LVIP MFS International Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Number of Shares | Value (U.S. $) | ||
ΔCOMMON STOCK–98.94% | |||
Australia–0.93% | |||
Oil Search | 3,667,172 | $ 11,412,125 | |
WiseTech Global | 100,916 | 3,827,060 | |
15,239,185 | |||
Brazil–0.09% | |||
Hypera | 254,550 | 1,495,305 | |
1,495,305 | |||
Canada–8.12% | |||
Agnico Eagle Mines | 348,550 | 18,082,441 | |
Canadian National Railway | 401,392 | 46,420,985 | |
Element Fleet Management | 2,044,689 | 20,630,922 | |
Franco-Nevada | 133,285 | 17,315,685 | |
Ritchie Bros Auctioneers | 506,706 | 31,268,073 | |
133,718,106 | |||
China–1.70% | |||
†Alibaba Group Holding | 488,100 | 9,036,654 | |
China Resources Gas Group | 632,000 | 3,320,483 | |
Kingsoft | 466,400 | 1,856,915 | |
Tencent Holdings | 155,400 | 9,277,181 | |
Yum China Holdings | 77,550 | 4,527,224 | |
28,018,457 | |||
Denmark–1.86% | |||
Novo Nordisk Class B | 316,842 | 30,540,241 | |
30,540,241 | |||
France–18.24% | |||
Air Liquide | 184,583 | 29,562,825 | |
Capgemini | 71,234 | 14,772,270 | |
Dassault Systemes | 266,545 | 14,027,067 | |
EssilorLuxottica | 243,819 | 46,592,120 | |
Kering | 28,775 | 20,437,747 | |
L'Oreal | 61,366 | 25,393,496 | |
LVMH Moet Hennessy Louis Vuitton | 79,989 | 57,293,209 | |
Pernod Ricard | 170,046 | 37,488,859 | |
Schneider Electric | 329,167 | 54,824,037 | |
300,391,630 | |||
Germany–10.49% | |||
Bayer | 328,861 | 17,849,086 | |
Deutsche Boerse | 126,335 | 20,499,950 | |
GEA Group | 442,050 | 20,188,138 | |
†QIAGEN | 465,056 | 24,128,264 | |
SAP | 519,883 | 70,303,324 | |
Symrise | 151,324 | 19,834,194 | |
172,802,956 |
Number of Shares | Value (U.S. $) | ||
ΔCOMMON STOCK (continued) | |||
Hong Kong–4.21% | |||
AIA Group | 6,028,600 | $ 69,355,426 | |
69,355,426 | |||
India–2.46% | |||
HDFC Bank ADR | 199,266 | 14,564,352 | |
Infosys ADR | 313,498 | 6,975,331 | |
ITC | 1,316,099 | 4,172,756 | |
Mahindra & Mahindra | 216,380 | 2,330,128 | |
Reliance Industries | 248,400 | 8,407,044 | |
UPL | 422,898 | 4,019,887 | |
40,469,498 | |||
Ireland–1.63% | |||
†Flutter Entertainment | 136,326 | 26,814,835 | |
26,814,835 | |||
Israel–0.66% | |||
†Nice Sponsored ADR | 38,495 | 10,934,120 | |
10,934,120 | |||
Italy–1.23% | |||
Prysmian | 578,532 | 20,207,251 | |
20,207,251 | |||
Japan–9.89% | |||
AEON Financial Service | 861,800 | 10,912,422 | |
Hitachi | 1,173,600 | 69,431,001 | |
Kao | 221,600 | 13,188,205 | |
Koito Manufacturing | 207,400 | 12,471,624 | |
Kose | 67,200 | 8,036,803 | |
Sugi Holdings | 129,300 | 9,426,757 | |
Terumo | 458,500 | 21,649,613 | |
Z Holdings | 2,766,500 | 17,705,756 | |
162,822,181 | |||
Mexico–0.45% | |||
Grupo Financiero Banorte Class O | 814,607 | 5,220,762 | |
Wal-Mart de Mexico | 643,751 | 2,181,546 | |
7,402,308 | |||
Netherlands–2.18% | |||
Akzo Nobel | 194,648 | 21,268,137 | |
†Just Eat Takeaway.com | 82,676 | 6,040,639 | |
†Prosus | 107,880 | 8,634,822 | |
35,943,598 | |||
Peru–0.12% | |||
Credicorp | 18,343 | 2,034,972 | |
2,034,972 | |||
Republic of Korea–0.47% | |||
†Hugel | 5,707 | 825,368 |
LVIP MFS International Growth Fund–1
LVIP MFS International Growth Fund
Schedule of Investments (continued)
Number of Shares | Value (U.S. $) | ||
ΔCOMMON STOCK (continued) | |||
Republic of Korea (continued) | |||
NAVER | 21,455 | $ 6,961,439 | |
7,786,807 | |||
Singapore–1.67% | |||
DBS Group Holdings | 1,243,400 | 27,552,015 | |
27,552,015 | |||
Spain–0.78% | |||
†Amadeus IT Group | 193,811 | 12,747,293 | |
12,747,293 | |||
Sweden–1.80% | |||
Assa Abloy Class B | 574,226 | 16,656,346 | |
Swedish Match | 1,488,846 | 13,037,437 | |
29,693,783 | |||
Switzerland–13.87% | |||
Alcon | 72,756 | 5,891,105 | |
Nestle | 702,621 | 84,658,817 | |
Novartis | 546,138 | 44,782,855 | |
Roche Holding | 207,990 | 75,910,059 | |
Sika | 54,194 | 17,134,678 | |
