# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001193125-26-196924
**Filing Date:** 2026-4
**Character Count:** 25212
**Document Hash:** adb7daae45b259046ffe9c5f5851dd3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196924.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196924

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**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:** 26924479

**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 T. Rowe Price 2030 Fund (Series ID: S000016764)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000046815 | Standard Class |  |
| C000046816 | Service Class  |  |

**LVIP T. Rowe Price 2030 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 T. Rowe Price 2030 Fund (the "Fund") is to seek the highest total return over time consistent with an emphasis on both capital growth and income.

**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 | 0.19% | 0.19% |
| Distribution and/or Service (12b-1) Fees |  | 0.25% |
| Other Expenses | 0.08% | 0.08% |
| Acquired Fund Fees and Expenses (AFFE) | 0.42% | 0.42% |
| Total Annual Fund Operating Expenses (including AFFE)<sup>1</sup> <br>| 0.69% | 0.94% |
| Less Expense Reimbursement<sup>2</sup> <br>| (0.02%) | (0.02%) |
| Total Annual Fund Operating Expenses (After Expense Reimbursement) | 0.67% | 0.92% |

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Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights table, which reflects only the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

Lincoln Financial Investments Corporation (the "Adviser") has contractually agreed to reimburse the Fund to the extent that the Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses) exceed 0.25% of the Fund's average daily net assets for the Standard Class (and 0.50% for the Service Class). Any reimbursements made by the Adviser are subject to recoupment from the Fund within three years after the occurrence of the reimbursement, provided that such recoupment shall not be made if it would cause annual Fund operating expenses of a class of the Fund to exceed the lesser of (a) the expense limitation in effect at the time of the reimbursement, or (b) the current expense limitation in effect, if any. The agreement will continue through at least April 30, 2027 and cannot be terminated before that date without the mutual agreement of the Fund's Board of Trustees and the Adviser.

**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. This example reflects the net operating expenses with expense reimbursement for the contractual period and the total operating expenses without expense reimbursement for the remaining time periods shown below. 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; $68 | &nbsp;&nbsp;&nbsp;&nbsp; $219 | &nbsp;&nbsp;&nbsp;&nbsp; $382 | &nbsp;&nbsp;&nbsp;&nbsp; $857 |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp; $94 | &nbsp;&nbsp;&nbsp;&nbsp; $298 | &nbsp;&nbsp;&nbsp;&nbsp; $518 | &nbsp;&nbsp;&nbsp;&nbsp; $1153 |

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LVIP T. Rowe Price 2030 Fund1

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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 13% of the average value of its portfolio.

**Principal Investment Strategies**

***Target Date Strategy.* The Fund is managed based on the specific retirement year (target date 2030) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the Fund would plan to retire and likely stop making new investments in the Fund. The Fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the Fund gradually after retirement. The Fund is designed for an investor who plans to retire at approximately 65 years of age. If an investor retires significantly earlier or later than age 65, the Fund may not be an appropriate investment even if the investor retires on or near the Fund's target date.**

T. Rowe Price Associates, Inc. (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 operates under a "fund of funds" structure. The Fund, under normal circumstances, will invest in underlying funds ("Underlying Funds"), including exchange-traded funds, which, in turn, invest in a broad mix of U.S. and foreign equity securities (equity) and fixed income securities (fixed income). The Underlying Funds are advised by either the Sub-Adviser or the Fund's investment adviser, Lincoln Financial Investments Corporation.

The full list of underlying funds used by the Fund is included in the Fund's annual and semi-annual reports and quarterly holdings disclosures.

Over time, the allocation to asset classes and funds will change according to a predetermined "glide path" shown in the following chart (the left axis indicates the overall neutral allocation to equities with the remainder of the allocation to fixed income securities). The glide path represents the shifting of asset classes over time and shows how the Fund's asset mix becomes more conservative, both prior to and after retirement, as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the Fund's potential volatility as retirement approaches, the Fund is not designed for a lump sum redemption at the retirement date. The Fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the Fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income.

![](g912639glidepathchart.jpg)

The glide path provides for a neutral allocation to equities at the target date of 55%. The Fund's overall exposure to equities will continue to decline until approximately 30 years after its target date, when its neutral allocations to equities and fixed income will remain unchanged. There are no maturity restrictions within the Fund's overall allocation to fixed income, although the fixed income funds in which the Fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as "neutral" allocations because they do not reflect any tactical decisions made by the Sub-Adviser to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (equities and fixed income), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) five percent (5%). Neutral allocations are adjusted on at least a quarterly basis. Tactical

2LVIP T. Rowe Price 2030 Fund

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allocations are evaluated continually and adjusted monthly. Equity allocations generally consist of investments in underlying funds that focus on stocks, and fixed income allocations generally consist of investments in underlying funds that focus on bonds and other debt instruments. The target allocations and actual allocations may differ due to significant market movements or cash flows.

**Principal Risks**

The Fund is not a complete retirement solution and there is no guarantee the Fund will achieve its goals. An investor must weigh many factors when considering when to retire, what your retirement needs will be, and what sources of income an investor may have available. An investor may have different retirement needs than the allocation model anticipates.

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;• **Fund of Funds Risk.** The Fund bears all risks associated with the investment strategies of its Underlying Funds, including the possibility that an Underlying Fund may not achieve its investment objective, which could negatively affect the Fund's performance. In addition, among other risks, the Fund indirectly pays a proportional share of the fees and expenses of each Underlying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investments in Affiliated Funds Risk.** Along with the general fund of funds risk, the Adviser is subject to a conflict of interest in selecting Underlying Funds, as it also serves as the investment adviser to most, if not all, of the Underlying Funds in which the Fund invests its assets. The Adviser will earn management fees related to the Fund's investment in such Underlying Funds. However, the Adviser is a fiduciary and is legally obligated to act in the Fund's best interests when selecting Underlying Funds.

&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;• **Asset Allocation Risk.** With an asset allocation strategy, the amount invested in various asset classes of securities may change over time. Asset allocation risk could result in an allocation to an underperforming asset class.

&nbsp;&nbsp;&nbsp;&nbsp;• **Tactical Allocation Risk.** The Fund has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments. The Fund's tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed above from time to time.

&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;• **Growth Stocks Risk.** Growth stocks, due to their relatively high market valuations, typically have been more volatile than value stocks. Growth stocks may not pay dividends, or may pay lower dividends, than value stocks and may be more adversely affected in a down market.

&nbsp;&nbsp;&nbsp;&nbsp;• **Small- and Medium-Cap Company Risk.** The value of securities issued by small- and medium-sized companies may be subject to more abrupt market movements and may involve greater risks than investments in larger companies. These less developed, lesser-known companies may experience greater risks than those normally associated with larger companies. Small- and medium-sized companies also may be subject to interest rate risk, which is 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;• **Interest Rate Risk.** When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk.** Credit risk is the risk that the issuer of a debt obligation will be unable or unwilling to make interest or principal payments on time. Credit risk is often gauged by "credit ratings" assigned by nationally recognized statistical rating organizations (NRSROs). A decrease in an issuer's credit rating may cause a decline in the value of the issuer's debt obligations. However, credit ratings may not reflect the issuer's current financial condition or events since the security was last rated by a rating agency. Credit ratings also may be influenced by rating agency conflicts of interest or based on historical data that are no longer applicable or accurate.

&nbsp;&nbsp;&nbsp;&nbsp;• **Prepayment and Extension Risk.** Mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time. This could reduce the securities' yield and market value.

&nbsp;&nbsp;&nbsp;&nbsp;• **Bond/Fixed-Income Exposure Risk.** Fixed income prices can fall because of various factors affecting the particular fixed income or due to general weakness in the overall bond markets. Fixed income are subject to varying levels of credit risk, interest rate risk, liquidity risk and volatility.

LVIP T. Rowe Price 2030 Fund3

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&nbsp;&nbsp;&nbsp;&nbsp;• **Inflation-Focused Securities Risk.** During periods of low or declining inflation, inflation-protected securities and other inflation-linked securities could underperform the market generally. When inflation is low, declining, or negative, the principal and income of an inflation-linked security will decline and could result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investments Risk.** Foreign investments have additional risks that are not present when investing in U.S. investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. The value of foreign investments may be reduced by foreign taxes, such as foreign taxes on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers. Foreign investments may be less liquid and their prices more volatile than comparable investments in U.S. issuers. In addition, certain foreign countries may be subject to terrorism, governmental collapse, regional conflicts and war, which could negatively impact investments in those countries.

&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk.** Companies located in emerging markets tend to be less liquid, have more volatile prices, and have significant potential for loss in comparison to investments in developed markets.

&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.

**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 (%)**

![](g912639lnae.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarterly Return | Q2 2020 | 16.52% |
| Lowest Quarterly Return | Q1 2020 | (16.71%) |

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The Fund's performance between May 2, 2011 and December 31, 2017 reflects the impact of the risk management strategy, which was discontinued as of February 1, 2018.

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

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| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
| LVIP T. Rowe Price 2030 Fund – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp; 14.99% | &nbsp;&nbsp;&nbsp;&nbsp; 6.85% | &nbsp;&nbsp;&nbsp;&nbsp; 7.87% |
| LVIP T. Rowe Price 2030 Fund – Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 14.71% | &nbsp;&nbsp;&nbsp;&nbsp; 6.58% | &nbsp;&nbsp;&nbsp;&nbsp; 7.60% |
| Morningstar US Market Index (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.35% | &nbsp;&nbsp;&nbsp;&nbsp; 13.29% | &nbsp;&nbsp;&nbsp;&nbsp; 14.40% |

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4LVIP T. Rowe Price 2030 Fund

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**Investment Adviser and Sub-Adviser**

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

Investment Sub-Adviser: T. Rowe Price Associates, Inc. ("T. Rowe Price")

**Portfolio Managers**

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| | | |
|:---|:---|:---|
| **LFI**<br> **Portfolio Managers**<br>| **Company Title** | **Experience with Fund** |
| Jay Shearon | Vice President and Managing Director | Since February 2018 |
| Jason Forsythe, CFA, CFP | Assistant Vice President and Senior Director | Since May 2022 |

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| | | |
|:---|:---|:---|
| **T. Rowe Price** <br> **Portfolio Managers**<br>| **Company Title** | **Experience with Fund** |
| Wyatt A. Lee, CFA | Co-Portfolio Manager | Since February 2018 |
| Kimberly E. DeDominicis | Co-Portfolio Manager | Since October 2019 |
| Andrew Jacobs van Merlen, CFA | Co-Portfolio Manager | Since January 2020 |

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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.

**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.

LVIP T. Rowe Price 2030 Fund5

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