12/15/42		279,000		286,309
4.25% 11/15/19		200,000		210,729
4.50% 5/15/36		40,000		43,762
4.70% 5/15/46		109,000		122,979
4.85% 9/15/41		100,000		113,663
Northrop Grumman
3.20% 2/1/27		100,000		100,889
3.25% 8/1/23		350,000		362,480
3.50% 3/15/21		100,000		104,419
5.05% 11/15/40		100,000		115,681
Northrop Grumman Systems 7.75% 2/15/31		150,000		214,807
Precision Castparts
2.50% 1/15/23		200,000		199,625
3.25% 6/15/25		100,000		102,230
3.90% 1/15/43		50,000		50,925
4.375% 6/15/45		100,000		108,550
Raytheon
2.50% 12/15/22		125,000		125,606
3.125% 10/15/20		200,000		207,312
4.40% 2/15/20		100,000		106,373
4.70% 12/15/41		200,000		228,261
7.20% 8/15/27		100,000		134,488
Rockwell Collins 1.95% 7/15/19		40,000		40,079

LVIP SSGA Bond Index Fund–11

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Aerospace & Defense (continued)
Rockwell Collins (continued)
2.80% 3/15/22		150,000	$	151,548
3.20% 3/15/24		150,000		152,271
3.50% 3/15/27		107,000		108,719
3.70% 12/15/23		150,000		156,327
4.35% 4/15/47		70,000		73,515
4.80% 12/15/43		100,000		110,338
5.25% 7/15/19		50,000		53,264
Spirit AeroSystems 3.85% 6/15/26		75,000		75,847
Textron
3.65% 3/15/27		50,000		50,295
3.875% 3/1/25		170,000		174,909
United Technologies
1.50% 11/1/19		150,000		149,321
1.90% 5/4/20		150,000		150,319
1.95% 11/1/21		150,000		148,367
2.30% 5/4/22		150,000		149,668
2.65% 11/1/26		85,000		82,748
2.80% 5/4/24		100,000		100,401
3.10% 6/1/22		409,000		423,633
3.125% 5/4/27		350,000		351,744
3.75% 11/1/46		100,000		98,176
4.05% 5/4/47		50,000		51,348
4.15% 5/15/45		250,000		259,484
4.50% 4/15/20		210,000		224,636
4.50% 6/1/42		400,000		437,790
5.40% 5/1/35		200,000		240,546
6.05% 6/1/36		150,000		193,539
6.125% 7/15/38		200,000		262,485
				11,737,097
Air Freight & Logistics–0.12%
FedEx
2.625% 8/1/22		55,000		55,329
3.20% 2/1/25		200,000		202,752
3.25% 4/1/26		150,000		151,568
3.30% 3/15/27		100,000		100,421
3.875% 8/1/42		100,000		94,885
4.00% 1/15/24		120,000		128,124
4.10% 4/15/43		100,000		99,274
4.10% 2/1/45		200,000		197,013
4.40% 1/15/47		100,000		103,281
4.55% 4/1/46		150,000		158,201
4.75% 11/15/45		350,000		379,456
4.90% 1/15/34		60,000		66,979
8.00% 1/15/19		100,000		109,051
United Parcel Service
2.35% 5/16/22		250,000		250,996
2.40% 11/15/26		150,000		145,049
2.45% 10/1/22		125,000		126,362
3.125% 1/15/21		350,000		363,645
3.40% 11/15/46		150,000		143,291

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Air Freight & Logistics (continued)
United Parcel Service (continued)
3.625% 10/1/42		75,000	$	74,200
4.875% 11/15/40		55,000		64,860
5.125% 4/1/19		200,000		211,481
6.20% 1/15/38		255,000		347,725
				3,573,943
Airlines–0.08%
American Airlines Pass Through Trust
◆Series 2013-2 Class A 4.95% 1/15/23		304,470		325,403
◆Series 2015-1 Class A 3.375% 5/1/27		90,393		91,070
◆Series 2016-2 Class AA 3.20% 6/15/28		487,000		483,932
◆Series 2016-3 Class AA 3.00% 10/15/28		60,000		58,950
◆Series 2017-1 Class AA 3.65% 2/15/29		100,000		103,250
◆Continental Airlines Pass Through Trust Series 2012-1 Class A 4.15% 4/11/24		200,781		210,820
Delta Air Lines
2.875% 3/13/20		65,000		65,892
3.625% 3/15/22		100,000		102,767
Southwest Airlines
2.65% 11/5/20		100,000		101,269
2.75% 11/6/19		50,000		50,807
3.00% 11/15/26		100,000		97,184
◆Spirit Airlines Pass Through Trust Series 2015-1 Class A 4.10% 4/1/28		23,244		24,261
United Airlines Pass Through Trust
◆Series 2014-2 Class A 3.75% 9/3/26		182,757		189,611
◆Series 2015-1 Class AA 3.45% 12/1/27		166,539		170,494
◆Series 2016-1 Class A 3.45% 7/7/28		95,000		96,069
◆Series 2016-1 Class AA 3.10% 7/7/28		100,000		100,000
US Airways Pass Through Trust
◆Series 2012-2 Class A 4.625% 6/3/25		73,826		79,528
◆Series 2013-1 Class A 3.95% 11/15/25		80,555		83,777
				2,435,084
Auto Components–0.02%
Delphi Automotive
3.15% 11/19/20		50,000		51,117
4.25% 1/15/26		100,000		106,108
Lear 5.25% 1/15/25		225,000		238,217
Magna International 3.625% 6/15/24		200,000		205,537
				600,979
Automobiles–0.44%
American Honda Finance
1.20% 7/12/19		150,000		148,610
1.50% 11/19/18		250,000		249,342
1.60% 7/13/18		200,000		200,176
1.65% 7/12/21		200,000		195,794
1.70% 2/22/19		50,000		50,068

LVIP SSGA Bond Index Fund–12

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Automobiles (continued)
American Honda Finance (continued)
2.00% 2/14/20		150,000	$	150,386
2.125% 10/10/18		200,000		201,323
2.45% 9/24/20		150,000		152,103
2.90% 2/16/24		100,000		101,385
Daimler Finance North America 8.50% 1/18/31		200,000		300,942
Ford Motor
4.346% 12/8/26		500,000		515,691
4.75% 1/15/43		400,000		387,510
5.291% 12/8/46		300,000		309,047
7.45% 7/16/31		650,000		823,738
Ford Motor Credit
2.021% 5/3/19		200,000		199,779
2.375% 3/12/19		200,000		200,988
2.425% 6/12/20		200,000		200,077
2.459% 3/27/20		200,000		200,305
2.551% 10/5/18		200,000		201,378
3.096% 5/4/23		200,000		197,864
3.157% 8/4/20		300,000		305,946
3.20% 1/15/21		300,000		304,751
3.336% 3/18/21		200,000		204,038
3.664% 9/8/24		250,000		249,781
3.81% 1/9/24		200,000		202,788
4.134% 8/4/25		300,000		305,698
5.75% 2/1/21		200,000		220,247
5.875% 8/2/21		750,000		837,115
General Motors
6.25% 10/2/43		350,000		390,077
6.60% 4/1/36		305,000		354,364
6.75% 4/1/46		75,000		89,258
General Motors Financial
2.35% 10/4/19		250,000		250,111
2.40% 5/9/19		125,000		125,391
2.65% 4/13/20		125,000		125,665
3.10% 1/15/19		200,000		202,808
3.15% 1/15/20		800,000		814,195
3.15% 6/30/22		115,000		115,308
3.20% 7/13/20		200,000		203,925
3.20% 7/6/21		200,000		202,433
3.45% 1/14/22		250,000		254,237
3.70% 11/24/20		250,000		258,868
3.70% 5/9/23		140,000		142,345
3.95% 4/13/24		150,000		152,350
4.00% 1/15/25		600,000		603,496
4.00% 10/6/26		250,000		249,030
4.20% 3/1/21		250,000		262,434
4.30% 7/13/25		100,000		102,163
4.35% 1/17/27		180,000		182,561
5.25% 3/1/26		200,000		216,392
Harley-Davidson
3.50% 7/28/25		50,000		51,380

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Automobiles (continued)
Harley-Davidson (continued)
4.625% 7/28/45		50,000	$	52,803
				13,018,464
Banks–4.28%
Australia & New Zealand Banking Group
1.60% 7/15/19		250,000		248,425
2.05% 9/23/19		250,000		250,192
2.30% 6/1/21		250,000		248,731
2.55% 11/23/21		250,000		250,422
2.625% 5/19/22		250,000		250,489
2.70% 11/16/20		250,000		253,339
3.70% 11/16/25		250,000		262,611
Banco Bilbao Vizcaya Argentaria 3.00% 10/20/20		200,000		203,961
Banco Santander
3.50% 4/11/22		200,000		204,919
4.25% 4/11/27		200,000		207,982
Bancolombia 5.95% 6/3/21		200,000		221,320
Bank of America
2.25% 4/21/20		250,000		250,271
2.503% 10/21/22		500,000		494,216
2.60% 1/15/19		543,000		548,318
2.625% 10/19/20		200,000		202,175
2.625% 4/19/21		350,000		351,867
•3.124% 1/20/23		250,000		253,011
3.248% 10/21/27		500,000		484,211
3.30% 1/11/23		1,000,000		1,020,466
3.50% 4/19/26		350,000		351,852
•3.824% 1/20/28		250,000		254,645
3.875% 8/1/25		400,000		414,234
3.95% 4/21/25		250,000		253,564
4.00% 4/1/24		475,000		498,178
4.10% 7/24/23		1,350,000		1,431,055
4.183% 11/25/27		250,000		254,763
4.25% 10/22/26		1,133,000		1,168,972
•4.443% 1/20/48		200,000		212,069
4.45% 3/3/26		430,000		448,324
5.00% 5/13/21		350,000		382,231
5.00% 1/21/44		650,000		737,622
5.625% 7/1/20		250,000		273,890
5.875% 1/5/21		250,000		278,081
5.875% 2/7/42		218,000		274,165
6.11% 1/29/37		200,000		245,538
6.875% 11/15/18		300,000		319,716
7.625% 6/1/19		300,000		330,950
7.75% 5/14/38		200,000		288,489
Bank of America North America
2.05% 12/7/18		750,000		753,634
6.00% 10/15/36		400,000		506,500
Bank of Montreal
1.35% 8/28/18		100,000		99,641

LVIP SSGA Bond Index Fund–13

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
Bank of Montreal (continued)
1.50% 7/18/19		190,000	$	188,272
1.80% 7/31/18		200,000		200,335
1.90% 8/27/21		250,000		245,479
2.10% 12/12/19		100,000		100,249
2.10% 6/15/20		350,000		349,779
2.55% 11/6/22		300,000		299,733
Bank of Nova Scotia
1.65% 6/14/19		500,000		498,106
1.85% 4/14/20		500,000		497,277
1.875% 4/26/21		300,000		297,249
1.95% 1/15/19		350,000		350,793
2.35% 10/21/20		150,000		150,670
2.45% 3/22/21		150,000		150,735
2.80% 7/21/21		550,000		557,968
4.50% 12/16/25		150,000		157,928
Bank One 8.00% 4/29/27		100,000		132,505
Barclays
2.75% 11/8/19		1,000,000		1,009,834
2.875% 6/8/20		500,000		505,703
3.20% 8/10/21		250,000		253,806
3.25% 1/12/21		200,000		203,618
3.684% 1/10/23		200,000		205,424
4.337% 1/10/28		200,000		206,002
4.375% 1/12/26		200,000		208,213
4.836% 5/9/28		200,000		204,697
4.95% 1/10/47		200,000		214,278
5.20% 5/12/26		500,000		528,027
5.25% 8/17/45		200,000		224,843
Barclays Bank 5.14% 10/14/20		200,000		214,219
BB&T
2.05% 5/10/21		250,000		248,186
2.45% 1/15/20		700,000		708,070
Bear Stearns 4.65% 7/2/18		500,000		514,171
BNP Paribas
2.70% 8/20/18		300,000		303,455
3.25% 3/3/23		500,000		513,261
4.25% 10/15/24		200,000		208,918
5.00% 1/15/21		300,000		328,159
BPCE
2.25% 1/27/20		550,000		550,916
2.50% 12/10/18		250,000		252,279
2.50% 7/15/19		250,000		252,469
3.375% 12/2/26		250,000		253,717
Branch Banking & Trust
2.10% 1/15/20		250,000		251,036
2.30% 10/15/18		250,000		251,635
2.625% 1/15/22		250,000		253,045
3.625% 9/16/25		250,000		260,288
Canadian Imperial Bank of Commerce 1.60% 9/6/19		200,000		198,171
Citibank 2.10% 6/12/20		1,000,000		1,000,736

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
Citigroup
2.05% 12/7/18		1,150,000	$	1,152,111
2.05% 6/7/19		250,000		250,279
2.35% 8/2/21		350,000		347,156
2.40% 2/18/20		750,000		754,509
2.50% 7/29/19		500,000		504,743
2.65% 10/26/20		350,000		353,627
2.70% 3/30/21		300,000		302,151
2.90% 12/8/21		700,000		707,811
3.20% 10/21/26		300,000		292,105
3.40% 5/1/26		550,000		545,106
3.70% 1/12/26		400,000		405,291
3.75% 6/16/24		400,000		415,172
3.875% 10/25/23		350,000		365,766
4.05% 7/30/22		107,000		111,984
4.125% 7/25/28		380,000		386,600
4.30% 11/20/26		400,000		411,647
4.45% 9/29/27		600,000		624,780
4.50% 1/14/22		730,000		785,780
4.60% 3/9/26		105,000		110,378
4.65% 7/30/45		250,000		272,946
4.75% 5/18/46		150,000		158,084
5.30% 5/6/44		167,000		189,685
5.50% 9/13/25		200,000		222,775
5.875% 2/22/33		200,000		234,112
5.875% 1/30/42		150,000		189,707
6.00% 10/31/33		100,000		119,832
6.625% 6/15/32		100,000		125,334
6.675% 9/13/43		150,000		200,878
8.125% 7/15/39		350,000		539,043
Citizens Bank
2.20% 5/26/20		250,000		249,745
2.55% 5/13/21		250,000		250,361
2.65% 5/26/22		250,000		249,611
Citizens Financial Group
2.375% 7/28/21		30,000		29,769
4.30% 12/3/25		150,000		156,664
Columbia Pipeline Group
4.50% 6/1/25		250,000		266,554
5.80% 6/1/45		100,000		119,401
Comerica 2.125% 5/23/19		50,000		49,909
Comerica Bank 4.00% 7/27/25		250,000		258,800
Commonwealth Bank of Australia
1.75% 11/2/18		250,000		250,249
2.05% 3/15/19		250,000		250,322
2.25% 3/13/19		250,000		251,533
2.30% 9/6/19		250,000		251,694
2.55% 3/15/21		250,000		250,781
Compass Bank
2.875% 6/29/22		250,000		249,334
3.875% 4/10/25		250,000		249,444

LVIP SSGA Bond Index Fund–14

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
Cooperatieve Rabobank
1.375% 8/9/19		400,000	$	395,629
2.25% 1/14/19		300,000		301,985
2.50% 1/19/21		250,000		251,607
3.375% 5/21/25		500,000		515,258
3.75% 7/21/26		250,000		250,435
3.875% 2/8/22		250,000		265,389
3.95% 11/9/22		250,000		261,417
4.50% 1/11/21		550,000		591,422
4.625% 12/1/23		350,000		377,697
5.25% 5/24/41		150,000		183,531
5.25% 8/4/45		250,000		293,127
Fifth Third Bancorp
2.875% 7/27/20		500,000		511,640
3.50% 3/15/22		200,000		207,072
4.30% 1/16/24		250,000		266,153
8.25% 3/1/38		100,000		150,012
Fifth Third Bank
2.25% 6/14/21		500,000		498,819
2.30% 3/15/19		200,000		201,303
First Republic Bank 4.625% 2/13/47		250,000		257,844
HSBC Bank USA
5.625% 8/15/35		500,000		604,923
5.875% 11/1/34		100,000		123,149
7.00% 1/15/39		100,000		140,195
HSBC Finance 6.676% 1/15/21		323,000		364,298
HSBC Holdings
2.65% 1/5/22		250,000		249,581
2.95% 5/25/21		500,000		506,636
•3.262% 3/13/23		200,000		203,922
3.40% 3/8/21		250,000		257,082
3.60% 5/25/23		500,000		517,115
3.90% 5/25/26		1,095,000		1,131,531
4.00% 3/30/22		500,000		527,691
•4.041% 3/13/28		200,000		207,404
4.25% 3/14/24		300,000		310,804
4.30% 3/8/26		250,000		265,287
4.375% 11/23/26		375,000		389,856
5.10% 4/5/21		300,000		326,329
6.10% 1/14/42		200,000		263,027
6.50% 5/2/36		200,000		256,875
6.50% 9/15/37		200,000		259,413
6.80% 6/1/38		200,000		268,263
HSBC USA
2.00% 8/7/18		150,000		150,447
2.25% 6/23/19		300,000		301,535
2.75% 8/7/20		100,000		101,680
3.50% 6/23/24		800,000		824,939
5.00% 9/27/20		300,000		322,626
Huntington Bancshares
2.30% 1/14/22		100,000		98,603
2.60% 8/2/18		250,000		251,747

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
Huntington National Bank
2.20% 11/6/18		250,000	$	250,768
2.40% 4/1/20		250,000		251,829
2.875% 8/20/20		250,000		254,438
Industrial & Commercial Bank of China 3.231% 11/13/19		500,000		508,891
Intesa Sanpaolo 3.875% 1/15/19		600,000		615,031
JPMorgan Chase & Co.
1.85% 3/22/19		500,000		499,600
2.40% 6/7/21		350,000		349,532
2.55% 10/29/20		275,000		277,436
2.55% 3/1/21		500,000		502,713
2.70% 5/18/23		250,000		247,459
2.75% 6/23/20		800,000		813,704
•2.776% 4/25/23		113,000		113,279
2.95% 10/1/26		500,000		483,129
2.972% 1/15/23		650,000		658,225
3.20% 1/25/23		1,000,000		1,020,344
3.20% 6/15/26		450,000		445,233
•3.22% 3/1/25		270,000		270,749
3.25% 9/23/22		550,000		564,057
3.30% 4/1/26		500,000		497,061
3.375% 5/1/23		200,000		203,219
•3.54% 5/1/28		150,000		150,640
3.625% 5/13/24		250,000		258,074
3.625% 12/1/27		260,000		257,891
3.875% 2/1/24		750,000		786,731
4.125% 12/15/26		1,000,000		1,037,810
4.25% 10/15/20		750,000		796,778
•4.26% 2/22/48		1,000,000		1,048,811
4.35% 8/15/21		600,000		642,577
4.40% 7/22/20		700,000		745,771
4.95% 6/1/45		500,000		559,103
5.40% 1/6/42		200,000		242,531
5.50% 10/15/40		100,000		122,338
5.60% 7/15/41		500,000		621,399
6.30% 4/23/19		200,000		215,309
6.40% 5/15/38		450,000		604,082
JPMorgan Chase Bank 1.65% 9/23/19		250,000		248,685
KeyBank
1.60% 8/22/19		250,000		248,225
2.35% 3/8/19		250,000		251,684
2.40% 6/9/22		250,000		248,929
2.50% 11/22/21		250,000		250,953
3.18% 5/22/22		300,000		305,705
KeyCorp
2.90% 9/15/20		195,000		198,524
5.10% 3/24/21		300,000		328,521
Korea Development Bank
1.375% 9/12/19		500,000		491,272
2.625% 2/27/22		300,000		299,026
3.00% 3/17/19		500,000		507,397

LVIP SSGA Bond Index Fund–15

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
Lloyds Bank
2.70% 8/17/20		200,000	$	202,941
6.375% 1/21/21		300,000		337,504
Lloyds Banking Group
3.00% 1/11/22		200,000		202,187
3.10% 7/6/21		200,000		203,343
3.75% 1/11/27		235,000		236,401
4.582% 12/10/25		300,000		311,576
4.65% 3/24/26		200,000		208,777
Manufacturers & Traders Trust
2.25% 7/25/19		350,000		352,469
2.30% 1/30/19		250,000		251,941
Mizuho Financial Group
2.273% 9/13/21		300,000		295,390
2.953% 2/28/22		200,000		201,853
3.663% 2/28/27		200,000		206,473
MUFG Americas Holdings
2.25% 2/10/20		100,000		100,099
3.00% 2/10/25		150,000		147,631
MUFG Union Bank 2.625% 9/26/18		250,000		252,505
National Australia Bank
1.375% 7/12/19		250,000		247,023
1.875% 7/12/21		250,000		244,753
2.125% 5/22/20		250,000		250,190
2.25% 1/10/20		250,000		250,859
2.50% 5/22/22		250,000		248,791
2.50% 7/12/26		250,000		236,222
2.625% 7/23/20		250,000		253,511
2.80% 1/10/22		250,000		252,780
3.00% 1/20/23		500,000		505,671
National Bank of Canada
2.10% 12/14/18		250,000		251,207
2.15% 6/12/20		250,000		249,587
National City 6.875% 5/15/19		100,000		108,858
People’s United Financial 3.65% 12/6/22		150,000		153,334
PNC Bank
1.45% 7/29/19		250,000		247,699
1.70% 12/7/18		250,000		250,021
1.80% 11/5/18		250,000		250,399
1.95% 3/4/19		250,000		250,512
2.00% 5/19/20		250,000		249,717
2.15% 4/29/21		250,000		248,601
2.30% 6/1/20		250,000		251,484
2.45% 11/5/20		250,000		252,244
2.60% 7/21/20		250,000		253,647
2.625% 2/17/22		250,000		251,979
2.70% 11/1/22		250,000		250,252
3.25% 6/1/25		250,000		254,062
4.20% 11/1/25		500,000		537,823
PNC Financial Services Group
3.15% 5/19/27		250,000		249,067

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
PNC Financial Services Group (continued)
3.30% 3/8/22		300,000	$	311,204
5.125% 2/8/20		100,000		107,610
6.70% 6/10/19		150,000		163,135
Regions Bank 2.25% 9/14/18		250,000		251,083
Regions Financial 3.20% 2/8/21		100,000		102,325
Royal Bank of Canada
1.50% 7/29/19		250,000		248,155
1.625% 4/15/19		500,000		497,972
1.80% 7/30/18		150,000		150,217
2.00% 12/10/18		500,000		501,842
2.15% 3/15/19		200,000		201,419
2.15% 3/6/20		250,000		250,771
2.20% 7/27/18		150,000		150,962
2.20% 9/23/19		550,000		552,298
2.30% 3/22/21		900,000		903,315
2.35% 10/30/20		600,000		602,957
Royal Bank of Scotland Group
•3.498% 5/15/23		400,000		403,041
4.80% 4/5/26		700,000		745,055
Santander Holdings USA
2.65% 4/17/20		300,000		299,433
2.70% 5/24/19		200,000		201,565
#144A 3.70% 3/28/22		90,000		91,260
4.50% 7/17/25		250,000		257,716
Santander Issuances 5.179% 11/19/25		200,000		214,741
Santander UK
2.00% 8/24/18		533,000		534,042
2.35% 9/10/19		335,000		337,202
2.50% 3/14/19		150,000		151,252
3.05% 8/23/18		250,000		253,175
Santander UK Group Holdings
2.875% 10/16/20		100,000		101,628
2.875% 8/5/21		250,000		250,800
Sumitomo Mitsui Banking
1.966% 1/11/19		250,000		250,304
2.05% 1/18/19		250,000		250,527
2.45% 1/10/19		300,000		302,656
2.45% 1/16/20		600,000		603,932
2.50% 7/19/18		250,000		251,890
2.65% 7/23/20		400,000		405,008
3.20% 7/18/22		250,000		256,821
Sumitomo Mitsui Financial Group
2.846% 1/11/22		250,000		252,921
2.934% 3/9/21		200,000		203,284
3.01% 10/19/26		500,000		489,834
3.446% 1/11/27		250,000		254,321
3.784% 3/9/26		200,000		207,905
SunTrust Bank/Atlanta 3.30% 5/15/26		200,000		195,845
SunTrust Banks
2.50% 5/1/19		450,000		454,413

LVIP SSGA Bond Index Fund–16

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
SunTrust Banks (continued)
2.70% 1/27/22		150,000	$	150,471
2.90% 3/3/21		100,000		101,610
SVB Financial Group 5.375% 9/15/20		150,000		163,374
Svenska Handelsbanken
1.50% 9/6/19		250,000		247,580
1.875% 9/7/21		250,000		244,649
2.40% 10/1/20		400,000		402,806
2.45% 3/30/21		250,000		250,615
2.50% 1/25/19		250,000		252,588
Toronto-Dominion Bank
1.45% 9/6/18		300,000		299,467
1.45% 8/13/19		150,000		148,735
1.80% 7/13/21		150,000		147,027
1.95% 1/22/19		550,000		552,455
2.125% 7/2/19		200,000		201,038
2.125% 4/7/21		150,000		149,450
2.25% 11/5/19		250,000		251,940
2.50% 12/14/20		200,000		202,407
2.625% 9/10/18		100,000		101,119
U.S. Bancorp
1.95% 11/15/18		600,000		603,200
2.35% 1/29/21		150,000		150,818
2.375% 7/22/26		150,000		141,534
2.95% 7/15/22		200,000		203,573
3.00% 3/15/22		150,000		154,050
3.10% 4/27/26		65,000		64,319
3.15% 4/27/27		350,000		351,025
3.60% 9/11/24		250,000		259,923
3.70% 1/30/24		250,000		264,477
U.S. Bank 1.40% 4/26/19		700,000		695,870
Wachovia 5.50% 8/1/35		150,000		174,263
Wells Fargo & Co.
2.10% 7/26/21		400,000		394,864
2.15% 1/15/19		1,187,000		1,193,212
2.50% 3/4/21		350,000		351,394
2.55% 12/7/20		300,000		303,589
2.60% 7/22/20		1,050,000		1,065,268
3.00% 4/22/26		150,000		146,666
3.00% 10/23/26		300,000		292,479
3.30% 9/9/24		250,000		253,821
3.45% 2/13/23		250,000		256,158
3.50% 3/8/22		600,000		623,719
•3.584% 5/22/28		755,000		763,974
3.90% 5/1/45		510,000		511,491
4.10% 6/3/26		740,000		767,104
4.125% 8/15/23		300,000		317,521
4.30% 7/22/27		750,000		786,527
4.40% 6/14/46		250,000		253,722
4.60% 4/1/21		350,000		377,478
4.65% 11/4/44		225,000		236,875
4.75% 12/7/46		350,000		374,597

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
Wells Fargo & Co. (continued)
5.375% 11/2/43		775,000	$	898,575
Wells Fargo Bank
1.75% 5/24/19		250,000		249,584
1.80% 11/28/18		350,000		350,782
2.15% 12/6/19		350,000		351,744
5.85% 2/1/37		450,000		562,960
6.60% 1/15/38		450,000		614,744
Wells Fargo Capital X 5.95% 12/15/36		100,000		113,350
Westpac Banking
1.60% 8/19/19		200,000		198,508
1.65% 5/13/19		150,000		149,349
1.95% 11/23/18		500,000		501,084
2.00% 8/19/21		200,000		197,109
2.10% 5/13/21		150,000		148,709
2.15% 3/6/20		250,000		250,586
2.25% 7/30/18		100,000		100,549
2.25% 1/17/19		150,000		150,789
2.30% 5/26/20		100,000		100,322
2.50% 6/28/22		150,000		149,458
2.60% 11/23/20		150,000		151,689
2.70% 8/19/26		200,000		192,009
2.80% 1/11/22		300,000		304,552
2.85% 5/13/26		150,000		146,150
3.35% 3/8/27		250,000		251,770
•4.322% 11/23/31		250,000		256,751
4.875% 11/19/19		250,000		266,313
				126,889,114
Beverages–0.77%
Anheuser-Busch InBev Finance
1.90% 2/1/19		825,000		827,164
2.625% 1/17/23		450,000		448,765
2.65% 2/1/21		1,340,000		1,359,092
3.30% 2/1/23		860,000		886,662
3.65% 2/1/26		1,600,000		1,651,382
4.00% 1/17/43		100,000		100,520
4.625% 2/1/44		850,000		918,263
4.70% 2/1/36		950,000		1,048,866
4.90% 2/1/46		1,230,000		1,393,782
Anheuser-Busch InBev Worldwide
2.50% 7/15/22		450,000		449,892
3.75% 1/15/22		400,000		422,284
3.75% 7/15/42		136,000		132,155
4.375% 2/15/21		30,000		32,172
#144A 4.439% 10/6/48		395,000		420,865
4.95% 1/15/42		300,000		339,892
5.375% 1/15/20		400,000		433,368
7.75% 1/15/19		500,000		543,804
8.20% 1/15/39		200,000		310,829
Coca-Cola 1.375% 5/30/19		150,000		149,451

LVIP SSGA Bond Index Fund–17

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Beverages (continued)
Coca-Cola (continued)
1.55% 9/1/21		150,000	$	147,098
1.65% 11/1/18		500,000		501,325
2.20% 5/25/22		70,000		69,979
2.25% 9/1/26		200,000		190,123
2.45% 11/1/20		500,000		508,775
2.50% 4/1/23		250,000		250,781
2.55% 6/1/26		100,000		97,068
2.875% 10/27/25		100,000		100,690
2.90% 5/25/27		100,000		99,345
3.15% 11/15/20		170,000		176,716
3.30% 9/1/21		250,000		261,717
Coca-Cola Bottling Consolidated 3.80% 11/25/25		50,000		51,743
Coca-Cola European Partners US
3.50% 9/15/20		100,000		103,955
4.50% 9/1/21		200,000		214,587
Coca-Cola Femsa
2.375% 11/26/18		200,000		201,133
3.875% 11/26/23		200,000		210,037
Constellation Brands
2.70% 5/9/22		30,000		29,997
3.50% 5/9/27		30,000		30,034
3.70% 12/6/26		100,000		101,969
3.75% 5/1/21		75,000		78,239
3.875% 11/15/19		60,000		62,362
4.25% 5/1/23		280,000		298,472
4.50% 5/9/47		45,000		46,512
6.00% 5/1/22		90,000		102,829
Diageo Capital
2.625% 4/29/23		350,000		353,347
3.875% 4/29/43		30,000		30,115
4.828% 7/15/20		100,000		107,950
5.875% 9/30/36		100,000		128,965
Diageo Investment
2.875% 5/11/22		200,000		205,022
8.00% 9/15/22		100,000		125,647
Dr Pepper Snapple Group
3.13% 12/15/23		100,000		101,683
3.40% 11/15/25		150,000		152,078
3.43% 6/15/27		70,000		70,719
4.42% 12/15/46		50,000		52,261
Fomento Economico Mexicano
2.875% 5/10/23		150,000		149,698
4.375% 5/10/43		200,000		204,491
Molson Coors Brewing
1.45% 7/15/19		80,000		79,064
2.10% 7/15/21		100,000		98,431
3.00% 7/15/26		110,000		106,010
4.20% 7/15/46		595,000		589,216
5.00% 5/1/42		250,000		277,015

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Beverages (continued)
PepsiCo
1.35% 10/4/19		65,000	$	64,447
1.50% 2/22/19		85,000		84,898
1.55% 5/2/19		150,000		149,990
1.70% 10/6/21		150,000		146,922
2.15% 10/14/20		150,000		151,026
2.25% 5/2/22		200,000		200,129
2.375% 10/6/26		80,000		76,287
2.75% 3/1/23		550,000		557,613
2.85% 2/24/26		90,000		89,864
3.00% 8/25/21		100,000		103,539
3.125% 11/1/20		250,000		259,068
3.45% 10/6/46		590,000		555,831
3.60% 3/1/24		779,000		824,808
3.60% 8/13/42		250,000		241,412
4.00% 3/5/42		100,000		102,466
4.00% 5/2/47		105,000		107,651
4.45% 4/14/46		120,000		131,134
4.50% 1/15/20		100,000		106,367
4.875% 11/1/40		100,000		115,986
5.50% 1/15/40		150,000		187,397
				22,893,241
Biotechnology–0.56%
AbbVie
2.30% 5/14/21		200,000		199,687
2.50% 5/14/20		500,000		506,134
2.85% 5/14/23		150,000		149,866
2.90% 11/6/22		500,000		505,324
3.20% 11/6/22		225,000		231,047
3.20% 5/14/26		200,000		198,016
3.60% 5/14/25		600,000		613,052
4.30% 5/14/36		150,000		153,140
4.40% 11/6/42		300,000		308,509
4.45% 5/14/46		200,000		207,279
4.50% 5/14/35		600,000		634,705
4.70% 5/14/45		665,000		709,436
Amgen
1.85% 8/19/21		100,000		97,865
2.125% 5/1/20		200,000		200,431
2.20% 5/22/19		650,000		654,262
2.20% 5/11/20		300,000		301,723
2.25% 8/19/23		200,000		194,190
2.60% 8/19/26		200,000		189,654
2.65% 5/11/22		200,000		200,891
2.70% 5/1/22		100,000		100,683
3.125% 5/1/25		200,000		200,778
3.625% 5/15/22		100,000		104,559
3.625% 5/22/24		150,000		156,703
3.875% 11/15/21		200,000		211,010
4.10% 6/15/21		100,000		106,157

LVIP SSGA Bond Index Fund–18

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Biotechnology (continued)
Amgen (continued)
4.40% 5/1/45		300,000	$	309,379
4.50% 3/15/20		150,000		159,185
5.15% 11/15/41		250,000		279,660
5.65% 6/15/42		200,000		240,123
5.75% 3/15/40		200,000		239,298
6.375% 6/1/37		100,000		124,982
6.40% 2/1/39		50,000		63,639
Baxalta
2.875% 6/23/20		400,000		406,666
3.60% 6/23/22		100,000		103,667
4.00% 6/23/25		150,000		156,711
5.25% 6/23/45		45,000		52,938
Biogen
2.90% 9/15/20		250,000		255,205
3.625% 9/15/22		145,000		151,829
4.05% 9/15/25		145,000		153,350
5.20% 9/15/45		255,000		292,030
Celgene
2.125% 8/15/18		110,000		110,455
2.30% 8/15/18		143,000		143,859
2.875% 8/15/20		200,000		204,667
3.25% 8/15/22		250,000		257,306
3.55% 8/15/22		300,000		312,668
3.625% 5/15/24		200,000		207,474
3.875% 8/15/25		200,000		209,224
3.95% 10/15/20		100,000		105,235
4.00% 8/15/23		100,000		106,203
4.625% 5/15/44		300,000		316,387
5.00% 8/15/45		110,000		124,346
Genzyme 5.00% 6/15/20		100,000		108,093
Gilead Sciences
1.85% 9/4/18		115,000		115,291
1.95% 3/1/22		85,000		83,358
2.55% 9/1/20		500,000		507,435
2.95% 3/1/27		300,000		291,525
3.25% 9/1/22		125,000		129,347
3.50% 2/1/25		670,000		688,247
3.65% 3/1/26		300,000		308,833
4.15% 3/1/47		380,000		382,738
4.40% 12/1/21		200,000		215,884
4.50% 4/1/21		100,000		107,891
4.50% 2/1/45		80,000		83,128
4.60% 9/1/35		200,000		214,838
4.75% 3/1/46		250,000		275,114
4.80% 4/1/44		400,000		436,885
5.65% 12/1/41		250,000		303,689
				16,473,883
Building Products–0.06%
Fortune Brands Home & Security
3.00% 6/15/20		50,000		50,669

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Building Products (continued)
Fortune Brands Home & Security (continued)
4.00% 6/15/25		50,000	$	52,024
Johnson Controls International
f3.625% 7/2/24		107,000		110,922
3.90% 2/14/26		75,000		78,667
4.25% 3/1/21		60,000		63,757
4.50% 2/15/47		145,000		154,760
f4.95% 7/2/64		94,000		101,147
5.00% 3/30/20		100,000		106,879
5.125% 9/14/45		75,000		86,581
Lennox International 3.00% 11/15/23		25,000		24,998
Masco
3.50% 4/1/21		210,000		216,714
3.50% 11/15/27		60,000		59,604
4.375% 4/1/26		160,000		171,472
4.50% 5/15/47		100,000		100,866
Owens Corning
4.20% 12/15/22		212,000		223,938
4.30% 7/15/47		100,000		96,600
7.00% 12/1/36		100,000		130,326
				1,829,924
Capital Markets–2.34%
Affiliated Managers Group 4.25% 2/15/24		100,000		104,762
Ameriprise Financial
2.875% 9/15/26		100,000		97,211
5.30% 3/15/20		200,000		216,346
7.30% 6/28/19		200,000		220,421
Apollo Investment 5.25% 3/3/25		50,000		50,016
Ares Capital
3.625% 1/19/22		150,000		151,891
3.875% 1/15/20		30,000		30,606
4.875% 11/30/18		100,000		103,533
Bank of New York Mellon
2.10% 8/1/18		500,000		502,565
2.10% 1/15/19		200,000		200,928
2.15% 2/24/20		150,000		150,921
2.20% 8/16/23		100,000		97,045
2.30% 9/11/19		500,000		505,083
2.45% 11/27/20		150,000		151,535
2.45% 8/17/26		250,000		238,595
2.60% 8/17/20		100,000		101,522
2.60% 2/7/22		300,000		302,289
•2.661% 5/16/23		150,000		150,578
3.00% 2/24/25		100,000		99,925
3.00% 10/30/28		55,000		53,304
3.25% 5/16/27		150,000		151,518
•3.442% 2/7/28		180,000		182,883
3.55% 9/23/21		200,000		209,009
3.95% 11/18/25		100,000		106,581
4.15% 2/1/21		100,000		106,344

LVIP SSGA Bond Index Fund–19

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Bank of New York Mellon (continued)
5.45% 5/15/19		100,000	$	106,569
BlackRock
3.20% 3/15/27		167,000		169,242
3.375% 6/1/22		150,000		156,595
5.00% 12/10/19		100,000		107,409
Brookfield Asset Management 4.00% 1/15/25		150,000		153,450
Brookfield Finance 4.00% 4/1/24		100,000		102,725
CBOE Holdings 3.65% 1/12/27		100,000		101,058
Charles Schwab
3.00% 3/10/25		100,000		100,112
3.20% 3/2/27		100,000		100,588
3.45% 2/13/26		70,000		71,803
4.45% 7/22/20		100,000		106,741
CME Group
3.00% 9/15/22		300,000		307,360
5.30% 9/15/43		100,000		124,520
Credit Suisse Group Funding Guernsey
2.75% 3/26/20		600,000		605,113
3.45% 4/16/21		300,000		308,235
3.80% 9/15/22		400,000		416,081
3.80% 6/9/23		1,000,000		1,032,318
4.55% 4/17/26		350,000		372,478
4.875% 5/15/45		400,000		442,008
Credit Suisse New York
2.30% 5/28/19		250,000		251,715
3.625% 9/9/24		700,000		723,785
4.375% 8/5/20		200,000		212,370
5.30% 8/13/19		100,000		106,843
Deutsche Bank
2.85% 5/10/19		300,000		303,334
2.95% 8/20/20		150,000		151,001
3.125% 1/13/21		200,000		201,163
3.375% 5/12/21		300,000		304,121
3.70% 5/30/24		490,000		490,645
4.10% 1/13/26		200,000		203,202
Eaton Vance 3.50% 4/6/27		100,000		101,085
Export-Import Bank of Korea
1.75% 5/26/19		300,000		298,371
2.125% 1/25/20		200,000		199,144
2.375% 8/12/19		800,000		804,764
2.625% 5/26/26		300,000		289,602
2.75% 1/25/22		200,000		200,715
2.875% 1/21/25		500,000		493,369
3.25% 11/10/25		200,000		202,261
4.00% 1/29/21		100,000		105,059
5.00% 4/11/22		250,000		275,999
5.125% 6/29/20		100,000		107,744
Franklin Resources
2.85% 3/30/25		100,000		98,848
4.625% 5/20/20		100,000		106,999

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
FS Investment 4.00% 7/15/19		100,000	$	101,059
Goldman Sachs Group
2.00% 4/25/19		50,000		50,000
2.30% 12/13/19		530,000		531,750
2.35% 11/15/21		225,000		222,201
2.55% 10/23/19		750,000		758,606
2.60% 12/27/20		750,000		754,444
2.625% 4/25/21		75,000		75,215
2.75% 9/15/20		625,000		632,999
2.875% 2/25/21		250,000		252,893
2.90% 7/19/18		500,000		505,807
•2.908% 6/5/23		150,000		149,873
3.00% 4/26/22		330,000		332,714
3.50% 11/16/26		500,000		497,939
3.625% 1/22/23		450,000		465,035
•3.691% 6/5/28		135,000		135,704
3.75% 5/22/25		750,000		769,263
3.85% 7/8/24		400,000		415,782
3.85% 1/26/27		300,000		305,525
4.75% 10/21/45		150,000		166,367
5.15% 5/22/45		360,000		400,799
5.25% 7/27/21		400,000		438,662
5.375% 3/15/20		200,000		215,990
5.75% 1/24/22		750,000		844,918
5.95% 1/15/27		700,000		818,575
6.00% 6/15/20		500,000		551,987
6.125% 2/15/33		250,000		313,385
6.25% 2/1/41		255,000		333,791
6.45% 5/1/36		600,000		754,789
6.75% 10/1/37		800,000		1,040,330
7.50% 2/15/19		825,000		895,223
Intercontinental Exchange
2.75% 12/1/20		85,000		86,669
3.75% 12/1/25		85,000		89,077
4.00% 10/15/23		200,000		210,688
Invesco Finance
3.75% 1/15/26		100,000		103,793
4.00% 1/30/24		500,000		530,825
Janus Capital Group 4.875% 8/1/25		150,000		161,476
Jefferies Group
4.85% 1/15/27		310,000		324,652
5.125% 1/20/23		150,000		163,542
6.25% 1/15/36		100,000		109,314
8.50% 7/15/19		200,000		223,966
Kreditanstalt fuer Wiederaufbau
1.00% 7/15/19		1,000,000		989,568
1.25% 9/30/19		1,000,000		992,265
1.375% 12/14/18		1,500,000		1,498,433
1.50% 6/15/21		700,000		689,483
1.625% 3/15/21		1,000,000		991,932
1.75% 3/31/20		2,000,000		2,002,222
1.875% 11/30/20		500,000		500,503

LVIP SSGA Bond Index Fund–20

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Kreditanstalt fuer Wiederaufbau (continued)
2.00% 11/30/21		500,000	$	500,607
2.00% 10/4/22		700,000		696,584
2.00% 5/2/25		1,200,000		1,173,269
2.125% 1/17/23		1,000,000		999,426
2.50% 11/20/24		1,000,000		1,014,394
2.625% 1/25/22		400,000		411,334
2.75% 9/8/20		2,500,000		2,575,277
4.00% 1/27/20		750,000		793,797
^4.188% 4/18/36		200,000		114,905
^4.297% 6/29/37		500,000		277,291
4.50% 7/16/18		800,000		825,323
4.875% 6/17/19		500,000		531,660
Landwirtschaftliche Rentenbank
1.375% 10/23/19		300,000		298,352
1.75% 4/15/19		1,125,000		1,129,490
Lazard Group
3.625% 3/1/27		100,000		98,974
3.75% 2/13/25		100,000		101,000
4.25% 11/14/20		106,000		111,919
Legg Mason
4.75% 3/15/26		150,000		158,773
5.625% 1/15/44		100,000		106,588
Moody’s
#144A 2.625% 1/15/23		100,000		99,550
2.75% 12/15/21		125,000		126,178
#144A 3.25% 1/15/28		65,000		64,143
4.50% 9/1/22		250,000		270,531
Morgan Stanley
2.45% 2/1/19		170,000		171,201
2.50% 1/24/19		250,000		252,025
2.50% 4/21/21		425,000		424,902
2.625% 11/17/21		400,000		399,656
2.65% 1/27/20		500,000		505,584
2.75% 5/19/22		415,000		415,192
3.125% 7/27/26		235,000		228,746
3.625% 1/20/27		350,000		352,940
3.70% 10/23/24		1,125,000		1,155,644
3.75% 2/25/23		500,000		520,302
3.875% 1/27/26		265,000		273,109
3.95% 4/23/27		300,000		303,317
4.00% 7/23/25		200,000		208,962
4.10% 5/22/23		1,050,000		1,097,587
4.30% 1/27/45		500,000		518,323
4.35% 9/8/26		300,000		312,481
4.375% 1/22/47		1,150,000		1,202,710
4.875% 11/1/22		250,000		271,756
5.00% 11/24/25		175,000		190,633
5.50% 1/26/20		200,000		215,867
5.50% 7/28/21		300,000		332,962
5.625% 9/23/19		350,000		376,208
5.75% 1/25/21		650,000		719,532

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Morgan Stanley (continued)
6.25% 8/9/26		100,000	$	119,927
6.375% 7/24/42		850,000		1,133,907
7.25% 4/1/32		100,000		136,813
7.30% 5/13/19		300,000		328,123
Nasdaq
3.85% 6/30/26		45,000		45,744
5.55% 1/15/20		100,000		108,146
Nomura Holdings
2.75% 3/19/19		350,000		353,649
6.70% 3/4/20		83,000		91,995
Northern Trust
3.45% 11/4/20		100,000		104,289
3.95% 10/30/25		250,000		264,952
6.50% 8/15/18		850,000		893,629
Oesterreichische Kontrollbank
1.375% 2/10/20		300,000		297,319
1.875% 1/20/21		900,000		898,272
Private Export Funding
1.875% 7/15/18		250,000		251,184
2.45% 7/15/24		250,000		251,113
4.30% 12/15/21		100,000		109,652
Prospect Capital 5.00% 7/15/19		200,000		204,432
Raymond James Financial
4.95% 7/15/46		50,000		54,477
8.60% 8/15/19		200,000		226,116
S&P Global
2.95% 1/22/27		150,000		144,693
6.55% 11/15/37		400,000		516,359
TD Ameritrade Holding
2.95% 4/1/22		250,000		255,987
3.30% 4/1/27		90,000		89,998
UBS 2.35% 3/26/20		700,000		704,432
				69,316,200
Chemicals–0.46%
Agrium
3.15% 10/1/22		100,000		102,139
4.125% 3/15/35		500,000		499,124
6.125% 1/15/41		245,000		298,308
6.75% 1/15/19		100,000		106,687
Air Products & Chemicals
3.35% 7/31/24		250,000		258,674
4.375% 8/21/19		50,000		52,603
Airgas 3.05% 8/1/20		100,000		102,518
Albemarle 5.45% 12/1/44		500,000		583,019
Celanese US Holdings
4.625% 11/15/22		90,000		97,060
5.875% 6/15/21		70,000		78,592
Dow Chemical 4.25% 11/15/20		700,000		743,817

LVIP SSGA Bond Index Fund–21

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Chemicals (continued)
Dow Chemical (continued)
4.375% 11/15/42		400,000	$	414,720
5.25% 11/15/41		100,000		116,295
7.375% 11/1/29		125,000		168,213
8.55% 5/15/19		355,000		397,787
9.40% 5/15/39		100,000		168,579
Eastman Chemical
3.60% 8/15/22		225,000		233,705
3.80% 3/15/25		100,000		103,075
4.65% 10/15/44		70,000		74,349
4.80% 9/1/42		250,000		269,356
Ecolab
2.00% 1/14/19		100,000		100,473
2.25% 1/12/20		200,000		201,419
2.70% 11/1/26		45,000		43,490
3.25% 1/14/23		100,000		103,285
4.35% 12/8/21		200,000		217,715
EI du Pont de Nemours & Co.
2.20% 5/1/20		100,000		100,584
3.625% 1/15/21		100,000		104,731
4.15% 2/15/43		100,000		102,220
4.25% 4/1/21		150,000		160,408
5.75% 3/15/19		100,000		106,312
6.00% 7/15/18		400,000		417,902
6.50% 1/15/28		150,000		187,263
FMC
3.95% 2/1/22		100,000		103,822
4.10% 2/1/24		100,000		103,656
HB Fuller 4.00% 2/15/27		100,000		102,314
International Flavors & Fragrances
3.20% 5/1/23		50,000		50,843
4.375% 6/1/47		55,000		56,228
Lubrizol 8.875% 2/1/19		150,000		165,645
LYB International Finance 4.00% 7/15/23		200,000		212,180
LYB International Finance II 3.50% 3/2/27		159,000		157,051
LyondellBasell Industries
5.00% 4/15/19		300,000		313,748
6.00% 11/15/21		350,000		395,758
Methanex 5.65% 12/1/44		200,000		189,804
Monsanto
2.125% 7/15/19		400,000		401,009
4.70% 7/15/64		250,000		252,986
Mosaic
4.25% 11/15/23		125,000		131,706
5.45% 11/15/33		104,000		110,017
5.625% 11/15/43		200,000		204,891
NewMarket 4.10% 12/15/22		50,000		51,774
Potash of Saskatchewan 3.00% 4/1/25		300,000		290,341

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Chemicals (continued)
Potash of Saskatchewan (continued)
4.00% 12/15/26		200,000	$	206,618
4.875% 3/30/20		10,000		10,609
6.50% 5/15/19		145,000		156,093
PPG Industries
2.30% 11/15/19		100,000		100,746
3.60% 11/15/20		100,000		104,302
Praxair
1.25% 11/7/18		100,000		99,750
2.20% 8/15/22		100,000		99,018
2.25% 9/24/20		250,000		252,525
2.70% 2/21/23		100,000		100,400
4.05% 3/15/21		100,000		106,533
4.50% 8/15/19		100,000		105,483
Rohm & Haas 7.85% 7/15/29		150,000		207,189
RPM International
3.75% 3/15/27		100,000		101,821
5.25% 6/1/45		100,000		112,650
6.125% 10/15/19		100,000		108,557
Sherwin-Williams
2.25% 5/15/20		250,000		250,732
2.75% 6/1/22		250,000		250,135
3.125% 6/1/24		100,000		100,658
3.45% 6/1/27		145,000		146,256
#144A 3.95% 1/15/26		250,000		258,432
4.50% 6/1/47		88,000		92,591
#144A 7.25% 6/15/19		50,000		54,824
Syngenta Finance 3.125% 3/28/22		100,000		98,822
Westlake Chemical
3.60% 8/15/26		150,000		149,162
4.625% 2/15/21		150,000		156,000
5.00% 8/15/46		100,000		106,040
				13,544,141
Commercial Services & Supplies–0.08%
Cintas No. 2
2.90% 4/1/22		100,000		101,673
3.70% 4/1/27		100,000		103,330
Pitney Bowes 4.625% 3/15/24		200,000		205,329
Republic Services
2.90% 7/1/26		110,000		108,058
3.20% 3/15/25		250,000		252,382
4.75% 5/15/23		100,000		110,066
5.25% 11/15/21		100,000		111,309
5.50% 9/15/19		299,000		321,174
Waste Management
2.40% 5/15/23		100,000		98,816
3.125% 3/1/25		100,000		101,678
3.50% 5/15/24		250,000		260,795
3.90% 3/1/35		550,000		569,566
4.10% 3/1/45		55,000		57,878
				2,402,054

LVIP SSGA Bond Index Fund–22

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Communications Equipment–0.19%
Cisco Systems
1.60% 2/28/19		275,000	$	275,049
1.85% 9/20/21		600,000		592,961
2.20% 2/28/21		150,000		150,889
2.45% 6/15/20		100,000		101,648
2.50% 9/20/26		300,000		288,026
2.60% 2/28/23		150,000		150,780
2.90% 3/4/21		615,000		632,835
2.95% 2/28/26		150,000		150,209
3.00% 6/15/22		60,000		61,723
3.50% 6/15/25		45,000		46,952
3.625% 3/4/24		100,000		105,865
4.45% 1/15/20		300,000		319,718
4.95% 2/15/19		450,000		473,558
5.50% 1/15/40		200,000		249,938
5.90% 2/15/39		300,000		390,873
Harris
2.70% 4/27/20		30,000		30,330
3.832% 4/27/25		450,000		465,179
4.854% 4/27/35		70,000		76,876
5.054% 4/27/45		70,000		78,869
Juniper Networks
3.125% 2/26/19		50,000		50,867
4.60% 3/15/21		100,000		106,520
5.95% 3/15/41		100,000		112,353
Motorola Solutions
3.50% 3/1/23		100,000		100,570
4.00% 9/1/24		250,000		251,724
Telefonaktiebolaget LM Ericsson 4.125% 5/15/22		250,000		254,984
				5,519,296
Construction & Engineering–0.02%
ABB Finance USA
2.875% 5/8/22		250,000		255,857
4.375% 5/8/42		187,000		204,029
Fluor 3.50% 12/15/24		100,000		103,896
				563,782
Construction Materials–0.01%
Martin Marietta Materials
3.45% 6/1/27		43,000		42,865
4.25% 7/2/24		55,000		57,804
Vulcan Materials
3.90% 4/1/27		45,000		46,337
7.50% 6/15/21		250,000		295,298
				442,304
Consumer Finance–0.40%
American Express
2.65% 12/2/22		115,000		115,277
4.05% 12/3/42		135,000		138,776
8.125% 5/20/19		100,000		111,170

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Consumer Finance (continued)
American Express Credit
1.70% 10/30/19		115,000	$	114,419
1.80% 7/31/18		150,000		150,057
1.875% 11/5/18		265,000		265,461
1.875% 5/3/19		200,000		200,038
2.125% 7/27/18		500,000		502,060
2.20% 3/3/20		100,000		100,513
2.25% 8/15/19		200,000		201,785
2.25% 5/5/21		700,000		699,301
2.60% 9/14/20		200,000		203,011
2.70% 3/3/22		100,000		100,986
3.30% 5/3/27		230,000		230,097
Capital One
2.35% 1/31/20		350,000		350,324
2.40% 9/5/19		300,000		301,221
Capital One Bank USA
2.15% 11/21/18		400,000		400,665
2.25% 2/13/19		500,000		501,527
Capital One Financial
2.45% 4/24/19		350,000		352,019
3.20% 2/5/25		150,000		147,074
3.50% 6/15/23		600,000		612,861
3.75% 3/9/27		250,000		249,595
4.20% 10/29/25		200,000		202,017
4.75% 7/15/21		100,000		107,991
Discover Bank
2.60% 11/13/18		455,000		459,023
4.20% 8/8/23		250,000		263,292
Discover Financial Services
3.75% 3/4/25		100,000		98,970
3.95% 11/6/24		100,000		101,705
4.10% 2/9/27		115,000		115,421
5.20% 4/27/22		100,000		108,971
Synchrony Financial
2.60% 1/15/19		150,000		150,854
2.70% 2/3/20		500,000		502,837
3.70% 8/4/26		200,000		193,377
4.25% 8/15/24		150,000		153,438
4.50% 7/23/25		100,000		103,003
Toyota Motor Credit
1.40% 5/20/19		200,000		198,845
1.55% 10/18/19		150,000		149,391
1.70% 1/9/19		150,000		150,107
1.70% 2/19/19		150,000		150,214
1.90% 4/8/21		150,000		148,547
1.95% 4/17/20		150,000		150,014
2.10% 1/17/19		350,000		352,230
2.125% 7/18/19		200,000		201,448
2.25% 10/18/23		150,000		146,891
2.60% 1/11/22		150,000		151,678
2.75% 5/17/21		250,000		254,967

LVIP SSGA Bond Index Fund–23

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Consumer Finance (continued)
Toyota Motor Credit (continued)
2.90% 4/17/24		150,000	$	151,263
3.20% 1/11/27		100,000		101,498
3.30% 1/12/22		400,000		414,854
3.40% 9/15/21		600,000		627,375
				11,958,458
Containers & Packaging–0.08%
Bemis
4.50% 10/15/21		300,000		320,194
6.80% 8/1/19		10,000		10,957
International Paper
3.00% 2/15/27		150,000		144,659
4.75% 2/15/22		200,000		218,139
4.80% 6/15/44		200,000		214,302
5.00% 9/15/35		100,000		109,693
5.15% 5/15/46		200,000		223,768
6.00% 11/15/41		135,000		165,198
7.30% 11/15/39		100,000		135,659
7.50% 8/15/21		80,000		94,902
Packaging Corporation of America
3.90% 6/15/22		50,000		52,521
4.50% 11/1/23		150,000		161,160
Sonoco Products 5.75% 11/1/40		100,000		119,965
WestRock MWV 8.20% 1/15/30		150,000		211,629
WestRock RKT 4.90% 3/1/22		200,000		218,193
				2,400,939
Diversified Consumer Services–0.06%
Block Financial 4.125% 10/1/20		250,000		258,215
Board of Trustees of The Leland Stanford Junior University
3.647% 5/1/48		70,000		73,259
4.75% 5/1/19		250,000		264,183
California Institute of Technology 4.321% 8/1/45		60,000		65,676
George Washington University 4.30% 9/15/44		100,000		106,429
Massachusetts Institute of Technology
3.885% 7/1/16		55,000		50,428
5.60% 7/1/11		200,000		262,149
President & Fellows of Harvard College
3.15% 7/15/46		100,000		95,837
3.30% 7/15/56		100,000		95,955
Princeton University
4.95% 3/1/19		100,000		105,397
5.70% 3/1/39		50,000		68,032
University of Southern California
3.028% 10/1/39		200,000		187,868
3.841% 10/1/47		55,000		57,286

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Consumer Services (continued)
William Marsh Rice University 3.574% 5/15/45		100,000	$	102,890
				1,793,604
Diversified Financial Services–0.39%
AerCap Ireland Capital
3.50% 5/26/22		150,000		154,106
3.75% 5/15/19		475,000		488,106
3.95% 2/1/22		600,000		625,349
4.50% 5/15/21		450,000		477,867
4.625% 10/30/20		500,000		531,795
Berkshire Hathaway
1.15% 8/15/18		105,000		104,640
2.10% 8/14/19		200,000		201,589
2.20% 3/15/21		145,000		146,189
3.00% 2/11/23		100,000		102,541
3.125% 3/15/26		515,000		521,371
3.40% 1/31/22		300,000		316,201
3.75% 8/15/21		300,000		319,561
4.50% 2/11/43		250,000		275,362
Berkshire Hathaway Finance
1.30% 8/15/19		140,000		139,027
1.70% 3/15/19		240,000		240,630
3.00% 5/15/22		100,000		103,232
4.25% 1/15/21		100,000		107,708
4.30% 5/15/43		100,000		106,698
4.40% 5/15/42		100,000		109,163
5.75% 1/15/40		100,000		128,315
GE Capital International Funding Unlimited
2.342% 11/15/20		1,100,000		1,109,329
4.418% 11/15/35		1,354,000		1,476,507
Leucadia National 5.50% 10/18/23		200,000		214,288
Mitsubishi UFJ Financial Group
2.527% 9/13/23		200,000		196,088
2.95% 3/1/21		400,000		406,698
2.998% 2/22/22		350,000		355,428
3.677% 2/22/27		350,000		361,677
3.85% 3/1/26		400,000		418,221
National Rural Utilities Cooperative Finance
1.50% 11/1/19		115,000		113,729
1.65% 2/8/19		15,000		14,969
2.30% 11/1/20		100,000		100,163
2.35% 6/15/20		300,000		302,095
2.40% 4/25/22		50,000		50,267
2.70% 2/15/23		50,000		50,097
2.95% 2/7/24		60,000		60,620
3.05% 4/25/27		100,000		99,878
3.25% 11/1/25		100,000		101,437
4.023% 11/1/32		100,000		106,283
•4.75% 4/30/43		100,000		102,386
8.00% 3/1/32		150,000		220,113
10.375% 11/1/18		100,000		111,233

LVIP SSGA Bond Index Fund–24

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Financial Services (continued)
Voya Financial
3.65% 6/15/26		100,000	$	100,380
4.80% 6/15/46		60,000		62,744
5.70% 7/15/43		100,000		116,792
				11,450,872
Diversified Telecommunication Services–1.10%
AT&T
2.375% 11/27/18		600,000		604,356
2.45% 6/30/20		550,000		553,210
2.625% 12/1/22		500,000		490,659
2.80% 2/17/21		250,000		252,863
3.00% 2/15/22		400,000		402,212
3.00% 6/30/22		640,000		641,068
3.20% 3/1/22		100,000		101,327
3.40% 5/15/25		550,000		541,623
3.60% 2/17/23		250,000		256,180
3.80% 3/15/22		200,000		207,229
3.80% 3/1/24		150,000		153,611
3.875% 8/15/21		30,000		31,348
3.95% 1/15/25		225,000		229,677
4.125% 2/17/26		550,000		564,892
4.25% 3/1/27		500,000		517,977
4.35% 6/15/45		532,000		495,687
4.45% 5/15/21		100,000		106,346
4.45% 4/1/24		300,000		316,254
4.50% 5/15/35		220,000		217,092
4.50% 3/9/48		693,000		651,033
4.60% 2/15/21		300,000		320,209
4.75% 5/15/46		665,000		654,634
4.80% 6/15/44		987,000		981,831
5.00% 3/1/21		200,000		216,432
5.15% 3/15/42		150,000		153,717
5.20% 3/15/20		565,000		607,495
5.25% 3/1/37		150,000		160,297
5.35% 9/1/40		338,000		359,109
5.45% 3/1/47		300,000		324,176
5.55% 8/15/41		40,000		43,613
5.70% 3/1/57		150,000		164,707
5.80% 2/15/19		150,000		159,182
5.875% 10/1/19		40,000		43,312
6.00% 8/15/40		200,000		226,567
6.30% 1/15/38		200,000		235,843
6.35% 3/15/40		50,000		58,930
6.50% 9/1/37		150,000		180,361
6.55% 2/15/39		550,000		669,093
8.25% 11/15/31		360,000		501,213
British Telecommunications
2.35% 2/14/19		300,000		301,777
9.125% 12/15/30		350,000		533,354
Deutsche Telekom International Finance
6.00% 7/8/19		250,000		269,558

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Deutsche Telekom International Finance (continued)
8.75% 6/15/30		460,000	$	683,712
Koninklijke KPN 8.375% 10/1/30		100,000		137,615
Orange
1.625% 11/3/19		150,000		148,776
4.125% 9/14/21		100,000		106,419
5.375% 1/13/42		100,000		117,381
9.00% 3/1/31		800,000		1,212,782
Qwest
6.75% 12/1/21		250,000		276,816
6.875% 9/15/33		213,000		210,123
Telefonica Emisiones
5.134% 4/27/20		690,000		744,654
5.213% 3/8/47		300,000		325,184
5.462% 2/16/21		140,000		154,117
5.877% 7/15/19		100,000		107,494
7.045% 6/20/36		175,000		230,556
Telefonica Europe 8.25% 9/15/30		200,000		281,194
Telefonos de Mexico 5.50% 11/15/19		100,000		107,325
TELUS
2.80% 2/16/27		100,000		94,446
3.70% 9/15/27		100,000		101,375
Verizon Communications
1.75% 8/15/21		150,000		145,230
2.625% 8/15/26		230,000		211,975
#144A 2.946% 3/15/22		99,000		99,797
3.125% 3/16/22		150,000		152,379
3.45% 3/15/21		800,000		828,410
3.50% 11/1/24		900,000		909,738
3.65% 9/14/18		1,150,000		1,175,828
3.85% 11/1/42		650,000		568,916
4.125% 3/16/27		200,000		206,968
4.125% 8/15/46		35,000		31,275
4.272% 1/15/36		904,000		875,251
4.40% 11/1/34		600,000		596,301
4.50% 9/15/20		686,000		733,361
4.522% 9/15/48		1,324,000		1,257,719
4.60% 4/1/21		250,000		268,339
4.672% 3/15/55		1,182,000		1,111,300
#144A 5.012% 4/15/49		1,293,000		1,311,015
5.012% 8/21/54		500,000		495,762
5.05% 3/15/34		800,000		849,322
5.15% 9/15/23		950,000		1,056,658
5.25% 3/16/37		100,000		107,836
5.50% 3/16/47		150,000		164,600
				32,698,003
Electric Utilities–1.16%
Alabama Power
2.45% 3/30/22		100,000		100,408

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)
Alabama Power (continued)
3.75% 3/1/45		150,000	$	148,580
4.30% 1/2/46		150,000		159,514
6.125% 5/15/38		100,000		126,461
American Electric Power 2.95% 12/15/22		125,000		127,417
Appalachian Power 4.60% 3/30/21		150,000		161,205
Arizona Public Service
3.15% 5/15/25		100,000		100,669
4.35% 11/15/45		100,000		108,121
4.50% 4/1/42		100,000		109,471
5.05% 9/1/41		100,000		115,887
Baltimore Gas & Electric
3.35% 7/1/23		100,000		103,004
3.50% 8/15/46		200,000		191,193
6.35% 10/1/36		100,000		130,894
Berkshire Hathaway Energy
3.75% 11/15/23		400,000		421,334
5.15% 11/15/43		200,000		235,902
5.95% 5/15/37		125,000		158,617
6.125% 4/1/36		250,000		322,149
6.50% 9/15/37		100,000		134,697
Cleco Corporate Holdings
3.743% 5/1/26		100,000		100,475
4.973% 5/1/46		70,000		74,803
Cleveland Electric Illuminating 5.95% 12/15/36		100,000		120,147
Commonwealth Edison
2.55% 6/15/26		100,000		96,335
3.40% 9/1/21		100,000		104,135
3.65% 6/15/46		100,000		97,446
4.00% 8/1/20		300,000		315,799
6.45% 1/15/38		100,000		134,866
Connecticut Light & Power 4.15% 6/1/45		75,000		79,540
Delmarva Power & Light
3.50% 11/15/23		150,000		156,847
4.15% 5/15/45		50,000		53,011
Duke Energy
1.80% 9/1/21		150,000		146,572
2.65% 9/1/26		165,000		157,021
3.75% 9/1/46		190,000		181,279
4.80% 12/15/45		100,000		110,985
5.05% 9/15/19		100,000		106,489
Duke Energy Carolinas
2.95% 12/1/26		350,000		348,772
3.90% 6/15/21		100,000		106,221
4.00% 9/30/42		150,000		155,125
4.30% 6/15/20		100,000		106,693
5.30% 2/15/40		100,000		123,179
6.10% 6/1/37		170,000		220,060
7.00% 11/15/18		100,000		107,123

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Duke Energy Florida
3.20% 1/15/27		150,000	$	152,101
3.85% 11/15/42		100,000		100,424
6.40% 6/15/38		300,000		410,676
Duke Energy Florida Project Finance 2.538% 9/1/29		100,000		97,244
Duke Energy Indiana
3.75% 5/15/46		150,000		148,240
6.12% 10/15/35		100,000		124,249
6.45% 4/1/39		130,000		177,655
Duke Energy Ohio
3.70% 6/15/46		68,000		66,834
3.80% 9/1/23		500,000		531,679
5.45% 4/1/19		50,000		53,076
Duke Energy Progress
4.10% 3/15/43		100,000		104,077
5.30% 1/15/19		100,000		105,557
6.30% 4/1/38		250,000		334,147
Edison International 2.95% 3/15/23		250,000		252,770
El Paso Electric 5.00% 12/1/44		150,000		162,239
Emera U.S. Finance
2.15% 6/15/19		65,000		64,970
2.70% 6/15/21		100,000		100,244
4.75% 6/15/46		105,000		111,251
Emera US Finance 3.55% 6/15/26		100,000		100,418
Enel Americas 4.00% 10/25/26		35,000		35,429
Entergy
2.95% 9/1/26		90,000		86,351
5.125% 9/15/20		100,000		107,841
Entergy Arkansas
3.50% 4/1/26		60,000		62,012
3.70% 6/1/24		200,000		209,664
Entergy Louisiana
2.40% 10/1/26		100,000		94,374
3.25% 4/1/28		150,000		149,976
4.05% 9/1/23		150,000		160,695
4.95% 1/15/45		110,000		113,553
Entergy Mississippi 2.85% 6/1/28		50,000		48,529
Entergy Texas 7.125% 2/1/19		200,000		215,159
Eversource Energy
3.15% 1/15/25		100,000		100,453
4.50% 11/15/19		110,000		116,087
Exelon
2.45% 4/15/21		65,000		64,879
2.85% 6/15/20		150,000		152,494
3.40% 4/15/26		100,000		99,851
3.497% 6/1/22		200,000		204,554
4.45% 4/15/46		100,000		103,773
4.95% 6/15/35		105,000		115,294
5.10% 6/15/45		105,000		118,112
5.15% 12/1/20		200,000		215,871

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)
Exelon Generation
4.25% 6/15/22		250,000	$	263,329
5.60% 6/15/42		292,000		294,196
6.25% 10/1/39		100,000		109,454
FirstEnergy
2.85% 7/15/22		60,000		60,013
3.90% 7/15/27		125,000		125,653
4.25% 3/15/23		130,000		136,908
4.85% 7/15/47		55,000		56,018
7.375% 11/15/31		230,000		303,328
Florida Power & Light
3.125% 12/1/25		250,000		255,225
3.80% 12/15/42		100,000		102,002
4.05% 6/1/42		150,000		158,247
5.69% 3/1/40		50,000		64,778
5.95% 2/1/38		200,000		261,368
5.96% 4/1/39		100,000		130,820
Fortis
#144A 2.10% 10/4/21		125,000		122,554
#144A 3.055% 10/4/26		200,000		193,383
Georgia Power
1.95% 12/1/18		100,000		100,139
2.40% 4/1/21		50,000		50,133
3.25% 4/1/26		50,000		49,931
4.25% 12/1/19		80,000		83,832
4.30% 3/15/42		200,000		205,573
4.30% 3/15/43		100,000		103,189
4.75% 9/1/40		100,000		108,296
5.95% 2/1/39		100,000		123,257
Great Plains Energy
2.50% 3/9/20		125,000		126,248
3.15% 4/1/22		150,000		151,749
3.90% 4/1/27		200,000		202,724
4.85% 6/1/21		50,000		53,329
4.85% 4/1/47		88,000		90,909
Hydro-Quebec
8.05% 7/7/24		250,000		328,324
8.50% 12/1/29		115,000		169,681
Iberdrola International 6.75% 7/15/36		100,000		130,538
Indiana Michigan Power
3.75% 7/1/47		100,000		97,556
7.00% 3/15/19		100,000		107,953
Interstate Power & Light 6.25% 7/15/39		130,000		169,014
ITC Holdings
3.25% 6/30/26		90,000		88,703
3.65% 6/15/24		75,000		76,455
Jersey Central Power & Light 7.35% 2/1/19		100,000		107,746
Kansas City Power & Light
3.65% 8/15/25		250,000		254,145
4.20% 6/15/47		100,000		102,273

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Kentucky Utilities
3.25% 11/1/20		100,000	$	103,195
5.125% 11/1/40		100,000		120,127
MidAmerican Energy
2.40% 3/15/19		250,000		252,667
3.10% 5/1/27		100,000		100,807
3.50% 10/15/24		100,000		104,367
3.95% 8/1/47		100,000		103,106
4.40% 10/15/44		100,000		109,372
4.80% 9/15/43		250,000		286,310
5.75% 11/1/35		25,000		31,234
Nevada Power
6.50% 8/1/18		50,000		52,565
6.75% 7/1/37		100,000		135,239
7.125% 3/15/19		100,000		108,816
NextEra Energy Capital Holdings
1.649% 9/1/18		45,000		44,877
2.30% 4/1/19		35,000		35,176
2.40% 9/15/19		500,000		503,676
4.50% 6/1/21		100,000		107,270
6.00% 3/1/19		200,000		212,803
Northern States Power
2.20% 8/15/20		100,000		100,300
2.60% 5/15/23		100,000		100,441
3.60% 5/15/46		50,000		48,580
4.00% 8/15/45		100,000		103,982
5.35% 11/1/39		40,000		49,089
6.20% 7/1/37		100,000		133,001
Ohio Edison 6.875% 7/15/36		100,000		134,258
Oklahoma Gas & Electric 4.15% 4/1/47		50,000		52,291
Oncor Electric Delivery
2.95% 4/1/25		100,000		100,004
3.75% 4/1/45		100,000		98,175
4.10% 6/1/22		100,000		106,578
4.55% 12/1/41		150,000		164,163
5.30% 6/1/42		200,000		242,256
6.80% 9/1/18		100,000		105,641
7.00% 9/1/22		100,000		120,514
7.00% 5/1/32		50,000		69,030
Pacific Gas & Electric
2.95% 3/1/26		100,000		99,420
3.25% 6/15/23		250,000		258,080
3.40% 8/15/24		150,000		154,834
3.50% 6/15/25		350,000		362,232
4.00% 12/1/46		100,000		103,183
4.30% 3/15/45		210,000		225,488
5.125% 11/15/43		200,000		238,133
6.05% 3/1/34		500,000		646,287
6.25% 3/1/39		300,000		398,252
8.25% 10/15/18		200,000		216,148
PacifiCorp
2.95% 6/1/23		100,000		102,055

LVIP SSGA Bond Index Fund–27

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
PacifiCorp (continued)
4.10% 2/1/42		100,000	$	103,953
5.75% 4/1/37		100,000		126,796
6.00% 1/15/39		100,000		130,109
6.35% 7/15/38		25,000		33,520
7.70% 11/15/31		100,000		145,842
PECO Energy
3.15% 10/15/25		500,000		507,313
5.95% 10/1/36		100,000		126,635
Portland General Electric 6.10% 4/15/19		100,000		107,438
Potomac Electric Power 4.15% 3/15/43		100,000		105,928
PPL Capital Funding
3.40% 6/1/23		200,000		205,804
3.50% 12/1/22		100,000		103,457
3.95% 3/15/24		200,000		210,757
4.20% 6/15/22		150,000		159,005
PPL Electric Utilities
3.00% 9/15/21		100,000		102,647
4.125% 6/15/44		100,000		104,499
4.15% 10/1/45		250,000		266,205
6.25% 5/15/39		30,000		40,056
Progress Energy
6.00% 12/1/39		50,000		63,124
7.05% 3/15/19		100,000		108,295
7.75% 3/1/31		150,000		211,462
Public Service Co of Colorado
3.20% 11/15/20		100,000		103,160
3.80% 6/15/47		200,000		201,862
5.125% 6/1/19		135,000		143,096
6.25% 9/1/37		100,000		132,701
Sierra Pacific Power 2.60% 5/1/26		400,000		386,565
Southern
1.55% 7/1/18		95,000		94,773
1.85% 7/1/19		105,000		104,644
2.15% 9/1/19		300,000		300,286
2.35% 7/1/21		250,000		248,413
2.45% 9/1/18		90,000		90,618
2.75% 6/15/20		100,000		101,233
2.95% 7/1/23		75,000		74,621
3.25% 7/1/26		250,000		245,037
4.25% 7/1/36		85,000		86,804
4.40% 7/1/46		250,000		255,580
Southern California Edison
3.50% 10/1/23		150,000		156,779
3.875% 6/1/21		70,000		74,064
3.90% 3/15/43		100,000		102,037
4.05% 3/15/42		300,000		314,586
4.50% 9/1/40		100,000		111,130
4.65% 10/1/43		100,000		114,292
5.95% 2/1/38		25,000		32,325

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electric Utilities (continued)
Southern California Edison (continued)
6.00% 1/15/34		200,000	$	255,974
6.05% 3/15/39		170,000		224,509
6.65% 4/1/29		100,000		128,693
Southern Power
1.95% 12/15/19		100,000		99,686
2.375% 6/1/20		100,000		100,288
2.50% 12/15/21		100,000		99,193
4.15% 12/1/25		200,000		209,221
4.95% 12/15/46		100,000		103,666
5.25% 7/15/43		120,000		128,169
Southwestern Electric Power
2.75% 10/1/26		150,000		144,057
3.90% 4/1/45		300,000		295,480
6.20% 3/15/40		200,000		257,818
Tampa Electric
4.10% 6/15/42		100,000		99,125
4.35% 5/15/44		50,000		51,400
Westar Energy
2.55% 7/1/26		50,000		48,287
4.10% 4/1/43		300,000		311,700
4.25% 12/1/45		50,000		52,737
Xcel Energy
2.40% 3/15/21		100,000		100,262
2.60% 3/15/22		100,000		100,654
3.30% 6/1/25		100,000		101,052
3.35% 12/1/26		100,000		101,118
4.70% 5/15/20		100,000		105,920
6.50% 7/1/36		100,000		131,929
				34,282,632
Electrical Equipment–0.04%
Eaton
2.75% 11/2/22		250,000		251,672
4.15% 11/2/42		150,000		154,031
6.95% 3/20/19		50,000		54,067
Emerson Electric
2.625% 12/1/21		100,000		101,956
3.15% 6/1/25		150,000		154,053
4.25% 11/15/20		50,000		53,711
5.25% 10/15/18		225,000		234,970
5.25% 11/15/39		50,000		58,796
Hubbell 3.35% 3/1/26		150,000		150,351
				1,213,607
Electronic Equipment, Instruments & Components–0.08%
Amphenol
2.20% 4/1/20		50,000		50,165
2.55% 1/30/19		150,000		151,435
3.20% 4/1/24		100,000		101,168
Arrow Electronics
3.50% 4/1/22		100,000		102,266

LVIP SSGA Bond Index Fund–28

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Electronic Equipment, Instruments & Components (continued)
Arrow Electronics (continued)
3.875% 1/12/28		200,000	$	198,760
Avnet
3.75% 12/1/21		50,000		50,858
4.625% 4/15/26		50,000		51,772
4.875% 12/1/22		100,000		106,058
Corning
2.90% 5/15/22		150,000		152,124
4.25% 8/15/20		65,000		68,564
4.75% 3/15/42		250,000		263,152
5.75% 8/15/40		25,000		29,203
Flex 4.75% 6/15/25		125,000		132,987
FLIR Systems 3.125% 6/15/21		50,000		50,444
Keysight Technologies
4.55% 10/30/24		250,000		262,820
4.60% 4/6/27		60,000		63,150
Tech Data
3.70% 2/15/22		100,000		102,147
4.95% 2/15/27		100,000		106,207
Trimble 4.75% 12/1/24		100,000		106,944
Tyco Electronics Group
2.375% 12/17/18		60,000		60,403
3.50% 2/3/22		150,000		155,405
3.70% 2/15/26		100,000		103,361
				2,469,393
Energy Equipment & Services–0.11%
Baker Hughes a GE
5.125% 9/15/40		200,000		229,318
6.875% 1/15/29		100,000		124,909
Halliburton
2.00% 8/1/18		250,000		250,267
3.25% 11/15/21		200,000		205,236
3.80% 11/15/25		290,000		297,716
4.75% 8/1/43		200,000		205,325
4.85% 11/15/35		100,000		107,235
5.00% 11/15/45		283,000		302,266
7.45% 9/15/39		200,000		272,718
Nabors Industries
4.625% 9/15/21		150,000		143,220
5.10% 9/15/23		200,000		189,000
#144A 5.50% 1/15/23		25,000		23,781
9.25% 1/15/19		150,000		163,500
National Oilwell Varco
2.60% 12/1/22		200,000		193,621
3.95% 12/1/42		150,000		124,676
Oceaneering International 4.65% 11/15/24		100,000		98,772
Schlumberger Investment 3.65% 12/1/23		204,000		214,608
#TechnipFMC 144A 3.45% 10/1/22		100,000		99,744
				3,245,912

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts–0.76%
Alexandria Real Estate Equities
3.95% 1/15/27		25,000	$	25,512
3.95% 1/15/28		100,000		101,902
4.30% 1/15/26		250,000		262,292
4.50% 7/30/29		110,000		116,869
American Campus Communities Operating Partnership
3.35% 10/1/20		100,000		102,671
4.125% 7/1/24		100,000		104,664
American Tower
2.25% 1/15/22		200,000		195,222
2.80% 6/1/20		100,000		101,427
3.125% 1/15/27		200,000		192,356
3.375% 10/15/26		200,000		196,064
3.45% 9/15/21		250,000		258,061
3.50% 1/31/23		250,000		256,719
4.00% 6/1/25		100,000		103,751
4.70% 3/15/22		225,000		243,875
5.00% 2/15/24		100,000		110,650
5.05% 9/1/20		100,000		107,795
5.90% 11/1/21		65,000		73,303
AvalonBay Communities
2.90% 10/15/26		50,000		48,420
3.45% 6/1/25		100,000		101,776
3.50% 11/15/24		200,000		205,226
3.50% 11/15/25		50,000		50,964
3.625% 10/1/20		200,000		207,386
3.90% 10/15/46		50,000		48,325
4.15% 7/1/47		50,000		50,664
Boston Properties
2.75% 10/1/26		300,000		283,822
3.65% 2/1/26		100,000		101,375
3.70% 11/15/18		100,000		102,109
3.85% 2/1/23		125,000		131,667
4.125% 5/15/21		250,000		263,855
5.625% 11/15/20		150,000		164,814
5.875% 10/15/19		100,000		107,273
Brixmor Operating Partnership
3.25% 9/15/23		150,000		146,817
3.85% 2/1/25		70,000		69,193
3.875% 8/15/22		95,000		97,247
3.90% 3/15/27		100,000		97,733
4.125% 6/15/26		50,000		49,802
CBL & Associates
5.25% 12/1/23		67,000		65,444
5.95% 12/15/26		85,000		84,319
CC Holdings GS V 3.849% 4/15/23		150,000		157,896
Columbia Property Trust Operating Partnership 3.65% 8/15/26		100,000		97,063
Corporate Office Properties 3.70% 6/15/21		350,000		358,843

LVIP SSGA Bond Index Fund–29

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
Crown Castle International
3.40% 2/15/21		140,000	$	143,878
3.70% 6/15/26		365,000		368,806
4.00% 3/1/27		40,000		41,252
4.45% 2/15/26		365,000		388,369
4.75% 5/15/47		25,000		25,542
CubeSmart
3.125% 9/1/26		50,000		47,605
4.375% 12/15/23		65,000		68,740
DDR
3.50% 1/15/21		150,000		151,998
4.25% 2/1/26		100,000		98,217
4.70% 6/1/27		100,000		100,256
Digital Realty Trust
3.40% 10/1/20		100,000		102,638
3.95% 7/1/22		150,000		157,407
4.75% 10/1/25		100,000		107,737
5.25% 3/15/21		100,000		108,390
Duke Realty
3.75% 12/1/24		250,000		257,153
4.375% 6/15/22		100,000		106,680
EPR Properties
4.50% 6/1/27		100,000		100,795
4.75% 12/15/26		100,000		102,946
5.75% 8/15/22		100,000		110,581
ERP Operating
2.375% 7/1/19		150,000		150,952
2.85% 11/1/26		140,000		134,890
3.375% 6/1/25		100,000		100,789
4.50% 7/1/44		150,000		160,519
4.50% 6/1/45		50,000		53,296
4.625% 12/15/21		90,000		97,343
4.75% 7/15/20		100,000		106,680
Essex Portfolio
3.25% 5/1/23		100,000		100,353
3.375% 4/15/26		50,000		49,129
3.625% 5/1/27		200,000		199,916
Federal Realty Investment Trust
3.25% 7/15/27		100,000		98,198
4.50% 12/1/44		100,000		104,440
Government Properties Income Trust 3.75% 8/15/19		100,000		100,827
HCP
2.625% 2/1/20		200,000		201,580
3.75% 2/1/19		100,000		102,132
3.875% 8/15/24		200,000		204,202
4.00% 12/1/22		150,000		157,080
4.00% 6/1/25		250,000		256,508
4.25% 11/15/23		186,000		195,287
5.375% 2/1/21		200,000		218,443
Healthcare Realty Trust 5.75% 1/15/21		200,000		219,223

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
Healthcare Trust of America Holdings
2.95% 7/1/22		50,000	$	50,073
3.375% 7/15/21		100,000		102,093
3.50% 8/1/26		35,000		34,291
3.75% 7/1/27		50,000		49,525
Highwoods Realty
3.20% 6/15/21		200,000		202,202
3.875% 3/1/27		60,000		60,080
Hospitality Properties Trust
4.25% 2/15/21		50,000		52,178
4.50% 6/15/23		100,000		104,927
4.95% 2/15/27		70,000		73,231
5.00% 8/15/22		300,000		321,905
5.25% 2/15/26		50,000		53,193
Host Hotels & Resorts
4.75% 3/1/23		150,000		160,690
5.25% 3/15/22		400,000		435,422
Kilroy Realty
4.25% 8/15/29		150,000		153,687
4.80% 7/15/18		100,000		102,258
Kimco Realty
2.70% 3/1/24		100,000		95,586
2.80% 10/1/26		100,000		92,448
3.20% 5/1/21		150,000		152,432
3.40% 11/1/22		50,000		51,030
3.80% 4/1/27		100,000		100,221
4.125% 12/1/46		100,000		93,703
6.875% 10/1/19		150,000		165,253
Kite Realty Group 4.00% 10/1/26		50,000		47,451
Liberty Property
4.125% 6/15/22		50,000		52,490
4.40% 2/15/24		100,000		105,923
LifeStorage 3.50% 7/1/26		100,000		95,885
Mid-America Apartments
3.75% 6/15/24		100,000		102,650
4.00% 11/15/25		50,000		51,831
4.30% 10/15/23		50,000		52,995
National Retail Properties
3.30% 4/15/23		100,000		101,260
3.60% 12/15/26		100,000		99,383
4.00% 11/15/25		65,000		66,583
5.50% 7/15/21		100,000		109,837
Omega Healthcare Investors
4.375% 8/1/23		50,000		51,339
4.50% 4/1/27		200,000		200,338
4.95% 4/1/24		57,000		59,783
5.25% 1/15/26		100,000		106,407
Physicians Realty 4.30% 3/15/27		50,000		50,769
Prologis
3.75% 11/1/25		45,000		46,929
4.25% 8/15/23		150,000		162,139

LVIP SSGA Bond Index Fund–30

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
Realty Income
3.875% 7/15/24		65,000	$	67,223
4.65% 8/1/23		400,000		433,224
Regency Centers
3.60% 2/1/27		160,000		159,216
4.40% 2/1/47		165,000		165,326
Select Income REIT 4.25% 5/15/24		250,000		248,130
Simon Property Group
2.35% 1/30/22		100,000		99,155
2.50% 9/1/20		100,000		100,947
2.625% 6/15/22		200,000		200,864
3.25% 11/30/26		100,000		99,458
3.375% 10/1/24		450,000		458,568
3.375% 6/15/27		200,000		199,592
4.125% 12/1/21		300,000		319,115
4.25% 11/30/46		100,000		100,054
6.75% 2/1/40		300,000		402,492
Tanger Properties
3.125% 9/1/26		50,000		46,948
3.875% 7/15/27		100,000		99,089
UDR
2.95% 9/1/26		50,000		47,337
4.00% 10/1/25		50,000		51,798
4.625% 1/10/22		100,000		106,943
Ventas Realty
2.70% 4/1/20		100,000		100,932
3.125% 6/15/23		30,000		29,862
3.75% 5/1/24		150,000		152,791
3.85% 4/1/27		100,000		100,724
4.00% 4/30/19		200,000		205,627
4.125% 1/15/26		156,000		160,718
4.25% 3/1/22		200,000		211,494
4.75% 6/1/21		100,000		107,064
VEREIT Operating Partnership
3.00% 2/6/19		115,000		116,201
4.125% 6/1/21		60,000		62,884
4.60% 2/6/24		75,000		78,708
4.875% 6/1/26		95,000		100,787
Vornado Realty 2.50% 6/30/19		100,000		100,837
Washington Real Estate Investment Trust 3.95% 10/15/22		100,000		101,686
Weingarten Realty Investors 3.375% 10/15/22		150,000		151,902
Welltower
4.25% 4/1/26		200,000		209,511
4.50% 1/15/24		250,000		267,169
5.25% 1/15/22		100,000		109,893
6.125% 4/15/20		135,000		148,249
6.50% 3/15/41		250,000		314,532
Weyerhaeuser
4.625% 9/15/23		250,000		272,928

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Equity Real Estate Investment Trusts (continued)
Weyerhaeuser (continued)
4.70% 3/15/21		100,000	$	106,545
7.375% 3/15/32		250,000		345,075
WP Carey
4.25% 10/1/26		100,000		101,249
4.60% 4/1/24		100,000		104,285
				22,683,495
Food & Staples Retailing–0.48%
Costco Wholesale
2.25% 2/15/22		300,000		300,688
2.30% 5/18/22		250,000		249,639
3.00% 5/18/27		250,000		249,731
CVS Health
2.125% 6/1/21		550,000		543,800
2.25% 8/12/19		250,000		251,633
2.75% 12/1/22		200,000		200,488
2.80% 7/20/20		600,000		611,290
2.875% 6/1/26		250,000		242,743
3.50% 7/20/22		200,000		207,644
3.875% 7/20/25		400,000		416,597
4.00% 12/5/23		200,000		211,551
4.125% 5/15/21		100,000		105,818
4.875% 7/20/35		725,000		807,705
5.125% 7/20/45		215,000		247,436
Koninklijke Ahold Delhaize 5.70% 10/1/40		500,000		585,381
Kroger
2.00% 1/15/19		25,000		24,986
2.30% 1/15/19		250,000		251,101
2.60% 2/1/21		50,000		50,044
3.30% 1/15/21		250,000		255,765
3.40% 4/15/22		50,000		51,197
3.50% 2/1/26		100,000		98,737
4.45% 2/1/47		500,000		483,899
5.00% 4/15/42		100,000		102,958
6.90% 4/15/38		100,000		126,604
7.50% 4/1/31		250,000		332,282
Sysco
1.90% 4/1/19		60,000		60,016
2.50% 7/15/21		105,000		105,385
2.60% 10/1/20		250,000		253,287
3.25% 7/15/27		200,000		197,337
3.30% 7/15/26		100,000		99,399
3.75% 10/1/25		125,000		129,807
4.50% 4/1/46		75,000		79,311
4.85% 10/1/45		85,000		94,562
Walgreen 3.10% 9/15/22		150,000		153,194
Walgreens Boots Alliance
3.45% 6/1/26		45,000		44,990
3.80% 11/18/24		700,000		728,153
4.65% 6/1/46		40,000		42,035

LVIP SSGA Bond Index Fund–31

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food & Staples Retailing (continued)
Walgreens Boots Alliance (continued)
4.80% 11/18/44		500,000	$	534,131
Wal-Mart Stores
2.55% 4/11/23		300,000		302,354
3.25% 10/25/20		300,000		312,577
3.625% 7/8/20		100,000		105,235
4.00% 4/11/43		325,000		343,655
4.125% 2/1/19		100,000		103,875
4.875% 7/8/40		300,000		356,926
5.00% 10/25/40		200,000		241,378
5.25% 9/1/35		300,000		366,577
5.625% 4/15/41		250,000		325,340
5.875% 4/5/27		100,000		123,728
6.20% 4/15/38		300,000		410,893
6.50% 8/15/37		350,000		493,930
7.55% 2/15/30		700,000		1,024,141
Whole Foods Market 5.20% 12/3/25		100,000		115,766
				14,157,699
Food Products–0.33%
Archer-Daniels-Midland
2.50% 8/11/26		250,000		239,605
4.016% 4/16/43		100,000		104,070
4.479% 3/1/21		235,000		254,170
Bunge Limited Finance
3.25% 8/15/26		45,000		43,081
3.50% 11/24/20		75,000		76,952
8.50% 6/15/19		135,000		151,056
Campbell Soup
2.50% 8/2/22		61,000		61,045
4.25% 4/15/21		250,000		266,255
4.50% 2/15/19		35,000		36,440
Conagra Foods
3.20% 1/25/23		196,000		197,797
8.25% 9/15/30		100,000		138,364
Flowers Foods 3.50% 10/1/26		105,000		103,222
General Mills
2.20% 10/21/19		300,000		302,134
3.15% 12/15/21		200,000		206,398
3.20% 2/10/27		150,000		149,043
3.65% 2/15/24		111,000		115,817
5.40% 6/15/40		45,000		52,691
5.65% 2/15/19		100,000		105,952
Hershey
2.30% 8/15/26		100,000		94,205
4.125% 12/1/20		200,000		213,738
Ingredion 3.20% 10/1/26		100,000		98,616
JM Smucker
2.50% 3/15/20		100,000		101,105
3.00% 3/15/22		150,000		153,040
3.50% 3/15/25		150,000		154,422

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food Products (continued)
JM Smucker (continued)
4.25% 3/15/35		100,000	$	104,441
4.375% 3/15/45		50,000		52,475
Kellogg
2.65% 12/1/23		200,000		196,929
3.125% 5/17/22		150,000		153,944
3.25% 4/1/26		95,000		94,904
4.00% 12/15/20		64,000		67,657
4.50% 4/1/46		100,000		103,251
Kraft Heinz Foods
2.00% 7/2/18		95,000		95,264
2.80% 7/2/20		550,000		558,615
3.00% 6/1/26		575,000		551,367
3.50% 6/6/22		150,000		155,155
3.50% 7/15/22		200,000		206,427
3.95% 7/15/25		150,000		154,498
4.375% 6/1/46		790,000		776,812
5.00% 7/15/35		105,000		113,882
5.00% 6/4/42		250,000		264,878
5.20% 7/15/45		85,000		92,303
5.375% 2/10/20		250,000		269,609
6.125% 8/23/18		150,000		157,177
6.50% 2/9/40		150,000		188,258
Mead Johnson Nutrition
3.00% 11/15/20		95,000		97,494
4.125% 11/15/25		95,000		102,539
4.90% 11/1/19		100,000		106,155
5.90% 11/1/39		50,000		62,428
Skandinaviska Enskilda Banken
2.30% 3/11/20		250,000		251,025
2.625% 3/15/21		250,000		252,115
2.80% 3/11/22		250,000		252,987
Tyson Foods
2.65% 8/15/19		400,000		405,243
3.55% 6/2/27		155,000		157,127
3.95% 8/15/24		240,000		251,517
4.55% 6/2/47		105,000		110,996
WhiteWave Foods 5.375% 10/1/22		75,000		84,696
				9,911,386
Gas Utilities–0.06%
Atmos Energy
3.00% 6/15/27		65,000		64,650
4.125% 10/15/44		150,000		158,251
8.50% 3/15/19		100,000		110,748
National Fuel Gas 3.75% 3/1/23		156,000		155,991
ONE Gas
3.61% 2/1/24		100,000		104,336
4.658% 2/1/44		50,000		55,173
Piedmont Natural Gas
3.64% 11/1/46		50,000		46,971
4.65% 8/1/43		50,000		54,129

LVIP SSGA Bond Index Fund–32

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Gas Utilities (continued)
Southern Gas Capital
3.95% 10/1/46		200,000	$	191,717
4.40% 6/1/43		100,000		102,054
4.40% 5/30/47		200,000		204,833
5.25% 8/15/19		100,000		106,051
5.875% 3/15/41		70,000		84,976
Southern Natural Gas 4.40% 6/15/21		300,000		317,807
				1,757,687
Health Care Equipment & Supplies–0.48%
Abbott Laboratories
2.35% 11/22/19		355,000		357,875
2.80% 9/15/20		100,000		101,638
2.90% 11/30/21		500,000		506,095
3.25% 4/15/23		200,000		204,264
3.40% 11/30/23		300,000		307,534
3.75% 11/30/26		600,000		613,669
3.875% 9/15/25		120,000		123,634
4.75% 11/30/36		350,000		382,174
4.90% 11/30/46		400,000		442,346
5.125% 4/1/19		478,000		503,529
5.30% 5/27/40		250,000		284,039
6.00% 4/1/39		50,000		61,145
6.15% 11/30/37		50,000		61,726
Ascension Health 3.945% 11/15/46		135,000		137,090
Baxter International
1.70% 8/15/21		100,000		97,687
2.60% 8/15/26		150,000		143,028
3.50% 8/15/46		100,000		90,002
Baylor Scott & White Holdings
3.967% 11/15/46		50,000		49,574
4.185% 11/15/45		95,000		97,529
Becton Dickinson and Co.
2.133% 6/6/19		150,000		150,298
2.404% 6/5/20		70,000		70,162
2.675% 12/15/19		127,000		128,631
2.894% 6/6/22		135,000		135,574
3.125% 11/8/21		700,000		713,733
3.25% 11/12/20		100,000		102,470
3.363% 6/6/24		150,000		150,568
3.70% 6/6/27		300,000		301,556
3.734% 12/15/24		350,000		356,293
4.669% 6/6/47		125,000		130,474
5.00% 11/12/40		35,000		37,438
Boston Scientific
2.65% 10/1/18		125,000		126,186
2.85% 5/15/20		100,000		101,456
3.85% 5/15/25		100,000		103,558
6.00% 1/15/20		100,000		108,900
7.375% 1/15/40		201,000		269,524
Covidien International Finance
3.20% 6/15/22		150,000		155,189

