# EDGAR Filing Document

**Accession Number:** 0002015799
**File Stem:** 0001752724-25-133236
**Filing Date:** 2025-6
**Character Count:** 66663
**Document Hash:** 1571da68082f4e822ce6bdf4cdf46281
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-133236.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001752724-25-133236

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250610

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lincoln Funds Trust
- **CENTRAL INDEX KEY:** 0002015799

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23952
- **FILM NUMBER:** 251036340

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 S. HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802
- **BUSINESS PHONE:** (484) 583-6302

**MAIL ADDRESS:**
- **STREET 1:** 1301 S. HARRISON STREET
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46802

## Series and Classes Contracts Data

### Lincoln Inflation Plus Fund (Series ID: S000085533)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000250823 | Class I      | LFTEX           |
| C000250824 | Class A      | LFTAX           |

## Nport-Ex

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments**

April 30, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–1.49%** | **ΔCOMMON STOCK–1.49%** | **ΔCOMMON STOCK–1.49%** |
| **Canada–0.90%** | **Canada–0.90%** | **Canada–0.90%** |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 260 | $30572 |
| &nbsp;&nbsp;&nbsp; Alamos Gold, Inc. Class A | 1100 | 31372 |
| &nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 1190 | 29964 |
|  |  | **91908** |
| **United Kingdom–0.30%** | **United Kingdom–0.30%** | **United Kingdom–0.30%** |
| &nbsp;&nbsp;&nbsp; Endeavour Mining PLC | 1123 | 30425 |
|  |  | **30425** |
| **United States–0.29%** | **United States–0.29%** | **United States–0.29%** |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 570 | 30028 |
|  |  | **30028** |
| **Total Common Stock** <br>**(Cost $155,381)** | **Total Common Stock** <br>**(Cost $155,381)** | **152361** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** <br>**Amount°**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>|
| **ΔCORPORATE BOND–2.23%** | **ΔCORPORATE BOND–2.23%** | **ΔCORPORATE BOND–2.23%** | **ΔCORPORATE BOND–2.23%** |
| **Peru–2.23%** | **Peru–2.23%** | **Peru–2.23%** | **Peru–2.23%** |
| &nbsp;&nbsp; Cia de Minas Buenaventura <br> SAA 6.80% 2/4/32<br>|  | 230000 | 228277 |
| **Total Corporate Bond** <br>**(Cost $227,513)** | **Total Corporate Bond** <br>**(Cost $227,513)** | **Total Corporate Bond** <br>**(Cost $227,513)** | **228277** |
| **ΔSOVEREIGN BONDS–35.26%** | **ΔSOVEREIGN BONDS–35.26%** | **ΔSOVEREIGN BONDS–35.26%** | **ΔSOVEREIGN BONDS–35.26%** |
| **Brazil–10.32%** | **Brazil–10.32%** | **Brazil–10.32%** | **Brazil–10.32%** |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% 5/15/35 | BRL | 70000 | 51541 |
| &nbsp;&nbsp;&nbsp; 10.00% 1/1/29 | BRL | 630000 | 103849 |
| &nbsp;&nbsp;&nbsp; 10.00% 1/1/31 | BRL | 2370000 | 370781 |
| &nbsp;&nbsp;&nbsp; 10.00% 1/1/33 | BRL | 700000 | 105955 |
| &nbsp;&nbsp;&nbsp; 10.00% 1/1/35 | BRL | 2900000 | 425043 |
|  |  |  | **1057169** |
| **Egypt–1.23%** | **Egypt–1.23%** | **Egypt–1.23%** | **Egypt–1.23%** |
| &nbsp;&nbsp; ^Egypt Treasury Bills 0.00% <br> 9/23/25<br>| EGP | 7100000 | 126158 |
|  |  |  | **126158** |
| **Hungary–2.09%** | **Hungary–2.09%** | **Hungary–2.09%** | **Hungary–2.09%** |
| Hungary Government Bonds  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25% 4/20/33 | HUF | 51000000 | 105080 |
| &nbsp;&nbsp;&nbsp; 7.00% 10/24/35 | HUF | 38500000 | 109049 |
|  |  |  | **214129** |
| **Indonesia–2.00%** | **Indonesia–2.00%** | **Indonesia–2.00%** | **Indonesia–2.00%** |
| Indonesia Treasury Bonds  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63% 2/15/34 | IDR | 1737000000 | 103226 |
| &nbsp;&nbsp;&nbsp; 7.50% 6/15/35 | IDR | 1625000000 | 101920 |
