LVIP BlackRock Dividend Value Managed Volatility Fund a ...

[Pages:21]LVIP BlackRock Dividend Value Managed Volatility Fund a series of Lincoln Variable Insurance Products Trust

Semiannual Report June 30, 2022

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

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 the fiscal year as an exhibit to its reports on Form N-PORT. The Trust's Form N-PORT reports are available without charge on the Commission's website at . 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 .

LVIP BlackRock Dividend Value Managed Volatility Fund

Disclosure

OF FUND EXPENSES (unaudited)

For the Period January 1, 2022 to June 30, 2022

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, 2022 to June 30, 2022.

Actual Expenses The first section of the table, "Actual", provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes The second section of the table, "Hypothetical", provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses cannot be used to estimate the actual ending account balance or expenses you paid for the period. You can use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

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

Expense Analysis of an Investment of $1,000

Beginning Account

Value 1/1/22

Expenses

Paid

Ending

During

Account Annualized Period

Value Expense 1/1/22 to

6/30/22 Ratio 6/30/22*

Actual Standard Class Shares $1,000.00 $930.60 Service Class Shares 1,000.00 929.40

0.64% 0.89%

$3.06 4.26

Hypothetical (5% return before expenses) Standard Class Shares $1,000.00 $1,021.90 0.64% Service Class Shares 1,000.00 1,020.60 0.89%

$3.21 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).

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, 2022

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

Security Type/Sector

Common Stock

Aerospace & Defense Auto Components Automobiles Banks Beverages Biotechnology Capital Markets Chemicals Communications Equipment Consumer Finance Containers & Packaging Distributors Diversified Consumer Services Diversified Financial Services Diversified Telecommunication Services Electric Utilities Electrical Equipment Entertainment Food & Staples Retailing Food Products Gas Utilities Health Care Equipment & Supplies Health Care Providers & Services Hotels, Restaurants & Leisure Household Durables Household Products Industrial Conglomerates Insurance IT Services Machinery Media Metals & Mining Multiline Retail Multi-Utilities Oil, Gas & Consumable Fuels Personal Products Pharmaceuticals Professional Services Road & Rail Semiconductors & Semiconductor Equipment Software Specialty Retail Technology Hardware, Storage & Peripherals Textiles, Apparel & Luxury Goods Thrifts & Mortgage Finance Tobacco

Percentage of Net Assets

91.30%

2.39% 0.42% 1.39% 9.66% 1.24% 0.47% 1.78% 1.38% 1.69% 0.38% 1.73% 0.30% 0.18% 0.78% 2.52% 4.59% 0.34% 0.38% 0.64% 1.05% 0.53% 4.30% 6.84% 0.23% 1.86% 0.36% 0.96% 6.20% 5.09% 0.88% 2.35% 0.24% 0.97% 4.01% 7.75% 1.39% 5.13% 0.94% 0.70% 0.56% 1.77% 0.87% 0.99% 0.28% 0.12% 1.69%

Security Type/Sector Trading Companies & Distributors Wireless Telecommunication Services Money Market Fund Total Investments Receivables and Other Assets Net of Liabilities Total Net Assets

Percentage of Net Assets

0.32% 0.66% 6.76% 98.06% 1.94% 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

Wells Fargo & Co. Elevance Health, Inc. Verizon Communications, Inc. Citigroup, Inc. Humana, Inc. BP PLC Cisco Systems, Inc. Medtronic PLC Enterprise Products Partners LP AstraZeneca PLC

Total

IT?Information Technology

Percentage of Net Assets

2.05% 1.92% 1.85% 1.82% 1.78% 1.74% 1.69% 1.63% 1.63% 1.61%

17.72%

LVIP BlackRock Dividend Value Managed Volatility Fund?2

LVIP BlackRock Dividend Value Managed Volatility Fund

Statement of Net Assets

June 30, 2022 (unaudited)

COMMON STOCK?91.30% Aerospace & Defense?2.39% Airbus SE . . . . . . . . . . . . . . BAE Systems PLC . . . . . . . Huntington Ingalls

Industries, Inc. . . . . . . . . . Lockheed Martin Corp. . . .

Auto Components?0.42% Lear Corp. . . . . . . . . . . . . . .

Automobiles?1.39% General Motors Co. . . . . . .

Banks?9.66% Bank of America Corp. . . . Citigroup, Inc. . . . . . . . . . . Citizens Financial Group, Inc.. . . . . . . . . . . . . . . . . . . Comerica, Inc. . . . . . . . . . . Fifth Third Bancorp. . . . . . First Citizens BancShares, Inc. Class A . . . . . . . . . . . . First Horizon Corp. . . . . . . FNB Corp. . . . . . . . . . . . . . . Huntington Bancshares, Inc.. . . . . . . . . . . . . . . . . . . JPMorgan Chase & Co. . . . KeyCorp. . . . . . . . . . . . . . . . Regions Financial Corp. . . Truist Financial Corp. . . . . U.S. Bancorp. . . . . . . . . . . . United Bankshares, Inc. . . Valley National Bancorp . . Wells Fargo & Co. . . . . . . . .

