Form 485BPOS LINCOLN VARIABLE INSURAN

LEGG MASON PARTNERS VARIABLE EQUITY TRUST

One Madison Avenue, 17^th Floor

New York, New York 10010

877-6LM-FUND/656-3863

February 27, 2026

Dear Contract Owners and Shareholders:

The Board of Trustees (the “Board”) of Legg Mason Partners Variable Equity Trust (the “Target Funds Trust”) has called a Joint Special Meeting of Shareholders (the “Special Meeting”) of ClearBridge Variable Appreciation Portfolio, ClearBridge Variable Dividend Strategy Portfolio, ClearBridge Variable Large Cap Growth Portfolio and ClearBridge Variable Large Cap Value Portfolio (each a “Target Fund” and collectively, the “Target Funds”), each a series of the Target Funds Trust, to be held at the offices of Franklin Templeton Fund Adviser, LLC, One Madison Avenue, 17^th Floor, New York, New York 10010 on April 10, 2026 at 1:00 p.m. (Eastern time). The purpose of the Special Meeting is to vote on an important proposal that affects your investment in your Target Fund.

The Board has approved an Agreement and Plan of Reorganization (the “Agreement”), pursuant to which each Target Fund would be reorganized into a corresponding, newly created fund (each, an “Acquiring Fund,” and collectively, the “Acquiring Funds”) in the Lincoln Variable Insurance Products Trust (each, a “Reorganization” and collectively, the “Reorganizations”). Following the Reorganizations, each Acquiring Fund will have the same investment objectives and the same principal investment strategies as the corresponding Target Fund, and ClearBridge Investments, LLC, each Target Fund’s current subadviser, will serve as the subadviser of the corresponding Acquiring Fund. The portfolio management teams of each Target Fund and its corresponding Acquiring Fund will be the same. Each Acquiring Fund will be managed by Lincoln Financial Investments Corporation, a wholly-owned subsidiary of The Lincoln National Life Insurance Company.

The Target Funds are sold only to (i) separate accounts of certain life insurance companies (the “Participating Insurance Companies”) to fund benefits payable under certain variable annuity contracts and variable life insurance policies (“Variable Contracts”) issued by the Participating Insurance Companies; and (ii) certain pension and other qualified plans. If you are a Variable Contract owner, a voting instruction form is enclosed. When you complete and return your voting instruction form, it tells the Participating Insurance Company how you wish to vote the Fund shares attributable to your Variable Contract on important issues relating to the Fund underlying your Variable Contract. If you are a shareholder, a proxy card is enclosed. The attached Notice of Special Meeting of Shareholders and Joint Proxy Statement/Prospectus describe the matters to be considered at the Meeting. You should read the Joint Proxy Statement/Prospectus prior to completing your voting instruction card or proxy card.

The Board believes that the proposed Reorganizations are in the best interests of the Target Funds and recommends that you vote FOR the proposed Reorganization of your Target Fund.

We urge you to carefully review the Proposal in the Joint Prospectus/Proxy Statement. Then, please complete the voting instruction form/proxy card and return it in the postage-paid envelope, so that it is received prior to the Meeting on April 10, 2026 for your vote to be counted. When Variable Contract owners return their voting instructions promptly, the Fund may be able to save money by not having to conduct additional solicitations, including having the Participating Insurance Companies forward additional mailings. PLEASE COMPLETE, SIGN AND RETURN each voting instruction form/proxy card you receive.

We welcome your comments. If you have any questions, call Fund Information at: (800) DIAL BEN^® or (800) 342-5236.

LEGG MASON PARTNERS VARIABLE EQUITY TRUST

One Madison Avenue, 17^th Floor

New York, New York 10010

877-6LM-FUND/656-3863

NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON APRIL 10, 2026

Notice is hereby given that a Joint Special Meeting of Shareholders (the “Special Meeting”) of Legg Mason Partners Variable Equity Trust (the “Target Funds Trust”), on behalf of its series ClearBridge Variable Appreciation Portfolio, ClearBridge Variable Dividend Strategy Portfolio, ClearBridge Variable Large Cap Growth Portfolio and ClearBridge Variable Large Cap Value Portfolio (each a “Target Fund” and collectively, the “Target Funds”), will be held at the offices of Franklin Templeton Fund Adviser, LLC, One Madison Avenue, 17^th Floor, New York, New York 10010 on April 10, 2026 at 1:00 p.m. (Eastern time), and any adjournment or postponement thereof.

At the Special Meeting, shareholders of each Target Fund will be asked separately to vote upon the following proposals:

The Board of Trustees of the Target Funds Trust has fixed the close of business on January 22, 2026 as the record date for the determination of shareholders entitled to notice of and eligible to vote at the Special Meeting.

Even if you expect to attend the Special Meeting, you are requested to complete, sign, date and return the enclosed voting instruction card/proxy card in the enclosed envelope, which needs no postage if mailed in the United States. The enclosed voting instruction card/proxy card is being solicited on behalf of the Board of Trustees of the Target Funds Trust. You may also provide voting instructions by telephone or via the Internet. It is important that you return your voting instruction card/proxy card promptly.

Important Notice Regarding the Availability of Proxy Materials for the Special Meeting to be held on April 10, 2026: The Notice of Special Meeting, Joint Proxy Statement/Prospectus, annual and semi-annual reports and form of voting instruction cards/proxy cards are available https://vote.proxyonline.com/Franklin/docs. For more information, shareholders may contact our proxy solicitor, EQ Fund Solutions, LLC, at 800-992-3086.

JOINT PROXY STATEMENT

OF

LEGG MASON PARTNERS VARIABLE EQUITY TRUST

One Madison Avenue, 17^th Floor

New York, New York 10010

877-6LM-FUND/656-3863

And

PROSPECTUS

OF

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

1301 South Harrison Street

Fort Wayne, Indiana 46802

866-436-8717

February 20, 2026

This Joint Proxy Statement/Prospectus is being furnished to shareholders of ClearBridge Variable Appreciation Portfolio, ClearBridge Variable Dividend Strategy Portfolio, ClearBridge Variable Large Cap Growth Portfolio and ClearBridge Variable Large Cap Value Portfolio (each a “Target Fund” and collectively, the “Target Funds”), each a series of Legg Mason Partners Variable Equity Trust (the “Target Funds Trust”). The Board of Trustees of the Target Funds Trust (the “Board”) has called a Joint Special Meeting of Shareholders (the “Special Meeting”) of the Target Funds to be held at the offices of Franklin Templeton Fund Adviser, LLC, One Madison Avenue, 17^th Floor, New York, New York 10010 on April 10, 2026 at 1:00 p.m. (Eastern time), and any adjournment or postponement thereof.

Shares of each Target Fund are sold to (i) separate accounts of certain insurance companies (the “Participating Insurance Companies”) to fund benefits payable under certain variable annuity or variable life insurance contracts (“Variable Contracts”) issued by the Participating Insurance Company; and (ii) certain pension and other qualified plans. If you are an owner of a Variable Contract, you have the right to instruct the Participating Insurance Company how to vote shares of the Fund attributable to your Variable Contract. Therefore, each Participating Insurance Company solicits voting instructions from the owners of the Variable Contracts issued by such Company with respect to the shares of the Fund attributable to such Variable Contracts.

For the limited purpose of this Joint Prospectus/Proxy Statement, the terms “shareholder(s),” “you” and “your” refer to Variable Contract owners, as beneficial owners of Fund shares, and to the Participating Insurance Companies as direct owners of Fund shares, as well as any other direct shareholders of the Fund, unless the context otherwise requires.

This Joint Proxy Statement/Prospectus and the enclosed voting instruction cards/proxy cards are first being sent to shareholders of the Target Funds on or about February 27, 2026.

Shareholders of record of each Target Fund as of the close of business on January 22, 2026 (the “Record Date”) are entitled to notice of and are eligible to vote at the Special Meeting. At the Special Meeting, shareholders of each Target Fund will be asked to consider a proposal to approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) between Lincoln Variable Insurance Products Trust, on behalf of the applicable series thereof identified in the table below (each, an “Acquiring Fund” and collectively, the “Acquiring Funds”), and the Target Funds Trust, on behalf of the applicable Target Fund, providing for (i) the transfer of all the assets of the Target Fund to the Acquiring Fund in exchange for shares of the Acquiring Fund as set forth in the table below and the assumption by the Acquiring Fund of the liabilities of the Target Fund, as described in the respective Reorganization Agreement; (ii) the pro rata distribution, by class, to the Target Fund’s shareholders of such shares of the Acquiring Fund; and (iii) the termination of the Target Fund (each, a “Reorganization” and collectively, the “Reorganizations”).

The following table shows each Target Fund and the corresponding Acquiring Fund:

If shareholders of a Target Fund approve the Reorganization Agreement and certain other closing conditions are satisfied or waived, shareholders of Class I shares of the Target Fund will receive Standard Class shares of the corresponding Acquiring Fund, and shareholders of Class II shares of the Target Fund will receive Service Class shares of the corresponding Acquiring Fund. Shares you receive from the Acquiring Fund will have the same aggregate net asset value (“NAV”) to your investment in the corresponding class of shares of the Target Fund that you held immediately prior to the Reorganization. Please note that, because there were no outstanding Class II Shares of ClearBridge Variable Large Cap Value Portfolio on the Record Date, only Standard Class shares of the Acquiring Fund will be issued in the Reorganization relating to that Target Fund, and information in this Joint Proxy Statement/Prospectus for LVIP ClearBridge Large Cap Value Fund relates only to the Standard Class shares to be issued in the Reorganization.

The Reorganizations are expected to be completed on April 24, 2026, or as soon as practicable thereafter.

