LVIP Delaware SMID Cap Core Fund
Schedule of Investments
September 30, 2021 (unaudited)
Number of Shares | Value (U.S. $) | ||
COMMON STOCK–99.31% | |||
Aerospace & Defense–0.61% | |||
BWX Technologies | 78,586 | $ 4,232,642 | |
4,232,642 | |||
Airlines–0.78% | |||
†Allegiant Travel | 27,487 | 5,373,159 | |
5,373,159 | |||
Auto Components–0.70% | |||
BorgWarner | 112,822 | 4,875,039 | |
4,875,039 | |||
Banks–8.27% | |||
Comerica | 68,977 | 5,552,649 | |
East West Bancorp | 120,394 | 9,335,351 | |
First Horizon National | 264,432 | 4,307,597 | |
Independent Bank Group | 53,279 | 3,784,940 | |
SouthState | 66,773 | 4,985,940 | |
Sterling Bancorp | 210,216 | 5,246,991 | |
Umpqua Holdings | 302,784 | 6,131,376 | |
Valley National Bancorp | 364,155 | 4,846,903 | |
Webster Financial | 128,327 | 6,988,689 | |
Western Alliance Bancorp | 55,487 | 6,038,095 | |
57,218,531 | |||
Biotechnology–7.49% | |||
†Agios Pharmaceuticals | 76,157 | 3,514,646 | |
†Amicus Therapeutics | 314,099 | 2,999,645 | |
†Biohaven Pharmaceutical Holding | 36,497 | 5,069,798 | |
†Blueprint Medicines | 64,684 | 6,650,162 | |
†Exact Sciences | 20,725 | 1,978,201 | |
†Halozyme Therapeutics | 123,009 | 5,004,006 | |
†Insmed | 114,331 | 3,148,676 | |
†Ligand Pharmaceuticals | 42,159 | 5,873,592 | |
†Natera | 56,313 | 6,275,521 | |
†Neurocrine Biosciences | 61,753 | 5,922,730 | |
†Ultragenyx Pharmaceutical | 59,877 | 5,400,307 | |
51,837,284 | |||
Building Products–1.57% | |||
Carlisle | 15,280 | 3,037,511 | |
Zurn Water Solution | 121,728 | 7,825,893 | |
10,863,404 | |||
Capital Markets–1.46% | |||
Hamilton Lane Class A | 30,744 | 2,607,706 | |
Stifel Financial | 110,518 | 7,510,803 | |
10,118,509 | |||
Chemicals–2.51% | |||
Balchem | 17,555 | 2,546,704 | |
Huntsman | 254,819 | 7,540,094 | |
Minerals Technologies | 103,819 | 7,250,719 | |
17,337,517 | |||
Commercial Services & Supplies–1.79% | |||
ABM Industries | 92,230 | 4,151,271 | |
†Casella Waste Systems Class A | 36,750 | 2,790,795 | |
Tetra Tech | 22,660 | 3,384,044 |
Number of Shares | Value (U.S. $) | ||
COMMON STOCK (continued) | |||
Commercial Services & Supplies (continued) | |||
†US Ecology | 64,236 | $ 2,078,035 | |
12,404,145 | |||
Communications Equipment–0.32% | |||
†NETGEAR | 68,888 | 2,198,216 | |
2,198,216 | |||
Construction & Engineering–3.58% | |||
†Ameresco Class A | 51,009 | 2,980,456 | |
†MasTec | 46,009 | 3,969,656 | |
Quanta Services | 96,913 | 11,030,638 | |
†WillScot Mobile Mini Holdings | 214,138 | 6,792,457 | |
24,773,207 | |||
Consumer Finance–0.36% | |||
†LendingTree | 18,047 | 2,523,512 | |
2,523,512 | |||
Containers & Packaging–0.66% | |||
WestRock | 91,483 | 4,558,598 | |
4,558,598 | |||
Diversified Consumer Services–0.48% | |||
†Chegg | 49,110 | 3,340,462 | |
3,340,462 | |||
Electrical Equipment–0.43% | |||
†Generac Holdings | 7,199 | 2,942,015 | |
2,942,015 | |||
Electronic Equipment, Instruments & Components–0.76% | |||
†II-VI | 88,205 | 5,235,849 | |
5,235,849 | |||
Energy Equipment & Services–0.07% | |||
Patterson-UTI Energy | 55,110 | 495,990 | |
495,990 | |||
Entertainment–0.41% | |||
†Cinemark Holdings | 146,434 | 2,812,997 | |
2,812,997 | |||
Equity Real Estate Investment Trusts–6.59% | |||
American Assets Trust | 51,545 | 1,928,814 | |
Brixmor Property Group | 227,670 | 5,033,784 | |
Camden Property Trust | 48,696 | 7,181,199 | |
Cousins Properties | 151,921 | 5,665,134 | |
†DiamondRock Hospitality | 238,196 | 2,250,952 | |
First Industrial Realty Trust | 85,842 | 4,470,651 | |
Kite Realty Group Trust | 149,224 | 3,038,201 | |
Lexington Realty Trust | 272,489 | 3,474,235 | |
Life Storage | 46,895 | 5,380,732 | |
Pebblebrook Hotel Trust | 145,420 | 3,258,862 | |
Physicians Realty Trust | 222,609 | 3,922,371 | |
45,604,935 | |||
Food & Staples Retailing–1.55% | |||
