# EDGAR Filing Document

**Accession Number:** 0002015799
**File Stem:** 0001398344-25-018720
**Filing Date:** 2025-10
**Character Count:** 237586
**Document Hash:** c417155c222aea654677b1cc8fd9ebaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-018720.hdr.sgml**: 20251001

**ACCESSION NUMBER**: 0001398344-25-018720

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20251001

**EFFECTIVENESS DATE**: 20251001

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23952
- **FILM NUMBER:** 251362920

**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           |

### Lincoln U.S. Equity Income Maximizer Fund (Series ID: S000085534)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000250825 | Class I      | LFTPX           |
| C000250826 | Class A      | LFTOX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23952</u>

<u>Lincoln Funds Trust</u>

(Exact name of registrant as specified in charter)

1301 South Harrison Street

<u>Fort Wayne, Indiana 46802</u>

(Address of principal executive offices) (Zip code)

Ronald A. Holinsky, Esq.

Lincoln Financial Group

150 North Radnor Chester Road

<u>Radnor, Pennsylvania 19087</u>

(Name and address of agent for service)

Copies of all communications to:

Robert A. Robertson, Esq.

Dechert LLP

US Bank Tower

633 West 5<sup>th</sup> Street

Suite 4900

Los Angeles, CA 90071-2013

Registrant's telephone number, including area code: <u>(484) 583-6302</u>

Date of fiscal year end<u>: July 31</u>

Date of reporting period: <u>July 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

**# Lincoln Inflation Plus Fund
![Image](ie00428f0e8b4b997d6fd074d.jpg)

# Class A : LFTAX

#### Annual Shareholder Report - July 31, 2025
This Annual shareholder report contains important information about Lincoln Inflation Plus Fund for the period of October 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lft. You can also request this information by contacting us at 866-436-8717.

## What were the Fund costs for October 1, 2024 (commencement of operations) through July 31, 2025?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $114<sup>Footnote Reference\*</sup> | 1.35%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Expenses would be higher if the Fund had been in operation for the entire year. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform last year and what affected its performance?
The combination of rising gold prices and income achieved through high yields provided a rewarding market environment post US election. As inflationary pressures abated, focus remained on harvesting income as well as targeting inflation resilient assets cheap in value.

* Income and price appreciation of local bonds, mostly in emerging market countries, drove the positive performance.

* Fund exposures to gold, silver and gold miners also provided good positive returns for the period, while other commodities detracted.

The rate of return over the period was in excess of the rate of US Inflation as measured by US Consumer Price Index. Fund activity in late 2024 was focused on capital preservation before a more aggressive asset allocation was adopted. Towards the end of the period new exposures were included, such as agriculture, due to their expected performance in the coming year. The tilt towards income remained in place while simultaneously increasing exposures to assets that thrive in a weak dollar environment.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of October 1, 2024 to July 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](id21c19584fdfca766263a8a2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Class A | Morningstar Emerging Markets Sovereign Bond GR USD | U.S. Consumer Price Index Urban Consumers NSA |
| 10/1/2024 | $10000 | $10000 | $10000 |
| 7/31/2025 | $10259 | $10213 | $10246 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Sub header | Since Inception 10/1/2024 |
| Class A | 2.59% |
| Morningstar Emerging Markets Sovereign Bond GR USD | 2.13% |
| U.S. Consumer Price Index Urban Consumers NSA | 2.46% |

---

Past performance is not indicative of future performance. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions. Performance results reflect any expense waivers in effect during these periods.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $10371980 |
| # of Portfolio Holdings | 120 |
| Portfolio Turnover Rate | 193% |
| Total Advisory Fees Paid | $71109 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Sovereign Bonds | 38.8% |
| Short-Term Investments | 34.9% |
| Exchange-Traded Funds | 9.3% |
| Supranational Banks | 7.6% |
| Common Stock | 2.5% |
| Corporate Bonds | 2.3% |
| Money Market Funds | 0.0% |
| Other | 4.6% |

---

### Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Canada | 1.6% |
| United States | 0.6% |
| United Kingdom | 0.3% |

---

Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| Brazil | 10.0% |
| Mexico | 9.0% |
| Indonesia | 5.0% |
| South Africa | 4.6% |
| Hungary | 4.0% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lft.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lft](ib6b1aae16e0ea1ce45da00ee.jpg)

866-436-8717

# Lincoln Inflation Plus Fund
![Image](ie00428f0e8b4b997d6fd074d.jpg)

# Class I : LFTEX

#### Annual Shareholder Report - July 31, 2025
This Annual shareholder report contains important information about Lincoln Inflation Plus Fund for the period of October 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lft. You can also request this information by contacting us at 866-436-8717.

## What were the Fund costs for October 1, 2024 (commencement of operations) through July 31, 2025?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $93<sup>Footnote Reference\*</sup> | 1.10%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Expenses would be higher if the Fund had been in operation for the entire year. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform last year and what affected its performance?
The combination of rising gold prices and income achieved through high yields provided a rewarding market environment post US election. As inflationary pressures abated, focus remained on harvesting income as well as targeting inflation resilient assets cheap in value.

* Income and price appreciation of local bonds, mostly in emerging market countries, drove the positive performance.

* Fund exposures to gold, silver and gold miners also provided good positive returns for the period, while other commodities detracted.

The rate of return over the period was in excess of the rate of US Inflation as measured by US Consumer Price Index. Fund activity in late 2024 was focused on capital preservation before a more aggressive asset allocation was adopted. Towards the end of the period new exposures were included, such as agriculture, due to their expected performance in the coming year. The tilt towards income remained in place while simultaneously increasing exposures to assets that thrive in a weak dollar environment.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of October 1, 2024 to July 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i19bf5ff0bdd44560ae9e82be.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Class I | Morningstar Emerging Markets Sovereign Bond GR USD | U.S. Consumer Price Index Urban Consumers NSA |
| 10/1/2024 | $10000 | $10000 | $10000 |
| 7/31/2025 | $10280 | $10213 | $10246 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Sub header | Since Inception 10/1/2024 |
| Class I | 2.80% |
| Morningstar Emerging Markets Sovereign Bond GR USD | 2.13% |
| U.S. Consumer Price Index Urban Consumers NSA | 2.46% |

---

Past performance is not indicative of future performance. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions. Performance results reflect any expense waivers in effect during these periods.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $10371980 |
| # of Portfolio Holdings | 120 |
| Portfolio Turnover Rate | 193% |
| Total Advisory Fees Paid | $71109 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Sovereign Bonds | 38.8% |
| Short-Term Investments | 34.9% |
| Exchange-Traded Funds | 9.3% |
| Supranational Banks | 7.6% |
| Common Stock | 2.5% |
| Corporate Bonds | 2.3% |
| Money Market Funds | 0.0% |
| Other | 4.6% |

---

### Top 5 Countries (Equity)

---

| | |
|:---|:---|
| Canada | 1.6% |
| United States | 0.6% |
| United Kingdom | 0.3% |

---

Top 5 Countries (Fixed Income)

---

| | |
|:---|:---|
| Brazil | 10.0% |
| Mexico | 9.0% |
| Indonesia | 5.0% |
| South Africa | 4.6% |
| Hungary | 4.0% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lft.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lft](ib6b1aae16e0ea1ce45da00ee.jpg)

866-436-8717

# Lincoln U.S. Equity Income Maximizer Fund
![Image](i7343b78368830325146c9527.jpg)

# Class A : LFTOX

#### Annual Shareholder Report - July 31, 2025
This Annual shareholder report contains important information about Lincoln U.S. Equity Income Maximizer Fund for the period of October 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lft. You can also request this information by contacting us at 866-436-8717.

## What were the Fund costs for October 1, 2024 (commencement of operations) through July 31, 2025?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $115<sup>Footnote Reference\*</sup> | 1.32%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Expenses would be higher if the Fund had been in operation for the entire year. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform last year and what affected its performance?
The US market has gained since Fund launch but the overall return masks significant short-term performance swings during the period. The Fund also rose against this backdrop, but lagged the index in net terms. The equity portfolio slightly trailed the wider market, while the call option overlay strategy contributed positively. The index replication-style equity portfolio aims to provide broad S&P 500 exposure via a subset that currently consists of 84 stocks. Position sizing is risk-based, using an optimizer that seeks to minimize the deviation of the equity basket relative to the index. Over the period in question, most of the relative lag for the equity portfolio came from names not held but which performed well. The option strategy seeks to enhance the dividend income from the underlying equity portfolio. It does so by selling some of the potential capital growth on selected stocks on a rolling short term basis in return for a premium. Given this trade-off, we would typically expect the strategy to lag a similar, long only equity portfolio in fast rising markets. As stocks fall, remain flat or rise gently, the Fund can receive premium from selling the call options. While supplementing the income over the 12 months, the option strategy was a positive contributor in performance terms.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of October 1, 2024 to July 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](i68c60ee2023d3af0ddb71a81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Class A | Morningstar US Market TR USD | CBOE S&P 500 BuyWrite Index (BXM) |
| 10/1/2024 | $10000 | $10000 | $10000 |
| 7/31/2025 | $10987 | $11117 | $10521 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Sub header | Since Inception 10/1/2024 |
| Class A | 9.87% |
| Morningstar US Market TR USD | 11.17% |
| CBOE S&P 500 BuyWrite Index (BXM) | 5.21% |

---

Past performance is not indicative of future performance. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions. Performance results reflect any expense waivers in effect during these periods.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $16607264 |
| # of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $109089 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.9% |
| Money Market Funds | 0.0% |
| Options | (0.1%) |
| Other | 4.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.3% |
| Software | 12.4% |
| Interactive Media & Services | 6.8% |
| Technology Hardware, Storage & Peripherals | 5.9% |
| Banks | 5.0% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lft.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lft](ib6b1aae16e0ea1ce45da00ee.jpg)

866-436-8717

# Lincoln U.S. Equity Income Maximizer Fund
![Image](i7343b78368830325146c9527.jpg)

# Class I : LFTPX

#### Annual Shareholder Report - July 31, 2025
This Annual shareholder report contains important information about Lincoln U.S. Equity Income Maximizer Fund for the period of October 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.lincolnfinancial.com/lft. You can also request this information by contacting us at 866-436-8717.

## What were the Fund costs for October 1, 2024 (commencement of operations) through July 31, 2025?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $94<sup>Footnote Reference\*</sup> | 1.07%<sup>Footnote Reference^</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Expenses would be higher if the Fund had been in operation for the entire year. |
| &nbsp;&nbsp;Footnote^ | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform last year and what affected its performance?
The US market has gained since Fund launch but the overall return masks significant short-term performance swings during the period. The Fund also rose against this backdrop, but lagged the index in net terms. The equity portfolio slightly trailed the wider market, while the call option overlay strategy contributed positively. The index replication-style equity portfolio aims to provide broad S&P 500 exposure via a subset that currently consists of 84 stocks. Position sizing is risk-based, using an optimizer that seeks to minimize the deviation of the equity basket relative to the index. Over the period in question, most of the relative lag for the equity portfolio came from names not held but which performed well. The option strategy seeks to enhance the dividend income from the underlying equity portfolio. It does so by selling some of the potential capital growth on selected stocks on a rolling short term basis in return for a premium. Given this trade-off, we would typically expect the strategy to lag a similar, long only equity portfolio in fast rising markets. As stocks fall, remain flat or rise gently, the Fund can receive premium from selling the call options. While supplementing the income over the 12 months, the option strategy was a positive contributor in performance terms.