Each Target Fund and each Acquiring Fund is a series of a registered open-end management investment company (mutual funds). Each Acquiring Fund is a newly

organized series of Lincoln Variable Insurance Products Trust that has been created solely for the purpose of completing the applicable Reorganization and will not commence operations prior to the closing of the Reorganization. Lincoln Variable Insurance Products Trust is sometimes referred to in this Joint Proxy Statement/ Prospectus as the “Acquiring Trust.” The Target Funds and the Acquiring Funds are sometimes referred to in this Joint Proxy Statement/Prospectus individually as a “Fund” and collectively as the “Funds.”

This Joint Proxy Statement/Prospectus, which you should read carefully and retain for future reference, presents the information that you should know about the Funds and the Reorganizations. This document also serves as a prospectus for the offering and issuance of the shares of each Acquiring Fund to be issued in the Reorganizations. A Statement of Additional Information (“SAI”) dated February 20, 2026 relating to this Joint Proxy Statement/Prospectus and the Reorganizations has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and is incorporated by reference into this Joint Proxy Statement/Prospectus (meaning that it is legally considered to be part of this Joint Proxy Statement/Prospectus).

Additional information concerning the Target Funds is contained in the documents described below, all of which have been filed with the SEC. Each document is incorporated by reference into this Joint Proxy Statement/Prospectus only insofar as it relates to the Target Funds. No other parts of such documents are incorporated by reference herein. Because the Acquiring Funds have not yet commenced operations as of the date of this Joint Proxy Statement/Prospectus, no prospectuses, SAIs or annual or semi-annual reports are available for the Acquiring Funds at this time.

You can also obtain copies of any of the above-referenced documents without charge on the EDGAR database on the SEC’s Internet site at http://www.sec.gov. Copies are available for a fee by electronic request at the following e-mail address: [email protected], or from the Public Reference Section, Securities and Exchange Commission, Washington, D.C. 20549-1520. Copies of above-referenced documents relating to a Target Fund may also be obtained upon oral or written request without charge on the Fund’s website, www.franklintempleton.com, or by calling the Fund at 877-6LM-FUND/656-3863 or writing to the Fund at One Madison Avenue, 17^th Floor, New York, New York 10010.

Copies of above-referenced documents relating to the Acquiring Funds (once available) may also be obtained upon oral or written request without charge by calling 866-436-8717, on the Acquiring Funds’ website at https://www.lincolnfinancial.com/public/individuals/products/lvipprospectusreports or by writing to Lincoln Variable Insurance Products Trust at 1301 South Harrison Street, Fort Wayne, IN 46802.

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT DETERMINED THAT THE INFORMATION IN THIS JOINT PROXY STATEMENT/PROSPECTUS IS ACCURATE OR ADEQUATE, NOR HAS IT APPROVED OR DISAPPROVED THESE SECURITIES. ANYONE WHO TELLS YOU OTHERWISE IS COMMITTING A CRIMINAL OFFENSE.

TABLE OF CONTENTS

PROPOSAL 1: TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION RELATING TO YOUR FUND:

BACKGROUND AND GENERAL SUMMARY

The following questions and answers provide a brief overview of the key features of the Reorganizations and other matters typically of concern to shareholders considering a proposed combination of mutual funds. These questions and answers are qualified in their entirety by the more detailed information contained in the remainder of this Joint Proxy Statement/Prospectus, which you should read carefully and retain for future reference. The description of the Reorganizations is qualified by reference to the full texts of the respective Agreement and Plan of Reorganization (each a “Reorganization Agreement”). The form of Reorganization Agreement is attached as Appendix A to this Joint Proxy Statement/Prospectus.

The table below shows each Target Fund and the corresponding newly-created fund in the Lincoln Variable Insurance Products Trust (each, an “Acquiring Fund,” and, collectively, the “Acquiring Funds”).

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If shareholders of a Target Fund approve the Reorganization Agreement and certain other closing conditions are satisfied or waived, the Class I shares and Class II shares you currently own of the Target Fund will be exchanged for the same value of Standard Class shares and Service Class shares, respectively, of the corresponding Acquiring Fund. Please note that, because there were no outstanding Class II Shares of ClearBridge Variable Large Cap Value Portfolio outstanding on the Record Date, only Class I Shares will be issued in the Reorganization relating to that Target Fund. The Reorganizations are expected to be completed on April 24, 2026, or as soon as practicable thereafter.

The Board of Trustees of the Target Funds Trust recommends that shareholders of the respective Target Funds approve the Reorganization of their Fund.

See “Information About the Reorganizations—Board Approval of the Reorganizations” for additional information regarding the Board of Trustees’ considerations.

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Each of ClearBridge Variable Appreciation Portfolio and ClearBridge Variable Large Cap Growth Portfolio and its corresponding Acquiring Fund also have the same investment objective and substantially identical principal investment strategies and principal risks. Each of ClearBridge Variable Appreciation Portfolio and ClearBridge Variable Large Cap Growth Portfolio and its corresponding Acquiring Fund also have substantially similar investment policies, except that each of ClearBridge Variable Appreciation Portfolio and ClearBridge Variable Large Cap Growth Portfolio is classified as a diversified fund under the Investment Company Act of 1940, as amended (the “1940 Act”), whereas each of LVIP ClearBridge Appreciation Fund and LVIP ClearBridge Large Cap Growth Fund is classified as a non-diversified fund under the 1940 Act. A non-diversified fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent that LVIP ClearBridge Appreciation Fund or LVIP ClearBridge Large Cap Growth Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than ClearBridge Variable Appreciation Portfolio or ClearBridge Variable Large Cap Growth Portfolio, respectively.

The section of this Joint Proxy Statement/Prospectus entitled “Summary” for your Target Fund’s Reorganization provides more detailed comparisons of the investment objectives, principal investment strategies, investment policies and principal risks of each Target Fund and its corresponding Acquiring Fund.

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We encourage you to vote as soon as possible so we can reach the needed quorum for the vote and avoid the cost of additional solicitation efforts. Please refer to the enclosed Voting Instruction Card(s) for instructions for voting by telephone, Internet or mail. Voting Instruction Cards may also be referred to as “proxy cards.”

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SUMMARY

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of Class I shares of ClearBridge Variable Appreciation Portfolio (the “Target Fund”) will receive Standard Class shares of LVIP ClearBridge Appreciation Fund (the “Acquiring Fund”) in the Reorganization, and shareholders of Class II shares of the Target Fund will receive Service Class shares of the Acquiring Fund in the Reorganization. Class I shares of the Target Fund and Standard Class shares of the Acquiring Fund are substantially identical, and Class II shares of the Target Fund and Service Class shares of the Acquiring Fund are also substantially identical. In addition, Class I/Standard Class shares and Class II/Service Class shares are identical, except that Class II/Service Class shares are subject to a distribution (Rule 12b-1) fee equal to an annual rate of 0.25% of the average daily net assets attributable to such share class.

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below compare the fees and expenses of each class of shares of the Target Fund with those of the Acquiring Fund. The fee table and expense example do not reflect expenses incurred from investing through a separate account or qualified plan and do not reflect variable annuity or life insurance contract charges. If they did, the overall fees and expenses would be higher than those shown. Detailed information about the cost of investing in the Target Fund or the Acquiring Fund through a separate account or qualified plan is presented in the contract prospectus through which the Fund’s shares are offered to you or in the information provided by your plan.

Except as noted below, fees and expenses of the Target Fund are derived from the Target Fund’s current prospectus, dated May 1, 2025. The Acquiring Fund is newly organized and will commence operations upon consummation of the Reorganization. Therefore, the fees and expenses for the Acquiring Fund have been estimated. Actual fees and expenses may be higher or lower. The tables also show the estimated fees and expenses of each class of shares of the Acquiring Fund on a pro forma basis, after giving effect to the Reorganization. The actual fees and expenses of the Funds as of the Closing Date may differ from those reflected in the tables below.

As the tables below indicate, the hypothetical pro forma total annual operating expenses of each class of shares of the Acquiring Fund after the Reorganization are expected to be no higher than the total annual operating expenses of the corresponding

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class of shares of the Target Fund for a period of at least two years from the closing date of the Reorganizations. The management fee rate schedule for the Acquiring Fund is the same as the management fee rate schedule for the Target Fund.

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Expense Examples. The examples below are intended to help you compare the cost of investing in the Target Fund with the Acquiring Fund and pro forma cost of investing in the Acquiring Fund, after giving effect to the Reorganization. The example does not include expenses incurred from investing through a separate account or qualified plan and does not reflect variable annuity and variable life contract charges. If the example included these expenses, the figures shown would be higher.

The examples assume that you invest $10,000 in each Fund for the periods shown. The examples also assume that your investment has a 5% annual return and that operating expenses (before fee waivers and expense reimbursements) remain the same. The examples also assume that the expense limitation agreement reflected in the Annual Fund Operating Expenses tables above for each of the Target Fund and the Acquiring Fund will remain in place through its expiration date and the expense limitation agreement that will take effect as of the closing of the Reorganization will remain in place for two years following the closing of the Reorganization. The examples also assume that you reinvest all distributions and dividends without a sales charge. The results apply whether or not you redeem your investment at the end of the

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given period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

How do the performance records of the Target Fund and the Acquiring Fund compare?

The Acquiring Fund is a newly organized fund that will commence operations upon consummation of the proposed Reorganization, and therefore, has no performance history. As accounting successor to the Target Fund, the Acquiring Fund will assume the Target Fund’s historical performance after the consummation of the Reorganization.

The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Target Fund’s performance from year to year for Class I shares. The table shows the average annual total returns of each class of the Target Fund and also compares the Target Fund’s performance with a broad measure of market performance and an additional index with characteristics relevant to the Fund. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The Target Fund makes certain information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund and share class), or by calling the Fund at 877-6LM-FUND/656-3863. After the consummation of the Reorganization, the Acquiring Fund will make certain information available at http://www.lincolnfinancial.com/lvip (select fund and share class), or by calling the Fund at 866-436-8717.

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.