†BJ's Wholesale Club Holdings | 64,420 | 3,537,946 |
LVIP Delaware SMID Cap Core Fund–1
LVIP Delaware SMID Cap Core Fund
Schedule of Investments (continued)
Number of Shares | Value (U.S. $) | ||
COMMON STOCK (continued) | |||
Food & Staples Retailing (continued) | |||
Casey's General Stores | 37,989 | $ 7,159,027 | |
10,696,973 | |||
Food Products–0.86% | |||
J & J Snack Foods | 39,035 | 5,965,329 | |
5,965,329 | |||
Gas Utilities–1.21% | |||
South Jersey Industries | 179,829 | 3,823,164 | |
Spire | 73,848 | 4,518,021 | |
8,341,185 | |||
Health Care Equipment & Supplies–0.50% | |||
†Quidel | 24,569 | 3,467,914 | |
3,467,914 | |||
Health Care Providers & Services–0.87% | |||
Encompass Health | 80,580 | 6,046,723 | |
6,046,723 | |||
Health Care Technology–0.66% | |||
†Inspire Medical Systems | 19,542 | 4,550,941 | |
4,550,941 | |||
Hotels, Restaurants & Leisure–3.59% | |||
Aramark | 181,171 | 5,953,279 | |
†Brinker International | 76,950 | 3,774,398 | |
†Chuy's Holdings | 62,404 | 1,967,598 | |
Jack in the Box | 46,289 | 4,505,308 | |
Texas Roadhouse | 47,855 | 4,370,597 | |
Wendy's | 198,511 | 4,303,719 | |
24,874,899 | |||
Household Durables–2.37% | |||
†Helen of Troy | 14,450 | 3,246,626 | |
KB Home | 72,760 | 2,831,819 | |
La-Z-Boy | 73,741 | 2,376,673 | |
†Taylor Morrison Home | 102,413 | 2,640,207 | |
Toll Brothers | 95,596 | 5,285,503 | |
16,380,828 | |||
Insurance–3.54% | |||
Axis Capital Holdings | 103,029 | 4,743,455 | |
Kemper | 66,655 | 4,451,888 | |
Primerica | 37,894 | 5,821,655 | |
Reinsurance Group of America | 42,511 | 4,729,774 | |
Selective Insurance Group | 62,700 | 4,735,731 | |
24,482,503 | |||
Interactive Media & Services–0.56% | |||
†Bumble Class A | 562 | 28,089 | |
†Yelp | 102,812 | 3,828,719 | |
3,856,808 | |||
IT Services–2.48% | |||
†ExlService Holdings | 78,155 | 9,622,444 | |
†WNS Holdings | 91,890 | 7,516,602 | |
17,139,046 |
Number of Shares | Value (U.S. $) | ||
COMMON STOCK (continued) | |||
Leisure Products–1.61% | |||
†Malibu Boats Class A | 96,954 | $ 6,784,841 | |
†YETI Holdings | 50,989 | 4,369,247 | |
11,154,088 | |||
Life Sciences Tools & Services–3.73% | |||
Bio-Techne | 15,889 | 7,699,333 | |
†ICON | 25,507 | 6,683,344 | |
†NeoGenomics | 68,650 | 3,311,676 | |
†Repligen | 28,169 | 8,140,559 | |
25,834,912 | |||
Machinery–4.24% | |||
Barnes Group | 38,761 | 1,617,496 | |
Columbus McKinnon | 24,211 | 1,170,602 | |
ESCO Technologies | 30,598 | 2,356,046 | |
Federal Signal | 67,570 | 2,609,553 | |
†Gates Industrial | 140,599 | 2,287,546 | |
Graco | 57,636 | 4,032,791 | |
Kadant | 14,888 | 3,038,641 | |
Lincoln Electric Holdings | 35,594 | 4,584,151 | |
Oshkosh | 49,524 | 5,069,772 | |
Woodward | 22,793 | 2,580,168 | |
29,346,766 | |||
Media–0.91% | |||
Interpublic Group | 171,428 | 6,286,265 | |
6,286,265 | |||
Metals & Mining–3.17% | |||
Kaiser Aluminum | 66,542 | 7,250,416 | |
Reliance Steel & Aluminum | 61,855 | 8,809,389 | |
Worthington Industries | 111,888 | 5,896,498 | |
21,956,303 | |||
Multi-Utilities–1.15% | |||
Black Hills | 61,112 | 3,835,389 | |
NorthWestern | 72,527 | 4,155,797 | |
7,991,186 | |||
Oil, Gas & Consumable Fuels–3.06% | |||
Diamondback Energy | 176,489 | 16,708,213 | |
PDC Energy | 93,735 | 4,442,102 | |
21,150,315 | |||
Paper & Forest Products–0.51% | |||
Neenah | 74,972 | 3,494,445 | |
3,494,445 | |||
Pharmaceuticals–1.75% | |||
†Catalent | 68,865 | 9,163,866 | |
†Supernus Pharmaceuticals | 111,103 | 2,963,117 | |
12,126,983 | |||
Professional Services–2.79% | |||
†ASGN | 64,023 | 7,243,562 | |
Jacobs Engineering Group | 51,927 | 6,881,886 | |
KBR | 95,770 | 3,773,338 | |
†Upwork | 31,535 | 1,420,021 | |
19,318,807 |
LVIP Delaware SMID Cap Core Fund–2
LVIP Delaware SMID Cap Core Fund
Schedule of Investments (continued)
Number of Shares | Value (U.S. $) | ||