|  |  |  | **205146** |
| **Malaysia–2.99%** | **Malaysia–2.99%** | **Malaysia–2.99%** | **Malaysia–2.99%** |
| Malaysia Government Bonds  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.83% 7/5/34 | MYR | 900000 | 211115 |
| &nbsp;&nbsp;&nbsp; 3.89% 8/15/29 | MYR | 400000 | 94625 |
|  |  |  | **305740** |
| **Mexico–8.40%** | **Mexico–8.40%** | **Mexico–8.40%** | **Mexico–8.40%** |
| Mexico Bonos  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50% 5/26/33 | MXN | 1350000 | 62202 |
| &nbsp;&nbsp;&nbsp; 7.75% 5/29/31 | MXN | 740000 | 35625 |
| &nbsp;&nbsp;&nbsp; 7.75% 11/23/34 | MXN | 1200000 | 55177 |
| &nbsp;&nbsp;&nbsp; 7.75% 11/13/42 | MXN | 7450000 | 311889 |
| &nbsp;&nbsp;&nbsp; 8.00% 11/7/47 | MXN | 5760000 | 242581 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Mexico Bonos (continued)  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50% 11/18/38 | MXN | 3300000 | $153252 |
|  |  |  | **860726** |
| **Poland–4.22%** | **Poland–4.22%** | **Poland–4.22%** | **Poland–4.22%** |
| &nbsp;&nbsp; Republic of Poland <br> Government Bonds 5.00% <br> 10/25/34<br>| PLN | 1660000 | 432474 |
|  |  |  | **432474** |
| **Republic of Korea–1.99%** | **Republic of Korea–1.99%** | **Republic of Korea–1.99%** | **Republic of Korea–1.99%** |
| &nbsp;&nbsp; Korea Treasury Bonds 3.00% <br> 12/10/34<br>| KRW | 280000000 | 203972 |
|  |  |  | **203972** |
| **South Africa–2.02%** | **South Africa–2.02%** | **South Africa–2.02%** | **South Africa–2.02%** |
| &nbsp;&nbsp; Republic of South Africa <br> Government Bonds <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25% 3/31/32 | ZAR | 2110000 | 105240 |
| &nbsp;&nbsp;&nbsp; 8.88% 2/28/35 | ZAR | 2100000 | 101240 |
|  |  |  | **206480** |
| **Total Sovereign Bonds** <br>**(Cost $3,479,157)** | **Total Sovereign Bonds** <br>**(Cost $3,479,157)** | **Total Sovereign Bonds** <br>**(Cost $3,479,157)** | **3611994** |
| **SUPRANATIONAL BANKS–7.94%** | **SUPRANATIONAL BANKS–7.94%** | **SUPRANATIONAL BANKS–7.94%** | **SUPRANATIONAL BANKS–7.94%** |
| &nbsp;&nbsp; Asian Infrastructure <br> Investment Bank <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% 12/8/31 |  | 20500000 | 233355 |
| &nbsp;&nbsp;&nbsp; 6.90% 10/23/34 |  | 16700000 | 200128 |
| &nbsp;&nbsp; European Bank for <br> Reconstruction & <br> Development <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% 10/3/36 |  | 20500000 | 240345 |
| &nbsp;&nbsp;&nbsp; 7.05% 8/10/33 |  | 11500000 | 138955 |
| **Total Supranational Banks** <br>**(Cost $815,807)**<br>|  |  | **812783** |
| **U.S. TREASURY OBLIGATIONS–6.54%** | **U.S. TREASURY OBLIGATIONS–6.54%** | **U.S. TREASURY OBLIGATIONS–6.54%** | **U.S. TREASURY OBLIGATIONS–6.54%** |
| U.S. Treasury Bonds  | U.S. Treasury Bonds  | U.S. Treasury Bonds  | U.S. Treasury Bonds  |
| &nbsp;&nbsp;&nbsp; 4.50% 11/15/54 |  | 210000 | 203273 |
| &nbsp;&nbsp;&nbsp; 4.63% 2/15/55 |  | 472000 | 467059 |
| **Total U.S. Treasury Obligations** <br>**(Cost $666,079)** | **Total U.S. Treasury Obligations** <br>**(Cost $666,079)** | **Total U.S. Treasury Obligations** <br>**(Cost $666,079)** | **670332** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>|
| **EXCHANGE-TRADED FUNDS–11.88%** | **EXCHANGE-TRADED FUNDS–11.88%** | **EXCHANGE-TRADED FUNDS–11.88%** |
| &nbsp;&nbsp;&nbsp; abrdn Bloomberg All <br> Commodity Strategy K-1 <br> Free ETF <br>| 36700 | 746845 |
| &nbsp;&nbsp; SPDR Gold MiniShares Trust  | 7200 | 469872 |
| **Total Exchange-Traded Funds** <br>**(Cost $1,175,543)** | **Total Exchange-Traded Funds** <br>**(Cost $1,175,543)** | **1216717** |
| **MONEY MARKET FUND–0.02%** | **MONEY MARKET FUND–0.02%** | **MONEY MARKET FUND–0.02%** |
| &nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.29%)<br>| 1869 | 1869 |
| **Total Money Market Fund** <br>**(Cost $1,869)** | **Total Money Market Fund** <br>**(Cost $1,869)** | **1869** |

