# EDGAR Filing Document

**Accession Number:** 0000914036
**File Stem:** 0001193125-26-196900
**Filing Date:** 2026-4
**Character Count:** 17871
**Document Hash:** 5dd56f7e9dd0d9b5b78ae3a4b0f7853b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196900.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196900

**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:** 26924455

**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 American Century Capital Appreciation Fund (Series ID: S000083644)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000247621 | Standard Class    |  |
| C000247622 | Standard Class II |  |
| C000247623 | Service Class     |  |

**LVIP American Century Capital Appreciation Fund**

(Standard, Standard II, and Service Class)

**Summary Prospectus**

May 1, 2026

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

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

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**

This Fund seeks capital growth.

**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; **Standard**<br> **Class II**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Service**<br> **Class**<br>|
| Management Fee | 0.55% | 0.55% | 0.55% |
| Distribution and/or Service (12b-1) Fees |  |  | 0.25% |
| Other Expenses | 0.07% | 0.29% | 0.19% |
| Total Annual Fund Operating Expenses | 0.62% | 0.84% | 0.99% |
| Less Expense Reimbursement<sup>1</sup> <br>| (0.05%) | (0.05%) | (0.05%) |
| Total Annual Fund Operating Expenses (After Expense Reimbursement) | 0.57% | 0.79% | 0.94% |

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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 0.57% of the Fund's average daily net assets for the Standard Class (and 0.79% for the Standard Class II and 0.94% 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. 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; $58 | &nbsp;&nbsp;&nbsp;&nbsp; $193 | &nbsp;&nbsp;&nbsp;&nbsp; $341 | &nbsp;&nbsp;&nbsp;&nbsp; $769 |
| Standard Class II | &nbsp;&nbsp;&nbsp;&nbsp; $81 | &nbsp;&nbsp;&nbsp;&nbsp; $263 | &nbsp;&nbsp;&nbsp;&nbsp; $461 | &nbsp;&nbsp;&nbsp;&nbsp; $1033 |
| Service Class | &nbsp;&nbsp;&nbsp;&nbsp; $96 | &nbsp;&nbsp;&nbsp;&nbsp; $310 | &nbsp;&nbsp;&nbsp;&nbsp; $542 | &nbsp;&nbsp;&nbsp;&nbsp; $1208 |

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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 91% of the average value of its portfolio.

LVIP American Century Capital Appreciation Fund1

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**Principal Investment Strategies**

American Century Investment Management, 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 Sub-Adviser looks for stocks, which includes common stock and may include preferred stock or other types of stocks, of medium-sized companies it believes will increase in value over time, using the Fund's investment strategy. In implementing this strategy, the Sub-Adviser makes it's investment decisions based primarily on its analysis of individual companies, rather than on broad economic forecasts. Management of the Fund is based on the belief that securities of issuers in a growing industry can sustain above average earnings growth. Under normal market conditions, the Fund's portfolio will primarily consist of securities of companies with attractive returns on invested capital that are demonstrating business improvement. Analytical indicators helping to identify signs of business improvement may include accelerating earnings or revenue growth rates, increasing cash flows, or other indications of the relative strength of a company's business. These techniques help the Sub-Adviser make decisions about buying or holding the stocks of companies it believes have favorable growth prospects and selling the stocks of companies whose characteristics no longer meet the Sub-Adviser's criteria.

The Fund will usually purchase common stocks of companies that are medium-sized at the time of purchase, but it will purchase securities of smaller- and larger-sized companies as well.

Also, although the Sub-Adviser intends to invest the Fund's assets primarily in U.S. securities, the Fund may invest in securities of foreign companies when these securities meet the Sub-Adviser's standards of selection.

The Sub-Adviser does not intend to concentrate weight in particular sectors.

**Principal Risks**

&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;• **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;• **Medium-Cap Company Risk.** The value of securities issued by 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. This is due to, among other things, the greater business risks of smaller size and limited product lines, markets, distribution channels, and financial and managerial resources.

&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;• **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 American Century Capital Appreciation 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 II investment results have varied from year to year; and (b) how the average annual total returns of the Fund's Standard Class, Standard Class II and Service Class compare with those of a broad measure of market performance. The bar chart shows performance of the Fund's Standard Class II 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 (%)**

![](g603561lff6.jpg)

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

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| | | |
|:---|:---|:---|
| Highest Quarterly Return | Q2 2020 | 32.37% |
| Lowest Quarterly Return | Q2 2022 | (22.30%) |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 year** | **5 years** | **10 years** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| &nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund – <br> Standard Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% | &nbsp;&nbsp;&nbsp;&nbsp; 5.49% |  | &nbsp;&nbsp;&nbsp;&nbsp; 12.13% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2017 |
| &nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund – <br> Standard Class II<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.72% | &nbsp;&nbsp;&nbsp;&nbsp; 5.16% | &nbsp;&nbsp;&nbsp;&nbsp; 11.47% |  |  |
| &nbsp;&nbsp;&nbsp; LVIP American Century Capital Appreciation Fund – <br> Service Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.56% | &nbsp;&nbsp;&nbsp;&nbsp; 5.02% | &nbsp;&nbsp;&nbsp;&nbsp; 11.31% |  |  |
| &nbsp;&nbsp;&nbsp; Morningstar US Market Index<sup>1</sup> (reflects no deductions for <br> fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.35% | &nbsp;&nbsp;&nbsp;&nbsp; 13.29% |  | &nbsp;&nbsp;&nbsp;&nbsp; 14.28% |  |
| &nbsp;&nbsp;&nbsp; Morningstar US Market Index (reflects no deductions for <br> fees, expenses or taxes)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.35% | &nbsp;&nbsp;&nbsp;&nbsp; 13.29% | &nbsp;&nbsp;&nbsp;&nbsp; 14.40% |  |  |

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<sup>1</sup>

Inception date of September 22, 2017.

**Investment Adviser and Sub-Adviser**

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

Investment Sub-Adviser: American Century Investment Management, Inc. ("American Century")

**Portfolio Managers**

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

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| | | |
|:---|:---|:---|
| **American Century** <br> **Portfolio Managers**<br>| **Company Title** | **Experience with Fund** |
| Rahul Jadhav, CFA | Portfolio Manager and Senior Investment Analyst | Since May 2025 |
| Nalin Yogasundram | Vice President and Senior 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 American Century Capital Appreciation 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 American Century Capital Appreciation Fund

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