COMMON STOCK (continued) | |||
Road & Rail–1.79% | |||
Knight-Swift Transportation Holdings | 165,325 | $ 8,456,374 | |
Werner Enterprises | 89,025 | 3,941,137 | |
12,397,511 | |||
Semiconductors & Semiconductor Equipment–3.93% | |||
Brooks Automation | 48,427 | 4,956,503 | |
†Ichor Holdings | 34,801 | 1,429,973 | |
†MACOM Technology Solutions Holdings | 71,025 | 4,607,392 | |
†MaxLinear | 124,097 | 6,111,777 | |
†ON Semiconductor | 76,723 | 3,511,612 | |
†Semtech | 59,932 | 4,672,898 | |
†Silicon Laboratories | 13,462 | 1,886,834 | |
27,176,989 | |||
Software–6.24% | |||
†Blackline | 19,177 | 2,264,037 | |
†Box Class A | 76,589 | 1,812,862 | |
†Guidewire Software | 30,283 | 3,599,740 | |
†J2 Global | 47,508 | 6,490,543 | |
†Medallia | 104,858 | 3,551,540 | |
†Paycom Software | 3,904 | 1,935,408 | |
†PTC | 65,136 | 7,802,641 | |
†Rapid7 | 49,679 | 5,614,720 | |
†Sprout Social Class A | 23,399 | 2,853,508 | |
SS&C Technologies Holdings | 43,094 | 2,990,724 | |
†Tyler Technologies | 3,077 | 1,411,266 | |
†Varonis Systems | 46,302 | 2,817,477 | |
43,144,466 | |||
Specialty Retail–3.45% | |||
American Eagle Outfitters | 229,224 | 5,913,979 |
Number of Shares | Value (U.S. $) | ||
COMMON STOCK (continued) | |||
Specialty Retail (continued) | |||
Dick's Sporting Goods | 75,357 | $ 9,025,508 | |
†Five Below | 42,747 | 7,558,097 | |
Sonic Automotive Class A | 26,526 | 1,393,676 | |
23,891,260 | |||
Textiles, Apparel & Luxury Goods–1.08% | |||
Steven Madden | 186,538 | 7,491,366 | |
7,491,366 | |||
Thrifts & Mortgage Finance–1.85% | |||
Essent Group | 121,646 | 5,353,640 | |
†NMI Holdings Class A | 148,231 | 3,351,503 | |
WSFS Financial | 79,870 | 4,098,130 | |
12,803,273 | |||
Trading Companies & Distributors–1.02% | |||
Boise Cascade | 74,876 | 4,041,807 | |
†WESCO International | 26,395 | 3,043,871 | |
7,085,678 | |||
Total Common Stock (Cost $471,840,205) | 687,199,773 |
MONEY MARKET FUND–0.89% | |||
State Street Institutional U.S. Government Money Market Fund -Premier Class (seven-day effective yield 0.03%) | 6,117,863 | 6,117,863 | |
Total Money Market Fund (Cost $6,117,863) | 6,117,863 |
TOTAL INVESTMENTS–100.20% (Cost $477,958,068) | 693,317,636 | ||
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(0.20%) | (1,357,705) | ||
NET ASSETS APPLICABLE TO 26,805,259 SHARES OUTSTANDING–100.00% | $691,959,931 |
† Non-income producing. |
Summary of Abbreviations: |
IT–Information Technology |
See accompanying notes.
LVIP Delaware SMID Cap Core Fund–3
LVIP Delaware SMID Cap Core Fund
Notes
September 30, 2021 (unaudited)
1. Significant Accounting Policies
Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP Delaware SMID Cap Core Fund (the “Fund”) is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and are consistently followed by the Fund.
Security Valuation–Equity securities, except those traded on The Nasdaq Stock Market LLC (“Nasdaq”), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (“NAV”). Investments in government money market funds have a stable NAV. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).
2. Investments
U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.
Level 1– | inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts) |
Level 2– | other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing) |
Level 3– | inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities) |
The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of September 30, 2021:
Level 1 | Level 2 | Level 3 | Total | ||||
Investments: | |||||||
Assets: | |||||||
Common Stock | $687,199,773 | $— | $— | $687,199,773 | |||
Money Market Fund | 6,117,863 | — | — | 6,117,863 | |||
Total Investments | $693,317,636 | $— | $— | $693,317,636 |
There were no Level 3 investments at the beginning or end of the period.
LVIP Delaware SMID Cap Core Fund–4