228,377,514 | |||
Taiwan–2.21% | |||
Delta Electronics | 810,000 | 7,257,735 | |
Taiwan Semiconductor Manufacturing ADR | 261,580 | 29,205,407 | |
36,463,142 |
Number of Shares | Value (U.S. $) | ||
ΔCOMMON STOCK (continued) | |||
United Kingdom–12.97% | |||
Burberry Group | 596,025 | $ 14,505,241 | |
Diageo | 1,060,159 | 51,327,607 | |
Experian | 562,658 | 23,569,815 | |
Linde | 160,714 | 47,262,525 | |
London Stock Exchange Group | 106,366 | 10,658,741 | |
†Ocado Group | 136,543 | 3,051,438 | |
Reckitt Benckiser Group | 529,759 | 41,617,965 | |
†Rolls-Royce Holdings | 11,600,020 | 21,665,531 | |
213,658,863 | |||
United States–0.91% | |||
†Ingersoll Rand | 296,650 | 14,954,127 | |
14,954,127 | |||
Total Common Stock (Cost $1,040,651,006) | 1,629,423,613 |
MONEY MARKET FUND–0.72% | |||
State Street Institutional U.S. Government Money Market Fund Premier Class (seven-day effective yield 0.03%) | 11,878,344 | 11,878,344 | |
Total Money Market Fund (Cost $11,878,344) | 11,878,344 |
TOTAL INVESTMENTS–99.66% (Cost $1,052,529,350) | 1,641,301,957 | ||
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.34% | 5,650,693 | ||
NET ASSETS APPLICABLE TO 75,750,655 SHARES OUTSTANDING–100.00% | $1,646,952,650 |
Δ Securities have been classified by country of origin. | |
† Non-income producing. |
Summary of Abbreviations: |
ADR–American Depositary Receipt |
See accompanying notes.
LVIP MFS International Growth Fund–2
LVIP MFS International Growth Fund
Notes
September 30, 2021 (unaudited)
1. Significant Accounting Policies
Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”)–LVIP MFS International Growth 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. Short-term debt securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Other securities and assets for which market quotations are not reliable or readily available are generally valued at fair value as determined in good faith under policies adopted by the Fund’s Board of Trustees. 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) |
LVIP MFS International Growth Fund–3
LVIP MFS International Growth Fund
Notes (continued)
2. Investments (continued)
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 | |||||||
Australia | $— | $15,239,185 | $— | $15,239,185 | |||
Brazil | 1,495,305 | — | — | 1,495,305 | |||
Canada | 133,718,106 | — | — | 133,718,106 | |||
China | 6,333,486 | 21,684,971 | — | 28,018,457 | |||
Denmark | — | 30,540,241 | — | 30,540,241 | |||
France | — | 300,391,630 | — | 300,391,630 | |||
Germany | 24,128,264 | 148,674,692 | — | 172,802,956 | |||
Hong Kong | — | 69,355,426 | — | 69,355,426 | |||
India | 21,539,683 | 18,929,815 | — | 40,469,498 | |||
Ireland | — | 26,814,835 | — | 26,814,835 | |||
Israel | 10,934,120 | — | — | 10,934,120 | |||
Italy | — | 20,207,251 | — | 20,207,251 | |||
Japan | — | 162,822,181 | — | 162,822,181 | |||
Mexico | 7,402,308 | — | — | 7,402,308 | |||
Netherlands | — | 35,943,598 | — | 35,943,598 | |||
Peru | 2,034,972 | — | — | 2,034,972 | |||
Republic of Korea | — | 7,786,807 | — | 7,786,807 | |||
Singapore | — | 27,552,015 | — | 27,552,015 | |||
Spain | — | 12,747,293 | — | 12,747,293 | |||
Sweden | 13,037,437 | 16,656,346 | — | 29,693,783 | |||
Switzerland | — | 228,377,514 | — | 228,377,514 | |||
Taiwan | 29,205,407 | 7,257,735 | — | 36,463,142 | |||
United Kingdom | — | 213,658,863 | — | 213,658,863 | |||
United States | 14,954,127 | — | — | 14,954,127 | |||
Money Market Fund | 11,878,344 | — | — | 11,878,344 | |||
Total Investments | $276,661,559 | $1,364,640,398 | $— | $1,641,301,957 |
There were no Level 3 investments at the beginning or end of the period.
As a result of utilizing International fair value pricing at September 30, 2021, a portion of the Fund’s common stock investments was categorized as Level 2.
LVIP MFS International Growth Fund–4