Beverages?1.24% Coca-Cola Co. . . . . . . . . . . . Constellation Brands, Inc. Class A. . . . . . . . . . . . . . . .

Biotechnology?0.47% Gilead Sciences, Inc. . . . . .

Capital Markets?1.78% Charles Schwab Corp. . . . . Federated Hermes, Inc.. . . Franklin Resources, Inc. . . Invesco Ltd. . . . . . . . . . . . . Janus Henderson Group PLC . . . . . . . . . . . . . . . . . .

Number of Shares

Value (U.S. $)

87,429 $ 8,551,418

1,785,618

18,077,586

45,863 8,996

9,989,879 3,867,920

40,486,803

56,573

7,121,975 7,121,975

743,074

23,600,030 23,600,030

587,880 670,664

96,896 50,391 87,302

31,048 169,812 175,013

423,560 164,361 207,889 195,292 82,302 93,114 70,328 206,717 887,578

18,300,705 30,843,837

3,458,218 3,697,692 2,933,347

20,298,562 3,712,090 1,900,641

5,095,427 18,508,692 3,581,928 3,661,725 3,903,584 4,285,106 2,466,403 2,151,924 34,766,430 163,566,311

74,714 70,163

4,700,257

16,352,189 21,052,446

127,797

7,899,133 7,899,133

157,535 50,355 142,889 176,516

87,731

9,953,061 1,600,785 3,330,743 2,847,203

2,062,556

COMMON STOCK (continued) Capital Markets (continued) Lazard Ltd. Class A . . . . . . Raymond James

Financial, Inc. . . . . . . . . .

Number of Shares

57,149 95,556

Value (U.S. $)

$ 1,852,199 8,543,662

30,190,209

Chemicals?1.38% Chemours Co. . . . . . . . . . . . Huntsman Corp. . . . . . . . . . LyondellBasell Industries NV Class A . . . . . . . . . . . . . PPG Industries, Inc. . . . . .

86,489 88,761

73,706 101,786

2,769,378 2,516,374

6,446,327 11,638,211 23,370,290

Communications Equipment?1.69%

Cisco Systems, Inc. . . . . . .

670,649

28,596,473 28,596,473

Consumer Finance?0.38% Capital One Financial Corp. . . . . . . . . . . . . . . . . .

61,313

6,388,201 6,388,201

Containers & Packaging?1.73% International Paper Co.. . . Packaging Corp. of America . . . . . . . . . . . . . . . Sealed Air Corp. . . . . . . . . . Sonoco Products Co. . . . . . Westrock Co. . . . . . . . . . . . .

157,184

28,748 217,686 50,977 81,083

6,575,006

3,952,850 12,564,836 2,907,728 3,230,347 29,230,767

Distributors?0.30% Genuine Parts Co. . . . . . . .

37,590

4,999,470 4,999,470

Diversified Consumer Services?0.18%

H&R Block, Inc. . . . . . . . . .

86,230

3,045,644 3,045,644

Diversified Financial Services?0.78%

Apollo Global

Management, Inc. . . . . . .

182,330

Equitable Holdings, Inc. . .

164,860

8,839,359 4,297,900

13,137,259

Diversified Telecommunication Services?2.52%

AT&T, Inc. . . . . . . . . . . . . . .

314,178

Lumen Technologies, Inc. .

438,975

Verizon Communications,

Inc.. . . . . . . . . . . . . . . . . . .

617,592

6,585,171 4,789,217

31,342,794 42,717,182

Electric Utilities?4.59% Alliant Energy Corp. . . . . . American Electric Power Co., Inc. . . . . . . . . . . . . . . .

76,554 144,203

4,486,830 13,834,836

LVIP BlackRock Dividend Value Managed Volatility Fund?3

LVIP BlackRock Dividend Value Managed Volatility Fund Statement of Net Assets (continued)

COMMON STOCK (continued) Electric Utilities (continued) Edison International . . . . . Entergy Corp. . . . . . . . . . . . Eversource Energy . . . . . . . Exelon Corp. . . . . . . . . . . . . FirstEnergy Corp.. . . . . . . . IDACORP, Inc. . . . . . . . . . . NextEra Energy, Inc. . . . . . NRG Energy, Inc. . . . . . . . . OGE Energy Corp. . . . . . . . Pinnacle West Capital

Corp. . . . . . . . . . . . . . . . . . PPL Corp. . . . . . . . . . . . . . . Xcel Energy, Inc. . . . . . . . .

Number of Shares

170,866 55,464 57,731 113,593 131,884 23,555 42,206 119,398 94,700

53,267 178,588 64,606

Value (U.S. $)

$ 10,805,566 6,247,465 4,876,537 5,148,035 5,063,027 2,494,946 3,269,277 4,557,422 3,651,632

3,894,883 4,845,092 4,571,520 77,747,068

Electrical Equipment?0.34% Eaton Corp. PLC. . . . . . . . . Emerson Electric Co.. . . . .

21,934 36,718

2,763,464 2,920,550

5,684,014

Entertainment?0.38% Activision Blizzard, Inc. . .

82,095

6,391,917 6,391,917

Food & Staples Retailing?0.64% Walgreens Boots Alliance, Inc.. . . . . . . . . . . . . . . . . . . Walmart, Inc. . . . . . . . . . . .

134,316 47,620

5,090,576 5,789,640

10,880,216

Food Products?1.05% Conagra Brands, Inc. . . . . . General Mills, Inc. . . . . . . . Mondelez International, Inc. Class A . . . . . . . . . . . .

178,799 73,556

97,838

6,122,078 5,549,800

6,074,761 17,746,639

Gas Utilities?0.53% New Jersey Resources Corp. . . . . . . . . . . . . . . . . . Southwest Gas Holdings, Inc.. . . . . . . . . . . . . . . . . . . UGI Corp. . . . . . . . . . . . . . .

46,828

29,568 113,071

2,085,251

2,574,782 4,365,671 9,025,704

Health Care Equipment & Supplies?4.30%

Alcon, Inc.. . . . . . . . . . . . . .

85,040

DENTSPLY SIRONA, Inc. .

269,660

Koninklijke Philips NV . . .

681,185

Medtronic PLC . . . . . . . . . .

308,261

Zimmer Biomet Holdings,

Inc.. . . . . . . . . . . . . . . . . . .

142,708

5,963,135 9,634,952 14,610,414 27,666,425

14,992,902 72,867,828

Number of

Shares

COMMON STOCK (continued)

Health Care Providers & Services?6.84%

AmerisourceBergen Corp..

64,258

Cigna Corp. . . . . . . . . . . . . .

77,581

Elevance Health, Inc. . . . .

67,381

Humana, Inc. . . . . . . . . . . .

64,471

Laboratory Corp. of

America Holdings. . . . . . .

101,199

Value (U.S. $)

$ 9,091,222 20,444,145 32,516,723 30,176,941

23,716,998 115,946,029

Hotels, Restaurants & Leisure?0.23%

McDonald's Corp.. . . . . . . .

15,793

3,898,976 3,898,976

Household Durables?1.86% Garmin Ltd. . . . . . . . . . . . . Leggett & Platt, Inc. . . . . . Newell Brands, Inc. . . . . . . Panasonic Holdings Corp. .

34,183 65,270 740,246 1,453,200

3,358,480 2,257,036 14,094,284 11,733,406

31,443,206

Household Products?0.36% Kimberly-Clark Corp.. . . . .

45,001

6,081,885 6,081,885

Industrial Conglomerates?0.96% General Electric Co. . . . . . Siemens AG. . . . . . . . . . . . .

69,849 115,301

4,447,286 11,852,539

16,299,825

Insurance?6.20% Allstate Corp. . . . . . . . . . . . American International Group, Inc. . . . . . . . . . . . . Cincinnati Financial Corp. . . . . . . . . . . . . . . . . . Fidelity National Financial, Inc. . . . . . . . . . MetLife, Inc. . . . . . . . . . . . . Old Republic International Corp. . . . . . Principal Financial Group, Inc.. . . . . . . . . . . . . . . . . . . Prudential Financial, Inc. . Prudential PLC. . . . . . . . . . Unum Group . . . . . . . . . . . . Willis Towers Watson PLC .

52,342

428,253

28,848

455,011 124,322

143,661

85,420 62,725 715,224 101,171 107,251

6,633,302

21,896,576

3,432,335

16,817,206 7,806,178

3,212,260

5,705,202 6,001,528 8,896,837 3,441,837 21,170,275 105,013,536

IT Services?5.09% Cognizant Technology Solutions Corp. Class A . . Fidelity National Information Services, Inc.. . . . . . . . . . . . . . . . . . . International Business Machines Corp.. . . . . . . . .

313,893

251,528 66,166

21,184,639

23,057,572 9,341,977

LVIP BlackRock Dividend Value Managed Volatility Fund?4

LVIP BlackRock Dividend Value Managed Volatility Fund Statement of Net Assets (continued)

COMMON STOCK (continued) IT Services (continued) SS&C Technologies

Holdings, Inc. . . . . . . . . . . Visa, Inc. Class A . . . . . . . . Western Union Co. . . . . . . .

