# EDGAR Filing Document

**Accession Number:** 0002015799
**File Stem:** 0001410368-25-034103
**Filing Date:** 2025-12
**Character Count:** 56084
**Document Hash:** 11815e4abe427e505ca6eb20914c5262
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-034103.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001410368-25-034103

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**PERIOD START**: 20260731

**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:** 251561141

**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**

October 31, 2025 (unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–3.68%** | **ΔCOMMON STOCK–3.68%** | **ΔCOMMON STOCK–3.68%** |
| **Britain–0.16%** | **Britain–0.16%** | **Britain–0.16%** |
| &nbsp;&nbsp;&nbsp; Anglo American PLC | 480 | $18129 |
|  |  | **18129** |
| **Canada–2.52%** | **Canada–2.52%** | **Canada–2.52%** |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 160 | 25730 |
| &nbsp;&nbsp;&nbsp; Alamos Gold, Inc. Class A | 800 | 24632 |
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 1380 | 45264 |
| &nbsp;&nbsp; †Equinox Gold Corp. | 3070 | 33731 |
| &nbsp;&nbsp;&nbsp;&nbsp; †First Quantum Minerals <br> Ltd.<br>| 650 | 13495 |
| &nbsp;&nbsp; †G Mining Ventures Corp. | 1770 | 34843 |
| &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. | 890 | 14265 |
| &nbsp;&nbsp; †Ivanhoe Mines Ltd. Class A | 1330 | 13304 |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 1100 | 25564 |
| &nbsp;&nbsp; †New Gold, Inc. | 4430 | 32516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd. <br> Class B<br>| 440 | 18885 |
|  |  | **282229** |
| **Mexico–0.14%** | **Mexico–0.14%** | **Mexico–0.14%** |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. | 110 | 15268 |
|  |  | **15268** |
| **United Kingdom–0.30%** | **United Kingdom–0.30%** | **United Kingdom–0.30%** |
| &nbsp;&nbsp;&nbsp; Endeavour Mining PLC | 833 | 33372 |
|  |  | **33372** |
| **United States–0.56%** | **United States–0.56%** | **United States–0.56%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 350 | 14595 |
| &nbsp;&nbsp;&nbsp;&nbsp; †Hycroft Mining Holding <br> Corp. Class A<br>| 2384 | 18119 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 370 | 29959 |
|  |  | **62673** |
| **Total Common Stock** <br>**(Cost $347,346)** | **Total Common Stock** <br>**(Cost $347,346)** | **411671** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** <br>**Amount°**<br>|  |
| **ΔCORPORATE BOND–2.14%** | **ΔCORPORATE BOND–2.14%** | **ΔCORPORATE BOND–2.14%** | **ΔCORPORATE BOND–2.14%** |
| **Peru–2.14%** | **Peru–2.14%** | **Peru–2.14%** | **Peru–2.14%** |
| &nbsp;&nbsp; Cia de Minas Buenaventura <br> SAA 6.80% 2/4/32<br>|  | 230000 | 239200 |
| **Total Corporate Bond** <br>**(Cost $227,662)** | **Total Corporate Bond** <br>**(Cost $227,662)** | **Total Corporate Bond** <br>**(Cost $227,662)** | **239200** |
| **ΔSOVEREIGN BONDS–34.61%** | **ΔSOVEREIGN BONDS–34.61%** | **ΔSOVEREIGN BONDS–34.61%** | **ΔSOVEREIGN BONDS–34.61%** |
| **Brazil–7.11%** | **Brazil–7.11%** | **Brazil–7.11%** | **Brazil–7.11%** |
| &nbsp;&nbsp; Brazil Notas do Tesouro <br> Nacional <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00% 5/15/35 | BRL | 70000 | 55006 |
| &nbsp;&nbsp;&nbsp; 10.00% 1/1/31 | BRL | 1710000 | 289991 |
| &nbsp;&nbsp;&nbsp; 10.00% 1/1/35 | BRL | 2840000 | 449548 |
|  |  |  | **794545** |
| **Czech Republic–1.96%** | **Czech Republic–1.96%** | **Czech Republic–1.96%** | **Czech Republic–1.96%** |
| &nbsp;&nbsp; Czech Republic Government <br> Bonds 3.50% 5/30/35<br>| CZK | 5000000 | 219090 |
|  |  |  | **219090** |
