# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001193125-26-196939
**Filing Date:** 2026-4
**Character Count:** 16987
**Document Hash:** bf3e7c210174d184b18bbd74a88efc02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196939.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196939

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000914036

**ORGANIZATION NAME:**
- **EIN:** 521835648
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-70742
- **FILM NUMBER:** 26924494

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802
- **BUSINESS PHONE:** 260-455-2000

**MAIL ADDRESS:**
- **STREET 1:** 1301 SOUTH HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGGRESSIVE GROWTH FUND /
- **DATE OF NAME CHANGE:** 20031001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINCOLN VARIABLE INSURANCE PRODUCTS TRUST
- **DATE OF NAME CHANGE:** 20030910

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINCOLN NATIONAL AGGRESSIVE GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19931025

## Series and Classes Contracts Data

### LVIP Channing Small Cap Value Fund (Series ID: S000076864)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236983 | Standard Class |  |
| C000236984 | Service Class  |  |

**LVIP Channing Small Cap Value Fund**

(Standard and Service Class)

**Summary Prospectus**

May 1, 2026

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Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at www.LincolnFinancial.com/lvip. You can also get this information at no cost by calling 877 ASK LINCOLN (877-275-5462). The Fund's Prospectus and Statement of Additional Information, both dated May 1, 2026, are incorporated by reference into this Summary Prospectus.

**Investment Objective**

The investment objective of the LVIP Channing Small Cap Value Fund (the "Fund") is to seek long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. This table does not reflect any variable contract expenses. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** If variable contract expenses were included, the expenses shown would be higher.

**Annual Fund Operating Expenses**

**(Expenses that you pay each year as a percentage of the value of your investment)**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Standard**<br> **Class**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Service**<br> **Class**<br>|
| Management Fee | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees |  | 0.25% |
| Other Expenses | 0.13% | 0.13% |
| Total Annual Fund Operating Expenses | 0.88% | 1.13% |

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**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated if you invest $10,000 in the Fund's shares. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Your actual costs may be higher or lower than this example. This example does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher. The results apply whether or not you redeem your investment at the end of the given period.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Standard Class | &nbsp;&nbsp;&nbsp;&nbsp; $90 | &nbsp;&nbsp;&nbsp;&nbsp; $281 | &nbsp;&nbsp;&nbsp;&nbsp; $488 | &nbsp;&nbsp;&nbsp;&nbsp; $1084 |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp; $115 | &nbsp;&nbsp;&nbsp;&nbsp; $359 | &nbsp;&nbsp;&nbsp;&nbsp; $622 | &nbsp;&nbsp;&nbsp;&nbsp; $1375 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as 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 example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 83% of the average value of its portfolio.

**Principal Investment Strategies**

Channing Capital Management, LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's assets.

The Fund pursues its objective by investing primarily in the stocks of small-cap companies. The Fund, under normal circumstances, invests at least 80% of its assets in securities of small-cap companies with market capitalizations that fall within the range of companies in the Russell 2000<sup>®</sup> Value Index. The Russell 2000<sup>®</sup> Value Index is an unmanaged index that measures the performance of the

LVIP Channing Small Cap Value Fund1

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Russell 2000<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 2000<sup>®</sup> Index is a small-cap market index comprised of the smallest 2,000 stocks in the Russell 3000<sup>®</sup> Index, which is the 3,000 largest U.S. companies based on total market capitalization). As of March 31, 2026, the market capitalization range of the Russell 2000<sup>®</sup> Index was $85 million to $40 billion.

The Fund primarily invests in common stocks, but it also may invest in securities of small-cap companies issued by real estate investment trusts (REITs), including stocks purchased in initial public offerings (IPOs) or shortly thereafter. REITs are pooled investment vehicles that invest primarily in income-producing real estate or loans related to real estate. The Fund also may invest in exchange-traded funds (ETFs) to provide exposure to certain equity markets.

The Fund's portfolio is selected utilizing the Sub-Adviser's fundamental, bottom-up value investment philosophy that focuses on making concentrated investments in undervalued and neglected small cap-companies that are broadly diversified across many market sectors. The Fund anticipates that it will hold approximately 35-50 securities. The Fund's holdings may be above or below these amounts, however, the Fund will not purchase or sell holdings solely to stay within that range. The Sub-Adviser may sell a security in accordance with its defined sell discipline, which includes selling a security based on changes in stock price, valuation, company fundamentals, and/or performance expectations.

**Principal Risks**

All mutual funds carry risk. Accordingly, loss of money is a risk of investing in the Fund. The following risks reflect the principal risks of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Risk.** The value of portfolio investments may decline. As a result, your investment in the Fund may decline in value and you could lose money.

&nbsp;&nbsp;&nbsp;&nbsp;• **Stock/Equity Investing Risk.** Stocks and other equities generally fluctuate in value more than bonds and may decline significantly over short time periods. Equity prices overall may decline because stock markets tend to move in cycles, with periods of rising and falling prices.

&nbsp;&nbsp;&nbsp;&nbsp;• **Issuer Risk.** The prices of, and the income generated by, portfolio securities may decline in response to various factors directly related to the issuers of such securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Small-Cap Company Risk.** The value of securities issued by small-sized companies may be subject to more abrupt market movements and may involve greater risks than investments in larger companies. Small-sized companies also may be subject to interest rate risk, generally associated with fixed income securities, because these companies often borrow money to finance their operations; therefore, they may be adversely affected by rising interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;• **Value Stocks Risk.** Value stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks, such as growth stocks. Value stocks can continue to be inexpensive for long periods of time, may not ever realize their potential value, and may even go down in price.

&nbsp;&nbsp;&nbsp;&nbsp;• **Real Estate and Real Estate Investment Trust (REIT) Risk.** Investing in real estate securities (including REITs) is subject to the risks associated with the direct ownership and development of real estate. These risks include, among others, declines in real estate values, fluctuations in rental income (due in part to vacancies and rates), increases in operating costs and property taxes, increases in financing costs or inability to procure financing, potential environmental liabilities and changes in zoning laws and other regulations. Changes in interest rates also may affect the value of an investment in real estate securities. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

&nbsp;&nbsp;&nbsp;&nbsp;• **Initial Public Offering (IPO) Risk.** IPO shares frequently are volatile in price, and may be held for only a short period of time, leading to increased portfolio turnover and expenses, such as commissions and transaction costs. When sold, IPO shares may result in realized taxable gains.

&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Fund (ETF) Risk.** ETFs generally reflect the risks of owning the underlying securities they hold, although lack of liquidity in ETF shares could result in the price of the ETF being more volatile.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk.** Liquidity risk is the risk that the Fund cannot meet requests to redeem Fund-issued shares without significantly diluting the remaining investors' interest in the Fund. This may result when portfolio holdings may be difficult to value and may be difficult to sell, both at the time or price desired. Liquidity risk also may result from increased shareholder redemptions in the Fund. Actions by governments and regulators may have the effect of reducing market liquidity, market resiliency and money supply. Liquidity risk also refers to the risk that the Fund may be required to hold additional cash or sell other investments in order to obtain cash to close out derivatives or meet the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties. The Fund may have to sell a security at a disadvantageous time or price to meet such obligations. The Fund's liquidity risk management program requires that the Fund invest no more than 15% of its net assets in illiquid investments.

2LVIP Channing Small Cap Value Fund

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**Fund Performance**

The following bar chart and table provide some indication of the risks of choosing to invest in the Fund. The information shows: (a) how the Fund's Standard Class investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard and Service Classes compare with those of a broad measure of market performance. The bar chart shows performance of the Fund's Standard Class shares, but does not reflect the impact of variable contract expenses. If it did, returns would be lower than those shown. Performance in the average annual returns table does not reflect the impact of variable contract expenses. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.

**Annual Total Returns (%)**

![](g344148lfc5.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarterly Return | Q4 2023 | 10.70% |
| Lowest Quarterly Return | Q1 2025 | (12.04%) |

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**Average Annual Total Returns for periods ended 12/31/25**

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| | | | |
|:---|:---|:---|:---|
|  | **1 year** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| LVIP Channing Small Cap Value Fund – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp; 7.94% | &nbsp;&nbsp;&nbsp;&nbsp; 9.66% | &nbsp;&nbsp;&nbsp;&nbsp; 7/25/2022 |
| LVIP Channing Small Cap Value Fund – Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 7.67% | &nbsp;&nbsp;&nbsp;&nbsp; 9.40% | &nbsp;&nbsp;&nbsp;&nbsp; 7/25/2022 |
| Morningstar US Market Index (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.35% | &nbsp;&nbsp;&nbsp;&nbsp; 18.53% |  |

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**Investment Adviser and Sub-Adviser**

Investment Adviser: Lincoln Financial Investments Corporation ("LFI")

Investment Sub-Adviser: Channing Capital Management, LLC ("Channing")

**Portfolio Managers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Channing** <br> **Portfolio Managers**<br>| **Company Title** | **Experience with Fund** |
| Wendell E. Mackey, CFA | Lead Portfolio Manager | Since July 2022 |
| Timothy J. Kroll, CFA | Portfolio Manager | Since July 2022 |
| Matthew Betourney, CFA | Portfolio Manager | Since July 2022 |
| Kevin B. Reynolds, CFA | Portfolio Manager | Since July 2022 |
| Derik D. Coffey, CFA | Client Portfolio Manager | Since July 2022 |
| Jason T. Boles, CFA | Portfolio Manager  | Since January 2024 |

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**Purchase and Sale of Fund Shares**

Fund shares are available as underlying investment options for variable life insurance and variable annuity products issued by The Lincoln National Life Insurance Company ("Lincoln Life"), Lincoln Life & Annuity Company of New York ("LNY"), and unaffiliated insurance companies. These insurance companies are the record owners of the separate accounts holding the Fund's shares. You do not buy, sell or exchange Fund shares directly – you choose investment options through your variable annuity contract or variable life insurance policy. The insurance companies then cause the separate accounts to purchase and redeem Fund shares according to the investment options you choose. Fund shares also may be available for investment by certain funds of the Lincoln Variable Insurance Products Trust.

LVIP Channing Small Cap Value Fund3

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**Tax Information**

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

**Payments to Broker-Dealers and other Financial Intermediaries**

Shares of the Fund are available only through the purchase of variable contracts issued by certain life insurance companies. Parties related to the Fund (such as the Fund's principal underwriter or investment adviser) may pay such insurance companies (or their related companies) for the sale of Fund shares and related services. These payments may create a conflict of interest and may influence the insurance company to include the Fund as an investment option in its variable contracts. Such insurance companies (or their related companies) may pay broker-dealers or other financial intermediaries (such as banks) for the sale and retention of variable contracts that offer Fund shares. These payments may create a conflict of interest by influencing the broker-dealers or other financial intermediaries to recommend variable contracts that offer Fund shares. The prospectus or other disclosure documents for the variable contracts may contain additional information about these payments, if any. Ask your salesperson or visit your financial intermediary's website for more information.

4LVIP Channing Small Cap Value Fund

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