## Fund Performance
The following graph compares the initial and subsequent account values for the fiscal period of October 1, 2024 to July 31, 2025 of the Fund and assumes the reinvestment of dividends and distributions. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

![Growth of 10K Chart](ib3f4da1d8d1bdd4aae7254b7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Class I | Morningstar US Market TR USD | CBOE S&P 500 BuyWrite Index (BXM) |
| 10/1/2024 | $10000 | $10000 | $10000 |
| 7/31/2025 | $11010 | $11117 | $10521 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Sub header | Since Inception 10/1/2024 |
| Class I | 10.10% |
| Morningstar US Market TR USD | 11.17% |
| CBOE S&P 500 BuyWrite Index (BXM) | 5.21% |

---

Past performance is not indicative of future performance. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions. Performance results reflect any expense waivers in effect during these periods.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $16607264 |
| # of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $109089 |

---

## What did the Fund invest in?

## *(% of Net Assets)* 
Holdings, Sector designations and/or Credit Quality Ratings, as applicable, are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

### Asset Allocation

---

| | |
|:---|:---|
| Common Stock | 95.9% |
| Money Market Funds | 0.0% |
| Options | (0.1%) |
| Other | 4.2% |

---

### Top 5 Industries (Equity)

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.3% |
| Software | 12.4% |
| Interactive Media & Services | 6.8% |
| Technology Hardware, Storage & Peripherals | 5.9% |
| Banks | 5.0% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to the prospectus, financial statements, holdings and proxy voting information please visit www.lincolnfinancial.com/lft.

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.lincolnfinancial.com/lft](ib6b1aae16e0ea1ce45da00ee.jpg)

866-436-8717**

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**Item 2. Code of Ethics.**

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) The registrant's code of ethics is reasonably designed as described in Item 2(b) of Form N-CSR.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics
 that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and
 that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
 ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or
 controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
 party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) The Code of Ethics is included with this Form N-CSR as Exhibit 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that Joseph P. LaRocque is an "audit committee financial expert" and is "independent," as these terms are defined in Item 3 of Form N-CSR. This designation will not increase the designee's duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board.

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

(a) The aggregate fees billed for the period September 27, 2024 (notification of registration of the registrant)
 through July 31, 2025, for professional services rendered by Ernst & Young LLP ("E&Y"), principal accountant for all
 funds, for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in
 connection with statutory and regulatory filings or engagements were $95,000.

<u>Audit-Related Fees</u>

(b) The aggregate fees billed for the period September 27, 2024 (notification of registration of the registrant)
 through July 31, 2025, for assurance and related services by E&Y, the principal accountant for all funds, that are reasonably related
 to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were
 $0.

<u>Tax Fees</u>

(c) The aggregate fees billed for the period September 27, 2024 (notification of registration of the registrant)
 through July 31, 2025, for professional services rendered by E&Y, the principal accountant for all funds, for tax compliance, tax
 advice, and tax planning were $0.

(d) The aggregate fees billed for the period September 27, 2024 (notification of registration of the registrant)
 through July 31, 2025, for products and services provided by E&Y, the principal accountant for all funds, other than the services
 reported in paragraphs (a) through (c) of this Item were $0.

---

| | |
|:---|:---|
| (e)(1) | The Audit Committee has not adopted written pre-approval policies and procedures. The Audit Committee shall approve all auditing services and permissible non-auditing services to be provided to the Fund in accordance with the Audit Committee charter and the Investment Company Act of 1940 prior to the provision of such services. |

---

(e)(2) No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by E&Y, the principal accountant for all funds, for services rendered
 to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio
 management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common
 control with the adviser that provides ongoing services to the registrant for the period September 27, 2024 (notification of registration
 of the registrant) through July 31, 2025 were $1,138,025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit
 services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio
 management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common
 control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph
 (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the
 close of the reporting period is included as part of the report to shareholders filed under Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

![](img1616f24f1.jpg)

Lincoln Inflation Plus Fund

a series of Lincoln Funds Trust

Annual Financial Statements

July 31, 2025

------

**Lincoln Inflation Plus Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Consolidated Schedule of Investments](#xx_82239382-a7ed-4f64-a135-9ac137003866_SOI-continued-713_1)**  | &nbsp;&nbsp; **1** |
| **[Consolidated Statement of Assets and Liabilities](#xx_82239382-a7ed-4f64-a135-9ac137003866_FS-continued-713_1)**  | &nbsp;&nbsp; **5** |
| **[Consolidated Statement of Operations](#xx_82239382-a7ed-4f64-a135-9ac137003866_FS-continued-713_2)**  | &nbsp;&nbsp; **6** |
| **[Consolidated Statement of Changes in Net Assets](#xx_82239382-a7ed-4f64-a135-9ac137003866_FS-continued-713_2)**  | &nbsp;&nbsp; **6** |
| **[Consolidated Financial Highlights](#xx_82239382-a7ed-4f64-a135-9ac137003866_FIHI-continued-713_1)**  | &nbsp;&nbsp; **7** |
| **[Notes to Consolidated Financial Statements](#xx_82239382-a7ed-4f64-a135-9ac137003866_NTF-continued-713_1)**  | &nbsp;&nbsp; **8** |
| **[Report of Independent Registered Public Accounting Firm](#xx_82239382-a7ed-4f64-a135-9ac137003866_AUDIT-continued-713_1)**  | &nbsp;&nbsp; **17** |
| **[Tax Information (unaudited)](#xx_82239382-a7ed-4f64-a135-9ac137003866_OFI-continued-713_1)**  | &nbsp;&nbsp; **18** |

---

------

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments**

July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **ΔCOMMON STOCK–2.50%** | **ΔCOMMON STOCK–2.50%** | **ΔCOMMON STOCK–2.50%** |
| **Canada–1.60%** | **Canada–1.60%** | **Canada–1.60%** |
| Agnico Eagle Mines Ltd. | 260 | $32334 |
| Alamos Gold, Inc. Class A | 1100 | 26730 |
| †Equinox Gold Corp. | 4100 | 24974 |
| Kinross Gold Corp. | 1600 | 25600 |
| †New Gold, Inc. | 5800 | 24302 |
| Pan American Silver Corp. | 1190 | 32154 |
|  |  | **166094** |
| **United Kingdom–0.32%** | **United Kingdom–0.32%** | **United Kingdom–0.32%** |
| Endeavour Mining PLC | 1123 | 33716 |
|  |  | **33716** |
| **United States–0.58%** | **United States–0.58%** | **United States–0.58%** |
| †Coeur Mining, Inc. | 2800 | 24332 |
| Newmont Corp. | 570 | 35397 |
|  |  | **59729** |
| **Total Common Stock** <br>**(Cost $258,845)** | **Total Common Stock** <br>**(Cost $258,845)** | **259539** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** <br>**Amount°**<br>|  |
| **ΔCORPORATE BOND–2.26%** | **ΔCORPORATE BOND–2.26%** | **ΔCORPORATE BOND–2.26%** | **ΔCORPORATE BOND–2.26%** |
| **Peru–2.26%** | **Peru–2.26%** | **Peru–2.26%** | **Peru–2.26%** |
| Cia de Minas Buenaventura <br> SAA 6.80% 2/4/32<br>|  | 230000 | 234910 |
| **Total Corporate Bond** <br>**(Cost $227,587)** | **Total Corporate Bond** <br>**(Cost $227,587)** | **Total Corporate Bond** <br>**(Cost $227,587)** | **234910** |
| **ΔSOVEREIGN BONDS–38.78%** | **ΔSOVEREIGN BONDS–38.78%** | **ΔSOVEREIGN BONDS–38.78%** | **ΔSOVEREIGN BONDS–38.78%** |
| **Brazil–9.99%** | **Brazil–9.99%** | **Brazil–9.99%** | **Brazil–9.99%** |
| Brazil Notas do Tesouro <br> Nacional <br>|  |  |  |
| 6.00% 5/15/35 | BRL | 70000 | 50961 |
| 10.00% 1/1/29 | BRL | 630000 | 102086 |
| 10.00% 1/1/31 | BRL | 2370000 | 364611 |
| 10.00% 1/1/33 | BRL | 700000 | 103627 |
| 10.00% 1/1/35 | BRL | 2900000 | 415112 |
|  |  |  | **1036397** |
| **Egypt–1.35%** | **Egypt–1.35%** | **Egypt–1.35%** | **Egypt–1.35%** |
| ^Egypt Treasury Bills 0.00% <br> 9/23/25<br>| EGP | 7100000 | 140104 |
|  |  |  | **140104** |
| **Hungary–3.96%** | **Hungary–3.96%** | **Hungary–3.96%** | **Hungary–3.96%** |
| Hungary Government Bonds  |  |  |  |
| 2.25% 4/20/33 | HUF | 51000000 | 105497 |
| 2.25% 6/22/34 | HUF | 51000000 | 100363 |
| 7.00% 10/24/35 | HUF | 72500000 | 204367 |
|  |  |  | **410227** |
| **Indonesia–5.00%** | **Indonesia–5.00%** | **Indonesia–5.00%** | **Indonesia–5.00%** |
| Indonesia Treasury Bonds  |  |  |  |
| 6.63% 2/15/34 | IDR | 5076000000 | 309171 |
| 6.75% 7/15/35 | IDR | 1700000000 | 104594 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** | **ΔSOVEREIGN BONDS (continued)** |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Indonesia Treasury <br> Bonds (continued) <br>|  |  |  |
| 7.50% 6/15/35 | IDR | 1625000000 | $104801 |
|  |  |  | **518566** |
| **Malaysia–3.02%** | **Malaysia–3.02%** | **Malaysia–3.02%** | **Malaysia–3.02%** |
| Malaysia Government Bonds  |  |  |  |
| 3.83% 7/5/34 | MYR | 900000 | 217456 |
| 3.89% 8/15/29 | MYR | 400000 | 96272 |
|  |  |  | **313728** |
| **Mexico–9.01%** | **Mexico–9.01%** | **Mexico–9.01%** | **Mexico–9.01%** |
| Mexico Bonos  |  |  |  |
| 7.50% 5/26/33 | MXN | 1350000 | 64988 |
| 7.75% 5/29/31 | MXN | 740000 | 37214 |
| 7.75% 11/23/34 | MXN | 2000000 | 95997 |
| 7.75% 11/13/42 | MXN | 7450000 | 324428 |
| 8.00% 11/7/47 | MXN | 5760000 | 251657 |
| 8.50% 11/18/38 | MXN | 3300000 | 159717 |
|  |  |  | **934001** |
| **Philippines–0.99%** | **Philippines–0.99%** | **Philippines–0.99%** | **Philippines–0.99%** |
| Philippines Government <br> Bonds 6.38% 4/28/35<br>| PHP | 5890000 | 102312 |
|  |  |  | **102312** |
| **South Africa–4.57%** | **South Africa–4.57%** | **South Africa–4.57%** | **South Africa–4.57%** |
| Republic of South Africa <br> Government Bonds <br>|  |  |  |
| 8.75% 1/31/44 | ZAR | 2200000 | 101236 |
| 8.88% 2/28/35 | ZAR | 2100000 | 109924 |
| 9.00% 1/31/40 | ZAR | 5400000 | 262859 |
|  |  |  | **474019** |
| **Turkey–0.89%** | **Turkey–0.89%** | **Turkey–0.89%** | **Turkey–0.89%** |
| Turkiye Government Bonds <br> 30.00% 9/12/29<br>| TRY | 4100000 | 92576 |
|  |  |  | **92576** |
| **Total Sovereign Bonds** <br>**(Cost $3,899,327)** | **Total Sovereign Bonds** <br>**(Cost $3,899,327)** | **Total Sovereign Bonds** <br>**(Cost $3,899,327)** | **4021930** |
| **SUPRANATIONAL BANKS–7.55%** | **SUPRANATIONAL BANKS–7.55%** | **SUPRANATIONAL BANKS–7.55%** | **SUPRANATIONAL BANKS–7.55%** |
| Asian Infrastructure <br> Investment Bank <br>|  |  |  |
| 6.00% 12/8/31 |  | 20500000 | 224328 |
| 6.90% 10/23/34 |  | 16700000 | 192552 |
| European Bank for <br> Reconstruction & <br> Development <br>|  |  |  |
| 6.50% 10/3/36 |  | 20500000 | 232571 |
| 7.05% 8/10/33 |  | 11500000 | 133561 |
| **Total Supranational Banks** <br>**(Cost $816,022)**<br>|  |  | **783012** |

---

&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–9.34%** | **EXCHANGE-TRADED FUNDS–9.34%** | **EXCHANGE-TRADED FUNDS–9.34%** |
| abrdn Bloomberg All <br> Commodity Strategy K-1 <br> Free ETF <br>| 36700 | $757488 |
| SPDR<sup>®</sup> Gold MiniShares <br> Trust <br>| 3240 | 211086 |
| **Total Exchange-Traded Funds** <br>**(Cost $944,200)** | **Total Exchange-Traded Funds** <br>**(Cost $944,200)** | **968574** |
| **MONEY MARKET FUND–0.02%** | **MONEY MARKET FUND–0.02%** | **MONEY MARKET FUND–0.02%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class <br> (seven-day effective yield <br> 4.25%)<br>| 1889 | 1889 |
| **Total Money Market Fund** <br>**(Cost $1,889)** | **Total Money Market Fund** <br>**(Cost $1,889)** | **1889** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount°**<br>| **Value**<br> **(U.S. $)**<br>|
| **SHORT-TERM INVESTMENTS–34.93%** | **SHORT-TERM INVESTMENTS–34.93%** | **SHORT-TERM INVESTMENTS–34.93%** |
| **U.S. TREASURY OBLIGATIONS–34.93%** | **U.S. TREASURY OBLIGATIONS–34.93%** | **U.S. TREASURY OBLIGATIONS–34.93%** |
| ≠U.S. Treasury Bills | ≠U.S. Treasury Bills | ≠U.S. Treasury Bills |
| 4.32% 8/7/25 | 310000 | $309782 |
| 4.32% 9/18/25 | 1170000 | 1163410 |
| 4.34% 10/2/25 | 130000 | 129049 |
| 4.34% 10/9/25 | 830000 | 823235 |
| 4.36% 10/2/25 | 60000 | 59561 |
| 4.37% 8/7/25 | 500000 | 499644 |
| 4.38% 8/28/25 | 640000 | 637941 |
|  |  | **3622622** |
| **Total Short-Term Investments** <br>**(Cost $3,622,649)** | **Total Short-Term Investments** <br>**(Cost $3,622,649)** | **3622622** |

---

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

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

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–95.38% (Cost $9,770,519)** | **9892476** |
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–4.62%** | **479504** |
| **NET ASSETS APPLICABLE TO 1,043,776 SHARES OUTSTANDING–100.00%** | **$10371980** |

---

&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. |

---

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

The following foreign currency exchange contracts and futures contracts were outstanding at July 31, 2025:<br>

**Foreign Currency Exchange Contracts**<sup>1</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | CLP | &nbsp;&nbsp; (100130000)<br>| USD | &nbsp;&nbsp; 105529 | 8/18/25 | &nbsp;&nbsp; $2575 | &nbsp;&nbsp; $— |
| BNP | HUF | &nbsp;&nbsp; (37570000)<br>| USD | &nbsp;&nbsp; 106382 | 9/23/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (513)<br>|
| BNP | INR | &nbsp;&nbsp; (13740000)<br>| USD | &nbsp;&nbsp; 158886 | 10/23/25 | &nbsp;&nbsp; 2574 | &nbsp;&nbsp; — |
| BNP | ZAR | &nbsp;&nbsp; (1900000)<br>| USD | &nbsp;&nbsp; 105570 | 8/12/25 | &nbsp;&nbsp; 1356 | &nbsp;&nbsp; — |
| BRC | BRL | &nbsp;&nbsp; 1199000 | USD | &nbsp;&nbsp; (216643)<br>| 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2737)<br>|
| BRC | BRL | &nbsp;&nbsp; (1199000)<br>| USD | &nbsp;&nbsp; 214027 | 8/4/25 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; — |
| BRC | BRL | &nbsp;&nbsp; (595000)<br>| USD | &nbsp;&nbsp; 106621 | 9/3/25 | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; — |
| BRC | BRL | &nbsp;&nbsp; (1201000)<br>| USD | &nbsp;&nbsp; 211025 | 10/3/25 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
| BRC | BRL | &nbsp;&nbsp; (1199000)<br>| USD | &nbsp;&nbsp; 211748 | 11/4/25 | &nbsp;&nbsp; 2669 | &nbsp;&nbsp; — |
| BRC | CLP | &nbsp;&nbsp; 195810000 | USD | &nbsp;&nbsp; (207776)<br>| 8/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6445)<br>|
| BRC | EUR | &nbsp;&nbsp; 210000 | USD | &nbsp;&nbsp; (238726)<br>| 8/27/25 | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; — |
| BRC | EUR | &nbsp;&nbsp; 268000 | USD | &nbsp;&nbsp; (308260)<br>| 9/3/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1725)<br>|
| BRC | IDR | &nbsp;&nbsp; (1724970000)<br>| USD | &nbsp;&nbsp; 105794 | 8/15/25 | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; — |
| BRC | IDR | &nbsp;&nbsp; 1003975000 | USD | &nbsp;&nbsp; (61555)<br>| 8/27/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (756)<br>|
| BRC | IDR | &nbsp;&nbsp; (3508995000)<br>| USD | &nbsp;&nbsp; 213861 | 10/21/25 | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; — |
| BRC | INR | &nbsp;&nbsp; (17944000)<br>| USD | &nbsp;&nbsp; 208597 | 8/13/25 | &nbsp;&nbsp; 3716 | &nbsp;&nbsp; — |
| BRC | KRW | &nbsp;&nbsp; 99060000 | USD | &nbsp;&nbsp; (72903)<br>| 8/27/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1808)<br>|
| BRC | MXN | &nbsp;&nbsp; 4058000 | USD | &nbsp;&nbsp; (209335)<br>| 8/19/25 | &nbsp;&nbsp; 5316 | &nbsp;&nbsp; — |
| BRC | MXN | &nbsp;&nbsp; (2055000)<br>| USD | &nbsp;&nbsp; 106512 | 9/23/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1773)<br>|
| BRC | MXN | &nbsp;&nbsp; (6037000)<br>| USD | &nbsp;&nbsp; 317485 | 10/21/25 | &nbsp;&nbsp; 314 | &nbsp;&nbsp; — |
| BRC | MYR | &nbsp;&nbsp; 305000 | USD | &nbsp;&nbsp; (72258)<br>| 8/27/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (754)<br>|
| BRC | PHP | &nbsp;&nbsp; (5800000)<br>| USD | &nbsp;&nbsp; 101399 | 10/17/25 | &nbsp;&nbsp; 1994 | &nbsp;&nbsp; — |
| BRC | ZAR | &nbsp;&nbsp; (955000)<br>| USD | &nbsp;&nbsp; 53463 | 9/23/25 | &nbsp;&nbsp; 1238 | &nbsp;&nbsp; — |
| CIBC | CAD | &nbsp;&nbsp; (42000)<br>| USD | &nbsp;&nbsp; 30978 | 10/24/25 | &nbsp;&nbsp; 537 | &nbsp;&nbsp; — |

---

Lincoln Inflation Plus Fund-2

------

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments (continued)**

**Foreign Currency Exchange Contracts**<sup>1</sup> **(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>|
| CIBC | EUR | &nbsp;&nbsp; (75000)<br>| USD | &nbsp;&nbsp; 88294 | 8/27/25 | &nbsp;&nbsp; $2546 | &nbsp;&nbsp; $— |
| CIBC | EUR | &nbsp;&nbsp; (105000)<br>| USD | &nbsp;&nbsp; 123671 | 9/3/25 | &nbsp;&nbsp; 3574 | &nbsp;&nbsp; — |
| CIBC | EUR | &nbsp;&nbsp; 24000 | USD | &nbsp;&nbsp; (27943)<br>| 9/22/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (455)<br>|
| GSI | BRL | &nbsp;&nbsp; (2370000)<br>| USD | &nbsp;&nbsp; 413093 | 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9724)<br>|
| GSI | BRL | &nbsp;&nbsp; 3541000 | USD | &nbsp;&nbsp; (634592)<br>| 8/4/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2864)<br>|
| GSI | BRL | &nbsp;&nbsp; (1171000)<br>| USD | &nbsp;&nbsp; 209029 | 8/4/25 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; — |
| GSI | BRL | &nbsp;&nbsp; (610000)<br>| USD | &nbsp;&nbsp; 104156 | 9/3/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3816)<br>|
| GSI | BRL | &nbsp;&nbsp; (1185000)<br>| USD | &nbsp;&nbsp; 213790 | 9/3/25 | &nbsp;&nbsp; 4043 | &nbsp;&nbsp; — |
| GSI | CLP | &nbsp;&nbsp; (95680000)<br>| USD | &nbsp;&nbsp; 98859 | 8/18/25 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; — |
| GSI | HUF | &nbsp;&nbsp; (36555000)<br>| USD | &nbsp;&nbsp; 106875 | 10/10/25 | &nbsp;&nbsp; 2961 | &nbsp;&nbsp; — |
| GSI | IDR | &nbsp;&nbsp; 1724970000 | USD | &nbsp;&nbsp; (103131)<br>| 8/15/25 | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; — |
| GSI | INR | &nbsp;&nbsp; (6960000)<br>| USD | &nbsp;&nbsp; 79901 | 9/23/25 | &nbsp;&nbsp; 604 | &nbsp;&nbsp; — |
| GSI | INR | &nbsp;&nbsp; (15725000)<br>| USD | &nbsp;&nbsp; 182260 | 9/25/25 | &nbsp;&nbsp; 3120 | &nbsp;&nbsp; — |
| GSI | INR | &nbsp;&nbsp; (17780000)<br>| USD | &nbsp;&nbsp; 206272 | 10/17/25 | &nbsp;&nbsp; 3941 | &nbsp;&nbsp; — |
| GSI | KRW | &nbsp;&nbsp; (99060000)<br>| USD | &nbsp;&nbsp; 72501 | 8/27/25 | &nbsp;&nbsp; 1406 | &nbsp;&nbsp; — |
| GSI | MXN | &nbsp;&nbsp; 2020000 | USD | &nbsp;&nbsp; (105313)<br>| 8/19/25 | &nbsp;&nbsp; 1537 | &nbsp;&nbsp; — |
| GSI | MYR | &nbsp;&nbsp; (315000)<br>| USD | &nbsp;&nbsp; 74537 | 10/10/25 | &nbsp;&nbsp; 564 | &nbsp;&nbsp; — |
| GSI | MYR | &nbsp;&nbsp; (453000)<br>| USD | &nbsp;&nbsp; 107105 | 10/21/25 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; — |
| HSBC | CAD | &nbsp;&nbsp; (36000)<br>| USD | &nbsp;&nbsp; 26503 | 10/24/25 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; — |
| HSBC | EUR | &nbsp;&nbsp; (163000)<br>| USD | &nbsp;&nbsp; 189430 | 9/3/25 | &nbsp;&nbsp; 2993 | &nbsp;&nbsp; — |
| HSBC | EUR | &nbsp;&nbsp; (24000)<br>| USD | &nbsp;&nbsp; 27927 | 9/22/25 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; — |
| LYD | EUR | &nbsp;&nbsp; 225000 | USD | &nbsp;&nbsp; (254570)<br>| 8/19/25 | &nbsp;&nbsp; 2532 | &nbsp;&nbsp; — |
| MSC | EUR | &nbsp;&nbsp; (225000)<br>| USD | &nbsp;&nbsp; 266105 | 8/19/25 | &nbsp;&nbsp; 9003 | &nbsp;&nbsp; — |
| MSC | EUR | &nbsp;&nbsp; (135000)<br>| USD | &nbsp;&nbsp; 159747 | 8/27/25 | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; — |
| MSC | IDR | &nbsp;&nbsp; (1003975000)<br>| USD | &nbsp;&nbsp; 60983 | 8/27/25 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; — |
| MSC | IDR | &nbsp;&nbsp; (1629925000)<br>| USD | &nbsp;&nbsp; 98892 | 9/23/25 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; — |
| MSC | MXN | &nbsp;&nbsp; (8020000)<br>| USD | &nbsp;&nbsp; 409158 | 8/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15067)<br>|
| MSC | MXN | &nbsp;&nbsp; 1942000 | USD | &nbsp;&nbsp; (103392)<br>| 8/19/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (669)<br>|
| MSC | MXN | &nbsp;&nbsp; (5960000)<br>| USD | &nbsp;&nbsp; 316833 | 10/10/25 | &nbsp;&nbsp; 3352 | &nbsp;&nbsp; — |
| MSC | MYR | &nbsp;&nbsp; (305000)<br>| USD | &nbsp;&nbsp; 71748 | 8/27/25 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; — |
| MSC | ZAR | &nbsp;&nbsp; 1900000 | USD | &nbsp;&nbsp; (103005)<br>| 8/12/25 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; — |
| MSC | ZAR | &nbsp;&nbsp; (1935000)<br>| USD | &nbsp;&nbsp; 106454 | 9/23/25 | &nbsp;&nbsp; 636 | &nbsp;&nbsp; — |
| RBC | HUF | &nbsp;&nbsp; (36635000)<br>| USD | &nbsp;&nbsp; 105846 | 10/21/25 | &nbsp;&nbsp; 1767 | &nbsp;&nbsp; — |
| RBC | ZAR | &nbsp;&nbsp; (2860000)<br>| USD | &nbsp;&nbsp; 158572 | 10/21/25 | &nbsp;&nbsp; 2469 | &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; $85998 | &nbsp;&nbsp; $(49106)<br>|

---

Lincoln Inflation Plus Fund-3

------

**Lincoln Inflation Plus Fund**

**Consolidated Schedule of Investments (continued)**

**Futures Contracts**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>2</sup> <br>| **Value/** <br>**Unrealized** <br>**Depreciation**<sup>2</sup> <br>|
| **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** | **Commodity Contracts:** |
| 13 | CBOT Corn Futures | &nbsp;&nbsp; $256100 | &nbsp;&nbsp; $272792 | &nbsp;&nbsp; 9/12/25 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16692)<br>|
| 4 | CBOT Soybean Futures | &nbsp;&nbsp; 197850 | &nbsp;&nbsp; 208113 | &nbsp;&nbsp; 11/14/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10263)<br>|
| 7 | CBOT Soybean Oil Futures | &nbsp;&nbsp; 229908 | &nbsp;&nbsp; 202421 | &nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp; 27487 | &nbsp;&nbsp; — |
| 6 | CBOT Wheat Futures | &nbsp;&nbsp; 156975 | &nbsp;&nbsp; 162545 | &nbsp;&nbsp; 9/12/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5570)<br>|
| 12 | COMEX 1000-oz. Silver Futures | &nbsp;&nbsp; 440544 | &nbsp;&nbsp; 439434 | &nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; — |
| 8 | COMEX E-Micro Gold Futures | &nbsp;&nbsp; 267888 | &nbsp;&nbsp; 273238 | &nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5350)<br>|
| 13 | Micro Copper Futures | &nbsp;&nbsp; 141521 | &nbsp;&nbsp; 161314 | &nbsp;&nbsp; 8/27/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (19793)<br>|
| 1 | NYBOT CSC C Coffee Futures | &nbsp;&nbsp; 110925 | &nbsp;&nbsp; 114884 | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3959)<br>|
| 8 | NYBOT CSC Number 11 World Sugar Futures | &nbsp;&nbsp; 146496 | &nbsp;&nbsp; 150644 | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4148)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp; $28597 | &nbsp;&nbsp; $(65775)<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;

---

| |
|:---|
| <sup>1</sup> See Note 8 in Notes to Consolidated Financial Statements. |
| <sup>2</sup> Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through July 31, 2025. Only <br> current day variation margin is reported on the Consolidated Statement of Assets and Liabilities. |

---

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

---

| |
|:---|
| **Summary of Abbreviations:** |
| BNP–BNP Paribas |
| BRC–Barclays Bank |
| BRL–Brazilian Real |
| CAD–Canadian Dollar |
| CBOT–Chicago Board of Trade |
| CIBC–Canadian Imperial Bank of Commerce |
| CLP–Chilean Peso |
| COMEX–Commodity Exchange |
| EGP–Egyptian Pound |
| ETF–Exchange-Traded Fund |
| EUR–Euro |
| GSI–Goldman Sachs International |
| HSBC–Hong Kong and Shanghai Banking Corporation |
| HUF–Hungarian Forint |
| IDR–Indonesia Rupiah |
| INR–Indian Rupee |
| KRW–South Korean Won |
| LYD–Lloyds Bank Corporate Markets PLC |
| MSC–Morgan Stanley & Co. |
| MXN–Mexican Peso |
| MYR–Malaysian Ringgit |
| NYBOT–New York Board of Trade |
| PHP–Philippine Peso |
| RBC–Royal Bank of Canada |
| SPDR–Standard & Poor's Depositary Receipt |
| TRY–Turkish New Lira |
| USD–United States Dollar |
| ZAR–South African Rand |

---

See accompanying notes, which are an integral part of the consolidated financial statements.

Lincoln Inflation Plus Fund-4

------

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

---

| | |
|:---|:---|
| **Lincoln Inflation Plus Fund** | **Lincoln Inflation Plus Fund** |
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| July 31, 2025 | July 31, 2025 |
| **ASSETS:** |  |
| Investments, at value | &nbsp;&nbsp; $9892476 |
| Cash | &nbsp;&nbsp; 303683 |
| Cash collateral held at broker for futures contracts | &nbsp;&nbsp; 150365 |
| Dividends and interest receivable  | &nbsp;&nbsp; 114292 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 91660 |
| Unrealized appreciation on foreign currency exchange contracts | &nbsp;&nbsp; 85998 |
| Foreign currencies, at value | &nbsp;&nbsp; 63522 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 10701996 |
| **LIABILITIES:** |  |
| Variation margin due to broker on futures contracts | &nbsp;&nbsp; 94640 |
| Payable for legal fee | &nbsp;&nbsp; 58304 |
| Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp; 49106 |
| Payable for custodian fee | &nbsp;&nbsp; 32215 |
| Due to custodian | &nbsp;&nbsp; 30411 |
| Payable for audit fee | &nbsp;&nbsp; 30000 |
| Payable for fund accounting fee | &nbsp;&nbsp; 11733 |
| Due to manager and affiliates | &nbsp;&nbsp; 8704 |
| Payable for transfer agent fees | &nbsp;&nbsp; 7384 |
| Other accrued expenses payable | &nbsp;&nbsp; 6711 |
| Foreign capital gain taxes payable | &nbsp;&nbsp; 808 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 330016 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $10371980 |
| Investments, at cost | &nbsp;&nbsp; $9770519 |
| Foreign currencies, at cost | &nbsp;&nbsp; 63172 |
| **Class A:** |  |
| Net Assets | &nbsp;&nbsp; $5139535 |
| Shares Outstanding | &nbsp;&nbsp; 517216 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.937 |
| **Class I:** |  |
| Net Assets | &nbsp;&nbsp; $5232445 |
| Shares Outstanding | &nbsp;&nbsp; 526560 |
| Net Asset Value Per Share | &nbsp;&nbsp; $9.937 |
| **COMPONENTS OF NET ASSETS AT JULY 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $10471719 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; (99739)<br>|
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $10371980 |

---

See accompanying notes, which are an integral part of the consolidated financial statements.

Lincoln Inflation Plus Fund-5

------

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

---

| | |
|:---|:---|
| **Lincoln Inflation Plus Fund** | **Lincoln Inflation Plus Fund** |
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| October 1, 2024\* to July 31, 2025 | October 1, 2024\* to July 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Interest | $486315 |
| Dividends | 27140 |
| Foreign taxes withheld | (10381)<br>|
|  | 503074 |
| **EXPENSES:** |  |
| Professional fees | 210891 |
| Management fees | 71109 |
| Accounting and administration expenses | 46873 |
| Insurance expense | 46124 |
| Custodian fees | 42779 |
| Trustees' fees and expenses | 34990 |
| Transfer agent fees and expenses | 33857 |
| Distribution fees-Class A | 10369 |
| Reports and statements to shareholders | 9703 |
| Pricing fees | 2202 |
| Other | 11571 |
|  | 520468 |
| Less:  |  |
| Expenses reimbursed | (418076)<br>|
| Total operating expenses | 102392 |
| **NET INVESTMENT INCOME**  | 400682 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) from: |  |
| Investments | (219631)<br>|
| Foreign currencies | (18735)<br>|
| Foreign currency exchange contracts | (14431)<br>|
| Futures contracts | 3960 |
| Net realized loss | (248837)<br>|
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Investments<sup>\*\*</sup> | 121149 |
| Foreign currencies | (728)<br>|
| Foreign currency exchange contracts | 36892 |
| Futures contracts | (37178)<br>|
| Net change in unrealized appreciation (depreciation) | 120135 |
| **NET REALIZED AND UNREALIZED LOSS** | (128702)<br>|
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $271980 |

---

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

\* Date of commencement of operations.

\*\* Includes $(808) change in foreign capital gain taxes accrued.

See accompanying notes, which are an integral part of the consolidated financial statements.

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

---

| | |
|:---|:---|
| **Lincoln Inflation Plus Fund** | **Lincoln Inflation Plus Fund** |
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **10/1/24\***<br> **to**<br> **7/31/25**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM** <br> **OPERATIONS:**<br>|  |
| Net investment income | $400682 |
| Net realized loss | (248837)<br>|
| Net change in unrealized appreciation <br> (depreciation)<br>| 120135 |
| Net increase in net assets resulting from operations | 271980 |
| **DIVIDENDS AND DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |
| Distributable earnings: |  |
| Class A | (159930)<br>|
| Class I | (173165)<br>|
|  | (333095)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |
| Proceeds from shares sold: |  |
| Class A | 5010000 |
| Class I | 5090000 |
| Reinvestment of dividends and<br> distributions:<br>|  |
| Class A | 159930 |
| Class I | 173165 |
| Increase in net assets derived from capital share <br> transactions<br>| 10433095 |
| **NET INCREASE IN NET ASSETS** | 10371980 |
| **NET ASSETS:** |  |
| Beginning of period |  |
| End of period | $10371980 |

---

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

\* Date of commencement of operations.

See accompanying notes, which are an integral part of the consolidated financial statements.

Lincoln Inflation Plus Fund-6

------

**Lincoln Inflation Plus Fund**

**Consolidated Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class I** |
|  | **10/1/24**<sup>1</sup> <br>**to**<br> **7/31/25**<br>| **10/1/24**<sup>1</sup> <br>**to**<br> **7/31/25**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income<sup>2</sup> | 0.382 | 0.403 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.129)<br>| &nbsp;&nbsp; (0.129)<br>|
| Total from investment operations | 0.253 | 0.274 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.316)<br>| &nbsp;&nbsp; (0.337)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.937 | &nbsp;&nbsp; $9.937 |
| Total return<sup>3</sup> | &nbsp;&nbsp; 2.59% | &nbsp;&nbsp; 2.80% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $5140 | &nbsp;&nbsp; $5232 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.10% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.10% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 4.91% |
| Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; (0.34%)<br>| &nbsp;&nbsp; (0.09%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 193% | &nbsp;&nbsp; 193% |

---

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

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. 

See accompanying notes, which are an integral part of the consolidated financial statements.

Lincoln Inflation Plus Fund-7

------

**Lincoln Inflation Plus Fund**

**Notes to Consolidated Financial Statements**

July 31, 2025

Lincoln Funds Trust (the "Trust") is a Delaware statutory trust. The Trust consists of 2 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These consolidated financial statements and the related notes pertain to the Lincoln Inflation Plus Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is non-diversified for purposes of the Investment Company Act of 1940. The Fund offers Class A Shares and Class I Shares.

The Lincoln Inflation Plus Fund seeks to provide capital growth above U.S. inflation over an economic cycle (generally, rolling three-to-five-year periods).

**1. Basis for Consolidation**

The Fund will invest up to 25% of its total assets in the shares of Lincoln Inflation Plus Fund Cayman, Ltd., a wholly-owned subsidiary (the "Subsidiary") of the Fund formed in the Cayman Islands. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, including fixed-income securities, either as investments or to serve as margin or collateral for the Subsidiary's derivative positions. The Subsidiary is not registered under the 1940 Act and not subject to all the investor protections of the 1940 Act.

The Fund consolidates its investment in the Subsidiary in these consolidated financial statements. Accordingly, the consolidated financial statements include the assets and liabilities and the results of operations of the Subsidiary. All material intercompany balances and transactions have been eliminated. As of July 31, 2025, the net assets of the Subsidiary were $2,365,508, which represented 22.81% of the Fund's net assets.

**2. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Equity securities and Exchange-Traded Funds ("ETFs"), except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are used when the settlement date of the contract is an interim date for which quotations are not available. U.S. government and agency securities are valued at the evaluated bid price, which approximates fair value. Valuations for fixed income securities, including short-term debt securities, are typically the prices supplied by third party pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics, including but not limited to, benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). Futures contracts are valued at the daily quoted settlement prices.

Lincoln Inflation Plus Fund-8

------

**Lincoln Inflation Plus Fund**

**Notes to Consolidated Financial Statements (continued)**

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

 **2. Significant Accounting Policies (continued)**

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken or to be taken on the Fund's federal income tax returns from the period October 1, 2024\* through the period ended July 31, 2025, and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Consolidated Statement of Operations. During the period October 1, 2024\* through July 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Foreign Currency Transactions–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally separates the portion of realized gains and losses on investments in debt securities resulting from changes in foreign exchange rates from that which is due to changes in market prices of debt securities. Gains or losses attributable to the changes in foreign exchange rates are included in the Consolidated Statement of Operations under "Net realized gain (loss) on foreign currencies". For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates–The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, quarterly. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factors affecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the period October 1, 2024\* through July 31, 2025.

Segment Reporting–The Fund adopted Financial Accounting Standards Board Update 2023-07, "Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures'' ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

\* Date of commencement of operations.

Lincoln Inflation Plus Fund-9

------

**Lincoln Inflation Plus Fund**

**Notes to Consolidated Financial Statements (continued)**

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

**3. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.85% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 1.35% of the Fund's average daily net assets for Class A and 1.10% for Class I. The reimbursement is accrued daily and received monthly. The agreement will continue at least through July 31, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the period October 1, 2024\* through July 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal year in which they expire:

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $418076 | &nbsp;&nbsp; $418076 |

---

Schroder Investment Management North America Inc. ("SIMNA") (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio and the Subsidiary's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

The Fund currently offers two classes of shares: Class A and Class I. The two classes of shares are identical, except that Class A shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Class A shares an annual 12b-1 Fee at a rate not to exceed 0.25% of the average daily net assets of the Class A shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Class A shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At July 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $91660 |
| Management fees payable to LFI | &nbsp;&nbsp; 7597 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 1107 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

Lincoln Life owned 50.44% of the Fund's total shares, 100.00% of the Fund's Class A shares, and 1.77% of the Fund's Class I shares at July 31, 2025.

Schroders US Holdings Inc. owned 49.56% of the Fund's total shares and 98.23% of the Fund's Class I shares at July 31, 2025.

Other Service Providers - On behalf of the Fund, the Trust has entered into a Fund Accounting and Financial Administration Agreement with State Street Bank and Trust Company ("SSB"), to provide administrative and fund accounting services. The Trust has also entered into a Custody & Services Agreement with SSB, to serve as Custodian.

The Trust has entered into an agreement with FIS Investor Services LLC to act as Transfer and Shareholder Services Agent for the Fund under a Transfer Agency Services Order.

\* Date of commencement of operations.

Lincoln Inflation Plus Fund-10

------

**Lincoln Inflation Plus Fund**

**Notes to Consolidated Financial Statements (continued)**

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

**4. Investments**

For the period October 1, 2024\* through July 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases other than U.S. government securities | &nbsp;&nbsp; $14096747 |
| Purchases of U.S. government securities | &nbsp;&nbsp; 2053263 |
| Sales other than U.S. government securities | &nbsp;&nbsp; 7930015 |
| Sales of U.S. government securities | &nbsp;&nbsp; 2016419 |

---

At July 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $9868548 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $54317 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (26715)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $27602 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Lincoln Inflation Plus Fund-11

------

**Lincoln Inflation Plus Fund**

**Notes to Consolidated Financial Statements (continued)**

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

 **4. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock |  |  |  |  |
| Canada | &nbsp;&nbsp; $166094 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $166094 |
| United Kingdom | &nbsp;&nbsp; 33716 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33716 |
| United States | &nbsp;&nbsp; 59729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59729 |
| Corporate Bond | &nbsp;&nbsp; — | &nbsp;&nbsp; 234910 | &nbsp;&nbsp; — | &nbsp;&nbsp; 234910 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 4021930 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4021930 |
| Supranational Banks | &nbsp;&nbsp; — | &nbsp;&nbsp; 783012 | &nbsp;&nbsp; — | &nbsp;&nbsp; 783012 |
| Exchange-Traded Funds | &nbsp;&nbsp; 968574 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 968574 |
| Money Market Fund | &nbsp;&nbsp; 1889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1889 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 3622622 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3622622 |
| **Total Investments** | &nbsp;&nbsp; $1230002 | &nbsp;&nbsp; $8662474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9892476 |
| **Derivatives:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85998 |
| Futures Contracts | &nbsp;&nbsp; $28597 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28597 |
| **Liabilities:** |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(49106)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(49106)<br>|
| Futures Contracts | &nbsp;&nbsp; $(65775)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(65775)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

\* Date of commencement of operations.

**5. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to wash sales, controlled foreign corporation, forward contracts and straddles. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the period ended July 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **10/1/24\***<br> **to**<br>|
|  | **7/31/25** |
| Ordinary income | $333095 |

---

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

\* Date of commencement of operations.

**6. Components of Distributable Earnings on a Tax Basis**

As of July 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $93589 |
| Capital loss carryforward | &nbsp;&nbsp; (115415)<br>|
| Other temporary differences | &nbsp;&nbsp; (105515)<br>|
| Net unrealized appreciation | &nbsp;&nbsp; 27602 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $(99739)<br>|

---

Lincoln Inflation Plus Fund-12

------

**Lincoln Inflation Plus Fund**

**Notes to Consolidated Financial Statements (continued)**

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

 **6. Components of Distributable Earnings on a Tax Basis (continued)**

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended July 31, 2025, the Fund recorded the following permanent reclassifications primarily related to Controlled Foreign Corporation and non-deductible expenses:

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $(38624)<br>| &nbsp;&nbsp; $38624 |

---

As of July 31, 2025, the Fund had the following capital loss carryforwards for federal income tax purposes:

---

| | | |
|:---|:---|:---|
| **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** | **Post-Enactment Losses (No Expiration)** |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $91441 | &nbsp;&nbsp; $23974 | &nbsp;&nbsp; $115415 |

---

**7. Capital Shares**

Transactions in capital shares were as follows:

---

| | |
|:---|:---|
|  | **10/1/24**<sup>\*</sup> <br>**to**<br>|
|  | **7/31/25** |
| Shares sold: |  |
| Class A | &nbsp;&nbsp; 500997 |
| Class I | &nbsp;&nbsp; 508997 |
| Shares reinvested: |  |
| Class A | &nbsp;&nbsp; 16219 |
| Class I | &nbsp;&nbsp; 17563 |
|  | &nbsp;&nbsp; 1043776 |
| Shares redeemed: |  |
| Class A | &nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp; — |
| Net increase | &nbsp;&nbsp; 1043776 |

---

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

\* Date of commencement of operations.

**8. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Foreign Currency Exchange Contracts–The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is paid for and delivered. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies and to facilitate or expedite the settlement of portfolio transactions. A change in a contract's value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts establishes a rate of exchange that can be achieved in the future but does not eliminate fluctuations in the underlying prices of the securities. Although foreign currency exchange contracts may limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to the risk that counterparties to the contracts may be unable to meet the terms of their contracts. The Fund's maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. This risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

During the period October 1, 2024\* through July 31, 2025, the Fund entered into foreign currency exchange contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies.

Lincoln Inflation Plus Fund-13

------

**Lincoln Inflation Plus Fund**

**Notes to Consolidated Financial Statements (continued)**

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

 **8. Derivatives (continued)**

Futures Contracts–The Fund may use futures contracts in the normal course of pursuing its investment objective and strategies. The Fund may invest in futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions; as a cash management tool; to hedge currency risks associated with the Fund's investments; to facilitate investments in portfolio securities; and to reduce costs. In addition, the Fund may take long or short positions in futures to seek to stabilize overall portfolio volatility and to hedge overall market risk. Upon entering into a futures contract, the Fund deposits U.S. or foreign cash or pledges U.S. government securities to a broker, equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities, the possibility of an illiquid secondary market for these instruments, and the risk that "speculative position limits" imposed by the Commodity Futures Trading Commission and/or an exchange may limit the number of futures contracts that can be traded on a particular day. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

During the period October 1, 2024\* through July 31, 2025, the Fund used futures contracts to hedge the Fund's existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

Fair values of derivative instruments as of July 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Consolidated Statement of Assets and** <br> **Liabilities Location**<br>| **Fair Value** | **Consolidated Statement of Assets and** <br> **Liabilities Location**<br>| **Fair Value** |
| Foreign currency <br> exchange contracts <br> (Currency <br> contracts)<br>| Unrealized appreciation on foreign <br> currency exchange contracts<br>| $85998 | Unrealized depreciation on foreign <br> currency exchange contracts<br>| $(49106)<br>|
| Futures contracts <br> (Commodity <br> contracts)<sup>1</sup><br>| Variation margin due to broker on futures <br> contracts<br>| 28597 | Variation margin due to broker on futures <br> contracts<br>| (65775)<br>|
| Total |  | $114595 |  | $(114881)<br>|

---

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

1 Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through July 31, 2025. Only current day variation margin is reported on the Consolidated Statement of Assets and Liabilities.

The effect of derivative instruments on the Consolidated Statement of Operations for the period October 1, 2024\* through July 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Foreign currency exchange <br> contracts (Currency contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from foreign currency exchange <br> contracts and net change in unrealized appreciation <br> (depreciation) of foreign currency exchange contracts<br>| &nbsp;&nbsp; $(14431)<br>| &nbsp;&nbsp; $36892 |
| Futures contracts (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; 7061 | &nbsp;&nbsp; — |
| Futures contracts (Interest rate <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; 1701 | &nbsp;&nbsp; — |
| Futures contracts (Commodities <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from futures contracts and net <br> change in unrealized appreciation (depreciation) of futures <br> contracts<br>| &nbsp;&nbsp; (4802)<br>| &nbsp;&nbsp; (37178)<br>|
| Total |  | &nbsp;&nbsp; $(10471)<br>| &nbsp;&nbsp; $(286)<br>|

---

Lincoln Inflation Plus Fund-14

------

**Lincoln Inflation Plus Fund**

**Notes to Consolidated Financial Statements (continued)**

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

 **8. Derivatives (continued)**

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the period October 1, 2024\* through July 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Foreign currency exchange contracts (average cost) | $2286264 | $3310391 |
| Futures contracts (average notional value) | 1202622 | 126607 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Consolidated Statement of Assets and Liabilities.

At July 31, 2025, the Fund had the following assets and liabilities subject to offsetting provisions:

**Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative Assets**<br>| **Gross Value of** <br>**Derivative Liability**<br>| **Net Position** |
| Barclays Bank PLC | &nbsp;&nbsp; $21089 | &nbsp;&nbsp; $(15998)<br>| &nbsp;&nbsp; $5091 |
| BNP Paribas SA | &nbsp;&nbsp; 6505 | &nbsp;&nbsp; (513)<br>| &nbsp;&nbsp; 5992 |
| Goldman Sachs International | &nbsp;&nbsp; 20829 | &nbsp;&nbsp; (16404)<br>| &nbsp;&nbsp; 4425 |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 3844 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3844 |
| Imperial Bank of Canada | &nbsp;&nbsp; 6657 | &nbsp;&nbsp; (455)<br>| &nbsp;&nbsp; 6202 |
| Lloyds Bank Corporate Markets PLC | &nbsp;&nbsp; 2532 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2532 |
| Morgan Stanley Capital | &nbsp;&nbsp; 20306 | &nbsp;&nbsp; (15736)<br>| &nbsp;&nbsp; 4570 |
| Royal Bank of Canada | &nbsp;&nbsp; 4236 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4236 |
| Total | &nbsp;&nbsp; $85998 | &nbsp;&nbsp; $(49106)<br>| &nbsp;&nbsp; $36892 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Net Position** | **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Received**<br>| **Cash Collateral** <br> **Received**<br>| **Fair Value of** <br> **Non Cash** <br> **Collateral** <br>**Pledged**<br>| **Cash Collateral** <br> **Pledged**<br>| **Net Exposure**<sup>1</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $5091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5091 |
| BNP Paribas SA | &nbsp;&nbsp; 5992 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5992 |
| Goldman Sachs International | &nbsp;&nbsp; 4425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4425 |
| Hong Kong Shanghai Bank | &nbsp;&nbsp; 3844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3844 |
| Imperial Bank of Canada | &nbsp;&nbsp; 6202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6202 |
| Lloyds Bank Corporate <br> Markets PLC<br>| &nbsp;&nbsp; 2532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2532 |
| Morgan Stanley Capital | &nbsp;&nbsp; 4570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4570 |
| Royal Bank of Canada | &nbsp;&nbsp; 4236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4236 |
| Total | &nbsp;&nbsp; $36892 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36892 |

---

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

1 Net exposure represents the receivable (payable) that would be due from (to) the counterparty in an event of default.

\* Date of commencement of operations.

**9. Risk Factors**

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

Lincoln Inflation Plus Fund-15

------

**Lincoln Inflation Plus Fund**

**Notes to Consolidated Financial Statements (continued)**

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

 **9. Risk Factors (continued)**

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

Foreign investments have additional risks that are not present when investing in U.S. Investments. Foreign currency fluctuations or economic or financial instability could cause the value of foreign investments to fluctuate. Foreign currency risk is the risk that the U.S. dollar value of foreign investments may be negatively affected by changes in foreign (non-U.S.) currency rates. Currency exchange rates may fluctuate significantly over short periods of time. The value of foreign investments may be reduced by the foreign taxes, such as foreign tax on interest and dividends. Additionally, foreign investments include the risk of loss from foreign government or political actions including, for example, the imposition of exchange controls, the imposition of tariffs, economic and trade sanctions or embargoes, confiscations, and other government restrictions, or from problems in registration, settlement or custody. These actions could range from changes in tax or trade statutes to terrorism, governmental collapse, regional conflicts and war. Investing in foreign investments may involve risks resulting from the reduced availability of public information concerning issuers.

When interest rates change, fixed income securities (i.e., debt obligations) generally will fluctuate in value. These fluctuations in value are greater for fixed income securities with longer maturities or durations.

The Fund invests in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor's Financial Services LLC or Ba or lower by Moody's Investor Services Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

**10. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**11. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

Lincoln Inflation Plus Fund-16

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Lincoln Inflation Plus Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement assets and liabilities of Lincoln Inflation Plus Fund (the "Fund") (one of the series constituting Lincoln Funds Trust (the "Trust")), including the consolidated schedule of investments, as of July 31, 2025, and the related consolidated statements of operations and changes in net assets, and the consolidated financial highlights for the period from October 1, 2024 (date of commencement of operations) through July 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the series constituting Lincoln Funds Trust) at July 31, 2025, the consolidated results of its operations and changes in its net assets and its consolidated financial highlights for the period from October 1, 2024 (date of commencement of operations) through July 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](img793deb1b2.jpg)

We have served as the auditor of one or more Lincoln investment companies since 1981.

Philadelphia, Pennsylvania

September 18, 2025

Lincoln Inflation Plus Fund–17

------

**Lincoln Inflation Plus Fund**

**Tax Information (unaudited)**

For federal income tax purposes, the following information with respect to the distributions of the fund, if any, paid during its taxable year ended July 31, 2025.

The fund reports the maximum amount allowed of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The fund reports maximum amount allowable as section 163(j) Interest Dividends.

The fund paid $0 in long term capital gain dividends.

The fund reports the maximum amount allowable of its section 199A dividends as defined in Proposed Treasury Regulations 71.199A-3(d).

Eligible shareholders will be mailed a 2025 Form 1099-DIV in early 2026. This will reflect the tax character of all distributions paid in the calendar year 2025.

**Please consult a tax advisor regarding the tax consequences of your investment in the fund.** 

Lincoln Inflation Plus Fund-18

------

![](imgbf8b22ab1.jpg)

Lincoln U.S. Equity Income Maximizer Fund

a series of Lincoln Funds Trust

Annual Financial Statements

July 31, 2025

------

**Lincoln U.S. Equity Income Maximizer Fund** 

**Index** 

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_fc426e66-60ad-43b7-a1f0-d7a197c89efd_SOI-continued-714_1)**  | &nbsp;&nbsp; **1** |
| **[Statement of Assets and Liabilities](#xx_fc426e66-60ad-43b7-a1f0-d7a197c89efd_FS-continued-714_1)**  | &nbsp;&nbsp; **4** |
| **[Statement of Operations](#xx_fc426e66-60ad-43b7-a1f0-d7a197c89efd_FS-continued-714_2)**  | &nbsp;&nbsp; **5** |
| **[Statement of Changes in Net Assets](#xx_fc426e66-60ad-43b7-a1f0-d7a197c89efd_FS-continued-714_2)**  | &nbsp;&nbsp; **5** |
| **[Financial Highlights](#xx_fc426e66-60ad-43b7-a1f0-d7a197c89efd_FIHI-continued-714_1)**  | &nbsp;&nbsp; **6** |
| **[Notes to Financial Statements](#xx_fc426e66-60ad-43b7-a1f0-d7a197c89efd_NTF-continued-714_1)**  | &nbsp;&nbsp; **7** |
| **[Report of Independent Registered Public Accounting Firm](#xx_fc426e66-60ad-43b7-a1f0-d7a197c89efd_AUDIT-continued-714_1)**  | &nbsp;&nbsp; **13** |
| **[Tax Information (unaudited)](#xx_fc426e66-60ad-43b7-a1f0-d7a197c89efd_OFI-continued-714_1)**  | &nbsp;&nbsp; **14** |

---

------

**Lincoln U.S. Equity Income Maximizer Fund**

**Schedule of Investments**

July 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares**<br>| **Value** <br>**(U.S. $)**<br>|
| **COMMON STOCK–95.93%** | **COMMON STOCK–95.93%** | **COMMON STOCK–95.93%** |
| **Aerospace & Defense–1.78%** | **Aerospace & Defense–1.78%** | **Aerospace & Defense–1.78%** |
| General Electric Co. | 580 | $157226 |
| RTX Corp. | 880 | 138662 |
|  |  | **295888** |
| **Air Freight & Logistics–0.39%** | **Air Freight & Logistics–0.39%** | **Air Freight & Logistics–0.39%** |
| United Parcel Service, Inc. <br> Class B<br>| 761 | 65568 |
|  |  | **65568** |
| **Automobiles–1.62%** | **Automobiles–1.62%** | **Automobiles–1.62%** |
| †Tesla, Inc. | 875 | 269736 |
|  |  | **269736** |
| **Banks–5.02%** | **Banks–5.02%** | **Banks–5.02%** |
| Bank of America Corp. | 4085 | 193098 |
| JPMorgan Chase & Co. | 1210 | 358451 |
| PNC Financial Services <br> Group, Inc.<br>| 608 | 115684 |
| Wells Fargo & Co. | 2072 | 167065 |
|  |  | **834298** |
| **Beverages–0.73%** | **Beverages–0.73%** | **Beverages–0.73%** |
| PepsiCo, Inc. | 881 | 121508 |
|  |  | **121508** |
| **Biotechnology–1.35%** | **Biotechnology–1.35%** | **Biotechnology–1.35%** |
| AbbVie, Inc. | 778 | 147058 |
| Amgen, Inc. | 264 | 77906 |
|  |  | **224964** |
| **Broadline Retail–4.14%** | **Broadline Retail–4.14%** | **Broadline Retail–4.14%** |
| †Amazon.com, Inc. | 2936 | 687347 |
|  |  | **687347** |
| **Capital Markets–2.94%** | **Capital Markets–2.94%** | **Capital Markets–2.94%** |
| Blackrock, Inc. | 141 | 155948 |
| Goldman Sachs Group, Inc. | 237 | 171491 |
| Morgan Stanley | 1129 | 160837 |
|  |  | **488276** |
| **Chemicals–0.93%** | **Chemicals–0.93%** | **Chemicals–0.93%** |
| Linde PLC | 336 | 154647 |
|  |  | **154647** |
| **Communications Equipment–1.08%** | **Communications Equipment–1.08%** | **Communications Equipment–1.08%** |
| Cisco Systems, Inc. | 2628 | 178914 |
|  |  | **178914** |
| **Consumer Finance–0.91%** | **Consumer Finance–0.91%** | **Consumer Finance–0.91%** |
| American Express Co. | 505 | 151152 |
|  |  | **151152** |
| **Consumer Staples Distribution & Retail–1.98%** | **Consumer Staples Distribution & Retail–1.98%** | **Consumer Staples Distribution & Retail–1.98%** |
| Costco Wholesale Corp. | 188 | 176652 |
| Walmart, Inc. | 1553 | 152163 |
|  |  | **328815** |
| **Diversified Telecommunication Services–0.73%** | **Diversified Telecommunication Services–0.73%** | **Diversified Telecommunication Services–0.73%** |
| AT&T, Inc. | 4395 | 120467 |
|  |  | **120467** |
| **Electric Utilities–0.40%** | **Electric Utilities–0.40%** | **Electric Utilities–0.40%** |
| NextEra Energy, Inc. | 926 | 65802 |
|  |  | **65802** |
| **Electrical Equipment–0.68%** | **Electrical Equipment–0.68%** | **Electrical Equipment–0.68%** |
| Eaton Corp. PLC | 293 | 112723 |
|  |  | **112723** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Entertainment–1.74%** | **Entertainment–1.74%** | **Entertainment–1.74%** |
| †Netflix, Inc. | 157 | $182026 |
| Walt Disney Co. | 898 | 106961 |
|  |  | **288987** |
| **Financial Services–4.27%** | **Financial Services–4.27%** | **Financial Services–4.27%** |
| †Berkshire Hathaway, Inc. <br> Class B<br>| 631 | 297756 |
| Mastercard, Inc. Class A | 344 | 194866 |
| Visa, Inc. Class A | 628 | 216955 |
|  |  | **709577** |
| **Ground Transportation–0.51%** | **Ground Transportation–0.51%** | **Ground Transportation–0.51%** |
| †Uber Technologies, Inc. | 972 | 85293 |
|  |  | **85293** |
| **Health Care Equipment & Supplies–1.62%** | **Health Care Equipment & Supplies–1.62%** | **Health Care Equipment & Supplies–1.62%** |
| Abbott Laboratories | 1291 | 162911 |
| †Intuitive Surgical, Inc. | 220 | 105840 |
|  |  | **268751** |
| **Health Care Providers & Services–0.85%** | **Health Care Providers & Services–0.85%** | **Health Care Providers & Services–0.85%** |
| Elevance Health, Inc. | 212 | 60013 |
| UnitedHealth Group, Inc. | 325 | 81107 |
|  |  | **141120** |
| **Hotels, Restaurants & Leisure–2.72%** | **Hotels, Restaurants & Leisure–2.72%** | **Hotels, Restaurants & Leisure–2.72%** |
| Booking Holdings, Inc. | 19 | 104577 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 754 | 202132 |
| McDonald's Corp. | 339 | 101724 |
| Starbucks Corp. | 478 | 42619 |
|  |  | **451052** |
| **Household Durables–0.18%** | **Household Durables–0.18%** | **Household Durables–0.18%** |
| †NVR, Inc. | 4 | 30198 |
|  |  | **30198** |
| **Household Products–0.94%** | **Household Products–0.94%** | **Household Products–0.94%** |
| Procter & Gamble Co. | 1039 | 156338 |
|  |  | **156338** |
| **Industrial REITs–0.42%** | **Industrial REITs–0.42%** | **Industrial REITs–0.42%** |
| Prologis, Inc. | 653 | 69727 |
|  |  | **69727** |
| **Insurance–0.57%** | **Insurance–0.57%** | **Insurance–0.57%** |
| Progressive Corp. | 390 | 94396 |
|  |  | **94396** |
| **Interactive Media & Services–6.84%** | **Interactive Media & Services–6.84%** | **Interactive Media & Services–6.84%** |
| Alphabet, Inc. Class C | 3226 | 622167 |
| Meta Platforms, Inc. Class A | 664 | 513564 |
|  |  | **1135731** |
| **IT Services–1.03%** | **IT Services–1.03%** | **IT Services–1.03%** |
| Accenture PLC Class A | 263 | 70247 |
| International Business <br> Machines Corp.<br>| 399 | 101007 |
|  |  | **171254** |
| **Life Sciences Tools & Services–1.10%** | **Life Sciences Tools & Services–1.10%** | **Life Sciences Tools & Services–1.10%** |
| Danaher Corp. | 386 | 76104 |
| Thermo Fisher Scientific, <br> Inc.<br>| 227 | 106163 |
|  |  | **182267** |

---

Lincoln U.S. Equity Income Maximizer Fund-1

------

**Lincoln U.S. Equity Income Maximizer Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Machinery–3.44%** | **Machinery–3.44%** | **Machinery–3.44%** |
| Caterpillar, Inc. | 268 | $117389 |
| Dover Corp. | 830 | 150346 |
| Illinois Tool Works, Inc. | 770 | 197097 |
| Ingersoll Rand, Inc. | 1255 | 106211 |
|  |  | **571043** |
| **Media–0.56%** | **Media–0.56%** | **Media–0.56%** |
| Comcast Corp. Class A | 2789 | 92678 |
|  |  | **92678** |
| **Multi-Utilities–2.31%** | **Multi-Utilities–2.31%** | **Multi-Utilities–2.31%** |
| DTE Energy Co. | 1295 | 179241 |
| Sempra | 2503 | 204445 |
|  |  | **383686** |
| **Oil, Gas & Consumable Fuels–2.87%** | **Oil, Gas & Consumable Fuels–2.87%** | **Oil, Gas & Consumable Fuels–2.87%** |
| Chevron Corp. | 933 | 141480 |
| Exxon Mobil Corp. | 1715 | 191463 |
| Occidental Petroleum Corp. | 3263 | 143376 |
|  |  | **476319** |
| **Pharmaceuticals–3.43%** | **Pharmaceuticals–3.43%** | **Pharmaceuticals–3.43%** |
| Eli Lilly & Co. | 258 | 190938 |
| Johnson & Johnson | 1405 | 231460 |
| Merck & Co., Inc. | 960 | 74995 |
| Pfizer, Inc. | 3125 | 72781 |
|  |  | **570174** |
| **Residential REITs–0.51%** | **Residential REITs–0.51%** | **Residential REITs–0.51%** |
| Equity Residential | 1331 | 84119 |
|  |  | **84119** |
| **Retail REITs–0.65%** | **Retail REITs–0.65%** | **Retail REITs–0.65%** |
| Realty Income Corp. | 1925 | 108050 |
|  |  | **108050** |
| **Semiconductors & Semiconductor Equipment–13.27%** | **Semiconductors & Semiconductor Equipment–13.27%** | **Semiconductors & Semiconductor Equipment–13.27%** |
| †Advanced Micro Devices, Inc. | 628 | 110723 |
| Applied Materials, Inc. | 593 | 106776 |
| Broadcom, Inc. | 1575 | 462577 |
| Intel Corp. | 1825 | 36135 |
| Micron Technology, Inc. | 523 | 57080 |
| NVIDIA Corp. | 7539 | 1340962 |
| QUALCOMM, Inc. | 606 | 88936 |
|  |  | **2203189** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares**<br>| **Value**<br> **(U.S. $)**<br>|
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Software–12.35%** | **Software–12.35%** | **Software–12.35%** |
| †Adobe, Inc. | 163 | $58303 |
| †Crowdstrike Holdings, Inc. <br> Class A<br>| 115 | 52276 |
| Intuit, Inc. | 151 | 118555 |
| Microsoft Corp. | 2248 | 1199308 |
| Oracle Corp. | 520 | 131960 |
| †Palantir Technologies, Inc. <br> Class A<br>| 871 | 137923 |
| †PTC, Inc. | 748 | 160678 |
| Salesforce, Inc. | 380 | 98165 |
| †ServiceNow, Inc. | 100 | 94312 |
|  |  | **2051480** |
| **Specialized REITs–0.70%** | **Specialized REITs–0.70%** | **Specialized REITs–0.70%** |
| VICI Properties, Inc. | 3545 | 115567 |
|  |  | **115567** |
| **Specialty Retail–1.56%** | **Specialty Retail–1.56%** | **Specialty Retail–1.56%** |
| Home Depot, Inc. | 470 | 172730 |
| Lowe's Cos., Inc. | 387 | 86521 |
|  |  | **259251** |
| **Technology Hardware, Storage & Peripherals–5.85%** | **Technology Hardware, Storage & Peripherals–5.85%** | **Technology Hardware, Storage & Peripherals–5.85%** |
| Apple, Inc. | 4678 | 971012 |
|  |  | **971012** |
| **Tobacco–0.96%** | **Tobacco–0.96%** | **Tobacco–0.96%** |
| Philip Morris International, <br> Inc.<br>| 972 | 159457 |
|  |  | **159457** |
| **Total Common Stock** <br>**(Cost $14,437,096)** | **Total Common Stock** <br>**(Cost $14,437,096)** | **15930821** |

---

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

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUND–0.00%** | **MONEY MARKET FUND–0.00%** | **MONEY MARKET FUND–0.00%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Premier Class <br> (seven-day effective yield <br> 4.25%)<br>| 77 | 77 |
| **Total Money Market Fund** <br>**(Cost $77)** | **Total Money Market Fund** <br>**(Cost $77)** | **77** |

---

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

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

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS–95.93% (Cost $14,437,173)** | **15930898** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Value** <br>**(U.S. $)**<br>|
| **OPTIONS WRITTEN–(0.14)%** | **OPTIONS WRITTEN–(0.14)%** | **OPTIONS WRITTEN–(0.14)%** |
| **Centrally Cleared–(0.14)%** | **Centrally Cleared–(0.14)%** | **Centrally Cleared–(0.14)%** |
| **Call Options–(0.14)%** | **Call Options–(0.14)%** | **Call Options–(0.14)%** |
| Alphabet Strike price $200.85, expiration date 08/07/2025, notional amount $(120510) | (6)<br>| $(427)<br>|
| Alphabet Strike price $215.74, expiration date 09/04/2025, notional amount $(129444) | (6)<br>| (540)<br>|
| Amazon.com Strike price $253.60, expiration date 08/07/2025, notional amount $(126800) | (5)<br>| (682)<br>|
| Amazon.com Strike price $256.51, expiration date 09/04/2025, notional amount $(128255) | (5)<br>| (1369)<br>|
| Apple Strike price $232.65, expiration date 09/04/2025, notional amount $(418770) | (18)<br>| (1951)<br>|
| Broadcom Strike price $302.44, expiration date 08/07/2025, notional amount $(120976) | (4)<br>| (1189)<br>|
| Broadcom Strike price $351.79, expiration date 09/04/2025, notional amount $(140716) | (4)<br>| (732)<br>|
| Cisco Systems Strike price $73.47, expiration date 09/04/2025, notional amount $(102858) | (14)<br>| (780)<br>|
| Eli Lilly & Co. Strike price $929.14, expiration date 08/07/2025, notional amount $(185828) | (2)<br>| (8)<br>|
| Goldman Sachs Group Strike price $770.39, expiration date 08/07/2025, notional amount $(77039) | (1)<br>| (37)<br>|

---

Lincoln U.S. Equity Income Maximizer Fund-2

------

**Lincoln U.S. Equity Income Maximizer Fund**

**Schedule of Investments (continued)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Value**<br> **(U.S. $)**<br>|
| **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** | **OPTIONS WRITTEN (continued)** |
| **Centrally Cleared (continued)** | **Centrally Cleared (continued)** | **Centrally Cleared (continued)** |
| **Call Options (continued)** | **Call Options (continued)** | **Call Options (continued)** |
| Goldman Sachs Group Strike price $778.39, expiration date 09/04/2025, notional amount $(77839) | (1)<br>| $(404)<br>|
| Illinois Tool Works Strike price $274.97, expiration date 09/04/2025, notional amount $(109988) | (4)<br>| (318)<br>|
| International Business Machines Strike price $325.53, expiration date 08/07/2025, notional amount <br> $(65106)<br>| (2)<br>| 0 |
| Mastercard Strike price $599.22, expiration date 08/07/2025, notional amount $(59922) | (1)<br>| (15)<br>|
| Mastercard Strike price $600.67, expiration date 09/04/2025, notional amount $(60067) | (1)<br>| (284)<br>|
| Meta Platforms Strike price $794.92, expiration date 09/04/2025, notional amount $(158984) | (2)<br>| (3512)<br>|
| Meta Platforms Strike price $833.94, expiration date 08/07/2025, notional amount $(166788) | (2)<br>| (116)<br>|
| Netflix Strike price $1,532.40, expiration date 08/07/2025, notional amount $(153240) | (1)<br>| 0 |
| NVIDIA Strike price $178.03, expiration date 08/07/2025, notional amount $(320454) | (18)<br>| (6433)<br>|
| NVIDIA Strike price $203.40, expiration date 09/04/2025, notional amount $(366120) | (18)<br>| (3540)<br>|
| Occidental Petroleum Strike price $52.33, expiration date 09/04/2025, notional amount $(94194) | (18)<br>| (257)<br>|
| Oracle Strike price $286.53, expiration date 09/04/2025, notional amount $(57306) | (2)<br>| (387)<br>|
| Palantir Technologies Strike price $212.52, expiration date 09/04/2025, notional amount $(85008) | (4)<br>| (476)<br>|
| Philip Morris International Strike price $194.87, expiration date 08/07/2025, notional amount <br> $(58461)<br>| (3)<br>| 0 |
| Tesla Strike price $396.97, expiration date 09/04/2025, notional amount $(119091) | (3)<br>| (403)<br>|
| Tesla Strike price $415.31, expiration date 08/07/2025, notional amount $(124593) | (3)<br>| (5)<br>|
| Wells Fargo & Co. Strike price $89.26, expiration date 08/07/2025, notional amount $(89260) | (10)<br>| 0 |
|  |  | **(23865)**<br>|
| **Total Options Written** <br>**(Premiums received $(20385))** | **Total Options Written** <br>**(Premiums received $(20385))** | **(23865)**<br>|
| **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–4.21%** | **RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–4.21%** | **700231** |
| **NET ASSETS APPLICABLE TO 1,511,252 SHARES OUTSTANDING–100.00%** | **NET ASSETS APPLICABLE TO 1,511,252 SHARES OUTSTANDING–100.00%** | **$16607264** |

---

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

------

†Non-income producing.<br>

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

---

| |
|:---|
| **Summary of Abbreviations:** |
| IT–Information Technology |
| REIT–Real Estate Investment Trust |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln U.S. Equity Income Maximizer Fund-3

------

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

---

| | |
|:---|:---|
| **Lincoln U.S. Equity Income Maximizer Fund** | **Lincoln U.S. Equity Income Maximizer Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| July 31, 2025 | July 31, 2025 |
| **ASSETS:** |  |
| Investments, at value | &nbsp;&nbsp; $15930898 |
| Cash collateral held at broker for options contracts | &nbsp;&nbsp; 515524 |
| Cash | &nbsp;&nbsp; 188576 |
| Expense reimbursement receivable from Lincoln Financial Investments Corporation | &nbsp;&nbsp; 140435 |
| Dividends and interest receivable  | &nbsp;&nbsp; 9795 |
| **TOTAL ASSETS** | &nbsp;&nbsp; 16785228 |
| **LIABILITIES:** |  |
| Payable for legal fee | &nbsp;&nbsp; 86513 |
| Payable for audit fee | &nbsp;&nbsp; 25000 |
| Options written, at value | &nbsp;&nbsp; 23865 |
| Due to manager and affiliates | &nbsp;&nbsp; 13653 |
| Payable for fund accounting fee | &nbsp;&nbsp; 10949 |
| Payable for transfer agent fees | &nbsp;&nbsp; 10136 |
| Other accrued expenses payable | &nbsp;&nbsp; 4824 |
| Payable for custodian fee | &nbsp;&nbsp; 3024 |
| **TOTAL LIABILITIES** | &nbsp;&nbsp; 177964 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $16607264 |
| Investments, at cost | &nbsp;&nbsp; $14437173 |
| Options written, premiums received | &nbsp;&nbsp; (20385)<br>|
| **Class A:** |  |
| Net Assets | &nbsp;&nbsp; $8251027 |
| Shares Outstanding | &nbsp;&nbsp; 751385 |
| Net Asset Value Per Share | &nbsp;&nbsp; $10.981 |
| **Class I:** |  |
| Net Assets | &nbsp;&nbsp; $8356237 |
| Shares Outstanding | &nbsp;&nbsp; 759867 |
| Net Asset Value Per Share | &nbsp;&nbsp; $10.997 |
| **COMPONENTS OF NET ASSETS AT JULY 31, 2025:** |  |
| Shares of beneficial interest (unlimited authorization–no par) | &nbsp;&nbsp; $15110440 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; 1496824 |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $16607264 |

---

See accompanying notes, which are an integral part of the financial statements.

Lincoln U.S. Equity Income Maximizer Fund-4

------

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

---

| | |
|:---|:---|
| **Lincoln U.S. Equity Income Maximizer Fund** | **Lincoln U.S. Equity Income Maximizer Fund** |
| **Statement of Operations** | **Statement of Operations** |
| October 1, 2024\* to July 31, 2025 | October 1, 2024\* to July 31, 2025 |
| **INVESTMENT INCOME:** |  |
| Dividends | $169983 |
| **EXPENSES:** |  |
| Professional fees | 226814 |
| Management fees | 109089 |
| Trustees' fees and expenses | 53523 |
| Accounting and administration expenses | 53306 |
| Transfer agent fees and expenses | 50376 |
| Distribution fees-Class A | 15949 |
| Reports and statements to shareholders | 14086 |
| Custodian fees | 4970 |
| Index fees | 1700 |
| Pricing fees | 655 |
| Other | 75678 |
|  | 606146 |
| Less:  |  |
| Expenses reimbursed | (452873)<br>|
| Total operating expenses | 153273 |
| **NET INVESTMENT INCOME**  | 16710 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) from: |  |
| Investments | (71641)<br>|
| Options written | 71950 |
| Net realized gain | 309 |
| Net change in unrealized appreciation (depreciation) <br> of:<br>|  |
| Investments | 1493725 |
| Options written | (3480)<br>|
| Net change in unrealized appreciation (depreciation) | 1490245 |
| **NET REALIZED AND UNREALIZED GAIN** | 1490554 |
| **NET INCREASE IN NET ASSETS RESULTING** <br> **FROM OPERATIONS**<br>| $1507264 |

---

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

\* Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

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

---

| | |
|:---|:---|
| **Lincoln U.S. Equity Income Maximizer Fund** | **Lincoln U.S. Equity Income Maximizer Fund** |
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **10/1/24\***<br> **to**<br> **7/31/25**<br>|
| **INCREASE IN NET ASSETS FROM OPERATIONS:** |  |
| Net investment income | $16710 |
| Net realized gain | 309 |
| Net change in unrealized appreciation <br> (depreciation)<br>| 1490245 |
| Net increase in net assets resulting from operations | 1507264 |
| **DIVIDENDS AND DISTRIBUTIONS TO** <br> **SHAREHOLDERS FROM:**<br>|  |
| Distributable earnings: |  |
| