# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001193125-26-196964
**Filing Date:** 2026-4
**Character Count:** 24351
**Document Hash:** d4c98a2abda013a2848513c0fa7c5490
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196964.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196964

**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:** 26924520

**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 Fidelity Institutional AM Total Bond Fund (Series ID: S000070165)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000223150 | Service Class  |  |
| C000223151 | Standard Class |  |

**LVIP Fidelity Institutional AM**<sup>®</sup> **Total Bond 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 Fidelity Institutional AM<sup>®</sup> Total Bond Fund (the "Fund") is to seek maximum long term total return, consistent with reasonable risk.

**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)**

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

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Standard**<br> **Class**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Service**<br> **Class**<br>|
| Management Fee | 0.58% | 0.58% |
| Distribution and/or Service (12b-1) Fees |  | 0.30% |
| Other Expenses<sup>1</sup> <br>| 0.07% | 0.07% |
| Total Annual Fund Operating Expenses | 0.65% | 0.95% |
| Less Fee Waiver and Expense Reimbursement<sup>2,</sup><sup>3</sup> <br>| (0.14%) | (0.14%) |
| Total Annual Fund Operating Expenses (After Fee Waiver/Expense Reimbursement) | 0.51% | 0.81% |

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Other Expenses have been restated to reflect current fees.

Lincoln Financial Investments Corporation (the "Adviser") has contractually agreed to waive the following portion of its advisory fee: 0.03% of the Fund's average daily net assets. The Adviser has also contractually agreed to reimburse the Fund to the extent that the Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses) exceed 0.51% of the Fund's average daily net assets for the Standard Class (and 0.81% 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. Both agreements 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.

The Fee Waiver and Expense Reimbursement were restated to reflect the current fee waiver and expense reimbursement of the Fund.

**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 one-year 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; $52 | &nbsp;&nbsp;&nbsp;&nbsp; $194 | &nbsp;&nbsp;&nbsp;&nbsp; $348 | &nbsp;&nbsp;&nbsp;&nbsp; $797 |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp; $83 | &nbsp;&nbsp;&nbsp;&nbsp; $289 | &nbsp;&nbsp;&nbsp;&nbsp; $512 | &nbsp;&nbsp;&nbsp;&nbsp; $1154 |

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LVIP Fidelity Institutional AM<sup>®</sup> Total Bond 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 286% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund, under normal circumstances, will invest at least 80% of assets in debt securities of all types and repurchase agreements for those securities.

Debt securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, mortgage and other asset-backed securities, loans and loan participations, and other securities, such as hybrids and synthetic securities, believed to have debt-like characteristics (e.g., securities classified as Tier 2 Regulatory capital, securities that rank above share capital in an insolvency waterfall, securities with maturity dates and non-cancellable interest payment structures).

A repurchase agreement is an agreement to buy a security at one price and a simultaneous agreement to sell it back at an agreed-upon price.

Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the Fund's 80% policy, consistent with the Fund's investment policies and limitations with respect to investments in derivatives.

Lincoln Financial Investments Corporation serves as the Fund's adviser. FIAM LLC (the "Sub-Adviser") serves as the Fund's sub-adviser. The Sub-Adviser uses the Bloomberg U.S. Aggregate Bond Index as a guide in structuring the Fund and selecting its investments. The Sub-Adviser allocates the Fund's assets across investment-grade, high yield, and emerging markets debt securities. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

The Fund may invest 20% of assets in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).

The Sub-Adviser manages the Fund to have similar overall interest rate risk to the index. Investing in domestic and foreign issuers. Allocating assets across different fixed income asset classes, market sectors, and maturities.

The Sub- Adviser analyzes the credit quality of the issuer, the issuer's potential for success, the credit, currency, and economic risks of the security and its issuer, security-specific features (including, but not limited to, maturity date, coupon, seniority, and call provisions), current and potential future valuation, and trading opportunities to select investments.

The Fund engages in transactions that have a leveraging effect on the Fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default), options, and futures contracts - and forward-settling securities, to adjust the Fund's risk exposure.

**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;• **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;• **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.

2LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

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&nbsp;&nbsp;&nbsp;&nbsp;• **Prepayment/Call Risk.** Debt securities are subject to prepayment risk when the issuer can "call" the security, or repay principal, in whole or in part, prior to the security's maturity. When the Fund reinvests the prepayments of principal it receives, it may receive a rate of interest that is lower than the rate on the called security.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mortgage-Backed Securities Risk.** The value of mortgage-backed securities (commercial and residential) may fluctuate significantly in response to changes in interest rates. During periods of falling interest rates, underlying mortgages may be paid early, lowering the potential total return (pre-payment risk). During periods of rising interest rates, the rate at which the underlying mortgages are pre-paid may slow unexpectedly, causing the maturity of the mortgage-backed securities to increase and their value to decline (maturity extension risk).

&nbsp;&nbsp;&nbsp;&nbsp;• **Below Investment Grade (Junk Bond) Risk.** Below investment grade bonds, otherwise known as "high yield" bonds or "junk" bonds, generally have a greater risk of principal loss than investment grade bonds. Below investment grade bonds are often considered speculative and involve significantly higher credit risk and liquidity risk. The value of these bonds may fluctuate more than the value of higher-rated debt obligations, and may decline significantly in periods of general economic difficulty or periods of rising interest rates and may be subject to negative perceptions of the junk bond markets generally and less secondary market liquidity.

&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;• **Derivatives Risk.** Derivatives or other similar instruments (referred to collectively as "derivatives"), such as futures, forwards, options, swaps, structured securities and other similar instruments, are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. Derivatives may involve costs and risks that are different from, or possibly greater than, the costs and risks associated with investing directly in securities and other traditional investments. Derivatives prices can be volatile, may correlate imperfectly with price of the applicable underlying asset, reference rate or index and may move in unexpected ways, especially in unusual market conditions, such as markets with high volatility or large market declines. Some derivatives are particularly sensitive to changes in interest rates. Other risks include liquidity risk, which refers to the potential inability to terminate or sell derivative positions and for derivatives to create margin delivery or settlement payment obligations for the Fund. Further, losses could result if the counterparty to a transaction does not perform as promised. Derivatives that involve a small initial investment relative to the investment risk assumed can magnify or otherwise increase investment losses. This is referred to as financial "leverage" due to the potential for greater investment loss. Derivatives are also subject to operational and legal risks.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk.** Investment in certain derivatives, including certain futures contracts, may have the economic effect of creating financial leverage by creating additional investment exposure, as well as the potential for greater loss. Losses on derivatives may exceed the amount invested.

&nbsp;&nbsp;&nbsp;&nbsp;• **Portfolio Turnover Risk.** High portfolio turnover (active trading) results in higher transaction costs, such as brokerage commissions or dealer mark-ups, when a fund buys and sells securities (or "turns over" its portfolio). High portfolio turnover generally results in correspondingly greater expenses, potentially higher taxable income, and may adversely affect performance.

&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 Fund has adopted the historical performance of the Macquarie VIP<sup>®</sup> Diversified Income Series, a former series of Delaware VIP<sup>®</sup> Trust, (the "Predecessor Fund") as the result of a reorganization in which the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund on May 1, 2021. The returns presented for periods prior to May 1, 2021 reflect the performance of the Predecessor Fund. The Fund and the Predecessor Fund have substantially similar investment goals and strategies.

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund3

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Historical performance for Standard Class and Service Class shares is based on the previous performance of Standard Class and Service Class, respectively, of the Predecessor Fund. Historical performance prior to May 1, 2021 has not been adjusted to reflect fees and expenses of Standard Class shares and Service Class shares, respectively, of the Predecessor Fund.

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 historical 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 (%)**

![](g18541lnxa.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarterly Return | Q4 2023 | 7.40% |
| Lowest Quarterly Return | Q2 2022 | (6.50%) |

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

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| | | | |
|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** |
| LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund – Standard Class | &nbsp;&nbsp;&nbsp;&nbsp; 6.72% | &nbsp;&nbsp;&nbsp;&nbsp; -0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 2.54% |
| LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund – Service Class | &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | &nbsp;&nbsp;&nbsp;&nbsp; -0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 2.25% |
| Morningstar US Core Bond Index (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 7.12% | &nbsp;&nbsp;&nbsp;&nbsp; -0.43% | &nbsp;&nbsp;&nbsp;&nbsp; 1.96% |

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**Investment Adviser and Sub-Adviser**

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

Investment Sub-Adviser: FIAM LLC ("FIAM")

Investment Sub-Sub-Adviser: FMR INVESTMENT MANAGEMENT (UK) LIMITED

**Portfolio Managers**

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| | | |
|:---|:---|:---|
| **FIAM** <br> **Portfolio Managers**<br>| **Company Title** | **Experience with Fund** |
| Ford O'Neil\* | Co-Portfolio Manager | Since May 2025 |
| Celso Muñoz | Co-Portfolio Manager | Since May 2025 |
| Michael Plage | Co-Portfolio Manager | Since May 2025 |
| Stacie Ware | Co-Portfolio Manager | Since May 2025 |
| Brian Day | Co-Portfolio Manager | Since May 2025 |
| Michael Foggin | Co-Portfolio Manager | Since May 2025 |
| Benjamin Harrison | Co-Portfolio Manager | Since May 2025 |
| Sean Corcoran | Co-Portfolio Manager | Since May 2025 |
| Julian Potenza | Co-Portfolio Manager | Since April 2026 |

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\*

Effective September 30, 2026, Mr. O'Neil will no longer be a portfolio manager of the Fund.

4LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

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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 Fidelity Institutional AM<sup>®</sup> Total Bond Fund5

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