Fees paid by the separate accounts or qualified plans through which shares of the Fund are sold are not reflected in the accompanying bar chart and table. If they were,

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the returns would be lower than those shown. Please refer to the separate account prospectus or information provided by your qualified plan for a description of the expenses associated with the account or plan.

ClearBridge Variable Appreciation Portfolio - Class I Shares

Total returns

Calendar Years ended December 31

Average Annual Total Returns

For the periods ended December 31, 2025

Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.

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How do the investment objectives and principal investment strategies of the Funds compare?

ClearBridge Variable Appreciation Portfolio and LVIP ClearBridge Appreciation Fund have the same investment objectives and the same principal investment strategies, as set forth below.

Investment Objectives:

ClearBridge Variable Appreciation Portfolio and LVIP ClearBridge Appreciation Fund have the same investment objectives. Each Fund seeks long-term appreciation of capital.

Each Fund’s investment objective may be changed by the Board of Trustees (the “Board”) without shareholder approval and on notice to shareholders.

There is no assurance that a Fund will meet its investment objective.

Principal Investment Strategies:

ClearBridge Variable Appreciation Portfolio and LVIP ClearBridge Appreciation Fund have the same principal investment strategies.

Each Fund invests primarily in equity securities of U.S. companies. Each Fund typically invests in medium and large capitalization companies, but may also invest in small capitalization companies.

Each Fund may invest up to 20% of its net assets in equity securities of foreign issuers.

Comparison of fundamental investment policies and diversification policies

Fundamental policies are policies that cannot be changed without shareholder approval.

ClearBridge Variable Appreciation Portfolio and LVIP ClearBridge Appreciation Fund have substantially similar fundamental investment policies. Descriptions of the fundamental investment policies of ClearBridge Variable Appreciation Portfolio and LVIP ClearBridge Appreciation Fund are set forth in Appendix B to this Joint Proxy Statement/Prospectus.

ClearBridge Variable Appreciation Portfolio is currently classified as a diversified fund under the Investment Company Act of 1940, as amended (the “1940 Act”), whereas LVIP ClearBridge Appreciation Fund is classified as a non-diversified fund under the 1940 Act.

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As a diversified fund, ClearBridge Variable Appreciation Portfolio may not purchase securities of an issuer (other than obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities) if, with respect to 75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the remaining 25% of its total assets, ClearBridge Variable Appreciation Portfolio can invest more than 5% of its assets in one issuer. Under the 1940 Act, ClearBridge Variable Appreciation Portfolio cannot change its classification from diversified to non-diversified without shareholder approval.

In contrast, as a non-diversified fund, LVIP ClearBridge Appreciation Fund can invest a greater portion of its assets in a single issuer or a limited number of issuers than ClearBridge Variable Appreciation Portfolio. Accordingly, LVIP ClearBridge Appreciation Fund is more susceptible to adverse developments affecting any single issuer held in its portfolio than ClearBridge Variable Appreciation Portfolio, and may be more susceptible to greater losses because of such developments. In addition, greater ownership of a smaller number of issuers may make LVIP ClearBridge Appreciation Fund more susceptible to economic, business, political or other investment risk factors affecting the issuers in which the Fund invests. Under the 1940 Act, LVIP ClearBridge Appreciation Fund may change its classification from non-diversified to diversified without shareholder approval. A description of the diversification policies of ClearBridge Variable Appreciation Portfolio and LVIP ClearBridge Appreciation Fund are set forth in Appendix B to this Joint Proxy Statement/Prospectus.

How do the principal risks of investing in the Funds compare?

Because ClearBridge Variable Appreciation Portfolio and LVIP ClearBridge Appreciation Fund have the same investment objectives and the same principal investment strategies, an investment in each Fund is subject to the following principal risks:

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In addition, as noted above, unlike ClearBridge Variable Appreciation Portfolio, LVIP ClearBridge Appreciation Fund is subject to non-diversification risk.

You could lose money on your investment in either Fund, and either Fund may not perform as well as other investments. For more information on the Funds’ principal risks, see “Comparison of Principal Risks.”

Who will be the investment manager, subadviser and portfolio managers of my Fund following the completion of the Reorganization?

Franklin Templeton Fund Adviser, LLC acts as the investment manager, and ClearBridge Investments, LLC (“ClearBridge”) acts as the subadviser, of ClearBridge Variable Appreciation Portfolio. The portfolio managers of ClearBridge Variable Appreciation Portfolio are Michael Kagan, Portfolio Manager and a Managing Director of ClearBridge (portfolio manager of the Target Fund since 2009) and Stephen Rigo, CFA, Portfolio Manager and a Director of ClearBridge (portfolio manager of the Target Fund since 2022).

Following the completion of the Reorganization, Lincoln Financial Investments Corporation will serve as the investment manager, and ClearBridge will continue to act as the subadviser, of LVIP ClearBridge Appreciation Fund. Michael Kagan and Stephen Rigo, CFA will continue to serve as the portfolio managers of LVIP ClearBridge Appreciation Fund following the completion of the Reorganization.

For additional information regarding the investment manager, subadviser and portfolio managers listed above, please see the section entitled “The Funds’ Management-Investment Manager and Subadvisers” and “The Funds’ Management—Portfolio Managers.”

What are the portfolio turnover rates of the Funds?

A Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the expense examples, affect a Fund’s performance. During the fiscal year ended December 31, 2024, the Target Fund’s portfolio turnover rate was 17% of the average value of its portfolio. The Acquiring Fund is a newly organized fund that will commence operations upon consummation of the proposed Reorganization, and therefore, has no portfolio turnover history.

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SUMMARY

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of Class I shares of ClearBridge Variable Dividend Strategy Portfolio (the “Target Fund”) will receive Standard Class shares of LVIP ClearBridge Dividend Strategy Fund (the “Acquiring Fund”) in the Reorganization, and shareholders of Class II shares of the Target Fund will receive Service Class shares of the Acquiring Fund in the Reorganization. Class I shares of the Target Fund and Standard Class shares of the Acquiring Fund are substantially identical, and Class II shares of the Target Fund and Service Class shares of the Acquiring Fund are also substantially identical. In addition, Class I/Standard Class shares and Class II/Service Class shares are identical, except that Class II/Service Class shares are subject to a distribution (Rule 12b-1) fee equal to an annual rate of 0.25% of the average daily net assets attributable to such share class.

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below compare the fees and expenses of each class of shares of the Target Fund with those of the Acquiring Fund. The fee table and expense example do not reflect expenses incurred from investing through a separate account or qualified plan and do not reflect variable annuity or life insurance contract charges. If they did, the overall fees and expenses would be higher than those shown. Detailed information about the cost of investing in the Target Fund or the Acquiring Fund through a separate account or qualified plan is presented in the contract prospectus through which the Fund’s shares are offered to you or in the information provided by your plan.

Fees and expenses of the Target Fund are derived from the Target Fund’s current prospectus, dated May 1, 2025. The Acquiring Fund is newly organized and will commence operations upon consummation of the Reorganization. Therefore, the fees and expenses for the Acquiring Fund have been estimated. Actual fees and expenses may be higher or lower. The tables also show the estimated fees and expenses of each class of shares of the Acquiring Fund on a pro forma basis, after giving effect to the Reorganization. The actual fees and expenses of the Funds as of the Closing Date may differ from those reflected in the tables below.

As the tables below indicate, the hypothetical pro forma total annual operating expenses of each class of shares of the Acquiring Fund after the Reorganization are expected to be no higher than the total annual operating expenses of the corresponding class of shares of the Target Fund for a period of at least two years from the closing

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date of the Reorganizations. The management fee rate schedule for the Acquiring Fund is the same as the management fee rate schedule for the Target Fund.

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Expense Examples. The examples below are intended to help you compare the cost of investing in the Target Fund with the Acquiring Fund and pro forma cost of investing in the Acquiring Fund, after giving effect to the Reorganization. The example does not include expenses incurred from investing through a separate account or qualified plan and does not reflect variable annuity and variable life contract charges. If the example included these expenses, the figures shown would be higher.

The examples assume that you invest $10,000 in each Fund for the periods shown. The examples also assume that your investment has a 5% annual return and that operating expenses (before fee waivers and expense reimbursements) remain the same. The examples also assume that the expense limitation agreement reflected in the Annual Fund Operating Expenses tables above for each of the Target Fund and the Acquiring Fund will remain in place through its expiration date and the expense limitation agreement that will take effect as of the closing of the Reorganization will remain in place for two years following the closing of the Reorganization. The examples also assume that you reinvest all distributions and dividends without a sales charge. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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How do the performance records of the Target Fund and the Acquiring Fund compare?

The Acquiring Fund is a newly organized fund that will commence operations upon consummation of the proposed Reorganization, and therefore, has no performance history. As accounting successor to the Target Fund, the Acquiring Fund will assume the Target Fund’s historical performance after the consummation of the Reorganization.

The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Target Fund’s performance from year to year for Class II shares. The table shows the average annual total returns of each class of the Target Fund and also compares the Target Fund’s performance with a broad measure of market performance and additional indices with characteristics relevant to the Fund. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The Target Fund makes certain information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund and share class), or by calling the Fund at 877-6LM-FUND/656-3863. After the consummation of the Reorganization, the Acquiring Fund will make certain information available at http://www.lincolnfinancial.com/lvip (select fund and share class), or by calling the Fund at 866-436-8717.

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.

Fees paid by the separate accounts or qualified plans through which shares of the Fund are sold are not reflected in the accompanying bar chart and table. If they were, the returns would be lower than those shown. Please refer to the separate account prospectus or information provided by your qualified plan for a description of the expenses associated with the account or plan.

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ClearBridge Variable Dividend Strategy Portfolio - Class II Shares

Total returns

Calendar Years ended December 31

Average Annual Total Returns

For the periods ended December 31, 2025

Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.

How do the investment objectives and principal investment strategies of the Funds compare?