---

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

*Lincoln Inflation Plus Fund–1*

------

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENTS–36.96%** | **SHORT-TERM INVESTMENTS–36.96%** | **SHORT-TERM INVESTMENTS–36.96%** |
| **U.S. TREASURY OBLIGATIONS–36.96%** | **U.S. TREASURY OBLIGATIONS–36.96%** | **U.S. TREASURY OBLIGATIONS–36.96%** |
| ≠U.S. Treasury Bills | ≠U.S. Treasury Bills | ≠U.S. Treasury Bills |
| &nbsp;&nbsp; 4.29% 6/20/25 | 800000 | $795344 |
| &nbsp;&nbsp; 4.29% 6/20/25 | 300000 | 298254 |
| &nbsp;&nbsp; 4.30% 6/26/25 | 500000 | 496734 |
| &nbsp;&nbsp; 4.31% 5/15/25 | 300000 | 299509 |
| &nbsp;&nbsp; 4.31% 5/29/25 | 150000 | 149507 |
| &nbsp;&nbsp; 4.31% 7/3/25 | 750000 | 744494 |
| &nbsp;&nbsp; 4.31% 7/3/25 | 510000 | 506256 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| ≠U.S. Treasury Bills (continued) | ≠U.S. Treasury Bills (continued) | ≠U.S. Treasury Bills (continued) |
| &nbsp;&nbsp; 4.31% 7/3/25 | 500000 | $496329 |
|  |  | **3786427** |
| **Total Short-Term Investments** <br>**(Cost $3,786,381)** | **Total Short-Term Investments** <br>**(Cost $3,786,381)** | **3786427** |

---

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

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

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–102.32% (Cost $10,307,730)** | **10480760** |
| **LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(2.32%)** | **(237347)**<br>|
| **NET ASSETS APPLICABLE TO 1,025,030 SHARES OUTSTANDING–100.00%** | **$10243413** |

---

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

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| °Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency. |
| ^Zero coupon security. |
| ≠The rate shown is the effective yield at the time of purchase. |

---

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

The following foreign currency exchange contracts and futures contracts were outstanding at April 30, 2025:<br>

