497K 1 d514810d497k.htm LVIP T. ROWE PRICE STRUCTURED MID-CAP GROWTH FUND LVIP T. Rowe Price Structured Mid-Cap Growth Fund
LVIP T. Rowe Price Structured Mid-Cap Growth Fund
(Standard and Service Class)
Summary Prospectus
April 30, 2013
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 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) or by sending an e-mail request to callcenter@LFG.com. The Fund’s Prospectus and Statement of Additional Information, both dated April 30, 2013, are incorporated by reference into this Summary Prospectus.
Investment Objective
The investment objective of the LVIP T. Rowe Price Structured Mid-Cap Growth Fund (the “Fund”) is to maximize the value of your shares (capital appreciation).
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares. This table does not reflect any variable contract expenses. If variable contract expenses were included, the expenses shown would be higher.
  Standard
Class 		Service
Class
Shareholder Fees (fees paid directly from your investment)    
Maximum Sales Charge (Load) Imposed on Purchases N/A N/A
Maximum Deferred Sales Charge (Load) N/A N/A
Maximum Sales Charge (Load) Imposed on Reinvested Dividends N/A N/A
Redemption Fee N/A N/A
Exchange Fee N/A N/A
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)    
Management Fee 0.73% 0.73%
Distribution and/or Service (12b-1) fees None 0.25%
Other Expenses 0.09% 0.09%
Total Annual Fund Operating Expenses 0.82% 1.07%
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 $ 84 $262 $455 $1,014
Service Class $109 $340 $590 $1,306
LVIP T. Rowe Price Structured Mid-Cap Growth Fund 1
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 31% of the average value of its portfolio.
Principal Investment Strategies
The Fund pursues its objective by investing, under normal market conditions, at least 80% of its assets in a diversified group of domestic stocks of medium-sized companies: companies traded on U.S. securities markets with market capitalizations, at the time of purchase, in the range of companies included in the Russell Midcap® Growth Index or the S&P MidCap 400 Index. As of May 31, 2012, the index reconstitution date, the market capitalization range of the Russell Midcap® Growth Index was $1.4 billion to $17.4 billion. The range of the S&P MidCap 400 Index was $340 million to $12.9 billion, as of December 31, 2012. The Fund may also invest in large and small-cap companies. In addition, the Fund may invest in foreign stocks, including those in emerging markets, up to 10% of its total assets.
Stock selection is based on a combination of fundamental, bottom-up analysis and top-down quantitative strategies in an effort to identify companies with superior long-term appreciation prospects. The companies sought typically have:
•  a demonstrated ability to consistently increase revenues, earnings, and cash flow;
•  capable management;
•  attractive business niches; and
•  a sustainable competitive advantage.
When selecting investments, valuation measures, such as a company’s price/earnings (P/E) ratio relative to the market and its own growth rate are also considered. Holdings of high-yielding stocks will typically be limited, but the payment of dividends—even above-average dividends—does not disqualify a stock from consideration. However, holdings are expected to have relatively low dividend yields.
Principal Risks
All mutual funds carry a certain amount of risk. Accordingly, loss of money is a risk of investing in the Fund. Here are specific principal risks of investing in the Fund:
•  Market Risk. The value of portfolio securities may decline. As a result, your investment in a fund may decline in value and you could lose money.
•  Growth Stocks Risk. Growth stocks, due to their relatively high 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.
•  Small and Medium-Cap Companies 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.
•  Foreign Securities Risk. Foreign securities have additional risks that are not present when investing in U.S. securities. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Additionally, foreign stocks include the risk of loss from foreign government or political actions. Investing in foreign securities 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.
•  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.
•  Foreign Currency Risk. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates.
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 for various periods 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
2 LVIP T. Rowe Price Structured Mid-Cap Growth Fund
contract expenses. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.
   
During the periods shown in the above chart, the fund’s highest return for a quarter occurred in the second quarter of 2009 at: 19.98%.
The fund’s lowest return for a quarter occurred in the fourth quarter of 2008 at: (27.33%). 
  Average Annual Total Returns
For periods ended 12/31/12
  1 year 5 years 10 years or
Life of class
LVIP T. Rowe Price Structured Mid-Cap Growth Fund–Standard Class 16.30% 3.75% 9.46%
Russell Midcap® Growth Index (reflects no deductions for fees, expenses or taxes) 15.81% 3.23% 10.31%
LVIP T. Rowe Price Structured Mid-Cap Growth Fund–Service Class 16.02% 3.49% 8.52%*
Russell Midcap® Growth Index (reflects no deductions for fees, expenses or taxes) 15.81% 3.23% 9.39%*
*Since May 15, 2003
Investment Adviser and Sub-Adviser
Investment Adviser: Lincoln Investment Advisors Corporation
Investment Sub-Adviser: T. Rowe Price Associates, Inc. 
Portfolio Managers   Company Title   Experience w/Fund
Donald J. Peters   Vice President   Since January 2004
Donald J. Easley   Vice President   Since May 2009
Purchase and Sale of Fund Shares
The Fund sells its shares to The Lincoln National Life Insurance Company (“Lincoln Life”), Lincoln Life & Annuity Company of New York (“LNY”), and to unaffiliated insurance companies. The insurance companies hold the Fund shares in variable accounts that support various variable annuity contracts and variable life insurance contracts.
Tax Information
Because Fund shares are only sold through variable annuity contract or variable life insurance contracts (“variable contracts”) that are owned directly or indirectly by Lincoln Life, LNY and unaffiliated insurance companies, this prospectus does not discuss the income tax consequences at the contract owner level. The income tax consequences for the purchase of a variable contract are discussed in the prospectus of the variable contract.
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 Structured Mid-Cap Growth Fund 3