ClearBridge Variable Dividend Strategy Portfolio and LVIP ClearBridge Dividend Strategy Fund have the same investment objectives and the same principal investment strategies, as set forth below.

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Investment Objectives:

ClearBridge Variable Dividend Strategy Portfolio and LVIP ClearBridge Dividend Strategy Fund have the same investment objectives. Each Fund seeks dividend income, growth of dividend income and long-term capital appreciation.

Each Fund’s investment objective may be changed by the Board of Trustees (the “Board”) without shareholder approval and on notice to shareholders.

There is no assurance that a Fund will meet its investment objective.

Principal Investment Strategies:

Under normal circumstances, each Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities or other investments with similar economic characteristics that pay dividends or are expected to initiate their dividends over time. This policy includes companies that each Fund’s subadviser expects to initiate dividend payments within the next 12 to 24 months.

Each Fund invests primarily in common stocks. Equity securities in which the fund may invest also include preferred securities, convertible securities, securities of other investment companies and of real estate investment companies (“REITs”), warrants and rights. Each Fund may invest up to 50% of its net assets in equity securities of foreign issuers, either directly or through depositary receipts. The foreign issuers in which the Fund may invest include issuers that are organized outside the United States and conduct their operations in the United States and other countries (commonly known as “multi-national companies”) and other foreign issuers with market capitalizations generally of at least $10 billion.

Each Fund’s portfolio managers believe that high quality companies with strong balance sheets coupled with strong dividend profiles are attractive candidates for long-term investment. Each Fund’s portfolio managers look for companies that they believe have assets or earnings power that are either unrecognized or undervalued. Each Fund’s portfolio managers typically emphasize dividend-paying equity securities with a focus placed upon current dividend levels as well as dividend growth over time. Each Fund’s portfolio managers also look for potential for capital appreciation, sound or improving balance sheets and effective management teams that exhibit a desire to earn consistent returns for shareholders. Each Fund’s portfolio managers may also consider the companies’ past growth rates, future earnings prospects, technological innovation and recognized industry leadership, as well as general market and economic factors. Each Fund may invest in issuers of any size. Each Fund’s portfolio managers will reassess any company held by the Fund that reduces or terminates its dividend payments to determine whether the Fund will continue to hold the security.

Each Fund’s 80% investment policy may be changed by the Board without shareholder approval upon 60 days’ prior notice to shareholders.

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Comparison of fundamental investment policies and diversification policies

Fundamental policies are policies that cannot be changed without shareholder approval.

ClearBridge Variable Dividend Strategy Portfolio and LVIP ClearBridge Dividend Strategy Fund have substantially similar fundamental investment policies. Descriptions of the fundamental investment policies of ClearBridge Variable Dividend Strategy Portfolio and LVIP ClearBridge Dividend Strategy Fund are set forth in Appendix B to this Joint Proxy Statement/Prospectus.

Each of ClearBridge Variable Dividend Strategy Portfolio and LVIP ClearBridge Dividend Strategy Fund is currently classified as a diversified fund under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that each Fund may not purchase securities of an issuer (other than obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities) if, with respect to 75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the remaining 25% of its total assets, each Fund can invest more than 5% of its assets in one issuer. A Fund cannot change its classification from diversified to non-diversified without shareholder approval. A description of the diversification policies of LVIP ClearBridge Dividend Strategy Fund are set forth in Appendix B to this Joint Proxy Statement/Prospectus.

How do the principal risks of investing in the Funds compare?

Because ClearBridge Variable Dividend Strategy Portfolio and LVIP ClearBridge Dividend Strategy Fund have the same investment objectives and the same principal investment strategies, they are subject to the same principal risks. An investment in each Fund is subject to:

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You could lose money on your investment in either Fund, and either Fund may not perform as well as other investments. For more information on the Funds’ principal risks, see “Comparison of Principal Risks.”

Who will be the investment manager, subadviser and portfolio managers of my Fund following the completion of the Reorganization?

Franklin Templeton Fund Adviser, LLC acts as the investment manager, and ClearBridge Investments, LLC (“ClearBridge”) acts as the subadviser, of ClearBridge Variable Dividend Strategy Portfolio. The portfolio managers of ClearBridge Variable Dividend Strategy Portfolio are John Baldi, Managing Director and Portfolio Manager of ClearBridge (portfolio manager of the Target Fund since 2019), and Michael Clarfeld, CFA, Managing Director and Portfolio Manager of ClearBridge (portfolio manager of the Target Fund since 2009).

Following the completion of the Reorganization, Lincoln Financial Investments Corporation will serve as the investment manager, and ClearBridge will continue to act as the subadviser, of LVIP ClearBridge Dividend Strategy Fund. John Baldi and Michael Clarfeld, CFA will continue to serve as the portfolio managers of LVIP ClearBridge Dividend Strategy Fund following the completion of the Reorganization.

For additional information regarding the investment manager, subadviser and portfolio managers listed above, please see the section entitled “The Funds’ Management-Investment Manager and Subadvisers” and “The Funds’ Management—Portfolio Managers.”

What are the portfolio turnover rates of the Funds?

A Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the expense examples, affect a Fund’s performance. During the fiscal year ended December 31, 2024, the Target Fund’s portfolio turnover rate was 20% of the average value of its portfolio. The Acquiring Fund is a newly organized fund that will commence operations upon consummation of the proposed Reorganization, and therefore, has no portfolio turnover history.

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SUMMARY

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of Class I shares of ClearBridge Variable Large Cap Growth Portfolio (the “Target Fund”) will receive Standard Class shares of LVIP ClearBridge Large Cap Growth Fund (the “Acquiring Fund”) in the Reorganization, and shareholders of Class II shares of the Target Fund will receive Service Class shares of the Acquiring Fund in the Reorganization. Class I shares of the Target Fund and Standard Class shares of the Acquiring Fund are substantially identical, and Class II shares of the Target Fund and Service Class shares of the Acquiring Fund are also substantially identical. In addition, Class I/Standard Class shares and Class II/Service Class shares are identical, except that Class II/Service Class shares are subject to a distribution (Rule 12b-1) fee equal to an annual rate of 0.25% of the average daily net assets attributable to such share class.

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below compare the fees and expenses of each class of shares of the Target Fund with those of the Acquiring Fund. The fee table and expense example do not reflect expenses incurred from investing through a separate account or qualified plan and do not reflect variable annuity or life insurance contract charges. If they did, the overall fees and expenses would be higher than those shown. Detailed information about the cost of investing in the Target Fund or the Acquiring Fund through a separate account or qualified plan is presented in the contract prospectus through which the Fund’s shares are offered to you or in the information provided by your plan.

Fees and expenses of the Target Fund are derived from the Target Fund’s current prospectus, dated May 1, 2025. The Acquiring Fund is newly organized and will commence operations upon consummation of the Reorganization. Therefore, the fees and expenses for the Acquiring Fund have been estimated. Actual fees and expenses may be higher or lower. The tables also show the estimated fees and expenses of each class of shares of the Acquiring Fund on a pro forma basis, after giving effect to the Reorganization. The actual fees and expenses of the Funds as of the Closing Date may differ from those reflected in the tables below.

As the tables below indicate, the hypothetical pro forma total annual operating expenses of each class of shares of the Acquiring Fund after the Reorganization are expected to be no higher than the total annual operating expenses of the corresponding

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class of shares of the Target Fund for a period of at least two years from the closing date of the Reorganizations. The management fee rate schedule for the Acquiring Fund is the same as the management fee rate schedule for the Target Fund.

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Expense Examples. The examples below are intended to help you compare the cost of investing in the Target Fund with the Acquiring Fund and pro forma cost of investing in the Acquiring Fund, after giving effect to the Reorganization. The example does not include expenses incurred from investing through a separate account or qualified plan and does not reflect variable annuity and variable life contract charges. If the example included these expenses, the figures shown would be higher.

The examples assume that you invest $10,000 in each Fund for the periods shown. The examples also assume that your investment has a 5% annual return and that operating expenses (before fee waivers and expense reimbursements) remain the same. The examples also assume that the expense limitation agreement reflected in the Annual Fund Operating Expenses tables above for each of the Target Fund and the Acquiring Fund will remain in place through its expiration date and the expense limitation agreement that will take effect as of the closing of the Reorganization will remain in place for two years following the closing of the Reorganization. The examples also assume that you reinvest all distributions and dividends without a sales charge. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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How do the performance records of the Target Fund and the Acquiring Fund compare?

The Acquiring Fund is a newly organized fund that will commence operations upon consummation of the proposed Reorganization, and therefore, has no performance history. As accounting successor to the Target Fund, the Acquiring Fund will assume the Target Fund’s historical performance after the consummation of the Reorganization.

The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Target Fund’s performance from year to year for Class I shares. The table shows the average annual total returns of each class of the Target Fund and also compares the Target Fund’s performance with a broad measure of market performance and an additional index with characteristics relevant to the Fund. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The Target Fund makes certain information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund and share class), or by calling the Fund at 877-6LM-FUND/656-3863. After the consummation of the Reorganization, the Acquiring Fund will make certain information available at http://www.lincolnfinancial.com/lvip (select fund and share class), or by calling the Fund at 866-436-8717.

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.

Fees paid by the separate accounts or qualified plans through which shares of the Fund are sold are not reflected in the accompanying bar chart and table. If they were, the returns would be lower than those shown. Please refer to the separate account prospectus or information provided by your qualified plan for a description of the expenses associated with the account or plan.

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ClearBridge Variable Large Cap Growth Portfolio - Class I Shares

Total returns

Calendar Years ended December 31

Average Annual Total Returns

For the periods ended December 31, 2025

Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.

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How do the investment objectives and principal investment strategies of the Funds compare?

ClearBridge Variable Large Cap Growth Portfolio and LVIP ClearBridge Large Cap Growth Fund have the same investment objectives and the same principal investment strategies, as set forth below.

Investment Objectives:

ClearBridge Variable Large Cap Growth Portfolio and LVIP ClearBridge Large Cap Growth Fund have the same investment objective. Each Fund seeks long-term growth of capital.

Each Fund’s investment objective may be changed by the Board of Trustees (the “Board”) without shareholder approval and on notice to shareholders.

There is no assurance that a Fund will meet its investment objective.

Principal Investment Strategies:

ClearBridge Variable Large Cap Growth Portfolio and LVIP ClearBridge Large Cap Growth Fund have the same principal investment strategies.

Under normal circumstances, each Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities, or other instruments with similar economic characteristics, of U.S. companies with large market capitalizations. Large capitalization companies are those companies with market capitalizations similar to companies in the Russell 1000 Index (the “Index”). The size of the companies in the Index changes with market conditions and the composition of the Index. As of December 31, 2025, the market capitalization of the largest company in the Index was approximately $4,550.6 billion and the median market capitalization of a company in the Index was approximately $16.5 billion. Securities of companies whose market capitalizations no longer meet this definition after purchase by a Fund still will be considered securities of large capitalization companies for purposes of the Fund’s 80% investment policy.

The core holdings of each Fund are large capitalization companies that the portfolio managers believe to be dominant in their industries due to product, distribution or service strength. Each Fund’s portfolio managers emphasize individual security selection while diversifying the Fund’s investments across industries, which may help to reduce risk. Each Fund’s portfolio managers attempt to identify established large capitalization companies with the highest growth potential. Each Fund’s portfolio managers then analyze each company in detail, ranking its management, strategy and competitive market position. Finally, each Fund’s portfolio managers attempt to identify the best values available among the growth companies identified. Each Fund’s portfolio managers may sell a security if it no longer meets the

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Fund’s investment criteria or for other reasons, including to meet redemptions or to redeploy assets to better investment opportunities.

Each Fund may invest up to 20% of its net assets (at the time of investment) in foreign securities.

Each Fund’s 80% investment policy may be changed by the Board without shareholder approval upon 60 days’ prior notice to shareholders.

Comparison of fundamental investment policies and diversification policies

Fundamental policies are policies that cannot be changed without shareholder approval.

ClearBridge Variable Large Cap Growth Portfolio and LVIP ClearBridge Large Cap Growth Fund have substantially similar fundamental investment policies. Descriptions of the fundamental investment policies of ClearBridge Variable Large Cap Growth Portfolio and LVIP ClearBridge Large Cap Growth Fund are set forth in Appendix B to this Joint Proxy Statement/Prospectus.

ClearBridge Variable Large Cap Growth Portfolio is classified as a diversified fund under the Investment Company Act of 1940, as amended (the “1940 Act”), whereas LVIP ClearBridge Large Cap Growth Fund is classified as a non-diversified fund under the 1940 Act.

As a diversified fund, ClearBridge Variable Large Cap Growth Portfolio may not purchase securities of an issuer (other than obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities) if, with respect to 75% of its total assets, (a) more than 5% of the fund’s total assets would be invested in securities of that issuer or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the remaining 25% of its total assets, ClearBridge Variable Large Cap Growth Portfolio, as a diversified fund, can invest more than 5% of its assets in one issuer. Under the 1940 Act, ClearBridge Variable Large Cap Growth Portfolio cannot change its classification from diversified to non-diversified without shareholder approval.

In contrast, as a non-diversified fund, LVIP ClearBridge Large Cap Growth Fund can invest a greater portion of its assets in a single issuer or a limited number of issuers than ClearBridge Variable Large Cap Growth Portfolio. Accordingly, LVIP ClearBridge Large Cap Growth Fund is more susceptible to adverse developments affecting any single issuer held in its portfolio than ClearBridge Variable Large Cap Growth Portfolio, and may be more susceptible to greater losses because of such developments. In addition, greater ownership of a smaller number of issuers may make LVIP ClearBridge Large Cap Growth Fund more susceptible to economic, business, political or other investment risk factors affecting the issuers in which the Fund invests. Under the 1940 Act, LVIP ClearBridge Large Cap Growth Fund may change

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its classification from non-diversified to diversified without shareholder approval. A description of the diversification policies of ClearBridge Variable Large Cap Growth Portfolio and LVIP ClearBridge Large Cap Growth Fund are set forth in Appendix B to this Joint Proxy Statement/Prospectus.

How do the principal risks of investing in the Funds compare?

Because ClearBridge Variable Large Cap Growth Portfolio and LVIP ClearBridge Large Cap Growth Fund have the same investment objectives and the same principal investment strategies, an investment in each Fund is subject to the following principal risks:

In addition, as noted above, unlike ClearBridge Variable Large Cap Growth Portfolio, LVIP ClearBridge Large Cap Growth Fund is subject to non-diversification risk.

You could lose money on your investment in either Fund, and either Fund may not perform as well as other investments. For more information on the Funds’ principal risks, see “Comparison of Principal Risks.”

Who will be the investment manager, subadviser and portfolio managers of my Fund following the completion of the Reorganization?

Franklin Templeton Fund Adviser, LLC acts as the investment manager, and ClearBridge Investments, LLC (“ClearBridge”) acts as the subadviser, of ClearBridge Variable Large Cap Growth Portfolio. The portfolio managers of ClearBridge Variable

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Large Cap Growth Portfolio are Erica Furfaro, Director and Portfolio Manager of ClearBridge (portfolio manager of the Target Fund since December 2024) and Margaret Vitrano, Managing Director and Portfolio Manager of ClearBridge (portfolio manager of the Target Fund since 2012).

Following the completion of the Reorganization, Lincoln Financial Investments Corporation will serve as the investment manager, and ClearBridge will continue to act as the subadviser, of LVIP ClearBridge Large Cap Growth Fund. Erica Furfaro and Margaret Vitrano will continue to serve as the portfolio managers of LVIP ClearBridge Large Cap Growth Fund following the completion of the Reorganization.

For additional information regarding the investment manager, subadviser and portfolio managers listed above, please see the section entitled “The Funds’ Management-Investment Manager and Subadvisers” and “The Funds’ Management—Portfolio Managers.”

What are the portfolio turnover rates of the Funds?

A Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the expense examples, affect a Fund’s performance. During the fiscal year ended December 31, 2024, the Target Fund’s portfolio turnover rate was 14% of the average value of its portfolio. The Acquiring Fund is a newly organized fund that will commence operations upon consummation of the proposed Reorganization, and therefore, has no portfolio turnover history.

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SUMMARY

What class of shares of the Acquiring Fund will I receive in the Reorganization?

Shareholders of Class I shares of ClearBridge Variable Large Cap Value Portfolio (the “Target Fund”) will receive Standard Class shares of LVIP ClearBridge Large Cap Value Fund (the “Acquiring Fund”) in the Reorganization. Class I shares of the Target Fund and Standard Class shares of the Acquiring Fund are substantially identical. Neither Class I shares of the Target Fund nor Standard Class shares of the Acquiring are subject to a distribution (Rule 12b-1) fee. The Target Fund also offers Class II shares; however, there were no Class II shares of the Target Fund outstanding on the Record Date and, accordingly, Class II shares of the Target Fund and Service Class shares of the Acquiring Fund are not participating in the Reorganization.

How do the fees and expenses of the Target Fund and the Acquiring Fund compare?

The tables below compare the fees and expenses of each class of shares of the Target Fund with those of the Acquiring Fund. The fee table and expense example do not reflect expenses incurred from investing through a separate account or qualified plan and do not reflect variable annuity or life insurance contract charges. If they did, the overall fees and expenses would be higher than those shown. Detailed information about the cost of investing in the Target Fund or the Acquiring Fund through a separate account or qualified plan is presented in the contract prospectus through which the Fund’s shares are offered to you or in the information provided by your plan.

Fees and expenses of the Target Fund are derived from the Target Fund’s current prospectus, dated May 1, 2025. The Acquiring Fund is newly organized and will commence operations upon consummation of the Reorganization. Therefore, the fees and expenses for the Acquiring Fund have been estimated. Actual fees and expenses may be higher or lower. The tables also show the estimated fees and expenses of each class of shares of the Acquiring Fund on a pro forma basis, after giving effect to the Reorganization. The actual fees and expenses of the Funds as of the Closing Date may differ from those reflected in the tables below.

As the tables below indicate, the hypothetical pro forma total annual operating expenses of each class of shares of the Acquiring Fund after the Reorganization are expected to be no higher than the total annual operating expenses of the corresponding class of shares of the Target Fund for a period of at least two years from the closing date of the Reorganizations. The management fee rate schedule for

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the Acquiring Fund is the same as the management fee rate schedule for the Target Fund.

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Expense Examples. The examples below are intended to help you compare the cost of investing in the Target Fund with the Acquiring Fund and pro forma cost of investing in the Acquiring Fund, after giving effect to the Reorganization. The example does not include expenses incurred from investing through a separate account or qualified plan and does not reflect variable annuity and variable life contract charges. If the example included these expenses, the figures shown would be higher.

The examples assume that you invest $10,000 in each Fund for the periods shown. The examples also assume that your investment has a 5% annual return and that operating expenses (before fee waivers and expense reimbursements) remain the same. The examples also assume that the expense limitation agreement reflected in the Annual Fund Operating Expenses tables above for each of the Target Fund and the Acquiring Fund will remain in place through its expiration date and the expense limitation agreement that will take effect as of the closing of the Reorganization will remain in place for two years following the closing of the Reorganization. The examples also assume that you reinvest all distributions and dividends without a sales charge. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

How do the performance records of the Target Fund and the Acquiring Fund compare?

The Acquiring Fund is a newly organized fund that will commence operations upon consummation of the proposed Reorganization, and therefore, has no performance history. As accounting successor to the Target Fund, the Acquiring Fund will assume the Target Fund’s historical performance after the consummation of the Reorganization.

