Summary Prospectus by Investment Company (Form 497K)

LVIP American Century Capital Appreciation Fund

(Standard, Standard II, and Service Class)

Summary Prospectus

May 1, 2026

 

  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)

 

	Standard Class	Standard Class II	Service Class
Management Fee	0.55%	0.55%	0.55%
Distribution and/or Service (12b-1) Fees	None	None	0.25%
Other Expenses	0.07%	0.29%	0.19%
Total Annual Fund Operating Expenses	0.62%	0.84%	0.99%
Less Expense Reimbursement1	(0.05%)	(0.05%)	(0.05%)
Total Annual Fund Operating Expenses (After Expense Reimbursement)	0.57%	0.79%	0.94%

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.

 

	1 year	3 years	5 years	10 years
Standard Class	$58	$193	$341	$769
Standard Class II	$81	$263	$461	$1,033
Service Class	$96	$310	$542	$1,208

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.

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

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 (%)

 

 

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

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

 

	1 year	5 years	10 years	Since Inception	Inception Date
LVIP American Century Capital Appreciation Fund - Standard Class	6.95%	5.49%		12.13%	9/22/2017
LVIP American Century Capital Appreciation Fund - Standard Class II	6.72%	5.16%	11.47%
LVIP American Century Capital Appreciation Fund - Service Class	6.56%	5.02%	11.31%
Morningstar US Market Index1 (reflects no deductions for fees, expenses or taxes)	17.35%	13.29%		14.28%
Morningstar US Market Index (reflects no deductions for fees, expenses or taxes)	17.35%	13.29%	14.40%

Investment Adviser and Sub-Adviser

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

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

Portfolio Managers

 

American Century Portfolio Managers	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

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.