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LVIP SSGA S&P 500 Index Funda series of Lincoln VariableInsurance Products Trust

Semiannual ReportJune 30, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of theFund’s shareholder reports from the insurance company that offers your contract by mail, unless you specifically request paper copies of the reports from yourinsurance company. Instead, the reports will be made available on a website, and the insurance company will notify you by mail each time a report is posted andprovided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect toreceive shareholder reports and other communications from the insurance company electronically by providing the instructions provided by your insurancecompany.

You may elect to receive all future reports in paper free of charge from your insurance company. You can inform the insurance company that you wish to continuereceiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds available under your contract.

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

Other Fund Information 20

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quartersof the fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available without charge on theCommission’s website at http://www.sec.gov. You may also request a copy by calling 1-800-4LINCOLN (454-6265). For a free copy of theFund’s proxy voting procedures and information regarding how the Fund voted proxies relating to portfolio securities during the mostrecent 12-month period ended June 30, please call 1-800-4LINCOLN (454-6265) or visit the Securities and Exchange Commission’swebsite at http://www.sec.gov.

http://www.sec.gov

http://www.sec.gov

The Fund sells its shares directly or indirectly to The LincolnNational Life Insurance Company (“Lincoln Life”) and Lincoln Life& Annuity Company of New York (“LNY”). Lincoln Life and LNY holdthe Fund’s shares in separate accounts that support various variableannuity contracts and variable life insurance contracts. Insurancecompany separate account beneficial owners incur ongoing costssuch as the separate account’s cost of owning shares of the Fund. Theongoing Fund costs incurred by beneficial owners are included in theExpense Analysis table. The Expense Analysis table does not includeother costs incurred by beneficial owners, such as insurancecompany separate account fees and variable annuity or variable lifecontract charges.

As a Fund shareholder, you incur ongoing costs, includingmanagement fees; distribution and/or service (“12b-1”) fees; andother Fund expenses. Shareholders of other funds may also incurtransaction costs, including sales charges (loads) on purchasepayments, reinvested dividends or other distributions, redemptionfees, and exchange fees. This Expense Analysis is intended to helpyou understand your ongoing costs (in dollars) of investing in theFund and to compare these costs with the ongoing costs of investingin other mutual funds.

The Expense Analysis is based on an investment of $1,000 invested atthe beginning of the period and held for the entire period fromJanuary 1, 2020 to June 30, 2020.

Actual ExpensesThe first section of the table, “Actual”, provides information aboutactual account values and actual expenses. You may use theinformation in this section of the table, together with the amount youinvested, to estimate the expenses that you paid over the period.Simply divide your account value by $1,000 (for example, an $8,600account value divided by $1,000 = 8.6), then multiply the result bythe number in the first section under the heading entitled “ExpensesPaid During Period” to estimate the expenses you paid on youraccount during the period.

Hypothetical Example for Comparison PurposesThe second section of the table, “Hypothetical”, providesinformation about hypothetical account values and hypotheticalexpenses based on the Fund’s actual expense ratio and an assumedrate of return of 5% per year before expenses, which is not the Fund’sactual return. The hypothetical account values and expenses cannotbe used to estimate the actual ending account balance or expensesyou paid for the period. You can use this information to compare theongoing costs of investing in the Fund and other funds. To do so,compare this 5% hypothetical example with the 5% hypotheticalexamples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant tohighlight your ongoing costs only. The Fund does not chargetransaction fees, such as sales charges (loads), redemption fees, orexchange fees. Therefore, the second section of the table is useful incomparing ongoing costs only, and will not help you determine therelative total costs of owning different funds. The Fund’s expensesshown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

BeginningAccount

Value1/1/20

EndingAccount

Value6/30/20

AnnualizedExpense

Ratio

ExpensesPaid

DuringPeriod

1/1/20 to6/30/20*

ActualStandard Class Shares $1,000.00 $967.10 0.23% $1.12Service Class Shares 1,000.00 965.90 0.48% 2.35

Hypothetical (5% return before expenses)Standard Class Shares $1,000.00 $1,023.70 0.23% $1.16Service Class Shares 1,000.00 1,022.50 0.48% 2.41

* �Expenses Paid During Period� are equal to the Fund’s annualized expenseratio, multiplied by the average account value over the period, multiplied by182/366 (to reflect the one-half year period).


DisclosureOF FUND EXPENSES (unaudited)

For the Period January 1, 2020 to June 30, 2020

LVIP SSGA S&P 500 Index Fund–1

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

Security Type/SectorPercentage

of Net Assets

Common Stock 99.33%

Aerospace & Defense 1.75%Air Freight & Logistics 0.52%Airlines 0.20%Auto Components 0.10%Automobiles 0.22%Banks 3.62%Beverages 1.67%Biotechnology 2.45%Building Products 0.40%Capital Markets 2.68%Chemicals 1.76%Commercial Services & Supplies 0.40%Communications Equipment 0.96%Construction & Engineering 0.06%Construction Materials 0.11%Consumer Finance 0.46%Containers & Packaging 0.33%Distributors 0.08%Diversified Consumer Services 0.01%Diversified Financial Services 1.34%Diversified Telecommunication Services 1.75%Electric Utilities 1.89%Electrical Equipment 0.45%Electronic Equipment, Instruments & Components 0.53%Energy Equipment & Services 0.21%Entertainment 2.01%Equity Real Estate Investment Trusts 2.76%Food & Staples Retailing 1.52%Food Products 1.12%Gas Utilities 0.05%Health Care Equipment & Supplies 3.77%Health Care Providers & Services 2.81%Health Care Technology 0.08%Hotels, Restaurants & Leisure 1.53%Household Durables 0.36%Household Products 1.76%Independent Power and Renewable Electricity

Producers 0.04%Industrial Conglomerates 1.13%Insurance 1.92%Interactive Media & Services 5.46%Internet & Direct Marketing Retail 4.91%IT Services 5.69%Leisure Products 0.04%Life Sciences Tools & Services 1.17%Machinery 1.48%

Security Type/SectorPercentage

of Net Assets

Media 1.25%Metals & Mining 0.31%Multiline Retail 0.52%Multi-Utilities 0.97%Oil, Gas & Consumable Fuels 2.59%Personal Products 0.17%Pharmaceuticals 4.26%Professional Services 0.35%Real Estate Management & Development 0.06%Road & Rail 0.98%Semiconductors & Semiconductor Equipment 4.76%Software 9.30%Specialty Retail 2.37%Technology Hardware, Storage & Peripherals 6.05%Textiles, Apparel & Luxury Goods 0.62%Tobacco 0.71%Trading Companies & Distributors 0.19%Water Utilities 0.09%Wireless Telecommunication Services 0.22%

Rights 0.00%

Money Market Fund 0.62%

Total Investments 99.95%

Receivables and Other Assets Net of Liabilities 0.05%

Total Net Assets 100.00%

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

Top 10 Equity HoldingsPercentage

of Net Assets

Microsoft 5.98%Apple 5.76%Amazon.com 4.48%Alphabet Class A & Class C 3.25%Facebook Class A 2.12%Johnson & Johnson 1.44%Berkshire Hathaway Class B 1.34%Visa Class A 1.26%Procter & Gamble 1.15%JPMorgan Chase & Co. 1.11%

Total 27.89%

IT–Information Technology


Security Type/Sector Allocation and Top 10 Equity Holdings(unaudited)As of June 30, 2020


Number ofShares

Value(U.S. $)

COMMON STOCK–99.33%Aerospace & Defense–1.75%

†Boeing . . . . . . . . . . . . . . . . . . 184,689 $ 33,853,494General Dynamics . . . . . . . . 81,480 12,178,001

†Howmet Aerospace . . . . . . . 136,660 2,166,061Huntington Ingalls

Industries . . . . . . . . . . . . . . 14,400 2,512,656L3Harris Technologies . . . . . 73,806 12,522,664Lockheed Martin . . . . . . . . . 84,702 30,909,454Northrop Grumman . . . . . . . 53,733 16,519,673Raytheon Technologies . . . . 504,271 31,073,179

†Teledyne Technologies. . . . . 12,300 3,824,685Textron . . . . . . . . . . . . . . . . . 78,822 2,594,032TransDigm Group . . . . . . . . . 17,400 7,691,670

155,845,569

Air Freight & Logistics–0.52%CH Robinson Worldwide . . . 47,827 3,781,203Expeditors International of

Washington . . . . . . . . . . . . . 57,676 4,385,683FedEx. . . . . . . . . . . . . . . . . . . 83,303 11,680,747United Parcel Service

