Lincoln Variable Insurance Products Trust

03/20/2023 | Press release | Distributed by Public on 03/20/2023 10:09

Summary Prospectus by Investment Company - Form 497K

LVIP Delaware REIT Fund

Supplement Dated March 16, 2023

to the Summary Prospectus

Dated May 1, 2022

This Supplement updates certain information in the Summary Prospectus for the LVIP Delaware REIT Fund (the "Fund"). You may obtain copies of the Fund's Summary Prospectus free of charge, upon request, by calling toll-free 1-800-4LINCOLN(454-6265) or at www.lfg.com/lvip.

Revisions to the Summary Prospectus for the Fund are effective May 1, 2023.

I.

The Fund's name is changed to "LVIP Delaware U.S. REIT Fund." All references regarding the Fund's name are updated accordingly.

II.

The following disclosure is revised within the Principal Investment Strategy on page 2 under the Summary section:

The Fund, under normal circumstances, will invest at least 80% of its assets in investments that give exposure to U.S. real estate investment trusts (REITs) (80% policy).

PLEASE KEEP THIS SUPPLEMENT WITH YOUR SUMMARY PROSPECTUS

AND OTHER IMPORTANT RECORDS