Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print LVIP Macquarie SMID Cap Core Fund Std Release date as of 2025-06-30. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2025-06-30 Out of 575 Small Blend Funds Morningstar® Style Box™ What is this? As of 2025-03-31 Total Fund Assets ($ Mil) 649.34 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital appreciation. The fund invests primarily in stocks of small-and mid-capitalization companies that its manager believes have a combination of attractive valuations, growth prospects, and strong cash flows. Under normal circumstances, it invests at least 80% of its assets in equity securities of small-and mid-capitalization companies (80% policy).

Morningstar Category: Small Blend Small-blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Investment Risks Small Cap Funds: Smaller companies typically have higher risk of failure, and are not as well established as larger blue-chip companies. Historically, the smaller company stocks have experienced a greater degree of market volatility than the overall market average.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 97.7 Non-U.S. Stocks 0.0 Bonds 0.0 Cash 2.3 Other 0.0 Data through 2025-03-31 Morningstar Equity Sectors % of Stocks Cyclical 38.90 Basic Materials 4.63 Consumer Cyclical 10.36 Financial Services 17.07 Real Estate 6.84 Sensitive 43.26 Communication Services 2.60 Energy 5.55 Industrials 21.03 Technology 14.08 Defensive 17.84 Consumer Defensive 2.14 Healthcare 13.68 Utilities 2.02 Data through 2025-03-31 Holding Status Total Number of Stock Holdings 118 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 18.15 Turnover % (as of 2024-12-31) 11.00 30 Day SEC Yield % 0.00 Top Holdings Sector P/E % of Net Assets Expand Energy Corp Ordinary Shares - New --- 2.58 State Street Instl US Govt MMkt Premier --- --- 2.30 East West Bancorp Inc 12.05 1.88 Axis Capital Holdings Ltd 10.30 1.81 Beacon Roofing Supply Inc Class A --- 1.72 Casey's General Stores Inc 34.85 1.71 Webster Financial Corp 12.30 1.63 Dick's Sporting Goods Inc 14.14 1.53 ExlService Holdings Inc 33.17 1.53 Kemper Corp 12.06 1.46 Data through 2025-03-31

Principal Risks    Currency, Loss of Money, Not FDIC Insured, Active Management, Issuer, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Small Cap, Mid-Cap, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 1991-07-12 Portfolio Manager(s) Christopher S. Adams   (2017-04-28) Christopher S. Adams, CFA Vice President, Senior Portfolio Manager Christopher S. Adams is a senior portfolio manager on the firm’s US Core Equity team and performs analysis and research to support the portfolio management function. He joined the team in 2000 and became a portfolio manager in November 2004. Prior to joining Macquarie Investment Management (MIM) in 1995 as assistant vice president of strategic planning, Adams had approximately 10 years of experience in the financial services industry in the United States and United Kingdom, including positions with Coopers & Lybrand, The Sumitomo Bank, Bank of America, and Lloyds Bank. Adams holds both bachelor’s and master’s degrees in history and economics from the University of Oxford, England, and received an MBA with dual concentrations in finance and insurance/risk management from The Wharton School of the University of Pennsylvania. He is a past president of the CFA Society of Philadelphia. David E. Reidinger   (2017-04-28) Managing Director, Head of US Core Equity •Joined Macquarie in 2016 •Based in Philadelphia Dave is Head of Macquarie Asset Management’s (MAM’s) US Core Equity Team, a role he first assumed in March 2025. Dave is responsible for management of the team’s investment portfolios and business, and he performs analysis and research. Before that, Dave was a Senior Portfolio Manager for the team, a role he assumed in October 2016. Prior to joining the firm, Dave was a Senior Equity Analyst and Portfolio Manager at Chartwell Investment Partners, where he had worked on the firm’s small- and mid-cap growth strategies since 2004. Prior to Chartwell, Dave was a Portfolio Manager at Morgan Stanley Investment Management and a Senior Equity Analyst at Tiger Management. Dave began his investment career in 1993 as an Equity Research Analyst at Goldman Sachs. Dave received a Bachelor of Arts in mathematics and economics from Fordham University and a Master of Business Administration from Columbia Business School. Michael S. Morris   (2017-04-28) David E. Reidinger Vice President, Senior Portfolio Manager David E. Reidinger joined Macquarie Investment Management (MIM) in October 2016 as a senior portfolio manager on the firm’s US Core Equity team. He also performs analysis and research to support the portfolio management function. From June 2004 to September 2016, Reidinger was a senior analyst and portfolio manager at Chartwell Investment Partners, where he worked on the firm’s small- and mid-cap growth strategies. Before that, Reidinger was a portfolio manager with Morgan Stanley Investment Management from 2000 to 2003, and a senior equity analyst with Tiger Management from 1998 to 2000. Reidinger began his career in 1993 as an equity research analyst with Goldman Sachs. With more than 20 years of experience as an analyst, he has covered a broad range of industries within the information technology, consumer, and industrial sectors. Reidinger earned bachelor’s degrees in both mathematics and economics from Fordham University, and an MBA from Columbia Business School. Francis X. Morris   (2017-04-28) Senior Managing Director, Senior Portfolio Manager – US Core Equity •Joined Delaware Investments in 1997, acquired by Macquarie in 2010 •Based in Philadelphia Frank is a Senior Portfolio Manager for Macquarie Asset Management’s (MAM’s) US Core Equity Team, a role he transitioned to in March 2025 after serving as head of the team for more than 20 years. Frank performs analysis and research to support the portfolios managed by the team. Frank joined Delaware Investments as Vice President and Portfolio Manager. Prior to joining the firm, Frank was Vice President and Director of Equity Research at PNC Asset Management, where he began his investment career in 1983. Frank holds a Bachelor of Arts from Providence College and a Master of Business Administration from Widener University. He is a former member of the Business Advisory Council of the Providence College School of Business. Frank is a past President of the CFA Society of Philadelphia. Donald G. Padilla   (2017-04-28) Donald G. Padilla, CFA Vice President, Senior Portfolio Manager Donald G. Padilla is a senior portfolio manager on the firm’s US Core Equity team and performs analysis and research to support the portfolio management function. He joined the team in 2000 and became a portfolio manager in November 2004. Padilla joined Macquarie Investment Management (MIM) in 1994 as assistant controller in the firm’s treasury function, responsible for managing corporate cash investments, developing financial models, and overseeing the financial operations of the Lincoln Life 401(k) annuities segment. Prior to joining the firm, he held various positions at The Vanguard Group. Padilla holds a bachelor’s degree in accounting from Lehigh University, and he is a member of the CFA Society of Philadelphia. Investment Advisor(s) Lincoln Financial Investments Corporation Issuer Lincoln National Subadvisor(s) Delaware Investments Fund Advisers Macquarie Investment Management Global Limited

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