Class B. . . . . . . . . . . . . . . . . 240,524 26,741,45846,589,091

Airlines–0.20%†Alaska Air Group . . . . . . . . . 39,500 1,432,270†American Airlines Group. . . 134,800 1,761,836†Delta Air Lines . . . . . . . . . . . 197,200 5,531,460†Southwest Airlines . . . . . . . . 182,081 6,223,529†United Airlines Holdings . . . 75,200 2,602,672

17,551,767

Auto Components–0.10%Aptiv . . . . . . . . . . . . . . . . . . . 86,624 6,749,742BorgWarner . . . . . . . . . . . . . . 69,198 2,442,689

9,192,431

Automobiles–0.22%†Ford Motor . . . . . . . . . . . . . . 1,336,302 8,124,716†General Motors. . . . . . . . . . . 437,306 11,063,842

19,188,558

Banks–3.62%Bank of America. . . . . . . . . . 2,683,101 63,723,649Citigroup . . . . . . . . . . . . . . . . 714,662 36,519,228Citizens Financial Group. . . 151,300 3,818,812Comerica . . . . . . . . . . . . . . . . 46,952 1,788,871Fifth Third Bancorp . . . . . . . 241,867 4,663,196First Republic Bank . . . . . . . 59,000 6,253,410Huntington Bancshares . . . . 350,920 3,170,562JPMorgan Chase & Co. . . . . 1,047,560 98,533,493KeyCorp. . . . . . . . . . . . . . . . . 334,794 4,077,791M&T Bank . . . . . . . . . . . . . . . 45,785 4,760,266People’s United Financial . . 155,317 1,797,018PNC Financial Services

Group. . . . . . . . . . . . . . . . . . 145,146 15,270,811

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Banks (continued)Regions Financial. . . . . . . . . 333,414 $ 3,707,564

†SVB Financial Group . . . . . . 17,700 3,814,881Truist Financial . . . . . . . . . . 459,742 17,263,312US Bancorp . . . . . . . . . . . . . . 469,356 17,281,688Wells Fargo & Co. . . . . . . . . . 1,280,582 32,782,899Zions Bancorp. . . . . . . . . . . . 55,242 1,878,228

321,105,679

Beverages–1.67%Brown-Forman Class B . . . . 62,850 4,001,031Coca-Cola . . . . . . . . . . . . . . . 1,326,297 59,258,950Constellation Brands

Class A. . . . . . . . . . . . . . . . . 58,335 10,205,708†Molson Coors Beverage

Class B. . . . . . . . . . . . . . . . . 66,717 2,292,396†Monster Beverage . . . . . . . . 131,651 9,126,047PepsiCo . . . . . . . . . . . . . . . . . 479,675 63,441,816

148,325,948

Biotechnology–2.45%AbbVie . . . . . . . . . . . . . . . . . . 606,349 59,531,345

†Alexion Pharmaceuticals. . . 76,005 8,530,801Amgen . . . . . . . . . . . . . . . . . . 202,057 47,657,164

†Biogen . . . . . . . . . . . . . . . . . . 55,849 14,942,400Gilead Sciences . . . . . . . . . . 430,249 33,103,358

†Incyte. . . . . . . . . . . . . . . . . . . 61,300 6,373,361†Regeneron

Pharmaceuticals . . . . . . . . 34,962 21,804,051†Vertex Pharmaceuticals. . . . 88,200 25,605,342

217,547,822

Building Products–0.40%Allegion . . . . . . . . . . . . . . . . . 32,125 3,283,818AO Smith . . . . . . . . . . . . . . . . 46,500 2,191,080Carrier Global. . . . . . . . . . . . 282,761 6,282,949Fortune Brands Home &

Security . . . . . . . . . . . . . . . . 49,400 3,158,142Johnson Controls

International . . . . . . . . . . . 253,389 8,650,700Masco. . . . . . . . . . . . . . . . . . . 88,921 4,464,723Trane Technologies . . . . . . . 83,575 7,436,504

35,467,916

Capital Markets–2.68%Ameriprise Financial . . . . . . 41,482 6,223,959Bank of New York Mellon . . 275,003 10,628,866BlackRock . . . . . . . . . . . . . . . 52,391 28,505,419Cboe Global Markets . . . . . . 38,300 3,572,624Charles Schwab . . . . . . . . . . 397,225 13,402,371CME Group . . . . . . . . . . . . . . 122,953 19,984,781E*TRADE Financial . . . . . . . 78,043 3,881,078Franklin Resources . . . . . . . 92,056 1,930,414Goldman Sachs Group . . . . . 106,086 20,964,715Intercontinental Exchange . 190,830 17,480,028Invesco . . . . . . . . . . . . . . . . . 132,339 1,423,968

LVIP SSGA S&P 500 Index FundStatement of Net AssetsJune 30, 2020 (unaudited)


Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Capital Markets (continued)MarketAxess Holdings . . . . . 13,300 $ 6,662,236Moody’s . . . . . . . . . . . . . . . . . 56,442 15,506,311Morgan Stanley. . . . . . . . . . . 410,220 19,813,626MSCI . . . . . . . . . . . . . . . . . . . 29,500 9,847,690Nasdaq. . . . . . . . . . . . . . . . . . 39,677 4,740,211Northern Trust . . . . . . . . . . . 72,784 5,774,683Raymond James Financial . 42,000 2,890,860S&P Global . . . . . . . . . . . . . . 82,579 27,208,129State Street. . . . . . . . . . . . . . 124,890 7,936,760T. Rowe Price Group. . . . . . . 80,635 9,958,423

238,337,152

Chemicals–1.76%Air Products & Chemicals . . 75,599 18,254,135Albemarle . . . . . . . . . . . . . . . 34,300 2,648,303Celanese . . . . . . . . . . . . . . . . 41,800 3,609,012CF Industries Holdings . . . . 75,490 2,124,289

†Corteva . . . . . . . . . . . . . . . . . 256,827 6,880,395†Dow . . . . . . . . . . . . . . . . . . . . 255,927 10,431,584DuPont de Nemours . . . . . . . 255,927 13,597,401Eastman Chemical . . . . . . . . 44,727 3,114,788Ecolab . . . . . . . . . . . . . . . . . . 83,057 16,524,190FMC . . . . . . . . . . . . . . . . . . . . 43,501 4,333,570International Flavors &

Fragrances . . . . . . . . . . . . . 36,720 4,496,731Linde . . . . . . . . . . . . . . . . . . . 180,280 38,239,191LyondellBasell Industries

Class A. . . . . . . . . . . . . . . . . 87,680 5,762,330Mosaic . . . . . . . . . . . . . . . . . . 113,047 1,414,218PPG Industries . . . . . . . . . . . 82,456 8,745,283Sherwin-Williams . . . . . . . . . 27,616 15,957,906

156,133,326

Commercial Services & Supplies–0.40%Cintas . . . . . . . . . . . . . . . . . . 28,708 7,646,663

†Copart . . . . . . . . . . . . . . . . . . 71,600 5,962,132Republic Services. . . . . . . . . 72,137 5,918,841Rollins . . . . . . . . . . . . . . . . . . 48,750 2,066,512Waste Management . . . . . . . 135,571 14,358,325

35,952,473

Communications Equipment–0.96%†Arista Networks . . . . . . . . . . 18,800 3,948,564Cisco Systems . . . . . . . . . . . . 1,459,324 68,062,871

†F5 Networks . . . . . . . . . . . . . 19,796 2,761,146Juniper Networks . . . . . . . . . 111,704 2,553,554Motorola Solutions . . . . . . . . 59,102 8,281,963

85,608,098

Construction & Engineering–0.06%Jacobs Engineering Group . 45,434 3,852,803Quanta Services . . . . . . . . . . 44,687 1,753,071

5,605,874

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Construction Materials–0.11%Martin Marietta Materials. . 21,200 $ 4,379,284Vulcan Materials. . . . . . . . . . 46,463 5,382,739

9,762,023

Consumer Finance–0.46%American Express . . . . . . . . 226,250 21,539,000Capital One Financial . . . . . 155,430 9,728,364Discover Financial

Services . . . . . . . . . . . . . . . . 107,011 5,360,181Synchrony Financial . . . . . . 190,868 4,229,635

40,857,180

Containers & Packaging–0.33%†Amcor . . . . . . . . . . . . . . . . . . 568,508 5,804,467Avery Dennison. . . . . . . . . . . 28,643 3,267,880Ball. . . . . . . . . . . . . . . . . . . . . 112,856 7,842,363International Paper . . . . . . . 133,201 4,690,007Packaging Corp. of

America. . . . . . . . . . . . . . . . 33,600 3,353,280Sealed Air . . . . . . . . . . . . . . . 54,097 1,777,086WestRock. . . . . . . . . . . . . . . . 88,318 2,495,867

29,230,950

Distributors–0.08%Genuine Parts. . . . . . . . . . . . 49,341 4,290,693

†LKQ . . . . . . . . . . . . . . . . . . . . 104,600 2,740,5207,031,213

Diversified Consumer Services–0.01%H&R Block. . . . . . . . . . . . . . . 64,514 921,260

921,260

Diversified Financial Services–1.34%†Berkshire Hathaway

Class B. . . . . . . . . . . . . . . . . 668,469 119,328,401119,328,401

Diversified Telecommunication Services–1.75%AT&T . . . . . . . . . . . . . . . . . . . 2,448,740 74,025,410CenturyLink . . . . . . . . . . . . . 329,377 3,303,651Verizon Communications. . . 1,423,058 78,453,188

155,782,249

Electric Utilities–1.89%Alliant Energy. . . . . . . . . . . . 84,600 4,047,264American Electric Power . . 171,678 13,672,436Duke Energy . . . . . . . . . . . . . 250,048 19,976,335Edison International . . . . . . 125,204 6,799,829Entergy . . . . . . . . . . . . . . . . . 68,272 6,404,596Evergy . . . . . . . . . . . . . . . . . . 77,599 4,600,845Eversource Energy . . . . . . . . 112,774 9,390,691Exelon . . . . . . . . . . . . . . . . . . 337,556 12,249,907FirstEnergy . . . . . . . . . . . . . . 188,506 7,310,263NextEra Energy . . . . . . . . . . 167,958 40,338,473NRG Energy. . . . . . . . . . . . . . 82,255 2,678,223

LVIP SSGA S&P 500 Index FundStatement of Net Assets (continued)


Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Electric Utilities (continued)Pinnacle West Capital . . . . . 39,783 $ 2,915,696PPL . . . . . . . . . . . . . . . . . . . . 268,298 6,932,820Southern . . . . . . . . . . . . . . . . 363,826 18,864,378Xcel Energy . . . . . . . . . . . . . . 181,877 11,367,312

167,549,068

Electrical Equipment–0.45%AMETEK . . . . . . . . . . . . . . . . 79,900 7,140,663Eaton . . . . . . . . . . . . . . . . . . . 136,617 11,951,255Emerson Electric . . . . . . . . . 204,130 12,662,184Rockwell Automation. . . . . . 39,590 8,432,670

40,186,772

Electronic Equipment, Instruments & Components–0.53%Amphenol Class A . . . . . . . . 103,332 9,900,239CDW. . . . . . . . . . . . . . . . . . . . 49,000 5,692,820Corning . . . . . . . . . . . . . . . . . 263,160 6,815,844FLIR Systems . . . . . . . . . . . . 43,950 1,783,051

†IPG Photonics. . . . . . . . . . . . 11,200 1,796,368†Keysight Technologies . . . . . 65,600 6,611,168TE Connectivity . . . . . . . . . . 115,311 9,403,612

†Zebra Technologies Class A. 18,700 4,786,26546,789,367

Energy Equipment & Services–0.21%Baker Hughes . . . . . . . . . . . . 223,497 3,439,619Halliburton . . . . . . . . . . . . . . 301,737 3,916,546

†National Oilwell Varco . . . . . 124,690 1,527,453Schlumberger . . . . . . . . . . . . 477,473 8,780,729TechnipFMC . . . . . . . . . . . . . 140,616 961,813

18,626,160

Entertainment–2.01%Activision Blizzard . . . . . . . . 263,400 19,992,060

†Electronic Arts . . . . . . . . . . . 101,279 13,373,892†Live Nation Entertainment . 49,200 2,181,036†Netflix . . . . . . . . . . . . . . . . . . 150,800 68,620,032†Take-Two Interactive

Software . . . . . . . . . . . . . . . 39,100 5,457,187†Walt Disney . . . . . . . . . . . . . . 620,135 69,151,254

178,775,461

Equity Real Estate Investment Trusts–2.76%Alexandria Real Estate

Equities . . . . . . . . . . . . . . . . 42,900 6,960,525American Tower . . . . . . . . . . 153,003 39,557,396Apartment Investment &

Management Class A . . . . . 48,597 1,829,191AvalonBay Communities . . . 48,148 7,445,607Boston Properties. . . . . . . . . 49,712 4,492,971Crown Castle International. 142,665 23,874,988Digital Realty Trust . . . . . . . 91,300 12,974,643Duke Realty. . . . . . . . . . . . . . 127,100 4,498,069Equinix . . . . . . . . . . . . . . . . . 30,442 21,379,417Equity Residential . . . . . . . . 121,842 7,166,746

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Equity Real Estate Investment Trusts (continued)Essex Property Trust . . . . . . 23,200 $ 5,316,744Extra Space Storage. . . . . . . 44,800 4,138,176Federal Realty Investment

Trust . . . . . . . . . . . . . . . . . . 24,600 2,096,166Four Corners Property

Trust . . . . . . . . . . . . . . . . . . 1 24Healthpeak Properties. . . . . 168,523 4,644,494

†Host Hotels & Resorts . . . . . 243,951 2,632,231Iron Mountain. . . . . . . . . . . . 98,400 2,568,240

†Kimco Realty. . . . . . . . . . . . . 143,945 1,848,254Mid-America Apartment

Communities . . . . . . . . . . . 39,200 4,495,064Prologis . . . . . . . . . . . . . . . . . 253,387 23,648,609Public Storage . . . . . . . . . . . 52,251 10,026,444Realty Income. . . . . . . . . . . . 111,900 6,658,050Regency Centers. . . . . . . . . . 56,200 2,579,018SBA Communications . . . . . 39,200 11,678,464Simon Property Group . . . . . 105,348 7,203,696SL Green Realty . . . . . . . . . . 29,300 1,444,197UDR . . . . . . . . . . . . . . . . . . . . 103,400 3,865,092Ventas . . . . . . . . . . . . . . . . . . 126,995 4,650,557Vornado Realty Trust . . . . . . 56,074 2,142,587Welltower . . . . . . . . . . . . . . . 141,601 7,327,852

†Weyerhaeuser . . . . . . . . . . . . 261,407 5,871,201245,014,713

Food & Staples Retailing–1.52%Costco Wholesale . . . . . . . . . 151,848 46,041,832Kroger . . . . . . . . . . . . . . . . . . 276,746 9,367,852Sysco . . . . . . . . . . . . . . . . . . . 176,818 9,664,872Walgreens Boots Alliance . . 260,262 11,032,506Walmart . . . . . . . . . . . . . . . . . 487,895 58,440,063

134,547,125

Food Products–1.12%Archer-Daniels-Midland . . . 191,023 7,621,818Campbell Soup . . . . . . . . . . . 56,350 2,796,650Conagra Brands . . . . . . . . . . 165,152 5,808,396General Mills . . . . . . . . . . . . 209,712 12,928,745Hershey . . . . . . . . . . . . . . . . . 51,130 6,627,471Hormel Foods . . . . . . . . . . . . 96,072 4,637,395JM Smucker . . . . . . . . . . . . . 40,047 4,237,373Kellogg. . . . . . . . . . . . . . . . . . 86,077 5,686,247Kraft Heinz . . . . . . . . . . . . . . 213,124 6,796,524Lamb Weston Holdings . . . . 48,500 3,100,605McCormick & Co

Non-Voting Shares . . . . . . . 42,319 7,592,452Mondelez International

Class A. . . . . . . . . . . . . . . . . 494,208 25,268,855Tyson Foods Class A . . . . . . . 101,150 6,039,666

99,142,197

Gas Utilities–0.05%Atmos Energy . . . . . . . . . . . . 40,800 4,062,864

4,062,864



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Health Care Equipment & Supplies–3.77%Abbott Laboratories. . . . . . . 607,780 $ 55,569,325

†ABIOMED . . . . . . . . . . . . . . . 14,800 3,575,088†Align Technology . . . . . . . . . 24,900 6,833,556Baxter International . . . . . . 177,422 15,276,034Becton Dickinson & Co.. . . . 101,213 24,217,235

†Boston Scientific . . . . . . . . . 491,587 17,259,620Cooper . . . . . . . . . . . . . . . . . . 16,900 4,793,516Danaher. . . . . . . . . . . . . . . . . 216,201 38,230,823DENTSPLY SIRONA . . . . . . . 73,175 3,224,091