The accompanying bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Target Fund’s performance

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from year to year for Class I shares. The table shows the average annual total returns of Class I shares of the Target Fund and also compares the Target Fund’s performance with a broad measure of market performance and additional indices with characteristics relevant to the Fund. No information is presented for Class II shares of the Target Fund because there were no Class II shares outstanding as of December 31, 2025. The Target Fund makes certain information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund and share class), or by calling the Fund at 877-6LM-FUND/656-3863. After the consummation of the Reorganization, the Acquiring Fund will make certain information available at http://www.lincolnfinancial.com/lvip (select fund and share class), or by calling the Fund at 866-436-8717.

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.

Fees paid by the separate accounts or qualified plans through which shares of the Fund are sold are not reflected in the accompanying bar chart and table. If they were, the returns would be lower than those shown. Please refer to the separate account prospectus or information provided by your qualified plan for a description of the expenses associated with the account or plan.

ClearBridge Variable Large Cap Value Portfolio - Class I Shares

Total returns

Calendar Years ended December 31

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Average Annual Total Returns

For the periods ended December 31, 2025

Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.

How do the investment objectives and principal investment strategies of the Funds compare?

ClearBridge Variable Large Cap Value Portfolio and LVIP ClearBridge Large Cap Value Fund have the same investment objectives and the same principal investment strategies, as set forth below.

Investment Objectives:

ClearBridge Variable Large Cap Value Portfolio and LVIP ClearBridge Large Cap Value Fund have the same investment objectives. Each Fund seeks long-term growth of capital as its primary investment objective. Current income is a secondary objective.

Each Fund’s investment objective may be changed by the Board of Trustees (the “Board”) without shareholder approval and on notice to shareholders.

There is no assurance that a Fund will meet its investment objective.

Principal Investment Strategies:

ClearBridge Variable Large Cap Value Portfolio and LVIP ClearBridge Large Cap Value Fund have the same principal investment strategies.

Under normal circumstances, each Fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities, or other investments with similar economic characteristics, of companies with large market capitalizations. Large capitalization companies are those companies with market capitalizations similar to companies in the Russell 1000 Index (the “Index”). The size of the companies in the Index changes with market conditions and the composition of the Index. As of

36

December 31, 2025, the market capitalization of the largest company in the Index was approximately $4,550.6 billion and the median market capitalization of a company in the Index was approximately $16.5 billion. Securities of companies whose market capitalizations no longer meet this definition after purchase by the Fund still will be considered securities of large capitalization companies for purposes of the Fund’s 80% investment policy.

Each Fund may invest up to 20% of its net assets (at the time of investment) in foreign securities.

Each Fund’s 80% investment policy may be changed by the Board without shareholder approval upon 60 days’ prior notice to shareholders.

Comparison of fundamental investment policies and diversification policies

Fundamental policies are policies that cannot be changed without shareholder approval.

ClearBridge Variable Large Cap Value Portfolio and LVIP ClearBridge Large Cap Value Fund have substantially similar fundamental investment policies. Descriptions of the fundamental investment policies of ClearBridge Variable Large Cap Value Portfolio and LVIP ClearBridge Large Cap Value Fund are set forth in Appendix B to this Joint Proxy Statement/Prospectus.

Each of ClearBridge Variable Large Cap Value Portfolio and LVIP ClearBridge Large Cap Value Fund is currently classified as a diversified fund under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that each Fund may not purchase securities of an issuer (other than obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities) if, with respect to 75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the remaining 25% of its total assets, each Fund can invest more than 5% of its assets in one issuer. A Fund cannot change its classification from diversified to non-diversified without shareholder approval. A description of the diversification policies of ClearBridge Variable Large Cap Value Fund and LVIP ClearBridge Large Cap Value Fund are set forth in Appendix B to this Joint Proxy Statement/Prospectus.

How do the principal risks of investing in the Funds compare?

Because ClearBridge Variable Large Cap Value Portfolio and LVIP ClearBridge Large Cap Value Fund have the same investment objectives and the same principal investment strategies, they are subject to the same principal risks. An investment in each Fund is subject to:

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You could lose money on your investment in either Fund, and either Fund may not perform as well as other investments. For more information on the Funds’ principal risks, see “Comparison of Principal Risks.”

Who will be the investment manager, subadviser and portfolio managers of my Fund following the completion of the Reorganization?

Franklin Templeton Fund Adviser, LLC acts as the investment manager, and ClearBridge Investments, LLC (“ClearBridge”) acts as the subadviser, of ClearBridge Variable Large Cap Value Portfolio. The portfolio managers of ClearBridge Variable Large Cap Value Portfolio are Dmitry Khaykin, Managing Director and Portfolio Manager of ClearBridge (portfolio manager of the Target Fund since 2007), and Deepon Nag, Director and Portfolio Manager of ClearBridge (portfolio manager of the Target Fund since 2023).

Following the completion of the Reorganization, Lincoln Financial Investments Corporation will serve as the investment manager, and ClearBridge will continue to act as the subadviser, of LVIP ClearBridge Large Cap Value Fund. Dmitry Khaykin and Deepon Nag will continue to serve as the portfolio managers of LVIP ClearBridge Large Cap Value Fund following the completion of the Reorganization.

For additional information regarding the investment manager, subadviser and portfolio managers listed above, please see the section entitled “The Funds’ Management-Investment Manager and Subadvisers” and “The Funds’ Management—Portfolio Managers.”

What are the portfolio turnover rates of the Funds?

A Fund pays transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may

38

indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the expense examples, affect a Fund’s performance. During the fiscal year ended December 31, 2024, the Target Fund’s portfolio turnover rate was 17% of the average value of its portfolio. The Acquiring Fund is a newly organized fund that will commence operations upon consummation of the proposed Reorganization, and therefore, has no portfolio turnover history.

39

COMPARISON OF PRINCIPAL RISKS

Because each Target Fund and corresponding Acquiring Fund have the same investment objectives and the same principal investment strategies, they are subject to the same principal risks. In addition, as noted above, each of LVIP ClearBridge Appreciation Fund and LVIP ClearBridge Large Cap Growth Fund is subject to non-diversification risk.

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44

45

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COMPARISON OF PURCHASE AND REDEMPTION PROCEDURES AND EXCHANGE PRIVILEGES

The purchase procedures and redemption procedures employed by each Target Fund and its corresponding Acquiring Fund are substantially similar. The Funds do not facilitate exchanges. Acquiring Fund and Target Fund shares may only be purchased through Variable Contracts offered by the separate accounts of Participating Insurance Companies or through eligible pension or other qualified plans. When shares are purchased and held through Participating Insurance Companies, you are subject to the polices of the insurance company through which you beneficially own shares. The Funds are not aware of any difference in the treatment of Acquiring Fund shares versus Target Fund shares in this respect. Each Fund redeems its shares at the net asset value next determined after receipt of redemption request. Shareholders of the Funds are not subject to a redemption fee. Neither Fund assesses any sales charges, either when shares are sold or redeemed. Surrender charges may be assessed under the policies as described in the applicable Variable Contract prospectus. Mortality and expense risk fees and other charges are also described in that prospectus. For additional information, please see the section entitled “Buying and Selling Fund Shares and Other Shareholder Information.”

COMPARISON OF TAX CONSEQUENCES

In general, Variable Contract owners are taxed only on underlying Fund amounts they withdraw from their variable accounts. Variable Contract owners should consult their contract prospectus for more information on the federal income tax consequences to them regarding their indirect investment in the Funds. Variable Contract owners also may wish to consult with their own tax advisors as to the tax consequences of investments in variable contracts and the Funds, including application of state and local taxes.

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Each Reorganization is intended to qualify as a “reorganization” for U.S. federal income tax purposes. Accordingly, shareholders are not expected to recognize any gain or loss for federal income tax purposes as a direct result of the exchange of their Target Fund shares for shares of the corresponding Acquiring Fund in their Target Fund’s Reorganization. The owners of the Variable Contracts are not the shareholders of the Target Fund. Rather, the Participating Insurance Companies and their accounts are the shareholders. For additional information regarding the federal income tax consequences of the Reorganizations, please see the section entitled “Information about the Reorganizations - Material Federal Income Tax Consequences.”

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INFORMATION ABOUT THE REORGANIZATIONS

Reasons for the Reorganizations

Lincoln Financial Investments Corporation (“Lincoln Financial”), the investment manager and sponsor of the Acquiring Funds, is a leader in the insurance products industry. Management of the Target Funds believes that implementing the Reorganizations will benefit the Target Funds and their shareholders by offering continuity of investment personnel and substantially identical principal investment strategies while also providing the distribution networks, financial strength, investment advisory capabilities and reputation of Lincoln Financial, a wholly-owned subsidiary of The Lincoln National Life Insurance Company and the investment manager and sponsor of the Acquiring Funds. In addition, it is expected that the Acquiring Funds will in the future become eligible for placement as investment options within insurance products, such as those offered by Lincoln Financial’s affiliates, which may make it easier for the Funds to attract new investors and additional inflows. These opportunities may result in greater economies of scale for the Acquiring Funds as compared to the Target Funds, which could ultimately benefit shareholders.