| **Egypt–3.96%** | **Egypt–3.96%** | **Egypt–3.96%** | **Egypt–3.96%** |
| ^Egypt Treasury Bills  |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00% 3/31/26 | EGP | 8000000 | 152768 |
| &nbsp;&nbsp;&nbsp; 0.00% 10/13/26 | EGP | 17000000 | 289981 |
|  |  |  | **442749** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Hungary–3.08%** | **Hungary–3.08%** | **Hungary–3.08%** | **Hungary–3.08%** |
| Hungary Government Bonds  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25% 4/20/33 | HUF | 51000000 | $113415 |
| &nbsp;&nbsp;&nbsp; 7.00% 10/24/35 | HUF | 76900000 | 231026 |
|  |  |  | **344441** |
| **Malaysia–2.83%** | **Malaysia–2.83%** | **Malaysia–2.83%** | **Malaysia–2.83%** |
| Malaysia Government Bonds  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.83% 7/5/34 | MYR | 900000 | 219059 |
| &nbsp;&nbsp;&nbsp; 3.89% 8/15/29 | MYR | 400000 | 97703 |
|  |  |  | **316762** |
| **Mexico–7.02%** | **Mexico–7.02%** | **Mexico–7.02%** | **Mexico–7.02%** |
| Mexico Bonos  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75% 11/13/42 | MXN | 7450000 | 345731 |
| &nbsp;&nbsp;&nbsp; 8.00% 11/7/47 | MXN | 5760000 | 270060 |
| &nbsp;&nbsp;&nbsp; 8.50% 11/18/38 | MXN | 3300000 | 169413 |
|  |  |  | **785204** |
| **Philippines–0.93%** | **Philippines–0.93%** | **Philippines–0.93%** | **Philippines–0.93%** |
| &nbsp;&nbsp; Philippines Government <br> Bonds 6.38% 4/28/35<br>| PHP | 5890000 | 103353 |
|  |  |  | **103353** |
| **Poland–1.98%** | **Poland–1.98%** | **Poland–1.98%** | **Poland–1.98%** |
| &nbsp;&nbsp; Republic of Poland <br> Government Bonds 5.00% <br> 10/25/34<br>| PLN | 830000 | 221131 |
|  |  |  | **221131** |
| **South Africa–4.83%** | **South Africa–4.83%** | **South Africa–4.83%** | **South Africa–4.83%** |
| &nbsp;&nbsp; Republic of South Africa <br> Government Bonds <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75% 1/31/44 | ZAR | 4450000 | 229619 |
| &nbsp;&nbsp;&nbsp; 8.75% 2/28/48 | ZAR | 3350000 | 172172 |
| &nbsp;&nbsp;&nbsp; 8.88% 2/28/35 | ZAR | 2400000 | 138538 |
|  |  |  | **540329** |
| **Turkey–0.91%** | **Turkey–0.91%** | **Turkey–0.91%** | **Turkey–0.91%** |
| Turkiye Government Bonds  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30.00% 9/12/29 | TRY | 4100000 | 89709 |
| &nbsp;&nbsp;&nbsp; 42.55% 5/17/28 | TRY | 500000 | 11818 |
|  |  |  | **101527** |
| **Total Sovereign Bonds** <br>**(Cost $3,588,609)** | **Total Sovereign Bonds** <br>**(Cost $3,588,609)** | **Total Sovereign Bonds** <br>**(Cost $3,588,609)** | **3869131** |
| **SUPRANATIONAL BANKS–5.18%** | **SUPRANATIONAL BANKS–5.18%** | **SUPRANATIONAL BANKS–5.18%** | **SUPRANATIONAL BANKS–5.18%** |
| &nbsp;&nbsp; Asian Infrastructure <br> Investment Bank 6.00% <br> 12/8/31<br>|  | 20500000 | 220079 |
| &nbsp;&nbsp; European Bank for <br> Reconstruction & <br> Development <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50% 10/3/36 |  | 20500000 | 228159 |
| &nbsp;&nbsp;&nbsp; 7.05% 8/10/33 |  | 11500000 | 130726 |
| **Total Supranational Banks** <br>**(Cost $618,489)**<br>|  |  | **578964** |
| **U.S. TREASURY OBLIGATIONS–8.43%** | **U.S. TREASURY OBLIGATIONS–8.43%** | **U.S. TREASURY OBLIGATIONS–8.43%** | **U.S. TREASURY OBLIGATIONS–8.43%** |
| U.S. Treasury Bonds  | U.S. Treasury Bonds  | U.S. Treasury Bonds  | U.S. Treasury Bonds  |
| &nbsp;&nbsp;&nbsp; 4.75% 5/15/55 |  | 540000 | 547087 |
| &nbsp;&nbsp;&nbsp; 4.75% 8/15/55 |  | 390000 | 395302 |
| **Total U.S. Treasury Obligations** <br>**(Cost $954,692)** | **Total U.S. Treasury Obligations** <br>**(Cost $954,692)** | **Total U.S. Treasury Obligations** <br>**(Cost $954,692)** | **942389** |

---

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

*Lincoln Inflation Plus Fund–1*

------

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **EXCHANGE-TRADED FUNDS–7.80%** | **EXCHANGE-TRADED FUNDS–7.80%** | **EXCHANGE-TRADED FUNDS–7.80%** |
| &nbsp;&nbsp;&nbsp; abrdn Bloomberg All <br> Commodity Strategy K-1 <br> Free ETF <br>| 36700 | $812171 |
| &nbsp;&nbsp;&nbsp; SPDR<sup>®</sup> Gold MiniShares <br> Trust <br>| 760 | 60184 |
| **Total Exchange-Traded Funds** <br>**(Cost $799,318)** | **Total Exchange-Traded Funds** <br>**(Cost $799,318)** | **872355** |
| **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> 4.01%)<br>| 1909 | 1909 |
| **Total Money Market Fund** <br>**(Cost $1,909)** | **Total Money Market Fund** <br>**(Cost $1,909)** | **1909** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENTS–34.89%** | **SHORT-TERM INVESTMENTS–34.89%** | **SHORT-TERM INVESTMENTS–34.89%** |
| **U.S. TREASURY OBLIGATIONS–34.89%** | **U.S. TREASURY OBLIGATIONS–34.89%** | **U.S. TREASURY OBLIGATIONS–34.89%** |
| ≠U.S. Treasury Bills | ≠U.S. Treasury Bills | ≠U.S. Treasury Bills |
| &nbsp;&nbsp; 3.78% 1/20/26 | 500000 | $495961 |
| &nbsp;&nbsp; 3.86% 1/15/26 | 750000 | 744270 |
| &nbsp;&nbsp; 3.90% 12/16/25 | 50000 | 49762 |
| &nbsp;&nbsp; 3.91% 12/16/25 | 1000000 | 995225 |
| &nbsp;&nbsp; 3.92% 1/6/26 | 350000 | 347632 |
| &nbsp;&nbsp; 3.94% 1/8/26 | 500000 | 496533 |
| &nbsp;&nbsp; 3.95% 1/8/26 | 50000 | 49653 |
| &nbsp;&nbsp; 3.97% 12/11/25 | 725000 | 721875 |
|  |  | **3900911** |
| **Total Short-Term Investments** <br>**(Cost $3,900,500)** | **Total Short-Term Investments** <br>**(Cost $3,900,500)** | **3900911** |

---

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

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

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–96.75% (Cost $10,438,525)** | **10816530** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–3.25%** | **362908** |
| **NET ASSETS APPLICABLE TO 1,067,152 SHARES OUTSTANDING–100.00%** | **$11179438** |

---

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

------

---

| |
|:---|
| ΔSecurities have been classified by country of origin. |
| †Non-income producing. |
| °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. |

---

*Lincoln Inflation Plus Fund–2*

------

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments (continued)**

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

The following foreign currency exchange contracts and futures contracts were outstanding at October 31, 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>|
| BNP | BRL | &nbsp;&nbsp; 580000 | USD | &nbsp;&nbsp; (108868)<br>| 11/4/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1202)<br>|
| BNP | BRL | &nbsp;&nbsp; (580000)<br>| USD | &nbsp;&nbsp; 107721 | 11/4/25 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; — |
| BNP | PLN | &nbsp;&nbsp; 385000 | USD | &nbsp;&nbsp; (105881)<br>| 11/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1644)<br>|
| BRC | BRL | &nbsp;&nbsp; (1199000)<br>| USD | &nbsp;&nbsp; 211748 | 11/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10824)<br>|
| BRC | BRL | &nbsp;&nbsp; 1199000 | USD | &nbsp;&nbsp; (222684)<br>| 11/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (113)<br>|
| BRC | CAD | &nbsp;&nbsp; (75000)<br>| USD | &nbsp;&nbsp; 54565 | 12/2/25 | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; — |
| BRC | CAD | &nbsp;&nbsp; 64000 | USD | &nbsp;&nbsp; (45655)<br>| 12/2/25 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; — |
| BRC | CAD | &nbsp;&nbsp; (98000)<br>| USD | &nbsp;&nbsp; 70174 | 1/12/26 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — |
| BRC | HUF | &nbsp;&nbsp; (39205000)<br>| USD | &nbsp;&nbsp; 114605 | 1/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1351)<br>|
| BRC | IDR | &nbsp;&nbsp; (3535770000)<br>| USD | &nbsp;&nbsp; 213150 | 11/25/25 | &nbsp;&nbsp; 587 | &nbsp;&nbsp; — |
| BRC | IDR | &nbsp;&nbsp; 3535770000 | USD | &nbsp;&nbsp; (211947)<br>| 11/25/25 | &nbsp;&nbsp; 616 | &nbsp;&nbsp; — |
| BRC | INR | &nbsp;&nbsp; (9344000)<br>| USD | &nbsp;&nbsp; 106104 | 11/6/25 | &nbsp;&nbsp; 879 | &nbsp;&nbsp; — |
| BRC | INR | &nbsp;&nbsp; (8880000)<br>| USD | &nbsp;&nbsp; 100216 | 12/17/25 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; — |
| BRC | MXN | &nbsp;&nbsp; (2055000)<br>| USD | &nbsp;&nbsp; 110805 | 12/17/25 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; — |
| GSI | BRL | &nbsp;&nbsp; 619000 | USD | &nbsp;&nbsp; (114708)<br>| 11/4/25 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; — |
| GSI | BRL | &nbsp;&nbsp; (619000)<br>| USD | &nbsp;&nbsp; 114964 | 11/4/25 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — |
| GSI | BRL | &nbsp;&nbsp; (2390000)<br>| USD | &nbsp;&nbsp; 431017 | 12/2/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9630)<br>|
| GSI | BRL | &nbsp;&nbsp; (1264000)<br>| USD | &nbsp;&nbsp; 226801 | 2/4/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2883)<br>|
| GSI | CLP | &nbsp;&nbsp; 101875000 | USD | &nbsp;&nbsp; (104569)<br>| 11/12/25 | &nbsp;&nbsp; 3528 | &nbsp;&nbsp; — |
| GSI | CLP | &nbsp;&nbsp; (101875000)<br>| USD | &nbsp;&nbsp; 105741 | 11/12/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2355)<br>|
| GSI | CLP | &nbsp;&nbsp; 100775000 | USD | &nbsp;&nbsp; (106079)<br>| 11/18/25 | &nbsp;&nbsp; 854 | &nbsp;&nbsp; — |
| GSI | INR | &nbsp;&nbsp; 9344000 | USD | &nbsp;&nbsp; (105865)<br>| 11/6/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (640)<br>|
| GSI | INR | &nbsp;&nbsp; (13740000)<br>| USD | &nbsp;&nbsp; 154186 | 1/15/26 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; — |
| GSI | INR | &nbsp;&nbsp; (9344000)<br>| USD | &nbsp;&nbsp; 105342 | 1/30/26 | &nbsp;&nbsp; 623 | &nbsp;&nbsp; — |
| GSI | ZAR | &nbsp;&nbsp; (1040000)<br>| USD | &nbsp;&nbsp; 59562 | 12/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (225)<br>|
| GSI | ZAR | &nbsp;&nbsp; (2015000)<br>| USD | &nbsp;&nbsp; 114566 | 1/16/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1029)<br>|
| HSBC | CAD | &nbsp;&nbsp; (22000)<br>| USD | &nbsp;&nbsp; 15991 | 12/2/25 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; — |
| HSBC | CAD | &nbsp;&nbsp; (25500)<br>| USD | &nbsp;&nbsp; 18234 | 1/22/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (24)<br>|
| LYD | CAD | &nbsp;&nbsp; (42000)<br>| USD | &nbsp;&nbsp; 30585 | 12/2/25 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; — |
| LYD | GBP | &nbsp;&nbsp; 10000 | USD | &nbsp;&nbsp; (13263)<br>| 12/17/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (125)<br>|
| LYD | MXN | &nbsp;&nbsp; (5960000)<br>| USD | &nbsp;&nbsp; 320590 | 1/12/26 | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; — |
| LYD | ZAR | &nbsp;&nbsp; (1912000)<br>| USD | &nbsp;&nbsp; 108419 | 12/11/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1546)<br>|
| MSC | GBP | &nbsp;&nbsp; (21000)<br>| USD | &nbsp;&nbsp; 27950 | 12/17/25 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; — |
| MSC | INR | &nbsp;&nbsp; (17780000)<br>| USD | &nbsp;&nbsp; 199077 | 1/14/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (362)<br>|
| MSC | MXN | &nbsp;&nbsp; (6037000)<br>| USD | &nbsp;&nbsp; 324367 | 1/20/26 | &nbsp;&nbsp; 2209 | &nbsp;&nbsp; — |
| MSC | ZAR | &nbsp;&nbsp; (2860000)<br>| USD | &nbsp;&nbsp; 164127 | 1/20/26 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; — |
| **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; $15576 | &nbsp;&nbsp; $(33953)<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:** |
| 4 | COMEX 1000-oz. Silver Futures | &nbsp;&nbsp; $192640 | &nbsp;&nbsp; $166266 | &nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp; $26374 | &nbsp;&nbsp; $— |
| 1 | COMEX Copper Futures | &nbsp;&nbsp; 127225 | &nbsp;&nbsp; 122136 | &nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp; 5089 | &nbsp;&nbsp; — |
| 4 | COMEX E-Micro Gold Futures | &nbsp;&nbsp; 159860 | &nbsp;&nbsp; 160469 | &nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (609)<br>|
| 17 | Micro Copper Futures | &nbsp;&nbsp; 216282 | &nbsp;&nbsp; 219790 | &nbsp;&nbsp; 11/25/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3508)<br>|
| 10 | TTF Natural Gas Base Load Monthly Futures | &nbsp;&nbsp; 266893 | &nbsp;&nbsp; 281299 | &nbsp;&nbsp; 11/27/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14406)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $31463 | &nbsp;&nbsp; $(18523)<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 consolidated financial statements. The foreign currency exchange contracts and notional amounts presented above represent <br> the Fund's 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 October 31, 2025.<br>

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

---

| |
|:---|
| **Summary of Abbreviations:** |
| BNP–BNP Paribas |
| BRC–Barclays Bank |
| BRL–Brazilian Real |

---

*Lincoln Inflation Plus Fund–3*

------

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments (continued)**

---

| |
|:---|
| **Summary of Abbreviations: (continued)** |
| CAD–Canadian Dollar |
| CLP–Chilean Peso |
| COMEX–Commodity Exchange |
| CZK–Czech Koruna |
| EGP–Egyptian Pound |
| ETF–Exchange-Traded Fund |
| GBP–British Pound Sterling |
| GSI–Goldman Sachs International |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| HUF–Hungarian Forint |
| IDR–Indonesia Rupiah |
| INR–Indian Rupee |
| LYD–Lloyds Bank Corporate Markets PLC |
| MSC–Morgan Stanley & Co. |
| MXN–Mexican Peso |
| MYR–Malaysian Ringgit |
| PHP–Philippine Peso |
| PLN–Polish Zloty |
| SPDR–Standard & Poor's Depositary Receipt |
| TRY–Turkish New Lira |
| TTF–Title Transfer Facility |
| 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:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $11357036.88

**Total Liabilities:** $176927.14

**Net Assets:** $11180109.74

**Amount of Assets Invested in Other Investment Companies:** $2772155.28

**Cash Not Reported:** $845568.31

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -0.49000000 | **1-Year:** -16.23000000 | **5-Year:** -153.31000000 | **10-Year:** -205.82000000 | **30-Year:** -6.07000000

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

- **3-Month:** -0.39000000 | **1-Year:** -22.58000000 | **5-Year:** -56.60000000 | **10-Year:** -6.45000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250823 | 2.61%                | 3.97%                | 1.07%                |
| Class ID C000250824 | 2.58%                | 3.96%                | 1.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9209.93                 | $224137.55                                 |
| Month 2  | $38040.54                | $281147.67                                 |
| Month 3  | $294123.00               | $-260578.32                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 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      | $812171.00    | 7.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                              | Agnico Eagle Mines Ltd                                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |       160 | NS      | $25729.60     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                                     | Alamos Gold Inc                                            | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |       800 | NS      | $24632.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp                                 | Barrick Mining Corp                                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      1380 | NS      | $45264.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CIA DE MINAS BUENAVENTUR                            | Cia de Minas Buenaventura SAA                              | CUSIP: 204448AB0<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | DBT              | CORP              | PE        |    230000 | PA      | $239200.00    | 2.14%             | 2032-02-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD BRL                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-10823.72    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD INR                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $878.56       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED CLP / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CL        |         1 | NC      | $3527.48      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED PLN / SOLD USD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | PL        |         1 | NC      | $-1644.35     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED CLP / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CL        |         1 | NC      | $853.75       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD BRL                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-9629.84     | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Bank Corporate Markets PLC                   | PURCHASED USD / SOLD CAD                                   | CUSIP: 000000000<br>LEI: 213800MBWEIJDM5CU638 | N/A              | DFE              |  | US        |         1 | NC      | $590.37       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD CAD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $1002.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                       | PURCHASED USD / SOLD CAD                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $279.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD IDR                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $586.89       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Bank Corporate Markets PLC                   | PURCHASED USD / SOLD ZAR                                   | CUSIP: 000000000<br>LEI: 213800MBWEIJDM5CU638 | N/A              | DFE              |  | US        |         1 | NC      | $-1545.99     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD INR                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $450.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | PURCHASED BRL / SOLD USD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | BR        |         1 | NC      | $-1201.94     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD MXN                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $750.00       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD ZAR                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-225.38      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED IDR / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |         1 | NC      | $436.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED IDR / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |         1 | NC      | $179.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Bank Corporate Markets PLC                   | PURCHASED USD / SOLD MXN                                   | CUSIP: 000000000<br>LEI: 213800MBWEIJDM5CU638 | N/A              | DFE              |  | US        |         1 | NC      | $2271.54      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC              | PURCHASED USD / SOLD GBP                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $360.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC              | PURCHASED USD / SOLD INR                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-361.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD CAD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $36.16        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD INR                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $72.64        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED USD / SOLD HUF                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $-1350.75     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD ZAR                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-1028.76     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD BRL                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-2685.19     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD CLP                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-2355.28     | -0.02%            |  |  |  | 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      | $-124.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                   | PURCHASED CAD / SOLD USD                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CA        |         1 | NC      | $51.89        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC              | PURCHASED USD / SOLD MXN                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $2209.30      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC              | PURCHASED USD / SOLD ZAR                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $104.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                       | PURCHASED USD / SOLD CAD                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $-24.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED BRL / SOLD USD                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |         1 | NC      | $197.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD BRL                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-197.84      | -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      | $-640.41      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                         | PURCHASED USD / SOLD INR                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $623.34       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinox Gold Corp                                   | Equinox Gold Corp                                          | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |      3070 | NS      | $33730.49     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd                          | First Quantum Minerals Ltd                                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |       650 | NS      | $13495.42     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                                | Freeport-McMoRan Inc                                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |       350 | NS      | $14595.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| G Mining Ventures Corp                              | G Mining Ventures Corp                                     | CUSIP: 36270K102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1770 | NS      | $34843.46     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals Inc                                 | Hudbay Minerals Inc                                        | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |       890 | NS      | $14264.87     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hycroft Mining Holding Corp                         | Hycroft Mining Holding Corp                                | CUSIP: 44862P208<br>LEI: 254900T7FYMGS29WIF55 | Long             | EC               | CORP              | US        |      2384 | NS      | $18118.40     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                   | Ivanhoe Mines Ltd                                          | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |      1330 | NS      | $13304.27     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp                                   | Kinross Gold Corp                                          | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |      1100 | NS      | $25564.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| New Gold Inc                                        | New Gold Inc                                               | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | CA        |      4430 | NS      | $32516.20     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                        | Newmont Corp                                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       370 | NS      | $29958.90     | 0.27%             |  |  |  | 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        |      1909 | NS      | $1909.45      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                                | Southern Copper Corp                                       | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       110 | NS      | $15268.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                                  | Teck Resources Ltd                                         | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |       440 | NS      | $18884.80     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    725000 | PA      | $721874.84    | 6.46%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    550000 | PA      | $546185.98    | 4.89%             | 2026-01-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    750000 | PA      | $744270.41    | 6.66%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797RX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1050000 | PA      | $1044985.97   | 9.35%             | 2025-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bills                                        | CUSIP: 912797SE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    350000 | PA      | $347631.75    | 3.11%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bonds                                        | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    540000 | PA      | $547087.50    | 4.89%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                              | U.S. Treasury Bonds                                        | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    390000 | PA      | $395301.56    | 3.54%             | 2055-08-15      | Fixed         | 4.75%                 | 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      | $55005.83     | 0.49%             | 2035-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SPDR Gold MiniShares Trust                          | SPDR Gold MiniShares Trust                                 | CUSIP: 98149E303<br>LEI: 5493002IEEMEY6LRJ932 | Long             | EC               | RF                | US        |       760 | NS      | $60184.40     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                             | Mexican Bonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   7450000 | PA      | $345731.17    | 3.09%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                            | Republic of South Africa Government Bond                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   3350000 | PA      | $172172.17    | 1.54%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                             | Mexican Bonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   5760000 | PA      | $270059.78    | 2.42%             | 2047-11-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                 | Malaysia Government Bond                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    900000 | PA      | $219059.18    | 1.96%             | 2034-07-05      | Fixed         | 3.83%                 | 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        |   1710000 | PA      | $289991.36    | 2.59%             | 2031-01-01      | 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      | $113415.31    | 1.01%             | 2033-04-20      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Endeavour Mining PLC                                | Endeavour Mining PLC                                       | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |       833 | NS      | $33372.26     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ASIAN INFRASTRUCTURE INV                            | Asian Infrastructure Investment Bank/The                   | CUSIP: 000000000<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | XX        |  20500000 | PA      | $220079.19    | 1.97%             | 2031-12-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                      | Czech Republic Government Bond                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |   5000000 | PA      | $219089.88    | 1.96%             | 2035-05-30      | Fixed         | 3.50%                 | 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      | $130725.66    | 1.17%             | 2033-08-10      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                             | Hungary Government Bond                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  76900000 | PA      | $231025.38    | 2.07%             | 2035-10-24      | Fixed         | 7.00%                 | 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        |   2840000 | PA      | $449548.20    | 4.02%             | 2035-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                              | Republic of Poland Government Bond                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    830000 | PA      | $221131.05    | 1.98%             | 2034-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                             | Turkiye Government Bond                                    | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    500000 | PA      | $11818.14     | 0.11%             | 2028-05-17      | Floating      | 42.55%                | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                             | Turkiye Government Bond                                    | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   4100000 | PA      | $89708.95     | 0.80%             | 2029-09-12      | Fixed         | 30.00%                | 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      | $228159.45    | 2.04%             | 2036-10-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                 | Egypt Treasury Bills                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |   8000000 | PA      | $152767.97    | 1.37%             | 2026-03-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                               | Philippine Government Bond                                 | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   5890000 | PA      | $103353.14    | 0.92%             | 2035-04-28      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Anglo American PLC                                  | Anglo American PLC                                         | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |       480 | NS      | $18129.06     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EGYPT TREASURY BILL                                 | Egypt Treasury Bills                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |  17000000 | PA      | $289981.13    | 2.59%             | 2026-10-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commodities Exchange Center                         | COPPER FUTURE DEC25                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         1 | NC      | $5088.80      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Endex Derivatives                               | TTF NAT GAS F DEC25                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | NL        |        10 | NC      | $-14405.81    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                         | MICRO GOLD DEC25                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         4 | NC      | $-609.20      | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                         | MICRO SILVER DEC25                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         4 | NC      | $26373.67     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                         | MICRO COPPER DEC25                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        17 | NC      | $-3507.67     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                             | Mexican Bonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   3300000 | PA      | $169413.09    | 1.52%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                 | Malaysia Government Bond                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    400000 | PA      | $97702.57     | 0.87%             | 2029-08-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                            | Republic of South Africa Government Bond                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   4450000 | PA      | $229618.80    | 2.05%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                            | Republic of South Africa Government Bond                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   2400000 | PA      | $138537.78    | 1.24%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** Lincoln Funds Trust

**Signature:** James Hoffmayer

**Name of Signer:** James Hoffmayer

**Title:** VP