# EDGAR Filing Document

**Accession Number:** 0002054995
**File Stem:** 0001410368-26-018299
**Filing Date:** 2026-2
**Character Count:** 31729
**Document Hash:** 9837850af5ddd673f6210f72d084c59d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-018299.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001410368-26-018299

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lincoln Partners Group Royalty Fund
- **CENTRAL INDEX KEY:** 0002054995

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24065
- **FILM NUMBER:** 26682677

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lincoln Royalties Income Fund, LP
- **DATE OF NAME CHANGE:** 20250318

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lincoln Partners Group Royalty Fund
- **DATE OF NAME CHANGE:** 20250204

## Nport-Ex

**Lincoln Partners Group Royalty Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Principal** | **Interest<br> Rate** | **Maturity<br> Date** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Private Equity Investments - 30.4%** |  |  |  |  |  |  |  |  |
| **North America - 30.4%** |  |  |  |  |  |  |  |  |
| CEPG Harmony LP Inc. <sup>(1)(2)(3)</sup> | Music from Film & TV |  |  |  | 2/19/2025 | $1842697 | $4126546 | 3.8% |
| Lyric MMM Holding Co LP <sup>(1)(2)</sup> | Music from Film & TV |  |  |  | 1/7/2025 | 164899 | 173853 | 0.2% |
| Melody Offshore Jersey B LP <sup>(1)(3)</sup> | Music from Film & TV |  |  |  | 1/31/2025 | 9421089 | 11750802 | 10.8% |
| PG US SM Access LLC <sup>(1)(2)(3)(5)</sup> | Recorded Music |  |  |  | 1/7/2025 | 2760792 | 3087222 | 2.8% |
| Lyric-Pineapple, LP <sup>(1)(2)(10)</sup> | Recorded Music |  |  |  | 12/29/2025 | 507297 | 507297 | 0.5% |
| Lyric 5x Aggregator Co, LP <sup>(1)(2)(10)</sup> | Recorded Music |  |  |  | 11/19/2025 | 1 | 1 | 0.0% |
| Ultra Natural Gas Royalties, LP <sup>(1)(2)(10)</sup> | US Natural Gas |  |  |  | 12/19/2025 | 4607760 | 4607760 | 4.2% |
| Uplift Music LP <sup>(1)(2)(5)</sup> | Recorded Music |  |  |  | 1/7/2025 | 2305028 | 3369603 | 3.1% |
| 4010 Royalty River CI, LP <sup>(1)</sup> | Biotech |  |  |  | 1/28/2025 | 5000000 | 5463345 | 5.0% |
| **Total North America** |  |  |  |  |  | $26609563 | $33086429 | 30.4% |
| **Total Private Equity Investments - 30.4%** |  |  |  |  |  | $26609563 | $33086429 | 30.4% |
| **Private Debt Investments - 22.1%** |  |  |  |  |  |  |  |  |
| **North America - 22.1%** |  |  |  |  |  |  |  |  |
| CEPG Harmony LP Inc <sup>(1)(2)</sup> | Music from Film & TV | $6208778 | 15.0% | 2/19/2035 | 2/19/2025 | 6208778 | 6208778 | 5.7% |
| Lyric MMM Intermediate Co LP <sup>(1)(2)(7)</sup> | Music from Film & TV | 5230929 | 12.0% | 11/8/2039 | 1/7/2025 | 5767729 | 5767729 | 5.3% |
| PG US SM Holdings LP <sup>(1)(2)</sup> | Recorded Music | 2739759 | 8.5% | 6/19/2033 | 1/7/2025 | 2178292 | 2476141 | 2.3% |
| PG US SM Holdings LP <sup>(1)(2)</sup> | Recorded Music | 21033 | 8.5% | 9/15/2033 | 1/7/2025 | 16723 | 19009 | 0.0% |
| 5x Intermediate Co, LP <sup>(1)(2)(7)</sup> | Recorded Music | 9499999 | 13.0% | 10/15/2035 | 11/19/2025 | 9534355 | 9534355 | 8.8% |
| **Total North America** |  |  |  |  |  | $23705877 | $24006012 | 22.1% |