†DexCom . . . . . . . . . . . . . . . . . 31,600 12,810,640†Edwards Lifesciences . . . . . 217,548 15,034,742†Hologic. . . . . . . . . . . . . . . . . . 91,100 5,192,700†IDEXX Laboratories . . . . . . . 30,000 9,904,800†Intuitive Surgical . . . . . . . . . 39,669 22,604,586Medtronic . . . . . . . . . . . . . . . 460,796 42,254,993ResMed . . . . . . . . . . . . . . . . . 49,400 9,484,800STERIS . . . . . . . . . . . . . . . . . 29,400 4,511,136Stryker. . . . . . . . . . . . . . . . . . 110,412 19,895,138Teleflex . . . . . . . . . . . . . . . . . 15,800 5,750,884

†Varian Medical Systems . . . . 32,032 3,924,561West Pharmaceutical

Services . . . . . . . . . . . . . . . . 25,700 5,838,269Zimmer Biomet Holdings. . . 71,790 8,568,854

334,755,391

Health Care Providers & Services–2.81%AmerisourceBergen . . . . . . . 50,878 5,126,976Anthem . . . . . . . . . . . . . . . . . 86,988 22,876,104Cardinal Health . . . . . . . . . . 101,061 5,274,374

†Centene . . . . . . . . . . . . . . . . . 202,974 12,898,998Cigna . . . . . . . . . . . . . . . . . . . 128,202 24,057,105CVS Health . . . . . . . . . . . . . . 449,642 29,213,241

†DaVita . . . . . . . . . . . . . . . . . . 32,428 2,566,352†HCA Healthcare . . . . . . . . . . 91,400 8,871,284†Henry Schein . . . . . . . . . . . . 50,100 2,925,339Humana . . . . . . . . . . . . . . . . . 45,332 17,577,483

†Laboratory Corp of AmericaHoldings . . . . . . . . . . . . . . . 33,347 5,539,270

McKesson . . . . . . . . . . . . . . . 55,894 8,575,257Quest Diagnostics. . . . . . . . . 47,411 5,402,957UnitedHealth Group. . . . . . . 326,046 96,167,268

†Universal Health ServicesClass B. . . . . . . . . . . . . . . . . 27,300 2,535,897

249,607,905

Health Care Technology–0.08%Cerner . . . . . . . . . . . . . . . . . . 107,829 7,391,678

7,391,678

Hotels, Restaurants & Leisure–1.53%†Carnival . . . . . . . . . . . . . . . . . 158,291 2,599,138†Chipotle Mexican Grill. . . . . 8,922 9,389,156†Darden Restaurants . . . . . . . 40,130 3,040,650Domino’s Pizza . . . . . . . . . . . 13,400 4,950,496

†Hilton Worldwide Holdings . 98,400 7,227,480

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Hotels, Restaurants & Leisure (continued)

†Las Vegas Sands . . . . . . . . . . 115,300 $ 5,250,762Marriott International

Class A. . . . . . . . . . . . . . . . . 94,527 8,103,800McDonald’s . . . . . . . . . . . . . . 255,418 47,116,958MGM Resorts

International . . . . . . . . . . . 179,000 3,007,200†Norwegian Cruise Line

Holdings . . . . . . . . . . . . . . . 72,600 1,192,818†Royal Caribbean Cruises . . . 58,800 2,957,640Starbucks . . . . . . . . . . . . . . . 400,806 29,495,314

†Wynn Resorts . . . . . . . . . . . . 32,450 2,417,200Yum! Brands . . . . . . . . . . . . . 104,224 9,058,108

135,806,720

Household Durables–0.36%DR Horton . . . . . . . . . . . . . . . 114,474 6,347,583Garmin. . . . . . . . . . . . . . . . . . 48,424 4,721,340Leggett & Platt . . . . . . . . . . . 41,536 1,459,990Lennar Class A . . . . . . . . . . . 96,743 5,961,304

†Mohawk Industries. . . . . . . . 19,800 2,014,848Newell Brands . . . . . . . . . . . 137,703 2,186,724

†NVR . . . . . . . . . . . . . . . . . . . . 1,200 3,910,500PulteGroup . . . . . . . . . . . . . . 83,941 2,856,512Whirlpool. . . . . . . . . . . . . . . . 21,708 2,811,837

32,270,638

Household Products–1.76%Church & Dwight . . . . . . . . . 84,000 6,493,200Clorox . . . . . . . . . . . . . . . . . . 43,785 9,605,115Colgate-Palmolive . . . . . . . . 293,952 21,534,924Kimberly-Clark . . . . . . . . . . . 119,131 16,839,167Procter & Gamble . . . . . . . . 851,131 101,769,734

156,242,140

Independent Power and Renewable ElectricityProducers–0.04%AES . . . . . . . . . . . . . . . . . . . . 222,115 3,218,446

3,218,446

Industrial Conglomerates–1.13%3M . . . . . . . . . . . . . . . . . . . . . 198,771 31,006,288General Electric . . . . . . . . . . 2,996,283 20,464,613Honeywell International . . . 240,872 34,827,682Roper Technologies . . . . . . . 36,064 14,002,209

100,300,792

Insurance–1.92%Aflac. . . . . . . . . . . . . . . . . . . . 254,322 9,163,222Allstate . . . . . . . . . . . . . . . . . 107,172 10,394,612American International

Group. . . . . . . . . . . . . . . . . . 298,844 9,317,956Aon Class A . . . . . . . . . . . . . . 79,096 15,233,890Arthur J. Gallagher & Co. . . 63,700 6,210,113Assurant . . . . . . . . . . . . . . . . 21,316 2,201,730Chubb . . . . . . . . . . . . . . . . . . 156,646 19,834,517



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Insurance (continued)Cincinnati Financial . . . . . . 53,375 $ 3,417,601Everest Re Group . . . . . . . . . 13,900 2,866,180Globe Life . . . . . . . . . . . . . . . 35,379 2,626,183Hartford Financial Services

Group. . . . . . . . . . . . . . . . . . 122,089 4,706,531✱Lincoln National. . . . . . . . . . 66,336 2,440,501

Loews. . . . . . . . . . . . . . . . . . . 88,408 3,031,510Marsh & McLennan . . . . . . . 172,969 18,571,682MetLife . . . . . . . . . . . . . . . . . 269,815 9,853,644Principal Financial Group. . 86,533 3,594,581Progressive . . . . . . . . . . . . . . 200,218 16,039,464Prudential Financial . . . . . . 138,125 8,411,813Travelers . . . . . . . . . . . . . . . . 86,206 9,831,794Unum Group . . . . . . . . . . . . . 72,311 1,199,639Willis Towers Watson . . . . . . 44,773 8,818,042WR Berkley . . . . . . . . . . . . . . 50,200 2,875,958

170,641,163

Interactive Media & Services–5.46%†Alphabet Class A . . . . . . . . . 103,120 146,229,316†Alphabet Class C . . . . . . . . . 100,598 142,206,339†Facebook Class A . . . . . . . . . 828,500 188,127,495†Twitter . . . . . . . . . . . . . . . . . . 270,700 8,064,153

484,627,303

Internet & Direct Marketing Retail–4.91%†Amazon.com . . . . . . . . . . . . . 144,158 397,705,974†Booking Holdings . . . . . . . . . 14,075 22,412,185eBay . . . . . . . . . . . . . . . . . . . . 225,444 11,824,538

†Expedia Group . . . . . . . . . . . 46,549 3,826,328435,769,025

IT Services–5.69%Accenture Class A . . . . . . . . 219,467 47,123,954

†Akamai Technologies . . . . . . 56,603 6,061,615Automatic Data Processing. 148,468 22,105,401Broadridge Financial

Solutions . . . . . . . . . . . . . . . 39,600 4,997,124Cognizant Technology

Solutions Class A . . . . . . . . 190,516 10,825,119†DXC Technology . . . . . . . . . . 86,850 1,433,025Fidelity National

Information Services . . . . . 212,389 28,479,241†Fiserv . . . . . . . . . . . . . . . . . . . 192,624 18,803,955†FleetCor Technologies . . . . . 28,500 7,168,605†Gartner . . . . . . . . . . . . . . . . . 29,600 3,591,368Global Payments. . . . . . . . . . 103,045 17,478,493International Business

Machines. . . . . . . . . . . . . . . 305,963 36,951,152Jack Henry & Associates . . . 26,600 4,895,198Leidos Holdings . . . . . . . . . . 46,000 4,308,820Mastercard Class A . . . . . . . 303,820 89,839,574Paychex . . . . . . . . . . . . . . . . . 109,376 8,285,232

†PayPal Holdings . . . . . . . . . . 403,944 70,379,163†VeriSign . . . . . . . . . . . . . . . . . 35,487 7,339,776

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)IT Services (continued)Visa Class A. . . . . . . . . . . . . . 580,028 $ 112,044,009Western Union . . . . . . . . . . . 141,287 3,054,625

505,165,449

Leisure Products–0.04%Hasbro . . . . . . . . . . . . . . . . . . 43,484 3,259,126

3,259,126

Life Sciences Tools & Services–1.17%Agilent Technologies . . . . . . 106,737 9,432,349

†Bio-Rad LaboratoriesClass A. . . . . . . . . . . . . . . . . 7,200 3,250,728

†Illumina. . . . . . . . . . . . . . . . . 50,400 18,665,640†IQVIA Holdings . . . . . . . . . . . 62,200 8,824,936†Mettler-Toledo

International . . . . . . . . . . . 8,300 6,686,065PerkinElmer . . . . . . . . . . . . . 39,275 3,852,485Thermo Fisher Scientific. . . 135,653 49,152,508

†Waters . . . . . . . . . . . . . . . . . . 22,616 4,079,926103,944,637

Machinery–1.48%Caterpillar. . . . . . . . . . . . . . . 185,581 23,475,996Cummins . . . . . . . . . . . . . . . . 50,229 8,702,676Deere & Co.. . . . . . . . . . . . . . 107,900 16,956,485Dover . . . . . . . . . . . . . . . . . . . 49,451 4,774,989Flowserve . . . . . . . . . . . . . . . 41,684 1,188,828Fortive . . . . . . . . . . . . . . . . . . 103,371 6,994,082IDEX . . . . . . . . . . . . . . . . . . . 26,300 4,156,452Illinois Tool Works . . . . . . . . 100,219 17,523,292

†Ingersoll Rand . . . . . . . . . . . 116,081 3,264,198Otis Worldwide . . . . . . . . . . . 141,380 8,038,867PACCAR. . . . . . . . . . . . . . . . . 120,655 9,031,027Parker-Hannifin . . . . . . . . . . 43,982 8,060,581Pentair. . . . . . . . . . . . . . . . . . 58,794 2,233,584Snap-on . . . . . . . . . . . . . . . . . 18,275 2,531,270Stanley Black & Decker. . . . 51,840 7,225,459Wabtec . . . . . . . . . . . . . . . . . . 62,009 3,569,858Xylem. . . . . . . . . . . . . . . . . . . 63,273 4,110,214

131,837,858

Media–1.25%†Charter Communications

Class A. . . . . . . . . . . . . . . . . 51,700 26,369,068Comcast Class A . . . . . . . . . . 1,561,544 60,868,985

†Discovery Class A . . . . . . . . . 52,143 1,100,217†Discovery Class C . . . . . . . . . 118,455 2,281,443†DISH Network Class A . . . . . 88,313 3,047,682Fox Class A . . . . . . . . . . . . . . 122,519 3,285,960

†Fox Class B . . . . . . . . . . . . . . 53,366 1,432,344Interpublic Group . . . . . . . . 128,580 2,206,433News Class A. . . . . . . . . . . . . 135,890 1,611,655News Class B. . . . . . . . . . . . . 38,200 456,490Omnicom Group . . . . . . . . . . 73,897 4,034,776



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Media (continued)ViacomCBS Class B . . . . . . . 184,900 $ 4,311,868

111,006,921

Metals & Mining–0.31%†Freeport-McMoRan . . . . . . . 510,861 5,910,662Newmont . . . . . . . . . . . . . . . . 274,532 16,949,606Nucor . . . . . . . . . . . . . . . . . . . 103,243 4,275,292

27,135,560

Multiline Retail–0.52%Dollar General . . . . . . . . . . . 86,129 16,408,436

†Dollar Tree . . . . . . . . . . . . . . 80,983 7,505,505†Kohl’s. . . . . . . . . . . . . . . . . . . 52,803 1,096,718Target. . . . . . . . . . . . . . . . . . . 173,838 20,848,391

45,859,050

Multi-Utilities–0.97%Ameren . . . . . . . . . . . . . . . . . 84,401 5,938,454CenterPoint Energy . . . . . . . 168,135 3,139,081CMS Energy. . . . . . . . . . . . . . 99,338 5,803,326Consolidated Edison . . . . . . 114,812 8,258,427Dominion Energy . . . . . . . . . 288,752 23,440,888DTE Energy . . . . . . . . . . . . . . 65,892 7,083,390NiSource . . . . . . . . . . . . . . . . 132,095 3,003,840Public Service Enterprise

Group. . . . . . . . . . . . . . . . . . 176,289 8,666,367Sempra Energy . . . . . . . . . . . 97,888 11,475,410WEC Energy Group. . . . . . . . 108,958 9,550,169

86,359,352

Oil, Gas & Consumable Fuels–2.59%Apache. . . . . . . . . . . . . . . . . . 125,026 1,687,851Cabot Oil & Gas . . . . . . . . . . 145,796 2,504,775Chevron . . . . . . . . . . . . . . . . . 641,434 57,235,156Concho Resources . . . . . . . . 68,300 3,517,450ConocoPhillips . . . . . . . . . . . 367,010 15,421,760Devon Energy . . . . . . . . . . . . 134,314 1,523,121Diamondback Energy. . . . . . 54,700 2,287,554EOG Resources . . . . . . . . . . . 202,602 10,263,817Exxon Mobil . . . . . . . . . . . . . 1,455,610 65,094,879Hess . . . . . . . . . . . . . . . . . . . . 88,120 4,565,497HollyFrontier . . . . . . . . . . . . 51,300 1,497,960Kinder Morgan . . . . . . . . . . . 677,781 10,281,938

†Marathon Oil. . . . . . . . . . . . . 278,229 1,702,762Marathon Petroleum . . . . . . 221,230 8,269,577Noble Energy . . . . . . . . . . . . 163,585 1,465,722Occidental Petroleum . . . . . 304,638 5,574,875ONEOK . . . . . . . . . . . . . . . . . 138,977 4,616,816Phillips 66 . . . . . . . . . . . . . . . 153,471 11,034,565Pioneer Natural Resources . 56,014 5,472,568Valero Energy . . . . . . . . . . . . 141,445 8,319,795Williams. . . . . . . . . . . . . . . . . 415,718 7,906,956

230,245,394

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Personal Products–0.17%

†Coty Class A . . . . . . . . . . . . . 88,073 $ 393,686†Estee Lauder Class A . . . . . . 77,367 14,597,606

14,991,292

Pharmaceuticals–4.26%Bristol-Myers Squibb . . . . . . 776,966 45,685,601Eli Lilly & Co. . . . . . . . . . . . . 290,528 47,698,887Johnson & Johnson . . . . . . . 905,981 127,408,108Merck & Co. . . . . . . . . . . . . . 867,381 67,074,573

†Mylan . . . . . . . . . . . . . . . . . . . 169,905 2,732,072Perrigo. . . . . . . . . . . . . . . . . . 48,551 2,683,414Pfizer . . . . . . . . . . . . . . . . . . . 1,903,548 62,246,019Zoetis . . . . . . . . . . . . . . . . . . . 163,421 22,395,214

377,923,888

Professional Services–0.35%Equifax . . . . . . . . . . . . . . . . . 41,518 7,136,114IHS Markit. . . . . . . . . . . . . . . 139,600 10,539,800Nielsen Holdings . . . . . . . . . 116,700 1,734,162Robert Half International . . 41,817 2,209,192Verisk Analytics . . . . . . . . . . 57,100 9,718,420

31,337,688

Real Estate Management & Development–0.06%†CBRE Group Class A . . . . . . 114,376 5,172,083

5,172,083

Road & Rail–0.98%CSX . . . . . . . . . . . . . . . . . . . . 266,604 18,592,963JB Hunt Transport

Services . . . . . . . . . . . . . . . . 28,800 3,465,792Kansas City Southern. . . . . . 33,738 5,036,746Norfolk Southern . . . . . . . . . 87,632 15,385,550Old Dominion Freight Line . 32,400 5,494,716Union Pacific . . . . . . . . . . . . 233,002 39,393,648

87,369,415

Semiconductors & Semiconductor Equipment–4.76%†Advanced Micro Devices . . . 401,300 21,112,393Analog Devices . . . . . . . . . . . 127,856 15,680,260Applied Materials . . . . . . . . . 316,653 19,141,674Broadcom . . . . . . . . . . . . . . . 137,085 43,265,397Intel . . . . . . . . . . . . . . . . . . . . 1,455,428 87,078,257KLA . . . . . . . . . . . . . . . . . . . . 54,421 10,583,796Lam Research. . . . . . . . . . . . 50,450 16,318,557Maxim Integrated

Products . . . . . . . . . . . . . . . 92,100 5,582,181Microchip Technology . . . . . 81,903 8,625,205

†Micron Technology . . . . . . . . 383,859 19,776,416NVIDIA . . . . . . . . . . . . . . . . . 210,510 79,974,854

†Qorvo . . . . . . . . . . . . . . . . . . . 41,300 4,564,889QUALCOMM . . . . . . . . . . . . . 386,124 35,218,370Skyworks Solutions . . . . . . . 59,300 7,582,098Texas Instruments . . . . . . . . 315,124 40,011,294



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Semiconductors & Semiconductor Equipment (continued)Xilinx . . . . . . . . . . . . . . . . . . . 86,255 $ 8,486,629

423,002,270

Software–9.30%†Adobe. . . . . . . . . . . . . . . . . . . 166,500 72,479,115†ANSYS . . . . . . . . . . . . . . . . . . 29,900 8,722,727†Autodesk . . . . . . . . . . . . . . . . 76,403 18,274,833†Cadence Design Systems . . . 96,200 9,231,352Citrix Systems. . . . . . . . . . . . 40,556 5,998,638

†Fortinet . . . . . . . . . . . . . . . . . 45,500 6,245,785Intuit . . . . . . . . . . . . . . . . . . . 89,340 26,461,615Microsoft . . . . . . . . . . . . . . . . 2,608,888 530,934,797NortonLifeLock . . . . . . . . . . 198,225 3,930,802Oracle . . . . . . . . . . . . . . . . . . 714,478 39,489,199

†Paycom Software . . . . . . . . . 16,600 5,141,518†salesforce.com . . . . . . . . . . . 309,536 57,985,379†ServiceNow . . . . . . . . . . . . . . 64,700 26,207,382†Synopsys . . . . . . . . . . . . . . . . 51,600 10,062,000†Tyler Technologies . . . . . . . . 13,400 4,648,192

825,813,334

Specialty Retail–2.37%Advance Auto Parts . . . . . . . 24,000 3,418,800

†AutoZone. . . . . . . . . . . . . . . . 7,927 8,942,607Best Buy . . . . . . . . . . . . . . . . 79,777 6,962,139

†CarMax . . . . . . . . . . . . . . . . . 56,509 5,060,381†Gap. . . . . . . . . . . . . . . . . . . . . 75,150 948,393Home Depot . . . . . . . . . . . . . 369,685 92,609,789

†L Brands . . . . . . . . . . . . . . . . 72,043 1,078,484Lowe’s . . . . . . . . . . . . . . . . . . 259,097 35,009,187

†O’Reilly Automotive . . . . . . . 25,357 10,692,286†Ross Stores . . . . . . . . . . . . . . 125,526 10,699,836Tiffany & Co. . . . . . . . . . . . . . 37,415 4,562,385

†TJX. . . . . . . . . . . . . . . . . . . . . 416,092 21,037,612Tractor Supply . . . . . . . . . . . 40,200 5,297,958

†Ulta Beauty . . . . . . . . . . . . . . 19,400 3,946,348210,266,205

Technology Hardware, Storage & Peripherals–6.05%Apple . . . . . . . . . . . . . . . . . . . 1,401,689 511,336,147Hewlett Packard

Enterprise. . . . . . . . . . . . . . 450,076 4,379,239HP . . . . . . . . . . . . . . . . . . . . . 509,176 8,874,938NetApp. . . . . . . . . . . . . . . . . . 78,843 3,498,264Seagate Technology . . . . . . . 77,672 3,760,102

†Western Digital . . . . . . . . . . . 102,834 4,540,121†Xerox Holdings . . . . . . . . . . . 64,996 993,789

537,382,600

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Textiles, Apparel & Luxury Goods–0.62%Hanesbrands . . . . . . . . . . . . . 122,200 $ 1,379,638NIKE Class B. . . . . . . . . . . . . 425,768 41,746,552

†PVH . . . . . . . . . . . . . . . . . . . . 26,133 1,255,691†Ralph Lauren . . . . . . . . . . . . 18,372 1,332,337†Tapestry. . . . . . . . . . . . . . . . . 96,734 1,284,628†Under Armour Class A . . . . . 63,800 621,412†Under Armour Class C . . . . . 64,252 567,988VF. . . . . . . . . . . . . . . . . . . . . . 114,352 6,968,611

55,156,857

Tobacco–0.71%Altria Group . . . . . . . . . . . . . 641,301 25,171,064Philip Morris International . 537,616 37,665,377

62,836,441

Trading Companies & Distributors–0.19%Fastenal. . . . . . . . . . . . . . . . . 196,606 8,422,601

†United Rentals . . . . . . . . . . . 24,700 3,681,288WW Grainger. . . . . . . . . . . . . 14,953 4,697,635

16,801,524

Water Utilities–0.09%American Water Works. . . . . 62,300 8,015,518

8,015,518

Wireless Telecommunication Services–0.22%†T-Mobile US. . . . . . . . . . . . . . 189,400 19,726,010

19,726,010Total Common Stock

(Cost $4,168,321,924) . . . . . . . . . . . . . . . . . . . . 8,821,298,380

RIGHTS–0.00%†T-Mobile US. . . . . . . . . . . . . . 132,300 22,226Total Rights

(Cost $48,951) . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,226

MONEY MARKET FUND–0.62%State Street Institutional

U.S. Government MoneyMarket Fund -PremierClass (seven-day effectiveyield 0.11%). . . . . . . . . . . . . 55,103,332 55,103,332

Total Money Market Fund(Cost $55,103,332) . . . . . . . . . . . . . . . . . . . . . . . 55,103,332

TOTAL INVESTMENTS–99.95% (Cost $4,223,474,207) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,876,423,938�RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.05%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,339,286

NET ASSETS APPLICABLE TO 437,620,744 SHARES OUTSTANDING–100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,880,763,224



NET ASSET VALUE PER SHARE–LVIP SSGA S&P 500 INDEX FUND STANDARD CLASS($7,395,463,898 / 364,317,556 Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.299

NET ASSET VALUE PER SHARE–LVIP SSGA S&P 500 INDEX FUND SERVICE CLASS($1,485,299,326 / 73,303,188 Shares). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.262

COMPONENTS OF NET ASSETS AT JUNE 30, 2020:Shares of beneficial interest (unlimited authorization–no par) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,183,385,642Distributable earnings/(accumulated loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,697,377,582

TOTAL NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,880,763,224

† Non-income producing.

✱ Considered an affiliated investment. See Note 2 in “Notes.”

� Includes $5,544,000 cash collateral held at broker for futures contracts, $981,749 variation margin due from broker on futurescontracts, $8,257,315 payable for fund shares redeemed, $399,162 other accrued expenses payable and $1,824,047 due to manager andaffiliates as of June 30, 2020.

The following futures contracts were outstanding at June 30, 2020:

Futures Contract1

Contracts to Buy (Sell)NotionalAmount

NotionalCost (Proceeds)

ExpirationDate

Value/Unrealized

Appreciation2

Value/Unrealized

Depreciation2

Equity Contract:462 E-mini S&P 500 Index $71,383,620 $71,066,369 9/18/20 $317,251 $—

The use of futures contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. Thenotional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation(depreciation) is reflected in the Fund’s net assets.1 See Note 5 in Notes to Financial Statements.

2 Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2020.