Number of Shares

312,077 57,300 201,294

Value (U.S. $)

$ 18,122,311 11,281,797 3,315,312 86,303,608

Machinery?0.88% Caterpillar, Inc. . . . . . . . . . Komatsu Ltd. . . . . . . . . . . .

17,598 525,000

3,145,819 11,690,258

14,836,077

Media?2.35% Comcast Corp. Class A. . . . Fox Corp. Class A . . . . . . . . Interpublic Group of Cos., Inc.. . . . . . . . . . . . . . . . . . . Omnicom Group, Inc. . . . .

495,642 374,750

145,807 67,666

19,448,992 12,051,960

4,014,067 4,304,234 39,819,253

Metals & Mining?0.24% Newmont Corp.. . . . . . . . . .

68,140

4,065,914 4,065,914

Multiline Retail?0.97% Dollar General Corp. . . . . .

67,073

16,462,397 16,462,397

Multi-Utilities?4.01% Avista Corp.. . . . . . . . . . . . . Black Hills Corp. . . . . . . . . CenterPoint Energy, Inc.. . CMS Energy Corp. . . . . . . . Dominion Energy, Inc.. . . . DTE Energy Co. . . . . . . . . . NiSource, Inc.. . . . . . . . . . . NorthWestern Corp. . . . . . . Public Service Enterprise Group, Inc. . . . . . . . . . . . . Sempra Energy . . . . . . . . . . WEC Energy Group, Inc. . .

34,149 31,156 136,532 68,869 64,633 36,278 170,867 25,490

259,509 115,749 53,931

1,485,823 2,267,222 4,038,617 4,648,657 5,158,360 4,598,236 5,038,868 1,502,126

16,421,729 17,393,602 5,427,616

67,980,856

Oil, Gas & Consumable Fuels?7.75%

BP PLC . . . . . . . . . . . . . . . .

6,262,432

Chevron Corp.. . . . . . . . . . .

37,000

ConocoPhillips . . . . . . . . . .

163,129

Enterprise Products

Partners LP. . . . . . . . . . . .

1,133,630

EQT Corp. . . . . . . . . . . . . . .

422,077

Exxon Mobil Corp. . . . . . . .

84,560

Hess Corp.. . . . . . . . . . . . . .

103,774

Marathon Petroleum

Corp. . . . . . . . . . . . . . . . . .

61,603

ONEOK, Inc. . . . . . . . . . . . .

134,106

29,405,217 5,356,860 14,650,615

27,626,563 14,519,449 7,241,718 10,993,818

5,064,383 7,442,883

Number of

Shares

COMMON STOCK (continued)

Oil, Gas & Consumable Fuels (continued)

Valero Energy Corp. . . . . . .

84,015

Value (U.S. $)

$ 8,929,114 131,230,620

Personal Products?1.39% Unilever PLC ADR . . . . . . .

513,908

23,552,404 23,552,404

Pharmaceuticals?5.13% AstraZeneca PLC . . . . . . . . Bayer AG . . . . . . . . . . . . . . . Merck & Co., Inc. . . . . . . . . Pfizer, Inc.. . . . . . . . . . . . . . Sanofi . . . . . . . . . . . . . . . . .

207,145 372,030 72,260 109,051 247,709

27,326,927 22,216,276 6,587,944 5,717,544 24,980,468

86,829,159

Professional Services?0.94% Leidos Holdings, Inc. . . . . .

158,138

15,926,078 15,926,078

Road & Rail?0.70% Union Pacific Corp. . . . . . .

55,875

11,917,020 11,917,020

Semiconductors & Semiconductor Equipment?0.56%

Analog Devices, Inc. . . . . .

39,493

5,769,532

Intel Corp.. . . . . . . . . . . . . .

100,226

3,749,455

9,518,987

Software?1.77% CDK Global, Inc.. . . . . . . . . Microsoft Corp.. . . . . . . . . .

277,647 57,586

15,206,726 14,789,813

29,996,539

Specialty Retail?0.87% Ross Stores, Inc.. . . . . . . . .

210,843

14,807,504 14,807,504

Technology Hardware, Storage & Peripherals?0.99%

HP, Inc. . . . . . . . . . . . . . . . .

126,101

Samsung Electronics Co.

Ltd.GDR . . . . . . . . . . . . . .

8,460

Seagate Technology

Holdings PLC . . . . . . . . . .

46,780

4,133,591 9,211,031 3,341,963

16,686,585

Textiles, Apparel & Luxury Goods?0.28%

Hanesbrands, Inc. . . . . . . .

172,726

Ralph Lauren Corp. . . . . . .

33,193

1,777,351 2,975,752

4,753,103

Thrifts & Mortgage Finance?0.12% New York Community Bancorp, Inc. . . . . . . . . . .

231,299

2,111,760 2,111,760

LVIP BlackRock Dividend Value Managed Volatility Fund?5

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