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Equipment & Supplies (continued)
Covidien International Finance (continued)
4.20% 6/15/20		100,000	$	106,082
6.55% 10/15/37		100,000		131,535
CR Bard
3.00% 5/15/26		150,000		150,769
4.40% 1/15/21		65,000		68,286
Danaher
1.65% 9/15/18		95,000		94,995
3.35% 9/15/25		125,000		130,377
4.375% 9/15/45		115,000		125,973
Edwards Lifesciences 2.875% 10/15/18		150,000		151,449
Medtronic
2.75% 4/1/23		1,125,000		1,127,849
3.125% 3/15/22		150,000		154,757
3.50% 3/15/25		575,000		598,755
3.625% 3/15/24		500,000		526,797
4.375% 3/15/35		150,000		164,148
4.50% 3/15/42		100,000		108,171
4.625% 3/15/45		590,000		665,630
5.55% 3/15/40		100,000		121,156
Medtronic Global Holdings
1.70% 3/28/19		150,000		150,133
3.35% 4/1/27		150,000		153,106
Stryker
2.00% 3/8/19		90,000		90,285
2.625% 3/15/21		150,000		151,689
3.375% 5/15/24		150,000		154,214
3.375% 11/1/25		100,000		101,948
3.50% 3/15/26		75,000		76,954
4.375% 1/15/20		100,000		105,689
4.375% 5/15/44		100,000		101,393
4.625% 3/15/46		95,000		104,209
Zimmer Biomet Holdings
2.70% 4/1/20		350,000		353,416
3.15% 4/1/22		250,000		254,077
3.55% 4/1/25		180,000		182,113
				14,112,543
Health Care Providers & Services–0.57%
Aetna
2.75% 11/15/22		550,000		552,590
2.80% 6/15/23		135,000		134,949
6.625% 6/15/36		100,000		135,321
6.75% 12/15/37		100,000		138,754
AmerisourceBergen
3.40% 5/15/24		250,000		257,257
4.875% 11/15/19		200,000		212,854
Anthem
2.30% 7/15/18		250,000		251,471
3.125% 5/15/22		250,000		254,944
3.50% 8/15/24		250,000		257,370

LVIP SSGA Bond Index Fund–33

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
Anthem (continued)
4.35% 8/15/20		100,000	$	106,203
4.625% 5/15/42		100,000		108,367
4.65% 1/15/43		125,000		135,233
4.65% 8/15/44		100,000		108,744
5.85% 1/15/36		125,000		150,887
6.375% 6/15/37		100,000		128,834
7.00% 2/15/19		400,000		430,560
Cardinal Health
1.948% 6/14/19		100,000		100,147
2.616% 6/15/22		150,000		150,309
3.079% 6/15/24		100,000		100,394
3.20% 3/15/23		100,000		102,102
3.41% 6/15/27		250,000		251,091
3.50% 11/15/24		300,000		306,954
3.75% 9/15/25		100,000		104,094
4.368% 6/15/47		100,000		103,762
4.625% 12/15/20		100,000		107,501
4.90% 9/15/45		100,000		110,636
Children’s Hospital 4.115% 1/1/47		65,000		69,009
Children’s Hospital Medical Center 4.268% 5/15/44		50,000		53,473
Cigna
5.375% 2/15/42		400,000		482,695
5.875% 3/15/41		200,000		252,324
7.875% 5/15/27		25,000		33,607
Coventry Health Care 5.45% 6/15/21		80,000		88,337
Duke University Health System 3.92% 6/1/47		75,000		75,715
Express Scripts Holding
3.00% 7/15/23		150,000		149,173
3.30% 2/25/21		40,000		41,231
3.40% 3/1/27		105,000		101,544
3.90% 2/15/22		450,000		471,561
4.50% 2/25/26		150,000		159,250
4.75% 11/15/21		200,000		216,342
4.80% 7/15/46		485,000		495,253
6.125% 11/15/41		300,000		353,028
Hackensack Meridian Health 4.50% 7/1/57		100,000		106,065
Howard Hughes Medical Institute 3.50% 9/1/23		150,000		158,578
Humana
3.15% 12/1/22		100,000		101,845
4.625% 12/1/42		175,000		187,714
4.95% 10/1/44		300,000		338,220
Johns Hopkins Health System 3.837% 5/15/46		70,000		70,126
Kaiser Foundation Hospitals
3.15% 5/1/27		125,000		125,236
3.50% 4/1/22		50,000		52,235
4.15% 5/1/47		105,000		109,075

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Health Care Providers & Services (continued)
Laboratory Corporation of America Holdings
4.625% 11/15/20		150,000	$	159,356
4.70% 2/1/45		500,000		517,275
Mayo Clinic 4.128% 11/15/52		100,000		104,720
McKesson
2.284% 3/15/19		250,000		251,538
2.70% 12/15/22		100,000		99,620
3.796% 3/15/24		200,000		208,469
4.75% 3/1/21		300,000		322,079
4.883% 3/15/44		125,000		136,500
Memorial Sloan-Kettering Cancer Center 4.20% 7/1/55		127,000		131,323
New York and Presbyterian Hospital
4.024% 8/1/45		75,000		76,593
4.063% 8/1/56		50,000		50,063
Northwell Healthcare 3.979% 11/1/46		250,000		239,190
NYU Hospitals Center 4.368% 7/1/47		100,000		104,728
Providence St Joseph Health Obligated Group
2.746% 10/1/26		100,000		95,893
3.744% 10/1/47		100,000		95,957
Quest Diagnostics
2.70% 4/1/19		150,000		151,819
3.45% 6/1/26		55,000		55,207
3.50% 3/30/25		300,000		305,191
4.75% 1/30/20		60,000		63,921
RWJ Barnabas Health 3.949% 7/1/46		50,000		49,323
SSM Health Care 3.823% 6/1/27		71,000		72,845
Texas Health Resources 4.33% 11/15/55		30,000		31,535
UnitedHealth Group
1.70% 2/15/19		200,000		199,912
1.90% 7/16/18		590,000		592,260
2.125% 3/15/21		200,000		199,608
2.70% 7/15/20		145,000		148,116
2.75% 2/15/23		107,000		107,879
2.875% 12/15/21		400,000		409,098
2.875% 3/15/23		250,000		254,038
3.375% 4/15/27		150,000		153,463
3.45% 1/15/27		100,000		102,945
3.75% 7/15/25		500,000		527,174
4.20% 1/15/47		55,000		58,168
4.25% 3/15/43		100,000		105,922
4.375% 3/15/42		100,000		107,616
4.625% 11/15/41		200,000		220,814
4.70% 2/15/21		100,000		108,102
4.75% 7/15/45		600,000		690,885
6.50% 6/15/37		150,000		202,870
6.625% 11/15/37		100,000		138,083
6.875% 2/15/38		100,000		142,308
				16,885,370
Hotels, Restaurants & Leisure–0.16%
Carnival 3.95% 10/15/20		133,000		140,852

LVIP SSGA Bond Index Fund–34

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Hotels, Restaurants & Leisure (continued)
Darden Restaurants 6.80% 10/15/37		84,000	$	107,624
Hyatt Hotels 4.85% 3/15/26		50,000		54,706
Marriott International
2.30% 1/15/22		100,000		98,789
2.875% 3/1/21		100,000		101,561
3.125% 6/15/26		100,000		98,293
3.375% 10/15/20		208,000		214,931
3.75% 10/1/25		50,000		51,519
McDonald’s
1.875% 5/29/19		250,000		250,063
2.10% 12/7/18		60,000		60,359
2.20% 5/26/20		150,000		151,082
2.625% 1/15/22		100,000		100,705
2.75% 12/9/20		265,000		270,020
3.25% 6/10/24		300,000		307,723
3.375% 5/26/25		150,000		153,673
3.50% 3/1/27		150,000		152,781
3.625% 5/20/21		100,000		104,695
3.625% 5/1/43		100,000		93,152
3.70% 1/30/26		285,000		295,680
4.45% 3/1/47		150,000		158,439
4.60% 5/26/45		94,000		101,752
4.70% 12/9/35		270,000		298,919
4.875% 12/9/45		275,000		307,808
6.30% 3/1/38		50,000		64,626
Starbucks
2.10% 2/4/21		60,000		60,405
2.45% 6/15/26		100,000		96,561
2.70% 6/15/22		100,000		101,928
3.85% 10/1/23		100,000		107,765
4.30% 6/15/45		105,000		115,484
Wyndham Worldwide
4.25% 3/1/22		300,000		316,032
4.50% 4/1/27		70,000		72,301
5.10% 10/1/25		60,000		64,910
				4,675,138
Household Durables–0.07%
DR Horton
3.75% 3/1/19		135,000		138,149
4.00% 2/15/20		175,000		181,841
Harman International Industries 4.15% 5/15/25		100,000		104,120
Leggett & Platt 3.40% 8/15/22		50,000		50,671
Newell Brands
2.15% 10/15/18		125,000		125,356
3.15% 4/1/21		100,000		102,411
3.85% 4/1/23		115,000		120,894
3.90% 11/1/25		250,000		259,332
4.20% 4/1/26		120,000		127,551
5.375% 4/1/36		60,000		69,473
5.50% 4/1/46		380,000		458,600

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Household Durables (continued)
Tupperware Brands 4.75% 6/1/21		100,000	$	106,717
Whirlpool
4.50% 6/1/46		70,000		73,397
4.70% 6/1/22		100,000		109,027
				2,027,539
Household Products–0.11%
Church & Dwight 2.45% 12/15/19		100,000		100,977
Clorox 3.50% 12/15/24		150,000		155,408
Colgate-Palmolive
1.75% 3/15/19		344,000		345,028
2.30% 5/3/22		100,000		100,953
4.00% 8/15/45		100,000		103,855
Kimberly-Clark
1.90% 5/22/19		250,000		251,333
3.05% 8/15/25		50,000		50,554
3.20% 7/30/46		50,000		45,550
3.90% 5/4/47		100,000		102,535
5.30% 3/1/41		200,000		247,063
6.625% 8/1/37		100,000		139,761
7.50% 11/1/18		100,000		107,806
Procter & Gamble
1.70% 11/3/21		150,000		148,131
1.85% 2/2/21		300,000		298,416
1.90% 11/1/19		200,000		200,984
2.30% 2/6/22		250,000		253,125
2.45% 11/3/26		150,000		146,766
2.70% 2/2/26		100,000		99,764
3.10% 8/15/23		200,000		207,709
5.55% 3/5/37		200,000		268,550
				3,374,268
Independent Power & Renewable Electricity Producers–0.02%
Enel Generacion Chile 4.25% 4/15/24		100,000		104,099
Oglethorpe Power
4.25% 4/1/46		75,000		71,153
5.95% 11/1/39		100,000		119,725
TransAlta 6.50% 3/15/40		250,000		244,117
				539,094
Industrial Conglomerates–0.28%
3M
1.375% 8/7/18		100,000		99,947
2.00% 8/7/20		100,000		100,506
2.00% 6/26/22		500,000		496,987
3.00% 8/7/25		100,000		101,409
3.875% 6/15/44		150,000		153,248
5.70% 3/15/37		100,000		128,059
6.375% 2/15/28		25,000		32,201
General Electric
2.70% 10/9/22		1,150,000		1,170,561
3.45% 5/15/24		800,000		841,391
4.125% 10/9/42		311,000		328,077

LVIP SSGA Bond Index Fund–35

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Industrial Conglomerates (continued)
General Electric (continued)
4.50% 3/11/44		700,000	$	779,545
5.30% 2/11/21		900,000		995,797
5.50% 1/8/20		100,000		108,963
5.875% 1/14/38		272,000		352,689
6.00% 8/7/19		100,000		108,713
6.75% 3/15/32		224,000		307,498
6.875% 1/10/39		201,000		291,922
Honeywell International
1.40% 10/30/19		200,000		198,711
1.85% 11/1/21		200,000		196,918
2.50% 11/1/26		200,000		192,222
3.35% 12/1/23		200,000		208,230
4.25% 3/1/21		50,000		53,683
5.375% 3/1/41		65,000		81,027
5.70% 3/15/36		150,000		190,741
5.70% 3/15/37		100,000		128,662
Koninklijke Philips
3.75% 3/15/22		100,000		105,531
5.00% 3/15/42		100,000		110,147
6.875% 3/11/38		50,000		66,895
Roper Technologies
2.80% 12/15/21		50,000		50,477
3.00% 12/15/20		200,000		204,862
3.80% 12/15/26		55,000		56,619
3.85% 12/15/25		100,000		103,139
6.25% 9/1/19		100,000		108,596
				8,453,973
Insurance–0.72%
Aflac 4.00% 10/15/46		300,000		296,349
Alleghany
4.90% 9/15/44		95,000		100,916
4.95% 6/27/22		100,000		109,674
Allied World Assurance Holdings 4.35% 10/29/25		100,000		101,695
Allstate
3.28% 12/15/26		150,000		152,540
4.20% 12/15/46		150,000		157,042
4.50% 6/15/43		100,000		109,737
5.55% 5/9/35		150,000		184,063
•5.75% 8/15/53		225,000		246,937
7.45% 5/16/19		100,000		109,897
American Financial Group
4.50% 6/15/47		50,000		51,090
9.875% 6/15/19		100,000		114,314
American International Group
2.30% 7/16/19		350,000		352,023
3.30% 3/1/21		85,000		87,524
3.75% 7/10/25		70,000		71,420
3.90% 4/1/26		600,000		614,920
4.50% 7/16/44		500,000		510,415

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Insurance (continued)
American International Group (continued)
4.70% 7/10/35		100,000	$	106,613
4.80% 7/10/45		100,000		107,145
4.875% 6/1/22		500,000		549,229
6.40% 12/15/20		200,000		226,496
Aon
2.80% 3/15/21		150,000		150,766
3.50% 6/14/24		100,000		102,113
3.875% 12/15/25		100,000		104,680
4.00% 11/27/23		150,000		158,613
4.75% 5/15/45		100,000		108,627
5.00% 9/30/20		100,000		107,765
Arch Capital Finance
4.011% 12/15/26		100,000		103,354
5.031% 12/15/46		100,000		111,617
Arch Capital Group US 5.144% 11/1/43		105,000		118,938
Aspen Insurance Holdings 4.65% 11/15/23		100,000		106,793
Assured Guaranty US Holdings 5.00% 7/1/24		100,000		107,371
AXA 8.60% 12/15/30		200,000		282,500
AXIS Specialty Finance 5.875% 6/1/20		100,000		109,225
Brighthouse Financial
#144A 3.70% 6/22/27		250,000		247,473
#144A 4.70% 6/22/47		200,000		198,234
Chubb
6.00% 5/11/37		100,000		130,620
6.50% 5/15/38		200,000		277,846
Chubb INA Holdings
2.30% 11/3/20		655,000		659,042
2.70% 3/13/23		100,000		100,161
3.35% 5/15/24		300,000		310,934
3.35% 5/3/26		95,000		97,275
4.15% 3/13/43		100,000		105,931
5.90% 6/15/19		125,000		134,646
Cincinnati Financial 6.92% 5/15/28		100,000		129,761
CNA Financial
3.95% 5/15/24		125,000		129,851
4.50% 3/1/26		100,000		107,471
5.75% 8/15/21		30,000		33,512
7.35% 11/15/19		120,000		134,172
Enstar Group 4.50% 3/10/22		50,000		51,638
Everest Reinsurance Holdings 4.868% 6/1/44		100,000		103,326
First American Financial 4.60% 11/15/24		100,000		102,443
Hanover Insurance Group 4.50% 4/15/26		100,000		104,477
Hartford Financial Services Group
4.30% 4/15/43		43,000		43,896
5.125% 4/15/22		100,000		111,124
5.50% 3/30/20		100,000		108,735

LVIP SSGA Bond Index Fund–36

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Insurance (continued)
Hartford Financial Services Group (continued)
5.95% 10/15/36		250,000	$	309,418
6.10% 10/1/41		50,000		63,759
Kemper 4.35% 2/15/25		70,000		70,808
ÞLincoln National 4.00% 9/1/23		500,000		527,483
Loews
4.125% 5/15/43		500,000		497,492
6.00% 2/1/35		100,000		123,245
Manulife Financial
•4.061% 2/24/32		250,000		252,729
4.15% 3/4/26		100,000		105,805
5.375% 3/4/46		100,000		120,433
Markel 5.00% 4/5/46		250,000		274,560
Marsh & McLennan
2.35% 3/6/20		150,000		150,863
2.75% 1/30/22		60,000		60,650
3.30% 3/14/23		100,000		102,901
3.50% 3/10/25		150,000		154,204
3.75% 3/14/26		75,000		78,227
4.35% 1/30/47		45,000		48,295
4.80% 7/15/21		100,000		108,811
Mercury General 4.40% 3/15/27		50,000		50,772
MetLife
3.00% 3/1/25		150,000		150,600
4.05% 3/1/45		150,000		151,647
4.368% 9/15/23		367,000		402,108
4.60% 5/13/46		200,000		220,602
4.75% 2/8/21		200,000		217,622
4.875% 11/13/43		200,000		226,599
5.70% 6/15/35		50,000		61,743
5.875% 2/6/41		100,000		126,907
6.375% 6/15/34		100,000		130,954
6.40% 12/15/36		100,000		115,750
6.50% 12/15/32		100,000		130,185
6.817% 8/15/18		400,000		422,408
7.717% 2/15/19		200,000		218,505
10.75% 8/1/39		150,000		250,125
Montpelier Re Holdings 4.70% 10/15/22		100,000		108,107
Old Republic International 4.875% 10/1/24		100,000		107,129
PartnerRe Finance B 5.50% 6/1/20		100,000		108,767
Primerica 4.75% 7/15/22		100,000		107,922
Principal Financial Group
3.10% 11/15/26		300,000		296,201
3.40% 5/15/25		100,000		102,230
•4.70% 5/15/55		50,000		51,750
Progressive
3.75% 8/23/21		100,000		105,671
4.125% 4/15/47		200,000		209,067
4.35% 4/25/44		250,000		269,225
Protective Life 7.375% 10/15/19		50,000		55,701

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Insurance (continued)
Prudential Financial
2.30% 8/15/18		250,000	$	251,473
5.10% 8/15/43		250,000		291,271
•5.20% 3/15/44		100,000		106,125
5.70% 12/14/36		350,000		428,968
•5.875% 9/15/42		250,000		278,863
6.625% 12/1/37		400,000		535,306
6.625% 6/21/40		200,000		271,542
Reinsurance Group of America
3.95% 9/15/26		30,000		30,548
4.70% 9/15/23		150,000		162,960
6.45% 11/15/19		90,000		98,515
RenaissanceRe Finance 3.45% 7/1/27		130,000		127,994
Swiss Re Solutions Holding 7.00% 2/15/26		100,000		123,132
Transatlantic Holdings 8.00% 11/30/39		100,000		136,729
Travelers
3.75% 5/15/46		50,000		49,166
3.90% 11/1/20		100,000		105,639
4.00% 5/30/47		80,000		82,051
4.60% 8/1/43		250,000		279,501
5.90% 6/2/19		100,000		107,364
6.25% 6/15/37		100,000		133,565
6.75% 6/20/36		100,000		138,648
Trinity Acquisition 4.40% 3/15/26		100,000		104,606
Unum Group
3.00% 5/15/21		30,000		30,313
5.75% 8/15/42		50,000		59,509
Willis North America 3.60% 5/15/24		100,000		101,157
WR Berkley 7.375% 9/15/19		100,000		110,245
XLIT
2.30% 12/15/18		100,000		100,475
5.25% 12/15/43		200,000		227,545
5.75% 10/1/21		100,000		112,033
				21,488,192
Internet & Direct Marketing Retail–0.04%
Amazon.com 3.80% 12/5/24		500,000		533,532
Expedia
4.50% 8/15/24		200,000		210,780
5.95% 8/15/20		100,000		109,357
JD.com 3.875% 4/29/26		200,000		198,101
Priceline Group 3.60% 6/1/26		200,000		202,828
				1,254,598
Internet Software & Services–0.11%
Alibaba Group Holding
2.50% 11/28/19		500,000		504,166
3.60% 11/28/24		633,000		653,028
Alphabet
1.998% 8/15/26		250,000		234,197

LVIP SSGA Bond Index Fund–37

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Internet Software & Services (continued)
Alphabet (continued)
3.375% 2/25/24		200,000	$	210,444
3.625% 5/19/21		100,000		105,917
Baidu
3.00% 6/30/20		200,000		203,054
3.25% 8/6/18		200,000		202,545
3.50% 11/28/22		200,000		205,632
4.125% 6/30/25		200,000		209,329
eBay
2.60% 7/15/22		250,000		248,090
2.875% 8/1/21		350,000		354,323
3.25% 10/15/20		100,000		102,848
3.80% 3/9/22		150,000		156,915
				3,390,488
IT Services–0.33%
Automatic Data Processing
2.25% 9/15/20		250,000		253,206
3.375% 9/15/25		125,000		130,043
Broadridge Financial Solutions 3.95% 9/1/20		100,000		104,808
Fidelity National Information Services
2.85% 10/15/18		105,000		106,272
3.50% 4/15/23		311,000		323,562
3.625% 10/15/20		420,000		440,300
3.875% 6/5/24		100,000		104,898
4.50% 10/15/22		80,000		87,026
4.50% 8/15/46		50,000		51,499
5.00% 10/15/25		200,000		223,710
Fiserv
2.70% 6/1/20		150,000		151,870
3.50% 10/1/22		150,000		155,347
3.85% 6/1/25		150,000		156,078
4.625% 10/1/20		100,000		107,034
#Genpact Luxembourg 144A 3.70% 4/1/22		50,000		50,683
International Business Machines
1.625% 5/15/20		550,000		545,593
1.80% 5/17/19		500,000		501,307
1.875% 8/1/22		600,000		585,320
1.90% 1/27/20		150,000		150,097
1.95% 2/12/19		200,000		201,269
2.50% 1/27/22		150,000		151,419
2.875% 11/9/22		150,000		152,885
2.90% 11/1/21		150,000		153,551
3.30% 1/27/27		100,000		101,657
3.45% 2/19/26		150,000		153,860
4.00% 6/20/42		200,000		200,214
5.60% 11/30/39		210,000		260,025
5.875% 11/29/32		120,000		151,472
7.625% 10/15/18		300,000		322,413

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
IT Services (continued)
Mastercard
2.00% 11/21/21		100,000	$	99,413
2.95% 11/21/26		150,000		150,605
3.375% 4/1/24		500,000		521,949
3.80% 11/21/46		100,000		101,843
Total System Services
3.75% 6/1/23		125,000		129,864
3.80% 4/1/21		50,000		52,113
4.80% 4/1/26		100,000		109,046
Visa
2.20% 12/14/20		500,000		504,425
2.80% 12/14/22		300,000		305,665
3.15% 12/14/25		750,000		762,272
4.15% 12/14/35		115,000		124,838
4.30% 12/14/45		530,000		582,749
Western Union
3.65% 8/22/18		100,000		101,721
5.253% 4/1/20		107,000		114,596
				9,738,517
Leisure Products–0.01%
Hasbro
3.15% 5/15/21		75,000		76,653
5.10% 5/15/44		65,000		69,966
6.35% 3/15/40		65,000		78,371
Mattel 2.35% 5/6/19		200,000		200,013
				425,003
Life Sciences Tools & Services–0.07%
Agilent Technologies
3.875% 7/15/23		150,000		157,131
5.00% 7/15/20		100,000		107,652
Life Technologies 6.00% 3/1/20		150,000		163,578
Thermo Fisher Scientific
3.00% 4/15/23		105,000		105,988
3.30% 2/15/22		650,000		672,358
3.60% 8/15/21		100,000		104,292
4.15% 2/1/24		200,000		213,591
4.50% 3/1/21		240,000		256,908
4.70% 5/1/20		100,000		106,842
5.30% 2/1/44		200,000		234,254
				2,122,594
Machinery–0.33%
Caterpillar
2.60% 6/26/22		50,000		50,456
3.803% 8/15/42		168,000		169,066
3.90% 5/27/21		150,000		159,440
4.75% 5/15/64		250,000		280,435
6.05% 8/15/36		200,000		259,780
7.90% 12/15/18		100,000		108,806
Caterpillar Financial Services
1.70% 8/9/21		250,000		244,539

LVIP SSGA Bond Index Fund–38

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Machinery (continued)
Caterpillar Financial Services (continued)
1.90% 3/22/19		150,000	$	150,603
2.10% 1/10/20		100,000		100,701
2.40% 6/6/22		400,000		399,248
2.40% 8/9/26		100,000		95,859
2.45% 9/6/18		250,000		252,401
7.15% 2/15/19		200,000		216,885
Crane 4.45% 12/15/23		100,000		105,247
Cummins
3.65% 10/1/23		139,000		146,986
4.875% 10/1/43		64,000		72,455
Deere
2.60% 6/8/22		100,000		101,343
3.90% 6/9/42		150,000		156,954
4.375% 10/16/19		350,000		369,638
5.375% 10/16/29		100,000		121,166
Dover
4.30% 3/1/21		100,000		106,305
5.375% 3/1/41		100,000		122,564
Flowserve 4.00% 11/15/23		64,000		66,459
Fortive
2.35% 6/15/21		100,000		99,515
3.15% 6/15/26		150,000		150,205
4.30% 6/15/46		50,000		52,258
Illinois Tool Works
1.95% 3/1/19		300,000		302,273
2.65% 11/15/26		150,000		146,664
3.375% 9/15/21		60,000		62,462
3.90% 9/1/42		150,000		156,144
4.875% 9/15/41		100,000		117,093
6.25% 4/1/19		100,000		107,672
Ingersoll-Rand Global Holding
4.25% 6/15/23		250,000		270,475
5.75% 6/15/43		100,000		126,451
6.875% 8/15/18		250,000		263,905
John Deere Capital
1.60% 7/13/18		50,000		50,055
1.65% 10/15/18		155,000		155,101
1.70% 1/15/20		350,000		348,893
1.95% 6/22/20		20,000		20,061
2.25% 4/17/19		200,000		201,986
2.30% 9/16/19		500,000		505,959
2.65% 1/6/22		250,000		254,157
2.65% 6/24/24		50,000		49,707
2.65% 6/10/26		300,000		293,121
2.80% 3/6/23		200,000		202,550
Kennametal 2.65% 11/1/19		150,000		150,810
PACCAR Financial
1.30% 5/10/19		130,000		129,001
1.95% 2/27/20		60,000		60,019
Parker-Hannifin
3.30% 11/21/24		60,000		61,922

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Machinery (continued)
Parker-Hannifin (continued)
4.20% 11/21/34		140,000	$	149,418
6.25% 5/15/38		550,000		727,032
Stanley Black & Decker
2.451% 11/17/18		100,000		101,008
2.90% 11/1/22		150,000		152,257
5.20% 9/1/40		100,000		114,564
•5.75% 12/15/53		100,000		105,375
Timken 3.875% 9/1/24		70,000		69,836
Xylem
3.25% 11/1/26		55,000		54,878
4.375% 11/1/46		50,000		51,964
				9,722,127
Media–0.99%
21st Century Fox America
3.00% 9/15/22		400,000		406,312
3.375% 11/15/26		60,000		59,975
3.70% 10/15/25		40,000		41,069
4.50% 2/15/21		150,000		160,874
4.75% 9/15/44		60,000		63,406
4.75% 11/15/46		50,000		53,576
4.95% 10/15/45		30,000		32,601
5.65% 8/15/20		300,000		330,237
6.15% 3/1/37		30,000		37,596
6.15% 2/15/41		450,000		569,918
6.40% 12/15/35		300,000		381,302
6.65% 11/15/37		175,000		231,583
6.90% 8/15/39		100,000		132,429
8.15% 10/17/36		100,000		143,842
CBS
2.30% 8/15/19		200,000		201,406
2.50% 2/15/23		250,000		247,922
2.90% 1/15/27		100,000		94,908
3.375% 3/1/22		100,000		103,283
3.375% 2/15/28		145,000		142,428
4.00% 1/15/26		355,000		367,990
4.85% 7/1/42		150,000		157,170
4.90% 8/15/44		125,000		131,773
7.875% 7/30/30		200,000		276,388
Charter Communications Operating
3.579% 7/23/20		305,000		315,401
#144A 3.75% 2/15/28		100,000		98,738
4.464% 7/23/22		500,000		533,318
4.908% 7/23/25		850,000		919,766
#144A 5.375% 5/1/47		200,000		212,389
6.384% 10/23/35		190,000		225,850
6.484% 10/23/45		565,000		680,511
Comcast
1.625% 1/15/22		150,000		145,941
2.35% 1/15/27		105,000		98,675
2.75% 3/1/23		300,000		303,164

LVIP SSGA Bond Index Fund–39

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
Comcast (continued)
3.00% 2/1/24		250,000	$	253,661
3.125% 7/15/22		100,000		103,494
3.15% 3/1/26		350,000		352,198
3.20% 7/15/36		150,000		140,681
3.30% 2/1/27		250,000		253,375
3.375% 2/15/25		425,000		437,839
3.375% 8/15/25		65,000		66,753
3.40% 7/15/46		110,000		100,434
4.20% 8/15/34		83,000		88,052
4.25% 1/15/33		200,000		213,521
4.40% 8/15/35		192,000		206,772
4.60% 8/15/45		77,000		84,171
4.65% 7/15/42		24,000		26,374
4.75% 3/1/44		350,000		390,390
5.70% 7/1/19		200,000		215,300
6.40% 5/15/38		250,000		333,115
6.45% 3/15/37		200,000		266,610
6.50% 11/15/35		200,000		265,615
6.95% 8/15/37		250,000		353,341
7.05% 3/15/33		500,000		684,475
Discovery Communications
3.30% 5/15/22		150,000		150,731
3.80% 3/13/24		100,000		101,260
4.375% 6/15/21		100,000		105,645
4.875% 4/1/43		100,000		93,696
4.90% 3/11/26		100,000		106,181
5.625% 8/15/19		123,000		131,488
6.35% 6/1/40		150,000		165,848
Grupo Televisa
4.625% 1/30/26		200,000		210,973
6.625% 1/15/40		100,000		116,262
8.50% 3/11/32		200,000		259,810
Historic TW 6.625% 5/15/29		300,000		377,536
NBCUniversal Media
2.875% 1/15/23		575,000		584,391
4.375% 4/1/21		200,000		215,689
4.45% 1/15/43		675,000		718,292
5.15% 4/30/20		670,000		729,906
5.95% 4/1/41		200,000		256,623
Omnicom Group
3.60% 4/15/26		200,000		201,598
3.625% 5/1/22		200,000		208,981
4.45% 8/15/20		35,000		37,316
6.25% 7/15/19		250,000		270,916
RELX Capital 8.625% 1/15/19		100,000		109,424
Scripps Networks Interactive
2.75% 11/15/19		50,000		50,644
2.80% 6/15/20		100,000		101,241
3.50% 6/15/22		100,000		103,244
3.90% 11/15/24		150,000		155,665
3.95% 6/15/25		100,000		102,350

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
Time Warner
2.95% 7/15/26		125,000	$	118,156
3.55% 6/1/24		200,000		202,963
3.80% 2/15/27		105,000		105,917
3.875% 1/15/26		150,000		152,810
4.70% 1/15/21		100,000		107,486
4.75% 3/29/21		150,000		161,678
4.875% 3/15/20		200,000		213,910
4.90% 6/15/42		200,000		206,359
6.10% 7/15/40		100,000		120,255
6.25% 3/29/41		400,000		490,312
6.50% 11/15/36		100,000		123,405
7.625% 4/15/31		325,000		444,308
7.70% 5/1/32		330,000		460,511
Time Warner Cable
4.00% 9/1/21		500,000		523,125
5.00% 2/1/20		145,000		154,779
5.50% 9/1/41		100,000		107,831
5.875% 11/15/40		100,000		111,828
6.55% 5/1/37		200,000		239,530
6.75% 7/1/18		300,000		313,938
6.75% 6/15/39		450,000		552,514
7.30% 7/1/38		150,000		192,293
8.25% 4/1/19		250,000		275,901
8.75% 2/14/19		200,000		220,065
Time Warner Entertainment
8.375% 3/15/23		250,000		314,935
8.375% 7/15/33		200,000		275,263
Viacom
3.125% 6/15/22		300,000		300,882
3.25% 3/15/23		250,000		248,109
3.875% 4/1/24		200,000		204,018
4.375% 3/15/43		477,000		425,562
5.625% 9/15/19		200,000		213,674
5.85% 9/1/43		150,000		162,541
6.875% 4/30/36		125,000		146,466
Walt Disney
0.875% 7/12/19		60,000		59,126
1.50% 9/17/18		70,000		70,005
1.80% 6/5/20		100,000		99,827
1.85% 7/30/26		95,000		86,579
1.95% 3/4/20		60,000		60,211
2.15% 9/17/20		100,000		100,728
2.30% 2/12/21		500,000		504,609
2.35% 12/1/22		300,000		300,881
2.45% 3/4/22		70,000		70,582
2.95% 6/15/27		200,000		198,526
3.00% 2/13/26		300,000		301,890
3.00% 7/30/46		50,000		43,834
3.15% 9/17/25		100,000		102,341
3.70% 12/1/42		150,000		148,977
3.75% 6/1/21		200,000		212,066

LVIP SSGA Bond Index Fund–40

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Media (continued)
Walt Disney (continued)
4.125% 12/1/41		100,000	$	105,029
4.125% 6/1/44		83,000		87,337
WPP Finance 2010
4.75% 11/21/21		100,000		108,287
5.625% 11/15/43		250,000		289,704
				29,245,485
Metals & Mining–0.31%
Barrick Gold
4.10% 5/1/23		63,000		68,247
5.25% 4/1/42		300,000		342,580
Barrick North America Finance
4.40% 5/30/21		49,000		52,911
5.70% 5/30/41		500,000		594,125
5.75% 5/1/43		150,000		182,730
Barrick PD Australia Finance 5.95% 10/15/39		100,000		121,227
BHP Billiton Finance USA
3.85% 9/30/23		200,000		213,027
4.125% 2/24/42		125,000		128,279
5.00% 9/30/43		500,000		579,934
Goldcorp 3.70% 3/15/23		200,000		206,970
Newmont Mining
3.50% 3/15/22		150,000		155,276
4.875% 3/15/42		650,000		689,296
6.25% 10/1/39		100,000		123,130
Nucor
4.00% 8/1/23		139,000		147,109
4.125% 9/15/22		100,000		107,105
5.20% 8/1/43		100,000		117,780
Reliance Steel & Aluminum 4.50% 4/15/23		150,000		158,642
Rio Tinto Alcan 6.125% 12/15/33		150,000		184,941
Rio Tinto Finance USA
2.875% 8/21/22		6,000		6,100
3.75% 6/15/25		700,000		737,517
4.125% 8/21/42		150,000		155,147
5.20% 11/2/40		100,000		118,492
7.125% 7/15/28		75,000		99,828
Southern Copper
3.50% 11/8/22		89,000		90,701
5.25% 11/8/42		150,000		149,971
5.375% 4/16/20		125,000		135,952
5.875% 4/23/45		69,000		74,132
6.75% 4/16/40		110,000		127,245
7.50% 7/27/35		200,000		248,227
Thomson Reuters
3.35% 5/15/26		55,000		55,016
4.30% 11/23/23		200,000		214,739
4.70% 10/15/19		400,000		420,748
6.50% 7/15/18		150,000		157,070

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Metals & Mining (continued)
Vale 5.625% 9/11/42		150,000	$	143,250
Vale Overseas
4.375% 1/11/22		250,000		255,075
4.625% 9/15/20		100,000		103,694
5.625% 9/15/19		300,000		317,250
5.875% 6/10/21		500,000		538,000
6.25% 8/10/26		300,000		324,375
6.875% 11/21/36		350,000		377,125
6.875% 11/10/39		170,000		183,175
Yamana Gold 4.95% 7/15/24		50,000		50,590
				9,256,728
Multiline Retail–0.13%
Dollar General
3.25% 4/15/23		200,000		203,965
3.875% 4/15/27		100,000		102,610
4.15% 11/1/25		75,000		79,296
Kohl’s
4.00% 11/1/21		200,000		205,026
4.25% 7/17/25		50,000		49,258
4.75% 12/15/23		150,000		154,046
5.55% 7/17/45		50,000		45,951
Macy’s Retail Holdings
2.875% 2/15/23		100,000		91,802
3.45% 1/15/21		100,000		99,801
3.625% 6/1/24		150,000		138,014
4.375% 9/1/23		90,000		88,558
6.70% 7/15/34		150,000		155,702
6.90% 4/1/29		150,000		160,457
Nordstrom
4.00% 3/15/27		60,000		58,830
4.75% 5/1/20		100,000		104,215
5.00% 1/15/44		281,000		268,687
Target
2.30% 6/26/19		200,000		202,525
2.50% 4/15/26		100,000		94,991
2.90% 1/15/22		300,000		308,221
3.625% 4/15/46		490,000		458,360
3.875% 7/15/20		100,000		105,702
4.00% 7/1/42		150,000		148,519
6.35% 11/1/32		100,000		128,542
7.00% 1/15/38		200,000		282,759
				3,735,837
Multi-Utilities–0.49%
Ameren
2.70% 11/15/20		50,000		50,636
3.65% 2/15/26		50,000		51,139
Black Hills
3.15% 1/15/27		100,000		96,887
3.95% 1/15/26		50,000		51,641
4.20% 9/15/46		100,000		98,111

LVIP SSGA Bond Index Fund–41

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Multi-Utilities (continued)
Black Hills (continued)
4.25% 11/30/23		100,000	$	106,023
CenterPoint Energy Houston Electric
2.25% 8/1/22		250,000		247,153
2.40% 9/1/26		350,000		333,083
3.00% 2/1/27		100,000		99,604
CenterPoint Energy Resources
4.50% 1/15/21		65,000		68,311
5.85% 1/15/41		115,000		141,919
CMS Energy
3.00% 5/15/26		40,000		39,211
3.45% 8/15/27		100,000		101,139
4.875% 3/1/44		100,000		111,888
Consolidated Edison Co. of New York
3.95% 3/1/43		150,000		152,055
4.30% 12/1/56		100,000		104,538
4.45% 3/15/44		200,000		219,525
4.50% 12/1/45		100,000		110,294
4.625% 12/1/54		500,000		553,322
5.50% 12/1/39		250,000		307,345
5.85% 3/15/36		100,000		124,537
6.30% 8/15/37		20,000		26,473
6.65% 4/1/19		200,000		215,942
6.75% 4/1/38		25,000		34,904
7.125% 12/1/18		200,000		214,463
Consumers Energy
2.85% 5/15/22		100,000		102,285
3.25% 8/15/46		100,000		91,922
3.375% 8/15/23		200,000		209,347
3.95% 5/15/43		150,000		155,547
5.65% 4/15/20		100,000		110,131
Dominion Energy
1.60% 8/15/19		100,000		99,204
1.875% 1/15/19		150,000		149,728
2.00% 8/15/21		40,000		39,270
2.50% 12/1/19		400,000		403,341
2.75% 1/15/22		150,000		150,972
2.75% 9/15/22		250,000		249,852
2.85% 8/15/26		60,000		57,307
4.45% 3/15/21		100,000		107,047
4.90% 8/1/41		60,000		65,801
5.20% 8/15/19		80,000		85,221
5.95% 6/15/35		25,000		30,771
Dominion Energy Gas Holdings
2.50% 12/15/19		50,000		50,363
3.60% 12/15/24		25,000		25,649
4.60% 12/15/44		850,000		891,659
4.80% 11/1/43		94,000		99,696
DTE Electric
3.65% 3/15/24		250,000		263,747
3.70% 6/1/46		50,000		49,246

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Multi-Utilities (continued)
DTE Energy
2.40% 12/1/19		150,000	$	150,763
2.85% 10/1/26		200,000		190,604
3.30% 6/15/22		200,000		205,443
3.50% 6/1/24		100,000		101,710
NiSource Finance
3.49% 5/15/27		100,000		100,893
4.375% 5/15/47		100,000		103,539
4.80% 2/15/44		100,000		108,742
5.25% 2/15/43		59,000		68,241
NorthWestern 4.176% 11/15/44		150,000		153,340
PSEG Power 5.125% 4/15/20		60,000		64,262
Public Service Electric & Gas
1.90% 3/15/21		50,000		49,588
2.375% 5/15/23		200,000		198,580
3.00% 5/15/25		100,000		101,080
3.00% 5/15/27		300,000		300,981
3.80% 3/1/46		100,000		101,950
5.50% 3/1/40		100,000		126,418
Public Service Enterprise Group 2.00% 11/15/21		200,000		195,696
Puget Energy
3.65% 5/15/25		200,000		200,703
6.00% 9/1/21		200,000		224,812
Puget Sound Energy
5.638% 4/15/41		80,000		99,877
5.795% 3/15/40		100,000		127,724
San Diego Gas & Electric
3.00% 8/15/21		175,000		180,130
3.60% 9/1/23		200,000		210,976
6.00% 6/1/39		110,000		145,070
Sempra Energy
1.625% 10/7/19		70,000		69,399
2.40% 3/15/20		250,000		251,281
2.85% 11/15/20		100,000		101,574
2.875% 10/1/22		150,000		150,543
3.75% 11/15/25		100,000		103,203
6.00% 10/15/39		125,000		158,751
South Carolina Electric & Gas
4.50% 6/1/64		35,000		35,168
6.05% 1/15/38		225,000		273,939
Southern California Gas
2.60% 6/15/26		100,000		97,291
3.15% 9/15/24		100,000		102,878
Union Electric
2.95% 6/15/27		100,000		99,096
3.50% 4/15/24		100,000		104,225
3.65% 4/15/45		100,000		98,830
3.90% 9/15/42		250,000		258,821
8.45% 3/15/39		80,000		128,663
Virginia Electric & Power
2.75% 3/15/23		100,000		100,444

LVIP SSGA Bond Index Fund–42

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Multi-Utilities (continued)
Virginia Electric & Power (continued)
2.95% 11/15/26		100,000	$	99,140
3.15% 1/15/26		70,000		70,518
3.50% 3/15/27		150,000		154,546
4.00% 11/15/46		45,000		46,599
4.45% 2/15/44		325,000		356,477
4.65% 8/15/43		150,000		169,832
5.00% 6/30/19		200,000		211,742
6.00% 5/15/37		25,000		32,176
6.35% 11/30/37		100,000		133,385
8.875% 11/15/38		100,000		169,876
WEC Energy Group
2.45% 6/15/20		50,000		50,481
3.55% 6/15/25		50,000		51,646
Wisconsin Electric Power 2.95% 9/15/21		100,000		102,684
Wisconsin Public Service 4.752% 11/1/44		200,000		232,626
				14,675,205
Oil, Gas & Consumable Fuels–2.69%
Anadarko Finance 7.50% 5/1/31		250,000		313,124
Anadarko Petroleum
5.55% 3/15/26		400,000		447,765
6.45% 9/15/36		250,000		295,131
7.95% 6/15/39		200,000		253,228
8.70% 3/15/19		200,000		220,670
Apache
3.25% 4/15/22		473,000		480,398
4.25% 1/15/44		100,000		94,029
4.75% 4/15/43		200,000		201,320
5.10% 9/1/40		350,000		358,794
5.25% 2/1/42		100,000		105,188
6.00% 1/15/37		50,000		58,023
Boardwalk Pipelines
3.375% 2/1/23		100,000		99,333
4.45% 7/15/27		70,000		71,812
4.95% 12/15/24		50,000		53,049
5.75% 9/15/19		100,000		106,546
5.95% 6/1/26		50,000		55,773
BP Capital Markets
1.676% 5/3/19		60,000		59,814
2.112% 9/16/21		250,000		247,934
2.237% 5/10/19		400,000		403,188
2.241% 9/26/18		400,000		402,355
2.315% 2/13/20		650,000		656,213
2.75% 5/10/23		250,000		249,149
3.017% 1/16/27		250,000		243,526
3.119% 5/4/26		75,000		74,420
3.216% 11/28/23		150,000		152,463
3.245% 5/6/22		200,000		205,875
3.535% 11/4/24		100,000		102,756

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
BP Capital Markets (continued)
3.723% 11/28/28		90,000	$	92,453
3.994% 9/26/23		250,000		265,527
4.742% 3/11/21		500,000		543,625
4.75% 3/10/19		300,000		314,765
Buckeye Partners
3.95% 12/1/26		35,000		34,711
4.875% 2/1/21		260,000		275,472
5.85% 11/15/43		500,000		538,201
Burlington Resources Finance 7.20% 8/15/31		100,000		132,346
Canadian Natural Resources
2.95% 1/15/23		200,000		198,657
3.80% 4/15/24		43,000		43,580
3.85% 6/1/27		250,000		248,481
3.90% 2/1/25		200,000		201,553
4.95% 6/1/47		100,000		101,884
5.85% 2/1/35		200,000		222,441
6.25% 3/15/38		150,000		175,366
Cenovus Energy
3.00% 8/15/22		150,000		143,590
#144A 4.25% 4/15/27		250,000		238,625
4.45% 9/15/42		320,000		261,436
#144A 5.25% 6/15/37		105,000		98,356
#144A 5.40% 6/15/47		200,000		187,345
5.70% 10/15/19		205,000		216,471
Chevron
1.561% 5/16/19		200,000		199,472
1.686% 2/28/19		150,000		150,141
1.79% 11/16/18		150,000		150,490
1.991% 3/3/20		94,000		94,282
2.10% 5/16/21		200,000		199,506
2.193% 11/15/19		500,000		505,097
2.355% 12/5/22		500,000		498,067
2.498% 3/3/22		200,000		202,000
2.566% 5/16/23		200,000		200,496
2.895% 3/3/24		150,000		151,350
2.954% 5/16/26		200,000		198,733
3.191% 6/24/23		550,000		569,686
3.326% 11/17/25		150,000		153,896
4.95% 3/3/19		100,000		105,345
Cimarex Energy 3.90% 5/15/27		215,000		216,607
CNOOC Finance 2013
3.00% 5/9/23		250,000		247,636
4.25% 5/9/43		1,000,000		1,006,454
CNOOC Finance 2015 Australia
2.625% 5/5/20		200,000		200,793
4.20% 5/5/45		200,000		200,060
CNOOC Finance 2015 USA 3.50% 5/5/25		200,000		200,382
ConocoPhillips
2.40% 12/15/22		450,000		442,889

LVIP SSGA Bond Index Fund–43

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)
3.35% 5/15/25		180,000	$	183,181
4.15% 11/15/34		90,000		90,714
4.20% 3/15/21		200,000		212,227
4.30% 11/15/44		150,000		153,764
4.95% 3/15/26		250,000		278,916
5.75% 2/1/19		95,000		100,590
5.90% 5/15/38		450,000		552,970
5.95% 3/15/46		100,000		125,541
6.50% 2/1/39		380,000		500,552
ConocoPhillips Holding 6.95% 4/15/29		200,000		257,060
Devon Energy
3.25% 5/15/22		250,000		248,738
4.00% 7/15/21		100,000		103,147
4.75% 5/15/42		100,000		97,301
5.00% 6/15/45		70,000		70,981
5.60% 7/15/41		300,000		312,604
5.85% 12/15/25		150,000		170,739
7.95% 4/15/32		100,000		130,697
Devon Financing 7.875% 9/30/31		200,000		260,137
Ecopetrol
4.125% 1/16/25		500,000		491,250
5.375% 6/26/26		210,000		218,925
5.875% 9/18/23		200,000		219,200
5.875% 5/28/45		155,000		143,065
7.625% 7/23/19		200,000		221,500
Enable Midstream Partners
3.90% 5/15/24		200,000		198,633
4.40% 3/15/27		100,000		100,553
5.00% 5/15/44		70,000		65,820
Enbridge
2.90% 7/15/22		200,000		199,832
3.50% 6/10/24		100,000		100,109
3.70% 7/15/27		200,000		200,268
4.00% 10/1/23		150,000		157,701
4.25% 12/1/26		100,000		104,412
4.50% 6/10/44		100,000		98,241
5.50% 12/1/46		100,000		112,277
Enbridge Energy Partners
5.20% 3/15/20		100,000		106,113
7.50% 4/15/38		300,000		377,339
9.875% 3/1/19		50,000		55,936
Encana 3.90% 11/15/21		600,000		612,149
Energy Transfer
3.60% 2/1/23		100,000		100,584
4.05% 3/15/25		100,000		100,562
4.15% 10/1/20		150,000		155,903
4.20% 4/15/27		150,000		150,252
4.75% 1/15/26		400,000		416,839
5.15% 3/15/45		150,000		146,265
5.20% 2/1/22		250,000		269,057

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Energy Transfer (continued)
5.30% 4/15/47		150,000	$	148,953
5.95% 10/1/43		125,000		132,869
6.125% 12/15/45		400,000		434,456
6.50% 2/1/42		150,000		168,091
7.50% 7/1/38		200,000		243,274
EnLink Midstream Partners
4.85% 7/15/26		120,000		125,073
5.45% 6/1/47		350,000		350,265
Enterprise Products Operating
2.85% 4/15/21		355,000		359,332
3.35% 3/15/23		350,000		359,834
3.70% 2/15/26		150,000		153,049
3.75% 2/15/25		640,000		660,130
3.90% 2/15/24		200,000		208,318
3.95% 2/15/27		245,000		253,731
4.05% 2/15/22		100,000		105,587
4.45% 2/15/43		125,000		124,694
4.85% 8/15/42		200,000		212,450
4.85% 3/15/44		125,000		133,008
4.90% 5/15/46		100,000		107,957
5.20% 9/1/20		100,000		108,612
5.25% 1/31/20		100,000		107,410
5.70% 2/15/42		150,000		176,195
5.95% 2/1/41		100,000		118,868
6.125% 10/15/39		50,000		60,133
6.50% 1/31/19		100,000		106,706
7.55% 4/15/38		100,000		135,465
EOG Resources
2.625% 3/15/23		150,000		148,246
3.15% 4/1/25		250,000		246,278
3.90% 4/1/35		350,000		340,508
4.15% 1/15/26		100,000		105,252
4.40% 6/1/20		150,000		158,647
6.875% 10/1/18		25,000		26,455
EQT
4.875% 11/15/21		100,000		106,758
8.125% 6/1/19		75,000		82,798
EQT Midstream Partners
4.00% 8/1/24		55,000		55,895
4.125% 12/1/26		65,000		65,710
Exxon Mobil
1.708% 3/1/19		250,000		250,609
1.819% 3/15/19		500,000		502,092
2.222% 3/1/21		105,000		105,743
2.726% 3/1/23		170,000		172,141
3.043% 3/1/26		750,000		757,258
3.567% 3/6/45		800,000		771,526
4.114% 3/1/46		165,000		174,501
Hess
4.30% 4/1/27		150,000		146,806

LVIP SSGA Bond Index Fund–44

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Hess (continued)
5.60% 2/15/41		200,000	$	197,250
5.80% 4/1/47		150,000		151,781
7.125% 3/15/33		100,000		113,243
7.30% 8/15/31		250,000		288,425
Husky Energy
3.95% 4/15/22		150,000		155,213
4.00% 4/15/24		50,000		50,773
7.25% 12/15/19		125,000		138,965
Kerr-McGee 6.95% 7/1/24		100,000		117,443
Kinder Morgan
4.30% 6/1/25		200,000		208,274
5.55% 6/1/45		700,000		744,483
Kinder Morgan Energy Partners
2.65% 2/1/19		300,000		302,155
3.50% 3/1/21		520,000		532,903
3.50% 9/1/23		500,000		505,475
3.95% 9/1/22		100,000		103,434
5.00% 8/15/42		500,000		490,500
5.00% 3/1/43		250,000		242,030
5.30% 9/15/20		250,000		269,324
5.80% 3/15/35		150,000		162,741
6.50% 9/1/39		100,000		113,590
6.55% 9/15/40		200,000		229,482
7.75% 3/15/32		200,000		251,743
Magellan Midstream Partners
4.25% 2/1/21		150,000		158,118
4.25% 9/15/46		180,000		176,484
5.00% 3/1/26		100,000		110,472
6.55% 7/15/19		50,000		54,251
Marathon Oil
2.80% 11/1/22		125,000		119,990
6.60% 10/1/37		100,000		110,671
Marathon Petroleum
3.625% 9/15/24		250,000		252,996
5.00% 9/15/54		500,000		459,327
5.125% 3/1/21		135,000		146,455
6.50% 3/1/41		145,000		167,997
MPLX
4.125% 3/1/27		165,000		165,882
4.875% 12/1/24		500,000		533,889
5.20% 3/1/47		165,000		170,574
Nexen Energy
6.20% 7/30/19		130,000		139,400
6.40% 5/15/37		150,000		191,858
7.50% 7/30/39		200,000		289,373
Noble Energy
4.15% 12/15/21		100,000		105,470
5.05% 11/15/44		800,000		824,661
6.00% 3/1/41		135,000		151,557
8.25% 3/1/19		100,000		109,738

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum
2.60% 4/15/22		250,000	$	251,373
2.70% 2/15/23		200,000		200,117
3.00% 2/15/27		250,000		243,742
3.125% 2/15/22		150,000		154,126
3.40% 4/15/26		180,000		181,828
3.50% 6/15/25		100,000		102,233
4.10% 2/15/47		250,000		249,609
4.40% 4/15/46		250,000		260,499
ONEOK Partners
3.20% 9/15/18		100,000		101,198
3.375% 10/1/22		150,000		151,546
3.80% 3/15/20		100,000		102,858
4.90% 3/15/25		100,000		107,236
6.125% 2/1/41		100,000		114,411
6.20% 9/15/43		178,000		205,160
6.65% 10/1/36		100,000		120,698
8.625% 3/1/19		100,000		110,046
Petro-Canada
5.95% 5/15/35		200,000		240,329
6.80% 5/15/38		100,000		130,727
9.25% 10/15/21		50,000		63,135
Petroleos Mexicanos
2.378% 4/15/25		152,000		152,271
3.125% 1/23/19		80,000		80,760
3.50% 7/18/18		200,000		202,920
3.50% 1/30/23		800,000		768,800
4.50% 1/23/26		250,000		243,633
4.625% 9/21/23		300,000		304,350
4.875% 1/24/22		1,250,000		1,290,887
4.875% 1/18/24		500,000		507,700
#144A 5.375% 3/13/22		700,000		737,800
5.50% 1/21/21		400,000		420,100
5.625% 1/23/46		500,000		445,125
6.00% 3/5/20		260,000		279,370
6.375% 1/23/45		609,000		596,820
#144A 6.50% 3/13/27		700,000		752,850
6.50% 6/2/41		800,000		798,400
6.625% 6/15/35		250,000		259,687
6.75% 9/21/47		300,000		303,714
8.00% 5/3/19		550,000		602,937
Phillips 66
4.65% 11/15/34		350,000		369,483
5.875% 5/1/42		250,000		303,119
Phillips 66 Partners
3.55% 10/1/26		100,000		97,320
4.90% 10/1/46		100,000		98,819
Pioneer Natural Resources
3.45% 1/15/21		100,000		102,824
3.95% 7/15/22		100,000		104,900
4.45% 1/15/26		100,000		105,510

LVIP SSGA Bond Index Fund–45

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline
4.30% 1/31/43		100,000	$	85,875
4.50% 12/15/26		100,000		101,324
4.65% 10/15/25		200,000		205,340
4.70% 6/15/44		600,000		548,927
5.15% 6/1/42		200,000		192,747
5.75% 1/15/20		100,000		107,593
6.65% 1/15/37		125,000		140,870
8.75% 5/1/19		150,000		166,830
Sabine Pass Liquefaction
#144A 4.20% 3/15/28		70,000		70,868
5.625% 2/1/21		700,000		762,651
5.625% 3/1/25		545,000		602,085
5.75% 5/15/24		545,000		607,707
Shell International Finance
1.375% 5/10/19		400,000		397,754
1.375% 9/12/19		150,000		148,954
1.625% 11/10/18		150,000		150,195
1.75% 9/12/21		150,000		147,278
1.875% 5/10/21		200,000		197,657
2.00% 11/15/18		300,000		301,987
2.125% 5/11/20		350,000		352,061
2.25% 11/10/20		150,000		151,102
2.375% 8/21/22		250,000		248,738
2.50% 9/12/26		150,000		143,585
2.875% 5/10/26		400,000		395,164
3.25% 5/11/25		650,000		664,674
3.40% 8/12/23		650,000		675,473
3.75% 9/12/46		150,000		142,315
4.00% 5/10/46		600,000		593,957
4.125% 5/11/35		156,000		162,732
4.30% 9/22/19		200,000		210,621
4.375% 3/25/20		75,000		79,847
4.375% 5/11/45		167,000		175,199
4.55% 8/12/43		600,000		643,527
5.50% 3/25/40		100,000		121,771
6.375% 12/15/38		300,000		399,956
Spectra Energy Capital 5.65% 3/1/20		100,000		107,516
Spectra Energy Partners
2.95% 9/25/18		350,000		354,040
3.375% 10/15/26		145,000		142,012
4.50% 3/15/45		50,000		49,471
Statoil
2.45% 1/17/23		200,000		198,074
2.65% 1/15/24		100,000		98,797
3.15% 1/23/22		200,000		205,703
3.70% 3/1/24		600,000		630,807
3.95% 5/15/43		250,000		245,253
4.80% 11/8/43		150,000		168,198
5.10% 8/17/40		200,000		231,039
5.25% 4/15/19		250,000		264,761

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Suncor Energy
3.60% 12/1/24		250,000	$	256,201
6.50% 6/15/38		250,000		321,141
6.85% 6/1/39		100,000		133,776
7.15% 2/1/32		25,000		32,565
Sunoco Logistics Partners Operations
3.45% 1/15/23		200,000		200,956
3.90% 7/15/26		100,000		98,304
4.40% 4/1/21		100,000		105,162
5.30% 4/1/44		200,000		195,663
5.95% 12/1/25		100,000		112,644
TC PipeLines 4.375% 3/13/25		150,000		156,564
Tennessee Gas Pipeline 7.625% 4/1/37		150,000		186,679
Tesoro
#144A 4.75% 12/15/23		150,000		162,375
#144A 5.125% 12/15/26		150,000		163,983
Tosco 8.125% 2/15/30		100,000		139,375
Total Capital
4.125% 1/28/21		100,000		106,554
4.45% 6/24/20		100,000		107,132
Total Capital Canada 2.75% 7/15/23		300,000		301,866
Total Capital International
2.10% 6/19/19		300,000		302,633
2.70% 1/25/23		200,000		201,176
2.875% 2/17/22		200,000		203,874
3.70% 1/15/24		100,000		105,299
TransCanada PipeLines
2.50% 8/1/22		150,000		149,921
3.125% 1/15/19		25,000		25,447
3.75% 10/16/23		150,000		157,502
3.80% 10/1/20		100,000		105,008
4.625% 3/1/34		200,000		219,855
4.875% 1/15/26		100,000		111,970
6.10% 6/1/40		100,000		128,721
6.50% 8/15/18		200,000		210,114
7.25% 8/15/38		100,000		139,425
7.625% 1/15/39		250,000		365,800
Transcontinental Gas Pipe Line 4.45% 8/1/42		100,000		99,409
Valero Energy
3.65% 3/15/25		100,000		102,135
4.90% 3/15/45		150,000		156,869
6.125% 2/1/20		65,000		71,305
6.625% 6/15/37		300,000		371,639
7.50% 4/15/32		100,000		128,615
9.375% 3/15/19		200,000		223,903
Valero Energy Partners 4.375% 12/15/26		85,000		87,050
Western Gas Partners
3.95% 6/1/25		150,000		149,275
4.00% 7/1/22		150,000		153,929
5.45% 4/1/44		100,000		101,867

LVIP SSGA Bond Index Fund–46

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Williams Partners
3.75% 6/15/27		750,000	$	743,896
3.90% 1/15/25		725,000		734,119
4.00% 11/15/21		100,000		104,147
4.30% 3/4/24		195,000		203,117
5.25% 3/15/20		200,000		215,373
6.30% 4/15/40		470,000		546,435
XTO Energy 6.50% 12/15/18		100,000		106,870
				79,854,503
Paper & Forest Products–0.03%
Celulosa Arauco y Constitucion
4.50% 8/1/24		200,000		205,201
5.00% 1/21/21		100,000		106,109
Domtar 4.40% 4/1/22		100,000		105,197
Fibria Overseas Finance 5.50% 1/17/27		100,000		102,390
Georgia-Pacific 8.00% 1/15/24		250,000		321,129
				840,026
Personal Products–0.07%
Estee Lauder
1.80% 2/7/20		70,000		70,071
3.15% 3/15/27		100,000		100,913
4.15% 3/15/47		65,000		68,216
4.375% 6/15/45		250,000		269,612
Unilever Capital
1.375% 7/28/21		120,000		115,899
1.80% 5/5/20		100,000		99,857
2.00% 7/28/26		100,000		92,133
2.20% 3/6/19		250,000		251,770
2.20% 5/5/22		150,000		149,075
2.60% 5/5/24		100,000		98,910
2.90% 5/5/27		150,000		148,164
4.25% 2/10/21		200,000		214,049
4.80% 2/15/19		100,000		104,806
5.90% 11/15/32		133,000		173,610
				1,957,085
Pharmaceuticals–0.96%
Actavis
3.25% 10/1/22		250,000		255,722
4.625% 10/1/42		125,000		130,818
6.125% 8/15/19		45,000		48,619
Allergan Funding
2.45% 6/15/19		210,000		211,375
3.45% 3/15/22		500,000		515,947
3.80% 3/15/25		500,000		518,011
4.55% 3/15/35		1,000,000		1,070,550
4.85% 6/15/44		650,000		705,641
AstraZeneca
1.75% 11/16/18		150,000		150,153
2.375% 11/16/20		250,000		251,559
2.375% 6/12/22		150,000		149,751

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Pharmaceuticals (continued)
AstraZeneca (continued)
3.125% 6/12/27		150,000	$	149,581
3.375% 11/16/25		450,000		460,126
4.00% 9/18/42		150,000		152,547
4.375% 11/16/45		95,000		102,296
6.45% 9/15/37		450,000		607,156
Bristol-Myers Squibb
1.75% 3/1/19		200,000		200,593
2.00% 8/1/22		100,000		98,381
3.25% 8/1/42		100,000		90,622
4.50% 3/1/44		500,000		552,843
Eli Lilly & Co.
1.95% 3/15/19		250,000		251,169
2.35% 5/15/22		75,000		75,256
3.10% 5/15/27		98,000		99,086
3.95% 5/15/47		107,000		110,772
5.50% 3/15/27		100,000		120,169
GlaxoSmithKline Capital
2.85% 5/8/22		750,000		766,795
5.375% 4/15/34		100,000		120,467
6.375% 5/15/38		450,000		619,036
Johnson & Johnson
1.125% 3/1/19		95,000		94,524
1.65% 12/5/18		800,000		802,122
1.65% 3/1/21		150,000		148,601
2.05% 3/1/23		150,000		148,600
2.25% 3/3/22		200,000		201,193
2.45% 12/5/21		150,000		152,649
2.45% 3/1/26		150,000		146,437
2.95% 9/1/20		100,000		103,517
2.95% 3/3/27		200,000		202,640
3.55% 5/15/21		100,000		106,022
3.55% 3/1/36		70,000		72,299
3.625% 3/3/37		127,000		133,079
3.70% 3/1/46		80,000		82,401
3.75% 3/3/47		200,000		207,788
4.375% 12/5/33		183,000		208,502
4.85% 5/15/41		100,000		120,808
5.15% 7/15/18		250,000		259,342
5.85% 7/15/38		100,000		133,023
Merck & Co.
1.85% 2/10/20		400,000		400,924
2.40% 9/15/22		150,000		151,322
2.75% 2/10/25		900,000		898,025
2.80% 5/18/23		250,000		254,945
3.60% 9/15/42		100,000		97,939
3.875% 1/15/21		400,000		423,864
4.15% 5/18/43		242,000		258,490
6.50% 12/1/33		100,000		133,951
6.55% 9/15/37		100,000		138,231
Merck Sharp & Dohme
5.00% 6/30/19		100,000		106,281

LVIP SSGA Bond Index Fund–47

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Merck Sharp & Dohme (continued)
5.85% 6/30/39		50,000	$	65,405
Mylan
2.50% 6/7/19		145,000		146,227
2.55% 3/28/19		75,000		75,573
3.00% 12/15/18		65,000		65,901
3.15% 6/15/21		250,000		254,566
3.75% 12/15/20		100,000		104,023
3.95% 6/15/26		250,000		253,773
5.25% 6/15/46		160,000		175,695
5.40% 11/29/43		133,000		146,927
Novartis Capital
1.80% 2/14/20		110,000		110,119
2.40% 5/17/22		200,000		201,711
2.40% 9/21/22		250,000		251,250
3.00% 11/20/25		250,000		252,848
3.10% 5/17/27		125,000		126,732
3.40% 5/6/24		250,000		261,119
3.70% 9/21/42		150,000		151,048
4.00% 11/20/45		250,000		262,503
4.40% 4/24/20		100,000		106,871
4.40% 5/6/44		250,000		278,051
Novartis Securities Investment 5.125% 2/10/19		400,000		421,256
Perrigo Finance Unlimited 4.375% 3/15/26		200,000		206,632
Pfizer
1.45% 6/3/19		150,000		149,450
1.70% 12/15/19		150,000		150,292
1.95% 6/3/21		150,000		149,854
2.10% 5/15/19		300,000		302,780
2.20% 12/15/21		150,000		150,379
2.75% 6/3/26		150,000		147,820
3.00% 6/15/23		200,000		206,507
3.00% 12/15/26		450,000		451,809
3.40% 5/15/24		400,000		418,480
4.00% 12/15/36		100,000		105,862
4.125% 12/15/46		455,000		483,837
4.40% 5/15/44		400,000		440,281
7.20% 3/15/39		300,000		449,655
Sanofi 4.00% 3/29/21		325,000		345,858
Shire Acquisitions Investments Ireland
1.90% 9/23/19		500,000		497,947
2.40% 9/23/21		500,000		494,661
2.875% 9/23/23		300,000		297,772
3.20% 9/23/26		300,000		293,936
Teva Pharmaceutical Finance
2.95% 12/18/22		175,000		174,208
6.15% 2/1/36		100,000		117,879
Teva Pharmaceutical Finance IV
2.25% 3/18/20		250,000		249,913
3.65% 11/10/21		250,000		258,416

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III
1.40% 7/20/18		200,000	$	199,580
1.70% 7/19/19		415,000		411,492
2.20% 7/21/21		250,000		245,650
2.80% 7/21/23		310,000		301,935
3.15% 10/1/26		480,000		456,747
4.10% 10/1/46		385,000		356,074
Wyeth
5.95% 4/1/37		350,000		453,309
6.00% 2/15/36		100,000		127,512
6.50% 2/1/34		100,000		131,893
Zoetis
3.25% 2/1/23		163,000		167,260
3.45% 11/13/20		75,000		77,623
4.50% 11/13/25		200,000		218,724
4.70% 2/1/43		150,000		163,561
				28,339,746
Professional Services–0.01%
Equifax 2.30% 6/1/21		125,000		124,257
Verisk Analytics
4.00% 6/15/25		100,000		103,499
4.125% 9/12/22		100,000		105,506
				333,262
Real Estate Management & Development–0.01%
CBRE Services 4.875% 3/1/26		300,000		319,947
				319,947
Road & Rail–0.36%
Burlington Northern Santa Fe
3.00% 3/15/23		500,000		513,125
3.00% 4/1/25		250,000		253,037
3.05% 3/15/22		150,000		155,010
3.25% 6/15/27		100,000		102,285
3.45% 9/15/21		200,000		208,608
3.65% 9/1/25		100,000		105,352
3.85% 9/1/23		100,000		107,293
3.90% 8/1/46		105,000		107,062
4.125% 6/15/47		100,000		105,430
4.15% 4/1/45		114,000		119,462
4.40% 3/15/42		100,000		107,954
4.45% 3/15/43		100,000		108,889
4.70% 9/1/45		100,000		112,895
4.95% 9/15/41		100,000		116,189
5.05% 3/1/41		100,000		117,129
5.15% 9/1/43		150,000		179,969
5.75% 5/1/40		200,000		253,079
6.15% 5/1/37		100,000		132,066
Canadian National Railway
2.75% 3/1/26		50,000		49,607
2.95% 11/21/24		100,000		101,878
3.20% 8/2/46		100,000		91,531

LVIP SSGA Bond Index Fund–48

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Road & Rail (continued)
Canadian National Railway (continued)
5.55% 3/1/19		200,000	$	212,254
6.20% 6/1/36		100,000		131,723
6.25% 8/1/34		100,000		132,174
Canadian Pacific Railway
2.90% 2/1/25		150,000		148,911
4.45% 3/15/23		100,000		108,018
4.80% 9/15/35		65,000		72,685
4.80% 8/1/45		100,000		113,556
6.125% 9/15/15		65,000		81,947
7.125% 10/15/31		150,000		205,146
7.25% 5/15/19		65,000		71,161
CSX
3.25% 6/1/27		100,000		100,845
3.35% 11/1/25		250,000		256,631
3.70% 10/30/20		275,000		287,581
3.70% 11/1/23		94,000		98,959
3.80% 11/1/46		150,000		147,470
3.95% 5/1/50		90,000		88,150
4.10% 3/15/44		100,000		102,933
4.25% 11/1/66		100,000		99,081
4.40% 3/1/43		200,000		213,854
5.50% 4/15/41		200,000		241,667
6.15% 5/1/37		120,000		154,735
6.22% 4/30/40		100,000		131,991
Kansas City Southern
4.30% 5/15/43		100,000		98,971
4.95% 8/15/45		100,000		109,473
Norfolk Southern
2.90% 6/15/26		165,000		162,696
2.903% 2/15/23		121,000		122,499
3.00% 4/1/22		118,000		120,755
3.15% 6/1/27		50,000		49,931
3.25% 12/1/21		100,000		103,350
3.85% 1/15/24		150,000		158,862
4.45% 6/15/45		100,000		107,205
4.65% 1/15/46		100,000		111,175
4.80% 8/15/43		125,000		140,965
4.837% 10/1/41		111,000		125,204
5.90% 6/15/19		100,000		107,655
6.00% 5/23/11		100,000		121,003
Ryder System
2.25% 9/1/21		120,000		118,587
2.45% 9/3/19		250,000		252,401
2.80% 3/1/22		60,000		60,274
2.875% 9/1/20		50,000		50,593
3.45% 11/15/21		25,000		25,823
Union Pacific
2.75% 3/1/26		250,000		247,165
3.25% 1/15/25		495,000		510,705
3.25% 8/15/25		50,000		51,443

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Road & Rail (continued)
Union Pacific (continued)
3.35% 8/15/46		150,000	$	140,204
3.375% 2/1/35		200,000		198,183
3.646% 2/15/24		185,000		195,803
3.799% 10/1/51		332,000		326,019
3.875% 2/1/55		94,000		90,997
4.00% 2/1/21		65,000		68,924
4.00% 4/15/47		100,000		102,819
4.05% 11/15/45		50,000		51,859
4.163% 7/15/22		190,000		205,726
4.375% 11/15/65		30,000		31,456
				10,718,047
Semiconductors & Semiconductor Equipment–0.36%
Altera 2.50% 11/15/18		250,000		253,249
Analog Devices
2.50% 12/5/21		60,000		60,116
3.125% 12/5/23		150,000		151,814
3.50% 12/5/26		150,000		151,463
3.90% 12/15/25		60,000		62,475
5.30% 12/15/45		100,000		114,982
Applied Materials
2.625% 10/1/20		100,000		101,768
3.30% 4/1/27		80,000		81,399
3.90% 10/1/25		70,000		74,651
4.35% 4/1/47		70,000		74,487
5.10% 10/1/35		70,000		82,474
5.85% 6/15/41		350,000		446,082
Broadcom
#144A 2.375% 1/15/20		350,000		350,722
#144A 3.00% 1/15/22		350,000		353,494
#144A 3.625% 1/15/24		350,000		358,556
#144A 3.875% 1/15/27		350,000		360,113
Intel
1.70% 5/19/21		100,000		98,758
2.35% 5/11/22		200,000		200,602
2.45% 7/29/20		480,000		488,322
2.60% 5/19/26		150,000		145,158
2.70% 12/15/22		150,000		152,033
3.30% 10/1/21		254,000		265,752
3.70% 7/29/25		365,000		383,580
4.00% 12/15/32		250,000		264,223
4.10% 5/19/46		150,000		155,860
4.25% 12/15/42		250,000		265,153
4.80% 10/1/41		172,000		197,468
4.90% 7/29/45		520,000		605,626
KLA-Tencor 4.65% 11/1/24		300,000		324,479
Lam Research
2.75% 3/15/20		100,000		101,337
2.80% 6/15/21		150,000		152,298
Maxim Integrated Products
2.50% 11/15/18		200,000		201,694

LVIP SSGA Bond Index Fund–49

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Semiconductors & Semiconductor Equipment (continued)
Maxim Integrated Products (continued)
3.375% 3/15/23		100,000	$	101,659
NVIDIA
2.20% 9/16/21		120,000		118,780
3.20% 9/16/26		200,000		198,698
QUALCOMM
1.85% 5/20/19		120,000		120,307
2.10% 5/20/20		90,000		90,449
2.25% 5/20/20		300,000		302,971
2.60% 1/30/23		300,000		299,137
2.90% 5/20/24		200,000		199,777
3.00% 5/20/22		300,000		307,869
3.25% 5/20/27		200,000		200,704
3.45% 5/20/25		300,000		308,664
4.30% 5/20/47		115,000		117,770
4.65% 5/20/35		200,000		218,352
4.80% 5/20/45		200,000		220,024
Texas Instruments
1.65% 8/3/19		100,000		100,100
2.25% 5/1/23		250,000		247,019
2.625% 5/15/24		48,000		47,864
2.75% 3/12/21		75,000		76,602
Xilinx
2.95% 6/1/24		100,000		100,361
3.00% 3/15/21		200,000		204,707
				10,662,002
Software–0.71%
Activision Blizzard
2.30% 9/15/21		95,000		94,475
2.60% 6/15/22		50,000		49,908
3.40% 9/15/26		100,000		100,357
3.40% 6/15/27		45,000		44,941
4.50% 6/15/47		60,000		59,942
Adobe Systems
3.25% 2/1/25		95,000		97,194
4.75% 2/1/20		85,000		91,212
Autodesk
3.125% 6/15/20		100,000		102,036
3.50% 6/15/27		100,000		98,544
4.375% 6/15/25		100,000		105,665
CA
3.60% 8/1/20		50,000		50,804
4.70% 3/15/27		100,000		102,235
5.375% 12/1/19		100,000		105,044
Cadence Design Systems 4.375% 10/15/24		75,000		78,022
Electronic Arts
3.70% 3/1/21		100,000		104,152
4.80% 3/1/26		100,000		109,904
Microsoft
1.10% 8/8/19		325,000		321,247

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Software (continued)
Microsoft (continued)
1.30% 11/3/18		115,000	$	114,840
1.55% 8/8/21		500,000		489,503
1.85% 2/6/20		200,000		200,585
2.00% 11/3/20		700,000		702,850
2.00% 8/8/23		250,000		243,827
2.375% 5/1/23		150,000		149,510
2.40% 2/6/22		200,000		202,009
2.40% 8/8/26		850,000		819,012
2.65% 11/3/22		200,000		202,999
2.875% 2/6/24		65,000		66,115
3.00% 10/1/20		300,000		311,096
3.125% 11/3/25		200,000		204,285
3.30% 2/6/27		2,115,000		2,181,221
3.45% 8/8/36		250,000		250,668
3.50% 11/15/42		150,000		148,037
3.625% 12/15/23		300,000		318,058
3.70% 8/8/46		850,000		843,339
3.75% 2/12/45		500,000		498,210
3.95% 8/8/56		200,000		200,622
4.10% 2/6/37		200,000		215,858
4.20% 6/1/19		200,000		209,882
4.20% 11/3/35		200,000		218,950
4.25% 2/6/47		200,000		217,088
4.45% 11/3/45		200,000		223,087
4.50% 10/1/40		100,000		112,092
4.50% 2/6/57		200,000		220,837
4.75% 11/3/55		200,000		229,097
4.875% 12/15/43		800,000		940,334
5.20% 6/1/39		200,000		243,546
5.30% 2/8/41		400,000		491,727
Oracle
1.90% 9/15/21		455,000		451,270
2.25% 10/8/19		300,000		303,796
2.375% 1/15/19		200,000		202,347
2.40% 9/15/23		150,000		148,181
2.50% 5/15/22		1,000,000		1,010,158
2.50% 10/15/22		550,000		553,375
2.65% 7/15/26		460,000		441,926
2.95% 5/15/25		500,000		502,958
3.85% 7/15/36		150,000		155,373
3.875% 7/15/20		100,000		105,724
3.90% 5/15/35		355,000		366,513
4.00% 7/15/46		150,000		151,871
4.30% 7/8/34		700,000		760,873
4.375% 5/15/55		800,000		842,470
4.50% 7/8/44		500,000		546,175
5.00% 7/8/19		250,000		266,370
5.375% 7/15/40		400,000		487,518

LVIP SSGA Bond Index Fund–50

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Software (continued)
Oracle (continued)
6.125% 7/8/39		150,000	$	196,705
6.50% 4/15/38		200,000		273,701
				20,952,270
Specialty Retail–0.28%
Advance Auto Parts
4.50% 1/15/22		100,000		106,445
4.50% 12/1/23		100,000		106,273
AutoNation
3.35% 1/15/21		50,000		50,947
4.50% 10/1/25		45,000		47,032
AutoZone
2.875% 1/15/23		100,000		99,203
3.125% 4/21/26		75,000		72,307
3.75% 6/1/27		250,000		250,584
4.00% 11/15/20		75,000		78,637
Bed Bath & Beyond
3.749% 8/1/24		50,000		49,691
4.915% 8/1/34		530,000		498,913
Home Depot
1.80% 6/5/20		176,000		176,155
2.00% 6/15/19		900,000		906,544
2.00% 4/1/21		250,000		249,431
2.125% 9/15/26		155,000		145,082
2.25% 9/10/18		143,000		144,221
2.70% 4/1/23		150,000		152,301
3.00% 4/1/26		125,000		125,808
3.35% 9/15/25		265,000		275,463
3.50% 9/15/56		135,000		122,690
3.75% 2/15/24		200,000		212,770
3.90% 6/15/47		200,000		203,279
4.20% 4/1/43		150,000		159,435
4.25% 4/1/46		100,000		107,558
4.40% 4/1/21		100,000		107,837
4.875% 2/15/44		96,000		111,473
5.40% 9/15/40		100,000		124,095
5.875% 12/16/36		350,000		456,793
5.95% 4/1/41		100,000		132,494
Lowe’s
3.10% 5/3/27		250,000		249,173
3.12% 4/15/22		100,000		103,473
3.375% 9/15/25		120,000		124,082
3.70% 4/15/46		200,000		193,278
3.875% 9/15/23		200,000		215,191
4.05% 5/3/47		147,000		149,884
4.25% 9/15/44		250,000		262,196
4.375% 9/15/45		45,000		47,768
4.625% 4/15/20		150,000		159,197
4.65% 4/15/42		100,000		110,801
O’Reilly Automotive
3.55% 3/15/26		150,000		151,302

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Specialty Retail (continued)
O’Reilly Automotive (continued)
3.80% 9/1/22		100,000	$	105,253
4.875% 1/14/21		45,000		48,432
QVC 4.375% 3/15/23		600,000		607,625
Signet UK Finance 4.70% 6/15/24		50,000		48,736
TJX
2.25% 9/15/26		250,000		232,411
2.50% 5/15/23		100,000		99,424
				8,181,687
Technology Hardware, Storage & Peripherals–0.62%
Apple
1.10% 8/2/19		250,000		247,405
1.55% 2/7/20		950,000		945,681
1.55% 8/4/21		250,000		244,387
1.70% 2/22/19		85,000		85,254
1.90% 2/7/20		150,000		150,433
2.00% 5/6/20		100,000		100,521
2.10% 5/6/19		250,000		252,412
2.15% 2/9/22		250,000		248,528
2.25% 2/23/21		500,000		503,571
2.30% 5/11/22		150,000		149,828
2.40% 5/3/23		822,000		816,193
2.45% 8/4/26		250,000		239,343
2.50% 2/9/22		150,000		151,425
2.50% 2/9/25		250,000		244,760
2.70% 5/13/22		100,000		101,896
2.85% 2/23/23		450,000		458,149
3.00% 6/20/27		925,000		921,534
3.20% 5/13/25		150,000		153,355
3.20% 5/11/27		154,000		155,991
3.25% 2/23/26		415,000		422,894
3.35% 2/9/27		200,000		204,712
3.45% 5/6/24		350,000		364,432
3.45% 2/9/45		125,000		117,764
3.85% 5/4/43		350,000		350,758
3.85% 8/4/46		635,000		636,225
4.25% 2/9/47		25,000		26,583
4.375% 5/13/45		100,000		108,384
4.45% 5/6/44		600,000		654,375
4.50% 2/23/36		250,000		281,064
4.65% 2/23/46		530,000		595,547
Dell International
#144A 3.48% 6/1/19		765,000		783,242
#144A 4.42% 6/15/21		900,000		949,638
#144A 5.45% 6/15/23		905,000		983,301
#144A 6.02% 6/15/26		250,000		275,848
#144A 8.10% 7/15/36		135,000		170,128
#144A 8.35% 7/15/46		130,000		168,308
Hewlett Packard Enterprise
2.85% 10/5/18		650,000		655,762

LVIP SSGA Bond Index Fund–51

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals (continued)
Hewlett Packard Enterprise (continued)
3.60% 10/15/20		550,000	$	567,531
4.90% 10/15/25		450,000		472,562
6.20% 10/15/35		250,000		271,060
6.35% 10/15/45		250,000		265,104
HP
4.30% 6/1/21		200,000		212,756
4.375% 9/15/21		150,000		160,025
4.65% 12/9/21		350,000		378,122
6.00% 9/15/41		305,000		324,117
HP Enterprise Services 7.45% 10/15/29		25,000		30,520
NetApp 3.375% 6/15/21		150,000		154,006
Seagate HDD Cayman
3.75% 11/15/18		600,000		614,775
#144A 4.25% 3/1/22		100,000		101,753
#144A 4.875% 3/1/24		100,000		102,061
Xerox
2.80% 5/15/20		250,000		249,496
3.50% 8/20/20		100,000		101,860
4.50% 5/15/21		345,000		361,690
				18,287,069
Textiles, Apparel & Luxury Goods–0.03%
Coach
3.00% 7/15/22		150,000		148,066
4.125% 7/15/27		150,000		148,669
NIKE
2.25% 5/1/23		100,000		99,066
2.375% 11/1/26		150,000		142,475
3.375% 11/1/46		100,000		92,259
3.625% 5/1/43		100,000		96,112
3.875% 11/1/45		100,000		100,922
Ralph Lauren 2.125% 9/26/18		50,000		50,280
				877,849
Tobacco–0.23%
Altria Group
2.625% 1/14/20		1,000,000		1,015,861
2.625% 9/16/26		145,000		139,774
2.85% 8/9/22		200,000		203,264
3.875% 9/16/46		200,000		194,773
4.00% 1/31/24		89,000		95,036
4.50% 5/2/43		100,000		106,704
4.75% 5/5/21		200,000		218,257
5.375% 1/31/44		63,000		76,116
9.70% 11/10/18		119,000		131,354
Philip Morris International
1.375% 2/25/19		65,000		64,590
1.625% 2/21/19		100,000		99,710
1.875% 1/15/19		500,000		500,872
1.875% 2/25/21		100,000		98,821
2.00% 2/21/20		100,000		100,252

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Tobacco (continued)
Philip Morris International (continued)
2.125% 5/10/23		50,000	$	48,427
2.625% 2/18/22		75,000		75,558
2.75% 2/25/26		100,000		97,762
2.90% 11/15/21		250,000		256,049
3.375% 8/11/25		100,000		102,549
3.60% 11/15/23		600,000		625,618
4.125% 3/4/43		150,000		151,905
4.25% 11/10/44		85,000		87,712
4.375% 11/15/41		200,000		210,554
4.50% 3/26/20		100,000		106,709
4.50% 3/20/42		100,000		106,616
6.375% 5/16/38		150,000		198,222
Reynolds American
3.25% 6/12/20		49,000		50,483
4.00% 6/12/22		490,000		519,814
4.45% 6/12/25		105,000		112,675
4.85% 9/15/23		225,000		248,398
5.70% 8/15/35		50,000		59,423
5.85% 8/15/45		480,000		590,110
6.15% 9/15/43		125,000		156,649
8.125% 6/23/19		100,000		111,583
				6,962,200
Trading Companies & Distributors–0.06%
Air Lease
2.625% 9/4/18		100,000		100,772
2.625% 7/1/22		200,000		198,458
3.375% 1/15/19		250,000		254,740
3.375% 6/1/21		100,000		102,748
3.875% 4/1/21		125,000		130,501
4.25% 9/15/24		300,000		315,121
GATX
2.50% 3/15/19		167,000		168,397
2.60% 3/30/20		100,000		101,100
3.25% 9/15/26		50,000		48,343
3.85% 3/30/27		50,000		50,420
5.20% 3/15/44		50,000		53,723
WW Grainger
3.75% 5/15/46		150,000		143,553
4.20% 5/15/47		100,000		103,346
4.60% 6/15/45		55,000		59,900
				1,831,122
Water Utilities–0.02%
American Water Capital
3.85% 3/1/24		250,000		265,473
4.00% 12/1/46		50,000		51,982
4.30% 12/1/42		100,000		108,211
United Utilities 5.375% 2/1/19		100,000		104,275
				529,941

LVIP SSGA Bond Index Fund–52

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Wireless Telecommunication Services–0.16%
America Movil
3.125% 7/16/22		200,000	$	204,315
4.375% 7/16/42		200,000		202,850
5.00% 10/16/19		500,000		534,039
5.00% 3/30/20		200,000		215,118
6.125% 11/15/37		150,000		182,013
6.125% 3/30/40		250,000		304,940
6.375% 3/1/35		25,000		31,010
Rogers Communications
2.90% 11/15/26		200,000		192,990
3.00% 3/15/23		125,000		125,906
3.625% 12/15/25		65,000		66,651
4.10% 10/1/23		300,000		318,633
4.50% 3/15/43		100,000		103,734
5.00% 3/15/44		100,000		113,541
6.80% 8/15/18		150,000		158,277
7.50% 8/15/38		25,000		34,242
Vodafone Group
2.50% 9/26/22		300,000		297,993
2.95% 2/19/23		225,000		226,492
4.375% 2/19/43		150,000		148,691
5.45% 6/10/19		300,000		319,467
6.15% 2/27/37		700,000		851,085
7.875% 2/15/30		100,000		135,352
				4,767,339
Total Corporate Bonds (Cost $761,309,201)				791,799,987
MUNICIPAL BONDS–0.63%
American Municipal Power, Ohio Taxable Build America Bonds Series B
6.449% 2/15/44		50,000		64,773
7.834% 2/15/41		55,000		81,159
8.084% 2/15/50		800,000		1,291,776
Bay Area Toll Authority, California Toll Bridge Revenue Taxable Build America Bonds
Series F-2 6.263% 4/1/49		200,000		284,862
Series S1 6.918% 4/1/40		100,000		141,506
Series S1 7.043% 4/1/50		100,000		153,174
California State Department of Water Resources Power Supply Revenue Series P 2.00% 5/1/22		100,000		98,975
California State Taxable Build America Bonds
7.30% 10/1/39		1,100,000		1,607,991
7.60% 11/1/40		80,000		124,609
7.625% 3/1/40		85,000		129,944
7.95% 3/1/36		100,000		114,225
California State University Systemwide-Taxable Series B 3.899% 11/1/47		50,000		51,443
California State Various Purposes
6.20% 10/1/19		100,000		109,568

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
California State Various Purposes (continued)
7.50% 4/1/34		325,000	$	473,398
7.55% 4/1/39		600,000		916,632
Central Puget Sound, Washington Regional Transportation Authority Sales & Use Tax Revenue Taxable Build America Bonds 5.491% 11/1/39		50,000		63,793
Chicago, Illinios Taxable
Series B 7.375% 1/1/33		100,000		103,112
Series B 7.75% 1/1/42		100,000		102,023
Chicago, Illinois Transit Authority Transfer Tax Receipts Revenue
Series A 6.899% 12/1/40		100,000		127,302
Series B 6.899% 12/1/40		40,000		50,921
Clark County, Nevada Airport Revenue Taxable Build America Bonds
6.881% 7/1/42		50,000		54,787
Series C 6.82% 7/1/45		75,000		108,848
Commonwealth of Massachusetts Consolidated Loan Taxable Build America Bonds 5.456% 12/1/39		100,000		126,239
Commonwealth of Massachusetts Taxable Build America Bonds
4.91% 5/1/29		100,000		116,602
Series E 4.20% 12/1/21		100,000		106,881
Connecticut State Taxable Build America Bonds
Series A 5.85% 3/15/32		100,000		119,334
Series D 5.09% 10/1/30		200,000		220,448
Dallas Area, Texas Rapid Transit 5.999% 12/1/44		200,000		267,958
Dallas, Texas Independent School District Taxable Build America Bonds Series C 6.45% 2/15/35 (PSF-GTD)		100,000		114,608
East Bay, California Municipal Utility District Taxable Build America Bonds 5.874% 6/1/40		100,000		132,347
Greater Chicago Metropolitan Water Reclamation District Taxable Build America Bonds 5.72% 12/1/38		150,000		183,473
Illinois State Taxable Pension
4.95% 6/1/23		100,000		100,493
5.10% 6/1/33		800,000		749,696
Kansas Development Finance Authority Series H 4.927% 4/15/45		100,000		109,539
Los Angeles, California Community College District 6.75% 8/1/49		100,000		152,624
Los Angeles, California County Public Works Financing Authority 7.618% 8/1/40		100,000		148,056

LVIP SSGA Bond Index Fund–53

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
Los Angeles, California Unified School District Taxable Build America Bonds 6.758% 7/1/34		315,000	$	434,067
Metropolitan Government of Nashville & Davidson County, Tennessee Convention Center Authority Taxable Build America Bonds
Series B 4.053% 7/1/26		10,000		10,439
Series B 6.731% 7/1/43		50,000		67,444
Metropolitan Transportation Authority, New York Revenue Taxable Build America Bonds
5.871% 11/15/39		100,000		125,133
6.668% 11/15/39		130,000		177,893
Series E 6.814% 11/15/40		500,000		699,240
Mississippi State Taxable Build America Bonds Series F 5.245% 11/1/34		100,000		119,391
Missouri State Health & Educational Facilities Authority Taxable (Washington Univesity) Series A 3.652% 8/15/57		150,000		148,103
Municipal Electric Authority, Georgia Build America Bonds (PLT Vogtle Units 3 & 4 Project)
6.655% 4/1/57		125,000		153,475
Taxable 6.637% 4/1/57		150,000		184,062
Taxable 7.055% 4/1/57		100,000		115,431
New Jersey Economic Development Authority
Series A 7.425% 2/15/29 (NATL)		225,000		276,759
^Series B 0.623% 2/15/22 (AGM)		200,000		171,040
New Jersey State Transportation Trust Fund Authority Taxable Build America Bonds
6.561% 12/15/40		100,000		116,664
Series C 5.754% 12/15/28		100,000		106,283
Series C 6.104% 12/15/28		200,000		209,852
New Jersey State Turnpike Authority Revenue Taxable Build America Bonds
Series A 7.102% 1/1/41		350,000		513,996
Series F 7.414% 1/1/40		90,000		136,058
New York City, New York 5.517% 10/1/37		85,000		105,353
New York City, New York Municipal Water Finance Authority Taxable Build America Bonds
5.724% 6/15/42		65,000		85,000
5.75% 6/15/41		100,000		132,162
5.952% 6/15/42		100,000		135,119
6.011% 6/15/42		35,000		47,570
New York City, New York Taxable Build America Bonds
Series A2 5.206% 10/1/31		100,000		116,227
Series F-1 6.271% 12/1/37		100,000		135,699
New York City, New York Transitional Finance Authority 5.508% 8/1/37		200,000		251,110

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
New York City, New York Transitional Finance Authority Taxable Build America Bonds 5.572% 11/1/38		65,000	$	81,385
New York State Dormitory Authority Taxable Build America Bonds 5.60% 3/15/40		100,000		125,331
New York State Urban Development Taxable Build America Bonds 5.77% 3/15/39		50,000		61,678
Ohio State University Taxable Series A 3.798% 12/1/46		100,000		102,682
Ohio State University Taxable Build America Bonds Series C 4.91% 6/1/40		100,000		119,663
Oregon School Boards Association Taxable Pension Series B 5.55% 6/30/28 (NATL)		250,000		293,827
Oregon State Department of Transportation Taxable Series A Sub-Lien 5.834% 11/15/34		75,000		95,519
Pennsylvania State Public School Building Authority Revenue Qualified School Construction Bond Taxable (Direct Subsidiary) Series A 5.00% 9/15/27		100,000		109,610
Pennsylvania State Turnpike Commission Revenue Taxable Build America Bonds Series B 5.511% 12/1/45		150,000		185,670
Port Authority of New York & New Jersey Consolidated
Series 165th 5.647% 11/1/40		250,000		315,645
Series 168th 4.926% 10/1/51		350,000		411,757
Series 174th 4.458% 10/1/62		250,000		273,835
Series 181st 4.96% 8/1/46		155,000		184,548
Series 192nd 4.81% 10/15/65		250,000		289,965
Rutgers State University of New Jersey/New Brunswick Taxable Build America Bonds 5.665% 5/1/40		155,000		186,409
Salt River, Arizona Project Agricultural Improvement & Power District 4.839% 1/1/41		60,000		70,856
San Antonio, Texas Electric & Gas Taxable Build America Bonds
4.427% 2/1/42		250,000		274,977
5.985% 2/1/39		50,000		64,983
San Diego County, California Regional Transportation Commission 5.911% 4/1/48		100,000		131,616
San Diego County, California Water Authority Financing Agency Revenue Taxable Build America Bonds Series B 6.138% 5/1/49		100,000		135,961

LVIP SSGA Bond Index Fund–54

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
MUNICIPAL BONDS (continued)
South Carolina State Public Service Authority Taxable Obligations Series D 2.388% 12/1/23		150,000	$	141,257
Texas State Taxable Build America Bonds 5.517% 4/1/39		100,000		131,055
Texas State Transportation Commission 1st Tier 5.178% 4/1/30		200,000		236,858
University of California Build America Bonds Series H 6.548% 5/15/48		100,000		135,655
University of California Taxable
Series AD 4.858% 5/15/12		250,000		258,683
Series AQ 4.767% 5/15/15		250,000		253,365
Series AX 3.063% 7/1/25		100,000		101,095
University of Texas System Revenue Taxable Build America Bonds Series C 4.794% 8/15/46		90,000		106,322
Utah State Taxable Build America Bonds
Series B 3.539% 7/1/25		100,000		105,407
Series D 4.554% 7/1/24		60,000		65,870
Total Municipal Bonds (Cost $15,834,379)				18,728,173
NON-AGENCY ASSET-BACKED SECURITIES–0.44%
Ally Master Owner Trust Series 2015-2 A2 1.83% 1/15/21		700,000		700,119
American Express Credit Account Master Trust Series 2017-1 A 1.93% 9/15/22		1,000,000		1,002,222
BA Credit Card Trust Series 2017-A1 A1 1.95% 8/15/22		350,000		351,169
BMW Vehicle Lease Trust Series 2017-1 A3 1.98% 5/20/20		750,000		752,531
Capital One Multi-Asset Execution Trust Series 2015-A2 A2 2.08% 3/15/23		1,600,000		1,607,391
Chase Issuance Trust Series 2014-A2 A2 2.77% 3/15/23		1,100,000		1,129,946
Citibank Credit Card Issuance Trust
Series 2007-A3 A3 6.15% 6/15/39		750,000		993,766
Series 2014-A5 A5 2.68% 6/7/23		1,000,000		1,023,287
Discover Card Execution Note Trust Series 2014-A4 A4 2.12% 12/15/21		1,000,000		1,007,414
Ford Credit Auto Owner Trust Series 2017-A A3 1.67% 6/15/21		700,000		699,481
Honda Auto Receivables Owner Trust Series 2016-1 A4 1.38% 4/18/22		1,285,000		1,278,535
Santander Drive Auto Receivables Trust
Series 2014-3 D 2.65% 8/17/20		860,000		865,571
Series 2016-3 C 2.46% 3/15/22		1,000,000		1,001,247
Toyota Auto Receivables Owner Trust Series 2017-B A3 1.76% 7/15/21		700,000		700,436
Total Non-Agency Asset-Backed Securities (Cost $13,032,451)				13,113,115

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–1.07%
Citigroup Commercial Mortgage Trust
Series 2012-GC8 A4 3.024% 9/10/45		1,250,000	$	1,278,569
Series 2013-GC11 AS 3.422% 4/10/46		770,000		790,259
Series 2013-GC15 A3 4.095% 9/10/46		800,000		856,011
•Series 2015-GC33 B 4.723% 9/10/58		500,000		533,452
COMM Mortgage Trust
Series 2013-LC6 AM 3.282% 1/10/46		1,000,000		1,016,165
Series 2014-CR17 A5 3.977% 5/10/47		1,365,000		1,448,399
Series 2014-UBS3 A4 3.819% 6/10/47		1,500,000		1,569,901
Series 2015-CR26 A3 3.359% 10/10/48		1,000,000		1,018,242
Series 2015-LC21 A4 3.708% 7/10/48		1,000,000		1,042,627
◆Commercial Mortgage Pass Through Certificates Series 2014-CR14 A3 3.955% 2/10/47		545,000		576,816
CSAIL Commercial Mortgage Trust Series 2015-C3 A4 3.718% 8/15/48		1,000,000		1,040,736
GS Mortgage Securities Trust
Series 2013-GC12 A3 2.86% 6/10/46		1,500,000		1,512,774
Series 2015-GC28 A5 3.396% 2/10/48		1,500,000		1,531,295
JPM-BB Commercial Mortgage Securities Trust
•Series 2013-C14 AS 4.409% 8/15/46		1,475,000		1,587,132
Series 2016-C1 A5 3.576% 3/15/49		2,000,000		2,066,830
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-C10 ASB 2.702% 12/15/47		1,000,000		1,015,335
Series 2016-JP2 B 3.46% 8/15/49		1,163,000		1,146,011
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C9 A4 3.102% 5/15/46		725,000		739,576
Series 2013-C11 A2 3.085% 8/15/46		604,698		612,145
Series 2014-C17 A2 3.119% 8/15/47		1,000,000		1,021,632
Series 2015-C24 A4 3.732% 5/15/48		1,250,000		1,308,400
Series 2015-C25 ASB 3.383% 10/15/48		800,000		833,995
Morgan Stanley Capital I Trust Series 2015-MS1 A3 3.51% 5/15/48		500,000		515,288
UBS-Barclays Commercial Mortgage Trust Series 2012-C2 A4 3.525% 5/10/63		1,000,000		1,041,160
Wells Fargo Commercial Mortgage Trust
•Series 2013-LC12 B 4.431% 7/15/46		400,000		418,020
Series 2015-C30 A3 3.411% 9/15/58		500,000		511,362
Series 2015-C30 A4 3.664% 9/15/58		1,000,000		1,039,087
Series 2015-P2 A4 3.809% 12/15/48		665,000		700,127
WF-RBS Commercial Mortgage Trust
Series 2012-C9 A3 2.87% 11/15/45		940,000		952,449
•Series 2013-C15 C 4.628% 8/15/46		1,000,000		1,016,687
Series 2014-C22 A5 3.752% 9/15/57		1,000,000		1,046,226
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $31,721,601)				31,786,708

LVIP SSGA Bond Index Fund–55

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
DREGIONAL BONDS–0.23%
Canada–0.22%
Province of British Columbia Canada
2.00% 10/23/22		150,000	$	148,771
6.50% 1/15/26		100,000		126,698
7.25% 9/1/36		100,000		154,717
Province of Manitoba Canada 2.10% 9/6/22		63,000		62,421
Province of Ontario Canada
1.625% 1/18/19		900,000		900,277
1.65% 9/27/19		100,000		99,741
1.875% 5/21/20		500,000		499,511
2.00% 9/27/18		300,000		301,775
2.40% 2/8/22		750,000		756,277
2.45% 6/29/22		150,000		151,340
3.00% 7/16/18		200,000		203,019
4.00% 10/7/19		200,000		209,786
4.40% 4/14/20		400,000		426,770
Province of Quebec Canada
2.50% 4/20/26		1,000,000		984,534
2.625% 2/13/23		350,000		355,613
2.75% 4/12/27		300,000		299,060
3.50% 7/29/20		300,000		314,126
7.50% 7/15/23		200,000		252,104
7.50% 9/15/29		175,000		250,087
Province of Saskatchewan Canada 8.50% 7/15/22		100,000		126,216
				6,622,843
Japan–0.01%
Japan Finance Organization for Municipalities 4.00% 1/13/21		100,000		105,414
				105,414
Total Regional Bonds (Cost $6,576,485)				6,728,257
DSOVEREIGN BONDS–1.33%
Canada–0.08%
Canada Government International Bond 1.625% 2/27/19		1,000,000		1,003,504
Export Development Canada
1.25% 12/10/18		80,000		79,785
1.50% 5/26/21		200,000		197,160
1.75% 7/21/20		1,000,000		1,001,670
				2,282,119
Chile–0.03%
Chile Government International Bonds
2.25% 10/30/22		100,000		99,150
3.125% 1/21/26		826,000		844,544
				943,694

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Colombia–0.12%
Colombia Government International Bonds
2.625% 3/15/23		700,000	$	684,250
4.00% 2/26/24		250,000		260,125
5.00% 6/15/45		500,000		505,500
6.125% 1/18/41		200,000		231,600
7.375% 3/18/19		700,000		764,050
7.375% 9/18/37		500,000		645,500
8.125% 5/21/24		250,000		319,437
				3,410,462
Hungary–0.11%
Hungary Government International Bonds
5.375% 3/25/24		700,000		789,189
6.375% 3/29/21		1,150,000		1,294,877
7.625% 3/29/41		700,000		1,045,514
				3,129,580
Iraq–0.02%
Iraq Government AID Bond 2.149% 1/18/22		695,000		697,883
				697,883
Israel–0.04%
Israel Government AID Bond 5.50% 4/26/24		200,000		238,965
Israel Government International Bonds
2.875% 3/16/26		200,000		199,652
3.15% 6/30/23		200,000		206,240
4.00% 6/30/22		150,000		160,996
4.50% 1/30/43		200,000		215,600
5.125% 3/26/19		175,000		185,577
				1,207,030
Italy–0.04%
Republic of Italy Government International Bonds
5.375% 6/15/33		800,000		916,667
6.875% 9/27/23		350,000		412,618
				1,329,285
Japan–0.14%
Japan Bank for International Cooperation
1.75% 7/31/18		500,000		499,979
1.75% 11/13/18		500,000		499,650
1.75% 5/29/19		200,000		199,177
1.875% 4/20/21		300,000		295,325
2.00% 11/4/21		200,000		196,833
2.125% 6/1/20		200,000		200,061
2.25% 11/4/26		200,000		191,101
2.375% 4/20/26		300,000		291,146
2.50% 6/1/22		200,000		201,038
2.50% 5/28/25		700,000		691,844
2.875% 6/1/27		350,000		350,576
3.375% 7/31/23		200,000		210,092

LVIP SSGA Bond Index Fund–56

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Japan (continued)
Japan International Cooperation Agency 2.125% 10/20/26		200,000	$	189,316
				4,016,138
Mexico–0.24%
Mexico Government International Bonds
3.50% 1/21/21		420,000		438,060
3.60% 1/30/25		1,400,000		1,420,790
3.625% 3/15/22		868,000		902,286
4.00% 10/2/23		550,000		576,620
4.125% 1/21/26		285,000		296,970
4.15% 3/28/27		370,000		383,598
4.35% 1/15/47		200,000		188,340
4.75% 3/8/44		1,000,000		1,003,500
5.75% 10/12/10		800,000		834,000
6.05% 1/11/40		475,000		561,711
6.75% 9/27/34		500,000		639,885
				7,245,760
Panama–0.06%
Panama Government International Bonds
3.875% 3/17/28		300,000		308,250
5.20% 1/30/20		800,000		866,000
6.70% 1/26/36		200,000		258,500
7.125% 1/29/26		100,000		127,500
8.875% 9/30/27		100,000		143,000
9.375% 4/1/29		100,000		148,000
				1,851,250
Peru–0.06%
Peruvian Government International Bonds
4.125% 8/25/27		350,000		382,375
5.625% 11/18/50		100,000		121,400
6.55% 3/14/37		500,000		659,750
7.125% 3/30/19		225,000		246,937
7.35% 7/21/25		100,000		130,850
8.75% 11/21/33		200,000		307,000
				1,848,312
Philippines–0.15%
Philippine Government International Bonds
3.70% 2/2/42		200,000		202,060
3.95% 1/20/40		500,000		522,995
5.00% 1/13/37		500,000		595,247
7.75% 1/14/31		1,000,000		1,444,124
8.375% 6/17/19		1,000,000		1,126,300
9.50% 2/2/30		300,000		481,913
				4,372,639
Poland–0.08%
Republic of Poland Government International Bonds
3.00% 3/17/23		250,000		254,670

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Poland (continued)
Republic of Poland Government International Bonds (continued)
3.25% 4/6/26		400,000	$	407,742
5.00% 3/23/22		500,000		555,875
5.125% 4/21/21		700,000		771,976
6.375% 7/15/19		380,000		413,422
				2,403,685
Republic of Korea–0.03%
Korea International Bonds
2.75% 1/19/27		500,000		491,373
3.875% 9/11/23		200,000		214,190
7.125% 4/16/19		200,000		218,220
				923,783
Sweden–0.03%
Svensk Exportkredit
1.25% 4/12/19		600,000		596,191
1.875% 6/23/20		400,000		400,161
				996,352
Ukraine–0.03%
Ukraine Government AID Bond 1.847% 5/29/20		753,000		756,772
				756,772
Uruguay–0.07%
Uruguay Government International Bonds
4.375% 10/27/27		300,000		320,250
5.10% 6/18/50		1,000,000		1,020,500
7.625% 3/21/36		250,000		338,750
8.00% 11/18/22		200,000		245,000
				1,924,500
Total Sovereign Bonds (Cost $38,254,865)				39,339,244
SUPRANATIONAL BANKS–1.67%
African Development Bank
1.00% 5/15/19		400,000		396,125
1.125% 3/4/19		600,000		596,434
1.125% 9/20/19		400,000		395,932
1.375% 12/17/18		129,000		128,756
1.875% 3/16/20		500,000		502,373
Andina de Fomento
2.00% 5/10/19		300,000		301,214
4.375% 6/15/22		250,000		270,955
8.125% 6/4/19		140,000		155,904
Asian Development Bank
1.00% 8/16/19		100,000		98,857
1.375% 1/15/19		800,000		798,959
1.375% 3/23/20		200,000		198,649
1.50% 9/28/18		400,000		400,438
1.625% 3/16/21		400,000		396,745

LVIP SSGA Bond Index Fund–57

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
SUPRANATIONAL BANKS (continued)
Asian Development Bank (continued)
1.75% 9/11/18		500,000	$	502,085
1.75% 3/21/19		350,000		351,541
1.75% 1/10/20		1,000,000		1,003,280
1.75% 8/14/26		100,000		94,677
1.875% 4/12/19		300,000		301,931
1.875% 2/18/22		600,000		596,885
2.00% 4/24/26		600,000		581,113
2.625% 1/12/27		1,000,000		1,017,492
5.593% 7/16/18		700,000		727,422
Council of Europe Development Bank
1.75% 11/14/19		400,000		401,263
1.875% 1/27/20		450,000		452,094
European Bank for Reconstruction & Development
0.875% 7/22/19		100,000		98,288
1.00% 9/17/18		150,000		149,084
1.50% 3/16/20		250,000		248,643
1.625% 11/15/18		500,000		500,751
1.875% 2/23/22		400,000		397,630
European Investment Bank
1.125% 8/15/19		200,000		198,164
1.25% 5/15/19		500,000		497,335
1.25% 12/16/19		1,000,000		990,523
1.625% 3/16/20		1,500,000		1,496,841
1.625% 6/15/21		600,000		593,368
1.75% 6/17/19		1,500,000		1,505,292
1.875% 3/15/19		500,000		502,919
2.00% 3/15/21		800,000		802,857
2.25% 8/15/22		1,000,000		1,006,736
2.375% 6/15/22		1,000,000		1,013,593
2.50% 4/15/21		1,500,000		1,533,411
2.875% 9/15/20		350,000		361,516
3.25% 1/29/24		1,400,000		1,479,675
4.00% 2/16/21		400,000		429,320
4.875% 2/15/36		700,000		894,844
FMS Wertmanagement
1.375% 6/8/21		500,000		490,283
1.625% 11/20/18		500,000		500,968
Inter-American Development Bank
1.00% 5/13/19		300,000		296,890
1.25% 9/14/21		700,000		680,686
1.375% 7/15/20		1,250,000		1,235,189
1.625% 5/12/20		600,000		598,686
1.75% 8/24/18		500,000		501,826
1.875% 3/15/21		500,000		499,743
2.00% 6/2/26		250,000		240,910
2.125% 11/9/20		400,000		403,355
3.00% 10/4/23		500,000		522,918
3.00% 2/21/24		400,000		417,162
3.20% 8/7/42		100,000		99,343
3.875% 2/14/20		200,000		210,972
3.875% 10/28/41		100,000		112,272
4.375% 1/24/44		56,000		67,515

	Principal Amount°		Value (U.S. $)
SUPRANATIONAL BANKS (continued)
International Bank for Reconstruction & Development
0.875% 7/19/18		2,000,000	$	1,989,472
0.875% 8/15/19		1,000,000		986,066
1.00% 10/5/18		1,400,000		1,392,454
1.125% 11/27/19		1,000,000		989,303
1.25% 7/26/19		500,000		497,241
1.375% 5/24/21		300,000		293,901
1.375% 9/20/21		300,000		292,836
1.625% 3/9/21		1,000,000		991,063
1.625% 2/10/22		600,000		591,256
1.875% 3/15/19		1,000,000		1,006,091
1.875% 10/7/19		700,000		704,146
1.875% 4/21/20		1,000,000		1,005,091
2.125% 11/1/20		1,000,000		1,009,468
2.125% 2/13/23		100,000		99,391
2.50% 11/25/24		900,000		908,794
2.50% 7/29/25		1,200,000		1,204,246
4.75% 2/15/35		50,000		62,332
7.625% 1/19/23		100,000		128,355
International Finance
1.125% 7/20/21		200,000		193,981
1.25% 11/27/18		156,000		155,613
1.625% 7/16/20		700,000		698,496
1.75% 9/16/19		400,000		401,838
1.75% 3/30/20		500,000		500,893
Nordic Investment Bank
0.875% 9/27/18		300,000		297,881
1.125% 2/25/19		600,000		596,809
2.25% 9/30/21		200,000		202,275
Total Supranational Banks (Cost $49,237,787)				49,449,924
U.S. TREASURY OBLIGATIONS–36.63%
U.S. Treasury Bonds
2.25% 8/15/46		8,000,000		7,043,440
2.50% 2/15/45		12,900,000		12,041,853
2.50% 2/15/46		6,350,000		5,911,952
2.50% 5/15/46		7,200,000		6,698,815
2.75% 8/15/42		2,600,000		2,572,323
2.75% 11/15/42		3,500,000		3,459,327
2.875% 5/15/43		13,500,000		13,634,204
2.875% 8/15/45		1,200,000		1,206,984
3.00% 5/15/42		2,850,000		2,952,255
3.00% 11/15/45		8,100,000		8,344,580
3.00% 2/15/47		9,700,000		10,008,237
3.00% 5/15/47		3,000,000		3,096,621
3.125% 11/15/41		4,000,000		4,236,796
3.125% 2/15/42		3,050,000		3,230,676
3.125% 2/15/43		9,000,000		9,510,642
3.125% 8/15/44		21,000,000		22,192,317
3.50% 2/15/39		2,650,000		2,994,913

LVIP SSGA Bond Index Fund–58

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Bonds (continued)
3.625% 8/15/43		5,000,000	$	5,753,125
3.625% 2/15/44		3,000,000		3,457,617
3.75% 8/15/41		3,850,000		4,508,785
3.875% 8/15/40		3,750,000		4,463,670
4.25% 11/15/40		4,000,000		5,027,892
4.375% 5/15/40		2,500,000		3,191,505
4.375% 5/15/41		2,750,000		3,525,855
4.50% 8/15/39		3,350,000		4,340,933
4.625% 2/15/40		4,100,000		5,407,597
4.75% 2/15/41		3,750,000		5,050,343
5.00% 5/15/37		3,000,000		4,117,206
5.25% 11/15/28		500,000		643,877
5.375% 2/15/31		500,000		672,188
5.50% 8/15/28		500,000		653,975
6.125% 11/15/27		800,000		1,080,750
6.125% 8/15/29		300,000		418,090
U.S. Treasury Notes
0.75% 10/31/18		23,900,000		23,717,954
0.75% 8/15/19		14,000,000		13,811,602
0.875% 7/31/19		6,000,000		5,937,186
1.00% 11/30/18		35,000,000		34,835,255
1.00% 11/30/19		28,500,000		28,202,204
1.125% 1/31/19		13,000,000		12,954,552
1.125% 2/28/19		5,000,000		4,981,640
1.125% 5/31/19		2,000,000		1,990,938
1.125% 4/30/20		17,000,000		16,815,720
1.125% 6/30/21		7,000,000		6,832,791
1.125% 8/31/21		12,000,000		11,687,112
1.25% 11/30/18		3,000,000		2,996,484
1.25% 3/31/19		15,000,000		14,969,820
1.25% 5/31/19		15,000,000		14,965,140
1.25% 6/30/19		3,000,000		2,992,032
1.25% 3/31/21		10,000,000		9,835,740
1.375% 7/31/18		12,000,000		12,011,484
1.375% 9/30/18		2,000,000		2,001,250
1.375% 11/30/18		3,000,000		3,001,347
1.375% 12/31/18		3,500,000		3,501,845
1.375% 1/31/20		23,000,000		22,939,809
1.375% 2/29/20		10,000,000		9,966,410
1.375% 3/31/20		18,000,000		17,935,668
1.375% 8/31/20		15,000,000		14,896,575
1.375% 1/31/21		14,000,000		13,855,352
1.375% 6/30/23		9,400,000		9,051,542
1.50% 8/31/18		6,000,000		6,014,064
1.50% 12/31/18		18,300,000		18,342,895
1.50% 5/31/20		7,000,000		6,990,704
1.50% 2/28/23		12,000,000		11,684,064
1.50% 3/31/23		4,500,000		4,377,303
1.50% 8/15/26		11,000,000		10,291,017
1.625% 4/30/19		13,000,000		13,058,396
1.625% 6/30/19		16,000,000		16,073,744
1.625% 8/31/19		11,000,000		11,051,128

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
1.625% 11/30/20		11,000,000	$	10,995,919
1.625% 11/15/22		16,750,000		16,474,211
1.625% 5/31/23		16,000,000		15,650,320
1.625% 10/31/23		18,000,000		17,534,880
1.625% 2/15/26		11,000,000		10,456,226
1.625% 5/15/26		6,500,000		6,163,450
1.75% 10/31/18		2,000,000		2,011,446
1.75% 12/31/20		8,000,000		8,023,904
1.75% 5/15/22		9,000,000		8,951,661
1.75% 5/15/23		25,000,000		24,634,275
1.875% 2/28/22		4,000,000		4,005,392
1.875% 3/31/22		15,000,000		15,010,545
2.00% 9/30/20		14,000,000		14,172,816
2.00% 8/31/21		5,000,000		5,044,630
2.00% 11/15/21		4,700,000		4,740,298
2.00% 2/15/22		8,000,000		8,061,248
2.00% 2/15/23		14,150,000		14,159,127
2.00% 5/31/24		10,000,000		9,920,700
2.00% 2/15/25		11,000,000		10,851,324
2.00% 11/15/26		5,000,000		4,876,170
2.125% 8/31/20		19,000,000		19,309,130
2.125% 8/15/21		7,500,000		7,606,350
2.125% 12/31/22		3,000,000		3,024,375
2.125% 11/30/23		22,000,000		22,078,210
2.125% 2/29/24		12,000,000		12,016,176
2.25% 3/31/21		7,700,000		7,853,399
2.25% 4/30/21		10,000,000		10,195,700
2.25% 11/15/25		15,000,000		15,006,150
2.25% 2/15/27		16,000,000		15,928,432
2.375% 8/15/24		35,000,000		35,540,050
2.375% 5/15/27		2,500,000		2,516,163
2.50% 8/15/23		18,250,000		18,732,986
2.625% 8/15/20		6,000,000		6,189,258
2.625% 11/15/20		6,500,000		6,709,599
2.75% 2/15/19		5,000,000		5,112,400
2.75% 11/15/23		5,000,000		5,205,665
2.75% 2/15/24		26,000,000		27,057,264
3.125% 5/15/19		4,000,000		4,129,608
3.125% 5/15/21		3,500,000		3,682,998
3.375% 11/15/19		6,500,000		6,792,370
3.50% 5/15/20		4,000,000		4,220,468
3.625% 8/15/19		5,500,000		5,754,590
3.625% 2/15/20		6,000,000		6,327,420
3.625% 2/15/21		9,000,000		9,614,358
3.75% 11/15/18		3,630,000		3,748,472
4.00% 8/15/18		5,550,000		5,715,851
6.00% 2/15/26		750,000		972,539
6.25% 8/15/23		1,600,000		1,991,781
6.625% 2/15/27		750,000		1,031,631
6.75% 8/15/26		500,000		686,094
6.875% 8/15/25		1,000,000		1,351,133
7.125% 2/15/23		1,000,000		1,274,863

LVIP SSGA Bond Index Fund–59

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)
7.25% 8/15/22		500,000	$	630,020
7.50% 11/15/24		500,000		684,102
7.625% 11/15/22		500,000		645,069
7.625% 2/15/25		500,000		693,692
7.875% 2/15/21		750,000		912,452
8.00% 11/15/21		1,700,000		2,142,864
8.125% 8/15/19		750,000		855,337
8.125% 5/15/21		500,000		619,375
8.125% 8/15/21		700,000		876,504
8.50% 2/15/20		150,000		177,164
8.75% 5/15/20		900,000		1,082,724
8.75% 8/15/20		800,000		974,297
8.875% 2/15/19		750,000		841,406
Total U.S. Treasury Obligations (Cost $1,070,979,353)				1,086,269,141

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–1.45%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		42,983,080	$	42,983,080
Total Money Market Fund (Cost $42,983,080)				42,983,080

TOTAL VALUE OF SECURITIES–100.77% (Cost $2,933,934,091)		2,988,499,563
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.77%)		(22,946,486	)
NET ASSETS APPLICABLE TO 260,429,002 SHARES OUTSTANDING–100.00%	$	2,965,553,077
NET ASSET VALUE PER SHARE–LVIP SSGA BOND INDEX FUND STANDARD CLASS ($1,925,903,623 /169,072,430 Shares)	$	11.391
NET ASSET VALUE PER SHARE–LVIP SSGA BOND INDEX FUND SERVICE CLASS ($1,039,649,454 /91,356,572 Shares)	$	11.380
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	2,875,235,874
Undistributed net investment income		37,996,649
Accumulated net realized loss on investments		(2,244,918	)
Net unrealized appreciation of investments		54,565,472
TOTAL NET ASSETS	$	2,965,553,077

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $11,016,231, which represents 0.37% 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, 2017. Interest rates reset periodically.

f Step coupon bond. Coupon increases/decreases periodically based on predetermined schedule. Stated rate in effect at June 30, 2017.

^ Zero coupon security. The rate shown is the yield at the time of purchase.

« Includes $50,077,728 payable for securities purchased, $573,701 payable for fund shares redeemed and $1,025,735 due to manager and affiliates as of June 30, 2017.

◆ 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.

Þ 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.

LVIP SSGA Bond Index Fund–60

LVIP SSGA Bond Index Fund

Statement of Net Assets (continued)

Summary of Abbreviations:

AGM–Insured by Assured Guaranty Municipal Corporation

AID–Agency for International Development

GNMA–Government National Mortgage Association

GS–Goldman Sachs

IT–Information Technology

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–61

LVIP SSGA Bond Index Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Interest from unaffiliated investments	$	38,265,571
Interest from affiliated investments		9,890
Dividends		79,105
		38,354,566
EXPENSES:
Management fees		5,884,049
Distribution fees-Service Class		1,287,468
Accounting and administration expenses		367,260
Shareholder servicing fees		145,118
Pricing fees		96,732
Reports and statements to shareholders		78,487
Professional fees		58,005
Trustees’ fees and expenses		39,731
Custodian fees		19,346
Consulting fees		4,075
Other		15,914
		7,996,185
Less:
Management fees waived		(1,834,267	)
Total operating expenses		6,161,918
NET INVESTMENT INCOME		32,192,648
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on:
Sale of unaffiliated investments		2,616,632
Net realized gain on investments		2,616,632
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		5,486
Unaffiliated investments		26,447,678
Net change in unrealized appreciation (depreciation)		26,453,164
NET REALIZED AND UNREALIZED GAIN		29,069,796
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	61,262,444

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

LVIP SSGA Bond Index Fund

Statements of Changes in Net Assets

	Six Months Ended 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	32,192,648		$	59,756,112
Net realized gain		2,616,632			2,901,722
Net change in unrealized appreciation (depreciation)		26,453,164			(4,059,912	)
Net increase in net assets resulting from operations		61,262,444			58,597,922
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(42,695,713	)
Service Class		—			(20,895,586	)
		—			(63,591,299	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		153,865,467			394,508,428
Service Class		61,506,699			177,089,898
Reinvestment of dividends and distributions:
Standard Class		—			42,695,713
Service Class		—			20,895,586
		215,372,166			635,189,625
Cost of shares redeemed:
Standard Class		(192,486,482	)		(307,033,194	)
Service Class		(67,370,979	)		(150,191,109	)
		(259,857,461	)		(457,224,303	)
Increase (decrease) in net assets derived from capital share transactions		(44,485,295	)		177,965,322
NET INCREASE IN NET ASSETS		16,777,149			172,971,945
NET ASSETS:
Beginning of period		2,948,775,928			2,775,803,983
End of period	$	2,965,553,077		$	2,948,775,928
Undistributed net investment income	$	37,996,649		$	5,804,001

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

LVIP SSGA Bond Index Fund–62

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.156		$	11.163			$	11.425			$	11.012			$	11.571			$	11.420
Income (loss) from investment operations:
Net investment income2			0.127			0.249				0.246				0.248				0.227				0.251
Net realized and unrealized gain (loss)			0.108			0.005				(0.217	)			0.385				(0.524	)			0.189
Total from investment operations			0.235			0.254				0.029				0.633				(0.297	)			0.440
Less dividends and distributions from:
Net investment income			—			(0.261	)			(0.291	)			(0.214	)			(0.225	)			(0.288	)
Net realized gain			—			—				—				(0.006	)			(0.037	)			(0.001	)
Total dividends and distributions			—			(0.261	)			(0.291	)			(0.220	)			(0.262	)			(0.289	)
Net asset value, end of period		$	11.391		$	11.156			$	11.163			$	11.425			$	11.012			$	11.571
Total return3			2.11%			2.28%				0.25%				5.75%				(2.57%	)			3.86%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,925,904		$	1,923,620			$	1,796,385			$	1,434,764			$	1,255,800			$	721,970
Ratio of expenses to average net assets			0.33%			0.32%				0.33%				0.33%				0.38%				0.38%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.46%			0.44%				0.45%				0.45%				0.49%				0.49%
Ratio of net investment income to average net assets			2.28%			2.16%				2.15%				2.18%				2.00%				2.16%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.15%			2.04%				2.03%				2.06%				1.89%				2.05%
Portfolio turnover			26%			56%				76%				63%				55%				70%

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–63

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.160		$	11.165			$	11.427			$	11.015			$	11.574			$	11.423
Income (loss) from investment operations:
Net investment income2			0.113			0.220				0.218				0.219				0.199				0.222
Net realized and unrealized gain (loss)			0.107			0.007				(0.218	)			0.385				(0.524	)			0.189
Total from investment operations			0.220			0.227				—				0.604				(0.325	)			0.411
Less dividends and distributions from:
Net investment income			—			(0.232	)			(0.262	)			(0.186	)			(0.197	)			(0.259	)
Net realized gain			—			—				—				(0.006	)			(0.037	)			(0.001	)
Total dividends and distributions			—			(0.232	)			(0.262	)			(0.192	)			(0.234	)			(0.260	)
Net asset value, end of period		$	11.380		$	11.160			$	11.165			$	11.427			$	11.015			$	11.574
Total return3			1.97%			2.04%				0.00%				5.49%				(2.81%	)			3.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,039,649		$	1,025,156			$	979,419			$	1,026,096			$	1,031,366			$	1,037,599
Ratio of expenses to average net assets			0.58%			0.57%				0.58%				0.58%				0.63%				0.63%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.71%			0.69%				0.70%				0.70%				0.74%				0.74%
Ratio of net investment income to average net assets			2.03%			1.91%				1.90%				1.93%				1.75%				1.91%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.90%			1.79%				1.78%				1.81%				1.64%				1.80%
Portfolio turnover			26%			56%				76%				63%				55%				70%

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–64

LVIP SSGA Bond Index Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 Bloomberg Barclays Capital U.S. Aggregate Bond 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 (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 Securities (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 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 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–65

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, 2017.

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. The fee is calculated daily and paid monthly. 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, 2018 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	83,886
Legal		20,248

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $61,620 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	677,777
Distribution fees payable to LFD		214,867
Shareholder servicing fees payable to Lincoln Life		71,471
Printing and mailing fees payble to Lincoln Life		61,620

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, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Interest Income
Lincoln National 4.00% 9/1/23		$	521,997		$	—		$	—		$	—		$	5,486		$	527,483		$	9,890

LVIP SSGA Bond Index Fund–66

LVIP SSGA Bond Index Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	615,746,091
Purchases of U.S. government securities		137,190,340
Sales other than U.S. government securities		640,934,674
Sales of U.S. government securities		124,145,447

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	2,933,934,091
Aggregate unrealized appreciation	$	70,341,797
Aggregate unrealized depreciation		(15,776,325	)
Net unrealized appreciation	$	54,565,472

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No  Expiration)
Short-Term	Long-Term	Total
$1,580,426	$2,842,173	$4,422,599

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–67

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, 2017:

	Level 1		Level 2		Total
Investments:
Assets:
Agency Commercial Mortgage-Backed Securities	$	—	$	20,639,722	$	20,639,722
Agency Mortgage-Backed Securities		—		833,249,228		833,249,228
Agency Obligations		—		54,412,984		54,412,984
Corporate Bonds		—		791,799,987		791,799,987
Municipal Bonds		—		18,728,173		18,728,173
Non-Agency Asset-Backed Securities		—		13,113,115		13,113,115
Non-Agency Commercial Mortgage-Backed Securities		—		31,786,708		31,786,708
Regional Bonds		—		6,728,257		6,728,257
Sovereign Bonds		—		39,339,244		39,339,244
Supranational Banks		—		49,449,924		49,449,924
U.S. Treasury Obligations		—		1,086,269,141		1,086,269,141
Money Market Fund		42,983,080		—		42,983,080
Total Investments	$	42,983,080	$	2,945,516,483	$	2,988,499,563

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		13,698,827			34,388,108
Service Class		5,471,165			15,358,372
Shares reinvested:
Standard Class		—			3,822,243
Service Class		—			1,869,433
		19,169,992			55,438,156
Shares redeemed:
Standard Class		(17,048,644	)		(26,714,625	)
Service Class		(5,977,661	)		(13,084,232	)
		(23,026,305	)		(39,798,857	)
Net increase (decrease)		(3,856,313	)		15,639,299

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 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

LVIP SSGA Bond Index Fund–68

LVIP SSGA Bond Index Fund

Notes to Financial Statements (continued)

5. Credit and Market Risk (continued)

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 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 SSGA Bond Index Fund–69

                                    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, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,127.20		0.38	%		$2.00
Service Class Shares		1,000.00		1,125.60		0.63	%		3.32
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.91		0.38	%		$1.91
Service Class Shares		1,000.00		1,021.67		0.63	%		3.16

LVIP SSGA Emerging Markets 100 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,157.60		0.42	%		$2.25
Service Class Shares		1,000.00		1,156.00		0.67	%		3.58
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.71		0.42	%		$2.11
Service Class Shares		1,000.00		1,021.47		0.67	%		3.36

LVIP SSGA Large Cap 100 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,081.00		0.35	%		$1.81
Service Class Shares		1,000.00		1,079.70		0.60	%		3.09
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.06		0.35	%		$1.76
Service Class Shares		1,000.00		1,021.82		0.60	%		3.01

LVIP SSGA Fund–1

LVIP SSGA Funds

Disclosure

OF FUND EXPENSES (unaudited) (continued)

LVIP SSGA Small-Mid Cap 200 Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,013.10		0.40	%		$2.00
Service Class Shares		1,000.00		1,011.80		0.65	%		3.24
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.81		0.40	%		$2.01
Service Class Shares		1,000.00		1,021.57		0.65	%		3.26

* “Expenses Paid During Period” are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Country Percentage
of Net Assets

Common Stock	97.36	%
Australia	6.68	%
Austria	1.53	%
Belgium	0.69	%
Canada	0.67	%
Finland	2.01	%
France	9.40	%
Germany	3.92	%
Hong Kong	3.90	%
Ireland	0.65	%
Italy	3.41	%
Japan	33.52	%
Netherlands	3.18	%
New Zealand	0.66	%
Norway	2.56	%
Portugal	0.64	%
Singapore	1.80	%
Spain	3.44	%
Sweden	2.71	%
Switzerland	1.99	%
United Kingdom	14.00	%
Right	0.01	%
Money Market Fund	1.61	%
Total Value of Securities	98.98	%
Receivables and Other Assets Net of Liabilities	1.02	%
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	0.70	%
Air Freight & Logistics	0.65	%
Auto Components	3.12	%
Automobiles	4.76	%
Banks	10.63	%
Beverages	1.21	%
Building Products	0.62	%
Capital Markets	0.82	%
Chemicals	4.67	%
Commercial Services & Supplies	1.90	%
Communications Equipment	0.67	%
Construction & Engineering	4.30	%
Construction Materials	1.40	%
Diversified Financial Services	0.72	%
Diversified Telecommunication Services	2.48	%
Electric Utilities	2.51	%
Electronic Equipment, Instruments & Components	1.95	%

Sector Percentage
of Net Assets

Equity Real Estate Investment Trusts	4.52	%
Food & Staples Retailing	2.41	%
Food Products	3.25	%
Gas Utilities	0.68	%
Health Care Equipment & Supplies	0.69	%
Health Care Providers & Services	0.71	%
Household Durables	2.66	%
Independent Power & Renewable Electricity
Producers	0.65	%
Industrial Conglomerates	1.80	%
Insurance	5.92	%
IT Services	0.65	%
Machinery	1.19	%
Media	0.69	%
Metals & Mining	2.40	%
Multiline Retail	0.65	%
Multi-Utilities	0.69	%
Oil, Gas & Consumable Fuels	4.55	%
Paper & Forest Products	2.03	%
Pharmaceuticals	4.58	%
Professional Services	2.04	%
Real Estate Management & Development	1.25	%
Road & Rail	0.73	%
Specialty Retail	0.61	%
Technology Hardware, Storage & Peripherals	3.11	%
Tobacco	0.64	%
Trading Companies & Distributors	3.13	%
Transportation Infrastructure	1.37	%
Wireless Telecommunication Services	0.66	%
Total	97.37	%

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

OMV	0.83	%
3i Group	0.82	%
Capita	0.78	%
Kajima	0.77	%
Taisei	0.76	%
Obayashi	0.76	%
Credit Agricole	0.75	%
UniCredit	0.74	%
Gecina	0.74	%
Boral	0.74	%
Total	7.69	%

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, 2017

Security Type/Country Percentage
of Net Assets

Common Stock	96.42	%
Brazil	2.92	%
Chile	0.83	%
Czech Republic	0.96	%
Hong Kong	26.82	%
Hungary	1.12	%
Indonesia	1.03	%
Malaysia	1.01	%
Mexico	2.08	%
Republic of Korea	25.76	%
Russia	4.19	%
South Africa	5.05	%
Taiwan	16.66	%
Thailand	2.65	%
Turkey	3.42	%
United Arab Emirates	1.92	%
Preferred Stock	1.88	%
Money Market Fund	0.97	%
Total Value of Securities	99.27	%
Receivables and Other Assets Net of Liabilities	0.73	%
Total Net Assets	100.00	%

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

Sector Percentage
of Net Assets

Air Freight & Logistics	0.97	%
Auto Components	1.92	%
Automobiles	4.93	%
Banks	20.88	%
Building Products	1.15	%
Capital Markets	1.80	%
Chemicals	5.23	%
Construction & Engineering	0.85	%
Distributors	0.83	%
Diversified Telecommunication Services	3.74	%
Electric Utilities	2.55	%
Electronic Equipment, Instruments & Components	1.24	%

Sector Percentage
of Net Assets

Equity Real Estate Investment Trusts	1.93	%
Food & Staples Retailing	2.63	%
Food Products	5.86	%
Health Care Providers & Services	1.68	%
Hotels, Restaurants & Leisure	0.89	%
Independent Power & Renewable Electricity Producers	2.01	%
Industrial Conglomerates	4.03	%
Insurance	1.01	%
Metals & Mining	4.02	%
Oil, Gas & Consumable Fuels	5.41	%
Paper & Forest Products	2.10	%
Pharmaceuticals	1.12	%
Real Estate Management & Development	3.02	%
Semiconductors & Semiconductor Equipment	2.30	%
Technology Hardware, Storage & Peripherals	7.08	%
Textiles, Apparel & Luxury Goods	2.14	%
Tobacco	1.14	%
Transportation Infrastructure	1.95	%
Wireless Telecommunication Services	1.89	%
Total	98.30	%

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

Woori Bank ADR	1.30	%
Hyosung	1.24	%
Hon Hai Precision Industry	1.23	%
Catcher Technology	1.22	%
Eregli Demir ve Celik Fabrikalari	1.17	%
Longfor Properties	1.17	%
United Microelectronics	1.17	%
KCC	1.15	%
Belle International Holdings	1.15	%
Turkiye Halk Bankasi	1.15	%
Total	11.95	%

LVIP SSGA Funds–4

LVIP SSGA Large Cap 100 Fund

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

As of June 30, 2017

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

Security Type/Sector Percentage
of Net Assets

Common Stock	99.22	%
Aerospace & Defense	3.00	%
Airlines	1.12	%
Auto Components	1.93	%
Automobiles	1.90	%
Banks	4.10	%
Beverages	1.02	%
Biotechnology	2.01	%
Capital Markets	1.12	%
Chemicals	4.72	%
Communications Equipment	2.80	%
Consumer Finance	0.95	%
Diversified Telecommunication Services	1.01	%
Electric Utilities	2.82	%
Electrical Equipment	1.03	%
Electronic Equipment, Instruments & Components	1.05	%
Equity Real Estate Investment Trusts	5.95	%
Food & Staples Retailing	2.03	%
Food Products	3.54	%
Health Care Equipment & Supplies	2.17	%
Health Care Providers & Services	7.28	%
Hotels, Restaurants & Leisure	2.14	%
Household Durables	3.09	%
Household Products	0.93	%
Insurance	9.12	%
Internet Software & Services	1.00	%
IT Services	2.04	%
Machinery	5.04	%
Media	0.75	%
Multiline Retail	1.75	%
Multi-Utilities	1.91	%
Oil, Gas & Consumable Fuels	5.71	%

Security Type/Sector Percentage
of Net Assets

Pharmaceuticals	1.97	%
Road & Rail	2.28	%
Semiconductors & Semiconductor Equipment	3.88	%
Software	2.12	%
Specialty Retail	1.23	%
Technology Hardware, Storage & Peripherals	1.69	%
Textiles, Apparel & Luxury Goods	1.02	%
Money Market Fund	0.35	%
Short-Term Investment	0.09	%
Total Value of Securities	99.66	%
Receivables and Other Assets Net of Liabilities	0.34	%
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

Best Buy	1.23	%
Kansas City Southern	1.22	%
Aetna	1.15	%
CIT Group	1.13	%
Invesco	1.13	%
Delta Air Lines	1.12	%
Tesoro	1.12	%
Baxter International	1.12	%
Anthem	1.11	%
Ingersoll-Rand	1.11	%
Total	11.44	%
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, 2017

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

Security Type/Sector Percentage
of Net Assets

Common Stock	98.42	%
Aerospace & Defense	1.44	%
Airlines	0.47	%
Auto Components	0.38	%
Banks	2.01	%
Biotechnology	2.73	%
Building Products	0.52	%
Capital Markets	1.03	%
Chemicals	1.13	%
Commercial Services & Supplies	3.85	%
Communications Equipment	1.85	%
Construction & Engineering	0.85	%
Consumer Finance	0.57	%
Electric Utilities	0.46	%
Electrical Equipment	1.71	%
Electronic Equipment, Instruments & Components	5.80	%
Energy Equipment & Services	1.93	%
Equity Real Estate Investment Trusts	7.12	%
Food & Staples Retailing	0.83	%
Food Products	1.41	%
Health Care Equipment & Supplies	0.57	%
Health Care Providers & Services	8.46	%
Hotels, Restaurants & Leisure	1.30	%
Household Durables	3.86	%
Household Products	0.24	%
Independent Power & Renewable Electricity Producers	0.49	%
Insurance	4.78	%
Internet Software & Services	0.45	%
IT Services	2.60	%
Leisure Products	0.52	%
Life Sciences Tools & Services	1.13	%
Machinery	3.08	%
Media	1.30	%
Metals & Mining	2.07	%
Mortgage Real Estate Investment Trusts	7.83	%
Multiline Retail	1.07	%
Multi-Utilities	1.00	%

Security Type/Sector Percentage
of Net Assets

Oil, Gas & Consumable Fuels	2.08	%
Paper & Forest Products	1.35	%
Pharmaceuticals	2.83	%
Professional Services	0.51	%
Road & Rail	1.02	%
Semiconductors & Semiconductor Equipment	2.12	%
Software	0.93	%
Specialty Retail	5.21	%
Technology Hardware, Storage & Peripherals	0.93	%
Textiles, Apparel & Luxury Goods	1.27	%
Thrift & Mortgage Finance	0.48	%
Tobacco	0.44	%
Trading Companies & Distributors	1.43	%
Wireless Telecommunication Services	0.98	%
Money Market Fund	1.48	%
Short-Term Investment	0.09	%
Total Value of Securities	99.99	%
Receivables and Other Assets Net of Liabilities	0.01	%
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

Impax Laboratories	0.83	%
Molina Healthcare	0.73	%
Sunrun	0.69	%
ILG	0.67	%
First Solar	0.67	%
Myriad Genetics	0.63	%
Rent-A-Center	0.63	%
LHC Group	0.62	%
Caesars Acquisition Class A	0.62	%
Renewable Energy Group	0.62	%
Total	6.71	%
IT–Information Technology

LVIP SSGA Funds–6

LVIP SSGA Developed International 150 Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–97.36%
Australia–6.68%
Bendigo & Adelaide Bank		721,667	$	6,145,780
Boral		1,382,614		7,385,606
Coca-Cola Amatil		769,795		5,461,063
Fortescue Metals Group		1,293,300		5,188,839
GPT Group		1,615,608		5,948,013
Mirvac Group		3,716,014		6,083,553
Scentre Group		1,924,133		5,989,499
Sonic Healthcare		377,346		7,024,481
Telstra		1,764,620		5,832,034
Vicinity Centres		2,924,468		5,776,708
Wesfarmers		184,580		5,691,752
				66,527,328
Austria–1.53%
OMV		158,853		8,243,452
voestalpine		150,720		7,023,510
				15,266,962
Belgium–0.69%
Solvay Class A		51,174		6,867,685
				6,867,685
Canada–0.67%
Magna International		144,700		6,702,752
				6,702,752
Finland–2.01%
Fortum		397,096		6,227,148
Stora Enso Class R		515,401		6,657,804
UPM-Kymmene		248,961		7,097,396
				19,982,348
France–9.40%
AXA		242,483		6,632,999
BNP Paribas		94,451		6,802,737
Carrefour		263,055		6,654,929
Credit Agricole		465,092		7,482,020
Engie		453,988		6,852,273
Fonciere Des Regions		74,314		6,893,770
Gecina		47,162		7,398,506
Orange		389,783		6,183,698
Renault		70,630		6,393,102
Sanofi		68,910		6,592,377
SCOR		165,075		6,544,238
Societe Generale		122,050		6,567,106
TOTAL		123,566		6,108,851
Vinci		76,799		6,555,015
				93,661,621
Germany–3.92%
Allianz		33,680		6,631,816
Bayer		53,377		6,901,186
Bayerische Motoren Werke		68,240		6,334,989
Daimler		80,919		5,856,759

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
K+S		269,585	$	6,903,264
Muenchener Rueckversicherungs- Gesellschaft in Muenchen Class R		31,954		6,443,415
				39,071,429
∎Hong Kong–3.90%
CK Hutchison Holdings		490,015		6,150,721
Hongkong Land Holdings		852,300		6,272,928
Jardine Matheson Holdings		93,500		6,002,700
Link REIT		905,087		6,886,009
New World Development		4,905,832		6,226,975
#WH Group 144A		7,207,500		7,274,475
				38,813,808
Ireland–0.65%
†AerCap Holdings		138,400		6,425,912
				6,425,912
Italy–3.41%
Assicurazioni Generali		395,809		6,514,376
Atlantia		233,569		6,573,233
Intesa Sanpaolo		2,249,971		7,133,777
Snam		1,440,632		6,278,914
†UniCredit		396,879		7,411,379
				33,911,679
Japan–33.52%
Amada Holdings		540,500		6,237,555
Aozora Bank		1,631,000		6,206,428
Asahi Glass		150,400		6,324,890
Astellas Pharma		450,700		5,507,776
Bridgestone		152,488		6,561,831
Brother Industries		290,600		6,699,496
Canon		196,044		6,651,291
Chubu Electric Power		458,278		6,081,173
Dai Nippon Printing		560,000		6,213,648
Daicel		503,700		6,256,225
Daiichi Sankyo		265,263		6,242,731
Denso		134,500		5,670,585
Electric Power Development		260,300		6,429,103
FUJIFILM Holdings		153,100		5,499,213
Hitachi		1,111,631		6,813,589
Honda Motor		199,100		5,423,804
ITOCHU		427,117		6,337,926
Japan Tobacco		181,046		6,353,310
JXTG Holdings		1,277,200		5,572,101
Kajima		910,000		7,669,971
Kirin Holdings		326,300		6,640,593
Konica Minolta		663,100		5,494,636
Kuraray		402,200		7,287,696
Kyocera		108,800		6,293,423
Marubeni		980,916		6,329,841
Mazda Motor		428,500		5,973,665

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)
Mebuki Financial Group		1,499,100	$	5,571,227
Mitsubishi Chemical Holdings		807,300		6,675,881
Mitsubishi Gas Chemical		301,700		6,370,638
Mitsubishi Materials		197,400		5,967,193
Mitsubishi Tanabe Pharma		294,121		6,788,514
Mizuho Financial Group		3,267,100		5,966,324
NEC		2,501,000		6,626,344
Nippon Express		1,162,000		7,262,823
Nippon Telegraph & Telephone		137,300		6,482,000
Nissan Motor		608,462		6,048,104
Nomura Research Institute		163,500		6,432,429
Obayashi		642,300		7,543,706
Oji Holdings		1,248,000		6,435,563
Resona Holdings		1,116,934		6,142,020
Sekisui House		364,055		6,407,174
Subaru		163,800		5,513,641
Sumitomo		455,800		5,924,691
Sumitomo Electric Industries		368,800		5,672,585
Sumitomo Heavy Industries		853,000		5,619,676
Sumitomo Mitsui Financial Group		164,800		6,416,174
Sumitomo Mitsui Trust Holdings		176,100		6,292,473
Taisei		827,000		7,543,916
TDK		96,300		6,327,246
Tohoku Electric Power		453,500		6,269,771
Toppan Printing		589,000		6,451,638
Toyota Industries		123,000		6,463,036
Toyota Motor		111,182		5,825,255
				333,812,542
Netherlands–3.18%
ING Groep		414,899		7,155,541
Koninklijke Ahold Delhaize		288,369		5,513,497
NN Group		194,163		6,901,273
Randstad Holding		102,395		5,978,507
Royal Dutch Shell Class B		229,139		6,155,368
				31,704,186
New Zealand–0.66%
Fletcher Building		1,115,393		6,530,706
				6,530,706
Norway–2.56%
†Marine Harvest		390,290		6,680,334
Norsk Hydro		1,029,409		5,706,369
Orkla		685,651		6,968,407
Yara International		163,262		6,132,530
				25,487,640
Portugal–0.64%
EDP - Energias de Portugal		1,955,725		6,395,173
				6,395,173

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Singapore–1.80%
Keppel		1,269,578	$	5,800,360
Singapore Telecommunications		2,208,000		6,238,693
Wilmar International		2,438,858		5,934,392
				17,973,445
Spain–3.44%
Abertis Infraestructuras		382,783		7,091,313
ACS Actividades de Construccion y Servicios		185,439		7,164,106
Banco Bilbao Vizcaya Argentaria		794,333		6,591,153
Enagas		238,356		6,683,450
Gas Natural SDG		288,074		6,741,696
				34,271,718
Sweden–2.71%
Investor Class B		149,447		7,202,094
Nordea Bank		541,515		6,890,502
Skanska Class B		262,770		6,234,967
Telefonaktiebolaget LM Ericsson Class B		933,287		6,674,486
				27,002,049
Switzerland–1.99%
†Adecco Group		87,003		6,614,369
Novartis		82,935		6,901,880
Swiss Re		68,677		6,277,546
				19,793,795
United Kingdom–14.00%
3i Group		695,969		8,180,845
Aegon		1,220,275		6,231,399
AstraZeneca		100,242		6,704,266
Babcock International Group		545,037		6,250,524
Barratt Developments		910,664		6,683,642
Berkeley Group Holdings		153,796		6,464,055
BP		1,093,298		6,305,321
Capita		858,513		7,732,147
Direct Line Insurance Group		1,463,389		6,773,892
HSBC Holdings		762,046		7,063,813
J Sainsbury		1,873,847		6,142,970
Kingfisher		1,543,027		6,043,215
Marks & Spencer Group		1,488,505		6,461,698
Meggitt		1,121,104		6,963,608
Pearson		767,779		6,914,957
Persimmon		237,182		6,925,935
Royal Mail		1,175,954		6,451,189
Smith & Nephew		397,464		6,859,220
Tate & Lyle		641,263		5,529,110
Travis Perkins		323,500		6,130,535

LVIP SSGA Funds–8

LVIP SSGA Developed International 150 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Vodafone Group		2,334,710	$	6,621,436
				139,433,777
Total Common Stock (Cost $899,750,157)				969,636,555
DRIGHT–0.01%
Spain–0.01%
†ACS Actividades de Construccion y Servicios expiration date 7/11/17		185,439		148,259
Total Right (Cost $151,759)				148,259

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–1.61%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		15,996,124	$	15,996,124
Total Money Market Fund (Cost $15,996,124)				15,996,124

TOTAL VALUE OF SECURITIES–98.98% (Cost $915,898,040)		985,780,938
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–1.02%		10,130,514
NET ASSETS APPLICABLE TO 111,519,534 SHARES OUTSTANDING–100.00%	$	995,911,452
NET ASSET VALUE PER SHARE–LVIP SSGA DEVELOPED INTERNATIONAL 150 FUND STANDARD CLASS ($837,276,487 / 93,744,059 Shares)	$	8.932
NET ASSET VALUE PER SHARE–LVIP SSGA DEVELOPED INTERNATIONAL 150 FUND SERVICE CLASS ($158,634,965 / 17,775,475 Shares)	$	8.924
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	925,418,984
Undistributed net investment income		20,293,286
Accumulated net realized loss on investments		(19,595,672	)
Net unrealized appreciation of investments, foreign currencies and derivatives		69,794,854
TOTAL NET ASSETS	$	995,911,452

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $7,274,475, which represents 0.73% 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 3.

∎ 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 $113,809 cash due to custodian, $1,090,564 cash collateral held at broker for futures contracts, $323,130 due to manager and affiliates and $203,804 payable for fund shares redeemed as of June 30, 2017.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
277     E-mini MSCI EAFE Index		$26,271,249		$26,170,960		9/18/17		$(100,289)

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.”

LVIP SSGA Funds–9

LVIP SSGA Developed International 150 Fund

Statement of Net Assets (continued)

Summary of Abbreviations:

EAFE–Europe Australasia Far East

MSCI–Morgan Stanley Capital International

REIT–Real Estate Investment Trust

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

LVIP SSGA Funds–10

LVIP SSGA Emerging Markets 100 Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–96.42%
Brazil–2.92%
BRF		598,000	$	7,061,414
Cosan Industria e Comercio		567,800		5,911,263
Fibria Celulose		760,500		7,781,989
				20,754,666
Chile–0.83%
Cencosud		2,216,605		5,900,261
				5,900,261
Czech Republic–0.96%
CEZ		391,727		6,817,365
				6,817,365
∎Hong Kong–26.82%
Agricultural Bank of China		14,831,000		7,009,509
Bank of China		13,583,100		6,663,286
Bank of Communications		8,765,000		6,185,778
Beijing Enterprises Holdings		1,291,000		6,225,611
Belle International Holdings		10,355,000		8,169,991
China Cinda Asset Management		17,067,809		6,361,530
China CITIC Bank		10,187,000		6,236,846
China Communications Construction		4,667,000		6,013,490
China Construction Bank		8,332,000		6,456,474
China Everbright Bank		13,619,000		6,366,912
China Galaxy Securities		7,164,500		6,423,544
China Merchants Port Holdings		2,420,983		6,713,368
China Minsheng Banking		6,207,000		6,193,127
China Mobile		617,500		6,552,700
China Overseas Land & Investment		2,248,000		6,579,203
China Resources Power Holdings		3,722,238		7,303,881
China Telecom		14,272,000		6,781,871
CITIC		4,757,000		7,153,063
COSCO SHIPPING Ports		6,114,673		7,173,969
Dongfeng Motor Group		5,912,000		6,989,191
Great Wall Motor		5,856,500		7,231,127
Guangzhou Automobile Group		4,204,000		7,376,903
Huaneng Power International		10,014,000		6,951,806
Industrial & Commercial Bank of China		10,290,000		6,945,712
Lenovo Group		10,872,000		6,865,104
Longfor Properties		3,863,000		8,302,473
Sinopharm Group		1,406,000		6,356,980
Want Want China Holdings		10,345,000		6,982,837
				190,566,286
Hungary–1.12%
Richter Gedeon		303,402		7,929,195
				7,929,195
Indonesia–1.03%
Indofood Sukses Makmur		11,347,000		7,322,018
				7,322,018

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Malaysia–1.01%
Kuala Lumpur Kepong		1,242,400	$	7,200,893
				7,200,893
Mexico–2.08%
Fibra Uno Administracion		4,019,711		7,605,861
Wal-Mart de Mexico		3,077,689		7,135,982
				14,741,843
Republic of Korea–25.76%
BNK Financial Group		818,425		7,832,674
Dongbu Insurance		120,924		7,186,848
GS Holdings		134,040		7,989,798
Hanwha Chemical		301,713		7,963,757
Hyosung		60,054		8,791,719
Hyundai Glovis		50,260		6,896,666
Hyundai Mobis		31,171		6,810,951
Hyundai Motor		46,922		6,541,152
Hyundai Steel		129,118		7,019,307
Industrial Bank of Korea		615,501		7,665,856
Kangwon Land		207,670		6,325,481
KB Financial Group		153,682		7,750,253
KCC		21,430		8,175,672
Kia Motors		207,110		6,914,829
Korea Electric Power		162,590		5,797,904
KT		213		6,069
KT ADR		395,000		6,572,800
KT&G		79,447		8,124,196
LG		107,877		7,288,286
LG Uplus		514,320		7,012,535
POSCO		27,701		6,948,553
Shinhan Financial Group		157,450		6,784,325
SK Holdings		32,875		7,987,808
SK Innovation		47,186		6,536,714
SK Telecom		29,602		6,882,080
Woori Bank ADR		573,451		9,247,189
				183,053,422
Russia–4.19%
Gazprom ADR		1,506,025		5,960,847
LUKOIL ADR		129,905		6,326,373
RusHydro		407,686,000		5,504,006
Severstal		475,910		6,262,080
Surgutneftegas ADR		1,334,289		5,737,443
				29,790,749
South Africa–5.05%
Barclays Africa Group		539,107		5,923,687
Imperial Holdings		478,998		5,894,797
Netcare		2,834,112		5,573,988
Redefine Properties		7,622,523		6,129,481
Sasol		239,351		6,705,304
SPAR Group		477,633		5,626,449
				35,853,706

LVIP SSGA Funds–11

LVIP SSGA Emerging Markets 100 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Taiwan–16.66%
Asustek Computer		719,000	$	6,795,283
Catcher Technology		725,000		8,663,297
Cheng Shin Rubber Industry		3,230,000		6,869,855
Compal Electronics		10,526,000		7,093,458
Formosa Chemicals & Fibre		2,228,000		6,994,543
Foxconn Technology		2,229,240		6,727,292
Hon Hai Precision Industry		2,283,000		8,780,769
Lite-On Technology		3,975,000		6,533,531
MediaTek		939,000		8,041,075
Mega Financial Holding		8,692,000		7,229,047
Pegatron		2,430,000		7,612,722
Pou Chen		5,109,000		7,070,641
SinoPac Financial Holdings		22,251,637		6,802,769
Taishin Financial Holding		16,749,000		7,625,695
Uni-President Enterprises		3,630,000		7,279,093
United Microelectronics		17,099,000		8,290,935
				118,410,005
Thailand–2.65%
Charoen Pokphand Foods-Foreign		7,936,491		5,794,082
Krung Thai Bank-Foreign		11,502,800		6,365,989
PTT Global Chemical-Foreign		3,318,500		6,691,706
				18,851,777
Turkey–3.42%
Eregli Demir ve Celik Fabrikalari		4,144,573		8,304,577
Turkiye Halk Bankasi		2,184,043		8,162,732

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Turkey (continued)
Turkiye Is Bankasi Class C		3,692,976	$	7,819,543
				24,286,852
United Arab Emirates–1.92%
Aldar Properties		10,473,559		6,558,450
Dubai Islamic Bank		4,572,695		7,096,205
				13,654,655
Total Common Stock (Cost $647,521,707)				685,133,693
DPREFERRED STOCK–1.88%
Brazil–1.88%
Suzano Papel e Celulose 2.57%		1,663,500		7,130,218
Telefonica Brasil 5.13%		460,400		6,235,669
Total Preferred Stock (Cost $14,155,209)				13,365,887
MONEY MARKET FUND–0.97%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		6,859,764		6,859,764
Total Money Market Fund (Cost $6,859,764)				6,859,764

TOTAL VALUE OF SECURITIES–99.27% (Cost $668,536,680)		705,359,344
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.73%		5,206,790
NET ASSETS APPLICABLE TO 74,585,666 SHARES OUTSTANDING–100.00%	$	710,566,134
NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS 100 FUND STANDARD CLASS ($509,069,818 / 53,420,779 Shares)	$	9.529
NET ASSET VALUE PER SHARE–LVIP SSGA EMERGING MARKETS 100 FUND SERVICE CLASS ($201,496,316 / 21,164,887 Shares)	$	9.520
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	761,216,081
Undistributed net investment income		9,387,047
Accumulated net realized loss on investments		(96,872,003	)
Net unrealized appreciation of investments, foreign currencies and derivatives		36,835,009
TOTAL NET ASSETS	$	710,566,134

D Securities have been classified by country of origin. Classification by type of business has been presented on page 4.

∎ Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

« Includes $56,260 cash due to custodian, $499,855 cash collateral held at broker for futures contracts, $271,714 due to manager and affiliates, $442,244 payable for securities purchased and $125,799 payable for fund shares redeemed as of June 30, 2017.

LVIP SSGA Funds–12

LVIP SSGA Emerging Markets 100 Fund

Statement of Net Assets (continued)

The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Depreciation
BNYM	IDR	5,896,363,398	USD	(443,067)	7/3/17	$(910)

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation
Equity Contracts:
224     E-mini MSCI Emerging Markets Index		$11,277,615		$11,292,960		9/18/17		$15,345

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 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:

ADR–American Depositary Receipt

BNYM–Bank of New York Mellon

IDR–Indonesian Rupiah

MSCI–Morgan Stanley Capital International

USD–U.S. Dollar

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

LVIP SSGA Funds–13

LVIP SSGA Large Cap 100 Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–99.22%
Aerospace & Defense–3.00%
L3 Technologies		82,015	$	13,703,066
Textron		296,700		13,974,570
United Technologies		122,000		14,897,420
				42,575,056
Airlines–1.12%
Delta Air Lines		296,500		15,933,910
				15,933,910
Auto Components–1.93%
Goodyear Tire & Rubber		381,000		13,319,760
Lear		98,911		14,053,275
				27,373,035
Automobiles–1.90%
Ford Motor		1,178,503		13,187,449
General Motors		394,548		13,781,562
				26,969,011
Banks–4.10%
CIT Group		329,825		16,062,477
Fifth Third Bancorp		547,895		14,223,354
JPMorgan Chase & Co.		156,849		14,335,999
Wells Fargo & Co.		245,300		13,592,073
				58,213,903
Beverages–1.02%
Coca-Cola		323,800		14,522,430
				14,522,430
Biotechnology–2.01%
Amgen		82,327		14,179,179
Gilead Sciences		202,800		14,354,184
				28,533,363
Capital Markets–1.12%
Invesco		453,211		15,948,495
				15,948,495
Chemicals–4.72%
Air Products & Chemicals		101,100		14,463,366
Dow Chemical		216,186		13,634,851
Eastman Chemical		176,700		14,841,033
LyondellBasell Industries Class A		156,400		13,198,596
Mosaic		476,290		10,873,701
				67,011,547
Communications Equipment–2.80%
Cisco Systems		401,809		12,576,622
Harris		123,000		13,416,840
Juniper Networks		492,200		13,722,536
				39,715,998

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Consumer Finance–0.95%
Capital One Financial		162,742	$	13,445,744
				13,445,744
Diversified Telecommunication Services–1.01%
CenturyLink		599,297		14,311,212
				14,311,212
Electric Utilities–2.82%
Duke Energy		164,321		13,735,592
Entergy		177,511		13,627,519
FirstEnergy		435,100		12,687,516
				40,050,627
Electrical Equipment–1.03%
Eaton		187,961		14,629,005
				14,629,005
Electronic Equipment, Instruments & Components–1.05%
Corning		497,605		14,953,030
				14,953,030
Equity Real Estate Investment Trusts–5.95%
Equity Residential		216,700		14,265,361
Host Hotels & Resorts		755,600		13,804,812
Kimco Realty		606,500		11,129,275
Prologis		267,314		15,675,293
Ventas		213,700		14,847,876
Welltower		195,742		14,651,289
				84,373,906
Food & Staples Retailing–2.03%
CVS Health		173,799		13,983,868
Wal-Mart Stores		195,891		14,825,031
				28,808,899
Food Products–3.54%
Archer-Daniels-Midland		300,413		12,431,090
Bunge		170,787		12,740,710
General Mills		231,500		12,825,100
JM Smucker		102,900		12,176,157
				50,173,057
Health Care Equipment & Supplies–2.17%
Baxter International		262,200		15,873,588
Medtronic		168,432		14,948,340
				30,821,928
Health Care Providers & Services–7.28%
Aetna		107,607		16,337,971
Anthem		83,838		15,772,443
Cardinal Health		168,547		13,133,182
†Express Scripts Holding		212,725		13,580,364
McKesson		93,700		15,417,398
Quest Diagnostics		138,177		15,359,755

LVIP SSGA Funds–14

LVIP SSGA Large Cap 100 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		112,300	$	13,709,584
				103,310,697
Hotels, Restaurants & Leisure–2.14%
Carnival		232,805		15,265,024
Royal Caribbean Cruises		138,400		15,117,432
				30,382,456
Household Durables–3.09%
DR Horton		410,532		14,192,091
Lennar		268,267		14,303,996
Whirlpool		80,262		15,379,804
				43,875,891
Household Products–0.93%
Procter & Gamble		151,160		13,173,594
				13,173,594
Insurance–9.12%
Aflac		189,500		14,720,360
Everest Re Group		58,624		14,925,084
Hartford Financial Services Group		288,200		15,150,674
MetLife		262,201		14,405,323
Principal Financial Group		220,240		14,110,777
Prudential Financial		129,840		14,040,898
Reinsurance Group of America		108,700		13,955,993
Travelers		112,900		14,285,237
Unum Group		297,800		13,886,414
				129,480,760
Internet Software & Services–1.00%
†eBay		408,300		14,257,836
				14,257,836
IT Services–2.04%
DXC Technology		51,570		3,956,450
International Business Machines		78,400		12,060,272
Western Union		676,300		12,883,515
				28,900,237
Machinery–5.04%
Cummins		90,413		14,666,797
Ingersoll-Rand		172,300		15,746,497
PACCAR		202,529		13,375,015
Snap-on		82,700		13,066,600
Stanley Black & Decker		104,300		14,678,139
				71,533,048
Media–0.75%
Viacom Class B		317,997		10,675,159
				10,675,159
Multiline Retail–1.75%
Macy’s		486,143		11,297,963

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Multiline Retail (continued)
Target		257,778	$	13,479,212
				24,777,175
Multi-Utilities–1.91%
Consolidated Edison		173,924		14,056,538
Public Service Enterprise Group		303,273		13,043,772
				27,100,310
Oil, Gas & Consumable Fuels–5.71%
Chevron		126,796		13,228,627
Kinder Morgan		647,470		12,405,525
Phillips 66		176,468		14,592,139
Targa Resources		241,545		10,917,834
Tesoro		169,900		15,902,640
Valero Energy		207,297		13,984,256
				81,031,021
Pharmaceuticals–1.97%
Johnson & Johnson		109,101		14,432,971
Pfizer		401,054		13,471,404
				27,904,375
Road & Rail–2.28%
Kansas City Southern		165,100		17,277,715
Norfolk Southern		123,718		15,056,481
				32,334,196
Semiconductors & Semiconductor Equipment–3.88%
Intel		389,477		13,140,954
Lam Research		107,044		15,139,233
Maxim Integrated Products		301,500		13,537,350
QUALCOMM		239,615		13,231,540
				55,049,077
Software–2.12%
CA		428,057		14,755,125
Oracle		305,500		15,317,770
				30,072,895
Specialty Retail–1.23%
Best Buy		304,114		17,434,856
				17,434,856
Technology Hardware, Storage & Peripherals–1.69%
Apple		97,000		13,969,940
Hewlett Packard Enterprise		601,438		9,977,856
				23,947,796
Textiles, Apparel & Luxury Goods–1.02%
VF		252,300		14,532,480
				14,532,480
Total Common Stock (Cost $1,252,056,273)				1,408,138,015

LVIP SSGA Funds–15

LVIP SSGA Large Cap 100 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
MONEY MARKET FUND–0.35%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		4,891,857	$	4,891,857
Total Money Market Fund (Cost $4,891,857)				4,891,857

	Principal Amount°		Value (U.S. $)
SHORT-TERM INVESTMENT–0.09%
≠U.S. Treasury Obligations–0.09%
U.S. Treasury Bill ¥ 0.685% 8/3/17		1,270,000	$	1,269,073
Total Short-Term Investment (Cost $1,269,203)				1,269,073

TOTAL VALUE OF SECURITIES–99.66% (Cost $1,258,217,333)		1,414,298,945
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.34%		4,863,416
NET ASSETS APPLICABLE TO 95,280,925 SHARES OUTSTANDING–100.00%	$	1,419,162,361
NET ASSET VALUE PER SHARE–LVIP SSGA LARGE CAP 100 FUND STANDARD CLASS ($1,071,958,043 / 71,929,356 Shares)	$	14.903
NET ASSET VALUE PER SHARE–LVIP SSGA LARGE CAP 100 FUND SERVICE CLASS ($347,204,318 / 23,351,569 Shares)	$	14.869
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	1,050,231,065
Undistributed net investment income		16,850,123
Accumulated net realized gain on investments		196,042,935
Net unrealized appreciation of investments and derivatives		156,038,238
TOTAL NET ASSETS	$	1,419,162,361

† Non-income producing for the period.

« Includes $47,514 cash collateral held at broker for futures contracts, $482,450 due to manager and affiliates and $317,523 payable for fund shares redeemed as of June 30, 2017.

≠ 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.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
92     E-mini S&P 500 Index		$11,179,514		$11,136,140		9/18/17		$(43,374)

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.”

Summary of Abbreviations:

IT–Information Technology

S&P–Standard & Poor’s

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

LVIP SSGA Funds–16

LVIP SSGA Small-Mid Cap 200 Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–98.42%
Aerospace & Defense–1.44%
†KeyW Holding		151,507	$	1,416,590
National Presto Industries		15,009		1,658,495
†Wesco Aircraft Holdings		130,024		1,410,760
				4,485,845
Airlines–0.47%
SkyWest		41,600		1,460,160
				1,460,160
Auto Components–0.38%
Superior Industries International		57,300		1,177,515
				1,177,515
Banks–2.01%
Berkshire Hills Bancorp		42,100		1,479,815
OFG Bancorp		134,851		1,348,510
Opus Bank		78,517		1,900,111
Umpqua Holdings		85,502		1,569,817
				6,298,253
Biotechnology–2.73%
†Emergent BioSolutions		51,489		1,745,992
†Enanta Pharmaceuticals		47,973		1,726,069
†Five Prime Therapeutics		41,292		1,243,302
†Myriad Genetics		76,600		1,979,344
PDL BioPharma		749,770		1,851,932
				8,546,639
Building Products–0.52%
Owens Corning		24,300		1,626,156
				1,626,156
Capital Markets–1.03%
Arlington Asset Investment Class A		102,236		1,397,566
†Janus Henderson Group		55,011		1,821,414
				3,218,980
Chemicals–1.13%
FutureFuel		109,962		1,659,327
Rayonier Advanced Materials		119,220		1,874,138
				3,533,465
Commercial Services & Supplies–3.85%
Ennis		95,500		1,824,050
Essendant		104,976		1,556,794
LSC Communications		61,628		1,318,839
McGrath RentCorp		45,498		1,575,596
Mobile Mini		50,400		1,504,440
Quad/Graphics		62,882		1,441,255
RR Donnelley & Sons		126,743		1,589,357
Steelcase Class A		87,100		1,219,400
				12,029,731
Communications Equipment–1.85%
Brocade Communications Systems		118,656		1,496,252

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Communications Equipment (continued)
†Digi International		125,600	$	1,274,840
†EchoStar Class A		26,800		1,626,760
Silicom		31,355		1,390,908
				5,788,760
Construction & Engineering–0.85%
Chicago Bridge & Iron		51,200		1,010,176
KBR		107,400		1,634,628
				2,644,804
Consumer Finance–0.57%
Navient		106,103		1,766,615
				1,766,615
Electric Utilities–0.46%
Hawaiian Electric Industries		44,100		1,427,958
				1,427,958
Electrical Equipment–1.71%
Powell Industries		47,700		1,525,923
Regal Beloit		20,300		1,655,465
†Sunrun		302,327		2,152,568
				5,333,956
Electronic Equipment, Instruments & Components–5.80%
†Arrow Electronics		20,377		1,597,964
Avnet		33,509		1,302,830
AVX		91,736		1,498,966
Bel Fuse Class B		66,700		1,647,490
†Benchmark Electronics		46,391		1,498,429
†Fitbit Class A		273,353		1,451,504
Jabil		51,393		1,500,162
†Kimball Electronics		92,006		1,660,708
PC Connection		51,901		1,404,441
†Sanmina		37,197		1,417,206
†ScanSource		37,637		1,516,771
†Tech Data		16,290		1,645,290
				18,141,761
Energy Equipment & Services–1.93%
†Atwood Oceanics		161,670		1,317,611
Bristow Group		111,600		853,740
Ensco Class A		175,352		904,816
Noble		256,301		927,810
†Rowan		101,603		1,040,415
†Transocean		120,426		991,106
				6,035,498
Equity Real Estate Investment Trusts–7.12%
Ashford Hospitality Prime		145,966		1,501,990
Care Capital Properties		58,524		1,562,591
CBL & Associates Properties		156,200		1,316,766
Chatham Lodging Trust		76,781		1,542,530
Chesapeake Lodging Trust		63,300		1,548,951

LVIP SSGA Funds–17

LVIP SSGA Small-Mid Cap 200 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
CorEnergy Infrastructure Trust		45,074	$	1,514,036
Hersha Hospitality Trust		79,073		1,463,641
†InfraREIT		83,569		1,600,346
Medical Properties Trust		115,800		1,490,346
One Liberty Properties		66,177		1,550,527
RAIT Financial Trust		510,773		1,118,593
RLJ Lodging Trust		66,016		1,311,738
Select Income REIT		58,027		1,394,389
Sunstone Hotel Investors		100,800		1,624,896
Xenia Hotels & Resorts		89,511		1,733,828
				22,275,168
Food & Staples Retailing–0.83%
SpartanNash		43,719		1,134,945
Village Super Market Class A		56,700		1,469,664
				2,604,609
Food Products–1.41%
Omega Protein		76,667		1,372,339
Sanderson Farms		14,800		1,711,620
†Seneca Foods Class A		42,657		1,324,500
				4,408,459
Health Care Equipment & Supplies–0.57%
Meridian Bioscience		113,300		1,784,475
				1,784,475
Health Care Providers & Services–8.46%
†Acadia Healthcare		35,216		1,738,966
Aceto		99,852		1,542,713
†Almost Family		31,000		1,911,150
†Diplomat Pharmacy		99,820		1,477,336
Ensign Group		80,300		1,748,131
†Envision Healthcare		22,992		1,440,909
†LHC Group		28,771		1,953,263
†LifePoint Health		23,815		1,599,177
†Magellan Health		22,500		1,640,250
†MEDNAX		21,461		1,295,601
†Molina Healthcare		33,200		2,296,776
National HealthCare		20,660		1,449,092
Owens & Minor		43,300		1,393,827
†PharMerica		62,692		1,645,665
†Select Medical Holdings		118,817		1,823,841
†Triple-S Management Class B		88,792		1,501,473
				26,458,170
Hotels, Restaurants & Leisure–1.30%
†Caesars Acquisition Class A		101,999		1,943,081
ILG		76,598		2,105,679
				4,048,760
Household Durables–3.86%
CalAtlantic Group		40,176		1,420,222
†Century Communities		59,426		1,473,765

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Household Durables (continued)
CSS Industries		59,553	$	1,557,906
Libbey		104,726		844,092
MDC Holdings		50,134		1,771,234
†Meritage Homes		40,900		1,725,980
†TRI Pointe Group		117,279		1,546,910
†William Lyon Homes Class A		72,155		1,741,822
				12,081,931
Household Products–0.24%
Orchids Paper Products		57,815		748,704
				748,704
Independent Power & Renewable Electricity Producers–0.49%
NRG Yield Class A		89,110		1,520,217
				1,520,217
Insurance–4.78%
Allied World Assurance Co. Holdings		27,800		1,470,620
American National Insurance		12,907		1,503,536
AmTrust Financial Services		80,500		1,218,770
Assured Guaranty		40,330		1,683,374
Baldwin & Lyons Class B		62,700		1,536,150
First American Financial		38,400		1,716,096
Maiden Holdings		108,102		1,199,932
Old Republic International		74,188		1,448,892
OneBeacon Insurance Group Class A		98,900		1,802,947
Validus Holdings		26,459		1,375,074
				14,955,391
Internet Software & Services–0.45%
†Meet Group		281,220		1,420,161
				1,420,161
IT Services–2.60%
Convergys		72,600		1,726,428
Leidos Holdings		28,244		1,459,932
ManTech International Class A		42,323		1,751,326
†NeuStar Class A		44,800		1,494,080
†Sykes Enterprises		51,000		1,710,030
				8,141,796
Leisure Products–0.52%
†Vista Outdoor		72,714		1,636,792
				1,636,792
Life Sciences Tools & Services–1.13%
Luminex		81,800		1,727,616
†VWR		54,352		1,794,160
				3,521,776
Machinery–3.08%
American Railcar Industries		37,133		1,422,194
Briggs & Stratton		68,200		1,643,620
Greenbrier		35,543		1,643,864

LVIP SSGA Funds–18

LVIP SSGA Small-Mid Cap 200 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
Hyster-Yale Materials Handling		26,224	$	1,842,236
Miller Industries		59,898		1,488,465
Trinity Industries		57,106		1,600,681
				9,641,060
Media–1.30%
Gannett		180,475		1,573,742
New Media Investment Group		103,122		1,390,085
Time		76,289		1,094,747
				4,058,574
Metals & Mining–2.07%
Commercial Metals		81,601		1,585,507
Kaiser Aluminum		18,500		1,637,620
Reliance Steel & Aluminum		18,745		1,364,823
Schnitzer Steel Industries Class A		75,200		1,895,040
				6,482,990
Mortgage Real Estate Investment Trusts–7.83%
AG Mortgage Investment Trust		85,185		1,558,885
Anworth Mortgage Asset		270,000		1,622,700
Apollo Commercial Real Estate Finance		79,456		1,473,909
Ares Commercial Real Estate		112,854		1,477,259
Capstead Mortgage		141,681		1,477,733
Chimera Investment		74,003		1,378,676
CYS Investments		193,348		1,626,057
Invesco Mortgage Capital		99,631		1,664,834
MFA Financial		184,086		1,544,482
MTGE Investment		88,701		1,667,579
New Residential Investment		88,971		1,384,389
New York Mortgage Trust		241,216		1,500,364
PennyMac Mortgage Investment Trust		87,211		1,595,089
Redwood Trust		91,173		1,553,588
Starwood Property Trust		65,046		1,456,380
Two Harbors Investment		152,546		1,511,731
				24,493,655
Multiline Retail–1.07%
Dillard’s Class A		31,300		1,805,697
Kohl’s		39,500		1,527,465
				3,333,162
Multi-Utilities–1.00%
Avista		37,500		1,592,250
NorthWestern		25,300		1,543,806
				3,136,056
Oil, Gas & Consumable Fuels–2.08%
†Gener8 Maritime		277,437		1,578,617
HollyFrontier		55,778		1,532,222
Murphy Oil		57,300		1,468,599

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†Renewable Energy Group		149,188	$	1,931,985
				6,511,423
Paper & Forest Products–1.35%
Domtar		39,726		1,526,273
PH Glatfelter		68,800		1,344,352
Schweitzer-Mauduit International		36,069		1,342,849
				4,213,474
Pharmaceuticals–2.83%
†Endo International		148,978		1,664,084
†Impax Laboratories		160,400		2,582,440
†Lannett		68,819		1,403,908
†Mallinckrodt		34,454		1,543,884
†SciClone Pharmaceuticals		151,438		1,665,818
				8,860,134
Professional Services–0.51%
Kelly Services Class A		70,400		1,580,480
				1,580,480
Road & Rail–1.02%
†Roadrunner Transportation Systems		236,092		1,716,389
Ryder System		20,437		1,471,055
				3,187,444
Semiconductors & Semiconductor Equipment–2.12%
†First Solar		52,416		2,090,350
IXYS		103,800		1,707,510
Marvell Technology Group		92,879		1,534,361
†Photronics		136,049		1,278,861
				6,611,082
Software–0.93%
†Rubicon Project		264,568		1,359,880
TiVo		82,251		1,533,981
				2,893,861
Specialty Retail–5.21%
Barnes & Noble		171,600		1,304,160
Buckle		84,400		1,502,320
Cato Class A		68,900		1,211,951
Finish Line Class A		114,200		1,618,214
GameStop Class A		71,324		1,541,312
GNC Holdings		212,144		1,788,374
Guess		136,125		1,739,677
Office Depot		327,800		1,848,792
Rent-A-Center		167,207		1,959,666
Staples		175,352		1,765,795
				16,280,261
Technology Hardware, Storage & Peripherals–0.93%
†Super Micro Computer		57,900		1,427,235

LVIP SSGA Funds–19

LVIP SSGA Small-Mid Cap 200 Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Technology Hardware, Storage & Peripherals (continued)
Xerox		51,325	$	1,474,567
				2,901,802
Textiles, Apparel & Luxury Goods–1.27%
†Fossil Group		90,169		933,249
†Iconix Brand Group		209,424		1,447,120
Movado Group		63,100		1,593,275
				3,973,644
Thrift & Mortgage Finance–0.48%
Oritani Financial		88,700		1,512,335
				1,512,335
Tobacco–0.44%
Universal		21,343		1,380,892
				1,380,892
Trading Companies & Distributors–1.43%
Air Lease		39,137		1,462,158
Aircastle		63,090		1,372,207
GATX		25,620		1,646,597
				4,480,962
Wireless Telecommunication Services–0.98%
Spok Holdings		80,895		1,431,841

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Wireless Telecommunication Services (continued)
Telephone & Data Systems		58,613	$	1,626,511
				3,058,352
Total Common Stock (Cost $298,088,263)				307,714,148
MONEY MARKET FUND–1.48%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		4,633,412		4,633,412
Total Money Market Fund (Cost $4,633,412)				4,633,412
	Principal Amount°
SHORT-TERM INVESTMENT–0.09%
≠U.S. Treasury Obligations–0.09%
U.S. Treasury Bill ¥ 1.07% 12/7/17		280,000		278,699
Total Short-Term Investment (Cost $278,677)				278,699

TOTAL VALUE OF SECURITIES–99.99% (Cost $303,000,352)		312,626,259
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.01%		35,850
NET ASSETS APPLICABLE TO 21,812,827 SHARES OUTSTANDING–100.00%	$	312,662,109
NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-MID CAP 200 FUND STANDARD CLASS ($170,016,224 / 11,849,564 Shares)	$	14.348
NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-MID CAP 200 FUND SERVICE CLASS ($142,645,885 / 9,963,263 Shares)	$	14.317
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	270,953,071
Undistributed net investment income		3,667,402
Accumulated net realized gain on investments		28,433,231
Net unrealized appreciation of investments and derivatives		9,608,405
TOTAL NET ASSETS	$	312,662,109

† Non-income producing for the period.

« Includes $8,307 cash collateral held at broker for futures contracts, $137,887 due to manager and affiliates, $1,007,096 payable for securities purchased and $8,982 payable for fund shares redeemed as of June 30, 2017.

≠ 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, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
51     E-mini Russell 2000 Index		$3,620,282		$3,606,465		9/18/17	$	(13,817	)
2     E-mini S&P MidCap 400 Index		352,905		349,220		9/18/17		(3,685	)
Total							$	(17,502	)

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

S&P–Standard & Poor’s

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, 2017 (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		$	24,098,195			$	11,410,084			$	19,811,795			$	4,195,167
Interest			—				20,049				4,543				1,277
Foreign tax withheld			(2,332,765	)			(958,118	)			—				(2,485	)
			21,765,430				10,472,015				19,816,338				4,193,959
EXPENSES:
Management fees			1,569,346				1,154,064				2,253,828				483,187
Distribution expenses-Service Class			188,597				241,429				416,962				172,813
Accounting and administration expenses			118,842				84,264				183,319				36,020
Custodian fees			59,543				118,125				6,035				2,479
Shareholder servicing fees			48,399				33,534				72,944				14,423
Professional fees			30,926				29,781				34,652				20,418
Trustees’ fees and expenses			12,647				8,952				19,929				3,945
Pricing fees			10,886				8,238				270				356
Reports and statements to shareholders			9,310				28,398				15,446				25,851
Consulting fees			1,896				1,560				2,464				1,156
Other			6,447				3,561				13,674				1,847
			2,056,839				1,711,906				3,019,523				762,495
Less:
Management fees waived			(39,672	)			(32,232	)			(53,308	)			(16,116	)
Total operating expenses			2,017,167				1,679,674				2,966,215				746,379
NET INVESTMENT INCOME			19,748,263				8,792,341				16,850,123				3,447,580
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments			47,281,267				45,274,497				160,365,419				32,371,180
Foreign currencies			180,620				186,260				—				—
Foreign currency exchange contracts			44,305				(488,831	)			—				—
Futures contracts			3,031,824				702,122				935,239				133,033
Net realized gain			50,538,016				45,674,048				161,300,658				32,504,213
Net change in unrealized appreciation (depreciation) of:
Investments			43,613,987				44,087,260				(65,400,813	)			(32,075,445	)
Foreign currencies			232,004				(2,466	)			—				—
Foreign currency exchange contracts			—				(910	)			—				—
Futures contracts			(81,503	)			163,659				55,630				39,762
Net change in unrealized appreciation (depreciation)			43,764,488				44,247,543				(65,345,183	)			(32,035,683	)
NET REALIZED AND UNREALIZED GAIN			94,302,504				89,921,591				95,955,475				468,530
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	114,050,767			$	98,713,932			$	112,805,598			$	3,916,110

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 SSGA Developed International 150 Fund								LVIP SSGA Emerging Markets 100 Fund								LVIP SSGA Large Cap 100 Fund								LVIP SSGA Small-Mid Cap 200 Fund
	Six Months Ended 6/30/17 (unaudited)				Year Ended 12/31/16				Six Months Ended 6/30/17 (unaudited)				Year Ended 12/31/16				Six Months Ended 6/30/17 (unaudited)				Year Ended 12/31/16				Six Months Ended 6/30/17 (unaudited)				Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income		$	19,748,263			$	32,114,830			$	8,792,341			$	14,488,490			$	16,850,123			$	29,694,951			$	3,447,580			$	5,710,564
Net realized gain (loss)			50,538,016				(58,331,592	)			45,674,048				(89,100,872	)			161,300,658				43,784,127				32,504,213				(2,573,298	)
Net change in unrealized appreciation (depreciation)			43,764,488				109,401,825				44,247,543				143,138,345				(65,345,183	)			177,699,327				(32,035,683	)			63,438,188
Net increase in net assets resulting from operations			114,050,767				83,185,063				98,713,932				68,525,963				112,805,598				251,178,405				3,916,110				66,575,454
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class			—				(27,788,469	)			—				(10,213,287	)			—				(26,070,279	)			—				(2,981,060	)
Service Class			—				(4,995,904	)			—				(4,432,528	)			—				(6,606,292	)			—				(2,444,947	)
Net realized gain:
Standard Class			—				(16,792,024	)			—				—				—				(95,171,256	)			—				(6,293,554	)
Service Class			—				(3,248,469	)			—				—				—				(30,337,969	)			—				(6,307,216	)
			—				(52,824,866	)			—				(14,645,815	)			—				(158,185,796	)			—				(18,026,777	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class			56,209,932				159,849,346				29,097,222				221,007,886				107,465,743				430,857,523				29,369,268				36,276,848
Service Class			14,298,841				15,840,439				18,149,952				25,806,795				33,912,157				35,766,150				21,128,051				24,519,616
Reinvestment of dividends and distributions:
Standard Class			—				44,580,493				—				10,213,287				—				121,241,535				—				9,274,614
Service Class			—				8,244,373				—				4,432,528				—				36,944,261				—				8,752,163
			70,508,773				228,514,651				47,247,174				261,460,496				141,377,900				624,809,469				50,497,319				78,823,241
Cost of shares redeemed:
Standard Class			(60,400,896	)			(167,119,927	)			(53,227,168	)			(222,765,798	)			(204,628,095	)			(215,239,925	)			(8,224,160	)			(31,599,087	)
Service Class			(17,229,624	)			(28,385,266	)			(22,162,271	)			(39,981,092	)			(36,183,915	)			(70,789,081	)			(19,666,645	)			(30,522,500	)
			(77,630,520	)			(195,505,193	)			(75,389,439	)			(262,746,890	)			(240,812,010	)			(286,029,006	)			(27,890,805	)			(62,121,587	)
Increase (decrease) in net assets derived from capital share transactions			(7,121,747	)			33,009,458				(28,142,265	)			(1,286,394	)			(99,434,110	)			338,780,463				22,606,514				16,701,654
NET INCREASE IN NET ASSETS			106,929,020				63,369,655				70,571,667				52,593,754				13,371,488				431,773,072				26,522,624				65,250,331
NET ASSETS:
Beginning of period			888,982,432				825,612,777				639,994,467				587,400,713				1,405,790,873				974,017,801				286,139,485				220,889,154
End of period		$	995,911,452			$	888,982,432			$	710,566,134			$	639,994,467			$	1,419,162,361			$	1,405,790,873			$	312,662,109			$	286,139,485
Undistributed net investment income		$	20,293,286			$	545,023			$	9,387,047			$	594,706			$	16,850,123			$	—			$	3,667,402			$	219,822

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	7.925		$	7.663			$	9.077			$	9.491			$	8.097			$	7.314
Income (loss) from investment operations:
Net investment income2			0.175			0.289				0.278				0.302				0.294				0.275
Net realized and unrealized gain (loss)			0.832			0.453				(0.676	)			(0.209	)			1.344				0.714
Total from investment operations			1.007			0.742				(0.398	)			0.093				1.638				0.989
Less dividends and distributions from:
Net investment income			—			(0.300	)			(0.259	)			(0.318	)			(0.244	)			(0.206	)
Net realized gain			—			(0.180	)			(0.757	)			(0.189	)			—				—
Total dividends and distributions			—			(0.480	)			(1.016	)			(0.507	)			(0.244	)			(0.206	)
Net asset value, end of period		$	8.932		$	7.925			$	7.663			$	9.077			$	9.491			$	8.097
Total return3			12.72%			9.73%				(4.30%	)			0.91%				20.31%				13.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	837,276		$	745,352			$	682,486			$	748,475			$	643,792			$	418,262
Ratio of expenses to average net assets			0.38%			0.38%				0.39%				0.38%				0.41%				0.44%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.39%			0.39%				0.39%				0.51%				0.83%				0.85%
Ratio of net investment income to average net assets			4.17%			3.77%				3.03%				3.04%				3.37%				3.66%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			4.16%			3.76%				3.03%				2.91%				2.95%				3.25%
Portfolio turnover			56%			63%				57%				53%				58%				53%

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	7.928		$	7.668			$	9.080			$	9.494			$	8.101			$	7.319
Income (loss) from investment operations:
Net investment income2			0.165			0.270				0.255				0.277				0.271				0.255
Net realized and unrealized gain (loss)			0.831			0.451				(0.674	)			(0.209	)			1.344				0.714
Total from investment operations			0.996			0.721				(0.419	)			0.068				1.615				0.969
Less dividends and distributions from:
Net investment income			—			(0.281	)			(0.236	)			(0.293	)			(0.222	)			(0.187	)
Net realized gain			—			(0.180	)			(0.757	)			(0.189	)			—				—
Total dividends and distributions			—			(0.461	)			(0.993	)			(0.482	)			(0.222	)			(0.187	)
Net asset value, end of period		$	8.924		$	7.928			$	7.668			$	9.080			$	9.494			$	8.101
Total return3			12.56%			9.46%				(4.53%	)			0.65%				20.01%				13.37%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	158,635		$	143,630			$	143,127			$	151,765			$	154,865			$	146,696
Ratio of expenses to average net assets			0.63%			0.63%				0.64%				0.63%				0.66%				0.69%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.64%			0.64%				0.64%				0.76%				1.08%				1.10%
Ratio of net investment income to average net assets			3.92%			3.52%				2.78%				2.79%				3.12%				3.41%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			3.91%			3.51%				2.78%				2.66%				2.70%				3.00%
Portfolio turnover			56%			63%				57%				53%				58%				53%

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	8.232		$	7.325			$	9.288			$	9.917			$	10.447			$	10.564
Income (loss) from investment operations:
Net investment income2			0.120			0.223				0.357				0.322				0.253				0.327
Net realized and unrealized gain (loss)			1.177			0.914				(1.940	)			(0.658	)			(0.553	)			0.899
Total from investment operations			1.297			1.137				(1.583	)			(0.336	)			(0.300	)			1.226
Less dividends and distributions from:
Net investment income			—			(0.230	)			(0.380	)			(0.293	)			(0.230	)			(0.273	)
Net realized gain			—			—				—				—				—				(1.070	)
Total dividends and distributions			—			(0.230	)			(0.380	)			(0.293	)			(0.230	)			(1.343	)
Net asset value, end of period		$	9.529		$	8.232			$	7.325			$	9.288			$	9.917			$	10.447
Total return3			15.76%			15.44%				(17.04%	)			(3.37%	)			(2.83%	)			12.66%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	509,070		$	462,296			$	421,228			$	492,713			$	478,730			$	280,612
Ratio of expenses to average net assets			0.42%			0.44%				0.46%				0.44%				0.49%				0.51%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.43%			0.45%				0.46%				0.69%				1.24%				1.25%
Ratio of net investment income to average net assets			2.66%			2.86%				3.99%				3.28%				2.58%				3.05%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.65%			2.85%				3.99%				3.03%				1.83%				2.31%
Portfolio turnover			55%			73%				51%				84%				39%				61%

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	8.235		$	7.329			$	9.289			$	9.917			$	10.448			$	10.564
Income (loss) from investment operations:
Net investment income2			0.109			0.204				0.334				0.297				0.229				0.303
Net realized and unrealized gain (loss)			1.176			0.913				(1.936	)			(0.657	)			(0.554	)			0.897
Total from investment operations			1.285			1.117				(1.602	)			(0.360	)			(0.325	)			1.200
Less dividends and distributions from:
Net investment income			—			(0.211	)			(0.358	)			(0.268	)			(0.206	)			(0.246	)
Net realized gain			—			—				—				—				—				(1.070	)
Total dividends and distributions			—			(0.211	)			(0.358	)			(0.268	)			(0.206	)			(1.316	)
Net asset value, end of period		$	9.520		$	8.235			$	7.329			$	9.289			$	9.917			$	10.448
Total return3			15.60%			15.16%				(17.25%	)			(3.61%	)			(3.08%	)			12.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	201,496		$	177,698			$	166,173			$	184,408			$	191,838			$	189,969
Ratio of expenses to average net assets			0.67%			0.69%				0.71%				0.69%				0.74%				0.76%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.68%			0.70%				0.71%				0.94%				1.49%				1.50%
Ratio of net investment income to average net assets			2.41%			2.61%				3.74%				3.03%				2.33%				2.80%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.40%			2.60%				3.74%				2.78%				1.58%				2.06%
Portfolio turnover			55%			73%				51%				84%				39%				61%

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.786		$	12.878			$	15.954			$	14.468			$	11.492			$	10.408
Income (loss) from investment operations:
Net investment income2			0.169			0.342				0.359				0.365				0.332				0.313
Net realized and unrealized gain (loss)			0.948			2.302				(1.141	)			2.044				3.736				0.954
Total from investment operations			1.117			2.644				(0.782	)			2.409				4.068				1.267
Less dividends and distributions from:
Net investment income			—			(0.316	)			(0.391	)			(0.393	)			(0.310	)			(0.183	)
Net realized gain			—			(1.420	)			(1.903	)			(0.530	)			(0.782	)			—
Total dividends and distributions			—			(1.736	)			(2.294	)			(0.923	)			(1.092	)			(0.183	)
Net asset value, end of period		$	14.903		$	13.786			$	12.878			$	15.954			$	14.468			$	11.492
Total return3			8.10%			21.53%				(4.67%	)			16.73%				35.85%				12.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,071,958		$	1,081,971			$	674,162			$	1,031,276			$	813,764			$	428,018
Ratio of expenses to average net assets			0.35%			0.34%				0.34%				0.34%				0.36%				0.38%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.36%			0.35%				0.34%				0.41%				0.57%				0.58%
Ratio of net investment income to average net assets			2.35%			2.56%				2.32%				2.37%				2.43%				2.80%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.34%			2.55%				2.32%				2.30%				2.22%				2.60%
Portfolio turnover			62%			57%				61%				44%				44%				43%

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	13.771		$	12.870			$	15.944			$	14.463			$	11.492			$	10.408
Income (loss) from investment operations:
Net investment income2			0.150			0.306				0.318				0.325				0.294				0.284
Net realized and unrealized gain (loss)			0.948			2.298				(1.137	)			2.041				3.735				0.956
Total from investment operations			1.098			2.604				(0.819	)			2.366				4.029				1.240
Less dividends and distributions from:
Net investment income			—			(0.283	)			(0.352	)			(0.355	)			(0.276	)			(0.156	)
Net realized gain			—			(1.420	)			(1.903	)			(0.530	)			(0.782	)			—
Total dividends and distributions			—			(1.703	)			(2.255	)			(0.885	)			(1.058	)			(0.156	)
Net asset value, end of period		$	14.869		$	13.771			$	12.870			$	15.944			$	14.463			$	11.492
Total return3			7.97%			21.22%				(4.91%	)			16.44%				35.50%				11.95%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	347,204		$	323,820			$	299,856			$	339,894			$	329,982			$	290,205
Ratio of expenses to average net assets			0.60%			0.59%				0.59%				0.59%				0.61%				0.63%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.61%			0.60%				0.59%				0.66%				0.82%				0.83%
Ratio of net investment income to average net assets			2.10%			2.31%				2.07%				2.12%				2.18%				2.55%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.09%			2.30%				2.07%				2.05%				1.97%				2.35%
Portfolio turnover			62%			57%				61%				44%				44%				43%

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	14.163		$	11.701			$	14.908			$	15.394			$	12.629			$	12.366
Income (loss) from investment operations:
Net investment income2			0.176			0.315				0.344				0.432				0.412				0.500
Net realized and unrealized gain (loss)			0.009			3.107				(1.347	)			0.204				3.884				1.166
Total from investment operations			0.185			3.422				(1.003	)			0.636				4.296				1.666
Less dividends and distributions from:
Net investment income			—			(0.281	)			(0.330	)			(0.516	)			(0.398	)			(0.319	)
Net realized gain			—			(0.679	)			(1.874	)			(0.606	)			(1.133	)			(1.084	)
Total dividends and distributions			—			(0.960	)			(2.204	)			(1.122	)			(1.531	)			(1.403	)
Net asset value, end of period		$	14.348		$	14.163			$	11.701			$	14.908			$	15.394			$	12.629
Total return3			1.31%			30.09%				(6.84%	)			4.30%				34.49%				13.83%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	170,016		$	146,614			$	107,473			$	117,200			$	100,958			$	64,409
Ratio of expenses to average net assets			0.40%			0.40%				0.41%				0.41%				0.42%				0.45%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.41%			0.41%				0.41%				0.52%				0.76%				0.77%
Ratio of net investment income to average net assets			2.50%			2.50%				2.39%				2.83%				2.80%				3.92%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.49%			2.49%				2.39%				2.72%				2.46%				3.60%
Portfolio turnover			62%			74%				70%				56%				55%				64%

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	14.150		$	11.696			$	14.901			$	15.388			$	12.628			$	12.366
Income (loss) from investment operations:
Net investment income2			0.158			0.283				0.306				0.393				0.373				0.469
Net realized and unrealized gain (loss)			0.009			3.099				(1.343	)			0.203				3.881				1.164
Total from investment operations			0.167			3.382				(1.037	)			0.596				4.254				1.633
Less dividends and distributions from:
Net investment income			—			(0.249	)			(0.294	)			(0.477	)			(0.361	)			(0.287	)
Net realized gain			—			(0.679	)			(1.874	)			(0.606	)			(1.133	)			(1.084	)
Total dividends and distributions			—			(0.928	)			(2.168	)			(1.083	)			(1.494	)			(1.371	)
Net asset value, end of period		$	14.317		$	14.150			$	11.696			$	14.901			$	15.388			$	12.628
Total return3			1.18%			29.76%				(7.08%	)			4.04%				34.16%				13.55%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	142,646		$	139,525			$	113,416			$	116,053			$	115,941			$	97,729
Ratio of expenses to average net assets			0.65%			0.65%				0.66%				0.66%				0.67%				0.70%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.66%			0.66%				0.66%				0.77%				1.01%				1.02%
Ratio of net investment income to average net assets			2.25%			2.25%				2.14%				2.58%				2.55%				3.67%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			2.24%			2.24%				2.14%				2.47%				2.21%				3.35%
Portfolio turnover			62%			74%				70%				56%				55%				64%

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the “1940 Act”) and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the LVIP SSGA Developed International 150 Fund, LVIP SSGA Emerging Markets 100 Fund, LVIP SSGA Large Cap 100 Fund, and LVIP SSGA Small-Mid Cap 200 Fund (each, a “Fund”, and collectively, the “Funds”). The financial statements of the Trust’s other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Funds are 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

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

Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). 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. Investments in government money market funds have a stable NAV. 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 the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 2016), 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, 2017, 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 foreign equity securities resulting from changes in the foreign exchange rates from that which is due to changes in market prices. These changes 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. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax 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, 2017, there were no brokerage commissions for 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.

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, 2017.

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. The fees are calculated daily and paid monthly. For its services, LIAC receives a management fee at an annual rate of each Fund’s average daily net assets as follows:

	LVIP SSGA Developed International 150 Fund		LVIP SSGA Emerging Markets 100 Fund			LVIP SSGA Large Cap 100 Fund			LVIP SSGA Small-Mid Cap 200 Fund
On the first $100 million		0.40%		0.40	%		0.40	%		0.40	%
In excess of $100 million		0.32%		0.33	%		0.30	%		0.30	%

LIAC has contractually agreed to waive a portion of its advisory fee. This agreement will continue at least through April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. The waiver amount of each Fund’s average daily net assets are as follows:

	LVIP SSGA Developed International 150 Fund			LVIP SSGA Emerging Markets 100 Fund			LVIP SSGA Large Cap 100 Fund			LVIP SSGA Small-Mid Cap 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

	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
Administrative		$	26,837		$	19,012		$	41,815		$	8,189
Legal			6,479			4,589			10,095			1,977

Lincoln Life also provides certain contractholder and additional corporate services to the Funds. Effective May 1, 2017, each Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The fees are calculated daily and paid annually. The Funds reimburse Lincoln Life for the cost of these services. For the six months ended June 30, 2017, these fees were as follows:

	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
Printing and mailing		$	3,021		$	23,283		$	6,632		$	21,311

The Funds currently offer two classes of shares: the Standard Class and the Service Class shares. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to their distribution and service plan, the Funds are authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fees are calculated daily and paid monthly.

At June 30, 2017, the Funds had liabilities payable to affiliates as follows:

	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
Management fees payable to LIAC		$	263,694		$	190,498		$	369,097		$	80,437
Distribution fees payable to LFD			32,518			41,228			70,982			28,900
Shareholder servicing fees payable to Lincoln Life			23,897			16,705			35,739			7,239
Printing and mailing fees payable to Lincoln Life			3,021			23,283			6,632			21,311

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, 2017, each Fund made purchases and sales of investment securities other than short-term investments as follows:

	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
Purchases	$	535,979,256	$	373,172,303	$	896,155,072	$	204,749,772
Sales		522,914,618		395,827,907		982,750,614		179,888,208

LVIP SSGA Funds–34

LVIP SSGA Funds

Notes to Financial Statements (continued)

3. Investments (continued)

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Funds were as follows:

	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
Cost of investments	$	915,898,040		$	668,536,680		$	1,258,217,333		$	303,000,352
Aggregate unrealized appreciation	$	116,559,780		$	73,087,150		$	196,786,850		$	28,666,805
Aggregate unrealized depreciation		(46,676,882	)		(36,264,486	)		(40,705,238	)		(19,040,898	)
Net unrealized appreciation	$	69,882,898		$	36,822,664		$	156,081,612		$	9,625,907

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, 2016, the LVIP SSGA Developed International 150 Fund, the LVIP SSGA Emerging Markets 100 Fund and the LVIP Small-Mid Cap 200 Fund had the following capital loss carryforwards for federal income tax purposes:

	Post-Enactment Losses (No Expiration)
	LVIP SSGA Developed International 150 Fund		LVIP SSGA Emerging Markets 100 Fund		LVIP SSGA Small-Mid 200 Fund
Short-Term	$	32,168,597	$	50,234,532	$	1,909,643
Long-Term		23,563,148		80,872,166		—
Total	$	55,731,745	$	131,106,698	$	1,909,643

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.

LVIP SSGA Funds–35

LVIP SSGA Funds

Notes to Financial Statements (continued)

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2017:

LVIP SSGA Developed International 150 Fund

	Level 1
Investments:
Assets:
Common Stock	$	969,636,555
Money Market Fund		15,996,124
Right		148,259
Total Investments	$	985,780,938
Derivatives:
Liabilities:
Futures Contracts	$	(100,289	)

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

LVIP SSGA Emerging Markets 100 Fund

	Level 1		Level 2			Total
Investments:
Assets:
Common Stock
Brazil	$	20,754,666	$	—		$	20,754,666
Chile		5,900,261		—			5,900,261
Czech Republic		6,817,365		—			6,817,365
Hong Kong		190,566,286		—			190,566,286
Hungary		7,929,195		—			7,929,195
Indonesia		7,322,018		—			7,322,018
Malaysia		7,200,893		—			7,200,893
Mexico		14,741,843		—			14,741,843
Republic of Korea		183,053,422		—			183,053,422
Russia		18,024,663		11,766,086			29,790,749
South Africa		35,853,706		—			35,853,706
Taiwan		118,410,005		—			118,410,005
Thailand		—		18,851,777			18,851,777
Turkey		24,286,852		—			24,286,852
United Arab Emirates		13,654,655		—			13,654,655
Money Market Fund		6,859,764		—			6,859,764
Preferred Stock		13,365,887		—			13,365,887
Total Investments	$	674,741,481	$	30,617,863		$	705,359,344
Derivatives:
Assets:
Futures Contracts	$	15,345	$	—		$	15,345
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(910	)	$	(910	)

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

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
Investments:
Assets:
Common Stock	$	1,408,138,015		$	—	$	1,408,138,015
Money Market Fund		4,891,857			—		4,891,857
Short-Term Investment		—			1,269,073		1,269,073
Total Investments	$	1,413,029,872		$	1,269,073	$	1,414,298,945
Derivatives:
Liabilities:
Futures Contracts	$	(43,374	)	$	—	$	(43,374	)

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

LVIP SSGA Small-Mid Cap 200 Fund

	Level 1			Level 2		Total
Investments:
Assets:
Common Stock	$	307,714,148		$	—	$	307,714,148
Money Market Fund		4,633,412			—		4,633,412
Short-Term Investment		—			278,699		278,699
Total Investments	$	312,347,560		$	278,699	$	312,626,259
Derivatives:
Liabilities:
Futures Contracts	$	(17,502	)	$	—	$	(17,502	)

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

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017 for the LVIP SSGA Emerging Markets 100 Fund and the LVIP SSGA Developed International 150 Fund. The Funds’ policy is to recognize transfers between levels as of the beginning of the reporting period in which the transfer occurred.

LVIP SSGA Funds–37

LVIP SSGA Funds

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	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
	Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16			Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		6,788,817			21,097,899			3,150,659			26,645,568			7,395,036			32,651,162			2,079,760			2,852,846
Service Class		1,679,323			2,104,094			2,001,282			3,383,047			2,352,302			2,718,076			1,497,072			1,933,535
Shares reinvested:
Standard Class		—			5,601,951			—			1,204,034			—			9,241,851			—			709,575
Service Class		—			1,036,873			—			522,463			—			2,831,531			—			674,706
		8,468,140			29,840,817			5,151,941			31,755,112			9,747,338			47,442,620			3,576,832			6,170,662
Shares redeemed:
Standard Class		(7,098,211	)		(21,709,297	)		(5,885,547	)		(29,198,729	)		(13,948,187	)		(15,760,472	)		(582,330	)		(2,395,475	)
Service Class		(2,020,213	)		(3,689,835	)		(2,415,509	)		(4,999,172	)		(2,514,599	)		(5,334,120	)		(1,394,268	)		(2,444,940	)
		(9,118,424	)		(25,399,132	)		(8,301,056	)		(34,197,901	)		(16,462,786	)		(21,094,592	)		(1,976,598	)		(4,840,415	)
Net increase (decrease)		(650,284	)		4,441,685			(3,149,115	)		(2,442,789	)		(6,715,448	)		26,348,028			1,600,234			1,330,247

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 already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. 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 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, 2017 for the LVIP SSGA Developed International 150 Fund, LVIP SSGA Large Cap 100 Fund, and LVIP SSGA Small-Mid Cap 200 Fund.

During the six months ended June 30, 2017, each Fund used foreign currency contracts to facilitate or expedite the settlement of portfolio transactions.

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 the Funds’ existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Funds’ investments; to facilitate investments in portfolio securities; and to reduce cost. 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

LVIP SSGA Funds–38

LVIP SSGA Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

futures, there is reduced counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, each Fund used futures contracts as a cash management tool; to facilitate investments in portfolio securities; and to reduce transaction costs.

Fair values of derivative instruments as of June 30, 2017 were as follows:

LVIP SSGA Developed International 150 Fund

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities	$	—	Receivables and other assets net of liabilities	$	(100,289	)

LVIP SSGA Emerging Markets 100 Fund

	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)	Receivables and other assets net of liabilities	$	—	Receivables and other assets net of liabilities	$	(910	)
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities	$	15,345	Receivables and other assets net of liabilities	$	—
Total		$	15,345		$	(910	)

LVIP SSGA Large Cap 100 Fund

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities	$	—	Receivables and other assets net of liabilities	$	(43,374	)

LVIP SSGA Small-Mid Cap 200 Fund

	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities	$	—	Receivables and other assets net of liabilities	$	(17,502	)

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2017 was as follows:

LVIP SSGA Developed International 150 Fund

	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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$	44,305	$	—
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		3,031,824		(81,503	)
Total		$	3,076,129	$	(81,503	)

LVIP SSGA Funds–39

LVIP SSGA Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

LVIP SSGA Emerging Markets 100 Fund

	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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts		$(488,831	)		$      (910	)
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		702,122			163,659
Total			$213,291			$162,749

LVIP SSGA Large Cap 100 Fund

	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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$935,239		$55,630

LVIP SSGA Small-Mid Cap 200 Fund

	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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$133,033		$39,762

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by each Fund during the six months ended June 30, 2017.

	Long Derivative Volume						Short Derivative Volume
	Foreign Currency Exchange Contracts (Average Cost)			Futures Contracts (Average Notional Value)			Foreign Currency Exchange Contracts (Average Cost)			Futures Contracts (Average Notional Value)
LVIP SSGA Developed International 150 Fund		$	638,062		$	22,820,095		$	823,148		$	—
LVIP SSGA Emerging Markets 100 Fund			622,034			6,747,147			1,949,476			—
LVIP SSGA Large Cap 100 Fund			—			11,601,387			—			—
LVIP SSGA Small-Mid Cap 200 Fund			—			3,888,607			—			—

At June 30, 2017, LVIP SSGA Large Cap 100 Fund and LVIP SSGA Small-Mid Cap 200 Fund pledged collateral for futures contracts as follows:

	LVIP SSGA Large Cap 100 Fund			LVIP SSGA Small-Mid Cap 200 Fund
U.S. Treasury Obligations, at value		$	1,269,073		$	278,699

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,

LVIP SSGA Funds–40

LVIP SSGA Funds

Notes to Financial Statements (continued)

5. Derivatives (continued)

Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the LVIP SSGA Developed International 150 Fund and the LVIP SSGA Emerging Markets 100 Fund do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Net Assets.

At June 30, 2017, the LVIP SSGA Developed International 150 Fund and the LVIP SSGA Emerging Markets 100 Fund had no open derivatives that are subject to offsetting provisions.

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 exchange 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, 2017. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Funds may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Funds’ Board has delegated to LIAC the day-to-day functions of determining whether individual securities are illiquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s limit on investments in illiquid securities. As of June 30, 2017, there were no Rule 144A securities held by the LVIP SSGA Emerging Markets 100 Fund, LVIP SSGA Large Cap 100 and LVIP SSGA Small-Mid Cap 200 Fund. Rule 144A securities for LVIP SSGA Developed International 150 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

LVIP SSGA Funds–41

LVIP SSGA Funds

Notes to Financial Statements (continued)

9. 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, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,071.00		0.34	%		$1.75
Service Class Shares		1,000.00		1,069.70		0.59	%		3.03
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.11		0.34	%		$1.71
Service Class Shares		1,000.00		1,021.87		0.59	%		2.96

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 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, 2017

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	71.50	%
Equity Funds	19.63	%
Fixed Income Funds	23.32	%
International Equity Funds	28.55	%
Unaffiliated Investments	28.51	%
Equity Funds	15.42	%
Fixed Income Funds	5.81	%
International Equity Funds	2.87	%
Money Market Fund	4.41	%
Total Value of Securities	100.01	%
Liabilities Net of Receivables and Other Assets	(0.01	%)
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–71.50%
Equity Funds–19.63%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Large Cap 100 Fund		9,003,100	$	134,173,196
LVIP SSGA S&P 500 Index Fund		277,108		4,710,011
LVIP SSGA Small-Cap Index Fund		158,354		4,772,310
LVIP SSGA Small-Mid Cap 200 Fund		3,378,617		48,476,397
				192,131,914
Fixed Income Funds–23.32%
*Lincoln Variable Insurance Products Trust– LVIP SSGA Bond Index Fund		11,803,337		134,451,809
SPDR® Bloomberg Barclays TIPS ETF		1,670,002		93,804,012
				228,255,821
International Equity Funds–28.55%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Developed International 150 Fund		12,672,519		113,190,939
LVIP SSGA Emerging Markets 100 Fund		2,967,480		28,277,115
LVIP SSGA International Index Fund		5,041,852		46,919,477
SPDR® S&P Emerging Markets ETF		561,505		37,401,848
SPDR® S&P World ex-US ETF		1,839,458		53,583,412
				279,372,791
Total Affiliated Investments (Cost $621,735,452)				699,760,526

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS–28.51%
Equity Funds–15.42%
Health Care Select Sector SPDR® Fund		245,714	$	19,470,377
Industrial Select Sector SPDR® Fund		282,581		19,246,592
SPDR® S&P 500 ETF Trust		290,999		70,363,558
SPDR® S&P 600 Small Cap ETF		193,318		23,807,112
Technology Select Sector SPDR® Fund		329,394		18,024,440
				150,912,079
Fixed Income Funds–5.81%
SPDR® Bloomberg Barclays Aggregate Bond ETF		817,879		47,167,082
Vanguard Long-Term Bond ETF		103,670		9,655,824
				56,822,906
International Equity Funds–2.87%
Vanguard FTSE European ETF		170,170		9,383,174
Vanguard FTSE Pacific ETF		284,725		18,734,905
				28,118,079
Money Market Fund–4.41%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		43,127,388		43,127,388
				43,127,388
Total Unaffiliated Investments (Cost $258,222,720)				278,980,452

TOTAL VALUE OF SECURITIES–100.01% (Cost $879,958,172)		978,740,978
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.01%)		(121,781	)
NET ASSETS APPLICABLE TO 81,484,278 SHARES OUTSTANDING–100.00%	$	978,619,197

* 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, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
28    British Pound		$2,245,334	$	2,282,875		9/19/17	$	37,541	$	—
27    Euro		3,826,823		3,870,112		9/19/17		43,289		—
22    Japanese Yen		2,531,991		2,450,250		9/19/17		—		(81,741	)
								80,830		(81,741	)
Equity Contracts:
20    E-mini MSCI Emerging Markets Index		1,008,747		1,008,300		9/18/17		—		(447	)
73    E-mini S&P 500 Index		8,856,670		8,836,285		9/18/17		—		(20,385	)
7    E-mini S&P MidCap 400 Index		1,235,731		1,222,270		9/18/17		—		(13,461	)
114    Euro STOXX 50 Index		4,627,511		4,467,337		9/18/17		—		(160,174	)
26    FTSE 100 Index		2,518,227		2,452,579		9/18/17		—		(65,648	)
16    Nikkei 225 Index (OSE)		2,861,450		2,847,922		9/8/17		—		(13,528	)
								—		(273,643	)
Total							$	80,830	$	(355,384	)

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

FTSE–Financial Times Stock Exchange

MSCI–Morgan Stanley Capital International

OSE–Osaka Securities Exchange

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Affiliated investments, at value	$	699,760,526
Unaffiliated investments, at value		278,980,452
Total investments, at value		978,740,978
Foreign currencies collateral held at broker for futures contracts, at value		2,067,291
Dividends receivable from investments		372,295
Receivable for fund shares sold		168,079
Foreign currencies, at value		83,191
Unrealized appreciation on futures contracts		80,830
TOTAL ASSETS		981,512,664
LIABILITIES:
Payable for fund shares redeemed		1,202,911
Cash due to broker for futures contracts		737,150
Due to manager and affiliates		481,636
Unrealized depreciation on futures contracts		355,384
Cash due to custodian		83,139
Other accrued expenses payable		33,247
TOTAL LIABILITIES		2,893,467
TOTAL NET ASSETS	$	978,619,197
Affiliated investments, at cost	$	621,735,452
Unaffiliated investments, at cost		258,222,720
Total investments, at cost	$	879,958,172
Foreign currencies, at cost	$	83,302
Foreign currencies collateral held at broker for futures contracts, at cost	$	2,067,291
Standard Class:
Net Assets	$	47,753,094
Shares Outstanding		3,971,510
Net Asset Value Per Share	$	12.024
Service Class:
Net Assets	$	930,866,103
Shares Outstanding		77,512,768
Net Asset Value Per Share	$	12.009
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	944,091,809
Undistributed net investment income		2,243,883
Accumulated net realized loss on investments		(66,224,636	)
Net unrealized appreciation of investments and derivatives		98,508,141
TOTAL NET ASSETS	$	978,619,197

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	2,782,987
Dividends from affiliated investments		1,745,322
		4,528,309
EXPENSES:
Management fees		1,932,744
Distribution fees-Service Class		1,148,428
Accounting and administration expenses		49,718
Shareholder servicing fees		47,482
Reports and statements to shareholders		28,828
Professional fees		26,987
Trustees’ fees and expenses		13,117
Custodian fees		5,707
Consulting fees		2,857
Pricing fees		188
Other		2,798
		3,258,854
Less:
Management fees waived		(483,186	)
Total operating expenses		2,775,668
NET INVESTMENT INCOME		1,752,641
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Sale of affiliated investments		5,212,347
Sale of unaffiliated investments		6,801,140
Foreign currencies		83,029
Futures contracts		2,302,036
Net realized gain		14,398,552
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		41,159,371
Unaffiliated investments		8,693,015
Foreign currencies		32
Futures contracts		(394,661	)
Net change in unrealized appreciation (depreciation)		49,457,757
NET REALIZED AND UNREALIZED GAIN		63,856,309
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	65,608,950

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,752,641		$	16,718,122
Net realized gain (loss)		14,398,552			(21,029,150	)
Net change in unrealized appreciation (depreciation)		49,457,757			55,375,353
Net increase in net assets resulting from operations		65,608,950			51,064,325
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(922,634	)
Service Class		—			(15,798,953	)
		—			(16,721,587	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,050,612			6,901,631
Service Class		28,583,626			69,109,290
Reinvestment of dividends and distributions:
Standard Class		—			922,634
Service Class		—			15,798,953
		30,634,238			92,732,508
Cost of shares redeemed:
Standard Class		(4,836,394	)		(9,200,755	)
Service Class		(79,889,748	)		(150,851,172	)
		(84,726,142	)		(160,051,927	)
Decrease in net assets derived from capital share transactions		(54,091,904	)		(67,319,419	)
NET INCREASE (DECREASE) IN NET ASSETS		11,517,046			(32,976,681	)
NET ASSETS:
Beginning of period		967,102,151			1,000,078,832
End of period	$	978,619,197		$	967,102,151
Undistributed net investment income	$	2,243,883		$	491,242

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 6/30/171 (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.227		$	10.841			$	11.979			$	11.784			$	10.951			$	10.193
Income (loss) from investment operations:
Net investment income3			0.035			0.215				0.220				0.234				0.227				0.198
Net realized and unrealized gain (loss)			0.762			0.395				(1.000	)			0.236				0.846				0.931
Total from investment operations			0.797			0.610				(0.780	)			0.470				1.073				1.129
Less dividends and distributions from:
Net investment income			—			(0.224	)			(0.358	)			(0.275	)			(0.240	)			(0.371	)
Total dividends and distributions			—			(0.224	)			(0.358	)			(0.275	)			(0.240	)			(0.371	)
Net asset value, end of period		$	12.024		$	11.227			$	10.841			$	11.979			$	11.784			$	10.951
Total return4			7.10%			5.62%				(6.52%	)			3.97%				9.81%				11.15%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	47,753		$	47,250			$	46,949			$	49,090			$	45,331			$	40,440
Ratio of expenses to average net assets5			0.34%			0.33%				0.33%				0.34%				0.30%				0.30%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.44%			0.43%				0.43%				0.44%				0.33%				0.30%
Ratio of net investment income to average net assets			0.60%			1.94%				1.86%				1.94%				1.99%				1.85%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.50%			1.84%				1.76%				1.84%				1.96%				1.85%
Portfolio turnover			30%			64%				58%				53%				70%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 6/30/171 (unaudited)			12/31/162				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	11.227		$	10.843			$	11.978			$	11.784			$	10.953			$	10.195
Income (loss) from investment operations:
Net investment income3			0.020			0.187				0.190				0.204				0.198				0.171
Net realized and unrealized gain (loss)			0.762			0.393				(0.996	)			0.234				0.845				0.932
Total from investment operations			0.782			0.580				(0.806	)			0.438				1.043				1.103
Less dividends and distributions from:
Net investment income			—			(0.196	)			(0.329	)			(0.244	)			(0.212	)			(0.345	)
Total dividends and distributions			—			(0.196	)			(0.329	)			(0.244	)			(0.212	)			(0.345	)
Net asset value, end of period		$	12.009		$	11.227			$	10.843			$	11.978			$	11.784			$	10.953
Total return4			6.97%			5.36%				(6.75%	)			3.71%				9.54%				10.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	930,866		$	919,852			$	953,130			$	973,809			$	807,031			$	419,366
Ratio of expenses to average net assets5			0.59%			0.58%				0.58%				0.59%				0.55%				0.55%
Ratio of expenses to average net assets prior to expenses waived/reimbursed5			0.69%			0.68%				0.68%				0.69%				0.58%				0.55%
Ratio of net investment income to average net assets			0.35%			1.69%				1.61%				1.69%				1.74%				1.60%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.25%			1.59%				1.51%				1.59%				1.71%				1.60%
Portfolio turnover			30%			64%				58%				53%				70%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially all 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 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, 2017.

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, 2017.

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 calculated daily and paid monthly. 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, 2018 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. The Sub-Adviser is also 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 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	27,645
Legal		6,672

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $23,356 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that the Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	242,597
Distribution fees payable to LFD		192,232
Shareholder servicing fees payable to Lincoln Life		23,451
Printing and mailing fees payable to Lincoln Life		23,356

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.

Affiliated investments, 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 issuers’ outstanding securities (non-LVIP Funds or ETFs). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16		Purchases		Sales		Net Realized Gain (Loss)			Net change in Unrealized Appreciation (Depreciation)			Value 6/30/17		Dividends		Capital Gain Distributions
LVIP SSGA Bond Index Fund	$	159,430,406	$	4,565,294	$	32,450,215	$	(471,578	)	$	3,377,902		$	134,451,809	$	—	$	—
LVIP SSGA Developed International 150 Fund		75,028,441		37,440,000		11,570,638		444,161			11,848,975			113,190,939		—		—
LVIP SSGA Emerging Markets 100 Fund		28,106,635		1,910,001		5,955,788		105,766			4,110,501			28,277,115		—		—
LVIP SSGA International Index Fund		14,019,930		36,030,000		8,414,653		468,011			4,816,189			46,919,477		—		—
LVIP SSGA Large Cap 100 Fund		129,431,702		1,076,506		6,531,756		64,414			10,132,330			134,173,196		—		—
LVIP SSGA S&P 500 Index Fund		19,112,226		—		15,970,000		4,178,311			(2,610,526	)		4,710,011		—		—
LVIP SSGA Small-Cap Index Fund		5,241,019		—		699,019		235,257			(4,947	)		4,772,310		—		—
LVIP SSGA Small-Mid Cap 200 Fund		37,349,191		10,560,000		—		—			567,206			48,476,397		—		—
SPDR® Bloomberg Barclays Aggregated Bond ETF*		54,389,906		—		—		—			—			—		—		—
SPDR® Bloomberg Barclays TIPS ETF		92,505,044		2,000,700		670,306		(13,041	)		(18,385	)		93,804,012		912,148		—
SPDR® S&P Emerging Markets ETF		26,961,753		7,935,755		2,129,716		76,951			4,557,105			37,401,848		169,110		—
SPDR® S&P World ex-US ETF**		18,308,089		33,454,019		2,685,812		124,095			4,383,021			53,583,412		664,064		—
Total	$	659,884,342	$	134,972,275	$	87,077,903	$	5,212,347		$	41,159,371		$	699,760,526	$	1,745,322	$	—

^* Issuer considered an unaffiliated investment of the Fund at June 30, 2017.

^** Issuer considered an unaffiliated investment of the Fund at December 31, 2016.

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	278,322,515
Sales		321,730,580

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)

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	879,958,172
Aggregate unrealized appreciation	$	98,918,335
Aggregate unrealized depreciation		(135,529	)
Net unrealized appreciation	$	98,782,806

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, 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)
2017	2018	Short-Term	Total
$27,953,328	$3,265,118	$15,965,686	$47,184,132

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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investments	$	699,760,526
Unaffiliated Investments		278,980,452
Total Investments	$	978,740,978
Derivatives:
Assets:
Futures Contracts	$	80,830
Liabilities:
Futures Contracts	$	(355,384	)

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

During the six months ended June 30, 2017, 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 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		175,512			623,986
Service Class		2,444,845			6,270,072
Shares reinvested:
Standard Class		—			82,180
Service Class		—			1,407,228
		2,620,357			8,383,466
Shares redeemed:
Standard Class		(412,670	)		(828,041	)
Service Class		(6,864,601	)		(13,651,430	)
		(7,277,271	)		(14,479,471	)
Net decrease		(4,656,914	)		(6,096,005	)

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	80,830	Unrealized depreciation on futures contracts	$	(81,741	)
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts		—	Unrealized depreciation on futures contracts		(273,643	)
Total		$	80,830		$	(355,384	)

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, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	1,972,874		$	(505,035	)
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts			329,162			110,374
Total			$	2,302,036		$	(394,661	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Futures contracts (average notional value)		$	28,590,583		$	—

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 loss to be remote.

8. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 International Index Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,141.60		0.41	%		$2.18
Service Class Shares		1,000.00		1,140.30		0.66	%		3.50
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.76		0.41	%		$2.06
Service Class Shares		1,000.00		1,021.52		0.66	%		3.31

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

Security Type/Country Percentage
of Net Assets

Common Stock	98.51	%
Australia	6.98	%
Austria	0.22	%
Belgium	1.14	%
China	0.01	%
Denmark	1.78	%
Finland	0.98	%
France	10.29	%
Germany	8.91	%
Hong Kong	3.45	%
Ireland	0.70	%
Israel	0.67	%
Italy	2.15	%
Japan	23.30	%
Netherlands	4.15	%
New Zealand	0.16	%
Norway	0.60	%
Portugal	0.15	%
Singapore	1.32	%
South Africa	0.03	%
Spain	3.38	%
Sweden	2.97	%
Switzerland	8.70	%
United Kingdom	16.47	%
Preferred Stock	0.53	%
Rights	0.01	%
Money Market Fund	0.16	%
Total Value of Securities	99.21	%
Receivables and Other Assets Net of Liabilities	0.79	%
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	1.20	%
Air Freight & Logistics	0.37	%
Airlines	0.22	%
Auto Components	1.27	%
Automobiles	3.38	%
Banks	12.60	%
Beverages	2.17	%
Biotechnology	0.86	%
Building Products	0.82	%
Capital Markets	2.38	%
Chemicals	3.67	%
Commercial Services & Supplies	0.54	%
Communications Equipment	0.42	%
Construction & Engineering	0.93	%

Sector Percentage
of Net Assets

Construction Materials	0.67	%
Consumer Finance	0.08	%
Containers & Packaging	0.12	%
Distributors	0.03	%
Diversified Consumer Services	0.02	%
Diversified Financial Services	0.73	%
Diversified Telecommunication Services	2.52	%
Electric Utilities	1.76	%
Electrical Equipment	1.50	%
Electronic Equipment, Instruments & Components	1.38	%
Energy Equipment & Services	0.08	%
Equity Real Estate Investment Trusts	1.65	%
Food & Staples Retailing	1.51	%
Food Products	3.19	%
Gas Utilities	0.37	%
Health Care Equipment & Supplies	1.00	%
Health Care Providers & Services	0.67	%
Health Care Technology	0.04	%
Hotels, Restaurants & Leisure	1.38	%
Household Durables	1.20	%
Household Products	0.86	%
Independent Power & Renewable Electricity Producers	0.04	%
Industrial Conglomerates	1.74	%
Insurance	5.49	%
Internet & Direct Marketing Retail	0.14	%
Internet Software & Services	0.17	%
IT Services	0.74	%
Leisure Products	0.21	%
Life Sciences Tools & Services	0.21	%
Machinery	2.56	%
Marine	0.25	%
Media	1.26	%
Metals & Mining	2.71	%
Multiline Retail	0.29	%
Multi-Utilities	1.09	%
Oil, Gas & Consumable Fuels	4.61	%
Paper & Forest Products	0.26	%
Personal Products	2.08	%
Pharmaceuticals	7.98	%
Professional Services	1.09	%
Real Estate Management & Development	1.99	%
Road & Rail	1.19	%
Semiconductors & Semiconductor Equipment	1.09	%
Software	1.58	%
Specialty Retail	0.91	%
Technology Hardware, Storage & Peripherals	0.60	%
Textiles, Apparel & Luxury Goods	1.87	%
Tobacco	1.55	%
Trading Companies & Distributors	1.31	%
Transportation Infrastructure	0.65	%

LVIP SSGA International Index Fund–2

LVIP SSGA International Index Fund

Security Type/Country and Sector Allocations and Top 10 Equity Holdings (unaudited) (continued)

Sector Percentage 
of Net Assets

Water Utilities	0.11	%
Wireless Telecommunication Services	1.69	%
Total	99.05	%

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	1.96	%
Novartis	1.35	%
HSBC Holdings	1.34	%
Roche Holding	1.30	%
Toyota Motor	0.99	%
British American Tobacco	0.91	%
Royal Dutch Shell Class A	0.84	%
TOTAL	0.83	%
Sanofi	0.81	%
BP	0.81	%
Total	11.14	%

IT–Information Technology

LVIP SSGA International Index Fund–3

LVIP SSGA International Index Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
DCOMMON STOCK–98.51%
Australia–6.98%
AGL Energy		116,818	$	2,289,551
Alumina		468,716		691,690
Amcor		204,954		2,553,523
AMP		572,061		2,281,971
APA Group		189,016		1,332,196
Aristocrat Leisure		93,145		1,615,099
ASX		33,852		1,394,860
Aurizon Holdings		350,006		1,441,918
AusNet Services		275,084		366,830
Australia & New Zealand Banking Group		520,806		11,496,372
Bank of Queensland		68,726		604,821
Bendigo & Adelaide Bank		80,833		688,382
†=BGP Holdings		160,069		3,656
BHP Billiton		570,985		10,216,639
BlueScope Steel		101,334		1,028,865
Boral		194,881		1,041,009
Brambles		303,298		2,268,207
Caltex Australia		53,909		1,309,743
Challenger		96,172		986,063
CIMIC Group		17,957		536,060
Coca-Cola Amatil		104,489		741,264
Cochlear		9,787		1,169,340
Commonwealth Bank of Australia		301,813		19,209,723
Computershare		76,199		828,131
Crown Resorts		59,112		557,923
CSL		80,823		8,574,501
Dexus		168,996		1,231,360
Domino’s Pizza Enterprises		10,560		422,703
Flight Centre Travel Group		8,399		247,245
Fortescue Metals Group		306,866		1,231,175
Goodman Group		316,617		1,915,179
GPT Group		311,611		1,147,225
Harvey Norman Holdings		93,657		274,982
Healthscope		274,698		466,604
Incitec Pivot		288,379		755,820
Insurance Australia Group		408,923		2,130,942
James Hardie Industries CDI		71,601		1,128,167
LendLease Group		95,238		1,218,779
Macquarie Group		53,764		3,657,086
Medibank Pvt.		570,717		1,228,229
Mirvac Group		765,686		1,253,518
National Australia Bank		472,534		10,746,781
Newcrest Mining		127,782		1,979,979
Oil Search		277,781		1,456,087
Orica		62,872		999,328
†Origin Energy		344,015		1,813,852
Qantas Airways		88,434		388,791
QBE Insurance Group		238,431		2,164,278
Ramsay Health Care		27,817		1,573,579
REA Group		8,246		420,835
Rio Tinto		74,422		3,619,091

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Australia (continued)
†Santos		277,924	$	647,246
Scentre Group		931,905		2,900,862
SEEK		55,169		717,033
Sonic Healthcare		63,271		1,177,821
South32		552,218		1,137,485
South32 (London Stock Exchange)		368,248		762,603
Stockland		411,305		1,384,645
Suncorp Group		228,324		2,600,759
Sydney Airport		229,862		1,252,604
Tabcorp Holdings		139,988		470,189
Tatts Group		245,023		787,197
Telstra		728,402		2,407,354
TPG Telecom		57,141		250,336
Transurban Group		357,328		3,254,511
Treasury Wine Estates		124,458		1,258,865
Vicinity Centres		681,165		1,345,507
Wesfarmers		200,228		6,174,277
Westfield		378,281		2,334,697
Westpac Banking		567,741		13,313,519
Woodside Petroleum		132,737		3,047,387
Woolworths		230,180		4,518,444
				170,443,293
Austria–0.22%
ANDRITZ		12,257		738,325
†Erste Group Bank		53,243		2,038,705
IMMOFINANZ		1,149		2,625
OMV		24,795		1,286,701
†Raiffeisen Bank International		19,247		485,823
voestalpine		18,936		882,412
				5,434,591
Belgium–1.14%
Ageas		36,403		1,466,029
Anheuser-Busch Inbev		135,664		14,985,083
Colruyt		11,289		594,723
Groupe Bruxelles Lambert		13,583		1,307,660
KBC Group		43,799		3,322,162
Proximus SADP		25,610		895,942
Solvay Class A		14,504		1,946,475
†Telenet Group Holding		8,879		559,284
UCB		24,735		1,701,563
Umicore		16,260		1,130,996
				27,909,917
☐China–0.01%
Yangzijiang Shipbuilding Holdings		294,000		254,120
				254,120
Denmark–1.78%
AP Moller - Maersk Class A		642		1,225,750
AP Moller - Maersk Class B		1,157		2,326,316
Carlsberg Class B		18,931		2,022,397

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 (continued)
Chr Hansen Holding		16,649	$	1,210,888
Coloplast Class B		19,536		1,632,414
Danske Bank		130,564		5,021,731
#DONG Energy 144A		27,472		1,240,182
DSV		33,624		2,065,880
†Genmab		10,146		2,164,675
H Lundbeck		12,200		684,737
ISS		29,033		1,140,298
Novo Nordisk Class B		320,544		13,727,014
Novozymes Class B		37,993		1,662,615
Pandora		21,324		1,989,805
TDC		136,700		794,959
Tryg		16,350		357,621
Vestas Wind Systems		38,718		3,574,235
†William Demant Holding		19,495		504,567
				43,346,084
Finland–0.98%
Elisa		25,308		980,765
Fortum		74,784		1,172,742
Kone Class B		57,540		2,927,138
Metso		17,066		591,775
Neste		21,585		850,293
Nokia		157,345		964,512
Nokia (London Stock Exchange)		873,420		5,342,023
Nokian Renkaat		19,229		795,917
Orion Class B		16,843		1,075,361
Sampo Class A		78,469		4,021,401
Stora Enso Class R		92,752		1,198,144
UPM-Kymmene		90,604		2,582,945
Wartsila		24,906		1,472,101
				23,975,117
France–10.29%
Accor		32,777		1,536,571
Aeroports de Paris		4,998		806,606
Air Liquide		68,921		8,517,301
Airbus		102,766		8,450,941
†Alstom		25,825		902,873
Arkema		12,675		1,352,563
Atos		14,960		2,099,939
AXA		344,223		9,416,045
BNP Paribas		198,612		14,304,827
Bollore		149,000		677,488
Bouygues		38,680		1,631,065
Bureau Veritas		44,650		988,067
Capgemini		28,384		2,933,252
Carrefour		100,372		2,539,273
Casino Guichard Perrachon		8,803		521,418
†Christian Dior		9,282		2,654,070
Cie de Saint-Gobain		87,941		4,698,668

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
France (continued)
Cie Generale des Etablissements Michelin		30,273	$	4,024,682
CNP Assurances		27,678		621,342
Credit Agricole		195,665		3,147,699
Danone		104,465		7,852,100
Dassault Aviation		386		538,985
Dassault Systemes		22,922		2,054,897
Edenred		39,862		1,039,413
Eiffage		10,346		940,135
Electricite de France		97,045		1,050,984
Engie		301,678		4,553,381
Essilor International		36,465		4,639,643
Eurazeo		6,552		491,582
Eurofins Scientific		1,839		1,035,819
Eutelsat Communications		29,393		750,652
Fonciere Des Regions		5,702		528,948
Gecina		7,061		1,107,689
Groupe Eurotunnel		78,710		839,473
Hermes International		3,736		1,846,149
ICADE		6,915		580,501
Iliad		4,448		1,052,127
Imerys		5,370		467,054
Ingenico Group		10,027		910,346
Ipsen		6,656		911,118
JCDecaux		12,510		410,360
Kering		13,276		4,521,661
Klepierre		43,066		1,765,105
Lagardere		19,870		627,503
Legrand		46,556		3,256,904
L’Oreal		44,693		9,310,810
LVMH Moet Hennessy Louis Vuitton		49,551		12,354,617
Natixis		158,047		1,060,877
Orange		352,377		5,590,272
Pernod Ricard		37,383		5,006,222
Peugeot		90,539		1,806,040
Publicis Groupe		35,975		2,683,513
Remy Cointreau		3,883		453,476
Renault		31,400		2,842,183
Rexel		50,882		832,496
Safran		55,011		5,041,544
Sanofi		206,800		19,783,829
†Schneider Electric		99,567		7,649,975
SCOR		27,474		1,089,180
SEB		3,788		680,337
SES FDR		71,465		1,675,327
Societe BIC		4,842		574,597
Societe Generale		135,821		7,308,078
Sodexo		16,324		2,110,552
STMicroelectronics		118,946		1,707,687
Suez		59,606		1,103,901
Thales		20,491		2,205,574
TOTAL		408,556		20,198,176

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)
Unibail-Rodamco		17,471	$	4,402,961
Valeo		41,688		2,808,747
Veolia Environnement		93,677		1,979,374
Vinci		89,884		7,671,857
Vivendi		180,266		4,012,812
Wendel		4,961		734,340
Zodiac Aerospace		35,069		951,284
				251,227,857
Germany–8.91%
adidas		33,279		6,376,112
Allianz		81,365		16,021,310
Axel Springer		6,481		389,360
BASF		163,585		15,150,743
Bayer		144,888		18,732,769
Bayerische Motoren Werke		58,480		5,428,930
Beiersdorf		17,838		1,875,193
Brenntag		28,832		1,668,916
†Commerzbank		198,650		2,366,443
Continental		19,344		4,174,614
#Covestro 144A		16,126		1,164,221
Daimler		171,315		12,399,445
Deutsche Bank		364,500		6,463,270
Deutsche Boerse		33,704		3,557,710
Deutsche Lufthansa		39,241		893,021
Deutsche Post		171,546		6,430,464
Deutsche Telekom		581,604		10,442,466
Deutsche Wohnen		65,291		2,497,420
E.ON		389,524		3,669,493
Evonik Industries		33,374		1,066,735
Fraport Frankfurt Airport Services Worldwide		6,547		578,023
Fresenius		72,514		6,216,609
Fresenius Medical Care		37,648		3,619,282
GEA Group		34,126		1,396,546
Hannover Rueck		11,252		1,348,762
HeidelbergCement		25,902		2,504,283
Henkel		18,390		2,224,338
HOCHTIEF		3,454		632,776
HUGO BOSS		11,260		788,355
Infineon Technologies		198,815		4,197,510
#Innogy 144A		23,368		919,863
K+S		32,225		825,186
LANXESS		17,079		1,293,104
Linde		32,798		6,210,907
MAN		6,236		668,584
Merck		22,494		2,716,878
METRO		31,210		1,053,532
Muenchener Rueckversicherungs- Gesellschaft in Muenchen Class R		28,453		5,737,450
OSRAM Licht		14,982		1,193,540
ProSiebenSat.1 Media		45,717		1,913,182

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Germany (continued)
†QIAGEN		39,947	$	1,328,842
RTL Group		6,515		491,932
†RWE		91,325		1,819,633
SAP		175,081		18,287,143
Siemens		134,015		18,421,401
Symrise		24,275		1,719,547
Telefonica Deutschland Holding		131,416		656,373
thyssenkrupp		72,025		2,046,301
United Internet		20,709		1,138,763
Volkswagen		5,465		847,331
Vonovia		84,049		3,337,320
#†Zalando 144A		14,559		665,309
				217,567,240
∎Hong Kong–3.45%
AIA Group		2,145,800		15,679,625
ASM Pacific Technology		34,000		459,433
Bank of East Asia		216,220		929,136
BOC Hong Kong Holdings		645,000		3,085,611
Cheung Kong Property Holdings		470,924		3,688,401
CK Hutchison Holdings		477,660		5,995,643
CK Infrastructure Holdings		112,000		941,050
CLP Holdings		287,000		3,036,356
First Pacific		369,750		272,786
Galaxy Entertainment Group		395,000		2,398,094
Hang Lung Group		148,000		612,287
Hang Lung Properties		388,000		969,074
Hang Seng Bank		133,400		2,790,184
Henderson Land Development		205,231		1,144,780
#HK Electric Investments 144A		446,308		410,440
HKT Trust		706,592		926,743
Hong Kong & China Gas		1,462,417		2,749,717
Hong Kong Exchanges & Clearing		207,576		5,365,239
Hongkong Land Holdings		231,000		1,700,160
Hysan Development		105,850		505,019
Jardine Matheson Holdings		38,000		2,439,600
Jardine Strategic Holdings		41,500		1,730,135
Kerry Properties		101,531		344,616
Li & Fung		992,000		360,845
Link REIT		388,715		2,957,390
Melco Resorts & Entertainment ADR		35,846		804,743
MGM China Holdings		135,995		302,387
MTR		290,487		1,635,221
New World Development		1,002,195		1,272,087
NWS Holdings		271,490		534,116
PCCW		636,596		362,024
Power Assets Holdings		266,000		2,349,128
Sands China		465,868		2,133,191
Shangri-La Asia		254,166		431,019
Sino Land		525,092		860,867
SJM Holdings		287,591		303,156
Sun Hung Kai Properties		254,005		3,731,612

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)
∎Hong Kong (continued)
Swire Pacific Class A		91,500	$	893,618
Swire Properties		196,961		649,603
Techtronic Industries		231,500		1,064,477
#WH Group 144A		1,351,793		1,364,354
Wharf Holdings		215,000		1,781,696
Wheelock & Co.		137,000		1,033,538
Wynn Macau		271,153		633,476
Yue Yuen Industrial Holdings		118,500		491,761
				84,124,438
Ireland–0.70%
†AerCap Holdings		27,988		1,299,483
†Bank of Ireland		4,631,473		1,216,662
CRH		146,979		5,199,837
†=Irish Bank Resolution		3,965		0
Kerry Group Class A		28,033		2,411,908
Paddy Power Betfair		15,571		1,662,310
†Ryanair Holdings ADR		5,317		572,162
WPP		225,573		4,741,893
				17,104,255
Israel–0.67%
Azrieli Group		6,290		349,810
Bank Hapoalim		182,788		1,233,486
Bank Leumi Le-Israel		243,592		1,185,018
Bezeq The Israeli Telecommunication		354,913		589,597
†Check Point Software Technologies		24,864		2,712,165
Elbit Systems		3,945		486,629
Frutarom Industries		6,428		449,804
Israel Chemicals		85,880		405,476
Mizrahi Tefahot Bank		17,430		317,286
†Mobileye		35,317		2,217,908
NICE Systems		10,087		809,077
†Taro Pharmaceutical Industries		3,595		402,856
Teva Pharmaceutical Industries		139,930		4,629,100
Teva Pharmaceutical Industries ADR		17,569		583,642
				16,371,854
Italy–2.15%
Assicurazioni Generali		220,840		3,634,669
Atlantia		80,622		2,268,911
Enel		1,439,343		7,716,681
Eni		450,773		6,775,431
Ferrari		21,087		1,809,951
†Fiat Chrysler Automobiles		189,281		1,995,409
Intesa Sanpaolo		2,241,895		7,108,171
Intesa Sanpaolo RSP		156,997		465,499
Leonardo		68,138		1,132,337
Luxottica Group		33,063		1,912,691
Mediobanca		95,321		940,644
#Poste Italiane 144A		93,206		638,199
Prysmian		33,255		978,042
Recordati		18,504		750,692

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Italy (continued)
†Saipem		89,546	$	330,757
Snam		402,676		1,755,041
†Telecom Italia		1,994,847		1,840,959
Telecom Italia RSP		1,014,860		747,634
Tenaris		88,192		1,374,944
Terna Rete Elettrica Nazionale		253,807		1,370,000
†UniCredit		354,222		6,614,796
UnipolSai Assicurazioni		165,713		361,693
				52,523,151
Japan–23.30%
ABC-Mart		4,800		282,089
†Acom		67,200		306,500
Aeon		108,000		1,639,084
AEON Financial Service		19,500		412,278
Aeon Mall		16,390		322,335
Air Water		24,000		440,418
Aisin Seiki		31,300		1,600,133
Ajinomoto		90,400		1,950,261
Alfresa Holdings		29,600		570,288
Alps Electric		31,400		904,521
Amada Holdings		57,300		661,262
ANA Holdings		199,000		690,728
Aozora Bank		252,000		958,933
Asahi Glass		34,400		1,446,650
Asahi Group Holdings		67,300		2,529,846
Asahi Kasei		211,000		2,265,237
Asics		29,200		540,515
Astellas Pharma		380,200		4,646,232
Bandai Namco Holdings		35,400		1,205,441
Bank of Kyoto		51,000		480,640
Benesse Holdings		10,300		388,282
Bridgestone		114,600		4,931,443
Brother Industries		39,700		915,244
Calbee		12,400		486,739
Canon		188,600		6,398,734
Casio Computer		39,300		603,433
Central Japan Railway		25,400		4,134,910
Chiba Bank		128,000		926,357
Chubu Electric Power		125,300		1,662,683
Chugai Pharmaceutical		38,000		1,420,671
Chugoku Bank		25,500		380,885
Chugoku Electric Power		46,900		516,640
Coca-Cola Bottlers Japan Class C		21,900		632,807
Concordia Financial Group		241,900		1,218,587
Credit Saison		24,400		475,960
†CYBERDYNE		16,000		212,669
Dai Nippon Printing		94,000		1,043,005
Daicel		47,100		585,007
Dai-ichi Life Insurance		189,400		3,412,484
Daiichi Sankyo		104,900		2,468,729
Daikin Industries		44,100		4,497,239

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)
Daito Trust Construction		13,600	$	2,115,421
Daiwa House Industry		98,800		3,371,366
Daiwa House REIT Investment		230		545,784
Daiwa Securities Group		322,000		1,906,091
DeNA		17,700		395,939
Denso		83,700		3,528,832
Dentsu		41,900		2,000,471
Disco		5,100		812,554
Don Quijote Holdings		21,600		818,102
East Japan Railway		58,400		5,579,089
Eisai		48,100		2,653,572
Electric Power Development		24,700		610,061
FamilyMart		13,900		794,639
FANUC		34,300		6,603,836
Fast Retailing		9,300		3,094,074
Fuji Electric		127,000		668,451
FUJIFILM Holdings		76,500		2,747,811
Fujitsu		360,000		2,649,549
Fukuoka Financial Group		136,000		645,690
Hachijuni Bank		96,200		609,830
Hakuhodo DY Holdings		32,700		433,480
Hamamatsu Photonics		25,800		791,376
Hankyu Hanshin Holdings		47,500		1,706,157
Hikari Tsushin		5,000		525,450
Hino Motors		47,200		523,302
Hirose Electric		6,940		988,476
Hiroshima Bank		75,000		332,074
Hisamitsu Pharmaceutical		13,200		631,394
Hitachi		852,000		5,222,216
Hitachi Chemical		17,500		521,227
Hitachi Construction Machinery		25,300		631,403
Hitachi High-Technologies		14,900		577,586
Hitachi Metals		34,000		472,176
Honda Motor		304,500		8,295,070
Hoshizaki		10,400		939,444
Hoya		68,200		3,536,880
Hulic		50,200		511,931
Idemitsu Kosan		14,400		408,411
†IHI		260,000		883,041
Iida Group Holdings		25,000		415,870
Inpex		185,000		1,778,040
Isetan Mitsukoshi Holdings		56,500		565,628
Isuzu Motors		101,400		1,249,526
ITOCHU		263,000		3,902,618
J Front Retailing		43,000		659,098
Japan Airlines		20,200		623,915
Japan Airport Terminal		7,300		278,760
Japan Exchange Group		102,300		1,850,905
Japan Post Bank		68,200		871,941
Japan Post Holdings		92,800		1,150,151
Japan Prime Realty Investment		140		484,819
Japan Real Estate Investment		220		1,093,399

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Japan Retail Fund Investment		430	$	793,287
Japan Tobacco		194,700		6,832,460
JFE Holdings		91,900		1,593,696
JGC		34,900		565,351
JSR		31,300		539,036
JTEKT		37,600		548,915
JXTG Holdings		539,660		2,354,400
Kajima		143,000		1,205,281
Kakaku.com		22,800		326,974
Kamigumi		41,000		429,411
Kaneka		43,000		327,255
Kansai Electric Power		119,800		1,647,749
Kansai Paint		36,800		845,770
Kao		88,900		5,273,535
Kawasaki Heavy Industries		244,000		720,231
KDDI		325,500		8,609,580
Keihan Holdings		86,000		545,935
Keikyu		79,000		950,318
Keio		97,000		810,669
Keisei Electric Railway		23,000		613,470
Keyence		17,188		7,539,950
Kikkoman		25,000		797,955
Kintetsu Group Holdings		369,000		1,420,556
Kirin Holdings		143,300		2,916,325
†Kobe Steel		52,100		534,549
Koito Manufacturing		23,200		1,192,229
Komatsu		162,400		4,121,545
Konami Holdings		15,200		843,281
Konica Minolta		76,200		631,415
Kose		5,400		589,091
Kubota		185,000		3,104,579
Kuraray		56,000		1,014,697
Kurita Water Industries		16,000		435,297
Kyocera		56,200		3,250,831
Kyowa Hakko Kirin		43,700		810,864
Kyushu Electric Power		71,900		871,941
Kyushu Financial Group		68,000		428,646
Kyushu Railway		28,000		907,402
Lawson		9,400		656,893
†LINE		7,000		241,165
Lion		40,000		827,206
LIXIL Group		54,700		1,366,102
M3		32,700		899,813
Mabuchi Motor		8,200		407,539
Makita		44,000		1,625,428
Marubeni		321,000		2,071,410
Marui Group		39,100		575,680
Maruichi Steel Tube		14,100		409,304
Mazda Motor		110,800		1,544,649
McDonald’s Holdings		13,100		501,987
Mebuki Financial Group		198,510		737,739
Medipal Holdings		37,600		694,668

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)
MEIJI Holdings		22,268	$	1,803,614
MINEBEA MITSUMI		60,000		962,881
Miraca Holdings		13,300		597,155
MISUMI Group		46,100		1,051,723
Mitsubishi		267,100		5,594,911
Mitsubishi Chemical Holdings		264,600		2,188,081
Mitsubishi Electric		341,000		4,897,848
Mitsubishi Estate		220,000		4,094,866
Mitsubishi Gas Chemical		30,500		644,032
Mitsubishi Heavy Industries		613,000		2,505,956
Mitsubishi Materials		18,800		568,304
Mitsubishi Motors		121,700		800,693
Mitsubishi Tanabe Pharma		39,700		916,303
Mitsubishi UFJ Financial Group		2,131,300		14,302,781
Mitsubishi UFJ Lease & Finance		106,000		578,653
Mitsui & Co.		300,800		4,293,704
Mitsui Chemicals		190,000		1,005,112
Mitsui Fudosan		157,000		3,741,618
Mitsui OSK Lines		193,000		566,259
Mixi		8,300		461,214
Mizuho Financial Group		4,277,220		7,810,989
MS&AD Insurance Group Holdings		88,554		2,971,352
Murata Manufacturing		33,800		5,129,727
Nabtesco		19,000		551,545
Nagoya Railroad		155,000		722,116
NEC		528,000		1,398,924
†Nexon		30,200		596,079
NGK Insulators		54,500		1,084,912
NGK Spark Plug		30,000		637,208
NH Foods		29,000		880,507
Nidec		41,900		4,287,788
Nikon		57,400		916,563
Nintendo		20,000		6,700,156
Nippon Building Fund		237		1,209,495
Nippon Electric Glass		19,800		719,120
Nippon Express		140,000		875,039
Nippon Paint Holdings		27,400		1,035,341
Nippon Prologis REIT		264		561,917
Nippon Steel & Sumitomo Metal		141,822		3,200,215
Nippon Telegraph & Telephone		122,200		5,769,122
†Nippon Yusen		272,000		505,428
Nissan Chemical Industries		20,700		682,792
Nissan Motor		414,600		4,121,118
Nisshin Seifun Group		31,765		521,062
Nissin Foods Holdings		9,900		617,897
Nitori Holdings		14,200		1,898,804
Nitto Denko		28,700		2,357,751
NOK		14,100		297,607
Nomura Holdings		639,100		3,826,361
Nomura Real Estate Holdings		21,000		411,505
Nomura Real Estate Master Fund		690		942,903
Nomura Research Institute		22,869		899,714

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
NSK		74,300	$	926,810
NTT Data		129,500		1,439,209
NTT DOCOMO		244,900		5,774,393
Obayashi		113,700		1,335,387
Obic		10,900		668,682
Odakyu Electric Railway		51,500		1,037,555
Oji Holdings		137,000		706,468
Olympus		56,300		2,052,278
Omron		32,900		1,425,984
Ono Pharmaceutical		80,100		1,745,500
Oracle Corp. Japan		5,900		382,405
Oriental Land		38,600		2,610,970
ORIX		232,400		3,595,252
Osaka Gas		301,000		1,229,691
Otsuka		8,800		545,330
Otsuka Holdings		68,300		2,908,709
Panasonic		388,700		5,266,760
Park24		17,800		451,983
Pola Orbis Holdings		14,000		368,686
Rakuten		180,700		2,123,898
Recruit Holdings		192,900		3,311,757
Resona Holdings		383,000		2,106,117
Ricoh		138,600		1,222,416
Rinnai		5,400		502,672
Rohm		15,000		1,150,922
Ryohin Keikaku		4,100		1,023,223
Sankyo		7,600		257,444
Santen Pharmaceutical		62,800		850,920
SBI Holdings		35,870		485,389
Secom		36,600		2,774,083
Sega Sammy Holdings		31,700		426,143
Seibu Holdings		30,000		553,990
Seiko Epson		57,900		1,286,438
Sekisui Chemical		65,300		1,167,533
Sekisui House		116,900		2,057,378
Seven & i Holdings		133,000		5,472,541
Seven Bank		91,400		326,675
†Sharp		281,000		1,041,805
Shimadzu		39,000		741,338
Shimamura		3,500		428,184
Shimano		14,300		2,260,538
Shimizu		93,000		984,779
Shin-Etsu Chemical		68,800		6,230,078
Shinsei Bank		301,000		524,525
Shionogi & Co.		52,000		2,893,692
Shiseido		67,200		2,386,280
Shizuoka Bank		90,000		812,180
Showa Shell Sekiyu		36,300		336,293
SMC		10,000		3,036,230
SoftBank Group		146,700		11,865,125
Sohgo Security Services		11,900		535,355
Sompo Holdings		61,375		2,367,692

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)
Sony		223,800	$	8,528,178
Sony Financial Holdings		29,300		498,601
Stanley Electric		25,300		762,543
Start Today		29,400		722,747
Subaru		108,300		3,645,466
Sumitomo		207,400		2,695,877
Sumitomo Chemical		278,000		1,596,693
Sumitomo Dainippon Pharma		36,600		498,847
Sumitomo Electric Industries		133,500		2,053,390
Sumitomo Heavy Industries		93,000		612,696
Sumitomo Metal Mining		100,000		1,334,074
Sumitomo Mitsui Financial Group		238,500		9,285,543
Sumitomo Mitsui Trust Holdings		63,746		2,277,797
Sumitomo Realty & Development		69,000		2,125,672
Sumitomo Rubber Industries		28,800		485,484
Sundrug		12,600		469,384
Suntory Beverage & Food		22,100		1,025,668
Suruga Bank		29,100		704,247
Suzuken Aichi		13,050		432,776
Suzuki Motor		59,800		2,833,821
Sysmex		30,300		1,807,628
T&D Holdings		96,500		1,466,697
Taiheiyo Cement		198,000		720,000
Taisei		183,000		1,669,331
Taisho Pharmaceutical Holdings		7,700		585,330
Taiyo Nippon Sanso		21,900		245,529
Takashimaya		70,000		665,303
Takeda Pharmaceutical		125,800		6,385,350
TDK		24,100		1,583,454
Teijin		31,600		607,136
Terumo		57,100		2,246,433
THK		20,300		573,941
Tobu Railway		167,000		910,167
Toho (Tokyo)		25,100		772,136
Toho Gas		60,000		436,364
Tohoku Electric Power		71,500		988,509
Tokio Marine Holdings		120,400		4,978,710
†Tokyo Electric Power Holdings		243,500		1,002,361
Tokyo Electron		27,400		3,693,123
Tokyo Gas		343,000		1,781,862
Tokyo Tatemono		32,000		418,795
Tokyu		208,000		1,584,850
Tokyu Fudosan Holdings		86,300		509,475
Toppan Printing		89,000		974,866
Toray Industries		282,000		2,357,543
†Toshiba		769,000		1,858,317
Tosoh		104,000		1,064,272
TOTO		29,400		1,121,369
Toyo Seikan Group Holdings		27,500		463,570
Toyo Suisan Kaisha		13,900		532,025
Toyoda Gosei		10,900		259,623
Toyota Industries		28,600		1,502,787

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Japan (continued)
Toyota Motor		462,000	$	24,205,966
Toyota Tsusho		36,000		1,077,039
Trend Micro		18,500		952,345
Tsuruha Holdings		6,500		689,442
Unicharm		66,600		1,670,995
United Urban Investment		495		706,357
USS		37,900		752,440
West Japan Railway		27,300		1,926,231
Yahoo Japan		239,700		1,042,128
Yakult Honsha		14,800		1,006,624
Yamada Denki		105,800		524,885
Yamaguchi Financial Group		32,000		386,077
Yamaha		28,600		986,601
Yamaha Motor		44,800		1,154,304
Yamato Holdings		59,400		1,203,315
Yamazaki Baking		28,900		575,302
Yaskawa Electric		42,700		903,923
Yokogawa Electric		50,700		811,831
Yokohama Rubber		16,000		320,782
				568,662,281
Netherlands–4.15%
#ABN AMRO Group CVA 144A		56,426		1,495,814
Akzo Nobel		44,324		3,852,030
†Altice Class A		62,218		1,435,458
†Altice Class B-W/I		16,305		376,273
ASML Holding		66,213		8,628,833
Boskalis Westminster		16,280		528,726
CNH Industrial		171,205		1,938,797
EXOR		18,655		1,009,730
Gemalto		13,504		810,510
Heineken		40,383		3,926,489
Heineken Holding		16,973		1,555,703
ING Groep		689,080		11,884,194
Koninklijke Ahold Delhaize		226,025		4,321,506
Koninklijke DSM		31,198		2,267,671
Koninklijke KPN		604,559		1,934,082
Koninklijke Philips		171,640		6,095,821
Koninklijke Vopak		11,600		537,907
NN Group		54,924		1,952,203
†NXP Semiconductors		55,320		6,054,774
Randstad Holding		20,765		1,212,400
RELX		174,050		3,578,242
Royal Dutch Shell Class B		667,510		17,931,342
Unilever CVA		284,999		15,728,721
Wolters Kluwer		50,998		2,158,939
				101,216,165
New Zealand–0.16%
Auckland International Airport		171,922		898,269
Contact Energy		130,095		496,688
Fletcher Building		113,652		665,441

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)
New Zealand (continued)
Mercury		115,924	$	282,031
Meridian Energy		215,758		460,093
Ryman Healthcare		58,695		356,567
Spark New Zealand		302,819		838,804
				3,997,893
Norway–0.60%
DNB		170,641		2,902,353
Gjensidige Forsikring		32,572		555,953
†Marine Harvest		64,411		1,102,480
Norsk Hydro		226,423		1,255,141
Orkla		137,241		1,394,807
Schibsted Class A		14,689		354,700
Schibsted Class B		15,002		331,531
Statoil		202,310		3,353,760
Telenor		124,978		2,073,299
Yara International		31,230		1,173,077
				14,497,101
Portugal–0.15%
Energias de Portugal		389,897		1,274,954
Galp Energia		99,416		1,505,079
Jeronimo Martins		41,950		818,836
				3,598,869
Singapore–1.32%
Ascendas Real Estate Investment Trust		514,387		975,159
CapitaLand		432,300		1,099,001
CapitaLand Commercial Trust		490,700		591,656
CapitaLand Mall Trust		545,400		782,397
City Developments		95,300		742,741
ComfortDelGro		363,000		606,428
DBS Group Holdings		318,795		4,802,476
Genting Singapore		1,017,800		802,116
Global Logistic Properties		449,000		932,733
Golden Agri-Resources		1,199,480		326,715
Hutchison Port Holdings Trust		909,400		391,042
Jardine Cycle & Carriage		22,288		717,976
Keppel		246,515		1,126,261
Oversea-Chinese Banking		552,455		4,329,754
SATS		113,200		420,158
Sembcorp Industries		151,000		337,810
Singapore Airlines		91,000		668,909
Singapore Exchange		135,000		719,738
Singapore Press Holdings		341,200		800,491
Singapore Technologies Engineering		338,800		905,599
Singapore Telecommunications		1,508,700		4,262,824
StarHub		118,000		233,129
Suntec Real Estate Investment Trust		451,000		612,580
United Overseas Bank		233,185		3,915,916
UOL Group		77,051		427,579

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Singapore (continued)
Wilmar International		283,300	$	689,344
				32,220,532
South Africa–0.03%
Mediclinic International		62,675		605,294
				605,294
Spain–3.38%
Abertis Infraestructuras		122,686		2,272,841
ACS Actividades de Construccion y Servicios		41,764		1,613,478
#Aena 144A		11,355		2,215,773
Amadeus IT Group		77,050		4,606,939
Banco Bilbao Vizcaya Argentaria		1,186,424		9,844,614
Banco de Sabadell		890,297		1,808,981
Banco Santander		2,596,291		17,175,329
Bankia		208,766		1,009,087
Bankinter		120,397		1,109,030
CaixaBank		640,406		3,057,418
Distribuidora Internacional de Alimentacion		104,799		652,464
Enagas		38,184		1,070,671
Endesa		53,477		1,231,959
Ferrovial		82,483		1,830,932
Gamesa Corp. Tecnologica		42,189		900,840
Gas Natural SDG		61,664		1,443,101
Grifols		50,221		1,398,722
Iberdrola		1,028,891		8,147,300
Industria de Diseno Textil		193,013		7,409,318
Mapfre		181,469		633,816
Red Electrica		84,952		1,775,126
Repsol		197,306		3,019,731
Telefonica		804,686		8,306,574
				82,534,044
Sweden–2.97%
Alfa Laval		49,739		1,017,841
†ArcelorMittal		107,045		2,428,112
Assa Abloy Class B		175,735		3,861,093
Atlas Copco Class A		118,102		4,527,989
Atlas Copco Class B		65,964		2,279,265
Boliden		53,867		1,469,966
Electrolux Class B		40,505		1,327,457
†Essity Class B		106,614		2,916,962
Getinge Class B		35,029		685,637
Hennes & Mauritz Class B		167,276		4,167,654
Hexagon Class B		45,750		2,174,899
Husqvarna Class B		76,246		757,509
ICA Gruppen		14,943		556,236
Industrivarden Class C		25,640		614,773
Investor Class B		79,770		3,844,246
Kinnevik Class B		39,633		1,213,260
L E Lundbergforetagen Class B		6,376		503,287

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)
†Lundin Petroleum		31,520	$	606,478
Millicom International Cellular SDR		11,134		657,623
Nordea Bank		537,580		6,840,431
Sandvik		185,841		2,922,826
Securitas Class B		53,264		897,775
Skandinaviska Enskilda Banken Class A		265,782		3,214,736
Skanska Class B		66,792		1,584,830
SKF Class B		67,025		1,358,050
Svenska Handelsbanken Class A		268,275		3,840,370
Swedbank Class A		159,200		3,879,516
Swedish Match		31,779		1,119,189
Tele2 Class B		56,196		588,328
Telefonaktiebolaget LM Ericsson Class B		538,519		3,851,267
Telia		459,772		2,116,937
Volvo Class B		272,230		4,640,192
				72,464,734
Switzerland–8.70%
ABB		352,745		8,711,025
†Adecco Group		28,775		2,187,608
Baloise Holding		8,418		1,301,020
†Barry Callebaut		344		472,825
Chocoladefabriken Lindt & Spruengli Class R		17		1,185,160
Chocoladefabriken Lindt & Spruengli PC		169		979,914
Cie Financiere Richemont Class A		92,461		7,617,498
†Credit Suisse Group		418,488		6,048,851
†Dufry		5,514		903,378
EMS-Chemie Holding		1,378		1,016,004
Geberit		6,468		3,016,466
Givaudan		1,614		3,228,337
†Glencore		2,171,205		8,121,688
†Julius Baer Group		39,607		2,083,818
Kuehne + Nagel International Class R		9,092		1,517,072
†LafargeHolcim		80,244		4,594,218
†Lonza Group		13,227		2,859,482
Nestle		550,753		47,930,273
Novartis		395,178		32,886,854
Pargesa Holding Bearer Shares		4,834		367,755
Partners Group Holding		2,863		1,775,006
Roche Holding		124,331		31,662,979
Schindler Holding		3,438		712,769
Schindler Holding PC		7,448		1,575,972
SGS		969		2,346,457
Sika Bearer Shares		365		2,344,770
Sonova Holding		8,974		1,457,140
Straumann Holding Class R		1,686		959,133
Swatch Group		5,198		1,919,503
Swatch Group Bearer Shares		8,354		610,280

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
Switzerland (continued)
†Swiss Life Holding		5,294	$	1,786,566
Swiss Prime Site		12,045		1,094,086
Swiss Re		57,200		5,228,470
Swisscom		4,584		2,211,927
†UBS Group		649,977		11,008,058
Vifor Pharma		8,627		950,958
Zurich Insurance Group		26,680		7,765,552
				212,438,872
United Kingdom–16.47%
3i Group		172,155		2,023,615
Aberdeen Asset Management		155,322		610,943
Admiral Group		35,605		928,866
Aegon		311,943		1,592,953
†Anglo American (London Stock Exchange)		246,272		3,284,551
Antofagasta		66,393		691,356
Ashtead Group		97,536		2,018,598
Associated British Foods		63,046		2,410,875
AstraZeneca		225,104		15,055,137
#Auto Trader Group 144A		168,540		834,157
Aviva		715,041		4,898,665
Babcock International Group		41,546		476,453
BAE Systems		559,385		4,615,497
Barclays		3,034,074		8,012,132
Barratt Developments		163,481		1,199,837
Berkeley Group Holdings		22,114		929,453
BHP Billiton (London Stock Exchange)		373,639		5,722,958
BP		3,428,214		19,771,362
British American Tobacco		326,930		22,286,894
British Land		192,836		1,520,769
BT Group		1,497,236		5,747,846
Bunzl		65,517		1,952,410
Burberry Group		77,675		1,680,397
Capita		112,215		1,010,658
Carnival		33,424		2,211,481
Centrica		1,016,953		2,651,710
Cobham		402,558		679,508
Coca-Cola European Partners		42,766		1,736,446
†Coca-Cola HBC		29,789		876,074
Compass Group		278,901		5,884,725
#†ConvaTec Group 144A		207,209		861,455
Croda International		22,097		1,118,112
DCC		15,080		1,372,902
Diageo		447,607		13,225,031
Direct Line Insurance Group		242,254		1,121,371
Dixons Carphone		164,784		608,671
easyJet		26,750		473,483
Experian		166,439		3,414,261
Fresnillo		36,441		705,294
G4S		261,232		1,110,549

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)
GKN		301,284	$	1,279,248
GlaxoSmithKline		868,905		18,509,040
Hammerson		133,317		997,554
Hargreaves Lansdown		43,922		744,825
Hikma Pharmaceuticals		26,275		503,062
HSBC Holdings		3,513,004		32,563,919
IMI		45,784		712,595
Imperial Brands		170,033		7,637,030
Inmarsat		75,942		761,118
InterContinental Hotels Group		29,505		1,639,774
International Consolidated Airlines Group		34,180		271,280
International Consolidated Airlines Group (London Stock Exchange)		102,223		812,156
Intertek Group		27,383		1,503,993
Intu Properties		158,853		556,763
Investec		139,504		1,042,032
ITV		712,834		1,684,173
J Sainsbury		333,823		1,094,361
Johnson Matthey		38,061		1,423,228
Kingfisher		436,260		1,708,598
Land Securities Group		153,602		2,026,597
Legal & General Group		1,043,054		3,509,072
Lloyds Banking Group		12,646,139		10,895,542
London Stock Exchange Group		53,456		2,538,483
Marks & Spencer Group		264,394		1,147,752
Meggitt		130,524		810,735
#Merlin Entertainments 144A		119,494		747,826
Mondi		72,291		1,896,290
National Grid		611,879		7,585,292
Next		27,365		1,374,338
Old Mutual		857,223		2,159,292
Pearson		161,264		1,452,415
Persimmon		52,523		1,533,720
Petrofac		43,679		251,453
Provident Financial		24,853		787,557
Prudential		457,941		10,503,401
Randgold Resources		15,997		1,417,842
Reckitt Benckiser Group		117,698		11,932,542
RELX		190,443		4,117,505
Rio Tinto		219,631		9,274,013
†Rolls-Royce Holdings		292,872		3,398,730
†Royal Bank of Scotland Group		597,328		1,923,191
Royal Dutch Shell Class A		776,342		20,576,834
Royal Mail		151,527		831,265
RSA Insurance Group		166,186		1,332,243
Sage Group		210,171		1,883,312
Schroders		23,299		941,933
Segro		170,130		1,083,998
Severn Trent		41,713		1,185,461
Shire		160,477		8,857,982
Sky		178,892		2,315,999

	Number of Shares		Value (U.S. $)
DCOMMON STOCK (continued)
United Kingdom (continued)
Smith & Nephew		152,808	$	2,637,078
Smiths Group		64,844		1,348,763
SSE		177,774		3,364,302
St James’s Place		92,031		1,416,813
†Standard Chartered		579,894		5,870,059
Standard Life		386,152		2,007,248
Tate & Lyle		78,530		677,103
Taylor Wimpey		554,176		1,271,788
†Tesco		1,432,622		3,149,670
Travis Perkins		42,088		797,595
TUI		77,915		1,135,566
Unilever		228,156		12,347,072
United Utilities Group		133,977		1,513,773
Vodafone Group		4,733,307		13,424,060
Weir Group		36,368		819,931
Whitbread		35,922		1,856,025
Wm Morrison Supermarkets		392,650		1,233,514
Wolseley		44,117		2,708,099
#Worldpay Group 144A		353,936		1,451,177
				402,094,455
Total Common Stock (Cost $1,951,674,812)				2,404,612,157
DPREFERRED STOCK–0.53%
Germany–0.53%
Bayerische Motoren Werke 4.30%		10,228		843,200
FUCHS PETROLUB 1.83%		12,670		689,907
Henkel 1.53%		31,330		4,311,919
Porsche Automobil Holding 1.89%		30,053		1,688,448
Schaeffler 3.99%		27,682		396,477
Volkswagen 1.49%		32,752		4,988,316
Total Preferred Stock (Cost $11,124,627)				12,918,267
DRIGHTS–0.01%
Spain–0.01%
†ACS Actividades de Construccion y Servicios expiration date 7/11/17		41,764		33,391
†Repsol expiration date 7/3/17		197,302		90,139
Total Rights (Cost $128,278)				123,530

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–0.16%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		3,827,324	$	3,827,324
Total Money Market Fund (Cost $3,827,324)				3,827,324

TOTAL VALUE OF SECURITIES–99.21% (Cost $1,966,755,041)	$	2,421,481,278
«RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.79%		19,394,379
NET ASSETS APPLICABLE TO 262,310,141 SHARES OUTSTANDING–100.00%	$	2,440,875,657
NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND STANDARD CLASS ($2,144,116,355 / 230,395,817 Shares)	$	9.306
NET ASSET VALUE PER SHARE–LVIP SSGA INTERNATIONAL INDEX FUND SERVICE CLASS ($296,759,302 / 31,914,324 Shares)	$	9.299
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	2,137,074,811
Undistributed net investment income		40,765,269
Accumulated net realized loss on investments		(191,711,597	)
Net unrealized appreciation of investments, foreign currencies and derivatives		454,747,174
TOTAL NET ASSETS	$	2,440,875,657

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $14,008,770, which represents 0.57% 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.

∎ 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 $1,182,938 cash collateral held at broker for futures contracts, $60,754 expense reimbursement from Lincoln Investment Advisors Corporation, $855,939 payable for fund shares redeemed and $791,370 due to manager and affiliates as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

☐ Securities listed and traded on the Hong Kong Stock Exchange.

The following futures contract was outstanding at June 30, 2017:¹

Futures Contract    

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
266     E-mini MSCI EAFE Index		$25,198,132		$25,131,680		9/18/17		$(66,452)

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.”

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

EAFE–Europe Australasia Far East

FDR–Fiduciary Depositary Receipt

GDR–Global Depository Receipt

MSCI–Morgan Stanley Capital International

PC–Participation Certificate

REIT–Real Estate Investment Trust

RSP–Risparmio Italian Savings Shares

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	52,155,275
Foreign tax withheld		(4,631,583	)
		47,523,692
EXPENSES:
Management fees		4,784,505
Index fees		393,014
Distribution fees-Service Class		360,886
Accounting and administration expenses		297,890
Custodian fees		128,766
Shareholder servicing fees		119,443
Professional fees		60,060
Pricing fees		50,100
Reports and statements to shareholders		43,699
Trustees’ fees and expenses		31,975
Consulting fees		3,383
Other		13,980
		6,287,701
Less:
Management fees waived		(958,099	)
Expenses reimbursed		(99,655	)
Total operating expenses		5,229,947
NET INVESTMENT INCOME		42,293,745
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(8,704,002	)
Foreign currencies		4,517
Foreign currency exchange contracts		(32,822	)
Futures contracts		5,154,938
Net realized loss		(3,577,369	)
Net change in unrealized appreciation (depreciation) of:
Investments		276,364,886
Foreign currencies		712,008
Futures contracts		158,718
Net change in unrealized appreciation (depreciation)		277,235,612
NET REALIZED AND UNREALIZED GAIN		273,658,243
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	315,951,988

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	42,293,745		$	66,845,309
Net realized loss		(3,577,369	)		(112,266,814	)
Net change in unrealized appreciation (depreciation)		277,235,612			77,902,771
Net increase in net assets resulting from operations		315,951,988			32,481,266
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(63,172,869	)
Service Class		—			(7,704,545	)
		—			(70,877,414	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		103,655,671			773,109,377
Service Class		19,476,876			34,367,671
Reinvestment of dividends and distributions:
Standard Class		—			63,172,869
Service Class		—			7,704,545
		123,132,547			878,354,462
Cost of shares redeemed:
Standard Class		(287,139,754	)		(927,321,696	)
Service Class		(32,770,247	)		(35,246,758	)
		(319,910,001	)		(962,568,454	)
Decrease in net assets derived from capital share transactions		(196,777,454	)		(84,213,992	)
NET INCREASE (DECREASE) IN NET ASSETS		119,174,534			(122,610,140	)
NET ASSETS:
Beginning of period		2,321,701,123			2,444,311,263
End of period	$	2,440,875,657		$	2,321,701,123
Undistributed (Distributions in excess of) net investment income	$	40,765,269		$	(1,528,476	)

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	8.152		$	8.326			$	8.657			$	9.458			$	7.942			$	6.851
Income (loss) from investment operations:
Net investment income2			0.156			0.238				0.222				0.300				0.202				0.206
Net realized and unrealized gain (loss)			0.998			(0.154	)			(0.329	)			(0.849	)			1.461				1.031
Total from investment operations			1.154			0.084				(0.107	)			(0.549	)			1.663				1.237
Less dividends and distributions from:
Net investment income			—			(0.258	)			(0.224	)			(0.252	)			(0.147	)			(0.146	)
Total dividends and distributions			—			(0.258	)			(0.224	)			(0.252	)			(0.147	)			(0.146	)
Net asset value, end of period		$	9.306		$	8.152			$	8.326			$	8.657			$	9.458			$	7.942
Total return3			14.16%			1.02%				(1.22%	)			(5.84%	)			20.98%				18.13%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,144,117		$	2,049,699			$	2,173,659			$	1,861,073			$	1,552,699			$	800,954
Ratio of expenses to average net assets			0.41%			0.41%				0.41%				0.43%				0.47%				0.50%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.50%			0.49%				0.48%				0.48%				0.51%				0.54%
Ratio of net investment income to average net assets			3.57%			2.94%				2.48%				3.18%				2.32%				2.80%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			3.48%			2.86%				2.41%				3.13%				2.28%				2.76%
Portfolio turnover			1%			18%				1%				2%				6%				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.

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 6/30/171 (unaudited)			12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	8.155		$	8.330			$	8.660			$	9.460			$	7.944			$	6.855
Income (loss) from investment operations:
Net investment income2			0.145			0.218				0.200				0.276				0.180				0.187
Net realized and unrealized gain (loss)			0.999			(0.155	)			(0.329	)			(0.847	)			1.461				1.030
Total from investment operations			1.144			0.063				(0.129	)			(0.571	)			1.641				1.217
Less dividends and distributions from:
Net investment income			—			(0.238	)			(0.201	)			(0.229	)			(0.125	)			(0.128	)
Total dividends and distributions			—			(0.238	)			(0.201	)			(0.229	)			(0.125	)			(0.128	)
Net asset value, end of period		$	9.299		$	8.155			$	8.330			$	8.660			$	9.460			$	7.944
Total return3			14.03%			0.76%				(1.46%	)			(6.08%	)			20.69%				17.82%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	296,759		$	272,002			$	270,652			$	288,408			$	315,299			$	217,638
Ratio of expenses to average net assets			0.66%			0.66%				0.66%				0.68%				0.72%				0.75%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.75%			0.74%				0.73%				0.73%				0.76%				0.79%
Ratio of net investment income to average net assets			3.32%			2.69%				2.23%				2.93%				2.07%				2.55%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			3.23%			2.61%				2.16%				2.88%				2.03%				2.51%
Portfolio turnover			1%			18%				1%				2%				6%				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.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (“NAV”). Investments in a government money market fund have a stable NAV. 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 (“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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 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. 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, 2017.

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, 2017.

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. The fee is calculated daily and paid monthly. 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. This agreement will continue at least through April 30, 2018 and cannot be terminated before that date without the mutual agreement of the Board and LIAC.

Effective May 1, 2017, LIAC has contractually agreed to reimburse the Fund to the extent that the Fund’s annual operating expenses exceed

0.41% of the Fund’s average daily net assets for the Standard Class (and 0.66% for the Service Class). The agreement will continue at the least through April 30, 2018, 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	67,669
Legal		16,333

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln. Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $21,139 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered

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)

into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	60,754
Management fees payable to LIAC		649,494
Distribution fees payable to LFD		61,766
Shareholder servicing fees payable to Lincoln Life		58,971
Printing & mailing fees payable to Lincoln Life		21,139

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	32,057,602
Sales		160,155,145

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,966,755,041
Aggregate unrealized appreciation	$	688,903,619
Aggregate unrealized depreciation		(234,177,382	)
Net unrealized appreciation	$	454,726,237

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, 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)*
2018	Short-Term		Long-Term		Total
$56,183	$	11,641,135	$	138,034,523	$149,731,841

*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 SSGA International Index Fund–21

LVIP SSGA International Index 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)

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, 2017:

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Common Stock
Australia	$	170,439,637		$	—	$	3,656	$	170,443,293
Austria		5,434,591			—		—		5,434,591
Belgium		27,909,917			—		—		27,909,917
China		254,120			—		—		254,120
Denmark		43,346,084			—		—		43,346,084
Finland		23,975,117			—		—		23,975,117
France		251,227,857			—		—		251,227,857
Germany		217,567,240			—		—		217,567,240
Hong Kong		84,124,438			—		—		84,124,438
Ireland		17,104,255			—		—		17,104,255
Israel		16,371,854			—		—		16,371,854
Italy		52,523,151			—		—		52,523,151
Japan		568,662,281			—		—		568,662,281
Netherlands		101,216,165			—		—		101,216,165
New Zealand		3,997,893			—		—		3,997,893
Norway		14,497,101			—		—		14,497,101
Portugal		3,598,869			—		—		3,598,869
Singapore		32,220,532			—		—		32,220,532
South Africa		605,294			—		—		605,294
Spain		82,534,044			—		—		82,534,044
Sweden		72,464,734			—		—		72,464,734
Switzerland		212,438,872			—		—		212,438,872
United Kingdom		402,094,455			—		—		402,094,455
Preferred Stock		12,918,267			—		—		12,918,267
Rights		33,391			90,139		—		123,530
Money Market Fund		3,827,324			—		—		3,827,324
Total Investments	$	2,421,387,483		$	90,139	$	3,656	$	2,421,481,278
Derivatives:
Liabilities:
Futures Contracts	$	(66,452	)	$	—	$	—	$	(66,452	)

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		11,873,278			95,184,197
Service Class		2,247,371			4,259,921
Shares reinvested:
Standard Class		—			7,738,747
Service Class		—			943,145
		14,120,649			108,126,010
Shares redeemed:
Standard Class		(32,912,659	)		(112,565,620	)
Service Class		(3,687,367	)		(4,340,992	)
		(36,600,026	)		(116,906,612	)
Net decrease		(22,479,377	)		(8,780,602	)

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 and to facilitate or expedite the settlement of portfolio transactions. 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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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)

During the six months ended June 30, 2017, the Fund used futures contracts as a cash management tool; to facilitate investments in portfolio securities; and to reduce transaction costs.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Receivables and other assets net of liabilities	$—	Receivables and other assets net of liabilities	$(66,452)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	5,154,938			$	158,718
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts contracts			(32,822	)			—
Total			$	5,122,116			$	158,718

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	$	38,400	$	515,600
Futures contracts (average notional value)		43,083,096		—

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the 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, 2017, the Fund had no open derivatives subject to the 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 smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

LVIP SSGA International Index Fund–24

LVIP SSGA International Index Fund

Notes to Financial Statements (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 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 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,138.70		0.25	%		$1.33
Service Class Shares		1,000.00		1,137.30		0.50	%		2.65
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.55		0.25	%		$1.25
Service Class Shares		1,000.00		1,022.32		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 181/365 (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 International Managed Volatility Fund–1

LVIP SSGA International Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2017

Security Type/Sector Percentage
of Net Assets

Affiliated Investment	93.12	%
International Equity Fund	93.12	%
Unaffiliated Investments	6.50	%
Common Stock	0.01	%
Money Market Fund	6.49	%
Total Value of Securities	99.62	%
Receivables and Other Assets Net of Liabilities	0.38	%
Total Net Assets	100.00	%

LVIP SSGA International Managed Volatility Fund–2

LVIP SSGA International Managed Volatility Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–93.12%
International Equity Fund–93.12%
*Lincoln Variable Insurance Products Trust–LVIP SSGA International Index Fund		40,604,860	$	377,868,829
Total Affiliated Investment (Cost $334,240,737)				377,868,829

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS–6.50%
Common Stock–0.01%
China Merchants Shekou Industrial Zone Holdings		19,861	$	62,575
				62,575
Money Market Fund–6.49%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		26,325,913		26,325,913
				26,325,913
Total Unaffiliated Investments (Cost $26,378,273)				26,388,488

TOTAL VALUE OF SECURITIES–99.62% (Cost $360,619,010)		404,257,317
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.38%		1,536,241
NET ASSETS APPLICABLE TO 43,388,990 SHARES OUTSTANDING–100.00%	$	405,793,558

* Standard Class shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Currency Contracts:
80     British Pound		$  6,415,240	$	6,522,500		9/19/17	$	107,260	$	—
79     Euro		11,197,001		11,323,663		9/19/17		126,662		—
70     Japanese Yen		8,056,335		7,796,250		9/19/17		—		(260,085	)
								233,922		(260,085	)
Equity Contracts:
309     Euro STOXX 50 Index		12,542,991		12,108,834		9/18/17		—		(434,157	)
73     FTSE 100 Index		7,070,406		6,886,086		9/18/17		—		(184,320	)
45     Nikkei 225 Index (OSE)		8,047,828		8,009,780		9/8/17		—		(38,048	)
								—		(656,525	)
Total							$	233,922	$	(916,610	)

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:

FTSE–Financial Times Stock Exchange

OSE–Osaka Securities Exchange

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, 2017 (unaudited)

ASSETS:
Affiliated investment, at value	$	377,868,829
Unaffiliated investments, at value		26,388,488
Total investments, at value	$	404,257,317
Foreign currencies collateral held at broker for futures contracts, at value		3,332,574
Unrealized appreciation on futures contracts		233,922
Foreign currencies, at value		229,534
Receivable for investments sold		125,316
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		25,154
Receivable for fund shares sold		23,704
Dividends receivable from investments		16,924
TOTAL ASSETS		408,244,445
LIABILITIES:
Unrealized depreciation on futures contracts		916,610
Cash collateral due to broker for futures contracts		852,028
Payable for fund shares redeemed		286,869
Due to manager and affiliates		171,442
Cash due to custodian		132,709
Other accrued expenses payable		91,229
TOTAL LIABILITIES		2,450,887
TOTAL NET ASSETS	$	405,793,558
Affiliated investment, at cost	$	334,240,737
Unaffiliated investments, at cost		26,378,273
Total investments, at cost	$	360,619,010
Foreign currencies, at cost	$	229,840
Foreign currencies collateral held at broker for futures contracts, at cost	$	3,332,574
Standard Class:
Net Assets	$	19,933,364
Shares Outstanding		2,130,292
Net Asset Value Per Share	$	9.357
Service Class:
Net Assets	$	385,860,194
Shares Outstanding		41,258,698
Net Asset Value Per Share	$	9.352
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	369,747,329
Accumulated net investment loss		(857,556	)
Accumulated net realized loss on investments		(6,051,528	)
Net unrealized appreciation of investments and derivatives		42,955,313
TOTAL NET ASSETS	$	405,793,558

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	72,461
EXPENSES:
Management fees		1,497,107
Distribution fees-Service Class		468,864
Professional fees		28,896
Accounting and administration expenses		28,849
Shareholder servicing fees		19,874
Reports and statements to shareholders		7,579
Trustees’ fees and expenses		5,198
Custodian fees		3,002
Consulting fees		2,227
Pricing fees		48
Other		1,468
		2,063,112
Less:
Management fees waived		(1,044,035	)
Expenses reimbursed		(57,742	)
Total operating expenses		961,335
NET INVESTMENT LOSS		(888,874	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of affiliated investment		(1,455,736	)
Foreign currencies		116,542
Futures contracts		3,554,003
Net realized gain		2,214,809
Net change in unrealized appreciation (depreciation) of:
Affiliated investment		50,291,653
Unaffiliated investments		15,734
Foreign currencies		83
Futures contracts		(725,635	)
Net change in unrealized appreciation (depreciation)		49,581,835
NET REALIZED AND UNREALIZED GAIN		51,796,644
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	50,907,770

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(888,874	)	$	2,896,929
Net realized gain (loss)		2,214,809			(6,426,192	)
Net change in unrealized appreciation (depreciation)		49,581,835			(344,991	)
Net increase (decrease) in net assets resulting from operations		50,907,770			(3,874,254	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(175,166	)
Service Class		—			(2,656,159	)
		—			(2,831,325	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,383,144			311,803
Service Class		16,538,340			60,950,021
Net assets from merger*:
Standard Class		—			17,389,443
Service Class		—			237,476,930
Reinvestment of dividends and distributions:
Standard Class		—			175,166
Service Class		—			2,656,159
		17,921,484			318,959,522
Cost of shares redeemed:
Standard Class		(1,451,145	)		(126,636	)
Service Class		(39,070,901	)		(19,229,452	)
		(40,522,046	)		(19,356,088	)
Increase (Decrease) in net assets derived from capital share transactions		(22,600,562	)		299,603,434
NET INCREASE IN NET ASSETS		28,307,208			292,897,855
NET ASSETS:
Beginning of period		377,486,350			84,588,495
End of period	$	405,793,558		$	377,486,350
Undistributed (accumulated) net investment income (loss)	$	(857,556	)	$	31,318

*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–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												1/2/143
	6/30/171				Year Ended								to
	(unaudited)				12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	8.217			$	8.611			$	9.123			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.009	)			0.218				0.328				0.334
Net realized and unrealized gain (loss)			1.149				(0.529	)			(0.645	)			(0.989	)
Total from investment operations			1.140				(0.311	)			(0.317	)			(0.655	)
Less dividends and distributions from:
Net investment income			—				(0.083	)			(0.194	)			(0.222	)
Return of capital			—				—				(0.001	)			—
Total dividends and distributions			—				(0.083	)			(0.195	)			(0.222	)
Net asset value, end of period		$	9.357			$	8.217			$	8.611			$	9.123
Total return5			13.87%				(3.60%	)			(3.50%	)			(6.57%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	19,934			$	17,549			$	9			$	9
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			0.81%				0.84%				0.92%				1.26%
Ratio of net investment income (loss) to average net assets			(0.21%	)			2.64%				3.52%				3.27%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.77%	)			2.05%				2.85%				2.26%
Portfolio turnover			2%				10%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 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												1/2/143
	6/30/171				Year Ended								to
	(unaudited)				12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	8.223			$	8.613			$	9.125			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.020	)			0.197				0.301				0.302
Net realized and unrealized gain (loss)			1.149				(0.526	)			(0.641	)			(0.981	)
Total from investment operations			1.129				(0.329	)			(0.340	)			(0.679	)
Less dividends and distributions from:
Net investment income			—				(0.061	)			(0.171	)			(0.196	)
Return of capital			—				—				(0.001	)			—
Total dividends and distributions			—				(0.061	)			(0.172	)			(0.196	)
Net asset value, end of period		$	9.352			$	8.223			$	8.613			$	9.125
Total return5			13.73%				(3.81%	)			(3.76%	)			(6.80%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	385,860			$	359,937			$	84,579			$	16,584
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			1.06%				1.09%				1.17%				1.51%
Ratio of net investment income (loss) to average net assets			(0.46%	)			2.39%				3.27%				3.02%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(1.02%	)			1.80%				2.60%				2.01%
Portfolio turnover			2%				10%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 SSGA International Managed Volatility Fund–7

LVIP SSGA International Managed Volatility Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 subadvised 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 open-end Underlying Funds are valued under the valuation policy of the Underlying Funds. For information regarding the determination of each Underlying Fund’s NAV, see the Underlying Fund’s prospectus and statement of additional information. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2014–December 31, 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 six months ended June 30, 2017, 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 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, 2017.

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 calculated daily and paid monthly. 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, 2018, 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 0.25% 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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, fees for the administrative and legal services were as follows:

Administrative	$	11,063
Legal		2,671

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $3,839 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation, or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	25,154
Management fees payable to LIAC		77,597
Distribution fees payable to LFD		80,221
Printing and mailing fees payable to Lincoln Life		3,840
Shareholder servicing fees payable to Lincoln Life		9,784

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 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 investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16		Purchases		Sales		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)		Value 6/30/17		Dividends	Capital Gain Distributions
LVIP SSGA International Index Fund	$	351,095,718	$	6,756,392	$	28,819,198	$	(1,455,736	)	$	50,291,653	$	377,868,829	$—	$—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	6,756,393
Sales		28,819,198

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	360,619,010
Aggregate unrealized appreciation	$	43,638,307
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	43,638,307

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$3,077,613	$2,986,303	$6,063,916

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 Managed Volatility Fund–10

LVIP SSGA International 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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investment	$	377,868,829
Unaffiliated Investments		26,388,488
Total Investments	$	404,257,317
Derivatives:
Assets:
Futures Contracts	$	233,922
Liabilities:
Futures Contracts	$	(916,610	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		158,833			41,418
Service Class		1,881,108			7,396,553
Shares from merger:
Standard Class		—			2,087,318
Service Class		—			28,555,960
Shares reinvested:
Standard Class		—			21,388
Service Class		—			324,080
		2,039,941			38,426,717
Shares redeemed:
Standard Class		(164,294	)		(15,418	)
Service Class		(4,396,350	)		(2,322,948	)
		(4,560,644	)		(2,338,366	)
Net increase (decrease)		(2,520,703	)		36,088,351

5. Fund Merger

As of the close of business on December 9, 2016, the Fund acquired all of the assets and liabilities of the LVIP BlackRock Emerging Markets Managed Volatility Fund (“Acquired Fund”), an open-end investment company, in exchange for the shares of the LVIP SSGA International Managed Volatility Fund (“Acquiring Fund”) pursuant to a Plan and Agreement of Reorganization (“Reorganization”). For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. The shareholders of the Acquired Fund received shares of the respective class of the Acquiring Fund equal to the aggregate net asset value of their shares in the Acquired Fund by a taxable exchange prior to the Reorganization, as shown in the following table:

	Acquired Fund Shares Outstanding		Shares Converted to Acquiring Fund		Acquired Fund Net Assets			Conversion Ratio
Standard Class		2,176,145		2,087,318		$	17,389,443		0.959
Service Class		29,703,125		28,555,960			237,476,930		0.961

LVIP SSGA International Managed Volatility Fund–11

LVIP SSGA International Managed Volatility Fund

Notes to Financial Statements (continued)

5. Fund Merger (continued)

The net assets of the Acquiring Fund before the acquisition were $122,993,064. The net assets of the Acquiring Fund immediately following the acquisition were $377,859,437.

If the acquisition had been completed on January 1, 2016, the beginning of the Acquiring Fund’s reporting period, the Acquiring Fund’s pro forma results of operations for the year ended December 31, 2016, would have been as follows (unaudited):

Net investment income	$	12,406,473		(a)
Net realized loss		(16,886,804	)	(b)
Net change in unrealized appreciation (depreciation)		18,506,408		(c)
Net increase in net assets resulting from operations	$	14,026,077

^(a)$2,896,929, as reported in the Statement of Operations, plus $9,509,544 Net investment income from LVIP BlackRock Emerging Markets Managed Volatility Fund pre-merger.

^(b)$(6,426,192), as reported in the Statement of Operations, plus $(10,460,612) Net realized loss from LVIP BlackRock Emerging Markets Managed Volatility Fund pre-merger.

^(c)$(344,991), as reported in the Statement of Operations, plus $18,851,399 Net change in unrealized appreciation (depreciation) from LVIP BlackRock Emerging Markets Managed Volatility Fund pre-merger.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Fund’s Statement of Operations since December 12, 2016.

6. 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 and to facilitate or expedite the settlement of portfolio transactions. 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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments, to facilitate investments in portfolio securities; and to reduce cost. 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

LVIP SSGA International Managed Volatility Fund–12

LVIP SSGA International Managed Volatility Fund

Notes to Financial Statements (continued)

6. Derivatives (continued)

to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Currency contracts)	Unrealized appreciation on futures contracts	$	233,922	Unrealized depreciation on futures contracts	$	(260,085	)
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts		—	Unrealized depreciation on futures contracts		(656,525	)
Total		$	233,922		$	(916,610	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Currency contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$  915,173	$    380,102
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	2,638,830	(1,105,737)
Total		$3,554,003	$   (725,635)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$50,853,913		$—

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. 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.

9. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

10. 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–13

                                    LVIP SSGA Large Cap Managed Volatility Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,089.90		0.25	%		$1.30
Service Class Shares		1,000.00		1,088.50		0.50	%		2.59
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.55		0.25	%		$1.25
Service Class Shares		1,000.00		1,022.32		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 181/365 (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, 2017

Security Type/Sector Percentage
of Net Assets

Affiliated Investment	92.97	%
Equity Fund	92.97	%
Unaffiliated Investment	6.91	%
Money Market Fund	6.91	%
Total Value of Securities	99.88	%
Receivables and Other Assets Net of Liabilities	0.12	%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENT–92.97%
Equity Fund–92.97%
*Lincoln Variable Insurance Products Trust–LVIP SSGA S&P 500 Index Fund		18,491,009	$	314,291,683
Total Affiliated Investment (Cost $265,801,527)				314,291,683

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT–6.91%
Money Market Fund–6.91%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		23,358,321	$	23,358,321
Total Unaffiliated Investment (Cost $23,358,321)				23,358,321

TOTAL VALUE OF SECURITIES–99.88% (Cost $289,159,848)		337,650,004
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.12%		393,361
NET ASSETS APPLICABLE TO 26,812,879 SHARES OUTSTANDING–100.00%	$	338,043,365

* Standard Class shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
173     E-mini S&P 500 Index		$20,989,095		$20,940,785		9/18/17		$(48,310)

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.”

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Affiliated investment, at value	$	314,291,683
Unaffiliated investment, at value		23,358,321
Total investments, at value		337,650,004
Cash collateral held at broker for futures contracts		817,295
Receivable for fund shares sold		205,445
Expense reimbursement receivable from Lincoln Investment Advisors Corporation		19,027
Dividends receivable from investment		14,701
TOTAL ASSETS		338,706,472
LIABILITIES:
Payable for investment purchased		422,534
Due to manager and affiliates		150,234
Unrealized depreciation on futures contracts		48,310
Other accrued expenses payable		23,112
Payable for fund shares redeemed		18,917
TOTAL LIABILITIES		663,107
TOTAL NET ASSETS	$	338,043,365
Affiliated investment, at cost	$	265,801,527
Unaffiliated investment, at cost		23,358,321
Total investments, at cost	$	289,159,848
Standard Class:
Net Assets	$	47,867
Shares Outstanding		3,791
Net Asset Value Per Share	$	12.625	*
Service Class:
Net Assets	$	337,995,498
Shares Outstanding		26,809,088
Net Asset Value Per Share	$	12.607
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	303,199,979
Accumulated net investment loss		(688,102	)
Accumulated net realized loss on investments		(12,910,358	)
Net unrealized appreciation of investments and derivatives		48,441,846
TOTAL NET ASSETS	$	338,043,365

* Net Asset Value Per Share does not recalculate exactly, due to rounding.

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment	$	59,307
EXPENSES:
Management fees		1,106,833
Distribution fees-Service Class		395,238
Accounting and administration expenses		26,071
Professional fees		17,977
Shareholder servicing fees		16,175
Reports and statements to shareholders		12,249
Trustees’ fees and expenses		4,216
Custodian fees		2,314
Consulting fees		2,140
Pricing fees		40
Other		832
		1,584,085
Less:
Management fees waived		(743,159	)
Expenses reimbursed		(50,390	)
Total operating expenses		790,536
NET INVESTMENT LOSS		(731,229	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of affiliated investment		(23,284	)
Futures contracts		1,585,572
Net realized gain		1,562,288
Net change in unrealized appreciation (depreciation) of:
Affiliated investment		25,589,566
Futures contracts		11,131
Net change in unrealized appreciation (depreciation)		25,600,697
NET REALIZED AND UNREALIZED GAIN		27,162,985
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,431,756

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(731,229	)	$	3,991,870
Net realized gain (loss)		1,562,288			(2,937,888	)
Net change in unrealized appreciation (depreciation)		25,600,697			18,932,693
Net increase in net assets resulting from operations		26,431,756			19,986,675
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(772	)
Service Class		—			(4,207,244	)
		—			(4,208,016	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		—			21
Service Class		41,476,031			105,789,641
Reinvestment of dividends and distributions:
Standard Class		—			772
Service Class		—			4,207,244
		41,476,031			109,997,678
Cost of shares redeemed:
Standard Class		(1,713	)		(309	)
Service Class		(17,685,348	)		(25,124,069	)
		(17,687,061	)		(25,124,378	)
Increase in net assets derived from capital share transactions		23,788,970			84,873,300
NET INCREASE IN NET ASSETS		50,220,726			100,651,959
NET ASSETS:
Beginning of period		287,822,639			187,170,680
End of period	$	338,043,365		$	287,822,639
Undistributed (Accumulated) net investment income (loss)	$	(688,102	)	$	43,127

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 6/30/171  (unaudited)																5/1/133 to 12/31/13
					Year Ended
					12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	11.584			$	10.890			$	11.676			$	11.194			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.013	)			0.217				0.221				0.287				0.310
Net realized and unrealized gain (loss)			1.054				0.677				(0.822	)			0.442				1.032
Total from investment operations			1.041				0.894				(0.601	)			0.729				1.342
Less dividends and distributions from:
Net investment income			—				(0.200	)			(0.185	)			(0.247	)			(0.148	)
Return of capital			—				—				—				—				—	5
Total dividends and distributions			—				(0.200	)			(0.185	)			(0.247	)			(0.148	)
Net asset value, end of period		$	12.625			$	11.584			$	10.890			$	11.676			$	11.194
Total return6			8.99%				8.20%				(5.16%	)			6.49%				13.43%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	48			$	46			$	43			$	13			$	115
Ratio of expenses to average net assets7			0.25%				0.25%				0.25%				0.25%				0.25%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed7			0.75%				0.77%				0.79%				0.83%				1.41%
Ratio of net investment income (loss) to average net assets			(0.21%	)			1.95%				1.96%				2.54%				4.37%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.71%	)			1.43%				1.42%				1.96%				3.21%
Portfolio turnover			2%				6%				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. is responsible for the day-to -day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 minimis 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 6/30/171  (unaudited)																5/1/133 to 12/31/13
					Year Ended
					12/31/162				12/31/15				12/31/14
Net asset value, beginning of period		$	11.582			$	10.890			$	11.675			$	11.193			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.028	)			0.189				0.195				0.265				0.298
Net realized and unrealized gain (loss)			1.053				0.675				(0.824	)			0.435				1.025
Total from investment operations			1.025				0.864				(0.629	)			0.700				1.323
Less dividends and distributions from:
Net investment income			—				(0.172	)			(0.156	)			(0.218	)			(0.130	)
Return of capital			—				—				—				—				—	5
Total dividends and distributions			—				(0.172	)			(0.156	)			(0.218	)			(0.130	)
Net asset value, end of period		$	12.607			$	11.582			$	10.890			$	11.675			$	11.193
Total return6			8.85%				7.93%				(5.39%	)			6.23%				13.23%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	337,995			$	287,777			$	187,128			$	106,260			$	27,652
Ratio of expenses to average net assets7			0.50%				0.50%				0.50%				0.50%				0.50%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed7			1.00%				1.02%				1.04%				1.08%				1.66%
Ratio of net investment income (loss) to average net assets			(0.46%	)			1.70%				1.71%				2.29%				4.13%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.96%	)			1.18%				1.17%				1.71%				2.97%
Portfolio turnover			2%				6%				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. is responsible for the day-to -day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 minimis 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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013-December 31, 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 six months ended June 30, 2017, 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, 2017.

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 calculated daily and paid monthly. 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 0.47% of the Fund’s average daily net assets. This agreement will continue through at least April 30, 2018, 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 0.25% 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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	8,825
Legal		2,131

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $9,091 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	19,027
Management fees payable to LIAC		63,782
Distribution fees payable to LFD		69,319
Shareholder servicing fees payable to Lincoln Life		8,042
Printing and mailing fees payable to Lincoln Life		9,091

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 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 investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16	Purchases	Sales	Net Realized Gain (Loss)	Net Change in Unrealized Appreciation (Depreciation)	Value 6/3017	Dividends	Capital Gain Distributions
LVIP SSGA S&P 500 Index Fund	$267,791,225	$27,815,941	$6,881,765	$(23,284)	$25,589,566	$314,291,683	$—	$—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	27,815,941
Sales		6,881,765

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	289,159,848
Aggregate unrealized appreciation	$	48,490,156
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	48,490,156

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term		Long-Term		Total
	$3,153,052		$457,829	$3,610,881

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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investment	$	314,291,683
Unaffiliated Investment		23,358,321
Total Investments	$	337,650,004
Derivatives:
Liabilities:
Futures Contracts	$	(48,310	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		—			2
Service Class		3,412,866			9,549,008
Shares reinvested:
Standard Class		—			66
Service Class		—			361,660
		3,412,866			9,910,736
Shares redeemed:
Standard Class		(139	)		(28	)
Service Class		(1,450,870	)		(2,247,507	)
		(1,451,009	)		(2,247,535	)
Net increase		1,961,857			7,663,201

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 contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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 SSGA Large Cap Managed Volatility Fund–11

LVIP SSGA Large Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$—	Unrealized depreciation on futures contracts	$(48,310)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$1,585,572	$11,131

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$20,383,676		$—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 Large Cap Managed Volatility Fund–12

                                        LVIP SSGA Mid-Cap Index Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,058.30		0.34	%		$1.74
Service Class Shares		1,000.00		1,057.00		0.59	%		3.01
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.11		0.34	%		$1.71
Service Class Shares		1,000.00		1,021.87		0.59	%		2.96

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector Percentage
of Net Assets

Common Stock	98.16	%
Aerospace & Defense	1.68	%
Airlines	0.45	%
Auto Components	0.63	%
Automobiles	0.30	%
Banks	8.00	%
Beverages	0.08	%
Biotechnology	0.73	%
Building Products	0.91	%
Capital Markets	3.03	%
Chemicals	2.90	%
Commercial Services & Supplies	1.53	%
Communications Equipment	1.49	%
Construction & Engineering	1.14	%
Construction Materials	0.26	%
Consumer Finance	0.30	%
Containers & Packaging	1.96	%
Distributors	0.29	%
Diversified Consumer Services	0.82	%
Diversified Telecommunication Services	0.08	%
Electric Utilities	1.87	%
Electrical Equipment	0.74	%
Electronic Equipment, Instruments & Components	4.80	%
Energy Equipment & Services	0.97	%
Equity Real Estate Investment Trusts	9.21	%
Food & Staples Retailing	0.53	%
Food Products	2.32	%
Gas Utilities	2.18	%
Health Care Equipment & Supplies	3.55	%
Health Care Providers & Services	2.28	%
Health Care Technology	0.39	%
Hotels, Restaurants & Leisure	2.75	%
Household Durables	1.75	%
Household Products	0.18	%
Industrial Conglomerates	0.36	%
Insurance	4.22	%
Internet & Direct Marketing Retail	0.06	%
Internet Software & Services	0.82	%
IT Services	3.42	%
Leisure Products	0.65	%
Life Sciences Tools & Services	1.28	%
Machinery	4.96	%
Marine	0.21	%
Media	1.47	%

Security Type/Sector Percentage
of Net Assets

Metals & Mining	1.97	%
Multiline Retail	0.21	%
Multi-Utilities	0.99	%
Oil, Gas & Consumable Fuels	1.95	%
Paper & Forest Products	0.35	%
Personal Products	0.55	%
Pharmaceuticals	0.73	%
Professional Services	0.77	%
Real Estate Management & Development	0.45	%
Road & Rail	1.30	%
Semiconductors & Semiconductor Equipment	2.43	%
Software	3.97	%
Specialty Retail	1.80	%
Technology Hardware, Storage & Peripherals	0.54	%
Textiles, Apparel & Luxury Goods	0.77	%
Thrift & Mortgage Finance	0.56	%
Trading Companies & Distributors	0.76	%
Water Utilities	0.35	%
Wireless Telecommunication Services	0.16	%
Money Market Fund	1.98	%
Total Value of Securities	100.14	%
Liabilities Net of Receivables and Other Assets	(0.14	%)
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

ResMed	0.65	%
Packaging Corp. of America	0.62	%
Domino’s Pizza	0.60	%
Duke Realty	0.59	%
Cadence Design Systems	0.55	%
Teleflex	0.55	%
MSCI	0.55	%
SVB Financial Group	0.55	%
Alleghany	0.54	%
Trimble	0.53	%
Total	5.73	%

IT–Information Technology

LVIP SSGA Mid-Cap Index Fund–2

LVIP SSGA Mid-Cap Index Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–98.16%
Aerospace & Defense–1.68%
Curtiss-Wright		27,226	$	2,498,802
†Esterline Technologies		18,450		1,749,060
Huntington Ingalls Industries		27,911		5,195,912
†KLX		32,184		1,609,200
Orbital ATK		34,976		3,440,239
†Teledyne Technologies		21,354		2,725,838
				17,219,051
Airlines–0.45%
†JetBlue Airways		202,550		4,624,217
				4,624,217
Auto Components–0.63%
Cooper Tire & Rubber		32,200		1,162,420
Dana		89,484		1,998,178
Gentex		176,352		3,345,397
				6,505,995
Automobiles–0.30%
Thor Industries		29,400		3,072,888
				3,072,888
Banks–8.00%
Associated Banc-Corp		93,345		2,352,294
BancorpSouth		50,048		1,526,464
Bank of Hawaii		26,254		2,178,294
Bank of the Ozarks		73,629		3,450,991
*Canadian Imperial Bank of Commerce		—		37
Cathay General Bancorp		46,566		1,767,180
Chemical Financial		43,424		2,102,156
Commerce Bancshares		52,934		3,008,239
Cullen/Frost Bankers		34,849		3,272,670
East West Bancorp		87,749		5,140,336
First Horizon National		143,860		2,506,041
FNB		198,705		2,813,663
Fulton Financial		107,129		2,035,451
Hancock Holding		51,800		2,538,200
Home BancShares		78,100		1,944,690
International Bancshares		35,437		1,242,067
MB Financial		43,526		1,916,885
PacWest Bancorp		73,726		3,443,004
Pinnacle Financial Partners		44,700		2,807,160
Prosperity Bancshares		42,056		2,701,677
†Signature Bank		32,631		4,683,527
†SVB Financial Group		31,878		5,603,834
Synovus Financial		75,265		3,329,724
TCF Financial		104,444		1,664,837
†Texas Capital Bancshares		30,000		2,322,000
Trustmark		41,293		1,327,983
UMB Financial		26,967		2,018,750
Umpqua Holdings		134,757		2,474,138
United Bankshares		64,127		2,513,794
Valley National Bancorp		162,360		1,917,472

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
Webster Financial		55,837	$	2,915,808
Wintrust Financial		33,700		2,576,028
				82,095,394
Beverages–0.08%
†Boston Beer Class A		5,830		770,435
				770,435
Biotechnology–0.73%
†Bioverativ		65,600		3,947,152
†United Therapeutics		27,296		3,541,110
				7,488,262
Building Products–0.91%
AO Smith		89,436		5,037,930
Lennox International		23,291		4,277,159
				9,315,089
Capital Markets–3.03%
Eaton Vance		70,483		3,335,256
FactSet Research Systems		23,899		3,971,536
Federated Investors Class B		57,597		1,627,115
†Janus Henderson Group		109,375		3,621,406
Legg Mason		51,517		1,965,889
MarketAxess Holdings		22,789		4,582,868
MSCI		55,038		5,668,364
SEI Investments		80,948		4,353,383
†Stifel Financial		41,910		1,927,022
				31,052,839
Chemicals–2.90%
Ashland Global Holdings		37,620		2,479,534
Cabot		37,690		2,013,777
Chemours		111,900		4,243,248
Minerals Technologies		21,772		1,593,710
NewMarket		5,643		2,598,489
Olin		100,453		3,041,717
PolyOne		49,335		1,911,238
RPM International		81,094		4,423,678
Scotts Miracle-Gro Class A		26,666		2,385,540
Sensient Technologies		26,744		2,153,694
Valvoline		123,850		2,937,734
				29,782,359
Commercial Services & Supplies–1.53%
†Clean Harbors		31,948		1,783,657
†Copart		124,388		3,954,294
Deluxe		29,892		2,069,124
Herman Miller		36,544		1,110,938
HNI		27,145		1,082,271
MSA Safety		19,517		1,584,195
Pitney Bowes		115,100		1,738,010

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)
Commercial Services & Supplies (continued)
Rollins		58,649	$	2,387,601
				15,710,090
Communications Equipment–1.49%
†ARRIS International		113,816		3,189,124
Brocade Communications Systems		248,424		3,132,627
†Ciena		86,437		2,162,654
InterDigital		21,515		1,663,109
†NetScout Systems		56,124		1,930,666
Plantronics		20,264		1,060,010
†ViaSat		32,593		2,157,657
				15,295,847
Construction & Engineering–1.14%
†AECOM		95,370		3,083,312
†Dycom Industries		19,189		1,717,799
EMCOR Group		36,486		2,385,455
Granite Construction		24,180		1,166,443
KBR		86,999		1,324,125
Valmont Industries		13,623		2,038,001
				11,715,135
Construction Materials–0.26%
Eagle Materials		29,347		2,712,250
				2,712,250
Consumer Finance–0.30%
†SLM		266,097		3,060,115
				3,060,115
Containers & Packaging–1.96%
AptarGroup		37,830		3,285,914
Bemis		56,775		2,625,844
Greif Class A		15,743		878,145
†Owens-Illinois		99,271		2,374,562
Packaging Corp. of America		57,285		6,380,976
Silgan Holdings		45,814		1,455,969
Sonoco Products		60,207		3,095,844
				20,097,254
Distributors–0.29%
Pool		25,075		2,948,068
				2,948,068
Diversified Consumer Services–0.82%
Adtalem Global Education		35,648		1,352,842
Graham Holdings Class B		2,841		1,703,606
Service Corp. International		115,735		3,871,336
†Sotheby’s		27,590		1,480,755
				8,408,539
Diversified Telecommunication Services–0.08%
Frontier Communications		722,249		837,809
				837,809

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electric Utilities–1.87%
Great Plains Energy		130,818	$	3,830,351
Hawaiian Electric Industries		66,567		2,155,439
IDACORP		30,477		2,601,212
OGE Energy		121,241		4,217,974
PNM Resources		48,639		1,860,442
Westar Energy		86,247		4,572,816
				19,238,234
Electrical Equipment–0.74%
EnerSys		26,518		1,921,229
Hubbell		31,053		3,514,268
Regal Beloit		27,027		2,204,052
				7,639,549
Electronic Equipment, Instruments & Components–4.80%
†Arrow Electronics		53,948		4,230,602
Avnet		75,733		2,944,499
Belden		25,819		1,947,527
Cognex		52,570		4,463,193
†Coherent		15,085		3,393,974
†IPG Photonics		23,020		3,340,202
Jabil		110,482		3,224,970
†Keysight Technologies		112,083		4,363,391
†Knowles		54,157		916,336
Littelfuse		13,710		2,262,150
National Instruments		64,295		2,585,945
SYNNEX		17,928		2,150,643
†Tech Data		21,503		2,171,803
†Trimble		153,674		5,481,552
†VeriFone Systems		67,763		1,226,510
Vishay Intertechnology		82,756		1,373,750
†Zebra Technologies		32,021		3,218,751
				49,295,798
Energy Equipment & Services–0.97%
†Diamond Offshore Drilling		39,367		426,345
†Dril-Quip		22,942		1,119,570
Ensco Class A		184,042		949,657
Nabors Industries		174,526		1,420,642
Oceaneering International		59,878		1,367,613
†Oil States International		31,351		851,180
Patterson-UTI Energy		102,226		2,063,943
†Rowan Class A		76,585		784,230
†Superior Energy Services		92,632		966,152
				9,949,332
Equity Real Estate Investment Trusts–9.21%
American Campus Communities		81,320		3,846,436
Camden Property Trust		53,176		4,547,080
Care Capital Properties		51,258		1,368,589
CoreCivic		72,351		1,995,441
Corporate Office Properties Trust		60,713		2,126,776
Cousins Properties		257,734		2,265,482

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)
Equity Real Estate Investment Trusts (continued)
CyrusOne		48,000	$	2,676,000
DCT Industrial Trust		55,723		2,977,837
Douglas Emmett		90,202		3,446,618
Duke Realty		216,080		6,039,436
Education Realty Trust		44,705		1,732,319
EPR Properties		39,388		2,830,816
First Industrial Realty Trust		71,759		2,053,743
GEO Group		76,250		2,254,713
Healthcare Realty Trust		71,616		2,445,686
Highwoods Properties		62,449		3,166,789
Hospitality Properties Trust		99,462		2,899,317
Kilroy Realty		59,701		4,486,530
Lamar Advertising Class A		51,389		3,780,689
LaSalle Hotel Properties		69,140		2,060,372
Liberty Property Trust		89,302		3,635,484
Life Storage		28,582		2,117,926
Mack-Cali Realty		54,743		1,485,725
Medical Properties Trust		220,404		2,836,599
National Retail Properties		90,450		3,536,595
Omega Healthcare Investors		119,421		3,943,278
Potlatch		24,742		1,130,709
†Quality Care Properties		57,104		1,045,574
Rayonier		77,878		2,240,550
Senior Housing Properties Trust		143,886		2,941,030
Tanger Factory Outlet Centers		58,953		1,531,599
Taubman Centers		36,678		2,184,175
†Uniti Group		95,488		2,400,568
Urban Edge Properties		60,656		1,439,367
Washington Prime Group		113,177		947,291
Weingarten Realty Investors		72,113		2,170,601
				94,587,740
Food & Staples Retailing–0.53%
Casey’s General Stores		23,983		2,568,819
†Sprouts Farmers Market		77,894		1,765,857
†United Natural Foods		30,764		1,129,039
				5,463,715
Food Products–2.32%
Dean Foods		55,214		938,638
Flowers Foods		113,261		1,960,548
†Hain Celestial Group		63,268		2,456,064
Ingredion		43,545		5,190,999
Lamb Weston Holdings		84,166		3,706,671
Lancaster Colony		11,889		1,457,829
†Post Holdings		40,177		3,119,744
Snyder’s-Lance		52,411		1,814,469
Tootsie Roll Industries		11,061		385,476
†TreeHouse Foods		34,433		2,812,832
				23,843,270

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Gas Utilities–2.18%
Atmos Energy		63,919	$	5,302,081
National Fuel Gas		52,409		2,926,519
New Jersey Resources		52,805		2,096,359
ONE Gas		32,400		2,261,844
Southwest Gas Holdings		29,094		2,125,608
UGI		105,188		5,092,151
WGL Holdings		30,978		2,584,495
				22,389,057
Health Care Equipment & Supplies–3.55%
†ABIOMED		24,734		3,544,382
†Globus Medical		43,826		1,452,832
†Halyard Health		28,498		1,119,401
Hill-Rom Holdings		36,877		2,935,778
†LivaNova		27,014		1,653,527
†Masimo		27,583		2,515,018
†NuVasive		31,115		2,393,366
ResMed		86,168		6,709,902
STERIS		51,505		4,197,657
Teleflex		27,344		5,680,989
West Pharmaceutical Services		44,639		4,219,278
				36,422,130
Health Care Providers & Services–2.28%
†Acadia Healthcare		47,300		2,335,674
HealthSouth		55,216		2,672,454
†LifePoint Health		24,520		1,646,518
†MEDNAX		56,369		3,402,996
†Molina Healthcare		26,013		1,799,579
Owens & Minor		36,907		1,188,036
†Tenet Healthcare		48,614		940,195
†VCA		49,379		4,558,175
†WellCare Health Plans		27,018		4,851,352
				23,394,979
Health Care Technology–0.39%
†Allscripts Healthcare Solutions		110,522		1,410,261
†Medidata Solutions		33,700		2,635,340
				4,045,601
Hotels, Restaurants & Leisure–2.75%
Brinker International		30,321		1,155,230
†Buffalo Wild Wings		9,904		1,254,837
Cheesecake Factory		27,104		1,363,331
Churchill Downs		7,597		1,392,530
Cracker Barrel Old Country Store		14,520		2,428,470
Domino’s Pizza		29,268		6,191,060
Dunkin’ Brands Group		55,835		3,077,625
International Speedway Class A		15,896		596,895
Jack in the Box		18,155		1,788,267
†Panera Bread Class A		12,896		4,057,597
Papa John’s International		16,260		1,166,818
Texas Roadhouse		39,341		2,004,424

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)
Hotels, Restaurants & Leisure (continued)
Wendy’s		115,432	$	1,790,350
				28,267,434
Household Durables–1.75%
CalAtlantic Group		44,004		1,555,541
†Helen of Troy		16,297		1,533,548
KB Home		50,515		1,210,845
†NVR		2,116		5,100,851
†Tempur Sealy International		28,532		1,523,323
Toll Brothers		89,699		3,544,007
†TRI Pointe Group		96,964		1,278,955
Tupperware Brands		31,059		2,181,274
				17,928,344
Household Products–0.18%
Energizer Holdings		37,838		1,816,981
				1,816,981
Industrial Conglomerates–0.36%
Carlisle		39,159		3,735,769
				3,735,769
Insurance–4.22%
†Alleghany		9,368		5,572,086
American Financial Group		44,654		4,437,268
Aspen Insurance Holdings		36,763		1,832,636
Brown & Brown		69,705		3,002,194
CNO Financial Group		103,444		2,159,911
First American Financial		66,796		2,985,113
†Genworth Financial		304,296		1,147,196
Hanover Insurance Group		25,758		2,282,932
Kemper		29,662		1,144,953
Mercury General		22,268		1,202,472
Old Republic International		148,420		2,898,643
Primerica		28,168		2,133,726
Reinsurance Group of America		39,120		5,022,617
RenaissanceRe Holdings		24,608		3,421,742
WR Berkley		59,566		4,120,180
				43,363,669
Internet & Direct Marketing Retail–0.06%
HSN		19,467		620,997
				620,997
Internet Software & Services–0.82%
†Cars.com		44,000		1,171,720
j2 Global		29,607		2,519,260
LogMeIn		31,900		3,333,550
†WebMD Health		23,185		1,359,800
				8,384,330
IT Services–3.42%
†Acxiom		48,868		1,269,591
Broadridge Financial Solutions		71,423		5,396,722

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
IT Services (continued)
Convergys		58,764	$	1,397,408
†CoreLogic		52,316		2,269,468
DST Systems		37,334		2,303,508
Jack Henry & Associates		47,156		4,898,094
Leidos Holdings		87,100		4,502,199
MAXIMUS		39,216		2,456,098
†NeuStar Class A		34,786		1,160,113
Sabre		126,000		2,743,020
Science Applications International		26,771		1,858,443
†Teradata		79,100		2,332,659
†WEX		23,877		2,489,655
				35,076,978
Leisure Products–0.65%
Brunswick		54,091		3,393,128
Polaris Industries		35,890		3,310,135
				6,703,263
Life Sciences Tools & Services–1.28%
†Bio-Rad Laboratories Class A		12,613		2,854,448
Bio-Techne		22,574		2,652,445
†Charles River Laboratories International		29,378		2,971,585
†INC Research Holdings Class A		33,300		1,948,050
†PAREXEL International		30,709		2,668,919
				13,095,447
Machinery–4.96%
AGCO		40,406		2,722,960
Crane		31,011		2,461,653
Donaldson		81,189		3,697,347
Graco		33,694		3,682,080
IDEX		46,387		5,242,195
ITT		54,812		2,202,346
Kennametal		49,767		1,862,281
Lincoln Electric Holdings		37,509		3,454,204
Nordson		32,845		3,984,755
Oshkosh		45,872		3,159,663
Terex		59,914		2,246,775
Timken		43,015		1,989,444
Toro		65,343		4,527,616
Trinity Industries		91,995		2,578,620
Wabtec		52,479		4,801,829
Woodward		33,788		2,283,393
				50,897,161
Marine–0.21%
†Kirby		32,886		2,198,429
				2,198,429
Media–1.47%
†AMC Networks Class A		33,208		1,773,639
Cable One		2,864		2,036,018

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)
Media (continued)
Cinemark Holdings		64,146	$	2,492,072
John Wiley & Sons Class A		27,320		1,441,130
†Live Nation Entertainment		82,006		2,857,909
Meredith		22,310		1,326,329
New York Times Class A		74,346		1,315,924
TEGNA		131,500		1,894,915
				15,137,936
Metals & Mining–1.97%
Allegheny Technologies		66,554		1,132,084
Carpenter Technology		28,463		1,065,370
Commercial Metals		69,995		1,360,003
Compass Minerals International		20,633		1,347,335
Reliance Steel & Aluminum		44,728		3,256,646
Royal Gold		39,555		3,092,014
Steel Dynamics		146,849		5,258,663
United States Steel		106,978		2,368,493
Worthington Industries		26,815		1,346,649
				20,227,257
Multiline Retail–0.21%
Big Lots		27,096		1,308,737
Dillard’s Class A		14,300		824,967
				2,133,704
Multi-Utilities–0.99%
Black Hills		33,102		2,233,392
MDU Resources Group		118,341		3,100,534
NorthWestern		29,500		1,800,090
Vectren		50,946		2,977,284
				10,111,300
Oil, Gas & Consumable Fuels–1.95%
†CONSOL Energy		107,976		1,613,161
†Energen		58,789		2,902,413
†Gulfport Energy		97,846		1,443,229
HollyFrontier		108,941		2,992,609
†Matador Resources		57,200		1,222,364
PBF Energy Class A		66,900		1,489,194
†QEP Resources		146,412		1,478,761
SM Energy		60,444		999,139
†Southwestern Energy		314,000		1,909,120
World Fuel Services		43,116		1,657,810
†WPX Energy		243,456		2,351,785
				20,059,585
Paper & Forest Products–0.35%
Domtar		38,216		1,468,259
†Louisiana-Pacific		88,767		2,140,172
				3,608,431
Personal Products–0.55%
†Avon Products		266,854		1,014,045
†Edgewell Personal Care		35,297		2,683,278

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Personal Products (continued)
Nu Skin Enterprises Class A		30,700	$	1,929,188
				5,626,511
Pharmaceuticals–0.73%
†Akorn		53,870		1,806,800
†Catalent		75,672		2,656,087
†Endo International		122,600		1,369,442
†Prestige Brands Holdings		32,312		1,706,397
				7,538,726
Professional Services–0.77%
Dun & Bradstreet		22,800		2,465,820
†FTI Consulting		25,756		900,430
ManpowerGroup		40,711		4,545,383
				7,911,633
Real Estate Management & Development–0.45%
Alexander & Baldwin		28,125		1,163,813
Jones Lang LaSalle		27,793		3,474,125
				4,637,938
Road & Rail–1.30%
†Avis Budget Group		52,368		1,428,075
†Genesee & Wyoming		37,204		2,544,382
Landstar System		25,712		2,200,947
Old Dominion Freight Line		42,597		4,056,938
Ryder System		32,400		2,332,152
Werner Enterprises		27,281		800,697
				13,363,191
Semiconductors & Semiconductor Equipment–2.43%
†Cirrus Logic		39,828		2,498,012
†Cree		59,981		1,478,532
Cypress Semiconductor		201,477		2,750,161
†First Solar		48,083		1,917,550
†Integrated Device Technology		82,281		2,122,027
†Microsemi		70,015		3,276,702
Monolithic Power Systems		23,147		2,231,371
†Silicon Laboratories		26,000		1,777,100
†Synaptics		20,556		1,062,951
Teradyne		120,648		3,623,059
Versum Materials		67,415		2,190,987
				24,928,452
Software–3.97%
†ACI Worldwide		73,348		1,640,795
Blackbaud		29,200		2,503,900
†Cadence Design Systems		169,885		5,689,449
CDK Global		88,229		5,475,492
†CommVault Systems		26,127		1,474,869
Fair Isaac		18,741		2,612,683
†Fortinet		91,508		3,426,059
†Manhattan Associates		41,924		2,014,867
†PTC		70,095		3,863,636

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)
†Take-Two Interactive Software		63,060	$	4,627,343
†Tyler Technologies		20,493		3,600,005
†Ultimate Software Group		18,213		3,825,823
				40,754,921
Specialty Retail–1.80%
Aaron’s		37,849		1,472,326
American Eagle Outfitters		104,330		1,257,177
†Cabela’s		32,055		1,904,708
Chico’s FAS		77,223		727,441
Dick’s Sporting Goods		53,735		2,140,265
GameStop Class A		63,420		1,370,506
†Michaels		64,400		1,192,688
†Murphy USA		20,779		1,539,932
Office Depot		319,137		1,799,933
†Sally Beauty Holdings		82,723		1,675,141
†Urban Outfitters		54,508		1,010,578
Williams-Sonoma		48,185		2,336,973
				18,427,668
Technology Hardware, Storage & Peripherals–0.54%
†3D Systems		66,891		1,250,862
Diebold Nixdorf		45,869		1,284,332
†NCR		73,395		2,997,452
				5,532,646
Textiles, Apparel & Luxury Goods–0.77%
Carter’s		29,868		2,656,759
†Deckers Outdoor		19,564		1,335,439
†Kate Spade & Co.		78,176		1,445,474
†Skechers U.S.A. Class A		82,266		2,426,847
				7,864,519

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Thrift & Mortgage Finance–0.56%
New York Community Bancorp		296,657	$	3,895,106
Washington Federal		55,051		1,827,693
				5,722,799
Trading Companies & Distributors–0.76%
GATX		23,969		1,540,488
MSC Industrial Direct		27,558		2,368,886
†NOW		65,626		1,055,266
Watsco		18,449		2,844,836
				7,809,476
Water Utilities–0.35%
Aqua America		107,684		3,585,877
				3,585,877
Wireless Telecommunication Services–0.16%
Telephone & Data Systems		58,207		1,615,244
				1,615,244
Total Common Stock (Cost $848,044,492)				1,007,667,657
MONEY MARKET FUND–1.98%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		20,324,533		20,324,533
Total Money Market Fund (Cost $20,324,533)				20,324,533

TOTAL VALUE OF SECURITIES–100.14% (Cost $868,369,025)		1,027,992,190
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.14%)		(1,433,239	)
NET ASSETS APPLICABLE TO 84,440,372 SHARES OUTSTANDING–100.00%	$	1,026,558,951
NET ASSET VALUE PER SHARE–LVIP SSGA MID-CAP INDEX FUND STANDARD CLASS ($1,007,904,821 / 82,903,825 Shares)	$	12.158
NET ASSET VALUE PER SHARE–LVIP SSGA MID-CAP INDEX FUND SERVICE CLASS ($18,654,130 / 1,536,547 Shares)	$	12.140
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	827,897,220
Undistributed net investment income		6,685,040
Accumulated net realized gain on investments		32,512,179
Net unrealized appreciation of investments, foreign currencies and derivatives		159,464,512
TOTAL NET ASSETS	$	1,026,558,951

† Non-income producing for the period.

« Includes $927,108 cash collateral held at broker for futures contracts, $80,240 cash due to custodian, $259,050 due to manager and affiliates, $2,614,057 payable for securities purchased and $330,888 payable for fund shares redeemed as of June 30, 2017.

* Amount rounds to less than 1 share.

LVIP SSGA Mid-Cap Index Fund–8

LVIP SSGA Mid-Cap Index Fund

Statement of Net Assets (continued)

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
111    E-mini S&P MidCap 400 Index		$19,540,382		$19,381,710		9/18/17		$(158,672)

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.”

Summary of Abbreviations:

IT–Information Technology

S&P–Standard & Poor’s

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

LVIP SSGA Mid-Cap Index Fund–9

LVIP SSGA Mid-Cap Index Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	7,945,021
Foreign tax withheld		(148	)
		7,944,873
EXPENSES:
Management fees		1,384,739
Accounting and administration expenses		128,187
Index fees		102,516
Shareholder servicing fees		50,428
Professional fees		31,375
Trustees’ fees and expenses		13,929
Distribution fees-Service Class		11,231
Reports and statements to shareholders		10,705
Custodian fees		6,071
Consulting fees		1,969
Pricing fees		636
Other		5,289
		1,747,075
Less:
Management fees waived		(9,917	)
Total operating expenses		1,737,158
NET INVESTMENT INCOME		6,207,715
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Investments		31,023,622
Futures contracts		807,825
Net realized gain		31,831,447
Net change in unrealized appreciation (depreciation) of:
Investments		20,210,900
Foreign currencies		19
Futures contracts		96,118
Net change in unrealized appreciation (depreciation)		20,307,037
NET REALIZED AND UNREALIZED GAIN		52,138,484
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	58,346,199

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	6,207,715		$	13,808,563
Net realized gain		31,831,447			1,986,951
Net change in unrealized appreciation (depreciation)		20,307,037			193,373,688
Net increase in net assets resulting from operations		58,346,199			209,169,202
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(14,608,045	)
Service Class		—			(133	)
Net realized gain:
Standard Class		—			(572,082	)
Service Class		—			(6	)
		—			(15,180,266	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		62,300,009			108,349,931
Service Class		20,188,416			—
Reinvestment of dividends and distributions:
Standard Class		—			15,180,127
Service Class		—			139
		82,488,425			123,530,197
Cost of shares redeemed:
Standard Class		(122,791,667	)		(428,488,151	)
Service Class		(1,847,546	)		—
		(124,639,213	)		(428,488,151	)
Decrease in net assets derived from capital share transactions		(42,150,788	)		(304,957,954	)
NET INCREASE (DECREASE) IN NET ASSETS		16,195,411			(110,969,018	)
NET ASSETS:
Beginning of period		1,010,363,540			1,121,332,558
End of period	$	1,026,558,951		$	1,010,363,540
Undistributed net investment income	$	6,685,040		$	477,325

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 6/30/171			Year Ended								9/2/142 to
	(unaudited)			12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	11.488		$	9.682			$	10.107			$	10.000
Income (loss) from investment operations:
Net investment income3			0.072			0.132				0.123				0.043
Net realized and unrealized gain (loss)			0.598			1.836				(0.371	)			0.091
Total from investment operations			0.670			1.968				(0.248	)			0.134
Less dividends and distributions from:
Net investment income			—			(0.156	)			(0.092	)			(0.027	)
Net realized gain			—			(0.006	)			(0.085	)			—
Total dividends and distributions			—			(0.162	)			(0.177	)			(0.027	)
Net asset value, end of period		$	12.158		$	11.488			$	9.682			$	10.107
Total return4			5.83%			20.31%				(2.48%	)			1.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,007,905		$	1,010,352			$	1,121,323			$	693,664
Ratio of expenses to average net assets			0.34%			0.33%				0.32%				0.33%
Ratio of net investment income to average net assets			1.21%			1.28%				1.20%				1.33%
Portfolio turnover			12%			23%				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 6/30/171			Year Ended								9/2/142 to
	(unaudited)			12/31/16				12/31/15				12/31/14
Net asset value, beginning of period		$	11.485		$	9.683			$	10.106			$	10.000
Income (loss) from investment operations:
Net investment income3			0.057			0.107				0.098				0.035
Net realized and unrealized gain (loss)			0.598			1.831				(0.370	)			0.090
Total from investment operations			0.655			1.938				(0.272	)			0.125
Less dividends and distributions from:
Net investment income			—			(0.130	)			(0.066	)			(0.019	)
Net realized gain			—			(0.006	)			(0.085	)			—
Total dividends and distributions			—			(0.136	)			(0.151	)			(0.019	)
Net asset value, end of period		$	12.140		$	11.485			$	9.683			$	10.106
Total return4			5.70%			20.01%				(2.72%	)			1.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	18,654		$	12			$	10			$	10
Ratio of expenses to average net assets			0.59%			0.58%				0.57%				0.58%
Ratio of net investment income to average net assets			0.96%			1.03%				0.95%				1.08%
Portfolio turnover			12%			23%				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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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. 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(“NAV”). Investments in a government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2014 - December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 Mid-Cap Index Fund–13

LVIP SSGA Mid-Cap 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. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. 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, 2017.

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. The fee is calculated daily and paid monthly. 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, 2018, 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. The fees are calculated daily and monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	29,362
Legal		7,087

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $591 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares; the Standard Class and the Service Class. The two classes of shares are identical except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	230,250
Distribution fees payable to LFD		3,302
Printing and mailing fees payable to Lincoln Life		591
Shareholder servicing fees payable to Lincoln Life		24,907

LVIP SSGA Mid-Cap Index Fund–14

LVIP SSGA Mid-Cap Index 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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	119,999,816
Sales		155,824,306

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	868,369,025
Aggregate unrealized appreciation	$	202,834,533
Aggregate unrealized depreciation		(43,211,368	)
Net unrealized appreciation	$	159,623,165

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, 2017:

	Level 1
Investments:
Assets:
Common Stock	$	1,007,667,657
Money Market Fund		20,324,533
Total Investments	$	1,027,992,190
Derivatives:
Liabilities:
Futures Contracts	$	(158,672	)

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

During the six months ended June 30, 2017, 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 SSGA Mid-Cap Index Fund–15

LVIP SSGA Mid-Cap Index Fund

Notes to Financial Statements (continued)

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		5,181,559			11,225,897
Service Class		1,689,519			—
Shares reinvested:
Standard Class		—			1,309,779
Service Class		—			11
		6,871,078			12,535,687
Shares redeemed:
Standard Class		(10,227,371	)		(40,399,786	)
Service Class		(154,001	)		—
		(10,381,372	)		(40,399,786	)
Net decrease		(3,510,294	)		(27,864,099	)

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts as a cash management tool; to facilitate investments in portfolio securities; and to reduce transaction costs.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Liabilities net of receivables and other assets	$—	Liabilities net of receivables and other assets	$	(158,672	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 was as follows:

	Location of Gain on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Futures contracts (Equity contracts)	Net realized gain from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts	$807,825	$96,118

LVIP SSGA Mid-Cap Index Fund–16

LVIP SSGA Mid-Cap Index 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, 2017.

	Long Derivative Volume		Short Derivative Volume
Futures contracts (average notional value)		$228,511,963	$—

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.

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, 2017. 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–17

                                        LVIP SSGA S&P 500 Index Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,092.20		0.22	%		$1.14
Service Class Shares		1,000.00		1,090.90		0.47	%		2.44
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.70		0.22	%		$1.10
Service Class Shares		1,000.00		1,022.46		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 181/365 (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, 2017

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

Security Type/Sector Percentage
of Net Assets

Common Stock	97.19	%
Aerospace & Defense	2.27	%
Air Freight & Logistics	0.70	%
Airlines	0.63	%
Auto Components	0.19	%
Automobiles	0.47	%
Banks	6.32	%
Beverages	2.03	%
Biotechnology	2.86	%
Building Products	0.34	%
Capital Markets	2.85	%
Chemicals	2.05	%
Commercial Services & Supplies	0.29	%
Communications Equipment	0.95	%
Construction & Engineering	0.09	%
Construction Materials	0.15	%
Consumer Finance	0.73	%
Containers & Packaging	0.32	%
Distributors	0.11	%
Diversified Consumer Services	0.03	%
Diversified Financial Services	1.54	%
Diversified Telecommunication Services	2.07	%
Electric Utilities	1.92	%
Electrical Equipment	0.55	%
Electronic Equipment, Instruments & Components	0.39	%
Energy Equipment & Services	0.87	%
Equity Real Estate Investment Trusts	2.78	%
Food & Staples Retailing	1.83	%
Food Products	1.32	%
Health Care Equipment & Supplies	2.76	%
Health Care Providers & Services	2.74	%
Health Care Technology	0.09	%
Hotels, Restaurants & Leisure	1.72	%
Household Durables	0.46	%
Household Products	1.71	%
Independent Power & Renewable Electricity Producers	0.06	%
Industrial Conglomerates	2.26	%
Insurance	2.72	%
Internet & Direct Marketing Retail	2.62	%
Internet Software & Services	4.48	%
IT Services	3.75	%
Leisure Products	0.09	%
Life Sciences Tools & Services	0.71	%

Security Type/Sector Percentage
of Net Assets

Machinery	1.53	%
Media	2.97	%
Metals & Mining	0.24	%
Multiline Retail	0.39	%
Multi-Utilities	1.00	%
Oil, Gas & Consumable Fuels	5.00	%
Personal Products	0.14	%
Pharmaceuticals	4.91	%
Professional Services	0.30	%
Real Estate Management & Development	0.05	%
Road & Rail	0.91	%
Semiconductors & Semiconductor Equipment	3.30	%
Software	4.72	%
Specialty Retail	2.20	%
Technology Hardware, Storage & Peripherals	4.03	%
Textiles, Apparel & Luxury Goods	0.69	%
Tobacco	1.77	%
Trading Companies & Distributors	0.15	%
Water Utilities	0.07	%
Money Market Fund	2.68	%
Short-Term Investment	0.15	%
Total Value of Securities	100.02	%
Liabilities Net of Receivables and Other Assets	(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

Apple	3.51	%
Alphabet Class A & Class C	2.56	%
Microsoft	2.49	%
Amazon.com	1.79	%
Facebook Class A	1.67	%
Johnson & Johnson	1.67	%
Exxon Mobil	1.60	%
JPMorgan Chase & Co.	1.52	%
Berkshire Hathaway Class B	1.50	%
Wells Fargo & Co.	1.16	%
Total	19.47	%

IT–Information Technology

LVIP SSGA S&P 500 Index Fund–2

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–97.19%
Aerospace & Defense–2.27%
Arconic		150,360	$	3,405,654
Boeing		196,389		38,835,925
General Dynamics		99,480		19,706,988
L3 Technologies		27,176		4,540,566
Lockheed Martin		87,602		24,319,191
Northrop Grumman		61,233		15,719,123
Raytheon		102,001		16,471,121
Rockwell Collins		56,905		5,979,577
Textron		97,822		4,607,416
TransDigm Group		17,700		4,758,999
United Technologies		262,159		32,012,235
				170,356,795
Air Freight & Logistics–0.70%
CH Robinson Worldwide		51,527		3,538,874
Expeditors International of Washington		63,176		3,568,180
FedEx		84,903		18,451,969
United Parcel Service Class B		239,824		26,522,136
				52,081,159
Airlines–0.63%
Alaska Air Group		44,700		4,012,272
American Airlines Group		176,300		8,871,416
Delta Air Lines		255,400		13,725,196
Southwest Airlines		213,481		13,265,709
†United Continental Holdings		101,900		7,667,975
				47,542,568
Auto Components–0.19%
BorgWarner		70,798		2,999,003
Delphi Automotive		93,524		8,197,379
Goodyear Tire & Rubber		88,037		3,077,774
				14,274,156
Automobiles–0.47%
Ford Motor		1,355,602		15,169,186
General Motors		482,006		16,836,470
Harley-Davidson		63,693		3,440,696
				35,446,352
Banks–6.32%
Bank of America		3,486,101		84,572,810
BB&T		281,526		12,784,096
Citigroup		970,162		64,884,435
Citizens Financial Group		180,600		6,443,808
Comerica		63,052		4,617,928
Fifth Third Bancorp		261,012		6,775,872
Huntington Bancshares		391,420		5,291,998
JPMorgan Chase & Co.		1,247,360		114,008,704
KeyCorp		373,194		6,993,656
M&T Bank		53,685		8,694,286
People’s United Financial		108,817		1,921,708

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
PNC Financial Services Group		169,146	$	21,121,261
Regions Financial		424,714		6,217,813
SunTrust Banks		169,964		9,640,358
U.S. Bancorp		555,956		28,865,236
Wells Fargo & Co.		1,575,382		87,291,917
Zions Bancorporation		71,242		3,128,236
				473,254,122
Beverages–2.03%
Brown-Forman Class B		64,040		3,112,344
Coca-Cola		1,352,197		60,646,035
Constellation Brands Class A		61,535		11,921,176
Dr Pepper Snapple Group		65,858		6,000,322
Molson Coors Brewing Class B		64,517		5,570,398
†Monster Beverage		144,251		7,166,390
PepsiCo		499,575		57,695,917
				152,112,582
Biotechnology–2.86%
AbbVie		558,310		40,483,058
†Alexion Pharmaceuticals		77,705		9,454,367
Amgen		259,057		44,617,387
†Biogen		75,649		20,528,113
†Celgene		269,840		35,044,121
Gilead Sciences		458,549		32,456,098
†Incyte		59,200		7,453,872
†Regeneron Pharmaceuticals		26,162		12,849,205
†Vertex Pharmaceuticals		87,300		11,250,351
				214,136,572
Building Products–0.34%
Allegion		33,625		2,727,660
Fortune Brands Home & Security		55,400		3,614,296
Johnson Controls International		331,989		14,395,043
Masco		115,021		4,394,952
				25,131,951
Capital Markets–2.85%
Affiliated Managers Group		19,500		3,234,270
Ameriprise Financial		54,582		6,947,743
Bank of New York Mellon		367,303		18,739,799
BlackRock		42,191		17,821,900
CBOE Holdings		32,600		2,979,640
Charles Schwab		419,125		18,005,610
CME Group		119,753		14,997,866
†E*TRADE Financial		101,343		3,854,074
Franklin Resources		124,656		5,583,342
Goldman Sachs Group		128,686		28,555,423
Intercontinental Exchange		210,630		13,884,730
Invesco		143,439		5,047,618
Moody’s		59,642		7,257,239
Morgan Stanley		501,420		22,343,275
Nasdaq		41,177		2,943,744

LVIP SSGA S&P 500 Index Fund–3

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Capital Markets (continued)
Northern Trust		74,984	$	7,289,195
Raymond James Financial		44,800		3,593,856
S&P Global		89,779		13,106,836
State Street		123,190		11,053,839
T. Rowe Price Group		87,735		6,510,814
				213,750,813
Chemicals–2.05%
Air Products & Chemicals		75,299		10,772,275
Albemarle		40,600		4,284,924
CF Industries Holdings		80,590		2,253,296
Dow Chemical		389,757		24,581,974
Eastman Chemical		52,227		4,386,546
Ecolab		90,959		12,074,807
EI du Pont de Nemours & Co.		302,360		24,403,476
FMC		46,801		3,418,813
International Flavors & Fragrances		28,420		3,836,700
LyondellBasell Industries Class A		115,760		9,768,986
Monsanto		152,152		18,008,711
Mosaic		123,247		2,813,729
PPG Industries		89,956		9,891,562
Praxair		98,984		13,120,329
Sherwin-Williams		28,016		9,832,495
				153,448,623
Commercial Services & Supplies–0.29%
Cintas		31,808		4,009,080
Republic Services		81,337		5,183,607
†Stericycle		29,701		2,266,780
Waste Management		144,471		10,596,948
				22,056,415
Communications Equipment–0.95%
Cisco Systems		1,748,824		54,738,191
†F5 Networks		23,296		2,959,990
Harris		43,458		4,740,399
Juniper Networks		127,104		3,543,660
Motorola Solutions		57,102		4,953,027
				70,935,267
Construction & Engineering–0.09%
Fluor		51,837		2,373,098
Jacobs Engineering Group		45,834		2,492,911
†Quanta Services		51,987		1,711,412
				6,577,421
Construction Materials–0.15%
Martin Marietta Materials		22,900		5,097,082
Vulcan Materials		46,963		5,949,273
				11,046,355
Consumer Finance–0.73%
American Express		267,250		22,513,140
Capital One Financial		167,430		13,833,067

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Consumer Finance (continued)
Discover Financial Services		136,511	$	8,489,619
Navient		109,964		1,830,901
Synchrony Financial		271,568		8,098,158
				54,764,885
Containers & Packaging–0.32%
Avery Dennison		31,943		2,822,803
Ball		124,556		5,257,509
International Paper		142,101		8,044,338
Sealed Air		69,297		3,101,734
WestRock		86,218		4,885,112
				24,111,496
Distributors–0.11%
Genuine Parts		53,641		4,975,739
†LKQ		109,600		3,611,320
				8,587,059
Diversified Consumer Services–0.03%
H&R Block		74,314		2,297,046
				2,297,046
Diversified Financial Services–1.54%
†Berkshire Hathaway Class B		664,969		112,625,800
Leucadia National		111,225		2,909,646
				115,535,446
Diversified Telecommunication Services–2.07%
AT&T		2,151,335		81,169,870
CenturyLink		187,603		4,479,960
†Level 3 Communications		104,700		6,208,710
Verizon Communications		1,420,558		63,442,120
				155,300,660
Electric Utilities–1.92%
Alliant Energy		82,000		3,293,940
American Electric Power		174,578		12,127,934
Duke Energy		239,448		20,015,458
Edison International		114,304		8,937,430
Entergy		63,372		4,865,068
Eversource Energy		111,174		6,749,374
Exelon		327,956		11,829,373
FirstEnergy		147,706		4,307,107
NextEra Energy		162,458		22,765,240
PG&E		174,473		11,579,773
Pinnacle West Capital		39,983		3,404,952
PPL		240,298		9,289,921
Southern		340,426		16,299,597
Xcel Energy		177,477		8,142,645
				143,607,812
Electrical Equipment–0.55%
Acuity Brands		15,700		3,191,496
AMETEK		83,000		5,027,310

LVIP SSGA S&P 500 Index Fund–4

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electrical Equipment (continued)
Eaton		156,517	$	12,181,718
Emerson Electric		223,030		13,297,049
Rockwell Automation		44,290		7,173,208
				40,870,781
Electronic Equipment, Instruments & Components–0.39%
Amphenol Class A		109,832		8,107,798
Corning		329,260		9,894,263
FLIR Systems		49,450		1,713,937
TE Connectivity		123,011		9,678,505
				29,394,503
Energy Equipment & Services–0.87%
Baker Hughes, a GE company		149,997		8,176,336
Halliburton		304,837		13,019,588
Helmerich & Payne		38,008		2,065,355
National Oilwell Varco		135,690		4,469,629
Schlumberger		484,373		31,891,118
†TechnipFMC		169,316		4,605,395
†Transocean		119,500		983,485
				65,210,906
Equity Real Estate Investment Trusts–2.78%
Alexandria Real Estate Equities		31,100		3,746,617
American Tower		147,903		19,570,525
Apartment Investment & Management		56,213		2,415,473
AvalonBay Communities		48,548		9,329,469
Boston Properties		55,212		6,792,180
Crown Castle International		127,865		12,809,516
Digital Realty Trust		52,400		5,918,580
Equinix		27,142		11,648,261
Equity Residential		128,742		8,475,086
Essex Property Trust		23,600		6,071,572
Extra Space Storage		43,800		3,416,400
Federal Realty Investment Trust		24,600		3,109,194
Four Corners Property Trust		1		25
GGP		208,500		4,912,260
HCP		166,323		5,315,683
Host Hotels & Resorts		265,751		4,855,271
Iron Mountain		89,100		3,061,476
Kimco Realty		143,945		2,641,391
Macerich		42,410		2,462,325
Mid-America Apartment Communities		41,100		4,331,118
Prologis		185,389		10,871,211
Public Storage		51,751		10,791,636
Realty Income		91,000		5,021,380
Regency Centers		52,100		3,263,544
Simon Property Group		108,948		17,623,428
SL Green Realty		34,900		3,692,420
UDR		93,300		3,635,901
Ventas		119,495		8,302,513
Vornado Realty Trust		60,774		5,706,679
Welltower		126,101		9,438,660

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Weyerhaeuser		266,507	$	8,927,985
				208,157,779
Food & Staples Retailing–1.83%
Costco Wholesale		152,048		24,317,037
CVS Health		359,121		28,894,876
Kroger		326,946		7,624,381
Sysco		174,118		8,763,359
Walgreens Boots Alliance		297,662		23,309,911
Wal-Mart Stores		516,995		39,126,182
Whole Foods Market		116,000		4,884,760
				136,920,506
Food Products–1.32%
Archer-Daniels-Midland		199,123		8,239,710
Campbell Soup		62,850		3,277,627
Conagra Brands		149,152		5,333,676
General Mills		205,112		11,363,205
Hershey		50,030		5,371,721
Hormel Foods		94,272		3,215,618
JM Smucker		40,147		4,750,594
Kellogg		89,577		6,222,018
Kraft Heinz		207,224		17,746,663
McCormick & Co.		41,319		4,029,016
Mondelez International		537,108		23,197,695
Tyson Foods Class A		102,550		6,422,707
				99,170,250
Health Care Equipment & Supplies–2.76%
Abbott Laboratories		598,780		29,106,696
†Align Technology		26,000		3,903,120
Baxter International		169,322		10,250,754
Becton Dickinson & Co.		78,801		15,374,863
†Boston Scientific		479,187		13,283,064
Cooper		17,600		4,213,792
CR Bard		25,237		7,977,668
Danaher		211,501		17,848,569
DENTSPLY SIRONA		82,775		5,367,131
†Edwards Lifesciences		72,916		8,621,588
†Hologic		88,400		4,011,592
†IDEXX Laboratories		32,300		5,213,866
†Intuitive Surgical		12,823		11,994,250
Medtronic		478,096		42,431,020
Stryker		107,812		14,962,149
†Varian Medical Systems		32,432		3,346,658
Zimmer Biomet Holdings		69,290		8,896,836
				206,803,616
Health Care Providers & Services–2.74%
Aetna		116,044		17,618,960
AmerisourceBergen		59,278		5,603,549
Anthem		91,488		17,211,637
Cardinal Health		113,561		8,848,673

LVIP SSGA S&P 500 Index Fund–5

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services (continued)
†Centene		60,800	$	4,856,704
Cigna		89,056		14,907,084
†DaVita		56,628		3,667,229
†Envision Healthcare		42,500		2,663,475
†Express Scripts Holding		206,932		13,210,539
†HCA Healthcare		101,100		8,815,920
†Henry Schein		27,700		5,069,654
Humana		50,232		12,086,824
†Laboratory Corp. of America Holdings		34,947		5,386,731
McKesson		73,487		12,091,551
Patterson		30,024		1,409,627
Quest Diagnostics		47,611		5,292,439
UnitedHealth Group		337,446		62,569,237
Universal Health Services Class B		32,000		3,906,560
				205,216,393
Health Care Technology–0.09%
†Cerner		104,129		6,921,455
				6,921,455
Hotels, Restaurants & Leisure–1.72%
Carnival		144,991		9,507,060
†Chipotle Mexican Grill		10,422		4,336,594
Darden Restaurants		40,630		3,674,577
Hilton Worldwide Holdings		70,700		4,372,795
Marriott International Class A		110,827		11,117,056
McDonald’s		286,418		43,867,781
Royal Caribbean Cruises		57,600		6,291,648
Starbucks		506,406		29,528,534
Wyndham Worldwide		38,873		3,903,238
Wynn Resorts		28,350		3,802,302
Yum Brands		117,524		8,668,570
				129,070,155
Household Durables–0.46%
DR Horton		116,474		4,026,506
Garmin		42,324		2,159,794
Leggett & Platt		48,336		2,539,090
Lennar		62,643		3,340,125
†Mohawk Industries		21,700		5,244,673
Newell Brands		166,803		8,943,977
PulteGroup		106,741		2,618,357
Whirlpool		27,308		5,232,759
				34,105,281
Household Products–1.71%
Church & Dwight		93,000		4,824,840
Clorox		45,885		6,113,717
Colgate-Palmolive		309,052		22,910,025
Kimberly-Clark		124,431		16,065,286
Procter & Gamble		895,131		78,010,667
				127,924,535

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Independent Power & Renewable Electricity Producers–0.06%
AES		228,515	$	2,538,802
NRG Energy		118,655		2,043,239
				4,582,041
Industrial Conglomerates–2.26%
3M		209,371		43,588,948
General Electric		3,054,883		82,512,390
Honeywell International		265,272		35,358,105
Roper Technologies		35,164		8,141,521
				169,600,964
Insurance–2.72%
Aflac		141,311		10,977,038
Allstate		127,572		11,282,468
American International Group		307,544		19,227,651
Aon		93,396		12,416,998
Arthur J. Gallagher & Co.		63,400		3,629,650
Assurant		19,716		2,044,352
Chubb		161,746		23,514,633
Cincinnati Financial		52,875		3,830,794
Everest Re Group		14,100		3,589,719
Hartford Financial Services Group		130,289		6,849,293
ÞLincoln National		82,636		5,584,541
Loews		96,708		4,526,901
Marsh & McLennan		178,869		13,944,627
MetLife		382,015		20,987,904
Principal Financial Group		95,833		6,140,020
Progressive		207,718		9,158,287
Prudential Financial		149,325		16,148,005
Torchmark		38,379		2,935,993
Travelers		98,506		12,463,964
Unum Group		80,911		3,772,880
Willis Towers Watson		46,073		6,701,779
XL Group		96,942		4,246,060
				203,973,557
Internet & Direct Marketing Retail–2.62%
†Amazon.com		138,658		134,220,944
Expedia		41,749		6,218,514
†Netflix		149,200		22,291,972
†Priceline Group		17,175		32,126,181
†TripAdvisor		39,134		1,494,919
				196,352,530
Internet Software & Services–4.48%
†Akamai Technologies		62,403		3,108,293
†Alphabet Class A		104,020		96,705,314
†Alphabet Class C		104,498		94,960,468
†eBay		360,544		12,590,196
†Facebook Class A		828,200		125,041,636
†VeriSign		31,387		2,917,736
				335,323,643

LVIP SSGA S&P 500 Index Fund–6

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
IT Services–3.75%
Accenture Class A		215,767	$	26,686,063
Alliance Data Systems		20,800		5,339,152
Automatic Data Processing		156,668		16,052,203
Cognizant Technology Solutions Class A		210,416		13,971,622
CSRA		49,285		1,564,799
DXC Technology		99,450		7,629,804
Fidelity National Information Services		113,589		9,700,501
†Fiserv		75,112		9,189,202
†Gartner		31,500		3,890,565
Global Payments		55,226		4,988,012
International Business Machines		301,463		46,374,053
Mastercard Class A		331,320		40,238,814
Paychex		114,576		6,523,957
†PayPal Holdings		389,744		20,917,560
Total System Services		58,068		3,382,461
Visa Class A		650,628		61,015,894
Western Union		173,887		3,312,547
				280,777,209
Leisure Products–0.09%
Hasbro		39,684		4,425,163
Mattel		118,368		2,548,463
				6,973,626
Life Sciences Tools & Services–0.71%
Agilent Technologies		117,037		6,941,464
†Illumina		51,400		8,918,928
†Mettler-Toledo International		9,100		5,355,714
PerkinElmer		39,675		2,703,455
Thermo Fisher Scientific		137,353		23,963,978
†Waters		29,216		5,371,069
				53,254,608
Machinery–1.53%
Caterpillar		203,281		21,844,576
Cummins		54,529		8,845,694
Deere & Co.		102,500		12,667,975
Dover		55,851		4,480,367
Flowserve		47,884		2,223,254
Fortive		108,600		6,879,810
Illinois Tool Works		109,619		15,702,922
Ingersoll-Rand		89,175		8,149,703
PACCAR		123,955		8,185,988
Parker-Hannifin		47,582		7,604,555
Pentair		58,794		3,912,153
Snap-on		20,375		3,219,250
Stanley Black & Decker		52,040		7,323,589
Xylem		63,873		3,540,480
				114,580,316
Media–2.97%
CBS Class B		131,403		8,380,883

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Media (continued)
†Charter Communications Class A		75,300	$	25,364,805
Comcast Class A		1,660,744		64,636,156
†Discovery Communications Class A		52,143		1,346,854
†Discovery Communications Class C		78,143		1,969,985
†DISH Network Class A		79,100		4,964,316
Interpublic Group		135,580		3,335,268
News Class A		135,890		1,861,693
News Class B		38,200		540,530
Omnicom Group		84,597		7,013,091
Scripps Networks Interactive Class A		33,553		2,292,005
Time Warner		268,233		26,933,276
Twenty-First Century Fox Class A		366,957		10,399,561
Twenty-First Century Fox Class B		176,200		4,910,694
Viacom Class B		123,923		4,160,095
Walt Disney		510,090		54,197,063
				222,306,275
Metals & Mining–0.24%
†Freeport-McMoRan		434,961		5,223,882
Newmont Mining		186,932		6,054,727
Nucor		111,943		6,478,141
				17,756,750
Multiline Retail–0.39%
Dollar General		89,729		6,468,564
†Dollar Tree		83,683		5,851,115
Kohl’s		63,403		2,451,794
Macy’s		112,117		2,605,599
Nordstrom		40,611		1,942,424
Target		194,638		10,177,621
				29,497,117
Multi-Utilities–1.00%
Ameren		85,201		4,657,939
CenterPoint Energy		150,835		4,129,862
CMS Energy		96,538		4,464,883
Consolidated Edison		105,312		8,511,316
Dominion Energy		217,710		16,683,117
DTE Energy		62,092		6,568,713
NiSource		110,795		2,809,761
Public Service Enterprise Group		174,889		7,521,976
SCANA		49,706		3,330,799
Sempra Energy		86,588		9,762,797
WEC Energy Group		110,658		6,792,188
				75,233,351
Oil, Gas & Consumable Fuels–5.00%
Anadarko Petroleum		197,727		8,964,942
Apache		135,726		6,505,347
Cabot Oil & Gas		168,696		4,230,896
†Chesapeake Energy		270,105		1,342,422
Chevron		662,834		69,153,471
Cimarex Energy		33,700		3,168,137

LVIP SSGA S&P 500 Index Fund–7

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†Concho Resources		51,000	$	6,198,030
ConocoPhillips		430,710		18,934,012
Devon Energy		186,614		5,966,050
EOG Resources		200,402		18,140,389
EQT		62,607		3,668,144
Exxon Mobil		1,484,710		119,860,638
Hess		96,620		4,238,719
Kinder Morgan		666,381		12,767,860
Marathon Oil		302,129		3,580,229
Marathon Petroleum		182,720		9,561,738
Murphy Oil		58,565		1,501,021
†Newfield Exploration		73,397		2,088,879
Noble Energy		151,585		4,289,855
Occidental Petroleum		265,498		15,895,365
ONEOK		133,177		6,946,512
Phillips 66		156,971		12,979,932
Pioneer Natural Resources		59,514		9,497,244
Range Resources		59,106		1,369,486
Tesoro		52,961		4,957,150
Valero Energy		156,845		10,580,764
Williams		282,218		8,545,561
				374,932,793
Personal Products–0.14%
Coty Class A		173,568		3,256,130
Estee Lauder Class A		78,567		7,540,861
				10,796,991
Pharmaceuticals–4.91%
Allergan		117,203		28,490,877
Bristol-Myers Squibb		581,726		32,413,773
Eli Lilly & Co.		337,952		27,813,450
Johnson & Johnson		943,881		124,866,017
†Mallinckrodt		36,300		1,626,603
Merck & Co.		960,581		61,563,636
†Mylan		164,905		6,401,612
Perrigo		52,151		3,938,444
Pfizer		2,083,948		69,999,813
Zoetis		170,921		10,662,052
				367,776,277
Professional Services–0.30%
Equifax		42,618		5,856,566
†IHS Markit		111,100		4,892,844
Nielsen Holdings		120,300		4,650,798
Robert Half International		47,717		2,287,076
†Verisk Analytics Class A		55,000		4,640,350
				22,327,634
Real Estate Management & Development–0.05%
†CBRE Group Class A		98,176		3,573,606
				3,573,606

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Road & Rail–0.91%
CSX		325,304	$	17,748,586
JB Hunt Transport Services		32,400		2,960,712
Kansas City Southern		38,738		4,053,932
Norfolk Southern		101,232		12,319,934
Union Pacific		282,402		30,756,402
				67,839,566
Semiconductors & Semiconductor Equipment–3.30%
†Advanced Micro Devices		270,100		3,370,848
Analog Devices		128,456		9,993,877
Applied Materials		375,053		15,493,439
Broadcom		140,485		32,740,029
Intel		1,650,928		55,702,311
KLA-Tencor		56,221		5,144,784
Lam Research		56,750		8,026,153
Microchip Technology		77,303		5,966,246
†Micron Technology		365,859		10,924,550
NVIDIA		206,210		29,809,718
†Qorvo		46,100		2,919,052
QUALCOMM		513,924		28,378,883
Skyworks Solutions		66,900		6,419,055
Texas Instruments		347,724		26,750,407
Xilinx		88,755		5,708,722
				247,348,074
Software–4.72%
Activision Blizzard		237,000		13,644,090
†Adobe Systems		172,800		24,440,832
†ANSYS		29,400		3,577,392
†Autodesk		69,703		7,027,456
CA		112,419		3,875,083
†Citrix Systems		56,456		4,492,768
†Electronic Arts		104,479		11,045,520
Intuit		86,240		11,453,534
Microsoft		2,702,588		186,289,391
Oracle		1,043,678		52,330,015
†Red Hat		61,803		5,917,637
†salesforce.com		229,336		19,860,498
Symantec		215,525		6,088,581
†Synopsys		52,800		3,850,704
				353,893,501
Specialty Retail–2.20%
Advance Auto Parts		25,800		3,008,022
†AutoNation		26,206		1,104,845
†AutoZone		9,927		5,662,956
Bed Bath & Beyond		52,026		1,581,590
Best Buy		97,877		5,611,288
†CarMax		67,709		4,269,730
Foot Locker		49,100		2,419,648
Gap		75,150		1,652,549
Home Depot		418,685		64,226,279
L Brands		85,443		4,604,523

LVIP SSGA S&P 500 Index Fund–8

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail (continued)
Lowe’s		302,497	$	23,452,592
†O’Reilly Automotive		32,657		7,143,392
Ross Stores		137,226		7,922,057
Signet Jewelers		25,100		1,587,324
Staples		224,535		2,261,067
Tiffany & Co.		39,515		3,709,273
TJX		226,446		16,342,608
Tractor Supply		47,700		2,585,817
†Ulta Beauty		20,800		5,976,672
				165,122,232
Technology Hardware, Storage & Peripherals–4.03%
Apple		1,827,489		263,194,964
Hewlett Packard Enterprise		577,976		9,588,622
HP		592,676		10,359,976
NetApp		99,243		3,974,682
Seagate Technology		103,772		4,021,165
Western Digital		99,034		8,774,412
Xerox		74,696		2,146,023
				302,059,844
Textiles, Apparel & Luxury Goods–0.69%
Coach		96,734		4,579,388
Hanesbrands		141,900		3,286,404
†Michael Kors Holdings		59,400		2,153,250
NIKE Class B		464,768		27,421,312
PVH		28,933		3,312,829
Ralph Lauren		21,272		1,569,874
†Under Armour Class A		63,800		1,388,288
†Under Armour Class C		64,252		1,295,320
VF		116,652		6,719,155
				51,725,820

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Tobacco–1.77%
Altria Group		679,301	$	50,587,545
Philip Morris International		540,416		63,471,859
Reynolds American		287,302		18,686,122
				132,745,526
Trading Companies & Distributors–0.15%
Fastenal		99,403		4,327,013
†United Rentals		30,300		3,415,113
WW Grainger		19,653		3,547,956
				11,290,082
Water Utilities–0.07%
American Water Works		63,900		4,981,005
				4,981,005
Total Common Stock (Cost $4,210,640,088)				7,282,746,653
MONEY MARKET FUND–2.68%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		200,984,144		200,984,144
Total Money Market Fund (Cost $200,984,144)				200,984,144
	Principal Amount°
SHORT-TERM INVESTMENT–0.15%
≠U.S. Treasury Obligations–0.15%
U.S. Treasury Bill
¥0.661% 8/3/17		11,395,000		11,386,682
Total Short-Term Investment (Cost $11,387,845)				11,386,682

TOTAL VALUE OF SECURITIES–100.02% (Cost $4,423,012,077)		7,495,117,479
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.02%)		(1,803,766	)
NET ASSETS APPLICABLE TO 440,948,676 SHARES OUTSTANDING–100.00%	$	7,493,313,713
NET ASSET VALUE PER SHARE–LVIP SSGA S&P 500 INDEX FUND STANDARD CLASS ($6,366,171,240 / 374,543,584 Shares)	$	16.997
NET ASSET VALUE PER SHARE–LVIP SSGA S&P 500 INDEX FUND SERVICE CLASS ($1,127,142,473 / 66,405,092 Shares)	$	16.974
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	4,305,566,550
Undistributed net investment income		65,983,108
Accumulated net realized gain on investments		50,791,272
Net unrealized appreciation of investments and derivatives		3,070,972,783
TOTAL NET ASSETS	$	7,493,313,713

LVIP SSGA S&P 500 Index Fund–9

LVIP SSGA S&P 500 Index Fund

Statement of Net Assets (continued)

† Non-income producing for the period.

« Includes $1,214,879 cash collateral held at broker for futures contracts, $3,134,035 payable for securities purchased, $8,134,066 payable for fund shares redeemed, and $1,524,275 due to manager and affiliates as of June 30, 2017.

Þ Considered an affiliated investment. 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, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
1,828	E-mini S&P 500 Index		$222,402,879		$221,270,260		9/18/17		$(1,132,619)

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.”

Summary of Abbreviations:

IT–Information Technology

S&P–Standard & Poor’s

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

LVIP SSGA S&P 500 Index Fund–10

LVIP SSGA S&P 500 Index Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	75,317,760
Dividends from affiliated investments		47,929
Interest		38,452
		75,404,141
EXPENSES:
Management fees		6,057,444
Distribution fees-Service Class		1,356,069
Accounting and administration expenses		897,977
Index fees		365,684
Shareholder servicing fees		357,013
Reports and statements to shareholders		125,643
Trustees’ fees and expenses		97,658
Professional fees		89,276
Custodian fees		35,034
Consulting fees		8,669
Pricing fees		1,115
Other		39,368
		9,430,950
Less:
Management fees waived		(9,917	)
Total operating expenses		9,421,033
NET INVESTMENT INCOME		65,983,108
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from:
Sale of investments in unaffiliated investments		73,657,006
Futures contracts		7,330,931
Net realized gain		80,987,937
Net change in unrealized appreciation (depreciation) of:
Investments		489,464,156
Futures contracts		(1,255,660	)
Net change in unrealized appreciation (depreciation)		488,208,496
NET REALIZED AND UNREALIZED GAIN		569,196,433
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	635,179,541

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	65,983,108		$	125,887,808
Net realized gain		80,987,937			89,049,817
Net change in unrealized appreciation (depreciation)		488,208,496			540,933,500
Net increase in net assets resulting from operations		635,179,541			755,871,125
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(118,669,518	)
Service Class		—			(17,699,207	)
Net realized gain on investments:
Standard Class		—			(79,312,836	)
Service Class		—			(13,563,311	)
		—			(229,244,872	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		381,233,616			655,142,911
Service Class		86,762,536			133,394,921
Reinvestment of dividends and distributions:
Standard Class		—			197,982,353
Service Class		—			31,262,519
		467,996,152			1,017,782,704
Cost of shares redeemed:
Standard Class		(554,556,590	)		(873,579,589	)
Service Class		(87,776,202	)		(164,969,226	)
		(642,332,792	)		(1,038,548,815	)
Decrease in net assets derived from capital share transactions		(174,336,640	)		(20,766,111	)
NET INCREASE IN NET ASSETS		460,842,901			505,860,142
NET ASSETS:
Beginning of period		7,032,470,812			6,526,610,670
End of period	$	7,493,313,713		$	7,032,470,812
Undistributed net investment income	$	65,983,108		$	—

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 6/30/171			Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	15.562		$	14.395			$	14.651			$	13.259			$	10.191			$	8.896
Income (loss) from investment operations:
Net investment income2			0.153			0.284				0.288				0.243				0.220				0.202
Net realized and unrealized gain (loss)			1.282			1.399				(0.121	)			1.538				3.038				1.189
Total from investment operations			1.435			1.683				0.167				1.781				3.258				1.391
Less dividends and distributions from:
Net investment income			—			(0.307	)			(0.284	)			(0.275	)			(0.190	)			(0.096	)
Net realized gain			—			(0.209	)			(0.139	)			(0.114	)			—				—
Total dividends and distributions			—			(0.516	)			(0.423	)			(0.389	)			(0.190	)			(0.096	)
Net asset value, end of period		$	16.997		$	15.562			$	14.395			$	14.651			$	13.259			$	10.191
Total return3			9.22%			11.76%				1.17%				13.43%				32.00%				15.65%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	6,366,171		$	5,998,455			$	5,567,596			$	5,672,744			$	5,143,799			$	2,396,852
Ratio of expenses to average net assets			0.22%			0.21%				0.21%				0.21%				0.23%				0.25%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.22%			0.21%				0.21%				0.21%				0.23%				0.25%
Ratio of net investment income to average net assets			1.87%			1.92%				1.95%				1.74%				1.84%				2.04%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.87%			1.92%				1.95%				1.74%				1.84%				2.04%
Portfolio turnover			1%			4%				10%				11%				8%				14%

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 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 6/30/171			Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	15.560		$	14.396			$	14.653			$	13.263			$	10.196			$	8.901
Income (loss) from investment operations:
Net investment income2			0.132			0.247				0.251				0.208				0.190				0.177
Net realized and unrealized gain (loss)			1.282			1.396				(0.122	)			1.536				3.037				1.189
Total from investment operations			1.414			1.643				0.129				1.744				3.227				1.366
Less dividends and distributions from:
Net investment income			—			(0.270	)			(0.247	)			(0.240	)			(0.160	)			(0.071	)
Net realized gain			—			(0.209	)			(0.139	)			(0.114	)			—				—
Total dividends and distributions			—			(0.479	)			(0.386	)			(0.354	)			(0.160	)			(0.071	)
Net asset value, end of period		$	16.974		$	15.560			$	14.396			$	14.653			$	13.263			$	10.196
Total return3			9.09%			11.48%				0.92%				13.15%				31.68%				15.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,127,143		$	1,034,016			$	959,015			$	956,395			$	926,536			$	528,207
Ratio of expenses to average net assets			0.47%			0.46%				0.46%				0.46%				0.48%				0.50%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.47%			0.46%				0.46%				0.46%				0.48%				0.50%
Ratio of net investment income to average net assets			1.62%			1.67%				1.70%				1.49%				1.59%				1.79%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.62%			1.67%				1.70%				1.49%				1.59%				1.79%
Portfolio turnover			1%			4%				10%				11%				8%				14%

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 S&P 500 Index Fund–13

LVIP SSGA S&P 500 Index Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is as a Delaware statutory trust. The Trust consists of 92 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 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 (“NAV”), which approximates fair value. Futures contracts are valued at the daily quoted settlement prices. Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures, or suspension of trading in a security.

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, the Fund did not incur any interest or tax penalties.

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

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund does not separate the portion of realized gains and losses on foreign equity securities 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. 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. 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 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, 2017.

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, 2017.

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. 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, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board and LIAC. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	204,564
Legal		49,375

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $88,392 for the six months ended June 30, 2017.

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 currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of the average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	1,026,245
Distribution fees payable to LFD		232,272
Shareholder servicing fees payable to Lincoln Life		177,366
Printing and mailing fees payable to Lincoln Life		88,392

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, 2017 were as follows:

	Value 12/31/16			Purchases		Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
Lincoln National		$	5,476,288		$—		$	—		$	—		$	108,253		$	5,584,541		$	47,929		$	—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	92,429,589
Sales		325,341,910

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	4,423,012,077
Aggregate unrealized appreciation	$	3,184,572,502
Aggregate unrealized depreciation		(112,467,100	)
Net unrealized appreciation	$	3,072,105,402

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 SSGA S&P 500 Index Fund–16

LVIP SSGA S&P 500 Index 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, 2017:

	Level 1			Level 2		Total
Investments:
Assets:
Common Stock	$	7,282,746,653		$	—	$	7,282,746,653
Money Market Fund		200,984,144			—		200,984,144
Short-Term Investment		—			11,386,682		11,386,682
Total Investments	$	7,483,730,797		$	11,386,682	$	7,495,117,479
Derivatives:
Liabilities:
Futures Contracts	$	(1,132,619	)	$	—	$	(1,132,619	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		22,812,464			44,243,206
Service Class		5,283,630			9,022,248
Shares reinvested:
Standard Class		—			12,840,124
Service Class		—			2,031,031
		28,096,094			68,136,609
Shares redeemed:
Standard Class		(33,730,808	)		(58,398,420	)
Service Class		(5,333,903	)		(11,216,144	)
		(39,064,711	)		(69,614,564	)
Net decrease		(10,968,617	)		(1,477,955	)

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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

LVIP SSGA S&P 500 Index Fund–17

LVIP SSGA S&P 500 Index Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2017, the Fund used futures contracts as a cash management tool; to facilitate investments in portfolio securities; and to reduce transaction costs.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Liabilities net of receivables and other assets	$—	Liabilities net of receivables and other assets		$(1,132,619	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	7,330,931		$	(1,255,660	)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Futures contracts (average notional value)		$	105,744,114		$	—

At June 30, 2017, the Fund pledged U.S. Treasury obligations with a value of $11,386,682 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, 2017. 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, 2017, there were no Rule 144A securities.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

LVIP SSGA S&P 500 Index Fund–18

LVIP SSGA S&P 500 Index Fund

Notes to Financial Statements (continued)

9. 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–19

                                        LVIP SSGA Small-Cap Index Fund   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,048.10		0.38	%		$1.93
Service Class Shares		1,000.00		1,046.90		0.63	%		3.20
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,022.91		0.38	%		$1.91
Service Class Shares		1,000.00		1,021.67		0.63	%		3.16

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector Percentage
of Net Assets

Common Stock	94.76	%
Aerospace & Defense	1.35	%
Air Freight & Logistics	0.29	%
Airlines	0.30	%
Auto Components	1.15	%
Automobiles	0.05	%
Banks	9.94	%
Beverages	0.23	%
Biotechnology	5.11	%
Building Products	1.17	%
Capital Markets	1.24	%
Chemicals	2.03	%
Commercial Services & Supplies	2.34	%
Communications Equipment	1.82	%
Construction & Engineering	1.14	%
Construction Materials	0.22	%
Consumer Finance	0.57	%
Containers & Packaging	0.12	%
Distributors	0.08	%
Diversified Consumer Services	0.84	%
Diversified Financial Services	0.10	%
Diversified Telecommunication Services	0.70	%
Electric Utilities	1.05	%
Electrical Equipment	0.65	%
Electronic Equipment, Instruments & Components	2.71	%
Energy Equipment & Services	1.30	%
Equity Real Estate Investment Trusts	6.66	%
Food & Staples Retailing	0.50	%
Food Products	1.18	%
Gas Utilities	1.19	%
Health Care Equipment & Supplies	3.59	%
Health Care Providers & Services	2.05	%
Health Care Technology	0.78	%
Hotels, Restaurants & Leisure	3.16	%
Household Durables	1.41	%
Household Products	0.26	%
Independent Power & Renewable Electricity Producers	0.41	%
Industrial Conglomerates	0.06	%
Insurance	2.36	%
Internet & Direct Marketing Retail	0.51	%
Internet Software & Services	2.81	%
IT Services	1.95	%
Leisure Products	0.36	%
Life Sciences Tools & Services	0.80	%
Machinery	3.36	%
Marine	0.11	%
Media	1.30	%
Metals & Mining	1.24	%

Security Type/Sector Percentage
of Net Assets

Mortgage Real Estate Investment Trusts	0.84	%
Multiline Retail	0.34	%
Multi-Utilities	0.49	%
Oil, Gas & Consumable Fuels	1.79	%
Paper & Forest Products	0.56	%
Personal Products	0.16	%
Pharmaceuticals	1.91	%
Professional Services	1.20	%
Real Estate Management & Development	0.48	%
Road & Rail	0.65	%
Semiconductors & Semiconductor Equipment	2.94	%
Software	3.46	%
Specialty Retail	2.04	%
Technology Hardware, Storage & Peripherals	0.58	%
Textiles, Apparel & Luxury Goods	0.72	%
Thrift & Mortgage Finance	2.17	%
Tobacco	0.19	%
Trading Companies & Distributors	1.23	%
Water Utilities	0.35	%
Wireless Telecommunication Services	0.11	%
Rights	0.03	%
Warrants	0.00	%
Money Market Fund	5.30	%
Short-Term Investments	0.26	%
Total Value of Securities	100.35	%
Liabilities Net of Receivables and Other Assets	(0.35	%)
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

Kite Pharma	0.25	%
Gramercy Property Trust	0.22	%
Catalent	0.22	%
Fair Isaac	0.22	%
IDACORP	0.22	%
PAREXEL International	0.21	%
HealthSouth	0.21	%
Medidata Solutions	0.21	%
Bluebird Bio	0.21	%
WGL Holdings	0.21	%
Total	2.18	%

IT–Information Technology

LVIP SSGA Small-Cap Index Fund–2

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–94.76%
Aerospace & Defense–1.35%
AAR		24,598	$	855,026
†Aerojet Rocketdyne Holdings		51,368		1,068,454
†Aerovironment		14,981		572,274
†Astronics		16,922		515,613
†Axon Enterprise		39,145		984,105
Cubic		18,817		871,227
Curtiss-Wright		33,444		3,069,490
†DigitalGlobe		47,366		1,577,288
†Ducommun		7,300		230,534
†Engility Holdings		13,300		377,720
†Esterline Technologies		19,422		1,841,206
†KeyW Holding		36,608		342,285
†KLX		39,700		1,985,000
†Kratos Defense & Security Solutions		54,550		647,509
†Mercury Systems		34,651		1,458,461
†Moog Class A		23,981		1,719,917
National Presto Industries		3,372		372,606
†Sparton		6,583		144,760
Triumph Group		36,900		1,166,040
†Vectrus		9,000		290,880
†Wesco Aircraft Holdings		39,520		428,792
				20,519,187
Air Freight & Logistics–0.29%
†Air Transport Services Group		35,876		781,379
†Atlas Air Worldwide Holdings		18,220		950,173
†Echo Global Logistics		21,191		421,701
Forward Air		22,339		1,190,222
†Hub Group Class A		25,144		964,272
†Radiant Logistics		22,700		122,126
				4,429,873
Airlines–0.30%
Allegiant Travel		9,884		1,340,270
†Hawaiian Holdings		39,725		1,865,089
SkyWest		37,592		1,319,479
				4,524,838
Auto Components–1.15%
†American Axle & Manufacturing Holdings		62,381		973,144
Cooper Tire & Rubber		41,617		1,502,374
†Cooper-Standard Holdings		13,000		1,311,310
Dana		112,272		2,507,034
†Dorman Products		19,873		1,644,888
†Fox Factory Holding		26,000		925,600
†Gentherm		27,206		1,055,593
†Horizon Global		17,270		247,997
LCI Industries		17,904		1,833,370
†Modine Manufacturing		35,764		591,894
†Motorcar Parts of America		13,400		378,416
†Shiloh Industries		6,500		76,310
Standard Motor Products		16,051		838,183

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Auto Components (continued)
†Stoneridge		20,431	$	314,842
Superior Industries International		18,607		382,374
Tenneco		40,977		2,369,700
Tower International		15,020		337,199
†VOXX International Class A		14,900		122,180
				17,412,408
Automobiles–0.05%
Winnebago Industries		23,373		818,055
				818,055
Banks–9.94%
1st Source		12,434		596,086
Access National		11,658		309,170
ACNB		5,200		158,600
†Allegiance Bancshares		7,200		275,760
American National Bankshares		5,995		221,515
Ameris Bancorp		27,779		1,338,948
Ames National		6,665		203,949
Arrow Financial		9,236		292,319
†Atlantic Capital Bancshares		15,500		294,500
Banc of California		36,338		781,267
BancFirst		5,793		559,604
Banco Latinoamericano de Exportacions		22,458		614,900
†Bancorp		38,247		289,912
BancorpSouth		65,131		1,986,495
Bank of Commerce Holdings		11,500		127,075
Bank of Marin Bancorp		4,349		267,681
Bank of NT Butterfield & Son		40,000		1,364,000
Bankwell Financial Group		5,000		156,150
Banner		24,519		1,385,569
Bar Harbor Bankshares		11,368		350,362
BCB Bancorp		7,000		107,100
Berkshire Hills Bancorp		25,765		905,640
Blue Hills Bancorp		17,853		319,569
Boston Private Financial Holdings		61,038		936,933
Bridge Bancorp		14,492		482,584
Brookline Bancorp		51,419		750,717
Bryn Mawr Bank		11,564		491,470
C&F Financial		2,800		131,320
†Cadence BanCorp		6,500		142,220
Camden National		11,155		478,661
Canadian Imperial Bank of Commerce		1		43
Capital Bank Financial		21,600		822,960
Capital City Bank Group		9,284		189,579
†Capstar Financial Holdings		6,400		113,536
Carolina Financial		9,800		316,736
Cathay General Bancorp		55,903		2,121,519
CenterState Banks of Florida		37,905		942,318
Central Pacific Financial		22,430		705,872
Central Valley Community Bancorp		7,600		168,416

LVIP SSGA Small-Cap Index Fund–3

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
Century Bancorp Class A		2,361	$	150,160
Chemical Financial		52,615		2,547,092
Chemung Financial		2,700		110,376
Citizens & Northern		8,361		194,477
City Holding		10,397		684,850
Civista Bancshares		7,400		154,512
CNB Financial		11,591		277,836
CoBiz Financial		29,653		515,962
Codorus Valley Bancorp		7,035		199,794
Columbia Banking System		43,683		1,740,768
Commerce Union Bancshares		5,100		121,737
Community Bank System		38,419		2,142,628
†Community Bankers Trust		15,900		131,175
Community Financial		2,900		111,650
Community Trust Bancorp		11,230		491,313
ConnectOne Bancorp		23,669		533,736
County Bancorp		4,200		100,800
†CU Bancorp		13,060		472,119
†Customers Bancorp		21,280		601,798
CVB Financial		75,959		1,703,760
DNB Financial		2,300		78,890
†Eagle Bancorp		22,909		1,450,140
Enterprise Bancorp		7,060		250,912
Enterprise Financial Services		16,738		682,910
†Equity Bancshares Class A		7,900		242,056
Evans Bancorp		3,400		135,830
Farmers & Merchants Bancorp		3,800		235,600
Farmers Capital Bank		6,300		242,865
Farmers National Banc		16,200		234,900
†FB Financial		5,000		180,950
†FCB Financial Holdings Class A		26,100		1,246,275
Fidelity Southern		14,015		320,383
Financial Institutions		9,388		279,762
First Bancorp (Maine)		8,211		222,190
First Bancorp (North Carolina)		18,185		568,463
†First BanCorp (Puerto Rico)		121,735		704,846
First Bancshares		6,300		173,880
First Busey		22,963		673,275
First Business Financial Services		5,800		133,864
First Citizens BancShares Class A		5,700		2,124,390
First Commonwealth Financial		71,839		910,919
First Community Bancshares		12,463		340,863
†First Community Financial Partners		11,800		152,220
First Connecticut Bancorp		8,828		226,438
First Financial		6,759		319,701
First Financial Bancorp		45,873		1,270,682
First Financial Bankshares		48,014		2,122,219
First Financial Northwest		3,600		58,068
†First Foundation		17,400		285,882
First Guaranty Bancshares		2,900		78,996
First Internet Bancorp		4,500		126,225
First Interstate BancSystem Class A		18,146		675,034

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
First Merchants		30,383	$	1,219,574
First Mid-Illinois Bancshares		7,500		256,800
First Midwest Bancorp		75,855		1,768,180
†First Northwest Bancorp		9,600		151,392
First of Long Island		15,654		447,704
Flushing Financial		19,530		550,551
FNB Bancorp		3,900		107,094
†Franklin Financial Network		8,100		334,125
Fulton Financial		129,600		2,462,400
German American Bancorp		15,577		531,020
Glacier Bancorp		57,374		2,100,462
Great Southern Bancorp		7,870		421,045
Great Western Bancorp		44,400		1,811,964
†Green Bancorp		16,664		323,282
Guaranty Bancorp		17,468		475,130
Hancock Holding		62,464		3,060,736
Hanmi Financial		22,520		640,694
†HarborOne Bancorp		10,300		205,588
Heartland Financial USA		17,838		840,170
Heritage Commerce		26,838		369,828
Heritage Financial		23,355		618,907
Hilltop Holdings		56,349		1,476,907
Home BancShares		96,028		2,391,097
†HomeTrust Bancshares		10,977		267,839
Hope Bancorp		96,558		1,800,807
Horizon Bancorp		14,155		372,984
†Howard Bancorp		6,500		125,125
IBERIABANK		37,504		3,056,576
Independent Bank		13,509		293,821
Independent Bank (Massachusetts)		19,384		1,291,944
Independent Bank Group		13,100		779,450
International Bancshares		41,064		1,439,293
Investar Holding		6,100		139,690
Investors Bancorp		192,586		2,572,949
Lakeland Bancorp		31,778		599,015
Lakeland Financial		17,917		822,032
LCNB		7,700		154,000
LegacyTexas Financial Group		36,027		1,373,710
Live Oak Bancshares		15,300		370,260
Macatawa Bank		23,000		219,420
MainSource Financial Group		17,020		570,340
MB Financial		60,226		2,652,353
MBT Financial		15,500		150,350
Mercantile Bank		10,833		341,023
Middlefield Banc		1,900		95,760
Midland States Bancorp		11,400		382,128
MidSouth Bancorp		6,600		77,550
MidWestOne Financial Group		8,242		279,321
MutualFirst Financial		4,700		167,790
National Bank Holdings Class A		17,652		584,458
National Bankshares		5,608		228,806
†National Commerce		7,800		308,490

LVIP SSGA Small-Cap Index Fund–4

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
NBT Bancorp		31,739	$	1,172,756
†Nicolet Bankshares		6,600		361,086
Northeast Bancorp		5,400		109,890
Northrim BanCorp		5,900		179,360
Norwood Financial		2,800		118,300
OFG Bancorp		31,588		315,880
Ohio Valley Banc		3,000		108,150
Old Line Bancshares		7,300		205,714
Old National Bancorp		99,817		1,721,843
Old Point Financial		2,700		88,776
Old Second Bancorp		24,600		284,130
Opus Bank		12,600		304,920
Orrstown Financial Services		6,400		146,240
Pacific Continental		15,880		405,734
†Pacific Mercantile Bancorp		13,300		117,040
†Pacific Premier Bancorp		29,102		1,073,864
†Paragon Commercial		3,100		162,657
Park National		9,976		1,034,711
Park Sterling		38,052		452,058
Parke Bancorp		4,200		94,080
Peapack Gladstone Financial		11,291		353,295
Penns Woods Bancorp		3,876		159,614
Peoples Bancorp		12,640		406,123
Peoples Bancorp of North Carolina		3,100		97,960
Peoples Financial Services		5,300		231,769
People’s Utah Bancorp		8,400		225,120
Preferred Bank		8,429		450,699
Premier Financial Bancorp		8,140		167,765
QCR Holdings		8,100		383,940
Renasant		32,908		1,439,396
Republic Bancorp Class A		7,530		268,821
†Republic First Bancorp		40,800		377,400
S&T Bancorp		25,456		912,852
Sandy Spring Bancorp		16,813		683,617
†Seacoast Banking Corp. of Florida		29,644		714,420
ServisFirst Bancshares		34,400		1,269,016
Shore Bancshares		10,900		179,305
Sierra Bancorp		8,220		201,801
Simmons First National Class A		21,941		1,160,679
†SmartFinancial		5,300		126,564
South State		21,491		1,841,779
†Southern First Bancshares		5,000		185,250
Southern National Bancorp of Virginia		13,300		234,080
Southside Bancshares		21,166		739,540
Southwest Bancorp		13,798		352,539
State Bank Financial		27,828		754,695
Sterling Bancorp		95,461		2,219,468
Stock Yards Bancorp		15,682		610,030
Stonegate Bank		9,581		442,451
Summit Financial Group		7,200		158,400
Sun Bancorp		6,881		169,617
†Sunshine Bancorp		5,500		117,205

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Banks (continued)
†Texas Capital Bancshares		37,615	$	2,911,401
Tompkins Financial		10,797		849,940
Towne Bank		41,890		1,290,212
TriCo Bancshares		14,853		522,083
†TriState Capital Holdings		14,700		370,440
†Triumph Bancorp		10,800		265,140
Trustmark		50,679		1,629,837
Two River Bancorp		5,400		100,386
UMB Financial		33,882		2,536,407
Umpqua Holdings		166,881		3,063,935
Union Bankshares Corp		32,431		1,099,411
Union Bankshares Inc.		3,400		161,500
United Bankshares		74,295		2,912,364
United Community Banks		52,556		1,461,057
United Security Bancshares		9,700		89,725
Unity Bancorp		5,700		98,040
Univest Corp. of Pennsylvania		17,420		521,729
Valley National Bancorp		194,899		2,301,757
†Veritex Holdings		10,600		279,098
Washington Trust Bancorp		10,975		565,761
WashingtonFirst Bankshares		7,350		253,796
WesBanco		31,255		1,235,823
West Bancorporation		12,373		292,621
Westamerica Bancorporation		18,481		1,035,675
Wintrust Financial		41,207		3,149,863
†Xenith Bankshares		5,205		161,667
				150,771,227
Beverages–0.23%
†Boston Beer Class A		6,616		874,304
†Castle Brands		64,500		110,940
Coca-Cola Bottling Consolidated		3,513		804,020
†Craft Brew Alliance		8,950		150,807
MGP Ingredients		9,200		470,764
National Beverage		9,067		848,309
†Primo Water		18,400		233,680
				3,492,824
Biotechnology–5.11%
†Abeona Therapeutics		18,000		115,200
†Acceleron Pharma		23,800		723,282
†Achaogen		21,500		467,195
†Achillion Pharmaceuticals		87,272		400,578
†Acorda Therapeutics		32,171		633,769
†Adamas Pharmaceuticals		11,600		202,884
†Aduro Biotech		26,000		296,400
†Advaxis		27,200		176,528
†Agenus		58,000		226,780
†Aimmune Therapeutics		26,100		536,616
†Akebia Therapeutics		24,700		354,939
†Alder Biopharmaceuticals		35,200		403,040
†AMAG Pharmaceuticals		25,129		462,374

LVIP SSGA Small-Cap Index Fund–5

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†Amicus Therapeutics		106,400	$	1,071,448
†AnaptysBio		5,200		124,436
†Anavex Life Sciences		27,000		143,640
†Ardelyx.		21,800		111,180
†Arena Pharmaceuticals		25,674		433,120
†Array BioPharma		127,433		1,066,614
†Asterias Biotherapeutics		12,000		42,600
†Atara Biotherapeutics		15,400		215,600
†Athersys		66,200		99,962
†Audentes Therapeutics		11,300		216,169
†AveXis		18,700		1,536,392
†Axovant Sciences		19,600		454,524
†Bellicum Pharmaceuticals		18,200		212,576
†BioCryst Pharmaceuticals		64,500		358,620
†Biohaven Pharmaceutical Holding		7,400		185,000
†BioSpecifics Technologies		3,700		183,187
†Biotime		49,144		154,804
†Bluebird Bio		30,800		3,235,540
†Blueprint Medicines		28,800		1,459,296
†Calithera Biosciences		22,700		337,095
†Cara Therapeutics		20,600		317,034
†Cascadian Therapeutics		25,500		94,733
†Catalyst Pharmaceuticals		53,100		146,556
†Celldex Therapeutics		79,540		196,464
†ChemoCentryx		12,745		119,293
†Chimerix		37,300		203,285
†Clovis Oncology		32,535		3,046,252
†Coherus Biosciences		28,000		401,800
†Conatus Pharmaceuticals		19,000		109,440
†Concert Pharmaceuticals		13,100		182,745
†Corbus Pharmaceuticals Holdings		32,900		207,270
†Corvus Pharmaceuticals		4,600		55,660
†Curis		71,200		134,568
†Cytokinetics		30,866		373,479
†CytomX Therapeutics		17,700		274,350
†Dynavax Technologies		31,857		307,420
†Eagle Pharmaceuticals		6,500		512,785
†Edge Therapeutics		9,800		100,548
†Editas Medicine		25,138		421,816
†Emergent BioSolutions		24,148		818,859
†Enanta Pharmaceuticals		11,400		410,172
†Epizyme		29,200		440,920
†Esperion Therapeutics		11,900		550,732
†Exact Sciences		82,550		2,919,793
†Fate Therapeutics		28,300		91,692
†FibroGen		44,700		1,443,810
†Five Prime Therapeutics		20,200		608,222
†Flexion Therapeutics		21,500		434,730
†Fortress Biotech		29,600		140,600
†Foundation Medicine		9,685		384,979
†Genocea Biosciences		21,300		111,186
†Genomic Health		12,877		419,146

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†Geron		118,044	$	326,982
†Global Blood Therapeutics		27,400		749,390
†Halozyme Therapeutic		81,643		1,046,663
†Heron Therapeutics		32,600		451,510
†Idera Pharmaceuticals		82,800		142,416
†Ignyta		37,100		383,985
†Immune Design		11,600		113,100
†ImmunoGen		69,093		491,251
†Immunomedics		76,926		679,257
†Infinity Pharmaceuticals		14,124		22,175
†Inovio Pharmaceuticals		49,000		384,160
†Insmed		47,300		811,668
†Insys Therapeutics		20,900		264,385
†Intellia Therapeutics		12,300		196,800
†Invitae		28,900		276,284
†Iovance Biotherapeutics		39,800		292,530
†Ironwood Pharmaceuticals		97,272		1,836,495
†Jounce Therapeutics		6,400		89,792
†Karyopharm Therapeutics		20,700		187,335
†Keryx Biopharmaceuticals		53,487		386,711
†Kindred Biosciences		15,600		134,160
†Kite Pharma		36,300		3,763,221
†Kura Oncology		10,600		98,580
†La Jolla Pharmaceutical		13,600		404,872
†Lexicon Pharmaceuticals		31,416		516,793
†Ligand Pharmaceuticals Class B		15,265		1,853,171
†Loxo Oncology		14,900		1,194,831
†MacroGenics		23,800		416,738
†Matinas BioPharma Holdings		39,200		66,248
†MediciNova		25,800		135,708
Merrimack Pharmaceuticals		85,270		105,735
†MiMedx Group		76,100		1,139,217
†Minerva Neurosciences		13,900		123,015
†Miragen Therapeutics		7,700		99,561
†Momenta Pharmaceuticals		54,482		920,746
†Myriad Genetics		50,600		1,307,504
†Nantkwest		17,100		129,789
†Natera		22,700		246,522
†NewLink Genetics		18,347		134,850
†Novavax		176,736		203,246
†Novelion Therapeutics		11,200		103,376
†Nymox Pharmaceutical		21,200		93,280
†Organovo Holdings		62,000		163,060
†Otonomy		20,900		393,965
PDL BioPharma		129,781		320,559
†Pieris Pharmaceuticals		25,500		129,030
†Portola Pharmaceuticals		36,800		2,067,056
†Progenics Pharmaceuticals		50,698		344,239
†Protagonist Therapeutics		7,200		81,432
†Prothena		29,200		1,580,304
†PTC Therapeutics		22,500		412,425
†Puma Biotechnology		21,300		1,861,620

LVIP SSGA Small-Cap Index Fund–6

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†Ra Pharmaceuticals		7,100	$	133,054
†Radius Health		27,600		1,248,348
†Recro Pharma		14,200		99,826
†REGENXBIO		18,900		373,275
†Repligen		25,225		1,045,324
†Retrophin		26,900		521,591
†Rigel Pharmaceuticals		105,574		288,217
†Sage Therapeutics		25,700		2,046,748
†Sangamo Biosciences		53,889		474,223
†Sarepta Therapeutics		38,100		1,284,351
†Selecta Biosciences		8,700		172,782
†Seres Therapeutics		15,500		175,150
†Spark Therapeutics		17,300		1,033,502
†Spectrum Pharmaceuticals		63,225		471,026
†Stemline Therapeutics		14,700		135,240
†Strongbridge Biopharma		4,640		33,176
†Syndax Pharmaceuticals		4,000		55,880
†Synergy Pharmaceuticals		155,654		692,660
†Syros Pharmaceuticals		9,300		149,637
†TG Therapeutics		34,700		348,735
†Tocagen		6,200		74,586
†Trevena		22,600		51,980
†Ultragenyx Pharmaceutical		28,900		1,794,979
†Vanda Pharmaceuticals		32,681		532,700
†VBI Vaccines		19,100		83,085
†Veracyte		12,100		100,793
†Versartis		23,900		417,055
†Voyager Therapeutics		9,100		81,536
†vTv Therapeutics Class A		11,300		56,161
†XBiotech		15,200		71,440
†Xencor		28,700		605,857
†ZIOPHARM Oncology		89,984		559,700
				77,512,086
Building Products–1.17%
AAON		30,217		1,113,496
Advanced Drainage Systems		25,800		518,580
†American Woodmark		10,375		991,331
Apogee Enterprises		21,247		1,207,679
†Armstrong Flooring		15,700		282,129
†Builders FirstSource		71,866		1,100,987
†Caesarstone		17,700		620,385
†Continental Building Products		29,300		682,690
†CSW Industrials		9,900		382,635
†Gibraltar Industries		23,561		839,950
Griffon		22,164		486,500
Insteel Industries		12,939		426,599
†Jeld-Wen Holding		18,800		610,248
†Masonite International		22,800		1,721,400
†NCI Building Systems		29,691		495,840
†Patrick Industries		12,314		897,075
†PGT		35,095		449,216

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Building Products (continued)
†Ply Gem Holdings		14,200	$	254,890
Quanex Building Products		26,152		553,115
Simpson Manufacturing		31,189		1,363,271
†Trex		22,194		1,501,646
Universal Forest Products		14,870		1,298,300
				17,797,962
Capital Markets–1.24%
Arlington Asset Investment Class A		16,285		222,616
Artisan Partners Asset Management Class A		33,100		1,016,170
Associated Capital Group Class A		4,296		146,064
B. Riley Financial		11,723		217,462
Cohen & Steers		15,569		631,167
†Cowen Class A		21,208		344,630
Diamond Hill Investment Group		2,332		465,001
†Donnelley Financial Solutions		19,600		450,016
Evercore Partners Class A		30,892		2,177,886
Fifth Street Asset Management		5,200		25,220
Financial Engines		43,522		1,592,905
GAIN Capital Holdings		27,653		172,278
GAMCO Investors Class A		3,696		109,402
Greenhill & Co.		19,590		393,759
Hamilton Lane Class A		10,200		224,298
Houlihan Lokey		15,600		544,440
†INTL. FCStone		11,124		420,042
Investment Technology Group		24,142		512,776
†KCG Holdings Class A		29,956		597,323
†Ladenburg Thalmann Financial Services		83,408		203,516
Medley Management Class A		4,197		27,281
Moelis & Co. Class A		17,500		679,875
OM Asset Management		41,000		609,260
Oppenheimer Holdings Class A		9,302		152,553
Piper Jaffray		10,468		627,557
PJT Partners Class A		12,200		490,684
Pzena Investment Management Class A		10,210		103,734
†Safeguard Scientifics		17,820		212,058
Silvercrest Asset Management Group Class A		6,100		82,045
†Stifel Financial		48,347		2,222,995
=Teton Advisors Class B		19		0
Virtu Financial Class A		16,500		291,225
Virtus Investment Partners		5,032		558,300
Waddell & Reed Financial Class A		59,500		1,123,360
Westwood Holdings Group		5,814		329,596
WisdomTree Investments		86,008		874,701
				18,852,195
Chemicals–2.03%
A Schulman		20,631		660,192

LVIP SSGA Small-Cap Index Fund–7

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Chemicals (continued)
Advanced Emissions Solutions		15,700	$	143,812
†AdvanSix		22,300		696,652
†AgroFresh Solutions		19,100		137,138
American Vanguard		22,295		384,589
Balchem		23,707		1,842,271
Calgon Carbon		35,940		542,694
Chase		5,439		580,341
†Codexis		29,100		158,595
†Core Molding Technologies		5,500		118,855
†Ferro		62,087		1,135,571
†Flotek Industries		42,686		381,613
FutureFuel		17,708		267,214
†GCP Applied Technologies		53,300		1,625,650
Hawkins		6,959		322,550
HB Fuller		37,809		1,932,418
†Ingevity		32,000		1,836,800
Innophos Holdings		13,864		607,798
Innospec		17,704		1,160,497
†Intrepid Potash		70,300		158,878
KMG Chemicals		6,372		310,125
†Koppers Holdings		14,360		519,114
†Kraton		22,041		759,092
Kronos Worldwide		15,200		276,944
†LSB Industries		17,761		183,471
Minerals Technologies		26,064		1,907,885
†OMNOVA Solutions		30,940		301,665
PolyOne		63,264		2,450,847
Quaker Chemical		9,713		1,410,619
Rayonier Advanced Materials		29,900		470,028
Sensient Technologies		33,595		2,705,405
Stepan		14,670		1,278,344
†Trecora Resources		17,392		195,660
Tredegar		18,530		282,583
Trinseo		33,000		2,267,100
Tronox		47,300		715,176
Valhi		27,200		81,056
				30,809,242
Commercial Services & Supplies–2.34%
ABM Industries		41,923		1,740,643
†ACCO Brands		79,324		924,125
†Advanced Disposal Services		17,500		397,775
†Aqua Metals		9,300		116,715
†ARC Document Solutions		31,770		132,163
Brady Class A		34,337		1,164,024
Brink’s		33,857		2,268,419
†Casella Waste Systems		27,834		456,756
CECO Environmental		20,364		186,942
Covanta Holding		87,100		1,149,720
Deluxe		37,040		2,563,909
Ennis		18,660		356,406
Essendant		27,619		409,590

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Commercial Services & Supplies (continued)
Healthcare Services Group		53,081	$	2,485,783
†Heritage-Crystal Clean		9,954		158,269
Herman Miller		44,987		1,367,605
HNI		34,075		1,358,570
†Hudson Technologies		27,200		229,840
†InnerWorkings		28,357		328,941
Interface Class A		48,321		949,508
Kimball International Class B		25,702		428,966
Knoll		35,882		719,434
LSC Communications		24,800		530,720
Matthews International Class A		24,010		1,470,613
McGrath RentCorp		17,440		603,947
Mobile Mini		33,166		990,005
MSA Safety		24,718		2,006,360
Multi-Color		9,792		799,027
†NL Industries		4,936		34,799
Quad/Graphics		24,623		564,359
RR Donnelley & Sons		52,100		653,334
†SP Plus		12,897		394,003
Steelcase Class A		64,334		900,676
†Team		20,697		485,345
Tetra Tech		43,491		1,989,713
U.S. Ecology		16,219		819,060
UniFirst		11,367		1,599,337
Viad		14,913		704,639
VSE		5,566		250,359
West		32,200		750,904
				35,441,303
Communications Equipment–1.82%
†Acacia Communications		13,700		568,139
ADTRAN		36,548		754,716
†Aerohive Networks		11,800		59,000
†Applied Optoelectronics		14,000		865,060
†CalAmp		26,272		534,110
†Calix		31,731		217,357
†Ciena		103,596		2,591,972
†Clearfield		8,300		109,560
Comtech Telecommunications		16,175		306,840
†Digi International		21,371		216,916
EMCORE		23,100		246,015
†Extreme Networks		75,445		695,603
†Finisar		81,167		2,108,719
†Harmonic		50,688		266,112
†Infinera		105,041		1,120,787
InterDigital		26,088		2,016,602
†KVH Industries		12,175		115,663
†Lumentum Holdings		45,300		2,584,365
†NETGEAR		24,334		1,048,795
†NetScout Systems		67,556		2,323,926
†Oclaro		123,000		1,148,820
Plantronics		24,951		1,305,187

LVIP SSGA Small-Cap Index Fund–8

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Communications Equipment (continued)
†Quantenna Communications		15,700	$	298,300
†ShoreTel		52,268		303,154
†Sonus Networks		35,602		264,879
†Ubiquiti Networks		19,429		1,009,725
†ViaSat		39,546		2,617,945
†Viavi Solutions		176,200		1,855,386
				27,553,653
Construction & Engineering–1.14%
†Aegion		25,828		565,117
†Ameresco Class A		19,021		146,462
Argan		9,951		597,060
Chicago Bridge & Iron		74,900		1,477,777
Comfort Systems USA		27,736		1,029,006
†Dycom Industries		23,029		2,061,556
EMCOR Group		43,777		2,862,140
Granite Construction		29,740		1,434,658
†Great Lakes Dredge & Dock		36,197		155,647
†Hc2 Holdings		25,030		147,176
†IES Holdings		6,800		123,420
KBR		106,900		1,627,018
†Layne Christensen		15,700		138,003
†MasTec		49,778		2,247,477
†MYR Group		10,894		337,932
†Northwest Pipe		7,100		115,446
†NV5 Holdings		5,900		250,750
†Orion Holdings Group		16,895		126,206
Primoris Services		29,838		744,160
†Sterling Construction		19,200		250,944
†Tutor Perini		27,083		778,636
				17,216,591
Construction Materials–0.22%
†Forterra		12,100		99,583
†Summit Materials Class A		79,429		2,293,115
United States Lime & Minerals		1,487		116,685
†US Concrete		10,600		832,630
				3,342,013
Consumer Finance–0.57%
†Elevate Credit		10,700		84,744
†Encore Capital Group		17,463		701,139
†Enova International		24,523		364,167
†EZCORP Class A		35,119		270,416
FirstCash		35,824		2,088,539
†Green Dot Class A		32,441		1,249,952
†LendingClub		247,400		1,363,174
Nelnet Class A		15,038		706,936
†PRA Group		34,623		1,312,212
†Regional Management		6,543		154,611
†World Acceptance		4,701		352,152
				8,648,042

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Containers & Packaging–0.12%
Greif Class A		19,100	$	1,065,398
Greif Class B		4,500		271,800
Myers Industries		13,797		247,656
†UFP Technologies		5,600		158,480
				1,743,334
Distributors–0.08%
Core-Mark Holding		34,260		1,132,636
Weyco Group		4,458		124,289
				1,256,925
Diversified Consumer Services–0.84%
Adtalem Global Education		46,900		1,779,855
†American Public Education		12,460		294,679
†Ascent Capital Group Class A		8,777		134,815
†Bridgepoint Education		15,373		226,905
†Cambium Learning Group		7,100		35,997
Capella Education		8,380		717,328
†Career Education		48,768		468,173
Carriage Services		10,635		286,720
†Chegg		59,300		728,797
Collectors Universe		7,100		176,435
†Grand Canyon Education		34,808		2,729,295
†Houghton Mifflin Harcourt		76,800		944,640
†K12		24,700		442,624
†Laureate Education Class A		26,300		461,039
Liberty Tax		6,600		85,470
†Regis		27,846		285,978
†Sotheby’s		28,275		1,517,519
Strayer Education		7,765		723,853
†Weight Watchers International		22,000		735,240
				12,775,362
Diversified Financial Services–0.10%
†FNFV Group		48,900		772,620
Marlin Business Services		5,686		143,003
NewStar Financial		22,898		240,429
†On Deck Capital		41,700		194,322
Tiptree Financial Class A		21,700		152,985
				1,503,359
Diversified Telecommunication Services–0.70%
ATN International		7,792		533,284
†Cincinnati Bell		31,265		611,231
Cogent Communications Holdings		31,204		1,251,280
Consolidated Communications Holdings		37,135		797,288
†FairPoint Communications		14,137		221,244
Frontier Communications		876,300		1,016,508
†General Communication Class A		21,019		770,136
†Globalstar		305,500		650,715
†Hawaiian Telcom Holdco		5,771		144,217
IDT Class B		11,115		159,723

LVIP SSGA Small-Cap Index Fund–9

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Diversified Telecommunication Services (continued)
†Intelsat		19,600	$	59,976
†Iridium Communications		60,850		672,393
†Lumos Networks		13,357		238,690
†Ooma		12,600		100,800
†ORBCOMM		49,994		564,932
†pdvWireless		6,800		158,440
†Straight Path Communications Class B		6,400		1,149,760
†Vonage Holdings		142,953		934,913
Windstream Holdings		133,992		519,889
				10,555,419
Electric Utilities–1.05%
ALLETE		37,483		2,686,781
El Paso Electric		30,341		1,568,630
Genie Energy Class B		9,300		70,866
IDACORP		38,276		3,266,857
MGE Energy		26,326		1,694,078
Otter Tail		28,481		1,127,848
PNM Resources		60,336		2,307,852
Portland General Electric		67,614		3,089,284
Spark Energy Class A		8,400		157,920
				15,970,116
Electrical Equipment–0.65%
Allied Motion Technologies		3,700		100,714
†Atkore International Group		24,400		550,220
AZZ		19,427		1,084,027
†Babcock & Wilcox Enterprises		33,900		398,664
Encore Wire		14,426		615,990
†Energous		12,900		209,754
EnerSys		32,906		2,384,040
†Generac Holdings		49,182		1,776,946
General Cable		35,800		585,330
LSI Industries		20,862		188,801
†Plug Power		159,000		324,360
Powell Industries		6,308		201,793
Preformed Line Products		1,686		78,264
†Sunrun		63,100		449,272
†Thermon Group Holdings		23,603		452,470
†TPI Composites		4,600		85,008
†Vicor		11,771		210,701
†Vivint Solar		15,700		91,845
				9,788,199
Electronic Equipment, Instruments & Components–2.71%
†Anixter International		21,801		1,704,838
AVX		34,300		560,462
Badger Meter		20,922		833,742
Bel Fuse Class B		6,838		168,899
Belden		31,642		2,386,756
†Benchmark Electronics		36,966		1,194,002
†Control4		19,600		384,356
CTS		22,011		475,438

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electronic Equipment, Instruments & Components (continued)
Daktronics		26,561	$	255,782
†Electro Scientific Industries		23,900		196,936
†ePlus		9,958		737,888
†Fabrinet		26,141		1,115,175
†FARO Technologies		12,199		461,122
†Fitbit Class A		129,700		688,707
†=Gerber Scientific		6,600		0
†II-VI		44,551		1,528,099
†Insight Enterprises		27,403		1,095,846
†Iteris		17,500		108,850
†Itron		25,100		1,700,525
†KEMET		33,900		433,920
†Kimball Electronics		20,326		366,884
†Knowles		66,106		1,118,514
Littelfuse		16,706		2,756,490
†Maxwell Technologies		27,400		164,126
Mesa Laboratories		2,530		362,574
Methode Electronics		27,266		1,123,359
†MicroVision Inc.		50,700		107,484
MTS Systems		11,957		619,373
†Napco Security Technologies		8,800		82,720
†Novanta		25,063		902,268
†OSI Systems		13,068		982,060
Park Electrochemical		15,188		279,763
PC Connection		8,824		238,777
†PCM		7,500		140,625
†Plexus		25,063		1,317,562
†Radisys		31,000		116,560
†Rogers		13,452		1,461,156
†Sanmina		55,295		2,106,739
†ScanSource		18,737		755,101
SYNNEX		22,023		2,641,879
Systemax		9,558		179,690
†Tech Data		26,400		2,666,400
†TTM Technologies		68,650		1,191,764
†VeriFone Systems		82,700		1,496,870
Vishay Intertechnology		102,600		1,703,160
†Vishay Precision Group		10,872		188,086
				41,101,327
Energy Equipment & Services–1.30%
Archrock		49,800		567,720
†Atwood Oceanics		56,200		458,030
†Basic Energy Services		12,900		321,210
Bristow Group		23,391		178,941
†CARBO Ceramics		18,200		124,670
†Diamond Offshore Drilling		48,000		519,840
†Dril-Quip		28,100		1,371,280
Ensco Class A		226,400		1,168,224
†Era Group		12,400		117,304
†Exterran		23,100		616,770
†Fairmount Santrol Holdings		115,200		449,280

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 (continued)
†Forum Energy Technologies		48,346	$	754,198
Frank’s International		37,000		306,730
†Geospace Technologies		9,153		126,586
Gulf Island Fabrication		10,100		117,160
†Helix Energy Solutions Group		102,856		580,108
†Independence Contract Drilling		26,100		101,529
†Keane Group		23,100		369,600
†Key Energy Services		7,700		148,148
†Mammoth Energy Services		7,000		130,200
†Matrix Service		20,507		191,740
†McDermott International		210,400		1,508,568
†Natural Gas Services Group		9,185		228,247
†NCS Multistage Holdings		8,200		206,476
†Newpark Resources		60,941		447,916
Noble		181,400		656,668
†Oil States International		38,400		1,042,560
†Parker Drilling		76,145		102,796
†PHI		8,782		85,712
†Pioneer Energy Services		41,683		85,450
†ProPetro Holding		18,800		262,448
†RigNet		8,774		140,823
†Rowan		86,600		886,784
†SEACOR Holdings		11,900		408,170
†SEACOR Marine Holdings		11,964		243,587
†Smart Sand		8,800		78,408
†Solaris Oilfield Infrastructure Class A		7,500		86,475
†Superior Energy Services		113,100		1,179,633
†Tesco		30,746		136,820
†TETRA Technologies		89,542		249,822
†Unit		37,500		702,375
US Silica Holdings		60,683		2,153,640
†Willbros Group		37,600		92,872
				19,705,518
Equity Real Estate Investment Trusts–6.66%
Acadia Realty Trust		60,315		1,676,757
Agree Realty		19,666		902,079
Alexander’s		1,676		706,367
Altisource Residential		38,500		498,190
American Assets Trust		29,373		1,157,002
Armada Hoffler Properties		33,200		429,940
Ashford Hospitality Prime		24,654		253,690
Ashford Hospitality Trust		57,198		347,764
Bluerock Residential Growth REIT		16,000		206,240
Care Capital Properties		62,600		1,671,420
CareTrust REIT		50,381		934,064
CatchMark Timber Trust Class A		28,300		321,771
CBL & Associates Properties		127,000		1,070,610
Cedar Realty Trust		60,761		294,691
Chatham Lodging Trust		27,831		559,125
Chesapeake Lodging Trust		44,515		1,089,282
City Office REIT		21,200		269,240

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Clipper Realty		13,500	$	166,590
Colony Starwood Homes		75,100		2,576,681
Community Healthcare Trust		11,000		281,490
CorEnergy Infrastructure Trust		7,920		266,033
Cousins Properties		310,625		2,730,394
DiamondRock Hospitality		150,974		1,653,165
Easterly Government Properties		27,600		578,220
EastGroup Properties		24,669		2,067,262
Education Realty Trust		55,486		2,150,083
Farmland Partners		23,400		209,196
FelCor Lodging Trust		101,366		730,849
First Industrial Realty Trust		87,706		2,510,146
First Potomac Realty Trust		45,418		504,594
Four Corners Property Trust		45,200		1,134,972
Franklin Street Properties		78,204		866,500
GEO Group		90,426		2,673,897
Getty Realty		18,117		454,737
Gladstone Commercial		19,605		427,193
Global Medical REIT		11,600		103,704
Global Net Lease		49,800		1,107,552
Government Properties Income Trust		52,603		963,161
Gramercy Property Trust		112,405		3,339,553
Healthcare Realty Trust		86,492		2,953,702
Hersha Hospitality Trust		30,741		569,016
Independence Realty Trust		51,556		508,858
†InfraREIT		29,500		564,925
Investors Real Estate Trust		89,662		556,801
†iStar		50,770		611,271
Jernigan Capital		6,900		151,800
Kite Realty Group Trust		62,254		1,178,468
LaSalle Hotel Properties		84,511		2,518,428
Lexington Realty Trust		173,186		1,716,273
LTC Properties		28,373		1,458,088
Mack-Cali Realty		67,300		1,826,522
MedEquities Realty Trust		23,600		297,832
Monmouth Real Estate Investment		51,089		768,889
Monogram Residential Trust		126,500		1,228,315
National Health Investors		29,534		2,339,093
National Storage Affiliates Trust		32,100		741,831
New Senior Investment Group		56,800		570,840
Nexpoint Residential Trust		11,800		293,702
NorthStar Realty Europe		43,600		552,848
One Liberty Properties		10,738		251,591
Parkway		31,803		727,971
Pebblebrook Hotel Trust		53,810		1,734,834
Pennsylvania Real Estate Investment Trust		51,299		580,705
Physicians Realty Trust		114,800		2,312,072
Potlatch		30,492		1,393,484
Preferred Apartment Communities Class A		18,800		296,100
PS Business Parks		14,862		1,967,580

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)
Equity Real Estate Investment Trusts (continued)
QTS Realty Trust Class A		35,300	$	1,847,249
†Quality Care Properties		70,200		1,285,362
RAIT Financial Trust		70,832		155,122
Ramco-Gershenson Properties Trust		59,105		762,455
Retail Opportunity Investments		81,067		1,555,676
Rexford Industrial Realty		49,200		1,350,048
RLJ Lodging Trust		91,961		1,827,265
Ryman Hospitality Properties		32,703		2,093,319
Sabra Health Care REIT		48,455		1,167,765
Saul Centers		8,766		508,253
Select Income REIT		47,663		1,145,342
Seritage Growth Properties Class A		18,700		784,465
STAG Industrial		66,334		1,830,818
Summit Hotel Properties		75,973		1,416,896
Sunstone Hotel Investors		163,892		2,641,939
Terreno Realty		36,414		1,225,695
TIER REIT		35,400		654,192
UMH Properties		17,967		306,337
Universal Health Realty Income Trust		9,173		729,620
Urban Edge Properties		72,600		1,722,798
Urstadt Biddle Properties Class A		21,617		428,017
Washington Prime Group		139,900		1,170,963
Washington Real Estate Investment Trust		58,375		1,862,163
Whitestone REIT		29,771		364,695
Xenia Hotels & Resorts		77,700		1,505,049
				100,897,546
Food & Staples Retailing–0.50%
Andersons		19,963		681,736
†Chefs’ Warehouse		15,895		206,635
Ingles Markets Class A		10,331		344,022
†Natural Grocers by Vitamin Cottage		7,253		59,982
†Performance Food Group		52,800		1,446,720
PriceSmart		16,432		1,439,443
†Smart & Final Stores		14,800		134,680
SpartanNash		27,558		715,406
†SUPERVALU		198,947		654,536
†United Natural Foods		37,299		1,368,873
Village Super Market Class A		6,613		171,409
Weis Markets		7,000		341,040
				7,564,482
Food Products–1.18%
Alico		2,463		77,092
†Amplify Snack Brands		21,400		206,296
B&G Foods Class A		49,614		1,766,258
Calavo Growers		11,554		797,804
†Cal-Maine Foods		23,130		915,948
†Darling Ingredients		123,659		1,946,393
Dean Foods		68,700		1,167,900
†Farmer Brothers		5,001		151,280

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Food Products (continued)
Fresh Del Monte Produce		24,356	$	1,239,964
†Freshpet		18,400		305,440
†Hostess Brands		22,900		368,690
J&J Snack Foods		11,287		1,490,674
John B Sanfilippo & Son		5,902		372,475
Lancaster Colony		14,154		1,735,563
†Landec		20,933		310,855
†Lifeway Foods		4,131		38,584
Limoneira		9,287		219,452
Omega Protein		16,668		298,357
Sanderson Farms		14,990		1,733,593
†Seneca Foods Class A		4,510		140,035
Snyder’s-Lance		63,885		2,211,699
Tootsie Roll Industries		13,048		454,723
				17,949,075
Gas Utilities–1.19%
Chesapeake Utilities		11,865		889,282
Delta Natural Gas		5,900		179,773
New Jersey Resources		64,782		2,571,845
Northwest Natural Gas		20,419		1,222,077
ONE Gas		39,300		2,743,533
RGC Resources		5,000		141,650
South Jersey Industries		60,204		2,057,171
Southwest Gas Holdings		35,895		2,622,489
Spire		35,067		2,445,923
WGL Holdings		38,124		3,180,685
				18,054,428
Health Care Equipment & Supplies–3.59%
Abaxis		16,413		870,217
†Accuray		60,218		286,035
Analogic		9,337		678,333
†AngioDynamics		27,092		439,161
†Anika Therapeutics		10,395		512,889
†Antares Pharma		106,700		343,574
†AtriCure		23,003		557,823
Atrion		967		622,071
†AxoGen		21,000		351,750
Cantel Medical		27,050		2,107,465
†Cardiovascular Systems		24,882		801,947
†Cerus		74,683		187,454
†ConforMIS		18,300		78,507
CONMED		20,622		1,050,485
†Corindus Vascular Robotics		62,300		115,878
†CryoLife		23,210		463,039
†Cutera		9,700		251,230
†Endologix		60,532		294,186
†Entellus Medical		6,100		101,016
†Exactech		8,883		264,713
†FONAR		4,500		124,875
†GenMark Diagnostics		33,800		399,854

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 Equipment & Supplies (continued)
†Glaukos		21,300	$	883,311
†Globus Medical		52,574		1,742,828
†Haemonetics		38,434		1,517,759
†Halyard Health		35,100		1,378,728
†ICU Medical		11,067		1,909,057
†Inogen		12,200		1,164,124
†Insulet		43,485		2,231,215
†Integer Holdings		22,625		978,531
†Integra LifeSciences Holdings		45,550		2,482,931
Invacare		22,839		301,475
†Invivo Therapeutics Holdings		17,600		47,520
†iRhythm Technologies		10,200		433,398
†K2M Group Holdings		30,100		733,236
†Lantheus Holdings		19,300		340,645
LeMaitre Vascular		9,600		299,712
†LivaNova		36,100		2,209,681
†Masimo		33,358		3,041,582
Meridian Bioscience		30,975		487,856
†Merit Medical Systems		37,074		1,414,373
†Natus Medical		24,363		908,740
†Neogen		27,412		1,894,443
†Nevro		20,600		1,533,258
†Novocure		44,700		773,310
†NuVasive		37,537		2,887,346
†NxStage Medical		47,754		1,197,193
†Obalon Therapeutics		9,200		91,172
†OraSure Technologies		42,506		733,654
†Orthofix International		13,003		604,379
†Oxford Immunotec Global		17,300		290,986
†Penumbra		21,100		1,851,525
†Pulse Biosciences		6,800		234,804
†Quidel		20,825		565,191
†Quotient		14,400		105,984
†Rockwell Medical Technologies		38,835		307,962
†RTI Surgical		51,400		300,690
†Sientra		10,600		103,032
†Spectranetics		31,869		1,223,770
†Staar Surgical		28,999		313,189
†Surmodics		10,565		297,405
†Tactile Systems Technology		6,800		194,344
Utah Medical Products		2,915		211,046
†Varex Imaging		28,000		946,400
†Viewray		21,700		140,399
†Viveve Medical		11,100		79,698
†Wright Medical Group		77,703		2,136,055
				54,426,439
Health Care Providers & Services–2.05%
†AAC Holdings		8,600		59,598
Aceto		21,357		329,966
†Addus HomeCare		4,700		174,840
†Almost Family		9,476		584,195

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services (continued)
†Amedisys		20,916	$	1,313,734
†American Renal Associates Holdings		7,600		140,980
†AMN Healthcare Services		35,574		1,389,165
†BioScrip		80,831		219,456
†BioTelemetry		20,300		679,035
†Capital Senior Living		20,531		312,276
Chemed		12,198		2,494,857
†Civitas Solutions		12,900		225,750
†Community Health Systems		82,500		821,700
†CorVel		8,012		380,169
†Cross Country Healthcare		28,717		370,736
†Diplomat Pharmacy		34,200		506,160
Ensign Group		35,590		774,794
†Genesis Healthcare		25,278		43,984
†HealthEquity		37,000		1,843,710
HealthSouth		66,967		3,241,203
Kindred Healthcare		67,651		788,134
Landauer		6,971		364,583
†LHC Group		11,806		801,509
†Magellan Health		16,995		1,238,935
†Molina Healthcare		32,581		2,253,954
National HealthCare		8,275		580,409
National Research Class A		7,337		197,365
Owens & Minor		46,954		1,511,449
†PharMerica		20,749		544,661
†Providence Service		10,033		507,770
†R1 RCM		74,500		279,375
†RadNet		23,700		183,675
†Select Medical Holdings		79,967		1,227,493
†Surgery Partners		13,200		300,300
†Teladoc		40,000		1,388,000
†Tenet Healthcare		60,400		1,168,136
†Tivity Health		27,136		1,081,370
†Triple-S Management Class B		17,638		298,259
U.S. Physical Therapy		8,549		516,360
				31,138,045
Health Care Technology–0.78%
†Allscripts Healthcare Solutions		134,900		1,721,324
†Castlight Health Class B		54,300		225,345
Computer Programs & Systems		8,849		290,247
†Cotiviti Holdings		19,800		735,372
†Evolent Health Class A		28,700		727,545
†HealthStream		19,045		501,264
†HMS Holdings		63,320		1,171,420
†Inovalon Holdings Class A		46,600		612,790
†Medidata Solutions		41,434		3,240,139
†NantHealth		5,000		21,150
†Omnicell		26,625		1,147,537
†Quality Systems		37,628		647,578
Simulations Plus		8,100		100,035
†Tabula Rasa HealthCare		4,800		72,240

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)
Health Care Technology (continued)
†Vocera Communications		20,240	$	534,741
				11,748,727
Hotels, Restaurants & Leisure–3.16%
†Belmond Class A		62,422		830,213
†Biglari Holdings		695		277,819
†BJ’s Restaurants		17,374		647,181
Bloomin’ Brands		78,952		1,676,151
Bob Evans Farms		14,732		1,058,200
†Bojangles’		12,900		209,625
Boyd Gaming		61,883		1,535,317
Brinker International		36,600		1,394,460
†Buffalo Wild Wings		11,968		1,516,346
†Caesars Acquisition Class A		35,042		667,550
†Caesars Entertainment		42,400		508,800
†Carrols Restaurant Group		26,365		322,971
†Century Casinos		18,500		136,345
Cheesecake Factory		34,186		1,719,556
Churchill Downs		10,121		1,855,179
†Chuy’s Holdings		12,532		293,249
ClubCorp Holdings		48,000		628,800
Cracker Barrel Old Country Store		14,494		2,424,121
†Dave & Buster’s Entertainment		31,300		2,081,763
†Del Frisco’s Restaurant Group		16,987		273,491
†Del Taco Restaurants		24,500		336,875
†Denny’s		56,256		662,133
DineEquity		13,132		578,465
Drive Shack		46,200		145,530
†El Pollo Loco Holdings		15,200		210,520
†Eldorado Resorts		35,700		714,000
†Fiesta Restaurant Group		18,857		389,397
†Fogo De Chao		4,800		66,720
†Golden Entertainment		9,000		186,390
†Habit Restaurants Class A		15,000		237,000
ILG		79,036		2,172,700
International Speedway Class A		19,618		736,656
†Intrawest Resorts Holdings		12,700		301,498
†J Alexander’s Holdings		11,071		135,620
Jack in the Box		24,615		2,424,577
†La Quinta Holdings		63,100		931,987
†Lindblad Expeditions Holdings		12,800		134,400
Marcus		13,534		408,727
Marriott Vacations Worldwide		16,872		1,986,678
†Monarch Casino & Resort		8,484		256,641
†Nathan’s Famous		2,600		163,800
†Noodles & Co.		7,800		30,420
Papa John’s International		20,422		1,465,483
†Penn National Gaming		63,900		1,367,460
†Pinnacle Entertainment		40,185		794,056
Planet Fitness Class A		62,600		1,461,084
†Potbelly		16,600		190,900
RCI Hospitality Holdings		6,700		159,728

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Hotels, Restaurants & Leisure (continued)
†Red Lion Hotels		12,300	$	90,405
†Red Robin Gourmet Burgers		9,622		627,835
Red Rock Resorts Class A		50,500		1,189,275
†Ruby Tuesday		53,395		107,324
Ruth’s Hospitality Group		22,008		478,674
†Scientific Games Class A		38,152		995,767
SeaWorld Entertainment		49,700		808,619
†Shake Shack Class A		16,300		568,544
Sonic		31,875		844,369
Speedway Motorsports		9,461		172,852
Texas Roadhouse		49,940		2,544,443
Wingstop		21,600		667,440
†Zoe’s Kitchen		13,900		165,549
				47,967,678
Household Durables–1.41%
†AV Homes		8,780		176,039
Bassett Furniture Industries		8,100		307,395
†Beazer Homes USA		25,566		350,766
†Cavco Industries		6,326		820,166
†Century Communities		13,200		327,360
CSS Industries		5,055		132,239
Ethan Allen Interiors		18,332		592,124
Flexsteel Industries		5,666		306,587
†GoPro		75,700		615,441
†Green Brick Partners		13,800		158,010
†Helen of Troy		21,147		1,989,933
Hooker Furniture		9,300		382,695
†Hovnanian Enterprises Class A		101,192		283,338
†Installed Building Products		14,918		789,908
†iRobot		20,032		1,685,492
KB Home		62,436		1,496,591
La-Z-Boy		36,733		1,193,823
†LGI Homes		12,700		510,286
Libbey		15,888		128,057
Lifetime Brands		8,078		146,616
†M/I Homes		17,374		496,028
MDC Holdings		31,010		1,095,583
†Meritage Homes		28,584		1,206,245
NACCO Industries Class A		2,792		197,813
†New Home		10,900		125,023
†PICO Holdings		15,971		279,493
†Taylor Morrison Home Class A		45,400		1,090,054
†TopBuild		28,800		1,528,416
†TRI Pointe Group		119,452		1,575,572
†UCP		3,200		35,040
†Universal Electronics		10,611		709,345
†William Lyon Homes Class A		16,800		405,552
†ZAGG		25,300		218,845
				21,355,875

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)
Household Products–0.26%
†Central Garden & Pet		6,400	$	203,456
†Central Garden & Pet Class A		24,822		745,156
†HRG Group		89,156		1,578,953
Oil-Dri Corp. of America		3,441		144,556
Orchids Paper Products		5,392		69,826
WD-40		10,539		1,162,979
				3,904,926
Independent Power & Renewable Electricity Producers–0.41%
†Atlantic Power		87,433		209,839
†Dynegy		87,700		725,279
NRG Yield Class A		25,700		438,442
NRG Yield Class C		47,400		834,240
Ormat Technologies		29,256		1,716,742
Pattern Energy Group		49,800		1,187,232
†TerraForm Global Class A		59,600		300,980
†TerraForm Power Class A		65,400		784,800
				6,197,554
Industrial Conglomerates–0.06%
Raven Industries		26,951		897,468
				897,468
Insurance–2.36%
†Ambac Financial Group		32,000		555,200
American Equity Investment Life Holding		64,255		1,688,621
AMERISAFE		14,099		802,938
AmTrust Financial Services		63,300		958,362
Argo Group International Holdings		21,589		1,308,293
†Atlas Financial Holdings		8,300		123,670
Baldwin & Lyons Class B		7,143		175,003
Blue Capital Reinsurance Holdings		5,100		93,330
†Citizens		31,491		232,404
CNO Financial Group		127,112		2,654,099
Crawford & Co. Class B		10,379		96,525
Donegal Group Class A		5,144		81,790
†eHealth		14,419		271,077
EMC Insurance Group		5,953		165,374
Employers Holdings		23,927		1,012,112
†Enstar Group		8,511		1,690,710
FBL Financial Group Class A		7,274		447,351
Federated National Holding		7,500		120,000
Fidelity & Guaranty Life		8,000		248,400
†Genworth Financial		379,200		1,429,584
†Global Indemnity		6,337		245,685
†Greenlight Capital Re Class A		21,657		452,631
†Hallmark Financial Services		8,751		98,624
HCI Group		6,107		286,907
†Health Insurance Innovations Class A		8,300		195,050
Heritage Insurance Holdings		22,000		286,440
Horace Mann Educators		30,431		1,150,292
Independence Holding		6,117		125,093

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Insurance (continued)
Infinity Property & Casualty		7,989	$	750,966
Investors Title		1,200		232,128
James River Holdings L		13,400		532,382
Kemper		29,700		1,146,420
Kingstone		6,700		102,510
Kinsale Capital Group		10,700		399,217
Maiden Holdings		52,595		583,805
†MBIA		98,100		925,083
National General Holdings		36,100		761,710
National Western Life Group Class A		1,716		548,468
Navigators Group		16,832		924,077
†Ni Holdings		7,600		135,888
OneBeacon Insurance Group Class A		14,187		258,629
†Patriot National		6,700		14,204
Primerica		35,422		2,683,217
RLI		28,634		1,563,989
Safety Insurance Group		10,699		730,742
Selective Insurance Group		42,807		2,142,490
State Auto Financial		12,495		321,496
State National		24,100		442,958
Stewart Information Services		16,239		736,926
†Third Point Reinsurance		57,000		792,300
†Trupanion		16,682		373,343
United Fire Group		16,121		710,291
United Insurance Holdings		12,200		191,906
Universal Insurance Holdings		24,303		612,436
†WMIH		148,500		185,625
				35,798,771
Internet & Direct Marketing Retail–0.51%
†1-800-Flowers.com Class A		19,282		187,999
†Duluth Holdings Class B		8,300		151,143
†Etsy		85,900		1,288,500
†FTD		13,837		276,740
†Gaia		5,850		65,520
†Groupon		252,300		968,832
HSN		23,412		746,843
†Lands End		10,600		157,940
†Liberty TripAdvisor Holdings Class A		54,500		632,200
Nutrisystem		22,126		1,151,658
†Overstock.com		11,597		189,031
PetMed Express		15,272		620,043
†Shutterfly		26,172		1,243,170
				7,679,619
Internet Software & Services–2.81%
†2U		32,500		1,524,900
†Actua		26,759		375,964
†Alarm.com Holdings		15,100		568,213
†Alteryx Class A		6,600		128,832
†Amber Road		11,100		95,127
†Angie’s List		34,117		436,356

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)
Internet Software & Services (continued)
†Appfolio Class A		6,700	$	218,420
†Apptio Class A		13,200		229,020
†Bankrate		34,282		440,524
†Bazaarvoice		54,380		269,181
†Benefitfocus		11,800		428,930
†Blucora		31,068		658,642
†Box Class A		58,300		1,063,392
†Brightcove		21,686		134,453
†Carbonite		18,370		400,466
†Care.com		12,300		185,730
†Cars.com		53,500		1,424,705
†ChannelAdvisor		15,100		174,405
†Cimpress		18,934		1,789,831
†Cloudera		10,400		166,608
†CommerceHub Class A		10,200		177,684
†CommerceHub Class C		21,600		376,704
†Cornerstone OnDemand		37,910		1,355,283
†Coupa Software		22,100		640,458
†DHI Group		40,816		116,326
†Endurance International Group Holdings		46,000		384,100
†Envestnet		31,063		1,230,095
†Five9		38,700		832,824
†Global Sources		9,042		180,840
†Gogo		44,500		513,085
†GrubHub		63,800		2,781,680
†GTT Communications		23,000		727,950
†Hortonworks		35,100		452,088
†Instructure		15,800		466,100
†Internap		59,300		217,631
j2 Global		35,487		3,019,589
†Leaf Group		4,100		31,980
†Limelight Networks		67,249		194,350
†Liquidity Services		17,626		111,925
†LivePerson		38,818		426,998
†Meet Group		55,800		281,790
†Mindbody Class A		27,400		745,280
†MuleSoft Class A		11,200		279,328
†New Relic		21,800		937,618
NIC		47,647		902,911
†Nutanix Class A		25,800		519,870
†Okta		8,300		189,240
†Ominto		10,573		161,238
†Q2 Holdings		23,300		860,935
†QuinStreet		29,711		123,895
†Quotient Technology		54,700		629,050
Reis		8,300		176,375
†Rightside Group		10,100		107,262
†Rocket Fuel		36,300		99,825
†Shutterstock		14,152		623,820
†SPS Commerce		11,901		758,808
†Stamps.com		12,138		1,879,873

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Internet Software & Services (continued)
†TechTarget		10,997	$	114,039
†Trade Desk Class A		12,900		646,419
†TrueCar		46,500		926,745
†Tucows Class A		6,700		358,450
†Twilio Class A		46,200		1,344,882
†Web.com Group		31,551		798,240
†WebMD Health		28,546		1,674,223
†Xactly		19,800		309,870
†XO Group		18,601		327,750
†Yelp		57,700		1,732,154
†Yext		9,000		119,970
				42,581,249
IT Services–1.95%
†Acxiom		58,372		1,516,505
†Blackhawk Network Holdings Class A		41,200		1,796,320
†CACI International Class A		18,361		2,296,043
†CardConnect		11,400		171,570
†Cardtronics Class A		33,940		1,115,268
Cass Information Systems		7,694		505,034
Convergys		71,222		1,693,659
CSG Systems International		23,988		973,433
†EPAM Systems		36,345		3,056,251
†Everi Holdings		47,300		344,344
EVERTEC		47,400		820,020
†ExlService Holdings		24,448		1,358,820
Forrester Research		7,133		279,257
Hackett Group		16,191		250,961
†Information Services Group		27,000		110,970
ManTech International Class A		18,417		762,095
MAXIMUS		48,464		3,035,300
†MoneyGram International		24,587		424,126
†NCI Class A		2,622		55,324
†NeuStar Class A		40,600		1,354,010
†Perficient		26,125		486,970
†Planet Payment		36,800		121,440
†Presidio		14,100		201,771
Science Applications International		31,900		2,214,498
†ServiceSource International		63,760		247,389
†StarTek		7,500		91,800
†Sykes Enterprises		28,877		968,246
Syntel		24,228		410,907
TeleTech Holdings		12,260		500,208
Travelport Worldwide		94,600		1,301,696
†Unisys		36,654		469,171
†Virtusa		20,436		600,818
				29,534,224
Leisure Products–0.36%
Acushnet Holdings		15,100		299,584
†American Outdoor Brands		41,132		911,485
†Black Diamond		15,300		101,745

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)
Leisure Products (continued)
Callaway Golf		70,427	$	900,057
Escalade		7,200		94,320
Johnson Outdoors Class A		3,886		187,344
†Malibu Boats Class A		13,200		341,484
Marine Products		4,556		71,119
†MCBC Holdings		13,700		267,835
†Nautilus		22,700		434,705
Sturm Ruger & Co.		13,814		858,540
†Vista Outdoor		42,500		956,675
				5,424,893
Life Sciences Tools & Services–0.80%
†Accelerate Diagnostics		17,021		465,524
†Albany Molecular Research		19,000		412,300
†Cambrex		23,846		1,424,799
†Enzo Biochem		34,500		380,880
†Fluidigm		25,845		104,414
†INC Research Holdings Class A		40,600		2,375,100
Luminex		29,507		623,188
†Medpace Holdings		6,200		179,800
†NanoString Technologies		12,600		208,404
†NeoGenomics		36,000		322,560
†Pacific Biosciences of California		64,198		228,545
†PAREXEL International		37,359		3,246,871
†PRA Health Sciences		28,800		2,160,288
				12,132,673
Machinery–3.36%
Actuant Class A		44,014		1,082,744
Alamo Group		6,935		629,767
Albany International		21,383		1,141,852
Altra Industrial Motion		21,278		846,864
American Railcar Industries		5,046		193,262
Astec Industries		15,847		879,667
Barnes Group		37,839		2,214,717
†Blue Bird		5,900		100,300
Briggs & Stratton		31,514		759,487
†Chart Industries		22,774		790,941
CIRCOR International		12,327		731,977
Columbus McKinnon		14,708		373,877
†Commercial Vehicle Group		18,700		158,015
DMC Global		12,200		159,820
Douglas Dynamics		16,949		557,622
Eastern		4,100		123,205
†Energy Recovery		25,200		208,908
EnPro Industries		16,109		1,149,699
ESCO Technologies		19,038		1,135,617
†ExOne		9,291		106,382
Federal Signal		44,507		772,642
Franklin Electric		34,640		1,434,096
FreightCar America		10,041		174,613
†Gencor Industries		5,500		89,100

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Machinery (continued)
Global Brass & Copper Holdings		14,600	$	446,030
Gorman-Rupp		11,982		305,182
Graham		7,462		146,703
Greenbrier		20,147		931,799
Hardinge		10,200		126,684
†Harsco		58,200		937,020
Hillenbrand		47,036		1,698,000
Hurco		5,769		200,473
Hyster-Yale Materials Handling		7,266		510,437
John Bean Technologies		23,792		2,331,616
Kadant		8,297		623,934
Kennametal		59,500		2,226,490
LB Foster Class A		6,200		132,990
Lindsay		7,907		705,700
†Lydall		12,302		636,013
†Manitowoc		93,500		561,935
†Meritor		61,212		1,016,731
†Milacron Holdings		33,300		585,747
Miller Industries		8,229		204,491
Mueller Industries		42,540		1,295,343
Mueller Water Products Class A		117,227		1,369,211
†Navistar International		36,900		967,887
NN		20,456		561,517
Omega Flex		1,789		115,212
Park-Ohio Holdings		5,616		213,970
†Proto Labs		18,443		1,240,292
†RBC Bearings		17,018		1,731,752
REV Group		9,400		260,192
†Rexnord		77,364		1,798,713
Spartan Motors		26,916		238,207
†SPX		30,900		777,444
†SPX FLOW		30,800		1,135,904
Standex International		9,454		857,478
Sun Hydraulics		17,228		735,119
Supreme Industries Class A		11,300		185,885
Tennant		13,081		965,378
Titan International		37,010		444,490
†TriMas		32,125		669,806
†Twin Disc		6,300		101,682
Wabash National		48,040		1,055,919
Watts Water Technologies Class A		20,928		1,322,650
Woodward		39,958		2,700,362
				50,887,562
Marine–0.11%
Costamare		23,000		168,130
†Eagle Bulk Shipping		28,500		134,805
Matson		32,500		976,300
†Navios Maritime Holdings		63,200		86,584
†Safe Bulkers		35,700		81,753
†Scorpio Bulkers		38,891		276,126
				1,723,698

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)
Media–1.30%
AMC Entertainment Holdings		39,790	$	905,223
†Central European Media Enterprises Class A		49,011		196,044
Clear Channel Outdoor Holdings Class A		26,500		128,525
†Daily Journal		950		195,966
Emerald Expositions Events		11,600		254,040
Entercom Communications Class A		18,821		194,797
Entravision Communications Class A		47,530		313,698
†Eros International		22,400		256,480
Gannett		88,000		767,360
†Global Eagle Entertainment		35,400		126,024
†Gray Television		47,400		649,380
†Hemisphere Media Group		6,200		73,470
†IMAX		44,200		972,400
†Liberty Media-Liberty Braves Class A		8,000		191,120
†Liberty Media-Liberty Braves Class C		23,100		553,707
†Loral Space & Communications		9,461		393,105
MDC Partners Class A		37,735		373,577
Meredith		29,934		1,779,576
†MSG Networks		44,400		996,780
National CineMedia		45,829		340,051
New Media Investment Group		38,000		512,240
New York Times Class A		93,411		1,653,375
Nexstar Media Group Class A		34,297		2,050,961
†Reading International Class A		13,940		224,852
Saga Communications Class A		2,612		119,499
Salem Media Group		10,300		73,130
Scholastic		20,191		880,126
†Scripps (E.W.) Class A		44,266		788,377
Sinclair Broadcast Group Class A		54,632		1,797,393
Time		77,100		1,106,385
†Townsquare Media Class A		9,400		96,256
†tronc		17,300		222,997
World Wrestling Entertainment Class A		26,707		544,022
				19,730,936
Metals & Mining–1.24%
†AK Steel Holding		229,956		1,510,811
Allegheny Technologies		81,600		1,388,016
Ampco-Pittsburgh		7,400		109,150
Carpenter Technology		34,700		1,298,821
†Century Aluminum		35,687		556,003
†Cliffs Natural Resources		221,400		1,532,088
†Coeur Mining		139,486		1,196,790
Commercial Metals		86,300		1,676,809
Compass Minerals International		25,200		1,645,560
Gold Resource		43,500		177,480
†Handy & Harman		2,948		92,567
Haynes International		9,081		329,731
Hecla Mining		287,300		1,465,230
Kaiser Aluminum		13,322		1,179,263

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Metals & Mining (continued)
†Klondex Mines		130,600	$	440,122
Materion		15,484		579,102
Olympic Steel		5,606		109,205
†Ryerson Holding		7,325		72,517
Schnitzer Steel Industries Class A		19,101		481,345
†SunCoke Energy		50,547		550,962
†TimkenSteel		28,400		436,508
Warrior Met Coal		12,500		214,125
Worthington Industries		33,908		1,702,860
				18,745,065
Mortgage Real Estate Investment Trusts–0.84%
AG Mortgage Investment Trust		20,484		374,857
Anworth Mortgage Asset		70,031		420,886
Apollo Commercial Real Estate Finance		68,281		1,266,613
Ares Commercial Real Estate		19,289		252,493
Armour Residential REIT		28,153		703,825
Capstead Mortgage		71,108		741,656
Cherry Hill Mortgage Investment		8,700		160,689
CYS Investments		113,467		954,257
Dynex Capital		32,230		228,833
Ellington Residential Mortgage REIT		6,200		90,892
Great Ajax		11,300		157,974
Hannon Armstrong Sustainable Infrastructure Capital		37,700		862,199
Invesco Mortgage Capital		84,561		1,413,014
KKR Real Estate Finance Trust		7,700		165,550
Ladder Capital Class A		52,405		702,751
MTGE Investment		34,111		641,287
New York Mortgage Trust		81,332		505,885
Orchid Island Capital		27,200		268,192
Owens Realty Mortgage		8,700		147,552
PennyMac Mortgage Investment Trust		50,821		929,516
Redwood Trust		56,946		970,360
Resource Capital		21,982		223,557
Sutherland Asset Management		12,600		187,110
Western Asset Mortgage Capital		29,784		306,775
				12,676,723
Multiline Retail–0.34%
Big Lots		33,500		1,618,050
Dillard’s Class A		11,300		651,897
Fred’s Class A		25,477		235,153
†JC Penney		230,400		1,071,360
†Ollie’s Bargain Outlet Holdings		35,400		1,508,040
†Sears Holdings		9,800		86,828
				5,171,328
Multi-Utilities–0.49%
Avista		47,726		2,026,446
Black Hills		38,943		2,627,484
NorthWestern		36,706		2,239,800

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)
Multi-Utilities (continued)
Unitil		10,641	$	514,067
				7,407,797
Oil, Gas & Consumable Fuels–1.79%
†Abraxas Petroleum		117,312		190,045
Adams Resources & Energy		1,206		49,542
Alon USA Energy		23,992		319,573
†Approach Resources		29,500		99,415
Arch Coal Class A		2,100		143,430
Ardmore Shipping		19,500		158,925
†Bill Barrett		53,390		163,907
†Bonanza Creek Energy		13,900		440,769
†California Resources		31,700		271,035
†Callon Petroleum		149,716		1,588,487
†Carrizo Oil & Gas		45,989		801,128
†Clean Energy Fuels		101,395		257,543
†Cloud Peak Energy		54,900		193,797
†Contango Oil & Gas		14,481		96,154
CVR Energy		10,200		221,952
Delek U.S. Holdings		45,988		1,215,923
†Denbury Resources		261,900		400,707
DHT Holdings		59,200		245,680
†Dorian LPG		21,400		175,052
†Earthstone Energy Class A		7,300		73,073
†Eclipse Resources		51,400		147,004
†Energy XXI Gulf Coast		22,000		408,540
†EP Energy Class A		33,600		122,976
Evolution Petroleum		21,847		176,961
Frontline		54,936		314,783
GasLog		30,007		457,607
†Gastar Exploration		129,600		120,010
†Gener8 Maritime		34,100		194,029
Golar LNG		72,300		1,608,675
Green Plains		26,943		553,679
†Halcon Resources		45,400		206,116
Hallador Energy		11,900		92,463
†International Seaways		21,865		473,815
†Isramco		651		74,474
†Jagged Peak Energy		23,700		316,395
†Jones Energy Class A		47,194		75,510
†Lilis Energy		31,800		155,820
†Matador Resources		67,995		1,453,053
†Midstates Petroleum		8,300		105,161
Navios Maritime Acquisition		43,100		63,357
Nordic American Tankers		75,098		476,121
†Oasis Petroleum		176,500		1,420,825
†Overseas Shipholding Group Class A		31,400		83,524
†Pacific Ethanol		25,000		156,250
Panhandle Oil & Gas Class A		12,494		288,611
†Par Pacific Holdings		20,805		375,322
†PDC Energy		49,150		2,118,857
†Peabody Energy		600		14,670

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†Penn Virginia		10,600	$	389,550
†Renewable Energy Group		25,364		328,464
†Resolute Energy		8,500		253,045
†REX American Resources		3,950		381,412
†Ring Energy		33,687		437,931
†Sanchez Energy		52,338		375,787
†SandRidge Energy		25,900		445,739
Scorpio Tankers		121,209		481,200
SemGroup Class A		50,105		1,352,835
Ship Finance International		44,542		605,771
†SilverBow Resources		5,200		136,032
†SRC Energy		154,113		1,037,180
†Stone Energy		14,500		266,510
Teekay		38,200		254,794
Teekay Tankers Class A		101,241		190,333
†Tellurian		41,200		413,236
†Ultra Petroleum		4,600		49,910
†Uranium Energy		101,300		161,067
†W&T Offshore		69,636		136,487
†Westmoreland Coal		14,557		70,893
†WildHorse Resource Development		14,900		184,313
				27,113,234
Paper & Forest Products–0.56%
†Boise Cascade		27,846		846,518
†Clearwater Paper		12,651		591,434
Deltic Timber		7,455		556,590
KapStone Paper and Packaging		64,764		1,336,081
†Louisiana-Pacific		108,778		2,622,638
Neenah Paper		12,395		994,699
PH Glatfelter		32,417		633,428
Schweitzer-Mauduit International		22,667		843,892
†Verso Class A		25,000		117,250
				8,542,530
Personal Products–0.16%
†elf Beauty		15,400		419,034
Inter Parfums		13,193		483,523
Medifast		7,587		314,633
Natural Health Trends		6,900		192,165
Nature’s Sunshine Products		8,440		111,830
Nutraceutical International		6,886		286,802
†Revlon Class A		7,654		181,400
†USANA Health Sciences		7,678		492,160
				2,481,547
Pharmaceuticals–1.91%
†AcelRx Pharmaceuticals		17,800		38,270
†Aclaris Therapeutics		15,000		406,800
†Aerie Pharmaceuticals		21,900		1,150,845
†Amphastar Pharmaceuticals		28,400		507,224
†ANI Pharmaceuticals		5,400		252,720
†Aratana Therapeutics		24,400		176,412

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)
Pharmaceuticals (continued)
†Assembly Biosciences		10,400	$	214,760
†Catalent		93,400		3,278,340
†Cempra		33,296		153,162
†Clearside BioMedical		18,400		167,624
†Collegium Pharmaceutical		12,400		155,124
†Corcept Therapeutics		67,711		798,990
†Corium International		14,800		110,408
†Depomed		45,757		491,430
†Dermira		28,300		824,662
†Durect		96,800		151,008
†Heska		4,700		479,729
†Horizon Pharma		121,700		1,444,579
†Impax Laboratories		55,102		887,142
†Innoviva		60,200		770,560
†Intersect ENT		20,300		567,385
†Intra-Cellular Therapies		25,700		319,194
†Lannett		20,580		419,832
†Medicines		50,733		1,928,361
†Myokardia		11,800		154,580
†Nektar Therapeutics		108,088		2,113,120
†Neos Therapeutics		14,600		106,580
†Ocular Therapeutix		13,100		121,437
†Omeros		33,866		674,103
†Pacira Pharmaceuticals		29,175		1,391,647
†Paratek Pharmaceuticals		16,300		392,830
Phibro Animal Health Class A		13,500		500,175
†Prestige Brands Holdings		40,055		2,115,305
†Reata Pharmaceuticals Class A		4,900		155,036
†Revance Therapeutics		16,300		430,320
†SciClone Pharmaceuticals		39,574		435,314
†Sucampo Pharmaceuticals Class A		19,310		202,755
†Supernus Pharmaceuticals		35,085		1,512,164
†Teligent		32,500		297,375
†Tetraphase Pharmaceuticals		34,800		248,124
†TherapeuticsMD		111,900		589,713
†Theravance Biopharma		31,200		1,243,008
†Titan Pharmaceuticals		12,500		23,750
†WAVE Life Sciences		6,400		119,040
†Zogenix		17,946		260,217
†Zynerba Pharmaceuticals		8,500		144,245
				28,925,399
Professional Services–1.20%
†Acacia Research		35,876		147,092
†Advisory Board		30,824		1,587,436
Barrett Business Services		5,032		288,283
BG Staffing		5,100		88,638
†CBIZ		36,246		543,690
†Cogint		11,600		58,580
CRA International		6,651		241,564
Exponent		19,130		1,115,279
†Franklin Covey		9,480		182,964

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Professional Services (continued)
†FTI Consulting		31,206	$	1,090,962
†GP Strategies		10,500		277,200
Heidrick & Struggles International		13,164		286,317
†Hill International		25,600		133,120
†Huron Consulting Group		16,178		698,890
†ICF International		13,351		628,832
Insperity		13,601		965,671
Kelly Services Class A		21,577		484,404
Kforce		17,938		351,585
Korn/Ferry International		38,045		1,313,694
†Mistras Group		14,147		310,810
†Navigant Consulting		34,436		680,455
†On Assignment		38,282		2,072,970
Resources Connection		23,709		324,813
†RPX		36,374		507,417
†TriNet Group		31,300		1,024,762
†TrueBlue		31,387		831,756
†WageWorks		27,530		1,850,016
†Willdan Group		5,600		171,080
				18,258,280
Real Estate Management & Development–0.48%
Alexander & Baldwin		35,000		1,448,300
†Altisource Portfolio Solutions		8,400		183,288
Consolidated-Tomoka Land		3,399		193,573
†Forestar Group		33,777		579,276
†FRP Holdings		5,272		243,303
HFF Class A		26,781		931,175
Kennedy-Wilson Holdings		61,953		1,180,205
†Marcus & Millichap		12,200		321,592
†Maui Land & Pineapple		5,000		101,500
RE/MAX Holdings		13,200		739,860
RMR Group Class A		4,995		243,007
†St. Joe		37,568		704,400
Stratus Properties		5,400		158,760
†Tejon Ranch		9,765		201,550
†Trinity Place Holdings		16,800		119,448
				7,349,237
Road & Rail–0.65%
ArcBest		17,942		369,605
†Avis Budget Group		55,600		1,516,212
†Covenant Transportation Group Class A		10,200		178,806
†Daseke		15,200		169,176
Heartland Express		34,309		714,313
†Hertz Global Holdings		40,600		466,900
Knight Transportation		54,282		2,011,148
Marten Transport		17,978		492,597
†Roadrunner Transportation Systems		25,803		187,588
†Saia		18,163		931,762
Schneider National Class B		1,500		33,555

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)
Road & Rail (continued)
†Swift Transportation		56,068	$	1,485,802
Universal Logistics Holdings		6,097		91,455
Werner Enterprises		33,356		978,999
†YRC Worldwide		25,000		278,000
				9,905,918
Semiconductors & Semiconductor Equipment–2.94%
†Advanced Energy Industries		29,679		1,919,934
†Alpha & Omega Semiconductor		13,171		219,561
†Ambarella		24,092		1,169,667
†Amkor Technology		74,465		727,523
†Axcelis Technologies		23,333		488,826
†AXT		27,600		175,260
Brooks Automation		50,590		1,097,297
Cabot Microelectronics		18,971		1,400,629
†CEVA		16,623		755,515
†Cirrus Logic		47,488		2,978,447
Cohu		21,843		343,809
†Cree		72,600		1,789,590
†CyberOptics		5,100		105,315
†Diodes		28,265		679,208
†DSP Group		17,252		200,123
†Entegris		106,550		2,338,773
†FormFactor		53,425		662,470
†GSI Technology		10,600		83,316
†Ichor Holdings		7,000		141,120
†Impinj		13,400		651,910
†Inphi		30,194		1,035,654
†Integrated Device Technology		101,619		2,620,754
IXYS		20,122		331,007
†Kopin		50,542		187,511
†Lattice Semiconductor		88,926		592,247
†MACOM Technology Solutions Holdings		30,071		1,677,060
†MaxLinear Class A		44,672		1,245,902
MKS Instruments		40,124		2,700,345
Monolithic Power Systems		29,353		2,829,629
†Nanometrics		17,322		438,073
†NeoPhotonics		24,000		185,280
NVE		3,518		270,886
†PDF Solutions		19,778		325,348
†Photronics		48,160		452,704
†Pixelworks		21,200		97,308
Power Integrations		20,556		1,498,532
†Rambus		81,486		931,385
†Rudolph Technologies		21,938		501,283
†Semtech		48,584		1,736,878
†Sigma Designs		31,300		183,105
†Silicon Laboratories		31,100		2,125,685
†SunPower		44,400		414,696
†Synaptics		25,752		1,331,636
†Ultra Clean Holdings		25,366		475,613

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Semiconductors & Semiconductor Equipment (continued)
†Veeco Instruments		32,848	$	914,817
†Xcerra		43,741		427,350
Xperi		37,035		1,103,643
				44,562,624
Software–3.46%
†8x8		66,040		960,882
†A10 Networks		28,900		243,916
†ACI Worldwide		86,851		1,942,857
†Agilysys		10,614		107,414
American Software Class A		19,961		205,399
†Aspen Technology		55,775		3,082,127
†Barracuda Networks		16,100		371,266
Blackbaud		35,633		3,055,530
†BlackLine		7,900		282,346
†Bottomline Technologies		29,871		767,386
†BroadSoft		22,014		947,703
†Callidus Software		46,457		1,124,259
†CommVault Systems		29,102		1,642,808
†Digimarc		6,958		279,364
Ebix		18,878		1,017,524
†Ellie Mae		24,692		2,713,898
†EnerNOC		20,785		161,084
†Everbridge		12,600		306,936
†Exa		12,100		166,980
Fair Isaac		23,439		3,267,631
†Gigamon		26,800		1,054,580
†Glu Mobile		91,532		228,830
†Guidance Software		20,549		135,829
†HubSpot		25,000		1,643,750
†Imperva		24,861		1,189,599
†MicroStrategy		7,084		1,357,790
†Mitek Systems		25,600		215,040
†MobileIron		37,600		227,480
†Model N		19,300		256,690
Monotype Imaging Holdings		30,131		551,397
†Park City Group		11,000		133,650
†Paycom Software		36,600		2,503,806
†Paylocity Holding		19,300		871,974
Pegasystems		26,902		1,569,732
Progress Software		37,500		1,158,375
†Proofpoint		31,920		2,771,614
†PROS Holdings		18,437		504,989
QAD Class A		7,073		226,690
†Qualys		23,325		951,660
†Rapid7		17,300		291,159
†RealNetworks		13,048		56,498
†RealPage		43,611		1,567,815
†RingCentral Class A		46,400		1,695,920
†Rosetta Stone		16,800		181,104
†Rubicon Project		23,600		121,304
†SecureWorks Class A		5,300		49,237

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)
†Silver Spring Networks		27,800	$	313,584
†Synchronoss Technologies		31,044		510,674
†Telenav		25,300		204,930
TiVo		88,261		1,646,068
†Upland Software		5,400		118,746
†Varonis Systems		14,200		528,240
†VASCO Data Security International		22,159		317,982
†Verint Systems		46,770		1,903,539
†VirnetX Holding		29,605		134,703
†Workiva		19,100		363,855
†Zendesk		72,200		2,005,716
†Zix		44,174		251,350
				52,463,209
Specialty Retail–2.04%
Aaron’s		49,400		1,921,660
Abercrombie & Fitch		50,900		633,196
American Eagle Outfitters		125,700		1,514,685
†America’s Car-Mart		5,585		217,257
†Asbury Automotive Group		14,944		845,083
†Ascena Retail Group		128,949		277,240
†At Home Group		6,300		146,727
Barnes & Noble		46,772		355,467
†Barnes & Noble Education		29,243		310,853
Big 5 Sporting Goods		14,893		194,354
†Boot Barn Holdings		11,100		78,588
Buckle		22,708		404,202
†Build-A-Bear Workshop		10,800		112,860
Caleres		32,025		889,655
Camping World Holdings Class A		7,900		243,715
†Carvana		11,300		231,311
Cato Class A		18,982		333,893
Chico’s FAS		97,900		922,218
Children’s Place		12,801		1,306,982
Citi Trends		8,976		190,471
†Conn’s		14,102		269,348
†Container Store Group		15,800		93,536
DSW Class A		50,400		892,080
†Express		55,275		373,106
Finish Line Class A		31,208		442,217
†Five Below		40,318		1,990,500
†Francesca’s Holdings		30,562		334,348
†Genesco		15,332		519,755
GNC Holdings		51,400		433,302
Group 1 Automotive		15,535		983,676
Guess		45,500		581,490
Haverty Furniture		15,414		386,891
†Hibbett Sports		16,983		352,397
†J. Jill		8,800		108,152
†Kirkland’s		12,675		130,299
Lithia Motors Class A		17,837		1,680,780
†Lumber Liquidators Holdings		19,116		479,047

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail (continued)
†MarineMax		18,140	$	354,637
Monro Muffler Brake		23,649		987,346
Office Depot		384,500		2,168,580
†Party City Holdco		22,400		350,560
Pier 1 Imports		55,425		287,656
Rent-A-Center		35,910		420,865
†RH		25,367		1,636,679
†Select Comfort		30,511		1,082,835
Shoe Carnival		9,521		198,798
Sonic Automotive Class A		19,531		379,878
†Sportsman’s Warehouse Holdings		22,400		120,960
Tailored Brands		36,242		404,461
Tile Shop Holdings		23,900		493,535
Tilly’s Class A		6,263		63,569
†Vitamin Shoppe		19,407		226,092
West Marine		15,708		201,848
Winmark		1,509		194,586
†Zumiez		12,123		149,719
				30,903,945
Technology Hardware, Storage & Peripherals–0.58%
†3D Systems		80,600		1,507,220
†Avid Technology		28,700		150,962
CPI Card Group		14,400		41,040
†Cray		29,969		551,430
Diebold Nixdorf		56,100		1,570,800
†Eastman Kodak		12,000		109,200
†Electronics For Imaging		35,367		1,675,688
†Immersion		20,327		184,569
†Intevac		14,400		159,840
†Pure Storage Class A		69,100		885,171
†Quantum		20,800		162,448
†Stratasys		36,600		853,146
†Super Micro Computer		28,715		707,825
†USA Technologies		31,200		162,240
				8,721,579
Textiles, Apparel & Luxury Goods–0.72%
Columbia Sportswear		21,720		1,261,063
†Crocs		50,800		391,668
Culp		7,541		245,083
†Deckers Outdoor		24,400		1,665,544
†Delta Apparel		6,200		137,516
†Fossil Group		31,400		324,990
†G-III Apparel Group		32,196		803,290
†Iconix Brand Group		28,351		195,905
Movado Group		11,080		279,770
Oxford Industries		11,376		710,886
†Perry Ellis International		10,714		208,494
†Sequential Brands Group		33,810		134,902
†Steven Madden		46,334		1,851,043
Superior Uniform Group		4,900		109,515

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)
Textiles, Apparel & Luxury Goods (continued)
†Unifi		12,374	$	381,119
†Vera Bradley		16,479		161,165
Wolverine World Wide		72,908		2,042,153
				10,904,106
Thrift & Mortgage Finance–2.17%
†ASB Bancorp		2,100		92,295
Astoria Financial		68,953		1,389,403
Bank Mutual		26,825		245,449
BankFinancial		13,649		203,643
Bear State Financial		15,440		146,062
Beneficial Bancorp		52,356		785,340
†BofI Holding		44,860		1,064,079
†BSB Bancorp		5,900		172,575
Capitol Federal Financial		95,800		1,361,318
Charter Financial		7,993		143,874
Clifton Bancorp		17,062		282,035
Dime Community Bancshares		23,751		465,520
†Entegra Financial		4,700		106,925
ESSA Bancorp		7,100		104,512
†Essent Group		56,200		2,087,268
Federal Agricultural Mortgage Class C		6,174		399,458
First Defiance Financial		6,643		349,953
†Flagstar Bancorp		15,400		474,628
Greene County Bancorp		1,752		47,654
Hingham Institution for Savings		900		163,737
Home Bancorp		5,000		212,600
†HomeStreet		19,729		546,000
†Impac Mortgage Holdings		8,000		121,040
Kearny Financial		63,017		935,802
†LendingTree		4,705		810,201
†Malvern Bancorp		4,800		114,960
Meridian Bancorp		35,754		604,243
Meta Financial Group		6,000		534,000
†MGIC Investment		275,050		3,080,560
†Nationstar Mortgage Holdings		23,700		423,993
†NMI Holdings Class A		45,000		515,250
Northfield Bancorp		31,156		534,325
Northwest Bancshares		72,066		1,124,950
OceanFirst Financial		23,376		633,957
†Ocwen Financial		69,500		186,955
Oritani Financial		28,411		484,408
†PCSB Financial		13,400		228,604
†PennyMac Financial Services Class A		9,600		160,320
†PHH		39,252		540,500
†Provident Bancorp		1,600		36,000
Provident Financial Holdings		5,700		109,725
Provident Financial Services		45,731		1,160,653
Prudential Bancorp		6,000		108,960
Radian Group		162,654		2,659,393
Riverview Bancorp		14,300		94,952
SI Financial Group		9,700		156,170

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Thrift & Mortgage Finance (continued)
Southern Missouri Bancorp		5,100	$	164,526
Territorial Bancorp		4,742		147,903
Timberland Bancorp		4,600		116,242
TrustCo Bank		71,303		552,598
United Community Financial		35,500		295,005
United Financial Bancorp		38,254		638,459
†Walker & Dunlop		20,363		994,325
Washington Federal		68,500		2,274,200
Waterstone Financial		19,664		370,666
Western New England Bancorp		19,100		193,865
WSFS Financial		21,391		970,082
				32,922,120
Tobacco–0.19%
†Turning Point Brands		6,900		105,846
Universal		18,942		1,225,547
Vector Group		69,806		1,488,264
				2,819,657
Trading Companies & Distributors–1.23%
Aircastle		35,544		773,082
Applied Industrial Technologies		29,030		1,714,221
†Beacon Roofing Supply		45,090		2,209,410
†BMC Stock Holdings		48,600		1,061,910
†CAI International		13,507		318,765
†DXP Enterprises		12,812		442,014
EnviroStar		3,600		97,380
†Foundation Building Materials		9,600		123,456
GATX		30,700		1,973,089
†GMS		17,500		491,750
H&E Equipment Services		23,081		471,083
†Herc Holdings		18,000		707,760
†Huttig Building Products		17,700		124,077
Kaman		20,052		999,993
†Lawson Products		3,800		84,170
†MRC Global		70,200		1,159,704
†Neff Class A		6,900		131,100
†Nexeo Solutions		19,500		161,850
†NOW		80,500		1,294,440
†Rush Enterprises Class A		21,819		811,230
†Rush Enterprises Class B		4,000		145,640
†SiteOne Landscape Supply		25,200		1,311,912
Textainer Group Holdings		19,120		277,240
†Titan Machinery		14,270		256,575
Triton International		32,286		1,079,644
†Veritiv		8,500		382,500
†Willis Lease Finance		3,700		98,901
				18,702,896
Water Utilities–0.35%
American States Water		27,354		1,296,853
†AquaVenture Holdings		7,800		118,794
Artesian Resources Class A		5,819		219,027

LVIP SSGA Small-Cap Index Fund–23

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Water Utilities (continued)
†Cadiz		15,500	$	209,250
California Water Service Group		36,042		1,326,346
Connecticut Water Service		7,525		417,713
Consolidated Water		11,200		138,880
Global Water Resources		6,283		62,202
Middlesex Water		11,631		460,588
†Pure Cycle		12,700		98,425
SJW Group		12,115		595,816
York Water		9,537		332,364
				5,276,258
Wireless Telecommunication Services–0.11%
†Boingo Wireless		25,597		382,931
Shenandoah Telecommunications		34,650		1,063,755
Spok Holdings		14,777		261,553
				1,708,239
Total Common Stock (Cost $1,026,904,093)				1,436,698,617
RIGHTS–0.03%
†=Durata Therapeutics CVR		14,227		0
†=Dyax CVR		122,431		135,898
†=Media General CVR		82,000		155,800
†=Tobira Therapeutics CVR		7,700		105,798
Total Rights (Cost $135,898)				397,496

	Number of Shares		Value (U.S. $)
WARRANTS–0.00%
†Asterias Biotherapeutics, exercise price $5.00, expiration date 9/29/17		2,400	$	1,200
†=Greenhunter Energy, exercise price $27.50, expiration date 12/31/17		90		0
Total Warrants (Cost $1,800)				1,200
MONEY MARKET FUND–5.30%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		80,342,647		80,342,647
Total Money Market Fund (Cost $80,342,647)				80,342,647
	Principal Amount°
SHORT-TERM INVESTMENTS–0.26%
≠¥U.S. Treasury Obligations–0.26%
U.S. Treasury Bills
0.784% 8/3/17		385,000		384,719
1.068% 12/7/17		3,536,000		3,519,575
Total Short-Term Investments (Cost $3,904,040)				3,904,294

TOTAL VALUE OF SECURITIES–100.35% (Cost $1,111,288,478)		1,521,344,254
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.35%)		(5,274,264	)
NET ASSETS APPLICABLE TO 50,323,840 SHARES OUTSTANDING–100.00%	$	1,516,069,990
NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-CAP INDEX FUND STANDARD CLASS ($1,201,338,300 / 39,862,976 Shares)	$	30.137
NET ASSET VALUE PER SHARE–LVIP SSGA SMALL-CAP INDEX FUND SERVICE CLASS ($314,731,690 / 10,460,864 Shares)	$	30.087
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	1,026,262,588
Undistributed net investment income		7,458,873
Accumulated net realized gain on investments		72,449,813
Net unrealized appreciation of investments and derivatives		409,898,716
TOTAL NET ASSETS	$	1,516,069,990

LVIP SSGA Small-Cap Index Fund–24

LVIP SSGA Small-Cap Index Fund

Statement of Net Assets (continued)

† Non-income producing for the period.

« Includes $54,742 cash due to broker for futures contracts, $5,723,990 payable for securities purchased, $943,896 payable for fund shares redeemed and $556,979 due to manager and affiliates as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “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.

¥ Fully or partially pledged as collateral for futures contracts.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Depreciation
Equity Contracts:
1,145	E-mini Russell 2000 Index		$81,125,758		$80,968,675		9/18/17		$(157,083)

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:

CVR–Contingent Value Rights

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	10,962,923
Interest		13,126
Foreign tax withheld		(1,537	)
		10,974,512
EXPENSES:
Management fees		2,313,679
Distribution fees-Service Class		381,704
Accounting and administration expenses		180,459
Reports and statements to shareholders		87,813
Shareholder servicing fees		71,831
Professional fees		36,656
Index fees		32,850
Trustees’ fees and expenses		19,495
Custodian fees		9,827
Pricing fees		3,965
Consulting fees		2,401
Other		7,941
		3,148,621
Less:
Management fees waived		(12,397	)
Total operating expenses		3,136,224
NET INVESTMENT INCOME		7,838,288
NET REALIZED AND UNREALIZED GAIN:
Net realized gain from:
Investments		58,571,435
Futures contracts		1,848,405
Net realized gain		60,419,840
Net change in unrealized appreciation (depreciation) of:
Investments		467,371
Foreign currencies		23
Futures contracts		33,271
Net change in unrealized appreciation (depreciation)		500,665
NET REALIZED AND UNREALIZED GAIN		60,920,505
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,758,793

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	7,838,288		$	13,769,265
Net realized gain		60,419,840			33,807,644
Net change in unrealized appreciation (depreciation)		500,665			225,007,707
Net increase in net assets resulting from operations		68,758,793			272,584,616
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(14,709,032	)
Service Class		—			(3,191,810	)
Net realized gain on investments:
Standard Class		—			(26,088,177	)
Service Class		—			(6,061,145	)
		—			(50,050,164	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		109,883,569			169,570,756
Service Class		26,974,460			36,747,265
Reinvestment of dividends and distributions:
Standard Class		—			40,797,209
Service Class		—			9,252,955
		136,858,029			256,368,185
Cost of shares redeemed:
Standard Class		(81,118,016	)		(453,985,542	)
Service Class		(31,314,524	)		(61,961,822	)
		(112,432,540	)		(515,947,364	)
Increase (decrease) in net assets derived from capital share transactions		24,425,489			(259,579,179	)
NET INCREASE (DECREASE) IN NET ASSETS		93,184,282			(37,044,727	)
NET ASSETS:
Beginning of period		1,422,885,708			1,459,930,435
End of period	$	1,516,069,990		$	1,422,885,708
Undistributed (distributions in excess of) net investment income	$	7,458,873		$	(379,415	)

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 6/30/171			Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	28.753		$	24.643			$	26.990			$	26.722			$	19.597			$	17.026
Income (loss) from investment operations:
Net investment income2			0.166			0.257				0.246				0.235				0.219				0.267
Net realized and unrealized gain (loss)			1.218			4.789				(1.514	)			0.965				7.205				2.434
Total from investment operations			1.384			5.046				(1.268	)			1.200				7.424				2.701
Less dividends and distributions from:
Net investment income			—			(0.364	)			(0.247	)			(0.225	)			(0.189	)			(0.130	)
Net realized gain			—			(0.572	)			(0.832	)			(0.707	)			(0.110	)			—
Total dividends and distributions			—			(0.936	)			(1.079	)			(0.932	)			(0.299	)			(0.130	)
Net asset value, end of period		$	30.137		$	28.753			$	24.643			$	26.990			$	26.722			$	19.597
Total return3			4.81%			20.68%				(4.71%	)			4.67%				37.90%				15.89%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,201,338		$	1,117,983			$	1,183,053			$	1,085,366			$	881,401			$	406,060
Ratio of expenses to average net assets			0.38%			0.37%				0.37%				0.37%				0.39%				0.41%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.38%			0.37%				0.37%				0.37%				0.39%				0.41%
Ratio of net investment income to average net assets			1.14%			1.02%				0.91%				0.89%				0.93%				1.44%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			1.14%			1.02%				0.91%				0.89%				0.93%				1.44%
Portfolio turnover			11%			16%				32%				15%				17%				43%

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 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 6/30/171			Year Ended
	(unaudited)			12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	28.741		$	24.643			$	26.987			$	26.722			$	19.602			$	17.031
Income (loss) from investment operations:
Net investment income2			0.129			0.194				0.178				0.168				0.161				0.221
Net realized and unrealized gain (loss)			1.217			4.777				(1.510	)			0.964				7.199				2.434
Total from investment operations			1.346			4.971				(1.332	)			1.132				7.360				2.655
Less dividends and distributions from:
Net investment income			—			(0.301	)			(0.180	)			(0.160	)			(0.130	)			(0.084	)
Net realized gain			—			(0.572	)			(0.832	)			(0.707	)			(0.110	)			—
Total dividends and distributions			—			(0.873	)			(1.012	)			(0.867	)			(0.240	)			(0.084	)
Net asset value, end of period		$	30.087		$	28.741			$	24.643			$	26.987			$	26.722			$	19.602
Total return3			4.69%			20.38%				(4.95%	)			4.41%				37.56%				15.60%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	314,732		$	304,903			$	276,877			$	299,763			$	325,878			$	152,448
Ratio of expenses to average net assets			0.63%			0.62%				0.62%				0.62%				0.64%				0.66%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.63%			0.62%				0.62%				0.62%				0.64%				0.66%
Ratio of net investment income to average net assets			0.89%			0.77%				0.66%				0.64%				0.68%				1.19%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed			0.89%			0.77%				0.66%				0.64%				0.68%				1.19%
Portfolio turnover			11%			16%				32%				15%				17%				43%

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 Small-Cap Index Fund–28

LVIP SSGA Small-Cap Index Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 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. 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. U.S. government and agency securities are valued at the mean between the bid and the ask prices, which approximate fair value. Futures contracts are valued at the daily quoted settlement prices. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 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. 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 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, 2017.

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, 2017.

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. 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, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board and LIAC. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	41,185
Legal		9,941

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $65,032 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has

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)

entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	391,875
Distribution fees payable to LFD		64,373
Shareholder servicing fees payable to Lincoln Life		35,700
Printing and mailing fees payable to Lincoln Life		65,032

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	151,472,676
Sales		185,499,694

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,111,288,478
Aggregate unrealized appreciation	$	492,711,186
Aggregate unrealized depreciation		(82,655,410	)
Net unrealized appreciation	$	410,055,776

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 SSGA Small-Cap Index Fund–31

LVIP SSGA Small-Cap 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, 2017:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Common Stock
Aerospace & Defense	$	20,519,187	$	—	$	—	$	20,519,187
Air Freight & Logistics		4,429,873		—		—		4,429,873
Airlines		4,524,838		—		—		4,524,838
Auto Components		17,412,408		—		—		17,412,408
Automobiles		818,055		—		—		818,055
Banks		150,771,227		—		—		150,771,227
Beverages		3,492,824		—		—		3,492,824
Biotechnology		77,512,086		—		—		77,512,086
Building Products		17,797,962		—		—		17,797,962
Capital Markets		18,852,195		—		—		18,852,195
Chemicals		30,809,242		—		—		30,809,242
Commercial Services & Supplies		35,441,303		—		—		35,441,303
Communications Equipment		27,553,653		—		—		27,553,653
Construction & Engineering		17,216,591		—		—		17,216,591
Construction Materials		3,342,013		—		—		3,342,013
Consumer Finance		8,648,042		—		—		8,648,042
Containers & Packaging		1,743,334		—		—		1,743,334
Distributors		1,256,925		—		—		1,256,925
Diversified Consumer Services		12,775,362		—		—		12,775,362
Diversified Financial Services		1,503,359		—		—		1,503,359
Diversified Telecommunication Services		10,555,419		—		—		10,555,419
Electric Utilities		15,970,116		—		—		15,970,116
Electrical Equipment		9,788,199		—		—		9,788,199
Electronic Equipment, Instruments & Components		41,101,327		—		—		41,101,327
Energy Equipment & Services		19,705,518		—		—		19,705,518
Equity Real Estate Investment Trusts		100,897,546		—		—		100,897,546
Food & Staples Retailing		7,564,482		—		—		7,564,482
Food Products		17,949,075		—		—		17,949,075
Gas Utilities		18,054,428		—		—		18,054,428
Health Care Equipment & Supplies		54,426,439		—		—		54,426,439
Health Care Providers & Services		31,138,045		—		—		31,138,045
Health Care Technology		11,748,727		—		—		11,748,727
Hotels, Restaurants & Leisure		47,967,678		—		—		47,967,678
Household Durables		21,355,875		—		—		21,355,875
Household Products		3,904,926		—		—		3,904,926
Independent Power & Renewable Electricity Producers		6,197,554		—		—		6,197,554
Industrial Conglomerates		897,468		—		—		897,468
Insurance		35,243,571		555,200		—		35,798,771
Internet & Direct Marketing Retail		7,679,619		—		—		7,679,619
Internet Software & Services		42,581,249		—		—		42,581,249
IT Services		29,534,224		—		—		29,534,224
Leisure Products		5,424,893		—		—		5,424,893
Life Sciences Tools & Services		12,132,673		—		—		12,132,673
Machinery		50,887,562		—		—		50,887,562
Marine		1,723,698		—		—		1,723,698
Media		19,730,936		—		—		19,730,936
Metals & Mining		18,745,065		—		—		18,745,065
Mortgage Real Estate Investment Trusts		12,676,723		—		—		12,676,723
Multiline Retail		5,171,328		—		—		5,171,328
Multi-Utilities		7,407,797		—		—		7,407,797

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
Investments:
Assets:
Oil, Gas & Consumable Fuels	$	27,113,234		$	—	$	—	$	27,113,234
Paper & Forest Products		8,542,530			—		—		8,542,530
Personal Products		2,481,547			—		—		2,481,547
Pharmaceuticals		28,925,399			—		—		28,925,399
Professional Services		18,258,280			—		—		18,258,280
Real Estate Management & Development		7,349,237			—		—		7,349,237
Road & Rail		9,905,918			—		—		9,905,918
Semiconductors & Semiconductor Equipment		44,562,624			—		—		44,562,624
Software		52,463,209			—		—		52,463,209
Specialty Retail		30,903,945			—		—		30,903,945
Technology Hardware, Storage & Peripherals		8,721,579			—		—		8,721,579
Textiles, Apparel & Luxury Goods		10,904,106			—		—		10,904,106
Thrift & Mortgage Finance		32,922,120			—		—		32,922,120
Tobacco		2,819,657			—		—		2,819,657
Trading Companies & Distributors		18,702,896			—		—		18,702,896
Water Utilities		5,276,258			—		—		5,276,258
Wireless Telecommunication Services		1,708,239			—		—		1,708,239
Rights		—			—		397,496		397,496
Warrants		1,200			—		—		1,200
Money Market Fund		80,342,647			—		—		80,342,647
Short-Term Investments		—			3,904,294		—		3,904,294
Total Investments	$	1,516,487,264		$	4,459,494	$	397,496	$	1,521,344,254
Derivatives:
Liabilities:
Futures Contracts	$	(157,083	)	$	—	$	—	$	(157,083	)

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		3,744,022			6,849,377
Service Class		922,018			1,471,986
Shares reinvested:
Standard Class		—			1,486,599
Service Class		—			337,874
		4,666,040			10,145,836
Shares redeemed:
Standard Class		(2,763,247	)		(17,461,662	)
Service Class		(1,069,851	)		(2,436,747	)
		(3,833,098	)		(19,898,409	)
Net increase (decrease)		832,942			(9,752,573	)

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 SSGA Small-Cap Index Fund–33

LVIP SSGA Small-Cap Index 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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts as a cash management tool; to facilitate investments in portfolio securities; and to reduce transaction costs.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
Futures contracts (Equity contracts)	Liabilities net of receivables and other assets	$—	Liabilities net of receivables and other assets	$	(157,083	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	1,848,405		$	33,271

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume	Short Derivative Volume
Futures contracts (average notional amount)	$44,331,049	$—

At June 30, 2017, the Fund pledged U.S. Treasury Obligations with a value of $3,904,294 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, 2017, the Fund had 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, 2017. 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, 2017, there were no Rule 144A securities.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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   a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,048.30		0.25	%		$1.27
Service Class Shares		1,000.00		1,047.00		0.50	%		2.54
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,023.55		0.25	%		$1.25
Service Class Shares		1,000.00		1,022.32		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 181/365 (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 Fund–1

LVIP SSGA SMID Cap Managed Volatility Fund

Security Type/Sector Allocation (unaudited)

As of June 30, 2017

Security Type/Sector Percentage
of Net Assets

Affiliated Investments	93.02	%
Equity Funds	93.02	%
Unaffiliated Investment	6.69	%
Money Market Fund	6.69	%
Total Value of Securities	99.71	%
Receivables and Other Assets Net of Liabilities	0.29	%
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–93.02%
Equity Funds–93.02%
*Lincoln Variable Insurance Products Trust–
LVIP SSGA Mid-Cap Index Fund		5,386,850	$	65,493,319
LVIP SSGA Small-Cap Index Fund		8,760,301		264,009,194
Total Affiliated Investments (Cost $278,766,559)				329,502,513

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENT–6.69%
Money Market Fund–6.69%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		23,697,113	$	23,697,113
Total Unaffiliated Investment (Cost $23,697,113)				23,697,113

TOTAL VALUE OF SECURITIES–99.71% (Cost $302,463,672)		353,199,626
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.29%		1,044,256
NET ASSETS APPLICABLE TO 28,724,925 SHARES OUTSTANDING–100.00%	$	354,243,882

* Standard Class shares.

The following futures contracts were outstanding at June 30, 2017:¹

Futures Contracts

Contracts to Buy (Sell)	Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Equity Contracts:
255     E-mini Russell 2000 Index		$17,845,319		$18,032,325		9/18/17	$	187,006	$	—
25     E-mini S&P MidCap 400 Index		4,414,152		4,365,250		9/18/17		—		(48,902)
Total							$	187,006	$	(48,902	)

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.

S&P–Standard & Poor’s

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, 2017 (unaudited)

ASSETS:
Affiliated investments, at value	$	329,502,513
Unaffiliated investment, at value		23,697,113
Total investments, at value		353,199,626
Cash collateral held at broker for futures contracts		831,971
Receivable for fund shares sold		194,022
Unrealized appreciation on futures contracts		187,006
Receivable for investments sold		143,108
Expense reimbursement from Lincoln Investment Advisors Corporation		20,721
Dividends receivable from investments		15,207
TOTAL ASSETS		354,591,661
LIABILITIES:
Due to manager and affiliates		161,291
Payable for fund shares redeemed		99,149
Unrealized depreciation on futures contracts		48,902
Other accrued expenses payable		23,795
Cash due to custodian		14,642
TOTAL LIABILITIES		347,779
TOTAL NET ASSETS	$	354,243,882
Affiliated investments, at cost	$	278,766,559
Unaffiliated investment, at cost		23,697,113
Total investments, at cost	$	302,463,672
Standard Class:
Net Assets	$	113,126
Shares Outstanding		9,161
Net Asset Value Per Share	$	12.349
Service Class:
Net Assets	$	354,130,756
Shares Outstanding		28,715,764
Net Asset Value Per Share	$	12.332
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	321,985,789
Accumulated net investment loss		(704,169	)
Accumulated net realized loss on investments		(17,911,796	)
Net unrealized appreciation of investments and derivatives		50,874,058
TOTAL NET ASSETS	$	354,243,882

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investment	$	61,248
EXPENSES:
Management fees		1,475,279
Distribution fees-Service Class		409,653
Accounting and administration expenses		26,416
Professional fees		18,320
Reports and statements to shareholders		17,130
Shareholder servicing fees		16,878
Trustees’ fees and expenses		4,303
Custodian fees		2,249
Consulting fees		2,188
Pricing fees		53
Other		796
		1,973,265
Less:
Management fees waived		(1,098,263	)
Expenses reimbursed		(55,549	)
Total operating expenses		819,453
NET INVESTMENT LOSS		(758,205	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Sale of affiliated investments		(42,662	)
Futures contracts		565,357
Net realized gain		522,695
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		15,113,395
Futures contracts		369,974
Net change in unrealized appreciation (depreciation)		15,483,369
NET REALIZED AND UNREALIZED GAIN		16,006,064
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,247,859

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(758,205	)	$	2,282,353
Net realized gain (loss)		522,695			(12,751,020	)
Net change in unrealized appreciation (depreciation)		15,483,369			47,051,326
Net increase in net assets resulting from operations		15,247,859			36,582,659
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,779	)
Service Class		—			(2,616,061	)
		—			(2,617,840	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		2,847			27,396
Service Class		63,136,068			92,923,850
Reinvestment of dividends and distributions:
Standard Class		—			1,779
Service Class		—			2,616,061
		63,138,915			95,569,086
Cost of shares redeemed:
Standard Class		(55,584	)		(65,307	)
Service Class		(17,655,274	)		(26,826,698	)
		(17,710,858	)		(26,892,005	)
Increase in net assets derived from capital share transactions		45,428,057			68,677,081
NET INCREASE IN NET ASSETS		60,675,916			102,641,900
NET ASSETS:
Beginning of period		293,567,966			190,926,066
End of period	$	354,243,882		$	293,567,966
Undistributed (Accumulated) net investment income (loss)	$	(704,169	)	$	54,036

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 6/30/171				Year Ended												5/1/133 to
	(unaudited)				12/31/162				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	11.780			$	10.323			$	11.396			$	11.685			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.013	)			0.131				0.099				0.105				0.154
Net realized and unrealized gain (loss)			0.582				1.459				(1.087	)			(0.268	)			1.653
Total from investment operations			0.569				1.590				(0.988	)			(0.163	)			1.807
Less dividends and distributions from:
Net investment income			—				(0.133	)			(0.085	)			(0.126	)			(0.122	)
Return of capital			—				—				—				—				—	5
Total dividends and distributions			—				(0.133	)			(0.085	)			(0.126	)			(0.122	)
Net asset value, end of period		$	12.349			$	11.780			$	10.323			$	11.396			$	11.685
Total return6			4.83%				15.40%				(8.68%	)			(1.40%	)			18.07%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	113			$	160			$	174			$	96			$	158
Ratio of expenses to average net assets7			0.25%				0.25%				0.25%				0.25%				0.25%
Ratio of expenses to average net assets prior to expenses waived/reimbursed7			0.95%				0.97%				0.99%				1.03%				1.58%
Ratio of net investment income (loss) to average net assets			(0.21%	)			1.24%				0.88%				0.93%				2.09%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(0.91%	)			0.52%				0.14%				0.15%				0.76%
Portfolio turnover			2%				22%				6%				7%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 $1 was made by the Fund’s Standard Class, which calculated to de minimis 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 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 6/30/171				Year Ended												5/1/133 to
	(unaudited)				12/31/162				12/31/15				12/31/14				12/31/13
Net asset value, beginning of period		$	11.778			$	10.324			$	11.396			$	11.684			$	10.000
Income (loss) from investment operations:
Net investment income (loss)4			(0.028	)			0.106				0.071				0.077				0.139
Net realized and unrealized gain (loss)			0.582				1.454				(1.085	)			(0.267	)			1.648
Total from investment operations			0.554				1.560				(1.014	)			(0.190	)			1.787
Less dividends and distributions from:
Net investment income			—				(0.106	)			(0.058	)			(0.098	)			(0.103	)
Return of capital			—				—				—				—				—	5
Total dividends and distributions			—				(0.106	)			(0.058	)			(0.098	)			(0.103	)
Net asset value, end of period		$	12.332			$	11.778			$	10.324			$	11.396			$	11.684
Total return6			4.70%				15.11%				(8.91%	)			(1.63%	)			17.87%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	354,131			$	293,408			$	190,752			$	99,047			$	29,197
Ratio of expenses to average net assets7			0.50%				0.50%				0.50%				0.50%				0.50%
Ratio of expenses to average net assets prior to expenses waived/reimbursed7			1.20%				1.22%				1.24%				1.28%				1.83%
Ratio of net investment income (loss) to average net assets			(0.46%	)			0.99%				0.63%				0.68%				1.84%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed			(1.16%	)			0.27%				(0.11%	)			(0.10%	)			0.51%
Portfolio turnover			2%				22%				6%				7%				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. is responsible for the day-to-day management of the Fund’s volatility management overlay, replacing Lincoln Investment Advisors Corporation.

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 $104 was made by the Fund’s Service Class, which calculated to de minimis 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 SMID Cap Managed Volatility Fund–7

LVIP SSGA SMID Cap Managed Volatility Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 (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 and LVIP SSGA Mid-Cap Index Fund (collectively, the “Underlying Funds”). The Fund is advised by Lincoln Investment Advisors Corporation (“LIAC”). The LVIP SSGA Small-Cap Index Fund and LVIP SSGA Mid-Cap Index Fund, which are sub-advised by an unaffiliated adviser, invest primarily in stocks that make up the SSGA Small-Cap Index and SSGA Mid-Cap Index, respectively, 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. Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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, 2017.

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, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. The fee is calculated daily and paid monthly.

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, 2018, 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 managing the Fund’s volatility management overlay. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	9,103
Legal		2,198

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $13,739 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had receivables due from and liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	20,721
Management fees payable to LIAC		66,684
Distribution fees payable to LFD		72,460
Shareholder servicing fees payable to Lincoln Life		8,408
Printing & mailing fees payable to Lincoln Life		13,739

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 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 investments 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends		Capital Gain Distributions
LVIP SSGA Mid-Cap Index Fund		$	54,386,671		$	9,280,170		$	1,554,174		$	(21,024	)		$	3,401,676		$	65,493,319		$—		$—
LVIP SSGA Small-Cap Index Fund			218,663,556			36,807,139			3,151,582			(21,638	)			11,711,719			264,009,194		—		—
Total		$	273,050,227		$	46,087,309		$	4,705,756		$	(42,662	)		$	15,113,395		$	329,502,513		$—		$—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	46,087,309
Sales		4,705,756

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	302,463,672
Aggregate unrealized appreciation	$	50,735,954
Aggregate unrealized depreciation		—
Net unrealized appreciation	$	50,735,954

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term		Total
$11,898,708		$1,016,324		$12,915,032

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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investments	$	329,502,513
Unaffiliated Investment		23,697,113
Total Investments	$	353,199,626
Derivatives:
Assets:
Futures Contracts	$	187,006
Liabilities:
Futures Contracts	$	(48,902	)

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		236			2,440
Service Class		5,267,234			8,704,381
Shares reinvested:
Standard Class		—			151
Service Class		—			221,208
		5,267,470			8,928,180
Shares redeemed:
Standard Class		(4,641	)		(5,918	)
Service Class		(1,462,791	)		(2,491,371	)
		(1,467,432	)		(2,497,289	)
Net increase		3,800,038			6,430,891

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 the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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 SSGA SMID Cap Managed Volatility Fund–11

LVIP SSGA SMID Cap Managed Volatility Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Equity contracts)	Unrealized appreciation on futures contracts	$	187,006	Unrealized depreciation on futures contracts	$	(48,902	)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Futures contracts (Equity contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$	565,357		$	369,974

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume			Short Derivative Volume
Futures contracts (average notional value)		$	21,067,913		$	—

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 SMID Cap Managed Volatility Fund–12

          LVIP T. Rowe Price Growth Stock Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,194.90		0.68%		$3.70
Service Class Shares		1,000.00		1,193.40		0.93%		5.06
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.42		0.68%		$3.41
Service Class Shares		1,000.00		1,020.18		0.93%		4.66

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector	Percentage of Net Assets
Common Stock		94.94	%
Aerospace & Defense		1.58	%
Airlines		1.20	%
Auto Components		0.47	%
Automobiles		1.79	%
Banks		1.59	%
Biotechnology		4.26	%
Building Products		0.46	%
Capital Markets		4.24	%
Electric Utilities		0.89	%
Electrical Equipment		1.13	%
Equity Real Estate Investment Trusts		2.76	%
Food & Staples Retailing		0.70	%
Food Products		0.36	%
Health Care Equipment & Supplies		4.84	%
Health Care Providers & Services		6.12	%
Hotels, Restaurants & Leisure		2.81	%
Industrial Conglomerates		2.06	%
Internet & Direct Marketing Retail		9.86	%
Internet Software & Services		13.41	%
IT Services		8.56	%
Machinery		1.51	%
Media		0.11	%
Multiline Retail		0.57	%
Pharmaceuticals		1.38	%
Professional Services		0.71	%
Semiconductors & Semiconductor Equipment		1.50	%
Software		8.20	%
Specialty Retail		4.07	%
Technology Hardware, Storage & Peripherals		5.20	%
Tobacco		1.86	%
Wireless Telecommunication Services		0.74	%
Convertible Preferred Stock		0.67	%
Money Market Fund		4.47	%
Total Value of Securities		100.08	%
Liabilities Net of Receivables and Other Assets		(0.08	%)
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		6.00	%
Alphabet Class A & Class C		5.71	%
Apple		5.20	%
Facebook Class A		3.66	%
Priceline Group		3.46	%
Microsoft		3.13	%
PayPal Holdings		2.77	%
Visa Class A		2.63	%
Alibaba Group Holding ADR		2.45	%
Philip Morris International		1.86	%
Total		36.87	%

IT–Information Technology

LVIP T. Rowe Price Growth Stock Fund–2

LVIP T. Rowe Price Growth Stock Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–94.94%
Aerospace & Defense–1.58%
Boeing		104,400	$	20,645,100
				20,645,100
Airlines–1.20%
American Airlines Group		312,000		15,699,840
				15,699,840
Auto Components–0.47%
Delphi Automotive		70,400		6,170,560
				6,170,560
Automobiles–1.79%
Ferrari		118,192		10,166,876
†Tesla		36,378		13,154,648
				23,321,524
Banks–1.59%
First Republic Bank		86,039		8,612,504
JPMorgan Chase & Co.		133,100		12,165,340
				20,777,844
Biotechnology–4.26%
†Alexion Pharmaceuticals		146,508		17,825,628
†Biogen		54,869		14,889,252
†Celgene		52,400		6,805,188
†Vertex Pharmaceuticals		123,754		15,948,178
				55,468,246
Building Products–0.46%
Fortune Brands Home & Security		92,653		6,044,682
				6,044,682
Capital Markets–4.24%
Charles Schwab		188,300		8,089,368
Intercontinental Exchange		219,500		14,469,440
Morgan Stanley		368,000		16,398,080
State Street		82,800		7,429,644
TD Ameritrade Holding		205,012		8,813,466
				55,199,998
Electric Utilities–0.89%
NextEra Energy		83,200		11,658,816
				11,658,816
Electrical Equipment–1.13%
Acuity Brands		72,617		14,761,584
				14,761,584
Equity Real Estate Investment Trusts–2.76%
American Tower		147,300		19,490,736
Crown Castle International		102,000		10,218,360
Equinix		14,712		6,313,802
				36,022,898

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Food & Staples Retailing–0.70%
Walgreens Boots Alliance		115,649	$	9,056,473
				9,056,473
Food Products–0.36%
Mondelez International		107,682		4,650,786
				4,650,786
Health Care Equipment & Supplies–4.84%
Becton Dickinson & Co.		78,304		15,277,893
Danaher		117,740		9,936,079
†Intuitive Surgical		21,700		20,297,529
Stryker		126,900		17,611,182
				63,122,683
Health Care Providers & Services–6.12%
Aetna		65,065		9,878,819
Anthem		32,600		6,133,038
†Centene		59,012		4,713,878
Cigna		69,410		11,618,540
†HCA Healthcare		144,700		12,617,840
Humana		50,669		12,191,975
UnitedHealth Group		121,600		22,547,072
				79,701,162
Hotels, Restaurants & Leisure–2.81%
Marriott International Class A		66,856		6,706,325
MGM Resorts International		70,210		2,196,871
Restaurant Brands International		22,711		1,420,346
Starbucks		276,400		16,116,884
Yum Brands		137,700		10,156,752
				36,597,178
Industrial Conglomerates–2.06%
Honeywell International		100,900		13,448,961
Roper Technologies		57,785		13,378,961
				26,827,922
Internet & Direct Marketing Retail–9.86%
†Amazon.com		80,779		78,194,072
†Ctrip.com International ADR		86,000		4,631,960
†=pFlipkart Limited		4,035		483,232
†=pFlipkart Limited Ordinary Shares		800		70,491
†Priceline Group.		24,100		45,079,532
				128,459,287
Internet Software & Services–13.41%
†Alibaba Group Holding ADR		226,750		31,949,075
†Alphabet Class A		43,600		40,534,048
†Alphabet Class C		37,283		33,880,180
†=pDropbox Class A		34,588		281,892
†Facebook Class A		315,893		47,693,525
MercadoLibre		16,400		4,114,432
Tencent Holdings		402,300		14,386,536

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 (continued)
†VeriSign		20,329	$	1,889,784
				174,729,472
IT Services–8.56%
Fidelity National Information Services		109,023		9,310,564
†Fiserv		84,267		10,309,225
Mastercard Class A		177,900		21,605,955
†PayPal Holdings		672,600		36,098,442
Visa Class A		365,300		34,257,834
				111,582,020
Machinery–1.51%
Fortive		75,470		4,781,024
Illinois Tool Works		68,900		9,869,925
Wabtec		54,442		4,981,443
				19,632,392
Media–0.11%
†Altice USA Class A		44,129		1,425,367
				1,425,367
Multiline Retail–0.57%
Dollar General		102,900		7,418,061
				7,418,061
Pharmaceuticals–1.38%
Merck & Co.		161,800		10,369,762
Zoetis		121,700		7,591,646
				17,961,408
Professional Services–0.71%
Equifax		67,033		9,211,675
†=pWeWork Companies		1,912		99,061
				9,310,736
Semiconductors & Semiconductor Equipment–1.50%
ASML Holding (New York Shares)		20,900		2,723,479
NVIDIA		32,800		4,741,568
Xilinx		187,300		12,047,136
				19,512,183
Software–8.20%
†Electronic Arts		106,200		11,227,464
Intuit		101,400		13,466,934
Microsoft		591,700		40,785,881
†salesforce.com		209,500		18,142,700
†ServiceNow		92,627		9,818,462
†Snap Class A		333,472		5,925,797
†=pSnap Class A		43,793		778,202
†=pSnap Class B		43,793		778,202
†Workday Class A		60,500		5,868,500
				106,792,142
Specialty Retail–4.07%
†AutoZone		21,630		12,339,050

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail (continued)
Home Depot		70,200	$	10,768,680
L Brands		139,100		7,496,099
Lowe’s		71,300		5,527,889
†O’Reilly Automotive		52,400		11,461,976
Ross Stores		37,000		2,136,010
Tractor Supply		60,378		3,273,091
				53,002,795
Technology Hardware, Storage & Peripherals–5.20%
Apple		470,447		67,753,777
				67,753,777
Tobacco–1.86%
Philip Morris International		206,700		24,276,915
				24,276,915
Wireless Telecommunication Services–0.74%
†T-Mobile US		159,500		9,668,890
				9,668,890
Total Common Stock (Cost $876,720,205)				1,237,252,741
CONVERTIBLE PREFERRED STOCK–0.67%
†=pAirbnb Series D		14,304		1,501,920
†=pAirbnb Series E		14,245		1,495,725
†=pFlipkart Limited Series A		274		24,143
†=pFlipkart Limited Series C		482		42,471
†=pFlipkart Limited Series E		894		78,773
†=pFlipkart Limited Series H		5,220		742,493
†=pMagic Leap Series C		47,862		1,102,405
†=pUber Technologies Series G		34,107		1,457,392
†=pWeWork Companies Series E		17,187		890,458
†=pXiaoju Kuaizhi (Didi)		26,379		1,343,538
Total Convertible Preferred Stock (Cost $6,893,710)				8,679,318
MONEY MARKET FUND–4.47%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		58,277,523		58,277,523
Total Money Market Fund (Cost $58,277,523)				58,277,523

LVIP T. Rowe Price Growth Stock Fund–4

LVIP T. Rowe Price Growth Stock Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–100.08% (Cost $941,891,438)	$1,304,209,582
« LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.08%)	(1,053,182	)
NET ASSETS APPLICABLE TO 32,991,141 SHARES OUTSTANDING–100.00%	$1,303,156,400
NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE GROWTH STOCK FUND STANDARD   CLASS ($1,014,840,902 / 25,576,407 Shares)	$39.679
NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE GROWTH STOCK FUND SERVICE   CLASS ($288,315,498 / 7,414,734 Shares)	$38.884
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$   888,577,523
Undistributed net investment income	836,662
Accumulated net realized gain on investments	51,424,712
Net unrealized appreciation of investments	362,317,503
TOTAL NET ASSETS	$1,303,156,400

† Non-income producing for the period.

« Includes $882,770 payable for securities purchased, $625,142 payable for fund shares redeemed and $755,551 due to manager and affiliates as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

p Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2017, the aggregate value of restricted securities was $11,170,398, which represented 0.86% of the Fund’s net assets. See Note 6 in “Notes to Financial Statements.”

Restricted Securities

Investment	Date of Acquisition	Cost		Value
Airbnb Series D	4/16/14		$   582,359		$  1,501,920
Airbnb Series E	7/14/15		1,326,130		1,495,725
Dropbox Class A	11/7/14		660,672		281,892
Flipkart Limited	12/17/14		483,232		483,232
Flipkart Limited Ordinary Shares	3/19/15		91,200		70,491
Flipkart Limited Series A	3/19/15		31,236		24,143
Flipkart Limited Series C	3/19/15		54,948		42,471
Flipkart Limited Series E	3/19/15		101,916		78,773
Flipkart Limited Series H	4/17/15		742,493		742,493
Magic Leap Series C	1/20/16		1,102,405		1,102,405
Snap Class A	5/6/16		672,660		778,202
Snap Class B	5/6/16		672,660		778,202
Uber Technologies Series G	12/3/15		1,663,473		1,457,392
WeWork Companies	6/23/15		62,885		99,061
WeWork Companies Series E	6/23/15		565,274		890,458
Xiaoju Kuaizhi (Didi)	10/19/15		723,476		1,343,538
Total			$9,537,019		$11,170,398

Summary of Abbreviations:

ADR–American Depositary Receipt

IT–Information Technology

See accompanying notes, which are an integral part of 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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$    5,408,758
Foreign tax withheld	(29,724	)
	5,379,034
EXPENSES:
Management fees	3,673,832
Distribution fees-Service Class	336,581
Accounting and administration expenses	143,015
Shareholder servicing fees	58,860
Professional fees	32,204
Reports and statements to shareholders	23,722
Trustees’ fees and expenses	15,262
Custodian fees	10,000
Pricing fees	2,263
Consulting fees	2,114
Other	4,545
	4,302,398
Less:
Management fees waived	(44,943	)
Total operating expenses	4,257,455
NET INVESTMENT INCOME	1,121,579
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments	62,696,679
Foreign currencies	(86	)
Foreign currency exchange contracts	(16	)
Net realized gain	62,696,577
Net change in unrealized appreciation (depreciation) of:
Investments	138,332,783
Foreign currencies	394
Net change in unrealized appreciation (depreciation)	138,333,177
NET REALIZED AND UNREALIZED GAIN	201,029,754
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$202,151,333

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income		$       1,121,579			$           646,165
Net realized gain (loss)		62,696,577			(5,105,479	)
Net change in unrealized appreciation (depreciation)		138,333,177			21,827,136
Net increase in net assets resulting from operations		202,151,333			17,367,822
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(826,563	)
Net realized gain on investments:
Standard Class		—			(8,969,800	)
Service Class		—			(3,501,455	)
Return of capital:
Standard Class		—			(105,823	)
Service Class		—			(32,544	)
		—			(13,436,185	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		135,486,861			296,182,221
Service Class		26,139,075			43,737,549
Reinvestment of dividends and distributions:
Standard Class		—			9,902,186
Service Class		—			3,533,999
		161,625,936			353,355,955
Cost of shares redeemed:
Standard Class		(104,667,320	)		(105,887,681	)
Service Class		(35,147,376	)		(70,568,002	)
		(139,814,696	)		(176,455,683	)
Increase in net assets derived from capital share transactions		21,811,240			176,900,272
NET INCREASE IN NET ASSETS		223,962,573			180,831,909
NET ASSETS:
Beginning of period		1,079,193,827			898,361,918
End of period		$1,303,156,400			$1,079,193,827
Undistributed (distributions in excess of) net investment income		$          836,662			$         (284,917	)

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 6/30/171 (unaudited)		12/31/16			12/31/15			Year Ended 12/31/14			12/31/13			12/31/12
Net asset value, beginning of period	$	33.206	$	33.230		$	31.180		$	28.681		$	20.627		$	17.435
Income (loss) from investment operations:
Net investment income (loss)2		0.047		0.044			(0.011	)		(0.015	)		(0.021	)		0.041
Net realized and unrealized gain		6.426		0.412			3.294			2.514			8.075			3.151
Total from investment operations		6.473		0.456			3.283			2.499			8.054			3.192
Less dividends and distributions from:
Net investment income		—		(0.033	)		—			—			—			—
Net realized gain		—		(0.443	)		(1.233	)		—			—			—
Return of capital		—		(0.004	)		—			—			—			—
Total dividends and distributions		—		(0.480	)		(1.233	)		—			—			—
Net asset value, end of period	$	39.679	$	33.206		$	33.230		$	31.180		$	28.681		$	20.627
Total return3		19.49%		1.39%			10.73%			8.71%			39.05%			18.31%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,014,841	$	829,032		$	624,231		$	201,096		$	170,906		$	123,228
Ratio of expenses to average net assets		0.68%		0.68%			0.71%			0.76%			0.78%			0.80%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.69%		0.69%			0.71%			0.76%			0.78%			0.80%
Ratio of net investment income (loss) to average net assets		0.25%		0.14%			(0.03%	)		(0.05%	)		(0.09%	)		0.21%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		0.24%		0.13%			(0.03%	)		(0.05%	)		(0.09%	)		0.21%
Portfolio turnover		32%		44%			35%			41%			39%			50%

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 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 6/30/171 (unaudited)				12/31/16				12/31/15				Year Ended 12/31/14				12/31/13				12/31/12
Net asset value, beginning of period		$	32.582			$	32.662			$	30.743			$	28.351			$	20.440			$	17.320
Income (loss) from investment operations:
Net investment income (loss)2			0.001				(0.035	)			(0.093	)			(0.087	)			(0.080	)			(0.009	)
Net realized and unrealized gain			6.301				0.402				3.245				2.479				7.991				3.129
Total from investment operations			6.302				0.367				3.152				2.392				7.911				3.120
Less dividends and distributions from:
Net realized gain			—				(0.443	)			(1.233	)			—				—				—
Return of capital			—				(0.004	)			—				—				—				—
Total dividends and distributions			—				(0.447	)			(1.233	)			—				—				—
Net asset value, end of period		$	38.884			$	32.582			$	32.662			$	30.743			$	28.351			$	20.440
Total return3			19.34%				1.15%				10.45%				8.44%				38.70%				18.01%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	288,315			$	250,162			$	274,131			$	190,460			$	199,544			$	150,409
Ratio of expenses to average net assets			0.93%				0.93%				0.96%				1.01%				1.03%				1.05%
Ratio of expenses to average net assets prior to expenses waived/reimbursed			0.94%				0.94%				0.96%				1.01%				1.03%				1.05%
Ratio of net investment income (loss) to average net assets			—	4			(0.11%	)			(0.28%	)			(0.30%	)			(0.34%	)			(0.04%	)
Ratio of net investment loss to average net assets prior to expenses waived/reimbursed			(0.01%	)			(0.12%	)			(0.28%	)			(0.30%	)			(0.34%	)			(0.04%	)
Portfolio turnover			32%				44%				35%				41%				39%				50%

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.

⁴  Amount is less than 0.005%.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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(“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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 foreign equity securities resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes 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 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 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 $2,741 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly. For the period January 1, 2017 through March 31, 2017, LIAC voluntarily agreed to waive a portion of its advisory fee in the amount of $44,943.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	32,273
Legal.		7,791

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $15,734 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

LVIP T. Rowe Price Growth Stock Fund–10

LVIP T. Rowe Price Growth Stock Fund

Notes to Financial Statements (continued)

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

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	650,646
Distribution fees payable to LFD		59,511
Shareholder servicing fees payable to Lincoln Life		29,660
Printing & mailing fees payable to Lincoln Life		15,734

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, 2017, the Fund engaged in securities purchases of $720,481 and securities sales of $230,255.

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	364,959,584
Sales		391,130,342

At June 30, 2017, the cost of investments for federal income tax purposes has been estimated since final tax characteristics can not be determined until fiscal year end. At June 30, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	941,891,438
Aggregate unrealized appreciation	$	367,190,126
Aggregate unrealized depreciation		(4,871,982	)
Net unrealized appreciation	$	362,318,144

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 carry forward retains its character as short-term or long-term capital loss, whereas before the Act, capital losses carried forward were treated as short-term.

At December 31, 2016, the fund had the following capital loss carryforwards for federal income tax purposes.

Post Enactment Losses (No Expiration)
Short-Term		Long-Term	Total
$	4,154,295	$—	$	4,154,295

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 T. Rowe Price Growth Stock Fund–11

LVIP T. Rowe Price Growth Stock 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)

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, 2017:

	Level 1			Level 3			Total
Investments:
Assets:
Common Stock
Aerospace & Defense		$	20,645,100		$	—		$	20,645,100
Airlines			15,699,840			—			15,699,840
Auto Components			6,170,560			—			6,170,560
Automobiles			23,321,524			—			23,321,524
Banks			20,777,844			—			20,777,844
Biotechnology			55,468,246			—			55,468,246
Building Products			6,044,682			—			6,044,682
Capital Markets			55,199,998			—			55,199,998
Electric Utilities.			11,658,816			—			11,658,816
Electrical Equipment			14,761,584			—			14,761,584
Equity Real Estate Investment Trusts			36,022,898			—			36,022,898
Food & Staples Retailing.			9,056,473			—			9,056,473
Food Products			4,650,786			—			4,650,786
Health Care Equipment & Supplies			63,122,683			—			63,122,683
Health Care Providers & Services			79,701,162			—			79,701,162
Hotels, Restaurants & Leisure			36,597,178			—			36,597,178
Industrial Conglomerates			26,827,922			—			26,827,922
Internet & Direct Marketing Retail			127,905,564			553,723			128,459,287
Internet Software & Services			174,447,580			281,892			174,729,472
IT Services.			111,582,020			—			111,582,020
Machinery			19,632,392			—			19,632,392
Media			1,425,367			—			1,425,367
Multiline Retail			7,418,061			—			7,418,061
Pharmaceuticals			17,961,408			—			17,961,408
Professional Services			9,211,675			99,061			9,310,736
Semiconductors & Semiconductor Equipment			19,512,183			—			19,512,183
Software			105,235,738			1,556,404			106,792,142
Specialty Retail			53,002,795			—			53,002,795
Technology Hardware, Storage & Peripherals			67,753,777			—			67,753,777
Tobacco.			24,276,915			—			24,276,915
Wireless Telecommunication Services			9,668,890			—			9,668,890
Convertible Preferred Stock			—			8,679,318			8,679,318
Money Market Fund			58,277,523			—			58,277,523
Total Investments		$	1,293,039,184		$	11,170,398		$	1,304,209,582

During the six months ended June 30, 2017, 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. International fair

LVIP T. Rowe Price Growth Stock Fund–12

LVIP T. Rowe Price Growth Stock Fund

Notes to Financial Statements (continued)

3. Investments (continued)

value pricing was not utilized at June 30, 2017. 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		3,457,653			9,169,305
Service Class		707,687			1,427,149
Shares reinvested:
Standard Class		—			301,999
Service Class		—			110,083
	4,165,340			11,008,536
Shares redeemed:
Standard Class		(2,847,326	)		(3,290,641	)
Service Class		(970,963	)		(2,252,077	)
	(3,818,289)			(5,542,718)
Net increase		347,051			5,465,818

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 and to facilitate or expedite the settlement of portfolio transactions. 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, 2017.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$(16)	$—

LVIP T. Rowe Price Growth Stock Fund–13

LVIP T. Rowe Price Growth Stock 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, 2017.

	Long Derivative Volume	Short Derivative Volume
Foreign currency exchange contracts (average cost)	$8,809	$50,859

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, 2017. 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. Restricted 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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–14

LVIP T. Rowe Price Structured Mid-Cap Growth Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,127.70		0.75%		$3.96
Service Class Shares		1,000.00		1,126.30		1.00%		5.27
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.08		0.75%		$3.76
Service Class Shares		1,000.00		1,019.84		1.00%		5.01

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector	Percentage of Net Assets
Common Stock		98.89	%
Aerospace & Defense		1.63	%
Air Freight & Logistics		0.47	%
Airlines		1.28	%
Auto Components		0.54	%
Automobiles		0.38	%
Banks		2.50	%
Beverages		1.15	%
Biotechnology		4.48	%
Building Products		1.08	%
Capital Markets		3.80	%
Chemicals		2.66	%
Commercial Services & Supplies		2.00	%
Communications Equipment		1.52	%
Construction & Engineering		0.19	%
Construction Materials		1.08	%
Consumer Finance		0.19	%
Containers & Packaging		1.09	%
Diversified Consumer Services		0.62	%
Electrical Equipment		1.50	%
Electronic Equipment, Instruments & Components		1.75	%
Energy Equipment & Services		0.11	%
Equity Real Estate Investment Trusts		3.31	%
Food & Staples Retailing		0.51	%
Food Products		3.43	%
Gas Utilities		0.27	%
Health Care Equipment & Supplies		4.42	%
Health Care Providers & Services		3.37	%
Health Care Technology		0.97	%
Hotels, Restaurants & Leisure		3.46	%
Household Durables		2.29	%
Household Products		0.85	%
Industrial Conglomerates		0.44	%
Insurance		1.12	%
Internet & Direct Marketing Retail		0.59	%
Internet Software & Services		2.21	%
IT Services		6.86	%
Leisure Products		0.31	%
Life Sciences Tools & Services		1.93	%
Machinery		3.56	%
Marine		0.16	%

Security Type/Sector	Percentage of Net Assets
Media		0.80	%
Metals & Mining		0.35	%
Multiline Retail		1.38	%
Multi-Utilities		0.22	%
Oil, Gas & Consumable Fuels		1.37	%
Pharmaceuticals		1.40	%
Professional Services		3.29	%
Real Estate Management & Development		0.34	%
Road & Rail		1.55	%
Semiconductors & Semiconductor Equipment		2.51	%
Software		8.03	%
Specialty Retail		5.81	%
Textiles, Apparel & Luxury Goods		1.36	%
Trading Companies & Distributors		0.40	%
Convertible Preferred Stock		0.97	%
Money Market Fund		0.21	%
Total Value of Securities		100.07	%
Liabilities Net of Receivables and Other Assets		(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.

Top 10 Equity Holdings	Percentage of Net Assets
Fiserv		0.97	%
SBA Communications		0.90	%
Ross Stores		0.88	%
Intuitive Surgical		0.87	%
Dollar General		0.87	%
Vulcan Materials		0.85	%
CBOE Holdings		0.80	%
Electronic Arts		0.79	%
Amphenol Class A		0.78	%
Zoetis		0.77	%
Total		8.48	%

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, 2017 (unaudited)

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK–98.89%
Aerospace & Defense–1.63%
BWX Technologies		4,987	$	243,116
Huntington Ingalls Industries		6,600		1,228,656
Rockwell Collins		45,100		4,739,108
Textron		41,000		1,931,100
TransDigm Group		15,200		4,086,824
				12,228,804
Air Freight & Logistics–0.47%
CH Robinson Worldwide		25,200		1,730,736
Expeditors International of Washington		32,100		1,813,008
				3,543,744
Airlines–1.28%
Alaska Air Group		36,200		3,249,312
Allegiant Travel		7,500		1,017,000
Copa Holdings Class A		11,800		1,380,600
†Spirit Airlines		16,900		872,885
†United Continental Holdings		40,900		3,077,725
				9,597,522
Auto Components–0.54%
BorgWarner		39,500		1,673,220
Delphi Automotive		27,100		2,375,315
				4,048,535
Automobiles–0.38%
Ferrari		20,980		1,804,700
Harley-Davidson		18,900		1,020,978
				2,825,678
Banks–2.50%
BankUnited		51,100		1,722,581
Citizens Financial Group		76,900		2,743,792
Fifth Third Bancorp		81,100		2,105,356
First Republic Bank		41,000		4,104,100
†Signature Bank		12,300		1,765,419
†SVB Financial Group		20,200		3,550,958
Webster Financial		53,312		2,783,953
				18,776,159
Beverages–1.15%
Brown-Forman Class B		65,324		3,174,746
Constellation Brands Class A		3,700		716,801
Dr Pepper Snapple Group		44,800		4,081,728
†Monster Beverage		13,200		655,776
				8,629,051
Biotechnology–4.48%
†ACADIA Pharmaceuticals		36,300		1,012,407
†Agios Pharmaceuticals		14,500		746,025
†Alexion Pharmaceuticals		10,600		1,289,702
†Alkermes		53,600		3,107,192
†Alnylam Pharmaceuticals		15,400		1,228,304

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Biotechnology (continued)
†BioMarin Pharmaceutical		38,300	$	3,478,406
†Bioverativ		25,300		1,522,301
†Bluebird Bio		11,600		1,218,580
†Incyte		44,900		5,653,359
†Intercept Pharmaceuticals		4,000		484,280
†Ironwood Pharmaceuticals		102,600		1,937,088
†Kite Pharma		12,100		1,254,407
†Neurocrine Biosciences		39,917		1,836,182
†Seattle Genetics		23,500		1,215,890
†TESARO		25,297		3,538,038
†Ultragenyx Pharmaceutical		7,300		453,403
†United Therapeutics		10,100		1,310,273
†Vertex Pharmaceuticals		18,000		2,319,660
				33,605,497
Building Products–1.08%
Allegion		47,300		3,836,976
Fortune Brands Home & Security		65,383		4,265,587
				8,102,563
Capital Markets–3.80%
CBOE Holdings		65,400		5,977,560
†E*TRADE Financial		57,100		2,171,513
FactSet Research Systems		8,350		1,387,603
Financial Engines		23,000		841,800
Invesco		28,200		992,358
Lazard Class A		68,400		3,168,972
Moody’s		31,500		3,832,920
MSCI Class A		24,700		2,543,853
Northern Trust		17,000		1,652,570
State Street		28,200		2,530,386
TD Ameritrade Holding		79,800		3,430,602
				28,530,137
Chemicals–2.66%
Air Products & Chemicals		16,800		2,403,408
Ashland Global Holdings		24,800		1,634,568
Celanese Class A		23,900		2,269,066
CF Industries Holdings		48,500		1,356,060
NewMarket		3,200		1,473,536
PolyOne		25,100		972,374
RPM International		69,500		3,791,225
Sherwin-Williams		8,700		3,053,352
Valvoline		125,284		2,971,747
				19,925,336
Commercial Services & Supplies–2.00%
†Copart		65,800		2,091,782
KAR Auction Services		81,400		3,416,358
Ritchie Bros Auctioneers		39,800		1,143,852
Rollins		75,200		3,061,392
†Stericycle		22,100		1,686,672

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)
Commercial Services & Supplies (continued)
Waste Connections		55,425	$	3,570,479
				14,970,535
Communications Equipment–1.52%
†F5 Networks		17,200		2,185,432
Harris		46,900		5,115,852
Motorola Solutions		16,400		1,422,536
†Palo Alto Networks		19,900		2,662,819
				11,386,639
Construction & Engineering–0.19%
Valmont Industries		9,300		1,391,280
				1,391,280
Construction Materials–1.08%
Eagle Materials		18,500		1,709,770
Vulcan Materials		50,400		6,384,672
				8,094,442
Consumer Finance–0.19%
Discover Financial Services		23,300		1,449,027
				1,449,027
Containers & Packaging–1.09%
Ball		135,400		5,715,234
Sealed Air		55,500		2,484,180
				8,199,414
Diversified Consumer Services–0.62%
Service Corp. International		105,500		3,528,975
†Sotheby’s		21,200		1,137,804
				4,666,779
Electrical Equipment–1.50%
Acuity Brands		16,500		3,354,120
AMETEK		29,625		1,794,386
†Generac Holdings		38,800		1,401,844
Hubbell		18,000		2,037,060
†Sensata Technologies Holding		62,700		2,678,544
				11,265,954
Electronic Equipment, Instruments & Components–1.75%
Amphenol Class A		79,300		5,853,926
Cognex		18,900		1,604,610
†IPG Photonics		13,900		2,016,890
†Keysight Technologies		58,862		2,291,498
†Trimble		37,800		1,348,326
				13,115,250
Energy Equipment & Services–0.11%
Oceaneering International		35,900		819,956
				819,956
Equity Real Estate Investment Trusts–3.31%
American Campus Communities		28,700		1,357,510

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Equity Real Estate Investment Trusts (continued)
Crown Castle International		23,500	$	2,354,230
CubeSmart		44,800		1,076,992
Equinix		9,588		4,114,786
Federal Realty Investment Trust		11,900		1,504,041
Iron Mountain		43,100		1,480,916
MGM Growth Properties		63,400		1,850,646
†SBA Communications		50,100		6,758,490
SL Green Realty		16,700		1,766,860
Taubman Centers		17,000		1,012,350
VEREIT		189,050		1,538,867
				24,815,688
Food & Staples Retailing–0.51%
Casey’s General Stores		14,800		1,585,228
PriceSmart		10,700		937,320
†Sprouts Farmers Market		57,200		1,296,724
				3,819,272
Food Products–3.43%
†Blue Buffalo Pet Products		78,300		1,786,023
Conagra Brands		55,900		1,998,984
Flowers Foods		58,750		1,016,964
†Hain Celestial Group		41,500		1,611,030
Hershey		41,100		4,412,907
Hormel Foods		70,600		2,408,166
JM Smucker		11,200		1,325,296
McCormick & Co.		39,500		3,851,645
Pinnacle Foods		33,500		1,989,900
Snyder’s-Lance		58,800		2,035,656
Tyson Foods Class A		52,100		3,263,023
				25,699,594
Gas Utilities–0.27%
Atmos Energy		24,818		2,058,653
				2,058,653
Health Care Equipment & Supplies–4.42%
†Align Technology		14,200		2,131,704
Cooper		22,700		5,434,834
DENTSPLY SIRONA		53,014		3,437,428
†Hologic		112,800		5,118,864
†IDEXX Laboratories		27,200		4,390,624
†Intuitive Surgical		7,000		6,547,590
STERIS		18,700		1,524,050
Teleflex		14,600		3,033,296
West Pharmaceutical Services		16,600		1,569,032
				33,187,422
Health Care Providers & Services–3.37%
†Acadia Healthcare		67,188		3,317,743
AmerisourceBergen		37,600		3,554,328
†Centene		38,600		3,083,368
†DaVita		25,000		1,619,000

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)
Health Care Providers & Services (continued)
†Envision Healthcare		19,238	$	1,205,645
†Henry Schein		19,800		3,623,796
Humana		7,400		1,780,588
†MEDNAX		18,200		1,098,734
†Molina Healthcare		22,100		1,528,878
Universal Health Services Class B		16,800		2,050,944
†WellCare Health Plans		13,300		2,388,148
				25,251,172
Health Care Technology–0.97%
†athenahealth		7,500		1,054,125
†Cerner		37,600		2,499,272
†Medidata Solutions		17,600		1,376,320
†Veeva Systems Class A		38,900		2,384,959
				7,314,676
Hotels, Restaurants & Leisure–3.46%
Aramark		48,200		1,975,236
†Chipotle Mexican Grill		2,900		1,206,690
Choice Hotels International		31,300		2,011,025
Dunkin’ Brands Group		34,700		1,912,664
Extended Stay America		76,800		1,486,848
Hilton Worldwide Holdings		47,633		2,946,101
Marriott International Class A		30,157		3,025,049
MGM Resorts International		102,900		3,219,741
†Norwegian Cruise Line Holdings		28,900		1,568,981
Papa John’s International		20,500		1,471,080
Royal Caribbean Cruises		16,900		1,845,987
Wynn Resorts		10,400		1,394,848
Yum Brands		25,400		1,873,504
				25,937,754
Household Durables–2.29%
†Mohawk Industries		12,900		3,117,801
Newell Brands		89,400		4,793,628
†NVR		1,090		2,627,565
PulteGroup		65,200		1,599,356
†Tempur Sealy International		26,400		1,409,496
Toll Brothers		43,300		1,710,783
Whirlpool		10,100		1,935,362
				17,193,991
Household Products–0.85%
Church & Dwight		65,000		3,372,200
Clorox		12,600		1,678,824
Energizer Holdings		28,000		1,344,560
				6,395,584
Industrial Conglomerates–0.44%
Roper Technologies		14,200		3,287,726
				3,287,726
Insurance–1.12%
FNF Group		85,300		3,823,999

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Insurance (continued)
Progressive		46,000	$	2,028,140
Willis Towers Watson		17,500		2,545,550
				8,397,689
Internet & Direct Marketing Retail–0.59%
†Ctrip.com International ADR		46,900		2,526,034
†Vipshop Holdings ADR		65,300		688,915
†Wayfair Class A		16,030		1,232,386
				4,447,335
Internet Software & Services–2.21%
†CoStar Group		13,400		3,532,240
†=pDropbox		7,607		61,997
†=pDropbox Class A		27,601		224,948
†InterActiveCorp		19,900		2,054,476
†Match Group		105,000		1,824,900
MercadoLibre		6,100		1,530,368
†Shopify Class A		8,700		756,030
†VeriSign		49,800		4,629,408
†Zillow Group		40,000		1,953,600
				16,567,967
IT Services–6.86%
Alliance Data Systems		13,800		3,542,322
†Black Knight Financial Services Class A		72,500		2,968,875
Booz Allen Hamilton Holding		59,700		1,942,638
†CoreLogic		67,600		2,932,488
CSRA		77,700		2,466,975
†EPAM Systems		15,800		1,328,622
Fidelity National Information Services		56,200		4,799,480
†Fiserv		59,400		7,266,996
†FleetCor Technologies		20,600		2,970,726
†=pFlipkart Limited		5,529		662,153
†Gartner		26,800		3,310,068
Genpact		47,000		1,308,010
Global Payments		46,300		4,181,816
Paychex		29,000		1,651,260
Sabre		142,800		3,108,756
†Vantiv Class A		84,900		5,377,566
†WEX		16,000		1,668,320
				51,487,071
Leisure Products–0.31%
Mattel		62,100		1,337,013
Polaris Industries		11,100		1,023,753
				2,360,766
Life Sciences Tools & Services–1.93%
Agilent Technologies		50,200		2,977,362
Bruker		51,800		1,493,912
†Illumina		23,400		4,060,368
†Mettler-Toledo International		6,400		3,766,656

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)
Life Sciences Tools & Services (continued)
†Quintiles IMS Holdings		24,000	$	2,148,000
				14,446,298
Machinery–3.56%
†Colfax		33,200		1,307,084
Donaldson		37,000		1,684,980
Flowserve		25,900		1,202,537
Fortive		33,200		2,103,220
Graco		25,100		2,742,928
IDEX		19,325		2,183,918
†Middleby		19,100		2,320,841
Nordson		10,800		1,310,256
PACCAR		23,500		1,551,940
Snap-on		17,700		2,796,600
Toro		31,400		2,175,706
†WABCO Holdings		12,100		1,542,871
Wabtec		25,600		2,342,400
Xylem		26,500		1,468,895
				26,734,176
Marine–0.16%
†Kirby		17,800		1,189,930
				1,189,930
Media–0.80%
†Altice USA Class A		25,064		809,567
Interpublic Group		107,000		2,632,200
Omnicom Group		31,100		2,578,190
				6,019,957
Metals & Mining–0.35%
Carpenter Technology		16,800		628,824
Compass Minerals International		12,000		783,600
Wheaton Precious Metals (New York Shares)		59,900		1,191,411
				2,603,835
Multiline Retail–1.38%
Dollar General		90,800		6,545,772
†Dollar Tree		54,100		3,782,672
				10,328,444
Multi-Utilities–0.22%
NiSource		64,000		1,623,040
				1,623,040
Oil, Gas & Consumable Fuels–1.37%
Cabot Oil & Gas		28,300		709,764
†Centennial Resource Development Class A		75,400		1,192,828
†=Centennial Resource Development Class A		10,700		160,810
Cimarex Energy		8,300		780,283
†Concho Resources		10,700		1,300,371

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Oil, Gas & Consumable Fuels (continued)
†Diamondback Energy		12,700	$	1,127,887
EQT		15,500		908,145
†Jagged Peak Energy		70,000		934,500
†Parsley Energy Class A		18,800		521,700
Pioneer Natural Resources		7,800		1,244,724
Tesoro		15,100		1,413,360
				10,294,372
Pharmaceuticals–1.40%
†Catalent		39,962		1,402,666
†Horizon Pharma		30,900		366,783
†Jazz Pharmaceuticals		10,800		1,679,400
†Mallinckrodt		13,500		604,935
†Pacira Pharmaceuticals		13,000		620,100
Zoetis		93,000		5,801,340
				10,475,224
Professional Services–3.29%
Equifax		40,000		5,496,800
†IHS Markit		81,725		3,599,169
ManpowerGroup		18,300		2,043,195
Nielsen Holdings		70,200		2,713,932
Robert Half International		30,300		1,452,279
†TransUnion		78,700		3,408,497
†Verisk Analytics Class A		60,200		5,079,074
†=pWeWork Companies		17,146		888,334
				24,681,280
Real Estate Management & Development–0.34%
Jones Lang LaSalle		20,500		2,562,500
				2,562,500
Road & Rail–1.55%
†Avis Budget Group		29,500		804,465
†Genesee & Wyoming		22,000		1,504,580
JB Hunt Transport Services		23,900		2,183,982
Kansas City Southern		20,500		2,145,325
Landstar System		14,200		1,215,520
Old Dominion Freight Line		22,100		2,104,804
Schneider National Class B		76,194		1,704,460
				11,663,136
Semiconductors & Semiconductor Equipment–2.51%
†Integrated Device Technology		45,600		1,176,024
KLA-Tencor		32,700		2,992,377
Marvell Technology Group		85,911		1,419,250
Microchip Technology		50,800		3,920,744
†Microsemi		64,500		3,018,600
Skyworks Solutions		38,000		3,646,100
Xilinx		41,200		2,649,984
				18,823,079
Software–8.03%
†ANSYS		8,600		1,046,448

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)
†Atlassian		125,231	$	4,405,627
†Autodesk		32,800		3,306,896
†Cadence Design Systems		45,200		1,513,748
†Electronic Arts		56,100		5,930,892
†Ellie Mae		15,700		1,725,587
†Fortinet		37,000		1,385,280
†Guidewire Software		45,900		3,153,789
Intuit		25,200		3,346,812
†Proofpoint		24,200		2,101,286
†Red Hat		58,100		5,563,075
†ServiceNow		50,400		5,342,400
†Snap Class A		31,400		557,978
†Splunk		42,400		2,412,136
SS&C Technologies Holdings		75,200		2,888,432
†Synopsys		32,700		2,384,811
†Tableau Software Class A		44,527		2,728,169
†Tyler Technologies		14,700		2,582,349
†Ultimate Software Group		14,500		3,045,870
†Workday Class A		35,905		3,482,785
†Zendesk		25,100		697,278
†Zynga Class A		184,500		671,580
				60,273,228
Specialty Retail–5.81%
†AutoZone		8,900		5,077,094
†Burlington Stores		44,200		4,065,958
†CarMax		61,500		3,878,190
Dick’s Sporting Goods		26,300		1,047,529
†Five Below		28,700		1,416,919
L Brands		51,000		2,748,390
†Michaels		92,600		1,714,952
†O’Reilly Automotive		23,300		5,096,642
Ross Stores		114,200		6,592,766
Signet Jewelers		19,100		1,207,884
Tiffany & Co		27,698		2,600,011
Tractor Supply		49,000		2,656,290
†Ulta Beauty		13,100		3,764,154
Williams-Sonoma		35,800		1,736,300
				43,603,079

	Number of		Value
	Shares		(U.S. $)
COMMON STOCK (continued)
Textiles, Apparel & Luxury Goods–1.36%
Carter’s		15,800	$	1,405,410
Coach		81,900		3,877,146
Hanesbrands		46,400		1,074,624
†Lululemon Athletica		15,700		936,819
PVH		16,600		1,900,700
Wolverine World Wide		37,100		1,039,171
				10,233,870
Trading Companies & Distributors–0.40%
Fastenal		19,600		853,188
Watsco		9,900		1,526,580
WW Grainger		3,500		631,855
				3,011,623
Total Common Stock (Cost $488,328,183)				741,961,733
CONVERTIBLE PREFERRED STOCK–0.97%
†=pAirbnb Series D		18,795		1,973,475
†=pAirbnb Series E		2,425		254,625
†=pDropbox Series A		9,449		77,009
†=pDropbox Series A-1		46,402		378,176
†=pTanium		234,645		1,164,848
†=pWeWork Companies Series D1		27,915		1,446,276
†=pWeWork Companies Series D2		21,933		1,136,349
†=pWeWork Companies Series E		16,055		831,810
Total Convertible Preferred Stock (Cost $4,019,276)				7,262,568
MONEY MARKET FUND–0.21%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		1,600,580		1,600,580
Total Money Market Fund (Cost $1,600,580)				1,600,580

TOTAL VALUE OF SECURITIES–100.07% (Cost $493,948,039)		750,824,881
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.07%)		(555,226	)
NET ASSETS APPLICABLE TO 31,165,402 SHARES OUTSTANDING–100.00%	$	750,269,655
NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE STRUCTURED MID-CAP GROWTH FUND STANDARD CLASS ($589,757,686 / 24,313,572 Shares)		$24.256
NET ASSET VALUE PER SHARE–LVIP T. ROWE PRICE STRUCTURED MID-CAP GROWTH FUND SERVICE CLASS ($160,511,969 / 6,851,830 Shares)		$23.426

LVIP T. Rowe Price Structured Mid-Cap Growth Fund–7

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Statement of Net Assets (continued)

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	450,942,613
Undistributed net investment income		1,032,308
Accumulated net realized gain on investments.		41,417,892
Net unrealized appreciation of investments		256,876,842
TOTAL NET ASSETS	$	750,269,655

† Non-income producing for the period.

« Includes $2,428,635 payable for securities purchased, $590,543 payable for fund shares redeemed, and $506,112 due to manager and affiliates as of June 30, 2017.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

p Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2017, the aggregate value of restricted securities was $9,100,000, which represented 1.21% of the Fund’s net assets. See Notes 5 in “Notes to Financial Statements.”

Restricted Securities

Investment	Date of Acquisition		Cost		Value
Airbnb Series D		4/16/14		$   765,201		$1,973,475
Airbnb Series E		7/14/15		225,754		254,625
Dropbox		5/1/12		68,836		61,997
Dropbox Class A		11/7/14		527,212		224,948
Dropbox Series A		5/1/12		85,505		77,009
Dropbox Series A-1		5/1/12		419,896		378,176
Flipkart Limited		12/17/14		662,153		662,153
Tanium		8/26/15		1,164,848		1,164,848
WeWork Companies		12/9/14		93,530		291,017
WeWork Companies		5/26/15		138,112		504,940
WeWork Companies		6/23/15		58,643		92,377
WeWork Companies Series D-1		12/9/14		464,818		1,446,276
WeWork Companies Series D-2		12/9/14		365,211		1,136,349
WeWork Companies Series E		6/23/15		528,043		831,810
Total				$5,567,762		$9,100,000

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	3,906,393
Foreign tax withheld		(10,729	)
		3,895,664
EXPENSES:
Management fees		2,461,784
Distribution fees-Service Class		187,031
Accounting and administration expenses		88,608
Reports and statements to shareholders		39,263
Shareholder servicing fees		35,898
Professional fees.		28,562
Trustees’ fees and expenses		9,457
Custodian fees		4,614
Pricing fees		2,045
Consulting fees		1,630
Other		4,520
		2,863,412
Less:
Management fees waived		(56	)
Total operating expenses		2,863,356
NET INVESTMENT INCOME		1,032,308
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments		23,193,090
Net change in unrealized appreciation (depreciation) of investments		60,857,420
NET REALIZED AND UNREALIZED GAIN		84,050,510
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	85,082,818

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,032,308		$	1,167,492
Net realized gain		23,193,090			21,530,005
Net change in unrealized appreciation (depreciation)		60,857,420			26,259,137
Net increase in net assets resulting from operations		85,082,818			48,956,634
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(1,562,688	)
Service Class		—			(74,373	)
Net realized gain:
Standard Class		—			(26,597,208	)
Service Class		—			(6,951,883	)
		—			(35,186,152	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		24,962,007			59,573,856
Service Class		18,652,698			23,441,194
Reinvestment of dividends and distributions:
Standard Class		—			28,159,896
Service Class		—			7,026,256
		43,614,705			118,201,202
Cost of shares redeemed:
Standard Class		(39,084,984	)		(82,483,261	)
Service Class		(14,417,293	)		(29,592,710	)
		(53,502,277	)		(112,075,971	)
Increase (Decrease) in net assets derived from capital share transactions		(9,887,572	)		6,125,231
NET INCREASE IN NET ASSETS		75,195,246			19,895,713
NET ASSETS:
Beginning of period		675,074,409			655,178,696
End of period	$	750,269,655		$	675,074,409
Undistributed net investment income	$	1,032,308		$	—

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 6/30/171 (unaudited)		12/31/16			12/31/15			Year Ended 12/31/14			12/31/13			12/31/12
Net asset value, beginning of period		$  21.510		$  21.097			$  22.079			$  20.943			$  15.688			$  13.872
Income (loss) from investment operations:
Net investment income (loss)2		0.039		0.048			0.025			0.032			(0.003	)		0.073
Net realized and unrealized gain		2.707		1.526			0.420			2.346			5.453			2.186
Total from investment operations		2.746		1.574			0.445			2.378			5.450			2.259
Less dividends and distributions from:
Net investment income		—		(0.062	)		(0.028	)		(0.052	)		—			—
Net realized gain		—		(1.099	)		(1.399	)		(1.190	)		(0.195	)		(0.443	)
Total dividends and distributions		—		(1.161	)		(1.427	)		(1.242	)		(0.195	)		(0.443	)
Net asset value, end of period		$  24.256		$  21.510			$  21.097			$  22.079			$  20.943			$  15.688
Total return3		12.77%		7.56%			2.10%			11.59%			34.80%			16.30%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$589,758		$536,444			$519,709			$430,439			$381,529			$206,358
Ratio of expenses to average net assets		0.75%		0.75%			0.75%			0.76%			0.79%			0.82%
Ratio of net investment income (loss) to average net assets		0.34%		0.23%			0.11%			0.15%			(0.02%	)		0.47%
Portfolio turnover		12%		26%			26%			34%			30%			0.31

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 6/30/171 (unaudited)		12/31/16			12/31/15			Year Ended 12/31/14			12/31/13			12/31/12
Net asset value, beginning of period		$  20.799		$  20.440			$  21.461			$  20.394			$  15.319			$  13.588
Income (loss) from investment operations:
Net investment income (loss)2		0.010		(0.004	)		(0.030	)		(0.021	)		(0.048	)		0.034
Net realized and unrealized gain		2.617		1.473			0.408			2.278			5.318			2.140
Total from investment operations		2.627		1.469			0.378			2.257			5.270			2.174
Less dividends and distributions from:
Net investment income		—		(0.011	)		—			—			—			—
Net realized gain		—		(1.099	)		(1.399	)		(1.190	)		(0.195	)		(0.443	)
Total dividend and distributions		—		(1.110	)		(1.399	)		(1.190	)		(0.195	)		(0.443	)
Net asset value, end of period		$  23.426		$  20.799			$  20.440			$  21.461			$  20.394			$  15.319
Total return3		12.63%		7.29%			1.85%			11.30%			34.46%			16.02%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$160,512		$138,630			$135,470			$112,165			$103,229			$91,185
Ratio of expenses to average net assets		1.00%		1.00%			1.00%			1.01%			1.04%			1.07%
Ratio of net investment income (loss) to average net assets		0.09%		(0.02%	)		(0.14%	)		(0.10%	)		(0.27%	)		0.22%
Portfolio turnover		12%		26%			26%			34%			30%			31%

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. 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.

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)

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 $172 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly. 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, 2018, and can not be terminated before that date without the mutual agreement of the Trust’s Board and LIAC.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	20,091
Legal.		4,850

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $30,947 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares; the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	424,482
Distribution fees payable to LFD		32,845
Shareholder servicing fees payable to Lincoln Life		17,838
Printing & mailing fees payable to Lincoln Life		30,947

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 Structured Mid-Cap Growth Fund–13

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	87,873,456
Sales		97,965,567

At June 30, 2017, the cost of investments for federal income tax purposes has been estimated since final tax characteristics can not be determined until fiscal year end. At June 30, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	493,948,039
Aggregate unrealized appreciation	$	269,126,631
Aggregate unrealized depreciation		(12,249,789	)
Net unrealized appreciation	$	256,876,842

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, 2017:

	Level 1		Level 3		Total
Investments:
Assets:
Common Stock
Aerospace & Defense	$	12,228,804	$	—	$	12,228,804
Air Freight & Logistics		3,543,744		—		3,543,744
Airlines		9,597,522		—		9,597,522
Auto Components		4,048,535		—		4,048,535
Automobiles		2,825,678		—		2,825,678
Banks		18,776,159		—		18,776,159
Beverages		8,629,051		—		8,629,051
Biotechnology		33,605,497		—		33,605,497
Building Products		8,102,563		—		8,102,563
Capital Markets		28,530,137		—		28,530,137
Chemicals		19,925,336		—		19,925,336
Commercial Services & Supplies		14,970,535		—		14,970,535
Communications Equipment		11,386,639		—		11,386,639
Construction & Engineering		1,391,280		—		1,391,280
Construction Materials		8,094,442		—		8,094,442
Consumer Finance		1,449,027		—		1,449,027
Containers & Packaging		8,199,414		—		8,199,414
Diversified Consumer Services		4,666,779		—		4,666,779
Electrical Equipment		11,265,954		—		11,265,954
Electronic Equipment, Instruments & Components.		13,115,250		—		13,115,250
Energy Equipment & Services		819,956		—		819,956
Equity Real Estate Investment Trusts		24,815,688		—		24,815,688
Food & Staples Retailing.		3,819,272		—		3,819,272
Food Products		25,699,594		—		25,699,594
Gas Utilities		2,058,653		—		2,058,653
Health Care Equipment & Supplies		33,187,422		—		33,187,422
Health Care Providers & Services		25,251,172		—		25,251,172
Health Care Technology		7,314,676		—		7,314,676
Hotels, Restaurants & Leisure		25,937,754		—		25,937,754
Household Durables		17,193,991		—		17,193,991
Household Products		6,395,584		—		6,395,584
Industrial Conglomerates		3,287,726		—		3,287,726
Insurance		8,397,689		—		8,397,689
Internet & Direct Marketing Retail		4,447,335		—		4,447,335
Internet Software & Services		16,281,022		286,945		16,567,967
IT Services.		50,824,918		662,153		51,487,071
Leisure Products		2,360,766		—		2,360,766
Life Sciences Tools & Services		14,446,298		—		14,446,298
Machinery		26,734,176		—		26,734,176
Marine		1,189,930		—		1,189,930
Media		6,019,957		—		6,019,957
Metals & Mining.		2,603,835		—		2,603,835
Multiline Retail		10,328,444		—		10,328,444
Multi-Utilities		1,623,040		—		1,623,040
Oil, Gas & Consumable Fuels		10,133,562		160,810		10,294,372
Pharmaceuticals		10,475,224		—		10,475,224
Professional Services		23,792,946		888,334		24,681,280
Real Estate Management & Development		2,562,500		—		2,562,500
Road & Rail		11,663,136		—		11,663,136
Semiconductors & Semiconductor Equipment		18,823,079		—		18,823,079
Software		60,273,228		—		60,273,228

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
Investments:
Assets:
Specialty Retail	$	43,603,079	$	—	$	43,603,079
Textiles, Apparel & Luxury Goods		10,233,870		—		10,233,870
Trading Companies & Distributors		3,011,623		—		3,011,623
Convertible Preferred Stock		—		7,262,568		7,262,568
Money Market Fund		1,600,580		—		1,600,580
Total Investments	$	741,564,071	$	9,260,810	$	750,824,881

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Convertible Preferred Stock		Common Stock		Total
Balance as of 12/31/16	$	6,016,436	$	1,408,553	$	7,424,989
Purchases		—		155,150		155,150
Net change in unrealized appreciation (depreciation)		1,246,132		434,539		1,680,671
Balance as of 6/30/17	$	7,262,568	$	1,998,242	$	9,260,810
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 6/30/17	$	1,246,132	$	434,539	$	1,680,671

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 NAV 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 without adjustments as of June 30, 2017.

During the six months ended June 30, 2017, 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. International fair value pricing was not utilized at June 30, 2017. 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		1,068,083			2,860,725
Service Class		831,205			1,159,479
Shares reinvested:
Standard Class		—			1,325,906
Service Class		—			343,132
		1,899,288			5,689,242
Shares redeemed:
Standard Class		(1,694,201	)		(3,881,151	)
Service Class		(644,505	)		(1,465,070	)
		(2,338,706	)		(5,346,221	)
Net increase (decrease)		(439,418	)		343,021

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.

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, 2017. 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, 2017, there were no Rule 144A securities. Restricted 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 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, 2017

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

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,075.90		0.29%		$1.49
Service Class Shares		1,000.00		1,074.60		0.54%		2.78
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,023.36		0.29%		$1.45
Service Class Shares		1,000.00		1,022.12		0.54%		2.71

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 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, 2017

Security Type/Sector	Percentage of Net Assets
Affiliated Investments		88.04%
Equity Funds		61.93%
Fixed Income Funds		26.11%
Unaffiliated Investments		12.01%
Equity Funds		7.95%
Money Market Fund		4.06%
Total Value of Securities		100.05%
Liabilities Net of Receivables and Other Assets		(0.05%)
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, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
AFFILIATED INVESTMENTS–88.04%
Equity Funds–61.93%
*Lincoln Variable Insurance Products Trust–
LVIP Baron Growth Opportunities Fund		332,968	$	16,035,413
LVIP MFS Value Fund		2,923,824		120,961,507
LVIP SSGA S&P 500 Index Fund		7,075,315		120,259,132
LVIP SSGA Small-Mid Cap 200 Fund		583,393		8,370,521
LVIP T. Rowe Price Growth Stock Fund		3,036,414		120,481,854
LVIP T. Rowe Price Structured Mid-Cap Growth Fund		2,322,497		56,334,499
LVIP Wellington Mid-Cap Value Fund		2,167,556		56,599,209
				499,042,135
Fixed Income Funds–26.11%
*Lincoln Variable Insurance Products Trust–
LVIP Delaware Bond Fund		3,948,150		54,429,194
LVIP SSGA Bond Index Fund		9,232,621		105,168,787
LVIP Western Asset Core Bond Fund		5,163,765		50,832,099
				210,430,080
Total Affiliated Investments (Cost $648,699,222)				709,472,215

	Number of Shares		Value (U.S. $)
UNAFFILIATED INVESTMENTS–12.01%
Equity Funds–7.95%
Franklin Templeton Variable Insurance Products Trust–
Franklin Rising Dividends VIP Fund		866,935	$	22,696,350
**Invesco V.I. Diversified Dividend Fund		634,095		17,298,123
Oppenheimer Main Street Small Cap Fund VA Non-Service Shares		996,230		24,078,880
				64,073,353
Money Market Fund–4.06%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		32,744,401		32,744,401
				32,744,401
Total Unaffiliated Investments (Cost $91,554,334)				96,817,754

TOTAL VALUE OF SECURITIES–100.05% (Cost $740,253,556)		806,289,969
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.05%)		(417,353	)
NET ASSETS APPLICABLE TO 76,765,030 SHARES OUTSTANDING–100.00%	$	805,872,616

*   Standard Class shares.

** Series I shares.

 Class 1 shares.

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, 2017 (unaudited)

ASSETS:
Affiliated investments, at value	$	709,472,215
Unaffiliated investments, at value		96,817,754
Total investments, at value		806,289,969
Receivable for fund shares sold		266,783
Dividends receivable from investments		20,472
TOTAL ASSETS		806,577,224
LIABILITIES:
Due to manager and affiliates		347,697
Payable for investments purchased		293,020
Payable for fund shares redeemed		33,283
Other accrued expenses payable		30,608
TOTAL LIABILITIES		704,608
TOTAL NET ASSETS	$	805,872,616
Affiliated investments, at cost	$	648,699,222
Unaffiliated investments, at cost		91,554,334
Total investments, at cost	$	740,253,556
Standard Class:
Net Assets	$	4,891,470
Shares Outstanding		465,394
Net Asset Value Per Share	$	10.510
Service Class:
Net Assets	$	800,981,146
Shares Outstanding		76,299,636
Net Asset Value Per Share	$	10.498
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	746,195,941
Accumulated net investment loss.		(1,252,752	)
Accumulated net realized loss on investments		(5,106,986	)
Net unrealized appreciation of investments		66,036,413
TOTAL NET ASSETS	$	805,872,616

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends from unaffiliated investments	$	613,619
EXPENSES:
Management fees		2,484,544
Distribution fees-Service Class		882,031
Accounting and administration expenses		39,440
Shareholder servicing fees		37,523
Professional fees		24,627
Trustees’ fees and expenses		9,132
Reports and statements to shareholders		8,373
Custodian fees		5,831
Consulting fees		2,572
Pricing fees		51
Other		1,491
		3,495,615
Less:
Management fees waived		(1,597,207	)
Total operating expenses		1,898,408
NET INVESTMENT LOSS		(1,284,789	)
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Distributions from unaffiliated investments		2,071,261
Sale of affiliated investments		72,925
Sale of unaffiliated investments		(943	)
Net realized gain		2,143,243
Net change in unrealized appreciation (depreciation) of:
Affiliated investments		48,543,828
Unaffiliated investments		820,357
Net change in unrealized appreciation (depreciation)		49,364,185
NET REALIZED AND UNREALIZED GAIN		51,507,428
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	50,222,639

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(1,284,789	)	$	5,612,296
Net realized gain (loss)		2,143,243			(5,479,642	)
Net change in unrealized appreciation (depreciation)		49,364,185			22,559,862
Net increase in net assets resulting from operations		50,222,639			22,692,516
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(48,949	)
Service Class		—			(6,432,843	)
		—			(6,481,792	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		1,461,882			3,675,418
Service Class		172,151,858			395,284,910
Reinvestment of dividends and distributions:
Standard Class		—			48,949
Service Class		—			6,432,843
		173,613,740			405,442,120
Cost of shares redeemed:
Standard Class		(639,345	)		(313,285	)
Service Class		(45,150,391	)		(49,041,530	)
		(45,789,736	)		(49,354,815	)
Increase in net assets derived from capital share transactions		127,824,004			356,087,305
NET INCREASE IN NET ASSETS		178,046,643			372,298,029
NET ASSETS:
Beginning of period		627,825,973			255,527,944
End of period	$	805,872,616		$	627,825,973
Undistributed (Accumulated) net investment income (loss)	$	(1,252,752	)	$	32,037

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 6/30/171   (unaudited)			Year Ended 12/31/162			5/1/153 to   12/31/15
Net asset value, beginning of period		$  9.769			$  9.507			$10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.006	)		0.145			0.236
Net realized and unrealized gain (loss)		0.747			0.243			(0.600	)
Total from investment operations		0.741			0.388			(0.364	)
Less dividends and distributions from:
Net investment income		—			(0.126	)		(0.113	)
Net realized gain.		—			—			(0.016	)
Total dividends and distributions		—			(0.126	)		(0.129	)
Net asset value, end of period.		$10.510			$  9.769			$  9.507
Total return5		7.59%			4.08%			(3.64%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$  4,892			$  3,775			$     298
Ratio of expenses to average net assets6		0.29%			0.28%			0.31%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed6		0.74%			0.73%			0.77%
Ratio of net investment income (loss) to average net assets		(0.11%	)		1.50%			3.61%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.56%	)		1.05%			3.15%
Portfolio turnover		8%			15%			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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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 6/30/171 (unaudited)			Year Ended 12/31/162			5/1/153 to 12/31/15
Net asset value, beginning of period		$    9.769			$    9.508			$  10.000
Income (loss) from investment operations:
Net investment income (loss)4		(0.018	)		0.120			0.219
Net realized and unrealized gain (loss)		0.747			0.243			(0.599	)
Total from investment operations		0.729			0.363			(0.380	)
Less dividends and distributions from:
Net investment income		—			(0.102	)		(0.096	)
Net realized gain.		—			—			(0.016	)
Total dividends and distributions		—			(0.102	)		(0.112	)
Net asset value, end of period.		$  10.498			$    9.769			$    9.508
Total return5		7.46%			3.82%			(3.80%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$800,981			$624,051			$255,230
Ratio of expenses to average net assets6		0.54%			0.53%			0.56%
Ratio of expenses to average net assets prior to expenses waived/ reimbursed6		0.99%			0.98%			1.02%
Ratio of net investment income (loss) to average net assets		(0.36%	)		1.25%			3.36%
Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed		(0.81%	)		0.80%			2.90%
Portfolio turnover		8%			15%			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 is responsible for the day-to-day management of the Fund’s managed risk strategy, replacing Lincoln Investment Advisors Corporation.

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 substantially all 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. Investments in government money market funds have a stable NAV. 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 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, 2017 and for the open tax years (years ended December 31, 2015-December 31, 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 six months ended June 30, 2017, 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, 2017.

LVIP U.S. Growth Allocation Managed Risk Fund–8

LVIP U.S. Growth Allocation Managed Risk 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 calculated daily and paid monthly. 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, 2018 and can not be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC.

Milliman Financial Risk Management LLC (the “Sub-Adviser”) is responsible for managing the Fund’s managed risk strategy. 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$19,482
Legal.	4,705

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $4,666 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of 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 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

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, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$162,582
Distribution fees payable to LFD	161,589
Shareholder servicing fees payable to Lincoln Life	18,860
Printing & mailing fees payable to Lincoln Life	4,666

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 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)

Affiliated investments, 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 issuers’ outstanding securities (non-LVIP Funds). Affiliated investments of the Fund and the corresponding investment activity for the six months ended June 30, 2017, were as follows:

	Value 12/31/16			Purchases			Sales			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)			Value 6/30/17			Dividends			Capital Gain Distributions
LVIP Baron Growth Opportunities Fund		$	5,941,467		$	9,301,504		$	241,136		$	(5,691	)		$	1,039,269		$	16,035,413		$	—		$	—
LVIP Delaware Bond Fund			53,423,191			—			450,158			(31,638	)			1,487,799			54,429,194			—			—
LVIP MFS Value Fund			90,484,737			24,751,277			3,122,451			(7,652	)			8,855,596			120,961,507			—			—
LVIP SSGA Bond Index Fund			90,820,850			22,306,058			10,172,287			(301,108	)			2,515,274			105,168,787			—			—
LVIP SSGA S&P 500 Index Fund			84,779,041			27,899,298			981,538			(4,917	)			8,567,248			120,259,132			—			—
LVIP SSGA Small-Mid Cap 200 Fund			6,070,808			4,642,125			2,477,819			(16,610	)			152,017			8,370,521			—			—
LVIP T. Rowe Price Growth Stock Fund			90,181,705			25,976,204			13,297,525			647,268				16,974,202			120,481,854			—			—
LVIP T. Rowe Price Structured Mid-Cap Growth Fund			41,738,733			10,196,030			1,262,629			(13,600	)			5,675,965			56,334,499			—			—
LVIP Wellington Mid-Cap Value Fund			47,372,792			11,216,461			3,752,698			(61,969	)			1,824,623			56,599,209			—			—
LVIP Western Asset Core Bond Fund			37,432,017			22,457,623			10,378,218			(131,158	)			1,451,835			50,832,099			—			—
Total		$	548,245,341		$	158,746,580		$	46,136,459		$	72,925			$	48,543,828		$	709,472,215		$	—		$	—

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$173,115,626
Sales	51,804,605

At June 30, 2017, the cost of investments for federal income tax purposes has been estimated since final tax characteristics can not be determined until fiscal year end. At June 30, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$740,253,556
Aggregate unrealized appreciation	$  66,350,477
Aggregate unrealized depreciation	(314,064	)
Net unrealized appreciation	$  66,036,413

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 U.S. Growth Allocation Managed Risk Fund–10

LVIP U.S. Growth Allocation Managed Risk 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, 2017:

	Level 1
Investments:
Assets:
Affiliated Investments		$709,472,215
Unaffiliated Investments.		96,817,754
Total Investments		$806,289,969

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		141,646			382,304
Service Class		16,866,581			41,509,255
Shares reinvested:
Standard Class		—			4,999
Service Class		—			656,949
		17,008,227			42,553,507
Shares redeemed:
Standard Class		(62,634	)		(32,317	)
Service Class		(4,444,692	)		(5,133,045	)
		(4,507,326	)		(5,165,362	)
Net increase		12,500,901			37,388,145

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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–11

        LVIP Wellington Capital Growth Fund     a series of Lincoln Variable   Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,184.10		0.75%		$4.06
Service Class Shares		1,000.00		1,182.60		1.00%		5.41
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,021.08		0.75%		$3.76
Service Class Shares		1,000.00		1,019.84		1.00%		5.01

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector	Percentage of Net Assets
Common Stock		99.64%
Aerospace & Defense		2.24%
Banks		0.70%
Beverages		4.12%
Biotechnology		2.82%
Building Products		0.86%
Capital Markets		3.82%
Chemicals		0.91%
Electrical Equipment		1.59%
Electronic Equipment, Instruments & Components		1.42%
Equity Real Estate Investment Trusts		2.76%
Health Care Equipment & Supplies		2.57%
Health Care Providers & Services		1.45%
Hotels, Restaurants & Leisure		1.79%
Insurance		2.61%
Internet & Direct Marketing Retail		5.99%
Internet Software & Services		13.68%
IT Services		11.68%
Life Sciences Tools & Services		1.04%
Machinery		0.59%
Personal Products		1.38%
Pharmaceuticals		3.42%
Professional Services		5.37%
Road & Rail		0.80%
Semiconductors & Semiconductor Equipment		1.70%
Software		9.50%
Specialty Retail		6.32%
Technology Hardware, Storage & Peripherals		5.93%
Textiles, Apparel & Luxury Goods		1.13%
Trading Companies & Distributors		1.45%
Money Market Fund		0.62%
Total Value of Securities		100.26%
Liabilities Net of Receivables and Other Assets		(0.26%	)
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		5.93%
Alphabet Class C		4.97%
Facebook Class A		3.90%
Home Depot		3.08%
Mastercard Class A		2.69%
Amazon.com		2.54%
eBay		2.38%
Visa Class A		2.29%
Bristol-Myers Squibb		2.29%
FleetCor Technologies		2.12%
Total		32.19%

IT–Information Technology

LVIP Wellington Capital Growth Fund–2

LVIP Wellington Capital Growth Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–99.64%
Aerospace & Defense–2.24%
Lockheed Martin		22,377	$	6,212,079
Northrop Grumman		17,642		4,528,878
				10,740,957
Banks–0.70%
Bank of America		138,203		3,352,805
				3,352,805
Beverages–4.12%
Constellation Brands Class A		37,258		7,217,992
†Monster Beverage		180,821		8,983,187
PepsiCo.		30,652		3,540,000
				19,741,179
Biotechnology–2.82%
†Celgene		54,055		7,020,123
†Regeneron Pharmaceuticals		9,076		4,457,587
†Vertex Pharmaceuticals		15,890		2,047,744
				13,525,454
Building Products–0.86%
Fortune Brands Home & Security		63,526		4,144,436
				4,144,436
Capital Markets–3.82%
Intercontinental Exchange		97,940		6,456,205
MarketAxess Holdings		22,416		4,507,858
MSCI		42,043		4,330,009
TD Ameritrade Holding		70,305		3,022,412
				18,316,484
Chemicals–0.91%
Sherwin-Williams		12,445		4,367,697
				4,367,697
Electrical Equipment–1.59%
AMETEK.		125,805		7,620,009
				7,620,009
Electronic Equipment, Instruments & Components–1.42%
CDW		109,153		6,825,337
				6,825,337
Equity Real Estate Investment Trusts–2.76%
American Tower		66,712		8,827,332
Public Storage		21,090		4,397,898
				13,225,230
Health Care Equipment & Supplies–2.57%
†ABIOMED		23,850		3,417,705
†Edwards Lifesciences		75,175		8,888,692
				12,306,397

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Health Care Providers & Services–1.45%
UnitedHealth Group		37,469	$	6,947,502
				6,947,502
Hotels, Restaurants & Leisure–1.79%
Hilton Worldwide Holdings		72,548		4,487,094
Las Vegas Sands		63,823		4,077,652
				8,564,746
Insurance–2.61%
†Markel		6,469		6,312,838
Marsh & McLennan		79,915		6,230,173
				12,543,011
Internet & Direct Marketing Retail–5.99%
†Amazon.com		12,609		12,205,512
†Netflix		63,867		9,542,368
†Priceline Group		3,743		7,001,356
				28,749,236
Internet Software & Services–13.68%
†Alibaba Group Holding ADR		49,211		6,933,830
†Alphabet Class C		26,224		23,830,536
†eBay		327,213		11,426,278
†Facebook Class A		123,861		18,700,534
†Zillow Group Class C		96,100		4,709,861
				65,601,039
IT Services–11.68%
Alliance Data Systems		26,564		6,818,713
†FleetCor Technologies		70,558		10,175,169
Global Payments		74,574		6,735,524
Mastercard Class A		106,324		12,913,050
†PayPal Holdings		156,053		8,375,365
Visa Class A		117,340		11,004,145
				56,021,966
Life Sciences Tools & Services–1.04%
Thermo Fisher Scientific		28,555		4,981,991
				4,981,991
Machinery–0.59%
Snap-on		17,896		2,827,568
				2,827,568
Personal Products–1.38%
Estee Lauder Class A		69,195		6,641,336
				6,641,336
Pharmaceuticals–3.42%
Allergan		22,279		5,415,802
Bristol-Myers Squibb		197,074		10,980,963
				16,396,765
Professional Services–5.37%
Equifax		49,462		6,797,068

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)
Professional Services (continued)
†IHS Markit		155,839	$	6,863,150
†TransUnion		166,905		7,228,656
†Verisk Analytics Class A		57,412		4,843,850
				25,732,724
Road & Rail–0.80%
JB Hunt Transport Services		42,052		3,842,712
				3,842,712
Semiconductors & Semiconductor Equipment–1.70%
Microchip Technology		50,012		3,859,926
NVIDIA		29,835		4,312,948
				8,172,874
Software–9.50%
†Adobe Systems		56,507		7,992,350
†Autodesk		76,819		7,744,892
Microsoft		115,924		7,990,641
†salesforce.com		80,859		7,002,389
†ServiceNow		84,734		8,981,804
†Workday Class A		60,188		5,838,236
				45,550,312

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Specialty Retail–6.32%
†AutoZone		5,390	$	3,074,779
Home Depot		96,433		14,792,822
†O’Reilly Automotive		37,529		8,209,093
Ross Stores		73,202		4,225,951
				30,302,645
Technology Hardware, Storage & Peripherals–5.93%
Apple		197,386		28,427,532
				28,427,532
Textiles, Apparel & Luxury Goods–1.13%
NIKE Class B		34,123		2,013,257
†Under Armour Class C		170,064		3,428,490
				5,441,747
Trading Companies & Distributors–1.45%
Fastenal		160,002		6,964,887
				6,964,887
Total Common Stock (Cost $317,615,469)				477,876,578
MONEY MARKET FUND–0.62%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		3,001,294		3,001,294
Total Money Market Fund (Cost $3,001,294)				3,001,294

TOTAL VALUE OF SECURITIES–100.26% (Cost $320,616,763)	480,877,872
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.26%)	(1,260,064	)
NET ASSETS APPLICABLE TO 11,433,622 SHARES OUTSTANDING–100.00%	$479,617,808
NET ASSET VALUE PER SHARE–LVIP WELLINGTON CAPITAL GROWTH FUND STANDARD CLASS ($153,180,537 / 3,601,398 Shares)	$42.534
NET ASSET VALUE PER SHARE–LVIP WELLINGTON CAPITAL GROWTH FUND SERVICE CLASS ($326,437,271 / 7,832,224 Shares)	$41.679
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$272,620,131
Undistributed net investment income	115,238
Accumulated net realized gain on investments.	46,621,330
Net unrealized appreciation of investments	160,261,109
TOTAL NET ASSETS	$479,617,808

† Non-income producing for the period.

« Includes $299,565 payable for fund shares redeemed, $2,238,317 payable for securities purchased and $385,800 due to manager and affiliates as of June 30, 2017.

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	2,243,398
EXPENSES:
Management fees		1,578,972
Distribution fees-Service Class		398,468
Accounting and administration expenses		57,040
Reports and statements to shareholders		37,028
Shareholder servicing fees		23,287
Professional fees.		19,127
Trustees’ fees and expenses		6,049
Custodian fees		3,257
Consulting fees		1,355
Pricing fees		119
Other		3,458
Total operating expenses		2,128,160
NET INVESTMENT INCOME		115,238
NET REALIZED AND UNREALIZED GAIN:
Net realized gain on investments		22,148,174
Net change in unrealized appreciation (depreciation) of investments		54,403,055
NET REALIZED AND UNREALIZED GAIN		76,551,229
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	76,666,467

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 6/30/17 (unaudited)			Year Ended 12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	115,238		$	(383,534	)
Net realized gain		22,148,174			25,246,614
Net change in unrealized appreciation (depreciation)		54,403,055			(24,537,839	)
Net increase in net assets resulting from operations		76,666,467			325,241
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain:
Standard Class		—			(10,638,772	)
Service Class		—			(25,160,907	)
		—			(35,799,679	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		10,177,133			7,693,856
Service Class		8,953,900			23,636,050
Reinvestment of dividends and distributions:
Standard Class		—			10,638,772
Service Class		—			25,160,907
		19,131,033			67,129,585
Cost of shares redeemed:
Standard Class		(8,861,095	)		(15,461,797	)
Service Class		(34,210,271	)		(43,581,963	)
		(43,071,366	)		(59,043,760	)
Increase (decrease) in net assets derived from capital share transactions		(23,940,333	)		8,085,825
NET INCREASE (DECREASE) IN NET ASSETS		52,726,134			(27,388,613	)
NET ASSETS:
Beginning of period		426,891,674			454,280,287
End of period	$	479,617,808		$	426,891,674
Undistributed net investment income.	$	115,238		$	—

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 6/30/171 (unaudited)		12/31/16			12/31/15			Year Ended 12/31/14			12/31/13		12/31/12
Net asset value, beginning of period		$  35.922		$  38.974			$  41.894			$  37.738			$  27.748		$  23.305
Income from investment operations:
Net investment income2		0.044		0.033			0.066			0.083			0.049		0.042
Net realized and unrealized gain		6.568		0.102			3.557			4.211			9.941		4.401
Total from investment operations		6.612		0.135			3.623			4.294			9.990		4.443
Less dividends and distributions from:
Net investment income		—		—			—			(0.073	)		—		—
Net realized gain		—		(3.187	)		(6.543	)		(0.065	)		—		—
Total dividends and distributions		—		(3.187	)		(6.543	)		(0.138	)		—		—
Net asset value, end of period		$  42.534		$  35.922			$  38.974			$  41.894			$  37.738		$  27.748
Total return3		18.41%		0.10%			9.42%			11.37%			36.00%		19.06%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$153,181		$128,537			$136,262			$134,373			$130,399		$104,645
Ratio of expenses to average net assets		0.75%		0.75%			0.74%			0.74%			0.76%		0.78%
Ratio of net investment income to average net assets		0.22%		0.09%			0.16%			0.21%			0.15%		0.16%
Portfolio turnover		17%		31%			33%			45%			47%		64%

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 6/30/171 (unaudited)			12/31/16			12/31/15			Year Ended 12/31/14			12/31/13			12/31/12
Net asset value, beginning of period		$  35.244			$  38.390			$  41.459			$  37.377			$  27.551			$  23.197
Income (loss) from investment operations:
Net investment loss2		(0.005	)		(0.060	)		(0.040	)		(0.015	)		(0.032	)		(0.025	)
Net realized and unrealized gain		6.440			0.101			3.514			4.162			9.858			4.379
Total from investment operations		6.435			0.041			3.474			4.147			9.826			4.354
Less dividends and distributions from:
Net realized gain		—			(3.187	)		(6.543	)		(0.065	)		—			—
Total dividends and distributions		—			(3.187	)		(6.543	)		(0.065	)		—			—
Net asset value, end of period		$  41.679			$  35.244			$  38.390			$  41.459			$  37.377			$  27.551
Total return3		18.26%			(0.15%	)		9.15%			11.09%			35.66%			18.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$326,437			$298,355			$318,018			$319,768			$326,361			$274,248
Ratio of expenses to average net assets		1.00%			1.00%			0.99%			0.99%			1.01%			1.03%
Ratio of net investment loss to average net assets		(0.03%	)		(0.16%	)		(0.09%	)		(0.04%	)		(0.10%	)		(0.09%	)
Portfolio turnover		17%			31%			33%			45%			47%			64%

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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 LVIPWellington 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 (NAV). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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. 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 $890 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly.

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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	12,860
Legal		3,105

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $32,070 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	273,871
Distribution fees payable to LFD		68,282
Shareholder servicing fees payable to Lincoln Life		11,577
Printing and mailing fees payble to Lincoln Life		32,070

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 Wellington Capital Growth Fund–10

LVIP Wellington Capital Growth Fund

Notes to Financial Statements (continued)

3. Investments

For the six months ended June 30, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	75,980,764
Sales		101,166,893

At June 30, 2017, the cost of investments for federal income tax purposes has been estimated since final tax characteristics can not be determined until fiscal year end. At June 30, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	320,616,763
Aggregate unrealized appreciation	$	164,553,092
Aggregate unrealized depreciation		(4,291,983	)
Net unrealized appreciation	$	160,261,109

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, 2017:

	Level 1
Investments:
Assets:
Common Stock.	$	477,876,578
Money Market Fund		3,001,294
Total Investments	$	480,877,872

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

During the six months ended June 30, 2017, 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 6/30/17			Year Ended 12/31/16
Shares sold:
Standard Class		244,074			204,401
Service Class		230,102			652,774
Shares reinvested:
Standard Class		—			287,247
Service Class		—			691,899
		474,176			1,836,321
Shares redeemed:
Standard Class		(220,920	)		(409,670	)
Service Class		(863,392	)		(1,163,130	)
		(1,084,312	)		(1,572,800	)
Net increase (decrease)		(610,136	)		263,521

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

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 Wellington Capital Growth Fund–12

        LVIP Wellington Mid-Cap Value Fund   a series of Lincoln Variable Insurance Products Trust   Semiannual Report   June 30, 2017

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, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio			Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares	$	1,000.00	$	1,036.20		0.88	%	$	4.44
Service Class Shares		1,000.00		1,034.90		1.13	%		5.70
Hypothetical (5% return before expenses)
Standard Class Shares	$	1,000.00	$	1,020.43		0.88	%	$	4.41
Service Class Shares		1,000.00		1,019.19		1.13	%		5.66

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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, 2017

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

Security Type/Sector	Percentage of Net Assets
Common Stock		98.91	%
Aerospace & Defense		1.57	%
Auto Components		1.97	%
Banks		12.28	%
Building Products		1.46	%
Capital Markets		0.50	%
Chemicals		4.99	%
Commercial Services & Supplies		1.37	%
Communications Equipment		4.25	%
Containers & Packaging		1.32	%
Electric Utilities		2.73	%
Electrical Equipment		3.13	%
Electronic Equipment, Instruments & Components		4.28	%
Energy Equipment & Services		0.19	%
Equity Real Estate Investment Trusts		7.57	%
Food Products		2.26	%
Gas Utilities		2.59	%
Health Care Equipment & Supplies		1.65	%
Health Care Providers & Services		4.26	%
Hotels, Restaurants & Leisure		1.61	%
Household Durables		2.92	%
Insurance		9.30	%
Internet Software & Services		1.23	%
IT Services		1.30	%
Machinery		1.00	%
Media		1.21	%
Metals & Mining		1.23	%
Oil, Gas & Consumable Fuels		6.47	%
Paper & Forest Products		0.77	%
Road & Rail		4.22	%
Semiconductors & Semiconductor Equipment		3.82	%
Software		1.50	%
Specialty Retail		0.20	%
Textiles, Apparel & Luxury Goods		1.03	%
Thrift & Mortgage Finance		0.69	%
Trading Companies & Distributors		0.95	%
Wireless Telecommunication Services		1.09	%
Money Market Fund		1.36	%
Total Value of Securities		100.27	%
Liabilities Net of Receivables and Other Assets		(0.27	%)
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
Comerica		2.91	%
Arrow Electronics		2.81	%
Diamondback Energy		2.60	%
UGI		2.59	%
Reinsurance Group of America		2.42	%
XL Group		2.19	%
Zions Bancorporation		2.03	%
Microsemi		2.03	%
Goodyear Tire & Rubber		1.97	%
Knight Transportation		1.86	%
Total		23.41	%

IT–Information Technology

LVIP Wellington Mid-Cap Value Fund–2

LVIP Wellington Mid-Cap Value Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
COMMON STOCK–98.91%
Aerospace & Defense–1.57%
†Moog Class A		44,524	$	3,193,261
				3,193,261
Auto Components–1.97%
Goodyear Tire & Rubber		115,037		4,021,693
				4,021,693
Banks–12.28%
Bank of the Ozarks		46,394		2,174,487
Comerica		81,121		5,941,302
FNB		120,916		1,712,171
IBERIABANK		38,044		3,100,586
MB Financial		54,657		2,407,094
South State		26,171		2,242,855
Sterling Bancorp		60,663		1,410,415
†Western Alliance Bancorp		38,932		1,915,454
Zions Bancorporation		94,305		4,140,933
				25,045,297
Building Products–1.46%
Sanwa Holdings		283,254		2,981,754
				2,981,754
Capital Markets–0.50%
Raymond James Financial		12,766		1,024,088
				1,024,088
Chemicals–4.99%
Cabot		33,683		1,799,683
Celanese Class A		39,321		3,733,136
Methanex		36,442		1,605,270
Westlake Chemical		45,860		3,036,391
				10,174,480
Commercial Services & Supplies–1.37%
†Clean Harbors		50,018		2,792,505
				2,792,505
Communications Equipment–4.25%
†Acacia Communications		53,289		2,209,895
†CommScope Holding		87,909		3,343,179
Harris		28,428		3,100,926
				8,654,000
Containers & Packaging–1.32%
Bemis		27,682		1,280,293
†Crown Holdings		23,788		1,419,192
				2,699,485
Electric Utilities–2.73%
Alliant Energy		88,895		3,570,912
Great Plains Energy		68,409		2,003,015
				5,573,927

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Electrical Equipment–3.13%
†Generac Holdings		37,286	$	1,347,143
Hubbell		25,587		2,895,681
†Sensata Technologies Holding		50,176		2,143,519
				6,386,343
Electronic Equipment, Instruments & Components–4.28%
†Arrow Electronics		73,091		5,731,796
†Keysight Technologies		77,143		3,003,177
				8,734,973
Energy Equipment & Services–0.19%
†Trican Well Service		138,334		387,224
				387,224
Equity Real Estate Investment Trusts–7.57%
American Assets Trust		26,158		1,030,364
Equity LifeStyle Properties		33,900		2,926,926
Extra Space Storage		19,119		1,491,282
Forest City Realty Trust Class A		34,817		841,527
LaSalle Hotel Properties		11,012		328,158
Life Storage		19,330		1,432,353
PS Business Parks		28,183		3,731,147
STORE Capital		162,215		3,641,727
				15,423,484
Food Products–2.26%
Ingredion		15,339		1,828,562
†Post Holdings		35,640		2,767,446
				4,596,008
Gas Utilities–2.59%
UGI		108,973		5,275,383
				5,275,383
Health Care Equipment & Supplies–1.65%
STERIS		41,348		3,369,862
				3,369,862
Health Care Providers & Services–4.26%
†Acadia Healthcare		69,605		3,437,095
†Brookdale Senior Living		127,874		1,881,026
†Envision Healthcare		53,611		3,359,801
				8,677,922
Hotels, Restaurants & Leisure–1.61%
†Norwegian Cruise Line Holdings		60,515		3,285,359
				3,285,359
Household Durables–2.92%
DR Horton		67,945		2,348,859
Lennar Class A		36,362		1,938,822
Toll Brothers		42,084		1,662,739
				5,950,420

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)
Insurance–9.30%
Assurant		19,386	$	2,010,134
CNO Financial Group		116,585		2,434,295
Hanover Insurance Group		20,324		1,801,316
Reinsurance Group of America		38,447		4,936,210
Unum Group		70,736		3,298,420
XL Group		102,107		4,472,287
				18,952,662
Internet Software & Services–1.23%
†VeriSign		27,057		2,515,219
				2,515,219
IT Services–1.30%
Booz Allen Hamilton Holding		81,325		2,646,315
				2,646,315
Machinery–1.00%
†Milacron Holdings		115,362		2,029,218
				2,029,218
Media–1.21%
John Wiley & Sons Class A		46,800		2,468,700
				2,468,700
Metals & Mining–1.23%
Reliance Steel & Aluminum		34,411		2,505,465
				2,505,465
Oil, Gas & Consumable Fuels–6.47%
Delek U.S. Holdings		49,507		1,308,965
†Diamondback Energy		59,788		5,309,772
†Energen		25,760		1,271,771
†Newfield Exploration		124,733		3,549,901
†QEP Resources		174,217		1,759,592
				13,200,001
Paper & Forest Products–0.77%
†Louisiana-Pacific		65,177		1,571,417
				1,571,417
Road & Rail–4.22%
†Genesee & Wyoming		50,053		3,423,125
Knight Transportation		102,045		3,780,767
Schneider National Class B		43,271		967,972
†Swift Transportation		16,444		435,766
				8,607,630
Semiconductors & Semiconductor Equipment–3.82%
†Microsemi		88,316		4,133,189
Silicon Motion Technology ADR		75,714		3,651,686
				7,784,875

	Number of Shares		Value (U.S. $)
COMMON STOCK (continued)
Software–1.50%
SS&C Technologies Holdings		79,692	$	3,060,970
				3,060,970
Specialty Retail–0.20%
Camping World Holdings Class A		13,200		407,220
				407,220
Textiles, Apparel & Luxury Goods–1.03%
†Global Brands Group Holding		20,022,788		2,102,951
				2,102,951
Thrift & Mortgage Finance–0.69%
Provident Financial Services		55,283		1,403,083
				1,403,083
Trading Companies & Distributors–0.95%
†WESCO International		33,774		1,935,250
				1,935,250
Wireless Telecommunication Services–1.09%
Millicom International Cellular SDR		37,737		2,228,914
				2,228,914
Total Common Stock (Cost $158,546,337)				201,667,358
MONEY MARKET FUND–1.36%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		2,779,887		2,779,887
Total Money Market Fund (Cost $2,779,887)				2,779,887

LVIP Wellington Mid-Cap Value Fund–4

LVIP Wellington Mid-Cap Value Fund

Statement of Net Assets (continued)

TOTAL VALUE OF SECURITIES–100.27% (Cost $161,326,224)	$204,447,245
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.27%)	(545,034	)
NET ASSETS APPLICABLE TO 7,824,750 SHARES OUTSTANDING–100.00%	$203,902,211
NET ASSET VALUE PER SHARE–LVIP WELLINGTON MID-CAP VALUE FUND STANDARD CLASS ($107,811,077 / 4,128,910 Shares)	$26.111
NET ASSET VALUE PER SHARE–LVIP WELLINGTON MID-CAP VALUE FUND SERVICE CLASS ($96,091,134 / 3,695,840 Shares)	$26.000
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$155,635,157
Undistributed net investment income	323,085
Accumulated net realized gain on investments	4,822,941
Net unrealized appreciation of investments	43,121,028
TOTAL NET ASSETS	$203,902,211

† Non-income producing for the period.

« Includes $1,717,249 payable for securities purchased, $165,354 due to manager and affiliates, and $117,812 payable for fund shares redeemed as of June 30, 2017.

The following foreign currency exchange contracts were outstanding at June 30, 2017:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to         Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation	Unrealized Depreciation
BNP	HKD	31,889			USD	(4,085	)		7/3/17	$—	$(1)
BNYM	JPY	(2,408,733	)		USD	21,459			7/3/17	41	—
BNYM	SEK	36,518			USD	(4,309	)		7/3/17	26	—
Total										$67	$(1)

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.

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

Summary of Abbreviations:

ADR–American Depositary Receipt

BNP–Banque Paribas

BNYM–Bank of New York Mellon

HKD–Hong Kong Dollar IT–Information Technology

JPY–Japanese Yen

SDR–Special Depositary Receipt

SEK–Swedish Krona

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, 2017 (unaudited)

INVESTMENT INCOME:
Dividends	$	1,318,707
Foreign tax withheld		(21,038	)
		1,297,669
EXPENSES:
Management fees		820,316
Distribution fees-Service Class		117,114
Accounting and administration expenses		24,339
Professional fees		17,722
Custodian fees		12,664
Reports and statements to shareholders		12,458
Shareholder servicing fees		9,762
Trustees’ fees and expenses		2,633
Consulting fees		1,060
Pricing fees		475
Other		672
		1,019,215
Less:
Management fees waived		(44,631	)
Total operating expenses		974,584
NET INVESTMENT INCOME		323,085
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		3,280,290
Foreign currencies		(1,864	)
Foreign currency exchange contracts		1,548
Net realized gain		3,279,974
Net change in unrealized appreciation (depreciation) of:
Investments		3,083,940
Foreign currencies		(1	)
Foreign currency exchange contracts		66
Net change in unrealized appreciation (depreciation)		3,084,005
NET REALIZED AND UNREALIZED GAIN		6,363,979
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.	$	6,687,064

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
	6/30/17			Year Ended
	(unaudited)			12/31/16
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	323,085		$	567,354
Net realized gain		3,279,974			4,043,560
Net change in unrealized appreciation (depreciation)		3,084,005			17,393,236
Net increase in net assets resulting from operations		6,687,064			22,004,150
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(454,444	)
Service Class		—			(230,162	)
Net realized gain on investments:
Standard Class		—			(259,160	)
Service Class		—			(265,986	)
		—			(1,209,752	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		17,894,246			41,963,871
Service Class		12,871,646			18,504,268
Reinvestment of dividends and distributions:
Standard Class		—			713,604
Service Class		—			496,148
		30,765,892			61,677,891
Cost of shares redeemed:
Standard Class		(7,475,132	)		(18,140,316	)
Service Class		(10,996,254	)		(17,862,009	)
		(18,471,386	)		(36,002,325	)
Increase in net assets derived from capital share transactions		12,294,506			25,675,566
NET INCREASE IN NET ASSETS		18,981,570			46,469,964
NET ASSETS:
Beginning of period		184,920,641			138,450,677
End of period	$	203,902,211		$	184,920,641
Undistributed net investment income	$	323,085		$	—

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
	6/30/171		Year Ended
	(unaudited)		12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Net asset value, beginning of period	$	25.200	$	22.460		$	22.964		$	21.273		$	15.896		$	12.855
Income (loss) from investment operations:
Net investment income2		0.058		0.111			0.068			0.085			0.062			0.114
Net realized and unrealized gain (loss)		0.853		2.823			(0.418	)		1.677			5.357			2.984
Total from investment operations		0.911		2.934			(0.350	)		1.762			5.419			3.098
Less dividends and distributions from:
Net investment income.		—		(0.121	)		(0.154	)		(0.071	)		(0.042	)		(0.057	)
Net realized gain		—		(0.073	)		—			—			—			—
Total dividends and distributions.		—		(0.194	)		(0.154	)		(0.071	)		(0.042	)		(0.057	)
Net asset value, end of period	$	26.111	$	25.200		$	22.460		$	22.964		$	21.273		$	15.896
Total return3		3.62%		13.07%			(1.52%	)		8.29%			34.15%			24.12%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	107,811	$	93,907		$	58,589		$	39,097		$	35,212		$	50,386
Ratio of expenses to average net assets		0.88%		0.92%			0.96%			0.94%			1.00%			1.04%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		0.92%		0.94%			0.97%			0.95%			1.01%			1.05%
Ratio of net investment income to average net assets		0.45%		0.48%			0.29%			0.38%			0.34%			0.77%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.41%		0.46%			0.28%			0.37%			0.33%			0.76%
Portfolio turnover		22%		50%			45%			40%			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
	6/30/171		Year Ended
	(unaudited)		12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Net asset value, beginning of period		$25.124	$	22.400		$	22.843		$	21.171		$	15.860		$	12.827
Income (loss) from investment operations:
Net investment income2		0.026		0.053			0.009			0.029			0.017			0.077
Net realized and unrealized gain (loss)		0.850		2.808			(0.412	)		1.668			5.336			2.976
Total from investment operations		0.876		2.861			(0.403	)		1.697			5.353			3.053
Less dividends and distributions from:
Net investment income		—		(0.064	)		(0.040	)		(0.025	)		(0.042	)		(0.020	)
Net realized gain		—		(0.073	)		—			—			—			—
Total dividends and distributions		—		(0.137	)		(0.040	)		(0.025	)		(0.042	)		(0.020	)
Net asset value, end of period		$26.000	$	25.124		$	22.400		$	22.843		$	21.171		$	15.860
Total return3		3.49%		12.78%			(1.76%	)		8.02%			33.82%			23.81%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$96,091	$	91,014		$	79,862		$	143,293		$	77,486		$	62,511
Ratio of expenses to average net assets		1.13%		1.17%			1.21%			1.19%			1.25%			1.29%
Ratio of expenses to average net assets prior to expenses waived/reimbursed		1.17%		1.19%			1.22%			1.20%			1.26%			1.30%
Ratio of net investment income to average net assets		0.20%		0.23%			0.04%			0.13%			0.09%			0.52%
Ratio of net investment income to average net assets prior to expenses waived/reimbursed		0.16%		0.21%			0.03%			0.12%			0.08%			0.51%
Portfolio turnover		22%		50%			45%			40%			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, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 generally valued at the last quoted sale price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. 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, 2017 and for all open tax years (years ended December 31, 2013–December 31, 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 six months ended June 30, 2017, 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. 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.

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 the 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 $2,236 for the six months ended June 30, 2017. 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, 2017.

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. The fee is calculated daily and paid monthly.

LIAC has contractually agreed to waive a portion of its advisory fee. The waiver amount is 0.09% of the first $100 million of the Fund’s average daily net assets. This agreement will continue at least through April 30, 2018, and can not be terminated before that date without the mutual agreement of the Trust’s Board and LIAC.

Effective May 1, 2017, 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 0.90% of the average daily net assets for the Standard Class and 1.15% for the Service Class. This agreement will continue through at least April 30, 2018, and can not be terminated before that date without the mutual agreement of the 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	5,512
Legal		1,331

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $8,317 for the six months ended June 30, 2017.

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)

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC	$	132,534
Distribution fees payable to LFD		19,649
Shareholder servicing fees payable to Lincoln Life		4,855
Printing and mailing fees payable to Lincoln Life		8,317

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, 2017, the Fund engaged in securities sales of $34,642.

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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	55,051,776
Sales		41,794,471

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	161,326,224
Aggregate unrealized appreciation	$	48,142,816
Aggregate unrealized depreciation		(5,021,795	)
Net unrealized appreciation	$	43,121,021

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 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, 2017:

	Level 1		Level 2		Total
Investments:
Assets:
Common Stock		$201,667,358		$—		$201,667,358
Money Market Fund		2,779,887		—		2,779,887
Total Investments		$204,447,245		$—		$204,447,245
Derivatives:
Assets:
Foreign Currency Exchange Contracts		$                —		$  67		$                67
Liabilities:
Foreign Currency Exchange Contracts		$                —		$  (1)		$                (1)

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

During the six months ended June 30, 2017, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments. 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. International fair value pricing was not utilized at June 30, 2017. 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
	6/30/17			12/31/16
Shares sold:
Standard Class		690,351			1,857,194
Service Class		498,292			815,956
Shares reinvested:
Standard Class		—			28,443
Service Class		—			20,224
		1,188,643			2,721,817
Shares redeemed:
Standard Class		(287,873	)		(767,781	)
Service Class		(425,112	)		(778,873	)
		(712,985	)		(1,546,654	)
Net increase		475,658			1,175,163

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 already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. 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 Wellington Mid-Cap Value Fund–12

LVIP Wellington Mid-Cap Value 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.

During the six months ended June 30, 2017, the Fund used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions

Fair values of derivative instruments as of June 30, 2017 were as follows:

	Asset Derivatives		Liability Derivatives
	Statement of Net Assets Location	Fair Value	Statement of Net Assets Location	Fair Value
(Foreign currency exchange contracts) Currency contracts	Liabilities net of receivables and other assets	$67	Liabilities net of receivables and other assets	$(1)

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2017 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
Foreign currency exchange contracts (Currency contracts)	Net realized gain (loss) from foreign currency exchange contracts and net change in unrealized appreciation (depreciation) of foreign currency exchange contracts	$1,548	$66

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2017.

	Long Derivative Volume	Short Derivative Volume
Foreign currency exchange contracts (average cost)	$10,876	$20,768

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, 2017. 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

LVIP Wellington Mid-Cap Value Fund–13

LVIP Wellington Mid-Cap Value Fund

Notes to Financial Statements (continued)

6. Market Risk (continued)

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, 2017, there were no Rule 144A securities.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 Western Asset Core Bond Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2017

LVIP Western Asset Core Bond Fund

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocation and Credit Quality Breakdown	2
Schedule of Investments	3
Statement of Assets and Liabilities	15
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 Western Asset Core Bond Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017 to June 30, 2017

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, 2017 to June 30, 2017.

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 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17*
Actual
Standard Class Shares		$1,000.00		$1,026.20		0.50%		$2.51
Service Class Shares		1,000.00		1,024.90		0.75%		3.77
Hypothetical (5% return before expenses)
Standard Class Shares		$1,000.00		$1,022.32		0.50%		$2.51
Service Class Shares		1,000.00		1,021.08		0.75%		3.76

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

LVIP Western Asset Core Bond Fund–1

LVIP Western Asset Core Bond Fund

Security Type/Sector Allocation and Credit Quality Breakdown (unaudited)

As of June 30, 2017

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		3.27	%
Agency Commercial Mortgage-Backed Securities		0.51	%
Agency Mortgage-Backed Securities		23.49	%
Corporate Bonds		24.99	%
Aerospace & Defense		0.25	%
Air Freight & Logistics		0.05	%
Airlines		0.07	%
Automobiles		0.65	%
Banks		5.76	%
Beverages		0.51	%
Biotechnology		0.44	%
Capital Markets		1.81	%
Chemicals		0.23	%
Commercial Services & Supplies		0.15	%
Communications Equipment		0.05	%
Construction & Engineering		0.29	%
Consumer Finance		0.08	%
Diversified Telecommunication Services		0.77	%
Electric Utilities		0.89	%
Electrical Equipment		0.20	%
Electronic Equipment, Instruments & Components		0.03	%
Energy Equipment & Services		0.24	%
Food & Staples Retailing		0.39	%
Food Products		0.66	%
Health Care Equipment & Supplies		0.44	%
Health Care Providers & Services		0.29	%
Hotels, Restaurants & Leisure		0.08	%
Household Durables		0.12	%
Household Products		0.15	%
Industrial Conglomerates		0.74	%
Insurance		0.28	%
Internet & Direct Marketing Retail		0.05	%
IT Services		0.34	%
Media		0.58	%
Metals & Mining		1.69	%
Multi-Utilities		0.09	%
Oil, Gas & Consumable Fuels		3.98	%
Paper & Forest Products		0.05	%
Pharmaceuticals		0.20	%
Semiconductors & Semiconductor Equipment		0.20	%
Software		0.65	%
Specialty Retail		0.04	%

Security Type/Sector	Percentage of Net Assets
Technology Hardware, Storage & Peripherals		0.61	%
Tobacco		0.36	%
Trading Companies & Distributors		0.16	%
Wireless Telecommunication Services		0.37	%
Non-Agency Asset-Backed Securities		5.24	%
Non-Agency Collateralized Mortgage Obligations		3.26	%
Non-Agency Commercial Mortgage-Backed Securities		5.43	%
Regional Bonds		0.31	%
Sovereign Bonds		2.68	%
Supranational Bank		0.03	%
U.S. Treasury Obligations		27.61	%
Money Market Fund		17.58	%
Total Value of Securities		114.40	%
Liabilities Net of Receivables and Other Assets		(14.40	%)
Total Net Assets		100.00	%
Credit Quality Breakdown
(as a % of fixed income investments)*
U.S. Government		56.68	%
AAA		9.13	%
AA		4.56	%
A		15.28	%
BBB		11.88	%
Not Rated		2.47	%
Total		100.00	%

*For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s Rating Services (“S&P”) or Moody’s Investor Service, Inc. (“Moody”) or Fitch Inc. (“Fitch”). Agency Collateralized Mortgage Obligations, Agency Commercial Mortgage-Backed Securities, Agency Mortgage-Backed Securities, and U.S. Treasury Obligations appear under “U.S. Government”. “Not Rated” isused to classify securities for which a rating is not available and does not necessarily indicate low credit quality. Credit quality ratings are subject to change.

IT–Information Technology

LVIP Western Asset Core Bond Fund–2

LVIP Western Asset Core Bond Fund

Schedule of Investments

June 30, 2017 (unaudited)

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.27%
•Fannie Mae Connecticut
Avenue Securities Series 2015-C04 2M1 2.916% 4/25/28		288,496	$	289,229
Fannie Mae REMICs
•*Series 2010-100 SV       5.414% 9/25/40		3,368,359		612,016
•*Series 2016-60 QS       4.884% 9/25/46		2,649,199		458,187
•*Series 2016-61 BS       4.884% 9/25/46		5,018,698		824,262
•*Freddie Mac Strips
Series 334 S7 4.941% 8/15/44    Freddie Mac Structured Agency Credit  Risk Debt		3,138,804		657,074
Notes
•Series 2014-DN1 M2       3.416% 2/25/24		3,868,058		3,976,448
•Series 2015-DNA3 M2       4.066% 4/25/28		5,099,069		5,281,362
•Series 2015-HQ2 M2       3.166% 5/25/25		534,000		544,100
•Series 2015-HQA2 M2       4.016% 5/25/28		584,585		605,251
•Series 2016-DNA1 M2       4.116% 7/25/28		467,000		486,179
•Series 2016-DNA3 M2       3.216% 12/25/28		280,000		286,994
•Series 2016-HQA1 M2       3.966% 9/25/28		6,910,000		7,170,099
•Series 2016-HQA2 M2       3.466% 11/25/28		323,000		331,919
•Series 2016-HQA3 M1       2.016% 3/25/29		7,911,828		7,929,518
•Series 2016-HQA3 M2       2.566% 3/25/29		9,000,000		9,145,266
GNMA
Series 2010-42 PC     5.00% 7/20/39		185,000		201,652
*Series 2013-53 OI       3.50% 4/20/43		3,278,680		527,010
•Series 2013-74 IO       0.783% 12/16/53		61,446,681		2,989,111
•Series 2016-128 IO       0.977% 9/16/56		21,482,110		1,695,009
•*Series 2016-135 SB       4.928% 10/16/46		555,210		122,683
•*Series 2016-21 ST       4.938% 2/20/46		3,605,391		602,267
•Series 2016-56 VL       3.372% 3/16/57		2,187,807		2,200,506

	Principal Amount°		Value (U.S. $)
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
GNMA (continued)
*Series 2016-84 IG     4.50% 11/16/45		6,459,402	$	1,302,996
Total Agency Collateralized Mortgage Obligations
(Cost $48,849,379)				48,239,138
AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–0.51%
Fannie Mae-Aces Series     2016-M11 AL 2.944% 7/25/39		2,475,657		2,430,662
Freddie Mac Multifamily Structured Pass Through Certificates
•¨Series K058 X1         1.059% 8/25/26		55,556,348		3,835,716
¨Series KJ11 A2       2.932% 1/25/23		1,153,000		1,183,858
Total Agency Commercial Mortgage-Backed Securities
(Cost $7,578,597)				7,450,236
AGENCY MORTGAGE-BACKED SECURITIES–23.49%
Fannie Mae
2.91% 6/1/25		1,076,154		1,101,784
3.08% 1/1/27		2,080,000		2,118,046
4.00% 8/1/56		13,650,168		14,424,296
Fannie Mae S.F. 15 yr
4.00% 1/1/27		1,724,091		1,814,654
Fannie Mae S.F. 15 yr TBA
2.50% 7/1/32		15,700,000		15,760,446
3.00% 7/1/32		10,700,000		10,970,008
3.50% 7/1/32		5,500,000		5,718,389
Fannie Mae S.F. 30 yr
3.00% 11/1/46		3,480,396		3,478,156
3.00% 12/1/46		1,359,354		1,362,483
3.00% 1/1/47		3,435,264		3,440,902
3.00% 2/1/47		2,952,577		2,959,617
4.00% 11/1/42		2,001,916		2,123,440
4.00% 4/1/47		3,169,652		3,349,814
4.50% 6/1/38		2,661,901		2,868,363
4.50% 6/1/39		2,225,266		2,408,158
4.50% 10/1/41		1,458,739		1,579,787
4.50% 1/1/42		5,623,738		6,081,498
4.50% 10/1/43		2,897,012		3,144,915
4.50% 8/1/44		5,085,393		5,495,915
4.50% 3/1/46		4,492,686		4,869,644
5.00% 4/1/37		67,365		73,906
5.50% 5/1/34		895,831		1,003,495
5.50% 9/1/36		1,227,352		1,374,799
5.50% 1/1/38		3,668,918		4,107,337
5.50% 1/1/39		1,402,451		1,570,712
5.50% 3/1/40		2,433,420		2,725,607
5.50% 3/1/41		1,207,482		1,352,576
5.50% 6/1/41		834,274		936,360

LVIP Western Asset Core Bond Fund–3

LVIP Western Asset Core 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% 7/1/41		2,610,853	$	2,923,510
6.00% 1/1/39		108,660		123,043
6.00% 10/1/39		1,486,811		1,695,961
6.00% 4/1/40		115,357		130,343
6.00% 10/1/40		532,394		602,972
6.00% 7/1/41		1,530,925		1,739,154
Fannie Mae S.F. 30 yr TBA
3.00% 7/1/47		15,500,000		15,455,131
3.50% 7/1/47		43,500,000		44,602,407
4.50% 7/1/47		6,800,000		7,285,164
Freddie Mac S.F. 15 yr TBA
3.00% 7/1/32		3,000,000		3,077,227
Freddie Mac S.F. 20 yr
3.00% 6/1/36		312,400		318,491
Freddie Mac S.F. 30 yr
3.00% 1/1/47		5,875,920		5,883,050
4.00% 8/1/44		67,065		70,586
4.00% 5/1/45		59,746		62,883
4.00% 9/1/45		57,784		60,818
4.00% 10/1/45		96,988		102,081
4.00% 11/1/45		71,841		75,613
4.00% 12/1/45		698,970		735,671
4.00% 9/1/46		888,554		935,210
4.00% 12/1/46		1,004,677		1,057,430
4.00% 2/1/47		888,746		935,412
4.00% 7/1/47		14,000,000		14,735,106
4.50% 10/1/35		618,404		664,164
Freddie Mac S.F. 30 yr TBA
3.00% 7/1/47		25,800,000		25,703,250
3.50% 7/1/47		24,600,000		25,225,873
4.00% 7/1/47		2,100,000		2,204,368
GNMA II S.F. 30 yr
3.50% 3/20/47		2,180,952		2,261,368
4.00% 3/20/47		4,261,711		4,488,953
GNMA II S.F. 30 yr TBA
3.00% 7/1/47		36,400,000		36,736,273
3.50% 7/1/47		37,200,000		38,472,936
Total Agency Mortgage-Backed Securities (Cost $347,678,927)				346,579,555
CORPORATE BONDS–24.99%
Aerospace & Defense–0.25%
#Aviation Capital Group 144A
6.75% 4/6/21		606,000		688,293
Boeing 4.875% 2/15/20		890,000		958,376
Lockheed Martin
3.55% 1/15/26		1,676,000		1,739,790
4.50% 5/15/36		240,000		262,574
				3,649,033

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Air Freight & Logistics–0.05%
United Parcel Service
3.125% 1/15/21		660,000	$	685,731
				685,731
Airlines–0.07%
¨American Airlines 2014-1     Class A Pass Through Trust
3.70% 10/1/26		268,501		275,213
¨American Airlines 2015-1     Class A Pass Through Trust
3.375% 5/1/27		750,258		755,885
				1,031,098
Automobiles–0.65%
#BMW U.S. Capital 144A
2.80% 4/11/26		2,144,000		2,087,900
Ford Motor Credit     3.096% 5/4/23		1,366,000		1,351,408
3.336% 3/18/21		1,939,000		1,978,152
General Motors 6.75% 4/1/46		191,000		227,310
General Motors Financial
3.45% 4/10/22		1,140,000		1,159,919
3.70% 5/9/23		2,090,000		2,125,012
4.375% 9/25/21		643,000		678,418
				9,608,119
Banks–5.76%
#Bank Nederlandse Gemeenten
144A 1.625% 4/19/21		1,294,000		1,277,813
Bank of America
3.30% 1/11/23		4,140,000		4,224,729
4.25% 10/22/26		3,250,000		3,353,184
4.45% 3/3/26		8,611,000		8,977,941
5.00% 1/21/44		2,180,000		2,473,871
#BNP Paribas 144A
4.625% 3/13/27		1,390,000		1,468,641
#BPCE 144A 5.15% 7/21/24		780,000		834,560
Citigroup
3.30% 4/27/25		4,070,000		4,078,177
4.45% 9/29/27		9,000,000		9,371,700
4.75% 5/18/46		620,000		653,415
Cooperatieve Rabobank
2.50% 1/19/21		648,000		652,165
4.375% 8/4/25		3,250,000		3,413,956
5.25% 8/4/45		780,000		914,557
#•144A 11.00% 12/29/49		1,520,000		1,771,180
HSBC Holdings
3.40% 3/8/21		1,340,000		1,377,960
•4.041% 3/13/28		3,410,000		3,536,245
4.30% 3/8/26		910,000		965,644
•6.875% 12/29/49		566,000		612,695
JPMorgan Chase & Co.     3.625% 12/1/27		1,570,000		1,557,267

LVIP Western Asset Core Bond Fund–4

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Banks (continued)
JPMorgan Chase & Co. (continued)
4.125% 12/15/26		2,000,000	$	2,075,620
4.25% 10/1/27		7,738,000		8,088,276
Lloyds Banking Group
3.10% 7/6/21		233,000		236,895
4.65% 3/24/26		2,810,000		2,933,317
Santander UK Group Holdings
2.875% 10/16/20		635,000		645,339
3.125% 1/8/21		1,210,000		1,230,032
US Bancorp 2.35% 1/29/21		713,000		716,886
•Wachovia Capital Trust III
5.57% 3/29/49		1,850,000		1,862,488
Wells Fargo & Co.
3.00% 10/23/26		1,480,000		1,442,898
4.125% 8/15/23		2,460,000		2,603,669
4.30% 7/22/27		1,004,000		1,052,897
4.40% 6/14/46		2,750,000		2,790,945
4.60% 4/1/21		2,410,000		2,599,207
4.65% 11/4/44		30,000		31,583
4.75% 12/7/46		3,140,000		3,360,667
4.90% 11/17/45		1,630,000		1,781,541
				84,967,960
Beverages–0.51%
Anheuser-Busch InBev Finance
3.30% 2/1/23		1,350,000		1,391,853
3.65% 2/1/26		169,000		174,427
4.90% 2/1/46		3,760,000		4,260,667
Diageo Investment
2.875% 5/11/22		900,000		922,600
PepsiCo 4.45% 4/14/46		769,000		840,351
				7,589,898
Biotechnology–0.44%
AbbVie 3.60% 5/14/25		610,000		623,270
Amgen 3.875% 11/15/21		570,000		601,379
Celgene 3.25% 8/15/22		2,818,000		2,900,353
Compass Bank 3.875% 4/10/25		892,000		890,017
Gilead Sciences
3.65% 3/1/26		90,000		92,650
4.75% 3/1/46		1,190,000		1,309,544
				6,417,213
Capital Markets–1.81%
Credit Suisse Group Funding Guernsey
3.125% 12/10/20		1,139,000		1,161,361
4.55% 4/17/26		2,881,000		3,066,029
Goldman Sachs Group
3.50% 11/16/26		4,000,000		3,983,512
4.25% 10/21/25		1,340,000		1,387,519
4.75% 10/21/45		3,090,000		3,427,159
5.15% 5/22/45		800,000		890,664
5.25% 7/27/21		2,380,000		2,610,037

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Capital Markets (continued)
Goldman Sachs Group (continued)
6.25% 2/1/41		1,660,000	$	2,172,913
6.75% 10/1/37		750,000		975,310
Kreditanstalt fuer
Wiederaufbau 1.50% 6/15/21		1,006,000		990,885
State Street 3.10% 5/15/23		730,000		743,561
UBS Group Funding Switzerland
#144A 3.491% 5/23/23		1,820,000		1,864,130
#144A 4.125% 4/15/26		1,176,000		1,228,694
#144A 4.253% 3/23/28		2,080,000		2,177,367
				26,679,141
Chemicals–0.23%
#Equate Petrochemical 144A
4.25% 11/3/26		2,150,000		2,184,400
#OCP 144A 4.50% 10/22/25		1,257,000		1,271,141
				3,455,541
Commercial Services & Supplies–0.15%
Cintas No. 2
2.90% 4/1/22		600,000		610,039
3.70% 4/1/27		690,000		712,978
Waste Management
2.40% 5/15/23		960,000		948,629
				2,271,646
Communications Equipment–0.05%
Harris
4.854% 4/27/35		580,000		636,973
5.054% 4/27/45		80,000		90,136
				727,109
Construction & Engineering–0.29%
#Mexico City Airport Trust 144A
5.50% 10/31/46		4,190,000		4,252,850
				4,252,850
Consumer Finance–0.08%
Toyota Motor Credit
2.80% 7/13/22		1,225,000		1,246,756
				1,246,756
Diversified Telecommunication Services–0.77%
AT&T
3.60% 2/17/23		1,321,000		1,353,655
4.125% 2/17/26		2,601,000		2,671,425
4.35% 6/15/45		70,000		65,222
Telefonica Emisiones
5.213% 3/8/47		490,000		531,134
Verizon Communications
3.50% 11/1/24		1,240,000		1,253,417
4.125% 3/16/27		3,200,000		3,311,488
5.25% 3/16/37		820,000		884,252

LVIP Western Asset Core Bond Fund–5

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Diversified Telecommunication Services (continued)
Verizon Communications (continued)
5.50% 3/16/47		1,180,000	$	1,294,849
				11,365,442
Electric Utilities–0.89%
Duke Energy 3.75% 9/1/46		880,000		839,607
FirstEnergy
2.85% 7/15/22		2,190,000		2,190,471
7.375% 11/15/31		1,450,000		1,912,285
Majapahit Holding   7.75% 1/20/20		1,420,000		1,590,400
Pacific Gas & Electric
5.80% 3/1/37		892,000		1,139,958
6.05% 3/1/34		3,330,000		4,304,271
Southern 3.25% 7/1/26		1,200,000		1,176,179
				13,153,171
Electrical Equipment–0.20%
Eaton
2.75% 11/2/22		1,660,000		1,671,104
4.15% 11/2/42		1,170,000		1,201,444
				2,872,548
Electronic Equipment, Instruments & Components–0.03%
#Temasek Financial I 144A
2.375% 1/23/23		368,000		364,646
				364,646
Energy Equipment & Services–0.24%
Halliburton
3.80% 11/15/25		1,120,000		1,149,800
5.00% 11/15/45		290,000		309,742
Schlumberger Holdings
#144A 3.00% 12/21/20		660,000		672,547
#144A 4.00% 12/21/25		1,270,000		1,333,661
				3,465,750
Food & Staples Retailing–0.39%
CVS Health
3.875% 7/20/25		2,380,000		2,478,751
5.125% 7/20/45		1,170,000		1,346,513
Walgreens Boots Alliance
4.80% 11/18/44		386,000		412,349
Wal-Mart Stores 4.75% 10/2/43		1,290,000		1,520,053
				5,757,666
Food Products–0.66%
Danone
#144A 2.077% 11/2/21		1,040,000		1,027,052
#144A 2.589% 11/2/23		2,160,000		2,110,508
#144A 2.947% 11/2/26		1,490,000		1,443,064
Kraft Heinz Foods 3.00% 6/1/26 .		2,992,000		2,869,026

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Food Products (continued)
#Smithfield Foods 144A
2.70% 1/31/20		2,320,000	$	2,335,114
				9,784,764
Health Care Equipment & Supplies–0.44%
Abbott Laboratories
3.75% 11/30/26		40,000		40,911
4.75% 11/30/36		650,000		709,753
4.90% 11/30/46		1,220,000		1,349,157
Becton Dickinson and Co.
3.363% 6/6/24		1,220,000		1,224,623
3.734% 12/15/24		313,000		318,628
4.685% 12/15/44		660,000		682,336
Medtronic
3.50% 3/15/25		1,050,000		1,093,379
4.625% 3/15/45		940,000		1,060,496
				6,479,283
Health Care Providers & Services–0.29%
Anthem 3.125% 5/15/22		320,000		326,328
Cardinal Health
2.616% 6/15/22		390,000		390,803
3.079% 6/15/24		510,000		512,007
Humana
3.95% 3/15/27		1,220,000		1,273,936
4.80% 3/15/47		50,000		55,323
4.95% 10/1/44		220,000		248,028
UnitedHealth Group
3.75% 7/15/25		810,000		854,022
3.875% 10/15/20		610,000		642,474
				4,302,921
Hotels, Restaurants & Leisure–0.08%
McDonald’s
3.50% 3/1/27		290,000		295,376
3.70% 1/30/26		890,000		923,350
				1,218,726
Household Durables–0.12%
Newell Brands
3.15% 4/1/21		330,000		337,958
3.85% 4/1/23		390,000		409,989
4.20% 4/1/26		1,000,000		1,062,927
				1,810,874
Household Products–0.15%
#Reckitt Benckiser Treasury
Services 144A 2.375% 6/24/22		2,150,000		2,137,453
				2,137,453
Industrial Conglomerates–0.74%
General Electric
4.50% 3/11/44		450,000		501,136

LVIP Western Asset Core Bond Fund–6

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Industrial Conglomerates (continued)
General Electric (continued)
5.55% 5/4/20		362,000	$	397,922
5.875% 1/14/38		650,000		842,824
6.00% 8/7/19		1,016,000		1,104,521
6.875% 1/10/39		5,560,000		8,075,066
				10,921,469
Insurance–0.28%
American International Group
3.75% 7/10/25		450,000		459,129
Chubb INA Holdings   3.35% 5/3/26		820,000		839,637
MetLife 6.40% 12/15/36		1,600,000		1,852,000
#NUVEEN FINANCE 144A
2.95% 11/1/19		919,000		932,655
				4,083,421
Internet & Direct Marketing Retail–0.05%
Amazon.com 4.95% 12/5/44		630,000		745,388
				745,388
IT Services–0.34%
Visa   3.15% 12/14/25		2,120,000		2,154,687
4.30% 12/14/45		2,560,000		2,814,789
				4,969,476
Media–0.58%
Charter Communications Operating
4.908% 7/23/25		2,401,000		2,598,069
6.484% 10/23/45		1,210,000		1,457,378
Comcast
3.15% 3/1/26		2,166,000		2,179,600
3.375% 8/15/25		1,000,000		1,026,969
Time Warner 3.80% 2/15/27		840,000		847,334
WPP Finance 2010
5.625% 11/15/43		343,000		397,474
				8,506,824
Metals & Mining–1.69%
Barrick Gold
4.10% 5/1/23		2,424,000		2,625,885
5.25% 4/1/42		10,000		11,419
Barrick North America Finance
5.70% 5/30/41		1,260,000		1,497,196
BHP Billiton Finance USA
2.875% 2/24/22		793,000		809,649
5.00% 9/30/43		480,000		556,737
#•144A 6.25% 10/19/75		1,150,000		1,256,950
#•144A 6.75% 10/19/75		920,000		1,053,483
Glencore Finance Canada
#144A 2.70% 10/25/17		610,000		610,961
#144A 4.25% 10/25/22		820,000		850,500

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Metals & Mining (continued)
Glencore Funding
#144A 4.00% 3/27/27		550,000	$	542,222
#144A 4.125% 5/30/23		110,000		113,017
#144A 4.625% 4/29/24		1,380,000		1,444,653
Southern Copper 5.25% 11/8/42		3,960,000		3,959,236
Vale Overseas 5.875% 6/10/21		8,929,000		9,607,604
				24,939,512
Multi-Utilities–0.09%
DTE Energy 3.30% 6/15/22		1,263,000		1,297,375
				1,297,375
Oil, Gas & Consumable Fuels–3.98%
Anadarko Petroleum
4.50% 7/15/44		2,850,000		2,621,561
6.60% 3/15/46		2,500,000		3,098,570
Apache
4.75% 4/15/43		3,700,000		3,724,416
5.10% 9/1/40		400,000		410,050
BP Capital Markets
3.119% 5/4/26		2,820,000		2,798,196
3.216% 11/28/23		1,520,000		1,544,963
3.245% 5/6/22		800,000		823,498
Chevron 2.954% 5/16/26		1,667,000		1,656,440
CNOOC Finance 2015 Australia
2.625% 5/5/20		488,000		489,935
CNOOC Finance 2015 USA
3.50% 5/5/25		3,000,000		3,005,733
ConocoPhillips 4.30% 11/15/44		1,050,000		1,076,350
Devon Energy
3.25% 5/15/22		370,000		368,132
5.00% 6/15/45		2,025,000		2,053,384
5.85% 12/15/25		2,260,000		2,572,470
Ecopetrol 5.875% 5/28/45		6,240,000		5,759,520
Enterprise Products Operating
3.95% 2/15/27		1,783,000		1,846,537
•7.034% 1/15/68		205,000		210,945
Exxon Mobil   3.043% 3/1/26		1,250,000		1,262,096
4.114% 3/1/46		1,460,000		1,544,071
Kinder Morgan Energy Partners
4.25% 9/1/24		1,080,000		1,117,555
Noble Energy 5.05% 11/15/44		1,200,000		1,236,991
Occidental Petroleum
3.00% 2/15/27		820,000		799,473
3.125% 2/15/22		370,000		380,177
4.10% 2/15/47		1,090,000		1,088,294
4.40% 4/15/46		380,000		395,959
4.625% 6/15/45		1,170,000		1,243,223
Petroleos Mexicanos
5.50% 6/27/44		790,000		702,310

LVIP Western Asset Core Bond Fund–7

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos (continued)   6.375% 1/23/45		900,000	$	882,000
6.625% 6/15/35		546,000		567,157
6.875% 8/4/26		365,000		405,333
Regency Energy Partners
5.875% 3/1/22		1,308,000		1,442,278
Shell International Finance
1.875% 5/10/21		850,000		840,041
2.875% 5/10/26		804,000		794,279
4.00% 5/10/46		4,020,000		3,979,515
#Sinopec Group Overseas Development 2014 144A
4.375% 4/10/24		830,000		883,973
Transcontinental Gas Pipe Line
7.85% 2/1/26		4,000,000		5,154,476
				58,779,901
Paper & Forest Products–0.05%
Celulosa Arauco y Constitucion
4.75% 1/11/22		740,000		771,917
				771,917
Pharmaceuticals–0.20%
Allergan Funding
3.80% 3/15/25		790,000		818,458
4.55% 3/15/35		420,000		449,631
4.75% 3/15/45		168,000		182,063
Eli Lilly 3.10% 5/15/27		460,000		465,098
Johnson & Johnson
3.70% 3/1/46		1,040,000		1,071,214
				2,986,464
Semiconductors & Semiconductor Equipment–0.20%
QUALCOMM 2.10% 5/20/20		3,000,000		3,014,967
				3,014,967
Software–0.65%
Microsoft
2.40% 8/8/26		4,900,000		4,721,366
2.70% 2/12/25		310,000		308,226
2.875% 2/6/24		1,780,000		1,810,539
3.30% 2/6/27		1,040,000		1,072,562
3.45% 8/8/36		40,000		40,107
3.70% 8/8/46		280,000		277,806
4.10% 2/6/37		1,240,000		1,338,322
				9,568,928
Specialty Retail–0.04%
TJX 2.25% 9/15/26		560,000		520,602
				520,602
Technology Hardware, Storage & Peripherals–0.61%
Apple 2.45% 8/4/26		3,950,000		3,781,611

	Principal Amount°		Value (U.S. $)
CORPORATE BONDS (continued)
Technology Hardware, Storage & Peripherals (continued)
Dell International
#144A 3.48% 6/1/19		1,690,000	$	1,730,300
#144A 4.42% 6/15/21		3,230,000		3,408,144
				8,920,055
Tobacco–0.36%
Altria Group 5.375% 1/31/44		910,000		1,099,458
Philip Morris International
2.50% 8/22/22		800,000		799,704
4.50% 3/20/42		340,000		362,494
Reynolds American
4.00% 6/12/22		1,757,000		1,863,905
5.85% 8/15/45		1,010,000		1,241,690
				5,367,251
Trading Companies & Distributors–0.16%
AerCap Ireland Capital
4.50% 5/15/21		1,590,000		1,688,462
International Lease Finance
8.625% 1/15/22		590,000		727,210
				2,415,672
Wireless Telecommunication Services–0.37%
America Movil
3.125% 7/16/22		950,000		970,494
5.00% 3/30/20		664,000		714,192
#Bharti Airtel 144A
4.375% 6/10/25		1,660,000		1,662,736
#Sprint Spectrum 144A
3.36% 9/20/21		2,100,000		2,123,625
				5,471,047
Total Corporate Bonds (Cost $367,204,016)				368,575,608
NON-AGENCY ASSET-BACKED SECURITIES–5.24%
#•Apidos CLO XVIII Series 2014-18A A1R 144A   2.273% 7/22/26		2,000,000		1,998,990
#•Apidos CLO XXII Series   2015-22A A1 144A   2.656% 10/20/27		3,500,000		3,511,777
#Applebee’s Funding Series   2014-1 A2 144A 4.277% 9/5/44		2,460,000		2,421,510
#•Ares XXXIII CLO Series 2015-1A A1R 144A   2.568% 12/5/25		1,750,000		1,755,453
#•Avery Point IV CLO Series 2014-1A CR 144A   3.506% 4/25/26		2,000,000		2,010,412
#Avis Budget Rental Car Funding AESOP Series 2014-1A A 144A 2.46% 7/20/20		1,001,000		1,003,653

LVIP Western Asset Core Bond Fund–8

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
BlueMountain CLO
#•Series 2014-3A A1R 144A   2.298% 10/15/26		1,000,000	$	999,996
#•Series 2015-1A A1R 144A   2.485% 4/13/27		2,250,000		2,258,185
#•Carlyle US CLO Series 2017-2A   A1B 144A 2.551% 7/20/31		3,500,000		3,488,779
#•Catskill Park CLO Series   2017-1A A2 144A   2.785% 4/20/29		1,500,000		1,498,500
#•GT Loan Financing I Series   2013-1A A 144A   2.442% 10/28/24		2,850,000		2,850,308
#•KKR CLO Series 18 A 144A   1.00% 7/18/30		3,000,000		3,000,000
#•Madison Park Funding XI Series 2013-11A C 144A   3.903% 10/23/25		1,100,000		1,100,304
#•Magnetite XVIII Series   2016-18A A 144A   2.582% 11/15/28		2,750,000		2,778,339
#•Neuberger Berman CLO XV   Series 2013-15A A1 144A   2.558% 10/15/25		2,250,000		2,250,126
#•Neuberger Berman Loan   Advisers CLO 24 Series   2017-24A C 144A   3.549% 4/19/30		1,000,000		983,823
•RAMP Series 2005-RS3 M1   1.636% 3/25/35		38,300		38,298
#•Regatta VII Funding Series   2016-1A B2 144A   3.074% 12/20/28		2,750,000		2,751,590
#•Seneca Park CLO Series   2014-1A AR 144A   2.278% 7/17/26		1,500,000		1,502,180
#•SHACKLETON 2013-IV CLO   Series 2013-4A B1R 144A   2.655% 1/13/25		2,250,000		2,247,741
SLM Private Credit Student Loan Trust
•Series 2005-B A4   1.576% 6/15/39		7,920,000		7,485,161
•Series 2006-A A5   1.536% 6/15/39		3,870,000		3,668,049
#•SMB Private Education Loan   Trust Series 2016-C A2B 144A   2.259% 9/15/34		3,400,000		3,456,783

	Principal Amount°		Value (U.S. $)
NON-AGENCY ASSET-BACKED SECURITIES (continued)
#•Structured Asset Securities   Mortgage Loan Trust Series   2006-GEL3 A3 144A   1.516% 7/25/36		4,676,606	$	4,561,878
#•TCI-Symphony CLO Series   2016-1A B1 144A   2.718% 10/13/29		2,500,000		2,505,415
Towd Point Mortgage Trust
#•Series 2015-6 A1B 144A   2.75% 4/25/55		556,503		560,819
#•Series 2016-1 A1B 144A   2.75% 2/25/55		400,792		403,779
#•Series 2016-2 A1 144A   3.00% 8/25/55		359,836		364,883
#•Venture VII CDO Series 2006-7A A2 144A 1.396% 1/20/22		3,108,283		3,071,558
#•Venture XXIV CLO Series 2016-24A A1D 144A   2.576% 10/20/28		1,750,000		1,751,822
#•Venture XXVIII CLO Series 2017-28A A2 144A   0.00% 7/20/30		4,040,000		4,006,525
Voya CLO
#•Series 2013-3A A1R 144A   2.208% 1/18/26		2,000,000		2,001,236
#•Series 2014-2A A1R 144A   2.408% 4/17/30		3,000,000		3,005,886
Total Non-Agency Asset-Backed Securities (Cost $76,629,180)				77,293,758
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS–3.26%
•Bear Stearns ALT-A Trust Series 2004-7 2A1 3.422% 8/25/34		2,289,812		2,337,471
#•Galton Funding Mortgage Trust Series 2017-1 A22 144A   3.00% 7/25/56		2,445,437		2,439,705
•Homestar Mortgage Acceptance   Series 2004-3 M1   1.846% 7/25/34		1,367,760		1,298,236
•Merrill Lynch Mortgage   Investors Trust Series 2005-A8   A3A3 1.586% 8/25/36		2,680,325		2,590,798
#•=Mill City Mortgage Loan Trust Series 2017-1 M3 144A   3.25% 11/25/58		5,633,000		5,240,943
#•Mortgage Repurchase   Agreement Financing Trust   Series 2016-4 A1 144A   2.317% 5/10/19		2,740,000		2,740,000
New Residential Mortgage Loan Trust
#•Series 2014-2A A3 144A   3.75% 5/25/54		3,355,360		3,425,039

LVIP Western Asset Core Bond Fund–9

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
New Residential Mortgage Loan Trust (continued)
#•Series 2015-1A A3 144A   3.75% 5/28/52		1,743,890	$	1,790,683
#•Series 2015-2A A1 144A   3.75% 8/25/55		556,775		574,473
#•Series 2016-3A A1B 144A   3.25% 9/25/56		3,598,983		3,658,110
#•Series 2016-3A B1 144A   4.00% 9/25/56		5,216,692		5,512,494
#•Series 2016-4A B2 144A   4.75% 11/25/56		2,475,171		2,543,021
#•=Series 2017-4A A1 144A   4.00% 5/25/57		10,640,000		11,113,448
•¨Opteum Mortgage Acceptance   Asset-Backed Pass-Through   Certificates Series 2005-1 M5   2.416% 2/25/35		1,921,000		1,888,476
•¨Structured Asset Securities   Mortgage Pass-Through   Certificates Series 2004-S3 M1   2.191% 11/25/34		947,429		946,239
Total Non-Agency Collateralized Mortgage Obligations (Cost $47,934,262)				48,099,136
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES–5.43%
CD Mortgage Trust Series   2016-CD1 A4 2.724% 8/10/49		2,560,000		2,481,960
#•CG-BAM Commercial Mortgage   Trust Series 2016-IMC D 144A   6.572% 11/15/21		1,130,000		1,115,696
Chicago Skyscraper Trust
#•Series 2017-SKY B 144A   2.259% 2/15/30		1,380,000		1,382,583
#•Series 2017-SKY C 144A   2.409% 2/15/30		1,380,000		1,383,232
Citigroup Commercial Mortgage Trust
•Series 2013-GC11 XA   1.942% 4/10/46		18,283,191		898,809
#•Series 2013-GC17 D 144A   5.259% 11/10/46		4,500,000		4,289,983
Series 2014-GC25 A4   3.635% 10/10/47		889,000		924,535
Series 2016-P3 A4   3.329% 4/15/49		758,000		772,129
COMM Mortgage Trust
#Series 2013-CR6 AM 144A   3.147% 3/10/46		775,000		781,227

	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		774,000	$	824,505
Series 2014-CR19 A5   3.796% 8/10/47		1,143,000		1,200,219
Series 2014-CR20 A4   3.59% 11/10/47		402,000		416,644
Series 2014-CR20 AM   3.938% 11/10/47		1,580,000		1,647,315
Series 2015-CR23 A4   3.497% 5/10/48		418,000		430,032
•Series 2015-LC19 B 3.829% 2/10/48		870,000		883,130
CSMC Trust
#•Series 2016-BDWN A 144A    4.059% 2/15/29		4,150,000		4,170,750
#•Series 2016-BDWN B 144A     5.659% 2/15/29		2,850,000		2,856,284
#Series 2017-LSTK A 144A     2.761% 4/5/33		1,350,000		1,366,127
DB-JPM Mortgage Trust Series   2016-C1 A4 3.276% 5/10/49		925,000		938,980
#•DB-UBS Mortgage Trust Series   2011-LC1A C 144A   5.871% 11/10/46		948,000		1,035,505
#GRACE Mortgage Trust Series   2014-GRCE A 144A   3.369% 6/10/28		1,986,000		2,062,722
GS Mortgage Securities Trust
#•Series 2010-C1 C 144A     5.635% 8/10/43		437,000		463,071
Series 2014-GC24 A5   3.931% 9/10/47		1,448,000		1,533,066
Series 2015-GC32 A4   3.764% 7/10/48		512,000		537,343
#•Hospitality Mortgage Trust   Series 2017-HIT A 144A   1.939% 5/8/30		1,340,000		1,341,582
#Hudson Yards Mortgage Trust   Series 2016-10HY A 144A   2.835% 8/10/38		4,350,000		4,244,556
JPM-BB Commercial Mortgage Securities Trust Series   2015-C33 A4 3.77% 12/15/48		1,795,000		1,879,194
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4   3.144% 6/15/49		1,704,000		1,710,255
•Series 2017-C5 B   4.009% 3/15/50		4,180,000		4,305,422
•Series 2017-C5 C   4.512% 3/15/50		5,211,000		5,363,269

LVIP Western Asset Core Bond Fund–10

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities
Trust
Series 2013-LC11 B   3.499% 4/15/46		686,000	$	688,073
#•Series 2015-FL7 C 144A   4.009% 5/15/28		1,100,000		1,101,322
Series 2015-JP1 A5   3.914% 1/15/49		1,248,000		1,325,440
•Series 2016-JP3 C   3.623% 8/15/49		1,140,000		1,079,837
•LB-UBS Commercial Mortgage   Trust Series 2006-C6 AJ   5.452% 9/15/39		733,914		638,951
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5   3.741% 8/15/47		717,000		751,193
Series 2015-C23 A4   3.719% 7/15/50		1,618,000		1,694,285
Series 2015-C26 A5   3.531% 10/15/48		1,271,800		1,313,134
Series 2016-C29 A4   3.325% 5/15/49		710,000		721,381
•Morgan Stanley Capital I Trust   Series 2015-MS1 A4   3.779% 5/15/48		1,750,000		1,834,731
#MSCG Trust Series 2016-SNR C   144A 5.205% 11/15/34		1,050,000		1,057,076
#•Rosslyn Portfolio Trust Series   2017-ROSS A 144A   2.109% 6/15/33		1,490,000		1,492,161
#VNDO Trust Series 2016-350P A   144A 3.805% 1/10/35		1,080,000		1,130,662
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5 B   4.142% 10/15/45		474,000		493,485
Series 2015-NXS3 A4   3.617% 9/15/57		645,000		667,603
Series 2016-BNK1 A3   2.652% 8/15/49		3,750,000		3,611,619
•Series 2016-BNK1 XA   1.945% 8/15/49		17,989,847		2,226,946
•Series 2016-C36 XA   1.512% 11/15/59		42,929,917		3,839,592
•Series 2016-C37 C   4.644% 12/15/49		1,220,000		1,236,415
Total Non-Agency Commercial Mortgage-Backed Securities (Cost $82,172,762)				80,144,031

	Principal Amount°		Value (U.S. $)
DREGIONAL BONDS–0.31%
Canada–0.21%
Province of British Columbia Canada   2.25% 6/2/26		1,445,000	$	1,401,036
Province of Manitoba Canada   2.125% 6/22/26		872,000		829,984
Province of Quebec Canada   2.50% 4/20/26		959,000		944,168
				3,175,188
Japan–0.10%
Japan Finance Organization For Municipalities   #144A 2.125% 4/13/21		1,468,000		1,447,097
				1,447,097
Total Regional Bonds (Cost $4,837,337)				4,622,285
DSOVEREIGN BONDS–2.68%
Colombia–0.25%
Colombia Government International Bond
5.00% 6/15/45		630,000		636,930
5.625% 2/26/44		2,770,000		3,041,460
				3,678,390
Indonesia–0.29%
Indonesia Government International Bond
4.625% 4/15/43		950,000		960,807
#144A 4.875% 5/5/21		290,000		312,187
5.125% 1/15/45		2,790,000		2,993,840
				4,266,834
Kuwait–0.13%
#Kuwait International
Government Bond 144A   3.50% 3/20/27		1,930,000		1,975,210
				1,975,210
Mexico–1.18%
Mexico Government International Bond
4.00% 10/2/23		8,000,000		8,387,200
4.75% 3/8/44		8,320,000		8,349,120
5.55% 1/21/45		580,000		651,775
				17,388,095
Peru–0.28%
Peruvian Government International Bond
6.55% 3/14/37		3,080,000		4,064,060
				4,064,060

LVIP Western Asset Core Bond Fund–11

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

	Principal Amount°		Value (U.S. $)
DSOVEREIGN BONDS (continued)
Poland–0.55%
Republic of Poland Government
International Bond 4.00% 1/22/24		7,560,000		$    8,097,758
				8,097,758
Total Sovereign Bonds (Cost $39,617,939)				39,470,347
SUPRANATIONAL BANK–0.03%
FMS Wertmanagement 1.375% 6/8/21		476,000		466,750
Total Supranational Bank (Cost $478,083)				466,750
U.S. TREASURY OBLIGATIONS–27.61%
U.S. Treasury Bonds
2.50% 2/15/46		2,860,000		2,662,706
3.00% 5/15/45		47,650,000		49,111,140
3.00% 2/15/47		16,760,000		17,292,583
3.375% 5/15/44		6,640,000		7,337,067
3.75% 11/15/43		56,470,000		66,394,151
U.S. Treasury Inflation Index Bond 1.00% 2/15/46		11,754,366		11,756,223
U.S. Treasury Inflation Index Notes
0.125% 4/15/21		21,955,002		21,929,490
0.125% 4/15/22		5,731,122		5,706,656
0.125% 7/15/26		13,526,791		13,056,275
0.625% 1/15/26		4,888,178		4,922,248

	Principal Amount°		Value (U.S. $)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes
1.125% 6/30/21		116,261,000	$	113,483,873
1.125% 7/31/21		28,890,000		28,162,665
1.375% 5/31/21		12,230,000		12,061,838
1.875% 1/31/22		1,110,000		1,111,561
2.00% 12/31/21		860,000		866,332
2.00% 5/31/24		12,460,000		12,361,192
2.00% 6/30/24		21,360,000		21,173,933
2.25% 11/15/25		2,150,000		2,150,882
2.375% 5/15/27		8,128,000		8,180,548
3.00% 5/15/47		7,370,000		7,607,366
Total U.S. Treasury Obligations (Cost $408,798,382)				407,328,729
	Number of Shares
MONEY MARKET FUND–17.58%
Dreyfus Treasury & Agency
Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		259,308,115		259,308,115
Total Money Market Fund (Cost $259,308,115)				259,308,115

TOTAL VALUE OF SECURITIES–114.40% (Cost $1,691,086,979)		1,687,577,688
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(14.40%)		(212,392,418	)
NET ASSETS APPLICABLE TO 149,849,419 SHARES OUTSTANDING–100.00%	$	1,475,185,270

# Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2017, the aggregate value of Rule 144A securities was $189,293,432, which represents 12.83% 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, 2017. Interest rates reset periodically.

* Interest only security. An interest only security is the interest only portion of a fixed income security which is sold separately from the principal portion of the security.

¨ 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 value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to Financial Statements.”

° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

LVIP Western Asset Core Bond Fund–12

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

The following futures contracts and swap contracts were outstanding at June 30, 2017:1

Futures Contracts

Contracts to Buy (Sell)			Notional Cost (Proceeds)		Notional Value		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
	Interest Rate Contracts:
	(439)	90 Day IMM Eurodollar		$(108,266,886)		$(108,262,888)		9/19/17		$    3,998		$             —
	(539)	90 Day IMM Eurodollar		(132,834,136)		(132,762,438)		12/19/17		71,698		—
	(106)	90 Day IMM Eurodollar		(26,071,018)		(26,046,850)		9/18/18		24,168		—
	549	90 Day IMM Eurodollar		134,321,622		134,779,500		12/18/18		457,878		—
	(549)	90 Day IMM Eurodollar		(133,878,116)		(134,443,238)		12/17/19		—		(565,122)
	839	U.S. Treasury 2 yr Notes		181,457,979		181,315,766		10/2/17		—		(142,213)
	3,633	U.S. Treasury 5 yr Notes		429,214,309		428,097,961		10/2/17		—		(1,116,348)
	550	U.S. Treasury 10 yr Notes		69,705,697		69,042,188		9/21/17		—		(663,509)
	(497)	U.S. Treasury 10 yr Ultra Notes		(67,016,681)		(67,001,812)		9/21/17		14,869		—
	(545)	U.S. Treasury Long Bonds		(83,595,552)		(83,759,688)		9/21/17		—		(164,136)
	135	U.S. Treasury Ultra Bonds		22,629,040		22,393,125		9/21/17		—		(235,915)
	Total									$572,611		$(2,887,243)

Swap Contracts

CDS Contracts

Counterparty

Swap Referenced Obligation

Notional Amount2

Annual Protection Payments

Termination Date

Upfront Payments Paid (Received)

Unrealized Appreciation

Protection Sold:

GSC

CME-CDX.NA.IG.283

51,300,000

1.00

%

6/20/22

$

897,667

$

49,581

Interest Rate Swap Contracts

Counterparty & Swap Referenced Obligation	Notional Amount2		Fixed Interest Rate Paid (Received)		Floating Interest Rate Paid (Received)		Termination Date		Upfront Payments Paid (Received)			Unrealized Appreciation
CME-GSC 6 yr IRS		56,000,000		1.900%		(1.299%)		11/30/22	$	(2,017,224	)	$	2,284,473
CME-GSC 7 yr IRS		79,104,000		1.267%		(1.299%)		5/15/23		1,593,610			1,774,282
CME-GSC 26 yr IRS		15,800,000		2.467%		(1.299%)		11/15/43		—			347,145
Total									$	(423,614	)	$	4,405,900

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 and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

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

²Notional amount shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

³Markit’s North America Investment Grade Index, or CDX.NA.IG Index, is composed of 125 of the most liquid North America entities with investment grade credit ratings that trade in the CDS market.

LVIP Western Asset Core Bond Fund–13

LVIP Western Asset Core Bond Fund

Schedule of Investments (continued)

Summary of Abbreviations:

BAM–Bank of America

BB–Barclays Bank

CDO–Collateralized Debt Obligation

CDS–Credit Default Swap

CDX.NA.IG–Credit Default Swap North America Investment Grade

CG–Citigroup Global Markets Realty

CLO–Collateralized Loan Obligation

CME–Chicago Mercantile Exchange Inc.

DB–Deutsche Bank

GCM–Greenwhich Capital Management

GNMA–Government National Mortgage Association

GS–Goldman Sachs

GSC–Goldman Sachs Capital

HSBC–Hong Kong Shanghai Bank

IMM–International Monetary Market

IRS–Interest Rate Swap

IT–Information Technology

JPM–JPMorgan

LB–Lehman Brothers

REMIC–Real Estate Mortgage Investment Conduit

S.F.–Single Family

TBA–To be announced

yr–Year

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

LVIP Western Asset Core Bond Fund–14

LVIP Western Asset Core Bond Fund

Statement of Assets and Liabilities

June 30, 2017 (unaudited)

ASSETS:
Investments, at value	$	1,687,577,688
Receivable for securities sold		249,042,883
Dividends and interest receivable		6,917,505
Cash collateral held at broker for certain open derivatives		5,851,073
Unrealized appreciation on interest rate swap contracts		4,405,900
Upfront payments paid on interest rate swap contracts		1,593,610
Upfront payments paid on credit default swap contracts		897,667
Unrealized appreciation on futures contracts		572,611
Swap payments receivable		197,476
Receivable for fund shares sold		157,180
Unrealized appreciation on credit default swap contracts		49,581
TOTAL ASSETS		1,957,263,174
LIABILITIES:
Payable for securities purchased		473,178,700
Unrealized depreciation on futures contracts		2,887,243
Cash due to custodian		2,524,131
Upfront payments received on interest rate swap contracts		2,017,224
Payable for fund shares redeemed		585,258
Due to manager and affiliates		546,480
Swap payments payable		219,640
Other accrued expenses payable		119,228
TOTAL LIABILITIES		482,077,904
TOTAL NET ASSETS	$	1,475,185,270
Investments, at cost	$	1,691,086,979
Standard Class:
Net Assets	$	1,471,630,235
Shares Outstanding		149,487,836
Net Asset Value Per Share.	$	9.844
Service Class:
Net Assets	$	3,555,035
Shares Outstanding		361,583
Net Asset Value Per Share.	$	9.832
COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	1,482,411,513
Undistributed net investment income		12,658,405
Accumulated net realized loss on investments		(18,464,210	)
Net unrealized depreciation of investments and derivatives.		(1,420,438	)
TOTAL NET ASSETS	$	1,475,185,270

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

LVIP Western Asset Core Bond Fund–15

LVIP Western Asset Core Bond Fund

Statement of Operations

Six Months Ended June 30, 2017 (unaudited)

INVESTMENT INCOME:
Interest	$	14,567,846
Dividends		667,248
		15,235,094
EXPENSES:
Management fees		2,841,751
Accounting and administration expenses		156,280
Shareholder servicing fees		66,263
Professional fees.		44,577
Pricing fees		19,601
Trustees’ fees and expenses		16,356
Reports and statements to shareholders		8,716
Custodian fees		4,884
Consulting fees		3,168
Distribution fees-Service Class		292
Other		3,392
Total operating expenses		3,165,280
NET INVESTMENT INCOME		12,069,814
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) from:
Investments		(5,783,662	)
Foreign currencies		(8	)
Futures contracts		449,644
Options purchased		(103,616	)
Options written.		1,663,739
Swap contracts		(318,351	)
Net realized loss		(4,092,254	)
Net change in unrealized appreciation (depreciation) of:
Investments		30,863,190
Futures contracts		(2,005,601	)
Options written.		74,125
Swap contracts		(612,721	)
Net change in unrealized appreciation (depreciation)		28,318,993
NET REALIZED AND UNREALIZED GAIN		24,226,739
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	36,296,553

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

LVIP Western Asset Core Bond Fund

Statements of Changes in Net Assets

	Six Months
	Ended			7/14/16*
	6/30/17			to
	(unaudited)			12/31/16
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	12,069,814		$	7,938,314
Net realized loss		(4,092,254	)		(13,666,964	)
Net change in unrealized appreciation (depreciation)		28,318,993			(29,739,431	)
Net increase (decrease) in net assets resulting from operations		36,296,553			(35,468,081	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Standard Class		—			(8,054,658	)
Service Class		—			(63	)
		—			(8,054,721	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class		531,189,794			1,408,780,954
Service Class		3,760,163			10,000
Reinvestment of dividends and distributions:
Standard Class		—			8,054,658
Service Class		—			63
		534,949,957			1,416,845,675
Cost of shares redeemed:
Standard Class		(262,493,517	)		(206,689,141	)
Service Class		(201,455	)		—
		(262,694,972	)		(206,689,141	)
Increase in net assets derived from capital share transactions .		272,254,985			1,210,156,534
NET INCREASE IN NET ASSETS		308,551,538			1,166,633,732
NET ASSETS:
Beginning of period		1,166,633,732			—
End of period	$	1,475,185,270		$	1,166,633,732
Undistributed net investment income	$	12,658,405		$	588,591

*Date of commencement of operations.

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

LVIP Western Asset Core Bond Fund–16

LVIP Western Asset Core Bond Fund

Financial Highlights

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

		LVIP Western Asset Core Bond Fund Standard Class
	Six Months Ended 6/30/171 (unaudited)			7/14/162 to 12/31/16
Net asset value, beginning of period		$	9.593		$	10.000
Income (loss) from investment operations:
Net investment income3			0.092			0.074
Net realized and unrealized gain (loss)			0.159			(0.406	)
Total from investment operations			0.251			(0.332	)
Less dividends and distributions from:
Net investment income			—			(0.075	)
Total dividends and distributions			—			(0.075	)
Net asset value, end of period		$	9.844		$	9.593
Total return4			2.62%			(3.32%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,471,630		$	1,166,624
Ratio of expenses to average net assets			0.50%			0.50%
Ratio of net investment income to average net assets			1.91%			1.61%
Portfolio turnover.			180%			182%5

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  Excludes the value of securities received or delivered as a result of in-kind subscriptions of the Fund’s capital shares.

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

LVIP Western Asset Core Bond Fund–17

LVIP Western Asset Core Bond Fund

Financial Highlights (continued)

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

	LVIP Western Asset Core Bond Fund Service Class
	Six Months Ended 6/30/171 (unaudited)		7/14/162 to 12/31/16
Net asset value, beginning of period		$  9.593		$   10.000
Income (loss) from investment operations:
Net investment income3		0.082		0.062
Net realized and unrealized gain (loss)		0.157		(0.406	)
Total from investment operations		0.239		(0.344	)
Less dividends and distributions from:
Net investment income		—		(0.063	)
Total dividends and distributions		—		(0.063	)
Net asset value, end of period		$  9.832		$     9.593
Total return4		2.49%		(3.44%)
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$  3,555		$          10
Ratio of expenses to average net assets		0.75%		0.75%
Ratio of net investment income to average net assets		1.66%		1.36%
Portfolio turnover		180%		182%5

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  Excludes the value of securities received or delivered as a result of in-kind subscriptions of the Fund’s capital shares.

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

LVIP Western Asset Core Bond Fund–18

LVIP Western Asset Core Bond Fund

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 Western Asset Core 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 total return, consistent with prudent investment management and liquidity needs.

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 their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. 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 price, 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 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 for the six months ended June 30, 2017 and for the open tax year (year ended December 31, 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 six months ended June 30, 2017, 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 Securities (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 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 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.

LVIP Western Asset Core Bond Fund–19

LVIP Western Asset Core Bond 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. 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, 2017

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 0.45% of the first $2 billion of the average daily net assets of the Fund and 0.35% of the average daily net assets in excess of $2 billion. The fee is calculated daily and paid monthly.

Western Asset 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-Advisor 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. The fees are calculated daily and paid monthly. For the six months ended June 30, 2017, costs for these administrative and legal services were as follows:

Administrative	$	34,841
Legal		8,417

Lincoln Life also provides certain contractholder and additional corporate services to the Fund. Effective May 1, 2017, the Fund pays Lincoln Life a fee for such services at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statement of Operations.

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 fees are calculated daily and paid annually. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $1,000 for the six months ended June 30, 2017.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except that Service Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% of average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% of the average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At June 30, 2017, the Fund had liabilities payable to affiliates as follows:

Expense reimbursement receivable from LIAC	$	512,197
Distribution fees payable to LFD		275
Printing and mailing fees payable to Lincoln Life		1,000
Shareholder servicing fees payable to Lincoln Life		33,008

LVIP Western Asset Core Bond Fund–20

LVIP Western Asset Core Bond 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, 2017, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than U.S. government securities	$	2,088,703,518
Purchases of U.S. government securities		411,563,289
Sales other than U.S. government securities		1,918,370,417
Sales of U.S. government securities		337,423,630

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	1,691,086,979
Aggregate unrealized appreciation	$	10,325,971
Aggregate unrealized depreciation		(13,835,262	)
Net unrealized depreciation	$	(3,509,291	)

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, 2016, the Fund had the following capital loss carryforwards for federal income tax purposes:

Post-Enactment Losses (No Expiration)
Short-Term	Long-Term	Total
$12,692,553	$—	$12,692,553

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 Western Asset Core Bond Fund–21

LVIP Western Asset Core 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, 2017:

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Agency Collateralized Mortgage Obligations	$	—		$	48,239,138	$	—	$	48,239,138
Agency Commercial Mortgage-Backed Securities		—			7,450,236		—		7,450,236
Agency Mortgage-Backed Securities		—			346,579,555		—		346,579,555
Corporate Bonds		—			368,575,608		—		368,575,608
Non-Agency Asset-Backed Securities		—			77,293,758		—		77,293,758
Non-Agency Collateralized Mortgage Obligations		—			31,744,745		16,354,391		48,099,136
Non-Agency Commercial Mortgage-Backed
Securities		—			80,144,031		—		80,144,031
Regional Bonds		—			4,622,285		—		4,622,285
Sovereign Bonds		—			39,470,347		—		39,470,347
Supranational Bank		—			466,750		—		466,750
U.S. Treasury Obligations		—			407,328,729		—		407,328,729
Money Market Fund		259,308,115			—		—		259,308,115
Total Investments	$	259,308,115		$	1,411,915,182	$	16,354,391	$	1,687,577,688
Liabilities:
Derivatives:
Assets:
Futures Contracts	$	572,611		$	—	$	—	$	572,611
Swap Contracts	$	—		$	4,455,481	$	—	$	4,455,481
Liabilities:
Futures Contracts	$	(2,887,243	)	$	—	$	—	$	(2,887,243	)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Non-Agency Collateralized Mortgage Obligations
Balance as of December 31, 2016	$	—
Purchases		16,092,384
Net change in unrealized appreciation (depreciation)		262,007
Balance as of June 30, 2017	$	16,354,391
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of June 30, 2017	$	262,007

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),

LVIP Western Asset Core Bond Fund–22

LVIP Western Asset Core Bond Fund

Notes to Financial Statements (continued)

3. Investments (continued)

(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, 2017.

4. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 6/30/17 (unaudited)			7/14/16* to 12/31/16
Shares sold:
Standard Class		54,916,914			141,829,778
Service Class		380,968			1,000
Shares reinvested:
Standard Class		—			841,042
Service Class		—			7
		55,297,882			142,671,827
Shares redeemed:
Standard Class		(27,039,005	)		(21,060,893	)
Service Class		(20,392	)		—
		(27,059,397	)		(21,060,893	)
Net increase		28,238,485			121,610,934

* 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 contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments in portfolio securities; and to reduce cost. 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.

During the six months ended June 30, 2017, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to facilitate investments in portfolio securities; and to reduce transaction costs.

Options Contracts–During the six months ended June 30, 2017, 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 caused by interest rates or market conditions and foreign currencies; as an efficient

LVIP Western Asset Core Bond Fund–23

LVIP Western Asset Core Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. 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.

During the six months ended June 30, 2017, the Fund entered into options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions; to facilitate investments in portfolio securities; and to receive premiums for writing options.

Transactions in options written during the six months ended June 30, 2017 for the Fund were as follows:

	Number of Contracts			Premium
Call Options
Options outstanding at December 31, 2016		(733	)	$	(208,391	)
Options written		(3,146	)		(1,138,440	)
Options exercised		400			176,348
Options expired		3,479			1,170,483
Options outstanding at June 30, 2017		—		$	—
	Number of Contracts			Premium
Put Options
Options outstanding at December 31, 2016		—		$
Options written		(888	)		(415,044	)
Options expired		888			415,044
Options outstanding at June 30, 2017		—		$	—

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 manage 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.

During the six months ended June 30, 2017, the Fund used interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to 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 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

LVIP Western Asset Core Bond Fund–24

LVIP Western Asset Core Bond Fund

Notes to Financial Statements (continued)

5. Derivatives (continued)

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, 2017, 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, 2017, the notional value of the protection sold was $51,300,000, 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, 2017, net unrealized appreciation of the protection sold was $49,581.

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.

During the six months ended June 30, 2017, the Fund used swap contracts to gain exposure to certain securities or markets.

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, 2017 were as follows:

	Asset Derivatives		Liabilities Derivatives
	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Futures contracts (Interest rate contracts)	Unrealized appreciation on futures contracts	$    572,611	Unrealized depreciation on futures contracts		$(2,887,243)
Swap contracts (Credit contracts)	Unrealized appreciation on credit default swap contracts	49,581	Unrealized depreciation on credit default swap contracts		—
Swap contracts (Interest rate contracts)	Unrealized appreciation on interest rate swap contracts	4,405,900	Unrealized depreciation on interest rate swap contracts		—
Total		$5,028,092			$(2,887,243)

LVIP Western Asset Core Bond Fund–25

LVIP Western Asset Core 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, 2017 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
Futures contracts (Interest rate contracts)	Net realized gain (loss) from futures contracts and net change in unrealized appreciation (depreciation) of futures contracts		$449,644		$(2,005,601)
Options written (Interest rate contracts)	Net realized gain (loss) from options written and net change in unrealized appreciation (depreciation) of options written		1,663,739		74,125
Options purchased (Interest rate contracts)	Net realized gain (loss) from options purchased and net change in unrealized appreciation (depreciation) of options purchased		(103,616	)	—
Swap contracts (Credit contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts		(4,451	)	62,406
Swap contracts (Interest rate contracts)	Net realized gain (loss) from swap contracts and net change in unrealized appreciation (depreciation) of swap contracts		(313,900	)	(675,127)
Total			$1,691,416		$(2,544,197)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund for the six months ended June 30, 2017.

	Long Derivative		Short Derivative
	Volume		Volume
Futures contracts (average notional value)	$	677,776,410	$	469,372,687
Options contracts (average notional value)		28,853		226,595
CDS contracts (average notional value)*		—		3,283,200
Interest rate swap contracts (average notional value)**		—		136,241,600

*Long represents buying protection and short represents selling protection.

**Long represents paying floating interest payments and short represents receiving floating interest payments.

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (“OTC”) derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty 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 asset and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

At June 30, 2017, the Fund had no assets and liabilities subject to 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

LVIP Western Asset Core Bond Fund–26

LVIP Western Asset Core Bond Fund

Notes to Financial Statements (continued)

6. Credit and Market Risk (continued)

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, 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 investment in illiquid securities. Rule 144A 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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Fund’s current financial statement presentation and expects that the Fund will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

9. 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 Western Asset Core Bond Fund–27

Lincoln iShares® Allocation Funds Lincoln iShares® Fixed Income Allocation Fund Lincoln iShares® Global Growth Allocation Fund Lincoln iShares® U.S. Moderate Allocation Fund a series of Lincoln Variable Insurance Products Trust Semiannual Report June 30, 2017

Lincoln iShares^® Allocation Funds

Index

Disclosure of Fund Expenses	1
Security Type/Sector Allocations	2
Statements of Net Assets	3
Statements of Operations	6
Statements of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements	11
Other Fund Information	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 Funds 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.

Lincoln iShares^® Allocation Funds

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2017* to June 30, 2017

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. This 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, 2017* to June 30, 2017.

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 and reimbursements in effect.

Lincoln iShares^® Fixed Income Allocation Fund Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17	Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17
Actual*
Standard Class Shares	$1,000.00		$1,025.00		0.15%		$0.62
Hypothetical (5% return before expenses)**
Standard Class Shares	$1,000.00		$1,024.05		0.15%		$0.75

Lincoln iShares^® Global Growth Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17
Actual*
Standard Class Shares		$1,000.00		$1,064.10		0.21%		$0.89
Hypothetical (5% return before expenses)**
Standard Class Shares		$1,000.00		$1,023.75		0.21%		$1.05

Lincoln iShares^® U.S. Moderate Allocation Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Annualized Expense Ratio		Expenses Paid During Period 1/1/17 to 6/30/17
Actual*
Standard Class Shares		$1,000.00		$1,047.50		0.19%		$0.80
Hypothetical (5% return before expenses)**
Standard Class Shares		$1,000.00		$1,023.85		0.19%		$0.95

* The Fund commenced operations on February 1, 2017. 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 a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 150/365 (to reflect the actual since inception).

** “Expenses Paid During Period” are equal to a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 Exchange-Traded Funds or 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.

Lincoln iShares^® Allocation Funds–1

Lincoln iShares^® Allocation Funds

Security Type/Sector Allocations (unaudited)

As of June 30, 2017

Lincoln iShares^® Fixed Income Allocation Fund

Security Type/Sector	Percentage of Net Assets
Investment Companies		103.80	%
Fixed Income Funds		103.59	%
Money Market Fund		0.21	%
Total Value of Securities		103.80	%
Liabilities Net of Receivables and Other Assets		(3.80	%)
Total Net Assets		100.00	%

Lincoln iShares^® Global Growth Allocation Fund

Security Type/Sector	Percentage of Net Assets
Investment Companies		101.25	%
Equity Funds		45.06	%
Fixed Income Funds		28.11	%
International Equity Funds		27.70	%
Money Market Fund		0.38	%
Total Value of Securities		101.25	%
Liabilities Net of Receivables and Other Assets		(1.25	%)
Total Net Assets		100.00	%

Lincoln iShares^® U.S. Moderate Allocation Fund

Security Type/Sector	Percentage of Net Assets
Investment Companies		100.62	%
Equity Funds		64.93	%
Fixed Income Funds		35.34	%
Money Market Fund		0.35	%
Total Value of Securities		100.62	%
Liabilities Net of Receivables and Other Assets		(0.62	%)
Total Net Assets		100.00	%

Lincoln iShares^® Allocation Funds–2

Lincoln iShares^® Fixed Income Allocation Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–103.80%
Fixed Income Funds–103.59%
iShares 1-3 Year Treasury Bond ETF		57	$	4,816
iShares Core U.S. Aggregate Bond ETF		437		47,856
iShares Core U.S. Credit Bond ETF		126		14,072
iShares Core U.S. Treasury Bond ETF		548		13,842
iShares iBoxx $ High Yield Corporate Bond ETF		35		3,093
iShares iBoxx $ Investment Grade Corporate Bond ETF		68		8,195
iShares MBS ETF		134		14,306
				106,180

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Money Market Fund–0.21%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		209	$	209
				209
Total Investment Companies (Cost $104,763)				106,389

TOTAL VALUE OF SECURITIES–103.80% (Cost $104,763)		106,389
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(3.80%)		(3,891	)
NET ASSETS APPLICABLE TO 10,000 SHARES OUTSTANDING–100.00%.	$	102,498

    NET ASSET VALUE PER SHARE–LINCOLN iSHARES^® FIXED INCOME ALLOCATION FUND STANDARD CLASS ($102,498 / 10,000 Shares) $10.250

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	100,000
Undistributed net investment income		811
Accumulated net realized gain on investments.		61
Net unrealized appreciation of investments		1,626
TOTAL NET ASSETS	$	102,498

« Includes $4,465 expense reimbursement receivable from manager and $51 payable to manager and affiliates as of June 30, 2017.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MBS–Mortgage-Backed Security

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

Lincoln iShares^® Allocation Funds–3

Lincoln iShares^® Global Growth Allocation Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–101.25%
Equity Funds–45.06%
iShares Core S&P 500 ETF		217	$	52,820
iShares Core S&P Mid-Cap ETF		62		10,785
iShares Core S&P Small-Cap ETF		132		9,255
iShares Edge MSCI Min Vol USA ETF		394		19,278
iShares Edge MSCI USA Momentum Factor ETF		12		1,067
				93,205
Fixed Income Funds–28.11%
iShares Core U.S. Aggregate Bond ETF		291		31,867
iShares Core U.S. Credit Bond ETF		114		12,732
iShares Core U.S. Treasury Bond ETF		169		4,269
iShares iBoxx $ High Yield Corporate Bond ETF		35		3,094
iShares iBoxx $ Investment Grade Corporate Bond ETF		16		1,928
iShares MBS ETF		40		4,270
				58,160

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
International Equity Funds–27.70%
iShares Core MSCI EAFE ETF		707	$	43,049
iShares Core MSCI Emerging Markets ETF		285		14,261
				57,310
Money Market Fund–0.38%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		784		784
				784
Total Investment Companies (Cost $204,183)				209,459

TOTAL VALUE OF SECURITIES–101.25% (Cost $204,183)		209,459
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(1.25%)		(2,585	)
NET ASSETS APPLICABLE TO 19,442 SHARES OUTSTANDING–100.00%.	$	206,874

    NET ASSET VALUE PER SHARE–LINCOLN iSHARES^® GLOBAL GROWTH ALLOCATION FUND STANDARD CLASS
($206,874 / 19,442 Shares) $10.641

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	199,938
Undistributed net investment income		1,626
Accumulated net realized gain on investments		34
Net unrealized appreciation of investments		5,276
TOTAL NET ASSETS	$	206,874

« Includes $393 payable for securities purchased, $6,514 expense reimbursement receivable from manager, and $72 due to manager and affiliates as of June 30, 2017.

Summary of Abbreviations:

EAFE–Europe Australasia Far East

ETF–Exchange-Traded Fund

MBS–Mortgage-Backed Securities

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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

Lincoln iShares^® Allocation Funds–4

Lincoln iShares^® U.S. Moderate Allocation Fund

Statement of Net Assets

June 30, 2017 (unaudited)

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES–100.62%
Equity Funds–64.93%
iShares Core S&P 500 ETF		1,432	$	348,563
iShares Core S&P Mid-Cap ETF		609		105,936
iShares Core S&P Small-Cap ETF		295		20,682
iShares Edge MSCI Min Vol USA ETF		1,455		71,193
iShares Edge MSCI USA Momentum Factor ETF		116		10,311
				556,685
Fixed Income Funds–35.34%
iShares 1-3 Year Treasury Bond ETF		127		10,730
iShares Core U.S. Aggregate Bond ETF		1,575		172,478
iShares Core U.S. Credit Bond ETF		289		32,276
iShares Core U.S. Treasury Bond ETF		1,171		29,579
iShares iBoxx $ High Yield Corporate Bond ETF		195		17,236

	Number of Shares		Value (U.S. $)
INVESTMENT COMPANIES (continued)
Fixed Income Funds (continued)
iShares iBoxx $ Investment Grade Corporate Bond ETF		105	$	12,654
iShares MBS ETF		263		28,078
				303,031
Money Market Fund–0.35%
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares (seven-day effective yield 0.86%)		3,029		3,029
				3,029
Total Investment Companies (Cost $858,014)				862,745

TOTAL VALUE OF SECURITIES–100.62% (Cost $858,014)		862,745
«LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.62%)		(5,325	)
NET ASSETS APPLICABLE TO 81,854 SHARES OUTSTANDING–100.00%.	$	857,420

    NET ASSET VALUE PER SHARE–LINCOLN iSHARES^® U.S. MODERATE ALLOCATION FUND STANDARD CLASS
($857,420 / 81,854 Shares) $ 10.475

COMPONENTS OF NET ASSETS AT JUNE 30, 2017:
Shares of beneficial interest (unlimited authorization–no par)	$	849,567
Undistributed net investment income		3,199
Accumulated net realized loss on investments		(77	)
Net unrealized appreciation of investments		4,731
TOTAL NET ASSETS	$	857,420

« Includes $1,399 payable for securities purchased, $31 payable for fund shares redeemed, $4,469 expense reimbursement receivable from manager, and $112 due to manager and affiliates as of June 30, 2017.

Summary of Abbreviations:

ETF–Exchange-Traded Fund

MBS–Mortgage-Backed Security

MSCI–Morgan Stanley Capital International

S&P–Standard & Poor’s

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

Lincoln iShares^® Allocation Funds–5

Lincoln iShares^® Allocation Funds

Statements of Operations

February 1, 2017* to June 30, 2017 (unaudited)

	Lincoln iShares® Fixed Income Allocation Fund			Lincoln iShares® Global Growth Allocation Fund			Lincoln iShares® U.S. Moderate Allocation Fund
INVESTMENT INCOME:
Dividends	$	873		$	1,736		$	3,383
EXPENSES:
Accounting and administration expenses		12,500			12,500			12,500
Professional fees		8,764			10,660			8,765
Reports and statements to shareholders		2,312			2,805			2,332
Custodian fees		380			381			384
Management fees		104			127			238
Pricing fees		11			17			16
Shareholder servicing fees		5			8			21
Other		356			505			360
		24,432			27,003			24,616
Less:
Management fees waived		(83	)		(61	)		(143	)
Expenses reimbursed		(24,287	)		(26,832	)		(24,289	)
Total operating expenses		62			110			184
NET INVESTMENT INCOME		811			1,626			3,199
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments		61			34			(77	)
Net change in unrealized appreciation (depreciation)		1,626			5,276			4,731
NET REALIZED AND UNREALIZED GAIN		1,687			5,310			4,654
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,498		$	6,936		$	7,853

*Date of commencement of operations.

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

Lincoln iShares^® Allocation Funds–6

Lincoln iShares^® Allocation Funds

Statements of Changes in Net Assets

February 1, 2017* to June 30, 2017 (unaudited)

	Lincoln iShares® Fixed Income Allocation Fund		Lincoln iShares® Global Growth Allocation Fund			Lincoln iShares® U.S. Moderate Allocation Fund
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income.	$	811	$	1,626		$	3,199
Net realized gain (loss)		61		34			(77	)
Net change in unrealized appreciation (depreciation)		1,626		5,276			4,731
Net increase in net assets resulting from operations		2,498		6,936			7,853
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Standard Class.		100,000		200,000			853,929
Cost of shares redeemed:
Standard Class.		—		(62	)		(4,362	)
Increase in net assets derived from capital share transactions		100,000		199,938			849,567
NET INCREASE IN NET ASSETS		102,498		206,874			857,420
NET ASSETS:
Beginning of period		—		—			—
End of period.	$	102,498	$	206,874		$	857,420
Undistributed net investment income	$	811	$	1,626		$	3,199

*Date of commencement of operations.

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

Lincoln iShares^® Allocation Funds–7

Lincoln iShares^® Fixed Income Allocation Fund

Financial Highlights

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

Lincoln iShares^®
Fixed Income
Allocation Fund
Standard Class
2/1/17¹
to
6/30/17
(unaudited)

Net asset value, beginning of period	$10.000
Income from investment operations:
Net investment income2	0.081
Net realized and unrealized gain	0.169
Total from investment operations	0.250
Net asset value, end of period	$10.250
Total return3	2.50	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$     102
Ratio of expenses to average net assets4	0.15	%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4	58.63	%
Ratio of net investment income to average net assets	1.95	%
Ratio of net investment loss to average net assets prior to expenses waived/reimbursed	(56.53	%)
Portfolio turnover	6	%

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 and expenses reimbursed by the manager. Performance would have been lower had the waiver and expense reimbursement 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.

Lincoln iShares^® Allocation Funds–8

Lincoln iShares^® Global Growth Allocation Fund

Financial Highlights

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

Lincoln iShares^®
Global Growth
Allocation Fund
Standard Class
2/1/17¹
to
6/30/17
(unaudited)

Net asset value, beginning of period	$10.000
Income from investment operations:
Net investment income2	0.136
Net realized and unrealized gain	0.505
Total from investment operations	0.641
Net asset value, end of period	$10.641
Total return3	6.41	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$     207
Ratio of expenses to average net assets4	0.21	%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4	52.72	%
Ratio of net investment income to average net assets.	3.17	%
Ratio of net investment loss to average net assets prior to expenses waived/reimbursed	(49.34	%)
Portfolio turnover	6	%

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 and expenses reimbursed by the manager. Performance would have been lower had the waiver and expense reimbursement 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.

Lincoln iShares^® Allocation Funds–9

Lincoln iShares^® U.S. Moderate Allocation Fund

Financial Highlights

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

Lincoln iShares^®
U.S. Moderate
Allocation Fund
Standard Class
2/1/17¹
to
6/30/17
(unaudited)

Net asset value, beginning of period	$	10.000
Income from investment operations:
Net investment income2		0.140
Net realized and unrealized gain		0.335
Total from investment operations		0.475
Net asset value, end of period	$	10.475
Total return3		4.75	%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	857
Ratio of expenses to average net assets4		0.19	%
Ratio of expenses to average net assets prior to expenses waived/reimbursed4		25.28	%
Ratio of net investment income to average net assets		3.29	%
Ratio of net investment loss to average net assets prior to expenses waived/reimbursed		(21.80	%)
Portfolio turnover		11	%

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 and expenses reimbursed by the manager. Performance would have been lower had the waiver and expense reimbursement 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.

Lincoln iShares^® Allocation Funds–10

Lincoln iShares^® Allocation Funds

Notes to Financial Statements

June 30, 2017 (unaudited)

Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 92 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 Lincoln iShares^® Fixed Income Allocation Fund, Lincoln iShares^® Global Growth Allocation Fund and Lincoln iShares^® U.S. Moderate 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. 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.

Each Fund operates under a fund of funds structure and invests substantially all of its assets in Exchange-Traded Funds (“ETFs”) or financial instruments that provide exposure to such underlying ETFs or other investment companies (collectively, the “Underlying Funds”). The Underlying Funds invest in U.S. and foreign stocks, bonds and money market instruments. The underlying ETFs will primarily be BlackRock iShares ETFs.

Financial statements for the Underlying Funds can be found at http://www.sec.gov.

The investment objective of the Lincoln iShares^® Fixed Income Allocation Fund is to maximize total return, consistent with prudent investment management and liquidity needs.

The investment objective of the Lincoln iShares^® Global Growth Allocation Fund and the Lincoln iShares^® U.S. Moderate Allocation 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, 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 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 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. Investments in government money market funds have a stable NAV. 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 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 to be taken on each Fund’s federal income tax return through the period ended June 30, 2017, 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 period February 1, 2017* through June 30, 2017, 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.

Lincoln iShares^® Allocation Funds–11

Lincoln iShares^® 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 period February 1, 2017* through June 30, 2017.

* 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 Funds’ investment portfolios, including monitoring of the Funds’ investment sub-adviser, 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 each Fund. This fee is calculated daily and paid monthly. 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 for each Fund. The agreements will continue at least through April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Trust’s Board of Trustees (the “Board”) and LIAC. The waiver amounts as a percentage of each Fund’s average daily net assets are as follows:

Lincoln iShares® Fixed Income Allocation Fund	Lincoln iShares® Global Growth Allocation Fund	Lincoln iShares® U.S. Moderate Allocation Fund
0.20%	0.12%	0.15%

LIAC has also contractually agreed to reimburse each Fund to the extent that the Fund’s annual operating expenses (excluding Underlying Fund fees and expenses) exceed certain expense limits. The agreements will continue through at least April 30, 2018, and cannot be terminated before that date without the mutual agreement of the Board and LIAC. The expense limits as a percentage of each Fund’s average daily net assets are as follows:

Lincoln iShares® Fixed Income Allocation Fund	Lincoln iShares® Global Growth Allocation Fund	Lincoln iShares® U.S. Moderate Allocation Fund
0.15%	0.20%1	0.19%2

¹Prior to May 1, 2017, the expense limit as a percentage of Lincoln iShares^® Global Growth Allocation Fund was 0.23%.

²Prior to May 1, 2017, the expense limit as a percentage of Lincoln iShares^® U.S. Moderate Allocation Fund was 0.20%.

BlackRock Investment Management LLC (“BlackRock”) is responsible for the day-to-day management of each Fund’s investment portfolio. For these services, LIAC, not the Funds, pay BlackRock a fee based on the Fund’s average daily net assets.

Lincoln Life also provides certain contractholder and additional corporate services to the Funds. Effective May 1, 2017, the Funds pay Lincoln Life a fee for such services at an annual rate of 0.029% of each Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholder servicing fees” on the Statements of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Funds. The cost of these services is included in “Reports and statements to shareholders” on the Statements of Operations. The fees are calculated daily and paid annually. The Funds reimburse Lincoln Life for the cost of these services. For the period February 1, 2017* through June 30, 2017, these fees were as follows:

	Lincoln iShares® Fixed Income Allocation Fund		Lincoln iShares® Global Growth Allocation Fund		Lincoln iShares® U.S. Moderate Allocation Fund
Printing and mailing fees		$45		$45		$45

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 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.

Lincoln iShares^® Allocation Funds–12

Lincoln iShares^® Allocation Funds

Notes to Financial Statements (continued)

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

At June 30, 2017, the Funds had expense reimbursement receivable from and liabilities payable to affiliates as follows:

	Lincoln iShares® Fixed Income Allocation Fund		Lincoln iShares® Global Growth Allocation Fund		Lincoln iShares® U.S. Moderate Allocation Fund
Expense reimbursement receivable from LIAC		$4,465		$6,514		$4,469
Management fees payable to LIAC		4		22		52
Shareholder servicing fees payable to Lincoln Life		2		5		15
Printing and mailing fees payable to Lincoln Life		45		45		45

Certain officers and trustees of the Funds 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, 2017, Lincoln Life directly owned 100.00% of Lincoln iShares^® Fixed Income Allocation Fund and 51.44% of Lincoln iShares^® Global Growth Allocation Fund.

* Date of commencement of operations.

3. Investments

For the period February 1, 2017* through June 30, 2017, the Funds made purchases and sales of investment securities other than short-term investments as follows:

	Lincoln iShares® Fixed Income Allocation Fund		Lincoln iShares® Global Growth Allocation Fund		Lincoln iShares® U.S. Moderate Allocation Fund
Purchases		$110,554		$224,915		$871,244
Sales		6,061		21,549		16,182

At June 30, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	Lincoln iShares® Fixed Income Allocation Fund		Lincoln iShares® Global Growth Allocation Fund		Lincoln iShares® U.S. Moderate Allocation Fund
Cost of investments		$104,763		$204,183		$858,014
Aggregate unrealized appreciation		$    1,626		$    5,276		$    4,861
Aggregate unrealized depreciation		—		—		(130)
Net unrealized appreciation		$    1,626		$    5,276		$    4,731

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)

Lincoln iShares^® Allocation Funds–13

Lincoln iShares^® Allocation Funds

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, 2017:

Level 1	Lincoln iShares® Fixed Income Allocation Fund		Lincoln iShares® Global Growth Allocation Fund		Lincoln iShares® U.S. Moderate Allocation Fund
Investments:
Assets:
Investment Companies		$106,389		$209,459		$862,745

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

During the period February 1, 2017* through June 30, 2017, 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 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:

	Lincoln iShares® Fixed Income Allocation Fund		Lincoln iShares® Global Growth Allocation Fund		Lincoln iShares® U.S. Moderate Allocation Fund
	2/1/17* to 6/30/17		2/1/17* to 6/30/17		2/1/17* to 6/30/17
Shares sold:
Standard Class		10,000		19,448		82,269
Shares redeemed:
Standard Class		—		(6)		(415)
Net increase		10,000		19,442		81,854

* Date of commencement of operations.

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. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although it is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are materially consistent with the Funds’ current financial statement presentation and expects that the Funds will comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

7. Subsequent Events

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

Lincoln iShares^® Allocation Funds–14

Lincoln iShares^® Allocation Funds

Other Fund Information (unaudited)

Approval of Investment Management and Subadvisory Agreements

On June 6 and September 12-13, 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 agreement with BlackRock Investment Management LLC (“BlackRock”) (collectively, with the investment management agreement, the “Advisory Agreements”) for three new 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, Lincoln National Life Insurance Company (“Lincoln Life”) and BlackRock 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 and BlackRock provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including an in-person presentation by representatives of BlackRock, information comparing the management fee and estimated operating expense ratio of each 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. After reviewing the information received, the Independent Trustees requested supplemental information and LIAC 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 employees of Lincoln Life, LIAC and BlackRock to consider the approval of the Advisory Agreements.

Based upon its review, the Board concluded that it was in the best interests of each 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 each 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. 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 each 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 Funds had not commenced operations.

Management Fee. The Board reviewed each Fund’s investment management fee and estimated expense ratio and reviewed information comparing the investment management fee and expense ratio to those of a US Insurance Fund peer group for each Fund provided by LIAC based on information from Morningstar.

The Board noted that the investment management fee for each Fund was below the median investment management fee of its respective peer group. The Board also considered that each Fund’s estimated operating expense ratio for standard class shares giving effect to the proposed advisory fee waiver and expense limitation 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 sub-adviser oversight, the Board concluded that each 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 Funds had not commenced operations and that LIAC proposed an advisory fee waiver for each Fund and an expense limitation for each Fund‘s standard class shares through April 30, 2018 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 each Fund and concluded that the estimated profitability of LIAC in connection with the management of the each Fund was not unreasonable.

Fallout Benefits. Because of its relationship with the Funds, 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 serves as the administrator for the Funds for which it is separately reimbursed. The Board also noted that Lincoln Life and its affiliated insurance companies (“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.

Lincoln iShares^® Allocation Funds–15

Lincoln iShares^® Allocation Funds

Other Fund Information (unaudited) (continued)

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 each 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. The Board reviewed the services to be provided by BlackRock, BlackRock’s expertise 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 Funds had not commenced operations.

Sub-Advisory Fee and Economies of Scale. The Board reviewed the proposed sub-advisory fee schedule and 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 subadvisory 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 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, may increase analyst coverage and sales of BlackRock proprietary funds and that research may be obtained with soft dollars, which may be used to manage other accounts.

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for each Fund are fair and reasonable, and that approval of the Advisory Agreements is in the best interests of each Fund.

Lincoln iShares^® Allocation Funds–16

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                                 8/21/17                                                                                                                  

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                                 8/21/17                                                                                                                  

By (Signature and Title)*             /s/ William P. Flory, Jr.                                                                                 

            William P. Flory, Jr., Chief Accounting Officer

            (principal financial officer)

Date                                 8/21/17                                                                                                                       

^*  Print the name and title of each signing officer under his or her signature.