Strategy. The Fund operates under a fund of funds structure. The Fund pursues its investment objective by primarily investing in other mutual funds (each an Underlying Fund and collectively, the Underlying Funds), which include funds advised by the Funds investment adviser, the Adviser. The Fund also seeks to manage its overall portfolio volatility with a managed volatility strategy. This is a type of risk management sometimes referred to as an overlay because the risk management portion of the strategy supplements the Funds main investment portfolio. The Underlying Funds currently include LVIP MFS International Growth Fund (in an amount that is approximately 60% of the portion of the Funds assets not subject to the overlay), LVIP Dimensional International Core Equity Fund (in … Show more… The Fund operates under a fund of funds structure. The Fund pursues its investment objective by primarily investing in other mutual funds (each an Underlying Fund and collectively, the Underlying Funds), which include funds advised by the Funds investment adviser, the Adviser. The Fund also seeks to manage its overall portfolio volatility with a managed volatility strategy. This is a type of risk management sometimes referred to as an overlay because the risk management portion of the strategy supplements the Funds main investment portfolio. The Underlying Funds currently include LVIP MFS International Growth Fund (in an amount that is approximately 60% of the portion of the Funds assets not subject to the overlay), LVIP Dimensional International Core Equity Fund (in an amount that is approximately 30% of the portion of the Funds assets not subject to the overlay), and LVIP Franklin Multi-Factor International Equity Fund (in an amount that is approximately 10% of the portion of the Funds assets not subject to the overlay). International Equity Strategy. The Fund, under normal circumstances, through the Underlying Funds, invests at least 80% of its assets in a portfolio of investments that provide exposure to equity securities. The Underlying Funds may invest in companies of any market capitalization. Certain Underlying Funds invest primarily in foreign equity securities, including emerging market equity securities. The Fund normally maintains investment exposure to at least three countries outside of the United States. Typically, the Fund invests in a large number of different countries. The Fund is not required to allocate its investments in any set percentages in any particular countries. The LVIP MFS International Growth Fund may invest in the stocks of growth companies that its manager believes to have above average earnings growth potential compared to other companies, in the stocks of value companies that the Underlying Fund manager believes are undervalued compared to their perceived worth, or in a combination of growth and value companies. Growth companies tend to have stock prices that are high relative to their earnings, dividends, book value, or other financial measures. Value companies tend to have stock prices that are low relative to their earnings, dividends, assets, or other financial measures. The LVIP Dimensional International Core Equity Funds manager purchases a broad and diverse group of securities of non-U.S. companies in developed markets. The Underlying Fund invests in companies of all sizes, with increased exposure to smaller capitalization, lower relative price and higher profitability companies as compared to their representation in the international universe. The Underlying Funds management defines the International Universe as a market capitalization weighted set (e.g., the larger the company, the greater the proportion of the international universe it represents) of non-U.S. companies in developed markets that have been authorized as approved markets for investment by the Underlying Fund sub-advisers investment committee. The LVIP Franklin Multi-Factor International Equity Funds manager selects stocks for the Underlying Fund that have favorable exposure to certain factors, including but not limited to quality, value, and momentum. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers securities. The quality factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The value factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The momentum factor incorporates measurements such as six-month risk adjusted price momentum and twelve-month risk adjusted price momentum. The Adviser will periodically rebalance the weightings in the Underlying Funds held by the Fund to the current asset allocation strategy. In general, the Adviser does not anticipate making frequent changes in the asset allocation strategy and will not attempt to time the market. Allocations to Underlying Funds are subject to change at the discretion of the Adviser. Additional Underlying Funds may be utilized from time to time. The full list of Underlying Funds used by the Fund is included in the Funds annual and semi-annual reports and quarterly holdings disclosures. Managed Volatility Strategy. Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (collectively, Schroders or overlay manager) serve as sub-adviser and sub-sub-adviser to the Fund, respectively, to implement the managed volatility strategy. This managed volatility strategy consists of selling (short) positions in exchange-traded equity futures contracts to manage overall portfolio volatility and seeks to reduce the impact on the Funds portfolio of significant market downturns during periods of high volatility. Schroders buys or sells (shorts) individual futures contracts on equity indices of domestic and foreign markets that it believes are highly correlated to the Funds equity exposure. Schroders may also buy and sell fixed income futures and foreign currency derivatives (futures and/or forwards) as part of this strategy. Although up to 20% of the Funds net assets may be used by Schroders to implement the managed volatility strategy, under normal market conditions, it is expected that less than 10% of the Funds net assets will be used for this strategy. Schroders uses a proprietary volatility forecasting model to manage the assets allocated to this strategy. The managed volatility strategy is separate and distinct from any riders or features of your insurance contract. Schroders will regularly adjust the level of exchange-traded futures contracts and/or foreign currency derivatives to seek to manage the Funds overall net risk level, i.e., volatility. Volatility is a statistical measure of the dispersion of the Funds investment returns. Schroders will seek to manage currency risk involved in foreign futures contracts by buying or selling (shorting) foreign currency derivatives (futures and/or forwards). Schroders investment in exchange-traded futures and their resulting costs could limit the upside participation of the Fund in strong appreciating markets relative to unhedged funds. In situations of extreme market volatility, the exchange-traded futures could potentially reduce the Funds net economic exposure to equity securities and foreign currency or increase the Funds net economic exposure to fixed income securities to a substantial degree. The amount of exchange-traded futures may fluctuate frequently based upon market conditions. Schroders may take a long position in equity index futures and/or foreign currency derivatives for the purpose of providing an equity and/or currency exposure generally comparable to the holdings of cash. This allows the Fund to be fully invested in the market by turning cash into an equity and/or currency position while still maintaining the liquidity provided by the cash. Show less