**Foreign Currency Exchange Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| BCLY | BRL | &nbsp;&nbsp; (1184000)<br>| USD | &nbsp;&nbsp; 204872 | 5/5/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3506)<br>|
| BCLY | BRL | &nbsp;&nbsp; 610000 | USD | &nbsp;&nbsp; (104955)<br>| 5/5/25 | &nbsp;&nbsp; 2402 | &nbsp;&nbsp; — |
| BCLY | BRL | &nbsp;&nbsp; 1184000 | USD | &nbsp;&nbsp; (209158)<br>| 5/5/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (779)<br>|
| BCLY | BRL | &nbsp;&nbsp; (610000)<br>| USD | &nbsp;&nbsp; 107759 | 5/5/25 | &nbsp;&nbsp; 401 | &nbsp;&nbsp; — |
| BCLY | CAD | &nbsp;&nbsp; (42000)<br>| USD | &nbsp;&nbsp; 30410 | 7/28/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (192)<br>|
| BCLY | EGP | &nbsp;&nbsp; (17075000)<br>| USD | &nbsp;&nbsp; 312729 | 7/9/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12215)<br>|
| BCLY | EUR | &nbsp;&nbsp; 290000 | USD | &nbsp;&nbsp; (307163)<br>| 6/6/25 | &nbsp;&nbsp; 22113 | &nbsp;&nbsp; — |
| BCLY | EUR | &nbsp;&nbsp; 95000 | USD | &nbsp;&nbsp; (104416)<br>| 6/20/25 | &nbsp;&nbsp; 3553 | &nbsp;&nbsp; — |
| BCLY | EUR | &nbsp;&nbsp; 179000 | USD | &nbsp;&nbsp; (204839)<br>| 7/15/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1079)<br>|
| BCLY | IDR | &nbsp;&nbsp; (8187887000)<br>| USD | &nbsp;&nbsp; 499695 | 5/19/25 | &nbsp;&nbsp; 5376 | &nbsp;&nbsp; — |
| BCLY | IDR | &nbsp;&nbsp; 1697730000 | USD | &nbsp;&nbsp; (103590)<br>| 5/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1094)<br>|
| BCLY | IDR | &nbsp;&nbsp; (1720555000)<br>| USD | &nbsp;&nbsp; 104393 | 6/13/25 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; — |
| BCLY | INR | &nbsp;&nbsp; (17780000)<br>| USD | &nbsp;&nbsp; 206374 | 7/21/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2535)<br>|
| BCLY | KRW | &nbsp;&nbsp; (280000000)<br>| USD | &nbsp;&nbsp; 193637 | 5/7/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3020)<br>|
| BCLY | KRW | &nbsp;&nbsp; 280000000 | USD | &nbsp;&nbsp; (196229)<br>| 5/7/25 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; — |
| BCLY | KRW | &nbsp;&nbsp; (274560000)<br>| USD | &nbsp;&nbsp; 189365 | 7/7/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4203)<br>|
| BCLY | KRW | &nbsp;&nbsp; 274560000 | USD | &nbsp;&nbsp; (193811)<br>| 7/7/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (244)<br>|
| BCLY | MYR | &nbsp;&nbsp; 454000 | USD | &nbsp;&nbsp; (101396)<br>| 7/7/25 | &nbsp;&nbsp; 4123 | &nbsp;&nbsp; — |
| BCLY | TRY | &nbsp;&nbsp; (8255000)<br>| USD | &nbsp;&nbsp; 200097 | 6/12/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3779)<br>|
| BNP | BRL | &nbsp;&nbsp; 574000 | USD | &nbsp;&nbsp; (100101)<br>| 5/5/25 | &nbsp;&nbsp; 921 | &nbsp;&nbsp; — |
| BNP | BRL | &nbsp;&nbsp; (574000)<br>| USD | &nbsp;&nbsp; 101399 | 5/5/25 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; — |
| BNP | GBP | &nbsp;&nbsp; (120100)<br>| USD | &nbsp;&nbsp; 153316 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6785)<br>|
| BNP | HUF | &nbsp;&nbsp; 39920000 | USD | &nbsp;&nbsp; (105302)<br>| 5/21/25 | &nbsp;&nbsp; 6395 | &nbsp;&nbsp; — |
| BNP | IDR | &nbsp;&nbsp; 1957182000 | USD | &nbsp;&nbsp; (115328)<br>| 5/19/25 | &nbsp;&nbsp; 2831 | &nbsp;&nbsp; — |
| BNP | IDR | &nbsp;&nbsp; 1374884000 | USD | &nbsp;&nbsp; (80886)<br>| 6/13/25 | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; — |
| BNP | INR | &nbsp;&nbsp; (17515000)<br>| USD | &nbsp;&nbsp; 199581 | 5/5/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7455)<br>|
| BNP | INR | &nbsp;&nbsp; 17515000 | USD | &nbsp;&nbsp; (205929)<br>| 5/5/25 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; — |
| BNP | INR | &nbsp;&nbsp; 17650000 | USD | &nbsp;&nbsp; (208063)<br>| 6/10/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (98)<br>|
| BNP | INR | &nbsp;&nbsp; (24095000)<br>| USD | &nbsp;&nbsp; 280080 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3356)<br>|
| BNP | PLN | &nbsp;&nbsp; (1015000)<br>| USD | &nbsp;&nbsp; 258459 | 7/9/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9590)<br>|
| GSI | BRL | &nbsp;&nbsp; (1215000)<br>| USD | &nbsp;&nbsp; 205572 | 6/3/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6692)<br>|
| GSI | EGP | &nbsp;&nbsp; 10410000 | USD | &nbsp;&nbsp; (196489)<br>| 7/9/25 | &nbsp;&nbsp; 1617 | &nbsp;&nbsp; — |
| GSI | EUR | &nbsp;&nbsp; 190000 | USD | &nbsp;&nbsp; (204225)<br>| 6/6/25 | &nbsp;&nbsp; 11507 | &nbsp;&nbsp; — |
| GSI | GBP | &nbsp;&nbsp; 6000 | USD | &nbsp;&nbsp; (7813)<br>| 6/12/25 | &nbsp;&nbsp; 184 | &nbsp;&nbsp; — |
| GSI | GBP | &nbsp;&nbsp; 120100 | USD | &nbsp;&nbsp; (156396)<br>| 7/8/25 | &nbsp;&nbsp; 3704 | &nbsp;&nbsp; — |