Summary of Abbreviations:IT–Information TechnologyS&P–Standard & Poor’s

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



LVIP SSGA S&P 500 Index FundStatement of OperationsSix Months Ended June 30, 2020 (unaudited)

INVESTMENT INCOME:Dividends from unaffiliated investments . . . . . . . . . . $ 86,943,569Dividends from affiliated investments . . . . . . . . . . . . 53,069Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,099

87,010,737

EXPENSES:Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,150,656Distribution fees-Service Class . . . . . . . . . . . . . . . . . . . 1,775,144Shareholder servicing fees . . . . . . . . . . . . . . . . . . . . . . 1,241,979Accounting and administration expenses . . . . . . . . . 739,658Index fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433,523Reports and statements to shareholders . . . . . . . . . . 119,226Trustees’ fees and expenses . . . . . . . . . . . . . . . . . . . . . 118,566Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,836Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,089Pricing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,315Consulting fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,011Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,959

11,737,962Less:Management fees waived. . . . . . . . . . . . . . . . . . . . . . . . (9,944)

Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . 11,728,018

NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . 75,282,719

NET REALIZED AND UNREALIZED GAIN(LOSS):

Net realized gain from:Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,601,130Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,661,867

Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,262,997

Net change in unrealized appreciation(depreciation) of:

Affiliated investments . . . . . . . . . . . . . . . . . . . . . . . . . (1,473,986)Unaffiliated investments . . . . . . . . . . . . . . . . . . . . . . . (305,777,393)Futures contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,448,863)

Net change in unrealized appreciation(depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (308,700,242)

NET REALIZED AND UNREALIZED LOSS . . . . . . (296,437,245)

NET DECREASE IN NET ASSETS RESULTINGFROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . $(221,154,526)

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

LVIP SSGA S&P 500 Index FundStatements of Changes in Net Assets

Six MonthsEnded

6/30/20(unaudited)

Year Ended12/31/19

INCREASE (DECREASE) INNET ASSETS FROMOPERATIONS:

Net investment income. . . . . . . . $ 75,282,719 $ 139,310,517Net realized gain . . . . . . . . . . . . . 12,262,997 63,026,819Net change in unrealized

appreciation (depreciation) . . (308,700,242) 1,958,947,358

Net increase (decrease) in netassets resulting fromoperations . . . . . . . . . . . . . . . . . (221,154,526) 2,161,284,694

DIVIDENDS ANDDISTRIBUTIONS TOSHAREHOLDERS FROM:

Distributable earnings:Standard Class . . . . . . . . . . . . . . — (388,248,853)Service Class . . . . . . . . . . . . . . . . — (73,969,335)

— (462,218,188)

CAPITAL SHARETRANSACTIONS:

Proceeds from shares sold:Standard Class . . . . . . . . . . . . . . 736,036,511 1,036,253,805Service Class . . . . . . . . . . . . . . . . 154,432,578 250,437,976

Reinvestment of dividends anddistributions:

Standard Class . . . . . . . . . . . . . . — 388,248,853Service Class . . . . . . . . . . . . . . . . — 73,969,335

890,469,089 1,748,909,969

Cost of shares redeemed:Standard Class . . . . . . . . . . . . . . (866,641,758) (889,344,897)Service Class . . . . . . . . . . . . . . . . (146,937,425) (239,576,134)

(1,013,579,183) (1,128,921,031)

Increase (decrease) in netassets derived from capitalshare transactions . . . . . . . . . . . (123,110,094) 619,988,938

NET INCREASE(DECREASE) IN NETASSETS . . . . . . . . . . . . . . . . . . . . (344,264,620) 2,319,055,444

NET ASSETS:Beginning of period . . . . . . . . . . . 9,225,027,844 6,905,972,400

End of period . . . . . . . . . . . . . . . . $ 8,880,763,224 $ 9,225,027,844

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


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

LVIP SSGA S&P 500 Index Fund Standard ClassSix Months

Ended6/30/201

(unaudited)

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16 12/31/15

Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . $ 20.989 $ 16.898 $ 18.385 $ 15.562 $ 14.395 $ 14.651

Income (loss) from investment operations:Net investment income2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.175 0.343 0.320 0.306 0.284 0.288Net realized and unrealized gain (loss). . . . . . . . . . . . . . . . . . (0.865) 4.863 (1.110) 3.035 1.399 (0.121)

Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . (0.690) 5.206 (0.790) 3.341 1.683 0.167

Less dividends and distributions from:Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.334) (0.349) (0.330) (0.307) (0.284)Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.781) (0.348) (0.188) (0.209) (0.139)

Total dividends and distributions . . . . . . . . . . . . . . . . . . . . . . . — (1.115) (0.697) (0.518) (0.516) (0.423)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20.299 $ 20.989 $ 16.898 $ 18.385 $ 15.562 $ 14.395

Total return3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.29%) 31.20% (4.64%) 21.57% 11.76% 1.17%

Ratios and supplemental data:Net assets, end of period (000 omitted) . . . . . . . . . . . . . . . . . $7,395,464 $7,701,580 $5,750,684 $6,790,531 $5,998,455 $5,567,596Ratio of expenses to average net assets. . . . . . . . . . . . . . . . . . 0.23% 0.23% 0.24% 0.23% 0.21% 0.21%Ratio of net investment income to average net assets . . . . . 1.80% 1.76% 1.69% 1.79% 1.92% 1.95%Portfolio turnover. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5% 3% 3% 3% 4% 10%

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. Total return does not include fees, charges, or expenses imposedby the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account,performance would have been lower.


LVIP SSGA S&P 500 Index FundFinancial Highlights


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

LVIP SSGA S&P 500 Index Fund Service ClassSix Months

Ended6/30/201

(unaudited)

Year Ended

12/31/19 12/31/18 12/31/17 12/31/16 12/31/15

Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . $ 20.977 $ 16.894 $ 18.378 $ 15.560 $ 14.396 $ 14.653

Income (loss) from investment operations:Net investment income2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.150 0.294 0.272 0.263 0.247 0.251Net realized and unrealized gain (loss). . . . . . . . . . . . . . . . . . . . . . (0.865) 4.857 (1.107) 3.031 1.396 (0.122)

Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.715) 5.151 (0.835) 3.294 1.643 0.129

Less dividends and distributions from:Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.287) (0.301) (0.288) (0.270) (0.247)Net realized gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.781) (0.348) (0.188) (0.209) (0.139)

Total dividends and distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1.068) (0.649) (0.476) (0.479) (0.386)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20.262 $ 20.977 $ 16.894 $ 18.378 $ 15.560 $ 14.396

Total return3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.41%) 30.87% (4.88%) 21.27% 11.48% 0.92%

Ratios and supplemental data:Net assets, end of period (000 omitted). . . . . . . . . . . . . . . . . . . . . . $1,485,299 $1,523,447 $1,155,288 $1,250,684 $1,034,016 $959,015Ratio of expenses to average net assets . . . . . . . . . . . . . . . . . . . . . . 0.48% 0.48% 0.49% 0.48% 0.46% 0.46%Ratio of net investment income to average net assets . . . . . . . . . 1.55% 1.51% 1.44% 1.54% 1.67% 1.70%Portfolio turnover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5% 3% 3% 3% 4% 10%

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. Total return does not include fees, charges, or expenses imposedby the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account,performance would have been lower.


LVIP SSGA S&P 500 Index FundFinancial Highlights (continued)


Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is as a Delaware statutory trust. The Trust consists of 94 series, each of whichis treated as a separate entity for certain matters under the Investment Company Act of 1940 (the “1940 Act”) and for other purposes. Ashareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to theLVIP SSGA S&P 500 Index Fund (the “Fund”). The financial statements of the Trust’s other series are included in separate reports to theirshareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered under the1940 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 annuitycontracts 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 commonstocks publicly traded in the United States, as represented by the S&P 500® Index.

The S&P 500®

Index is a product of S&P Dow Jones Indices LLC or its affiliates (�SPDJI�, and has been licensed for use by the investment adviseron behalf of the Fund. Standard & Poor’s

®and S&P

®are registered trademarks of Standard & Poor’s Financial Services LLC (�S&P�); Dow Jones

®

is a registered trademark of Dow Jones Trademark Holdings LLC (�Dow Jones�); and these trademarks have been licensed for use by SPDJI andsublicensed for certain purposes by the investment adviser on behalf of the Fund. The Fund is not sponsored, endorsed, sold or promoted bySPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing inthe Fund nor do they have any liability for any errors, omissions, or interruptions of the S&P 500

®Index.

1. Significant Accounting PoliciesThe Fund is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund followsthe accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and areconsistently 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 priceas of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued inaccordance 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 theirpublished net asset value (“NAV”). Investments in government money market funds have a stable NAV. Short-term debt securities utilize matrixsystems, 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 ingood faith under policies adopted by the Fund’s Board of Trustees (the “Board”). In determining whether market quotations are reliable orreadily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. Futures contractsare 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 incometax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisitedistributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returnsto determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed not tomeet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken orto be taken on the Fund’s federal income tax returns through the six months ended June 30, 2020 and for all open tax years (years endedDecember 31, 2016-December 31, 2019), and has concluded that no provision for federal income tax is required in the Fund’s financialstatements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenseson the Statement of Operations. During six months ended June 30, 2020, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes ofthe 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 thetransaction date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translateddaily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes inexchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the currentperiod. The Fund does not separate the portion of realized gains and losses on foreign equity securities resulting from changes in foreignexchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss oninvestments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reportingpurposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

LVIP SSGA S&P 500 Index FundNotes to Financial StatementsJune 30, 2020 (unaudited)


1. Significant Accounting Policies (continued)Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates andassumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilitiesat the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results coulddiffer 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 specificseries of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased orsold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securitiesare those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrualbasis. 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 distributionsby the issuer or management estimate. Discounts and premiums on debt securities are amortized to interest income over the lives of therespective 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, arerecorded 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 relatedbrokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security,the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factorsaffecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the six months ended June 30, 2020.

2. Management Fees and Other Transactions With AffiliatesLincoln Investment Advisors Corporation (“LIAC”) is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a whollyowned subsidiary of Lincoln National Corporation. LIAC is responsible for overall management of the Fund’s investment portfolio, includingmonitoring of the Fund’s investment sub-adviser, and providing certain administrative services to the Fund. For its services, LIAC receives amanagement fee at an annual rate of 0.24% of the first $500 million of the Fund’s average daily net assets; 0.20% of the next $500 million; and0.16% of the Fund’s average daily net assets in excess of $1 billion. LIAC has contractually agreed to waive a portion of its advisory fee. The waiveramount is 0.002% of the first $1 billion of the Fund’s average daily net assets. The agreement will continue at least through April 30, 2021, andcannot be terminated before that date without the mutual agreement of the Board and LIAC. The management fee, net of waivers, is calculateddaily 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 theseservices, 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 theFund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in“Accounting and administration expenses” on the Statement of Operations. For the six months ended June 30, 2020, costs for theseadministrative and legal services were as follows:

Administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $268,909Legal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,937

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for suchservices 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 “Shareholderservicing 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 toshareholders” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $82,941 forthe six months ended June 30, 2020.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except thatService Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund isauthorized 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% ofthe average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. TheTrust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.25% ofthe 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 calculateddaily and paid monthly.

LVIP SSGA S&P 500 Index FundNotes to Financial Statements (continued)


2. Management Fees and Other Transactions With Affiliates (continued)At June 30, 2020, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC . . . . . . . . . . . . . . . $1,221,975Distribution fees payable to LFD . . . . . . . . . . . . . . . . . 306,265Printing and mailing fees payable to Lincoln Life . . 82,941Shareholder servicing fees payable to Lincoln Life . 212,866

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from theFund. 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 affiliatesof the Fund and the corresponding investment activity for the six months ended June 30, 2020 were as follows:

Value12/31/19 Purchases Sales

NetRealized

Gain (Loss)

Net Changein

UnrealizedAppreciation

(Depreciation)Value

6/30/20

Number ofShares6/30/20 Dividends

CapitalGain

DistributionsCommon Stock-0.03%@

Insurance-0.03%@

Lincoln National . . . . . . . . . . $3,914,487 $— $— $— $(1,473,986) $2,440,501 66,336 $53,069 $—

@ As a percentage of Net Assets as of June 30, 2020.

3. InvestmentsFor the six months ended June 30, 2020, the Fund made purchases and sales of investment securities other than short-term investments asfollows:

Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $447,740,425Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397,793,327

At June 30, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes has been estimated sincefinal tax characteristics cannot be determined until fiscal year end. At June 30, 2020, the cost and unrealized appreciation (depreciation) ofinvestments were as follows:

Cost of investments and derivatives . . . . . . . . . . . . . . $4,225,298,848Aggregate unrealized appreciation of investments

and derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,985,760,365Aggregate unrealized depreciation of investments

and derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (334,318,024)Net unrealized appreciation of investments and

derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,651,442,341

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified betweendistributable earnings/(accumulated loss) and paid-in capital. The amount and character of tax-basis distributions, if any, and tax compositionof distributable earnings/(accumulated loss), as shown on the statement of net assets are finalized at fiscal year-end; accordingly, tax-basisbalances have not been determined as of June 30, 2020.

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 betweenmarket participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has beenestablished based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and referbroadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions marketparticipants 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 theasset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a levelbased 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, futurescontracts, options contracts)



3. Investments (continued)Level 2–other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted

prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable forthe assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and defaultrates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchangecontracts, foreign securities utilizing international fair value pricing)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2020:

Level 1 Level 2 Level 3 Total

Investments:Assets:Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,821,298,380 $— $— $8,821,298,380Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,226 — — 22,226Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,103,332 — — 55,103,332Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,876,423,938 $— $— $8,876,423,938

Derivatives:

Assets:Futures Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $317,251 $— $— $317,251

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

4. Capital SharesTransactions in capital shares were as follows:

Six MonthsEnded Year Ended

6/30/20 12/31/19Shares sold:

Standard Class . . . . . . . . . . . . . . . . . 42,481,605 52,875,332Service Class . . . . . . . . . . . . . . . . . . . 8,208,443 12,780,604

Shares reinvested:Standard Class . . . . . . . . . . . . . . . . . — 19,367,763Service Class . . . . . . . . . . . . . . . . . . . — 3,700,169

50,690,048 88,723,868Shares redeemed:

Standard Class . . . . . . . . . . . . . . . . . (45,100,350) (45,621,774)Service Class . . . . . . . . . . . . . . . . . . . (7,531,349) (12,240,643)

(52,631,699) (57,862,417)Net increase (decrease) . . . . . . . . . . (1,941,651) 30,861,451

5. DerivativesU.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accountedfor; 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 mayinvest in futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates ormarket conditions; as a cash management tool; to hedge currency risks associated with the Fund’s investments; to facilitate investments inportfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfoliovolatility 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 thecontract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until thecontracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of thecontract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect



5. Derivatives (continued)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’sclearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the six months ended June 30, 2020, the Fund used futures contracts to facilitate investments in portfolio securities; as a cashmanagement tool and to reduce transaction costs.

Fair values of derivative instruments as of June 30, 2020 were as follows:

Asset Derivatives Liability DerivativesStatement of Net Assets Location Fair Value Statement of Net Assets Location Fair Value

Futures contracts(Equity contracts) . .

Receivables and other assets net ofliabilities $317,251

Receivables and other assets net ofliabilities $—

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2020 was as follows:

Location of Gain (Loss) on DerivativesRecognized in Income

Realized Gain(Loss) on

DerivativesRecognized in

Income

Change inUnrealized

Appreciation(Depreciation) on

DerivativesRecognized in

IncomeFutures contracts (Equitycontracts) . . . . . . . . . . . . . . . . . . . . .

Net realized gain (loss) from futures contracts and netchange in unrealized appreciation (depreciation) of futurescontracts $1,661,867 $(1,448,863)

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings by the Fund during the six months endedJune 30, 2020.

Long DerivativeVolume

Short DerivativeVolume

Futures contracts (average notional value) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $95,713,771 $—

6. Risk FactorsThe 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 resultof 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, 2020. The Fund’s REIT holdings are also affected by interestrate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomenagenerally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies andmarkets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings,investor sentiment, and other factors affecting the value of the Fund’s investments. For example, the novel coronavirus (COVID-19), which wasfirst detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business andschool closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impacton the Fund’s portfolio investments.

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

8. Recent Accounting PronouncementsIn August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU No. 2018-13, which changes certain fairvalue measurement disclosure requirements. The ASU, in addition to other modifications and additions, removes the requirement to disclose theamount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels andthe valuation process for Level 3 fair value measurements. As of December 31, 2018, the Trust had early adopted the removal of applicabledisclosures. The ASU was fully adopted in the current period and the implementation of the ASU did not have an impact on the Fund’s financialstatements.



9. Subsequent EventsManagement has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund’sfinancial statements.



Liquidity Risk Management

Consistent with Rule 22e-4 under the Investment Company Act of 1940, the Fund has established a liquidity risk management program to governits approach to managing liquidity risk (the �Program�). The Program is overseen by the Liquidity Committee (the �Committee�), a committeecomprised of representatives of LIAC, the Fund’s investment adviser. The Fund’s Board of Trustees (“Board”) has approved the designation of theCommittee to oversee the Program. The Program’s principal objectives include supporting the Fund’s compliance with limits on investments inilliquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations timely. The Program also includes a numberof elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund’sliquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessmentof their relative liquidity under current market conditions. At a meeting of the Board on March 2-3, 2020, the Committee provided a writtenreport to the Board addressing the operation, adequacy, and effectiveness of implementation of the Program for the period of December 1, 2018through December 31, 2019. During the period covered by the report, there were no liquidity events that impacted the Fund or its respectiveability to timely meet redemptions without dilution to existing shareholders. The Committee determined, and reported to the Board, that theProgram had operated adequately and effectively to manage the Fund’s liquidity risk. There can be no assurance that the Program will achieveits objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and otherprincipal risks to which an investment in the Fund may be subject.

LVIP SSGA S&P 500 Index FundOther Fund Information (unaudited)


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