| **Total Private Debt Investments - 22.1%** |  |  |  |  |  | $23705877 | $24006012 | 22.1% |
| **Private Fund Investments - 7.6%** |  |  |  |  |  |  |  |  |
| **North America - 7.1%** |  |  |  |  |  |  |  |  |
| Royfin Natural GAS LLC <sup>(1)(2)(4)</sup> | US Natural Gas |  |  |  | 1/7/2025 | 5000000 | 5976995 | 5.5% |
| 4010 Royalty Offshore FNT Fund, LP <sup>(1)(4)(6)</sup> | Biotech |  |  |  | 1/28/2025 | 1788199 | 1751589 | 1.6% |
| **Total North America** |  |  |  |  |  | $6788199 | $7728584 | 7.1% |
| **Southeast Asia - 0.5%** |  |  |  |  |  |  |  |  |
| R-Bridge Healthcare Fund II <sup>(1)(4)(6)</sup> | Other (Pharma) |  |  |  | 10/30/2025 | 668657 | 493485 | 0.5% |
| **Total Southeast Asia** |  |  |  |  |  | $668657 | $493485 | 0.5% |
| **Total Private Fund Investments - 7.6%** |  |  |  |  |  | $7456856 | $8222069 | 7.6% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference Rate <br> and Spread <sup>(8)</sup>** | **Interest<br> Rate** | **Maturity<br> Date** | **Par Amount/<br> Unit** | **Cost** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Loan Agreements - 9.9%** |  |  |  |  |  |  |  |  |
| **Term Loan** |  |  |  |  |  |  |  |  |
| Athenahealth Inc | Health Care | S+ 2.75% | 6.47% | 2/15/2029 | 498744 | $499367 | $499262 | 0.5% |
| Biogroup Lcd <sup>(9)</sup> | Health Care | E+ 3.25% | 5.26% | 2/9/2028 | 1100000 | 1252299 | 1261695 | 1.2% |
| Emrld Borrower LP <sup>(9)</sup> | Industrials | S+ 2.25% | 6.12% | 8/4/2031 | 500000 | 501250 | 500735 | 0.5% |
| Genesys Clud Srvcs HLDS II LLC <sup>(9)</sup> | Information Technology | S+ 2.50% | 6.17% | 1/30/2032 | 600000 | 592500 | 598128 | 0.5% |
| Homevi S A S <sup>(9)</sup> | Health Care | E+ 4.75% | 6.78% | 10/31/2029 | 1100000 | 1278916 | 1286127 | 1.2% |
| Illuminate Buyer LlC <sup>(9)</sup> | Financials | S+ 2.50% | 6.17% | 12/31/2029 | 500000 | 500000 | 500180 | 0.5% |
| Iridium Satellite LlC <sup>(9)</sup> | Communication | S+ 2.25% | 5.92% | 9/20/2030 | 500000 | 482500 | 485905 | 0.4% |
| Jane Street Group LLC <sup>(9)(10)</sup> | Financials | S+ 2.00% | 5.82% | 12/15/2031 | 498688 | 495571 | 495970 | 0.5% |
| Jones Dslrrs Insrnc Manag Inc <sup>(9)</sup> | Financials | S+ 3.00% | 6.78% | 12/10/2032 | 1100000 | 1097250 | 1100000 | 1.0% |
| Nouryon Finance BV <sup>(9)</sup> | Materials | S+ 3.25% | 7.04% | 4/3/2028 | 997457 | 999951 | 996629 | 0.9% |
| Olympus Water US Holding CORP <sup>(9)</sup> | Materials | S+ 3.00% | 6.67% | 6/20/2031 | 500000 | 495625 | 495170 | 0.4% |
| Pre Paid Legal SRVS Inc | Industrials | S+ 3.25% | 6.97% | 12/15/2028 | 598489 | 583526 | 577542 | 0.5% |
| Six Flags Entertainment CORP <sup>(9)</sup> | Consumer Discretionary | S+ 2.00% | 5.67% | 5/1/2031 | 500000 | 492500 | 493540 | 0.5% |
| Skopima Merger Sub Inc <sup>(9)</sup> | Industrials | S+ 3.75% | 7.42% | 5/12/2028 | 500000 | 459375 | 454740 | 0.4% |
| Veritiv Corporation | Industrials | S+ 4.00% | 7.67% | 12/2/2030 | 997475 | 997475 | 996338 | 0.9% |
| **Total Term Loan** |  |  |  |  |  | $10728105 | $10741961 | 9.9% |
| **Total Loan Agreements - 9.9%** |  |  |  |  |  | $10728105 | $10741961 | 9.9% |

---

**Lincoln Partners Group Royalty Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Acquisition<br> Date** | **Shares** | **Cost** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Common Stock - 2.2%** |  |  |  |  |  |  |
| **East Asia - 0.1%** |  |  |  |  |  |  |
| Sony Group Corp SP ADR | Information Technology | 12/12/2025 | 5600 | $149613 | $143304 | 0.1% |
| **Total East Asia** |  |  |  | $149613 | $143304 | 0.1% |
| **North America - 1.6%** |  |  |  |  |  |  |
| Domino's Pizza Inc | Consumer Discretionary | 12/15/2025 | 240 | 104217 | 99979 | 0.1% |
| Hilton Worldwide Holdings Inc | Consumer Discretionary | 12/12/2025 | 445 | 125200 | 127817 | 0.1% |
| Interdigital Inc | Information Technology | 12/15/2025 | 140 | 49881 | 44551 | 0.1% |
| Marriott International CL A | Consumer Discretionary | 12/12/2025 | 840 | 250824 | 260593 | 0.2% |
| McDonald's Corp | Consumer Discretionary | 12/12/2025 | 579 | 182758 | 176960 | 0.2% |
| Restaurant Brands International Inc | Consumer Discretionary | 12/12/2025 | 3881 | 274719 | 264762 | 0.2% |
| Royal Gold Inc | Materials | 12/12/2025 | 675 | 147823 | 149965 | 0.1% |
| Royalty Pharma Plc CL A | Health Care | 12/12/2025 | 7729 | 295244 | 298649 | 0.3% |
| Warner Music Group Corp CL A | Communication | 12/12/2025 | 7210 | 200055 | 221059 | 0.2% |
| Wheaton Precious Metals Corp | Materials | 12/12/2025 | 1263 | 147587 | 148377 | 0.1% |
| **Total North America** |  |  |  | $1778308 | $1792712 | 1.6% |
| **Western Europe - 0.5%** |  |  |  |  |  |  |
| Arm Holdings Plc ADR <sup>(3)</sup> | Information Technology | 12/12/2025 | 1100 | 145049 | 120230 | 0.1% |
| Dolby Laboratories Inc CL A | Health Care | 12/12/2025 | 1476 | 99750 | 94789 | 0.1% |
| Universal Music Group NV <sup>(3)</sup> | Communication | 12/15/2025 | 12611 | 325345 | 329310 | 0.3% |
| **Total Western Europe** |  |  |  | $570144 | $544329 | 0.5% |
| **Total Common Stock - 2.2%** |  |  |  | $2498065 | $2480345 | 2.2% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br> Shares** | **Cost** | **Fair Value** | **% of<br> Net Assets** |
| **Money Market Fund - 38.0%** |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class (seven-day effective yield 3.74%). | 1283 | $41279139 | $41279139 | 38.0% |
| **Total Money Market Fund - 38.0%** |  | $41279139 | $41279139 | 38.0% |
| **Total Investments - 110.2%** |  | $112277605 | $119815955 | 110.2% |
| **Liabilities Net of Receivables and Other Assets - (10.2%)** |  |  | $(11087425) | (10.2%) |
| **Net Assets Applicable to 9,836,955 Shares Outstanding - 100.0%** |  |  | $108728530 | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Investments have no redemption provisions, are issued in private
placement transactions and are restricted as to resale. For investments that were acquired through multiple transactions, the acquisition
date represents initial acquisition date of the Fund's investment in the position.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Investment valued using unobservable inputs (Level 3).

&nbsp;&nbsp;&nbsp;&nbsp;(3) Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Private Fund Investments contains capital commitments. The
general partner of the Private Fund Investments may call or distribute capital on a periodic basis.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Investments made through participation agreements to which Partners
Group is the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Investment has been committed to but has not been fully funded
by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Payment-in-Kind (PIK). A portion of the income received was in
the form of equity.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Variable rate loans to the portfolio companies bear interest at
a rate that is determined by reference to either Euribor ("E"), SOFR including SOFR adjustment, if any, ("S")
at the 'borrower's option which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month
S rates and E loans are typically indexed to 3 month. For each such loan, the Fund has provided the interest rate in effect on the date
presented.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Loan purchase transactions executed prior to period-end but not
settled.

&nbsp;&nbsp;&nbsp;&nbsp;(10) This investment was acquired shortly before period-end and did
not generate income during the reporting period. As of the reporting date, the investment is classified as non-income producing.

Summary of Abbreviations:

CME - Chicago Mercantile Exchange

Euribor - Euro Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

## 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 Partners Group Royalty Fund

- **b. Investment Company Act file number:** 811-24065

- **c. CIK number of Registrant:** 0002054995

- **d. LEI of Registrant:** 6367004C0UTVE4W77B54

- **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:** 855-456-0067

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

- **a. Name of Series:** Lincoln Partners Group Royalty Fund

- **c. LEI of Series:** 6367004C0UTVE4W77B54

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $118770131.46

**Total Liabilities:** $10041601.54

**Net Assets:** $108728529.92

**Cash Not Reported:** $617494.61

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.10%                | 1.66%                |
| Class ID N/A | -0.10%               | 0.10%                | 1.56%                |
| Class ID N/A | 0.10%                | 0.10%                | 1.75%                |
| Class ID N/A | 0.09%                | 0.18%                | 1.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1537.62                 | $-122528.14                                |
| Month 2  | $149.43                  | $16938.01                                  |
| Month 3  | $9586.73                 | $1837619.82                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ARM Holdings PLC                       | ARM Holdings PLC                                            | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      1100 | NS      | $120230.00    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Athenahealth Group Inc                 | Athenahealth Group Inc 2022 Term Loan B                     | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    498744 | PA      | $499262.41    | 0.46%             | 2029-02-15      | Floating      | 6.47%                 | No            | 2                  | On Loan: No      |
| Six Flags Entertainment Corporation    | Six Flags Entertainment Corporation 2024 Term Loan B        | CUSIP: 15018LAN1<br>LEI: 529900AS2CYWYFHRS781 | Long             | LON              | CORP              | US        |    500000 | PA      | $493540.00    | 0.45%             | 2031-05-01      | Floating      | 5.70%                 | No            | 2                  | On Loan: No      |
| Dolby Laboratories Inc                 | Dolby Laboratories Inc                                      | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |      1476 | NS      | $94788.72     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Domino's Pizza Inc                     | Domino's Pizza Inc                                          | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       240 | NS      | $99979.20     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| EMRLD Borrower LP                      | EMRLD Borrower LP 2024 Term Loan B                          | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |    500000 | PA      | $500735.00    | 0.46%             | 2031-08-04      | Floating      | 6.14%                 | No            | 2                  | On Loan: No      |
| Skopima Merger Sub Inc                 | Skopima Merger Sub Inc 2024 Repriced Term Loan              | CUSIP: 36171NAG1<br>LEI: 254900K3R60UMIODZD21 | Long             | LON              | CORP              | US        |    500000 | PA      | $454740.00    | 0.42%             | 2028-05-12      | Floating      | 7.48%                 | No            | 2                  | On Loan: No      |
| Genesys Cloud Services Holdings II LLC | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |    600000 | PA      | $598128.00    | 0.55%             | 2032-01-30      | Floating      | 6.22%                 | No            | 2                  | On Loan: No      |
| Hilton Worldwide Holdings Inc          | Hilton Worldwide Holdings Inc                               | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       445 | NS      | $127817.35    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Illuminate Buyer, LLC                  | Illuminate Buyer LLC 2025 Term Loan B                       | CUSIP: 45232UAH1<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |    500000 | PA      | $500180.00    | 0.46%             | 2029-12-31      | Floating      | 6.20%                 | No            | 2                  | On Loan: No      |
| InterDigital Inc                       | InterDigital Inc                                            | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       140 | NS      | $44550.80     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Iridium Satellite LLC                  | Iridium Satellite LLC 2024 Term Loan B                      | CUSIP: 46269KAT1<br>LEI: 254900615BJ7139TFM33 | Long             | LON              | CORP              | US        |    500000 | PA      | $485905.00    | 0.45%             | 2030-09-20      | Floating      | 5.95%                 | No            | 2                  | On Loan: No      |
| Jane Street Group LLC                  | Jane Street Group LLC 2024 Term Loan B1                     | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    498688 | PA      | $495969.81    | 0.46%             | 2031-12-15      | Floating      | 5.72%                 | No            | 2                  | On Loan: No      |
| Marriott International Inc/MD          | Marriott International Inc/MD                               | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |       840 | NS      | $260593.20    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| McDonald's Corp                        | McDonald's Corp                                             | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       579 | NS      | $176959.77    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Olympus Water US Holding Corporation   | Olympus Water US Holding Corporation 2024 USD Term Loan     | CUSIP: 68163YAJ4<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |    500000 | PA      | $495170.00    | 0.46%             | 2031-06-20      | Floating      | 6.69%                 | No            | 2                  | On Loan: No      |
| Pre-Paid Legal Services Inc            | Pre-Paid Legal Services Inc 2021 Term Loan                  | CUSIP: 74006LAS1<br>LEI: 549300DKH5WJ2J8QU878 | Long             | LON              | CORP              | US        |    598489 | PA      | $577541.56    | 0.53%             | 2028-12-15      | Floating      | 6.98%                 | No            | 2                  | On Loan: No      |
| Restaurant Brands International Inc    | Restaurant Brands International Inc                         | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |      3881 | NS      | $264761.82    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Royal Gold Inc                         | Royal Gold Inc                                              | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       675 | NS      | $149964.75    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| State Street Global Advisors           | State Street Institutional US Government Money Market Fund  | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  41279139 | NS      | $41279138.82  | 37.97%            |  |  |  | No            | 1                  | On Loan: No      |
| Sony Group Corp                        | Sony Group Corp                                             | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      5600 | NS      | $143304.00    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Veritiv Corporation                    | Veritiv Corporation Term Loan B                             | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |    997475 | PA      | $996337.63    | 0.92%             | 2030-12-02      | Floating      | 7.89%                 | No            | 2                  | On Loan: No      |
| Warner Music Group Corp                | Warner Music Group Corp                                     | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7210 | NS      | $221058.60    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Biogroup-LCD                           | Biogroup-LCD 2021 EUR Term Loan B                           | CUSIP: 000000000<br>LEI: 9695008EGX5O9K1MS743 | Long             | LON              | CORP              | FR        |   1100000 | PA      | $1261694.71   | 1.16%             | 2028-02-09      | Floating      | 5.49%                 | No            | 2                  | On Loan: No      |
| PG US SM HOLDINGS LP                   | PG US SM HOLDINGS LP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2195015 | NS      | $2495150.41   | 2.29%             |  |  |  | Yes           | 3                  | On Loan: No      |
| UPLIFT MUSIC LP                        | UPLIFT MUSIC LP                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2305028 | NS      | $3369603.10   | 3.10%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ICM CRESCENDO MUSIC ROYALTY JV         | ICM CRESCENDO MUSIC ROYALTY JV                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2760792 | NS      | $3087222.13   | 2.84%             |  |  |  | Yes           | 3                  | On Loan: No      |
| LYRIC MMM HOLDING CO LP                | LYRIC MMM HOLDING CO LP                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86860 | NS      | $173852.94    | 0.16%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RTW 4010 ROYALTY FUND                  | RTW 4010 ROYALTY FUND                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1788199 | NS      | $1751589.15   | 1.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MELODY OFFSHORE JERSEY B LP            | MELODY OFFSHORE JERSEY B LP                                 | CUSIP: 000000000<br>LEI: 213800GD5NSMHWJ1JF06 | Long             | EC               | CORP              | US        |   9421089 | NS      | $11750801.49  | 10.81%            |  |  |  | Yes           | 3                  | On Loan: No      |
| 4010 ROYALTY RIVER CI, LP              | 4010 ROYALTY RIVER CI, LP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5000000 | NS      | $5463345.00   | 5.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CEPG HARMONY LP INC                    | CEPG HARMONY LP INC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    921348 | NS      | $2063273.05   | 1.90%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CEPG HARMONY LP INC                    | CEPG HARMONY LP INC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6208778 | NS      | $6208778.45   | 5.71%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CEPG HARMONY LP INC                    | CEPG HARMONY LP INC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    921348 | NS      | $2063273.05   | 1.90%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ROYFIN NATURAL GAS LLC                 | ROYFIN NATURAL GAS LLC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   5000000 | NS      | $5976995.00   | 5.50%             |  |  |  | Yes           | 3                  | On Loan: No      |
| LYRIC MMM INTERMEDIATE CO LP           | LYRIC MMM INTERMEDIATE CO LP                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5406929 | NS      | $5406928.87   | 4.97%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Wheaton Precious Metals Corp           | Wheaton Precious Metals Corp                                | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      1263 | NS      | $148377.24    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| R BRIDGE HEALTHCARE FUND II            | R BRIDGE HEALTHCARE FUND II                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    668657 | NS      | $493485.28    | 0.45%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PROJECT SATURDAY LYRIC CAP             | PROJECT SATURDAY LYRIC CAP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1.00         | 0.00%             |  |  |  | Yes           | 3                  | On Loan: No      |
| PROJECT SATURDAY LYRIC CAP             | PROJECT SATURDAY LYRIC CAP                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   9534355 | NS      | $9534355.16   | 8.77%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ULTRA MINERALS TRAD                    | ULTRA MINERALS TRAD                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4607760 | NS      | $4607760.00   | 4.24%             |  |  |  | Yes           | 3                  | On Loan: No      |
| THE WEEKND                             | THE WEEKND                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    507297 | NS      | $507297.16    | 0.47%             |  |  |  | Yes           | 3                  | On Loan: No      |
| MULTIMEDIA MUSIC                       | MULTIMEDIA MUSIC                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    360800 | NS      | $360800.36    | 0.33%             |  |  |  | Yes           | 3                  | On Loan: No      |
| HomeVi S.a.S.                          | HomeVi SaS 2025 EUR Term Loan B                             | CUSIP: 000000000<br>LEI: 9695001URJB6VUATPK20 | Long             | LON              | CORP              | FR        |   1100000 | PA      | $1286127.12   | 1.18%             | 2029-10-31      | Floating      | 6.79%                 | No            | 2                  | On Loan: No      |
| Universal Music Group NV               | Universal Music Group NV                                    | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |     12611 | NS      | $329310.33    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| JONES DSLRRS INSRNC MANAG INC          | JONES DSLRRS INSRNC MANAG INC 2025 REPRICED TERM LOAN B     | CUSIP: 000000000<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |   1100000 | PA      | $1100000.00   | 1.01%             | 2032-12-10      | Floating      | 6.70%                 | No            | 2                  | On Loan: No      |
| Royalty Pharma PLC                     | Royalty Pharma PLC                                          | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |      7729 | NS      | $298648.56    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Nouryon Finance BV                     | Nouryon Finance BV 2024 USD Term Loan B1                    | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    997457 | PA      | $996628.98    | 0.92%             | 2028-04-03      | Floating      | 6.95%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** Lincoln Partners Group Royalty Fund

**Signature:** James Hoffmayer

**Name of Signer:** James Hoffmayer

**Title:** VP