---

*Lincoln Inflation Plus Fund–2*

------

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments (continued)**

**Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to**<br> **Receive (Deliver)** | **Contracts to**<br> **Receive (Deliver)** | **In Exchange For** | **In Exchange For** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **Depreciation**<br>|
| GSI | IDR | &nbsp;&nbsp; 3350690000 | USD | &nbsp;&nbsp; (204410)<br>| 5/19/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2122)<br>|
| GSI | IDR | &nbsp;&nbsp; 1182285000 | USD | &nbsp;&nbsp; (70760)<br>| 5/19/25 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; — |
| GSI | IDR | &nbsp;&nbsp; 345670000 | USD | &nbsp;&nbsp; (20332)<br>| 6/13/25 | &nbsp;&nbsp; 517 | &nbsp;&nbsp; — |
| GSI | INR | &nbsp;&nbsp; 17515000 | USD | &nbsp;&nbsp; (202753)<br>| 5/5/25 | &nbsp;&nbsp; 4283 | &nbsp;&nbsp; — |
| GSI | INR | &nbsp;&nbsp; (17515000)<br>| USD | &nbsp;&nbsp; 205929 | 5/5/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1107)<br>|
| GSI | INR | &nbsp;&nbsp; (26930000)<br>| USD | &nbsp;&nbsp; 307596 | 6/10/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9713)<br>|
| GSI | KRW | &nbsp;&nbsp; 147793000 | USD | &nbsp;&nbsp; (102213)<br>| 5/7/25 | &nbsp;&nbsp; 1589 | &nbsp;&nbsp; — |
| GSI | KRW | &nbsp;&nbsp; (147793000)<br>| USD | &nbsp;&nbsp; 103576 | 5/7/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (226)<br>|
| GSI | MYR | &nbsp;&nbsp; (1785000)<br>| USD | &nbsp;&nbsp; 399706 | 7/7/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15164)<br>|
| GSI | MYR | &nbsp;&nbsp; 675000 | USD | &nbsp;&nbsp; (153724)<br>| 7/7/25 | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; — |
| GSI | MYR | &nbsp;&nbsp; 656000 | USD | &nbsp;&nbsp; (152867)<br>| 7/7/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (400)<br>|
| GSI | ZAR | &nbsp;&nbsp; (1925000)<br>| USD | &nbsp;&nbsp; 102923 | 5/21/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (390)<br>|
| HSBC | HUF | &nbsp;&nbsp; (38278000)<br>| USD | &nbsp;&nbsp; 102784 | 7/8/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4050)<br>|
| HSBC | PLN | &nbsp;&nbsp; (397000)<br>| USD | &nbsp;&nbsp; 102287 | 7/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2569)<br>|
| HSBC | TRY | &nbsp;&nbsp; 8255000 | USD | &nbsp;&nbsp; (209266)<br>| 6/12/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5390)<br>|
| IBC | HUF | &nbsp;&nbsp; 38278000 | USD | &nbsp;&nbsp; (102909)<br>| 7/8/25 | &nbsp;&nbsp; 3925 | &nbsp;&nbsp; — |
| IBC | PLN | &nbsp;&nbsp; 410000 | USD | &nbsp;&nbsp; (105095)<br>| 5/21/25 | &nbsp;&nbsp; 3305 | &nbsp;&nbsp; — |
| IBC | ZAR | &nbsp;&nbsp; (3039000)<br>| USD | &nbsp;&nbsp; 162765 | 5/14/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (428)<br>|
| IBC | ZAR | &nbsp;&nbsp; 1549000 | USD | &nbsp;&nbsp; (85281)<br>| 5/14/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2100)<br>|
| IBC | ZAR | &nbsp;&nbsp; 1584000 | USD | &nbsp;&nbsp; (84687)<br>| 5/21/25 | &nbsp;&nbsp; 324 | &nbsp;&nbsp; — |
| LYD | GBP | &nbsp;&nbsp; (6000)<br>| USD | &nbsp;&nbsp; 7753 | 6/12/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (244)<br>|
| LYD | GBP | &nbsp;&nbsp; 157000 | USD | &nbsp;&nbsp; (205123)<br>| 7/15/25 | &nbsp;&nbsp; 4173 | &nbsp;&nbsp; — |
| LYD | ZAR | &nbsp;&nbsp; 1490000 | USD | &nbsp;&nbsp; (81166)<br>| 5/14/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1154)<br>|
| MSC | BRL | &nbsp;&nbsp; 605000 | USD | &nbsp;&nbsp; (104357)<br>| 6/3/25 | &nbsp;&nbsp; 1338 | &nbsp;&nbsp; — |
| MSC | JPY | &nbsp;&nbsp; 22409400 | USD | &nbsp;&nbsp; (156188)<br>| 7/8/25 | &nbsp;&nbsp; 1771 | &nbsp;&nbsp; — |
| MSC | KRW | &nbsp;&nbsp; 132207000 | USD | &nbsp;&nbsp; (91739)<br>| 5/7/25 | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; — |
| MSC | KRW | &nbsp;&nbsp; (132207000)<br>| USD | &nbsp;&nbsp; 92653 | 5/7/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (202)<br>|
| MSC | ZAR | &nbsp;&nbsp; 341000 | USD | &nbsp;&nbsp; (18762)<br>| 5/21/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (461)<br>|
| MSC | ZAR | &nbsp;&nbsp; 3925000 | USD | &nbsp;&nbsp; (206261)<br>| 7/16/25 | &nbsp;&nbsp; 3454 | &nbsp;&nbsp; — |
| RBC | HUF | &nbsp;&nbsp; (39920000)<br>| USD | &nbsp;&nbsp; 103049 | 5/21/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8648)<br>|
| RBC | PLN | &nbsp;&nbsp; (410000)<br>| USD | &nbsp;&nbsp; 102108 | 5/21/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6291)<br>|
| **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | **Total Foreign Currency Exchange Contracts** | &nbsp;&nbsp; $99269 | &nbsp;&nbsp; $(127281)<br>|

---

**Futures Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Buy (Sell)** | **Contracts to Buy (Sell)** | **Notional** <br>**Amount**<br>| **Notional** <br>**Cost (Proceeds)**<br>| **Expiration** <br>**Date**<br>| **Value/** <br>**Unrealized** <br>**Appreciation**<sup>1</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>1</sup> <br>|
| **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** |
| 15 | 1000-oz. Silver | &nbsp;&nbsp; $492420 | &nbsp;&nbsp; $469438 | &nbsp;&nbsp; 7/29/25 | &nbsp;&nbsp; $22982 | &nbsp;&nbsp; $— |
| 3 | Coffee 'C' | &nbsp;&nbsp; 450844 | &nbsp;&nbsp; 436376 | &nbsp;&nbsp; 7/21/25 | &nbsp;&nbsp; 14468 | &nbsp;&nbsp; — |
| 1 | Copper | &nbsp;&nbsp; 228549 | &nbsp;&nbsp; 243284 | &nbsp;&nbsp; 5/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14735)<br>|
| (1) | Copper | &nbsp;&nbsp; (228549)<br>| &nbsp;&nbsp; (248635)<br>| &nbsp;&nbsp; 5/19/25 | &nbsp;&nbsp; 20086 | &nbsp;&nbsp; — |
| 13 | E-Micro Gold | &nbsp;&nbsp; 431483 | &nbsp;&nbsp; 400196 | &nbsp;&nbsp; 6/26/25 | &nbsp;&nbsp; 31287 | &nbsp;&nbsp; — |
| 3 | Primary Aluminum | &nbsp;&nbsp; 179039 | &nbsp;&nbsp; 200484 | &nbsp;&nbsp; 5/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21445)<br>|
| (3) | Primary Aluminum | &nbsp;&nbsp; (179039)<br>| &nbsp;&nbsp; (193466)<br>| &nbsp;&nbsp; 5/19/25 | &nbsp;&nbsp; 14427 | &nbsp;&nbsp; — |
| 7 | Soybean Oil | &nbsp;&nbsp; 205674 | &nbsp;&nbsp; 202967 | &nbsp;&nbsp; 7/14/25 | &nbsp;&nbsp; 2707 | &nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $105957 | &nbsp;&nbsp; $(36180)<br>|

---

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

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts <br> recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund's <br> total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.<br>

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

&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Includes cumulative appreciation (depreciation) of from the date the contracts were opened through April 30, 2025.<br>

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

---

| |
|:---|
| **Summary of Abbreviations:** |
| BCLY–Barclays Bank |
| BNP–BNP Paribas |
| BRL–Brazilian Real |
| CAD–Canadian Dollar |
| EGP–Egyptian Pound |
| ETF–Exchange-Traded Fund |
| EUR–Euro |
| GBP–British Pound Sterling |

---

*Lincoln Inflation Plus Fund–3*

------

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| GSI–Goldman Sachs International |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| HUF–Hungarian Forint |
| IBC–Imperial Bank of Canada |
| IDR–Indonesia Rupiah |
| INR–Indian Rupee |
| JPY–Japanese Yen |
| KRW–South Korean Won |
| LYD–Lloyds Bank Corporate Markets PLC |
| MSC–Morgan Stanley & Co. |
| MXN–Mexican Peso |
| MYR–Malaysian Ringgit |
| PLN–Polish Zloty |
| RBC–Royal Bank of Canada |
| SPDR–Standard & Poor's Depositary Receipt |
| TRY–Turkish New Lira |
| USD–United States Dollar |
| ZAR–South African Rand |

---

*Lincoln Inflation Plus Fund–4*

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Lincoln Funds Trust

- **b. Investment Company Act file number:** 811-23952

- **c. CIK number of Registrant:** 0002015799

- **d. LEI of Registrant:** 25490047JKRSM3ZCKX41

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1301 S. Harrison Street

  - **City:** Fort Wayne

  - **State:** IN

  - **Foreign country:** US

  - **Zip / Postal Code:** 46802

  - **Telephone number:** 484-583-6302

**Item A.2. Information about the Series.**

- **a. Name of Series:** Lincoln Inflation Plus Fund

- **b. EDGAR series identifier (if any):** S000085533

- **c. LEI of Series:** 2549004QBLWWTIIO1B82

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $10794247.68

**Total Liabilities:** $548695.94

**Net Assets:** $10245551.74

**Amount of Assets Invested in Other Investment Companies:** $2429415.69

**Cash Not Reported:** $192522.34

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -1.65000000 | **1-Year:** -22.42000000 | **5-Year:** -185.69000000 | **10-Year:** -349.70000000 | **30-Year:** -10.25000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0.38000000 | **1-Year:** -13.13000000 | **5-Year:** -71.71000000 | **10-Year:** -18.62000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250824 | 1.14%                | 2.07%                | 0.18%                |
| Class ID C000250823 | 1.16%                | 2.09%                | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1193.92                | $81468.24                                  |
| Month 2  | $-62644.37               | $187567.08                                 |
| Month 3  | $-67344.30               | $93527.82                                  |

### Schedule of Portfolio Investments

| Name                                                | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HUNGARY GOVERNMENT BOND                             | Hungary Government Bond                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  38500000 | PA      | $109049.43    | 1.06%             | 2035-10-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                             | Mexican Bonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1200000 | PA      | $55176.56     | 0.54%             | 2034-11-23      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797NV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1100000 | PA      | $1093597.91   | 10.67%            | 2025-06-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lloyds Bank Corporate Markets PLC                   | PURCHASED USD / SOLD GBP                                   | CUSIP: 000000000<br>LEI: 213800MBWEIJDM5CU638 | N/A              | DFE              |  | US        |         1 | NC      | $-244.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                  | PURCHASED PLN / SOLD USD                                   | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | PL        |         1 | NC      | $3305.04      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                            | Brazil Notas do Tesouro Nacional Serie F                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   2900000 | PA      | $425042.92    | 4.15%             | 2035-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD ZAR                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-389.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                             | Mexican Bonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   7450000 | PA      | $311889.09    | 3.04%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                       | PURCHASED USD / SOLD HUF                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-4050.29     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Commodities Exchange Center                         | MICRO SILVER JUL25                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        15 | NC      | $22982.01     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED GBP / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | GB        |         1 | NC      | $3704.41      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED IDR / SOLD USD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | ID        |         1 | NC      | $2831.57      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                              | Agnico Eagle Mines Ltd                                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |       260 | NS      | $30570.80     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | abrdn Bloomberg All Commodity Strategy K-1 Free ETF        | CUSIP: 003261104<br>LEI: 549300PWXO8WGDSMS419 | Long             | EC               | RF                | US        |     36700 | NS      | $746845.00    | 7.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                            | Brazil Notas do Tesouro Nacional Serie F                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    630000 | PA      | $103849.01    | 1.01%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD BRL                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-3506.09     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                             | Mexican Bonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   3300000 | PA      | $153251.73    | 1.50%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                 | Egypt Treasury Bills                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |   7100000 | PA      | $126158.25    | 1.23%             | 2025-09-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                             | Mexican Bonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   5760000 | PA      | $242580.58    | 2.37%             | 2047-11-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ASIAN INFRASTRUCTURE INV                            | Asian Infrastructure Investment Bank/The                   | CUSIP: 000000000<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | XX        |  16700000 | PA      | $200128.20    | 1.95%             | 2034-10-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED IDR / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | ID        |         1 | NC      | $516.74       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED BRL / SOLD USD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | BR        |         1 | NC      | $920.83       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Endeavour Mining PLC                                | Endeavour Mining PLC                                       | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |      1123 | NS      | $30425.11     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797NW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    500000 | PA      | $496733.72    | 4.85%             | 2025-06-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                             | Mexican Bonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1350000 | PA      | $62202.37     | 0.61%             | 2033-05-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD CAD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-192.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD KRW                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-2475.02     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED USD / SOLD GBP                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $-6784.51     | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                               | LME PRI ALUM FUTR MAY25                                    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         3 | NC      | $-21444.99    | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD IDR                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $3324.72      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp                                        | Newmont Corp                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       570 | NS      | $30027.60     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD TRY                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-3778.63     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED BRL / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | BR        |         1 | NC      | $2402.02      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                | PURCHASED USD / SOLD HUF                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-8648.19     | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                            | Republic of South Africa Government Bond                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   2100000 | PA      | $101240.34    | 0.99%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED IDR / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | ID        |         1 | NC      | $458.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                  | PURCHASED ZAR / SOLD USD                                   | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | ZA        |         1 | NC      | $-2100.27     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED HUF / SOLD USD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | HU        |         1 | NC      | $6394.90      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                        | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |      1869 | NS      | $1869.37      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD INR                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-9713.17     | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797NN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    350000 | PA      | $348848.91    | 3.40%             | 2025-05-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commodities Exchange Center                         | MICRO GOLD JUN25                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        13 | NC      | $31287.03     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                               | LME COPPER FUTURE MAY25                                    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         1 | NC      | $-14735.28    | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                                | PURCHASED USD / SOLD PLN                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-6291.28     | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                               | LME PRI ALUM FUTR MAY25                                    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -3 | NC      | $14426.51     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                       | PURCHASED TRY / SOLD USD                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | TR        |         1 | NC      | $-5390.43     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED MYR / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MY        |         1 | NC      | $3159.69      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                  | PURCHASED HUF / SOLD USD                                   | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | HU        |         1 | NC      | $3925.18      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED USD / SOLD INR                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $-7455.05     | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED IDR / SOLD USD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | ID        |         1 | NC      | $2039.89      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED KRW / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | KR        |         1 | NC      | $1588.69      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC              | PURCHASED KRW / SOLD USD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | KR        |         1 | NC      | $1116.23      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                       | PURCHASED USD / SOLD PLN                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-2568.91     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Bank Corporate Markets PLC                   | PURCHASED GBP / SOLD USD                                   | CUSIP: 000000000<br>LEI: 213800MBWEIJDM5CU638 | N/A              | DFE              |  | GB        |         1 | NC      | $4172.78      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                              | COFFEE 'C' FUTURE JUL25                                    | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         3 | NC      | $14468.26     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                                     | Alamos Gold Inc                                            | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |      1100 | NS      | $31372.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                             | Mexican Bonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    740000 | PA      | $35625.13     | 0.35%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC              | PURCHASED ZAR / SOLD USD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |         1 | NC      | $-460.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                  | PURCHASED USD / SOLD ZAR                                   | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | US        |         1 | NC      | $-428.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                            | Brazil Notas do Tesouro Nacional Serie F                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    700000 | PA      | $105955.12    | 1.03%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                             | Hungary Government Bond                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  51000000 | PA      | $105079.72    | 1.03%             | 2033-04-20      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                            | Brazil Notas do Tesouro Nacional Serie B                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     70000 | PA      | $51541.17     | 0.50%             | 2035-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                              | Republic of Poland Government Bond                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |   1660000 | PA      | $432474.33    | 4.22%             | 2034-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                             | European Bank for Reconstruction & Development             | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |  11500000 | PA      | $138954.89    | 1.36%             | 2033-08-10      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797NX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1760000 | PA      | $1747079.40   | 17.05%            | 2025-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ASIAN INFRASTRUCTURE INV                            | Asian Infrastructure Investment Bank/The                   | CUSIP: 000000000<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | XX        |  20500000 | PA      | $233354.92    | 2.28%             | 2031-12-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                            | Brazil Notas do Tesouro Nacional Serie F                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   2370000 | PA      | $370780.98    | 3.62%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC              | PURCHASED JPY / SOLD USD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | JP        |         1 | NC      | $1770.59      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED EUR / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |         1 | NC      | $-1078.52     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD KRW                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-4202.71     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD MYR                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-7455.54     | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD EGP                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-12215.16    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797LB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    300000 | PA      | $299509.18    | 2.92%             | 2025-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED GBP / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | GB        |         1 | NC      | $184.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED EUR / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $11507.46     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                 | Malaysia Government Bond                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    900000 | PA      | $211115.18    | 2.06%             | 2034-07-05      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD KRW                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-545.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED IDR / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | ID        |         1 | NC      | $158.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED INR / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | IN        |         1 | NC      | $4282.96      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED EUR / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |         1 | NC      | $22112.37     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                             | European Bank for Reconstruction & Development             | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |  20500000 | PA      | $240345.04    | 2.35%             | 2036-10-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED USD / SOLD PLN                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $-9590.04     | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| SPDR Gold MiniShares Trust                          | SPDR Gold MiniShares Trust                                 | CUSIP: 98149E303<br>LEI: 5493002IEEMEY6LRJ932 | Long             | EC               | RF                | US        |      7200 | NS      | $469872.00    | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED EUR / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |         1 | NC      | $3552.97      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Bank Corporate Markets PLC                   | PURCHASED ZAR / SOLD USD                                   | CUSIP: 000000000<br>LEI: 213800MBWEIJDM5CU638 | N/A              | DFE              |  | ZA        |         1 | NC      | $-1154.09     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED USD / SOLD INR                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |         1 | NC      | $-3356.16     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                            | Republic of South Africa Government Bond                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   2110000 | PA      | $105239.47    | 1.03%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD INR                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-2535.41     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED EGP / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | EG        |         1 | NC      | $1617.24      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan American Silver Corp                            | Pan American Silver Corp                                   | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |      1190 | NS      | $29964.20     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED IDR / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |         1 | NC      | $-1094.03     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                              | SOYBEAN OIL FUTR JUL25                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         7 | NC      | $2707.11      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                               | LME COPPER FUTURE MAY25                                    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -1 | NC      | $20085.97     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED KRW / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | KR        |         1 | NC      | $-178.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KOREA TREASURY BOND                                 | Korea Treasury Bond                                        | CUSIP: 000000000<br>LEI: 549300O0QCVSQGPGDT58 | Long             | DBT              | NUSS              | KR        | 280000000 | PA      | $203971.65    | 1.99%             | 2034-12-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD IDR                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $617.90       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC              | PURCHASED BRL / SOLD USD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | BR        |         1 | NC      | $1337.82      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bonds                                        | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    472000 | PA      | $467058.75    | 4.56%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED IDR / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | ID        |         1 | NC      | $-2121.79     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                  | PURCHASED ZAR / SOLD USD                                   | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | ZA        |         1 | NC      | $324.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC              | PURCHASED ZAR / SOLD USD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |         1 | NC      | $3453.71      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD MYR                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-7708.13     | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD IDR                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $2050.64      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CIA DE MINAS BUENAVENTUR                            | Cia de Minas Buenaventura SAA                              | CUSIP: 204448AB0<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | DBT              | CORP              | PE        |    230000 | PA      | $228277.30    | 2.23%             | 2032-02-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD BRL                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-6691.83     | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED MYR / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MY        |         1 | NC      | $4122.62      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                 | Malaysia Government Bond                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    400000 | PA      | $94625.26     | 0.92%             | 2029-08-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-22

**Name of Applicant:** Lincoln Funds Trust

**Signature:** James Hoffmayer

**Name of Signer:** James Hoffmayer

**Title:** VP