Board Approval of the Reorganizations

The proposed Reorganizations were presented to the Board of Trustees of the Target Funds Trust for consideration at a Board meeting held on November 5 and 6, 2025, and were approved at that meeting. At that meeting and at a separate earlier Board meeting held on August 7 and 8, 2025, the Board met with representatives of Franklin Templeton Fund Adviser, LLC (“FTFA”), the Target Funds’ investment manager, and Lincoln Financial to learn more about Lincoln Financial’s administrative, distribution and other capabilities and Lincoln Financial’s plans for the Acquiring Funds, and to discuss other matters related to the proposed Reorganizations. The Board further discussed the proposed Reorganizations and related considerations with representatives of FTFA at a special Board meeting held on October 23, 2025. The Board also received extensive materials regarding Lincoln Financial and the proposed Reorganizations. In its review of each Reorganization, the Trustees of the Target Funds Trust who are not “interested persons” of the Target Funds Trust for purposes of the 1940 Act (the “Independent Trustees”) were assisted by independent legal counsel. The Board held extensive discussions regarding the advantages and disadvantages to the applicable Target Fund, based on the Board’s evaluation of all material factors, including those described below. Following those discussions, the Board, including all of the Independent Trustees, determined that participation in the proposed Reorganization of the Target Fund is in the best interests of the Target Fund and its shareholders. The Board also concluded that no dilution in value would result to the shareholders of a Target Fund as a result of the Transaction. In considering the proposals, the Board did not identify any single factor or piece of information as all-important or controlling and each Independent Trustee may have attributed different weights to different factors.

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The Board considered a number of factors in recommending the Reorganization of each Target Fund, including the following:

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The Board also considered the potential benefits to FTFA, Lincoln Financial and their affiliates. FTFA and Lincoln Financial are expected to benefit from good will and potential long term asset growth related to their continued relationship through the Reorganization of the Target Funds. FTFA is expected to benefit from the receipt of subadvisory fees by its affiliate, ClearBridge, in connection with the provision of subadvisory services to the Funds. In addition, Lincoln Financial has agreed, subject to its fiduciary duties as adviser to each Acquiring Fund, not to support or recommend to the Acquiring Trust’s Board the termination of ClearBridge as subadviser to an Acquiring Fund without cause or the engagement of an additional subadviser for an Acquiring Fund, in each case for a period of at least three years following the applicable Reorganization. Lincoln Financial is expected to benefit from the receipt of fees for managing the Funds.

The proposed Reorganizations were presented to the Board of Trustees of the Acquiring Funds, on behalf of each Acquiring Fund, for consideration. The Board of Trustees of the Acquiring Funds, on behalf of each Acquiring Fund, including all of the Independent Trustees, determined that the Reorganization is in the best interests of each Acquiring Fund and its shareholders, and that no dilution of value would result to the shareholders of an Acquiring Fund from the Transaction.

Agreement and Plan of Reorganization

The following summary of the Reorganization Agreement is qualified in its entirety by reference to the form of Reorganization Agreement attached as Appendix A to this Joint Proxy Statement/Prospectus, which applies to each Reorganization. The Reorganization Agreement for each Reorganization provides for: (1) the transfer of all

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of the assets and liabilities of the applicable Target Fund to the corresponding Acquiring Fund, in exchange for shares of the Acquiring Fund having an aggregate net asset value equal to the aggregate net asset value of the shares of the Target Fund (calculated as described below), (2) the distribution of shares of the Acquiring Fund to the shareholders of the Target Fund in redemption of the Target Fund shares; and (3) the termination of the Target Fund. Subject to the satisfaction of the conditions described below, each Reorganization is scheduled to occur as of the close of business on April 24, 2026, or on such later date as the parties may agree (the “Closing Date”).

The number of full and fractional shares of each class of shares of the corresponding Acquiring Fund to be received by each Target Fund shareholder in the Reorganization will be equal in aggregate net asset value to the aggregate net asset value of the corresponding class of shares of the Target Fund held by that shareholder as of the close of regularly scheduled trading on the New York Stock Exchange (“NYSE”) on the Closing Date or such later time as the Target Fund’s net asset value is calculated. As promptly as practicable after the Closing Date, each Target Fund will distribute pro rata to its shareholders of record, as of the close of regularly scheduled trading on the NYSE on the Closing Date, the shares of the corresponding Acquiring Fund received by the Target Fund in the Reorganization, and will terminate. The distribution of each Acquiring Fund’s shares will be accomplished by the transfer of the corresponding Acquiring Fund shares then credited to the account of the corresponding Target Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Target Fund’s shareholders. The Acquiring Fund share classes that correspond with the share classes of each Target Fund are listed in the Notice above and are described below under “Buying and Selling Fund Shares and Other Shareholder Information.

To facilitate the Reorganization of each Target Fund, the net asset value of the shares of the Target Fund on the date of the Reorganization will be calculated using the valuation procedures established by the Target Fund’s Board for valuing the Target Fund’s assets. The net asset value per share of the Acquiring Funds will be determined using the valuation procedures established by the Acquiring Funds’ Board. The parties will use commercially reasonable efforts to resolve prior to the Closing Date any material pricing differences that may result from the application of the Target Funds’ valuation policies and procedures and the Acquiring Funds’ valuation policies and procedures to the assets of the Target Funds. As of the date of this Joint Proxy Statement/Prospectus, the parties do not expect any material pricing differences to arise.

After such distribution, each Target Fund will take all necessary steps under applicable state law, its Declaration of Trust and any other applicable law to effect its termination.

Each Reorganization is subject to the satisfaction or, to the extent legally permissible, waiver of the conditions set forth in the applicable Reorganization

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Agreement, including but not limited to the truth and correctness in all material respects of each party’s representations and warranties as set forth in the Reorganization Agreement, delivery of opinions of counsel, effectiveness of the registration statement with respect to the Acquiring Fund shares of which this Joint Proxy Statement/Prospectus is a part, and approval of the Reorganization Agreement by shareholders of the Target Fund.

Each Reorganization Agreement may be terminated and the Reorganization abandoned at any time prior to the Closing Date if circumstances develop that, in the opinion of the Board of the applicable Target Fund or the corresponding Acquiring Fund, make proceeding with the Reorganization inadvisable. Each Reorganization Agreement provides that the applicable Target Fund and the corresponding Acquiring Fund may waive compliance with any of the covenants or conditions made therein for the benefit of either Fund, other than the requirements that: (a) the Reorganization Agreement be approved by shareholders of the Target Fund; and (b) the Funds receive the opinion of Dechert LLP that the transaction contemplated by the Reorganization Agreement will constitute a “reorganization” within the meaning of Section 368(a) of the Code. Each Reorganization Agreement may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of the applicable Target Fund and the corresponding Acquiring Fund, provided, however, that following the Meeting, no such amendment shall have the effect of changing the provisions for determining the number of Acquiring Fund shares to be issued to Target Fund shareholders to the detriment of such shareholders without their further approval.

The proposed Reorganization of a Target Fund is not contingent upon the closing of the Reorganization of any other Target Fund.

Approval of each Reorganization will require the affirmative vote of the relevant Target Fund. See “Voting Information Concerning the Joint Special Meetings” below.

Description of the Securities to be Issued

Shareholders of each Target Fund as of the Closing will receive full and fractional shares of the corresponding class of the applicable Acquiring Fund in accordance with the terms of the applicable Reorganization Agreement. The shares of each Acquiring Fund to be issued in connection with the Reorganizations will be validly issued, fully paid and non-assessable when issued. Shares of the Acquiring Fund to be issued in a Reorganization will have no preemptive or other rights to subscribe for such shares, and no share certificates will be issued.

Material Federal Income Tax Consequences

The Variable Contract owners are not the shareholders of the Target Fund. Rather, the Participating Insurance Companies and their accounts are the shareholders. Thus,

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the federal income tax considerations discussed below generally do not apply to Variable Contract owners.

Each of the Reorganizations is conditioned upon the receipt by the parties to the applicable Reorganization Agreement (other than the Funds’ investment managers) of an opinion from Dechert LLP, substantially to the effect that, based upon certain facts, assumptions and representations of the parties, as further described below, for federal income tax purposes:

(i) The acquisition by the applicable Acquiring Fund of all of the assets of the corresponding Target Fund solely in exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the shares of the Acquiring Fund and the termination of the Target Fund, all pursuant to the Reorganization Agreement, will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and the Target Fund and the Acquiring Fund will each be a “party to a reorganization” within the meaning of Section 368(b) of the Code;

(ii) The Target Fund will not recognize gain or loss upon the transfer of all of its assets to the Acquiring Fund solely in exchange for shares of the Acquiring Fund and the assumption of all of the liabilities of the Target Fund by the Acquiring Fund except for: (A) gain or loss that may be recognized on the transfer of “section 1256 contracts” as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code;

(iii) Shareholders of the Target Fund will not recognize gain or loss on the receipt of shares of the Acquiring Fund solely in exchange for shares of the Target Fund pursuant to the Reorganization;

(iv) The Target Fund will not recognize gain or loss upon the distribution to its shareholders of the Acquiring Fund shares received by the Target Fund in the Reorganization.

(v) The aggregate tax basis of the shares of the Acquiring Fund received by each Target Fund shareholder pursuant to the Reorganization will be the same as the aggregate tax basis of the shares of the Target Fund exchanged therefor;

(vi) The holding period of the shares of the Acquiring Fund received by each Target Fund shareholder pursuant to the Reorganization will include the holding period of the shares of the Target Fund exchanged therefor, provided that the Target Fund shareholder held the shares of the Target Fund as capital assets at the time of the Reorganization;

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(vii) The Acquiring Fund will not recognize gain or loss upon the receipt of all of the assets of the Target Fund solely in exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund;

(viii) The tax basis of each asset of the Target Fund transferred to the Acquiring Fund in the Reorganization will be the same in the hands of the Acquiring Fund as the tax basis of such asset in the hands of the Target Fund immediately prior to the transfer thereof, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Acquiring Fund on the transfer;

(ix) The holding period of each asset of the Target Fund transferred to the Acquiring Fund in the Reorganization in the hands of the Acquiring Fund, other than assets to with respect to which gain or loss is required to be recognized, will include the Target Fund’s holding for such asset (expect where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset); and

(x) The taxable year of the Target Fund will not end as a result of the Reorganization.]

Each opinion will be based on certain factual certifications made by officers of the applicable Target Fund and corresponding Acquiring Fund and will also be based on customary assumptions. No tax ruling has been or will be received from the Internal Revenue Service (“IRS”) in connection with a Reorganization. An opinion of counsel is not binding on the IRS or a court, and no assurance can be given that the IRS would not assert, or a court would not sustain, a contrary position.

Termination of the Target Fund

If the Reorganization of a Target Fund is effected, the Target Fund will be terminated.

Portfolio Securities

No Target Fund is expected to sell any material portion of its portfolio assets in order to facilitate its Reorganization. Accordingly, as of the date hereof, no Target Fund is expected to recognize any capital gains or losses in connection with its Reorganization. However, a Fund may realize capital gains or losses in connection with portfolio transactions prior to or after the Reorganization, depending on market conditions and other factors.

However, with respect to shares of the Target Funds that are held by insurance company separate accounts used to fund Variable Contracts, it is anticipated that any income dividends or capital gains distributed by a Target Fund will not be currently taxable to the owners of the Variable Contracts if left to accumulate within such separate accounts.

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Tax Capital Loss Carryforwards

Federal income tax law generally permits a regulated investment company to carry forward indefinitely net capital losses from any taxable year to offset its capital gains. By reason of the Reorganization, each Acquiring Fund will succeed to and take into account the applicable Target Fund’s capital loss carryforwards. The Reorganization is not expected to independently result in limitations on the Acquiring Fund’s ability to use the Target Fund’s capital loss carryforwards. The ability of the Acquiring Fund to use capital losses to offset gains (even in the absence of the Reorganization) depends on factors other than loss limitations, such as the future realization of capital gains or losses.

As of December 31, 2024, no Target Fund had unused capital loss carryforwards.

Section 15(f) Safe Harbor

Lincoln Financial has agreed to use its best efforts to assure compliance with the conditions of Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive safe harbor for an investment manager or any affiliated persons thereof to receive any amount or benefit in connection with a sale of securities of, or any other interest in, such adviser which results in an assignment of an investment advisory contract with an investment company as long as two conditions are met. First, no “unfair burden” may be imposed on the investment company as a result of the transaction, or any express or implied terms, conditions or understandings applicable thereto. As defined in the 1940 Act, the term “unfair burden” includes any arrangement during the two-year period after the date on which such transaction occurs whereby the investment manager (or predecessor or successor adviser) or any interested person of any such adviser receives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees for bona fide investment advisory or other services), or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter of the investment company). The Trustees of the Target Funds were advised that Lincoln Financial was not aware of any circumstances relating to the Reorganization that might result in the imposition of such an “unfair burden” on any of the Target Funds as a result of the Reorganizations. Second, during the three-year period immediately following the transaction, at least 75% of an investment company’s board of directors must not be “interested persons” of the investment manager or the predecessor investment manager within the meaning of the 1940 Act. The Acquiring Funds Trustees will satisfy this condition at the time of the Reorganizations.

Pro Forma Capitalization

The following table sets forth, for each Reorganization, the net assets, number of shares outstanding and net asset value per share (“NAV”), assuming the Reorganization occurred as of December 31, 2025. This information is generally

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referred to as the “capitalization” of a Fund. The term “pro forma capitalization” means the expected capitalization of the Acquiring Fund as of December 31, 2025, after giving effect to the applicable Reorganization. These numbers may differ as of the closing date of the applicable Reorganization.

Capitalization Table as of December 31, 2025 (Unaudited)

Reorganization of ClearBridge Variable Appreciation Portfolio into LVIP ClearBridge Appreciation Fund

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Capitalization Table as of December 31, 2025 (Unaudited)

Reorganization of ClearBridge Variable Dividend Strategy Portfolio into LVIP ClearBridge Dividend Strategy Fund

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Capitalization Table as of December 31, 2025 (Unaudited)

Reorganization of ClearBridge Variable Large Cap Growth Portfolio into LVIP ClearBridge Large Cap Growth Fund

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Capitalization Table as of December 31, 2025 (Unaudited)

Reorganization of ClearBridge Variable Large Cap Value Portfolio into LVIP ClearBridge Large Cap Value Fund¹

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MORE ON THE INVESTMENT STRATEGIES, INVESTMENTS AND RISKS OF THE FUNDS

In the following sections of this Joint Proxy Statement/Prospectus, the term “Fund” means each Acquiring Fund unless otherwise specified.

In addition to the investments and strategies described under “Summary” with respect to each Reorganization in this Joint Proxy Statement/Prospectus, the Funds may invest in other securities, use other strategies and engage in other investment practices.

Equity investments

Each Fund may invest in equity securities. Equity securities include exchange-traded and over-the-counter (“OTC”) common and preferred stocks, warrants and rights, securities convertible into equity securities and securities of other investment companies and of real estate investment trusts (“REITs”).

Convertible securities may be purchased by LVIP ClearBridge Dividend Strategy Fund, to gain additional exposure to the company or for their income or other features.

Foreign investments

LVIP ClearBridge Appreciation Fund may invest up to 20% of its net assets (at the time of investment) in foreign equity securities. The Fund may invest directly in foreign issuers or invest in depositary receipts.

LVIP ClearBridge Dividend Strategy Fund may invest up to 50% of its net assets in equity securities of foreign issuers, either directly or through depositary receipts. The issuers of foreign securities purchased by the Fund will be located in developed markets, and the Fund does not intend to invest in securities of issuers located in emerging markets. However, if a country in which an issuer whose securities have been purchased by the Fund is later classified as an emerging market, the Fund will not be required to sell the security.

Each of LVIP ClearBridge Large Cap Growth Fund and LVIP ClearBridge Large Cap Value Fund may invest up to 20% of its net assets (at the time of investment) in foreign securities. Each Fund may invest directly in foreign issuers or invest in depositary receipts.

Securities of other investment companies

LVIP ClearBridge Appreciation Fund may invest up to 10% of its assets in securities of other investment companies, including shares in an investment company that seeks to track the performance of an underlying equity index or a portion of an

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equity index. If the Fund acquires shares of other investment companies, Fund shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the other investment companies.

Short sales

A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities. Each Fund may designate no more than 25% of its net assets (taken at the then current market value) as required collateral for such sales at any one time.

Small and medium capitalization companies

As a non-principal investment strategy, LVIP ClearBridge Large Cap Growth Fund may invest up to 20% of its assets in equity securities of companies other than those with market capitalizations similar to companies in the Index (i.e., medium or small capitalization companies).

Cash management

Each Fund may hold cash pending investment, may invest in money market instruments and may enter into repurchase agreements and reverse repurchase agreements (which have characteristics like borrowings) for cash management purposes. Each Fund may invest in money market funds, which may or may not be affiliated with the Fund’s manager or subadviser. The amount of assets a Fund may hold for cash management purposes will depend on market conditions and the need to meet expected redemption requests.

Defensive investing

Each Fund may depart from its principal investment strategies in response to adverse market, economic, political or other conditions by taking temporary defensive positions, including by investing in any type of money market instruments and short-term debt securities or holding cash without regard to any percentage limitations. If a significant amount of a Fund’s assets is used for defensive investing purposes, the Fund will be less likely to achieve its investment objective. Although the subadviser has the ability to take defensive positions, it may choose not to do so for a variety of reasons, even during volatile market conditions.

Other investments

Each Fund may also use other strategies and invest in other investments that are described, along with their risks, in the Fund’s Statement of Additional Information (“SAI”). However, a Fund might not use all of the strategies and techniques or invest in all of the types of investments described in the Fund’s Prospectus or in the SAI.

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Percentage and other limitations

Each Fund’s compliance with its investment limitations and requirements described in the Fund’s Prospectus is usually determined at the time of investment. If such a percentage limitation is complied with at the time of an investment, any subsequent change resulting from a change in asset values or characteristics will not constitute a violation of that limitation.

Selection process

LVIP ClearBridge Appreciation Fund

The portfolio managers’ investment strategy consists of individual company selection and management of cash reserves. The portfolio managers look for investments among a strong core of growth and value stocks, consisting primarily of blue chip companies dominant in their industries. The Fund may also invest in companies with prospects for sustained earnings growth and/or a cyclical earnings record.

In selecting individual companies for the Fund’s portfolio, the portfolio managers look for the following:

In addition, the portfolio managers consider the following characteristics:

Generally, companies in the Fund’s portfolio fall into one of the following categories:

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The subadviser’s fundamental research analysts typically use their industry expertise to determine the material environmental, social and governance (“ESG”) factors facing both individual companies and industry sectors. The fundamental research analysts may also engage with company management regarding the extent to which they promote best practices of such factors. ESG factors may include, but are not necessarily limited to, environmentally-friendly product initiatives, labor audits of overseas supply chains and strong corporate governance. The choice of ESG factors for any particular company generally reflects the specific industry. At times, the ESG analysis may be performed by the portfolio managers. The subadviser may not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated.

The fundamental research analysts (or portfolio managers, as applicable) typically use an established proprietary research and engagement process to determine a company’s profile on ESG issues. This includes generating an ESG rating, through its ESG ratings system, by assessing ESG factors, both quantitatively and qualitatively. This system has four rating levels: AAA, AA, A and B, assigned to companies based on performance on key ESG issues (such as health and safety, gender diversity, climate risk, corporate governance risk and data security), including performance relative to the companies’ industry peer set.

The portfolio managers adjust the amount held in cash reserves depending on the portfolio managers’ outlook for the stock market. The portfolio managers will increase the Fund’s allocation to cash when, in the portfolio managers’ opinion, market valuation levels become excessive. The portfolio managers may sometimes hold a significant portion of the Fund’s assets in cash while waiting for buying opportunities or to provide a hedge against stock market declines. If the Fund holds a significant portion of its assets in cash during periods of stock market increases, that could prevent the Fund from achieving its investment objective.

LVIP ClearBridge Dividend Strategy Fund

The portfolio managers emphasize individual security selection. In selecting individual companies for investment the portfolio managers look for the following: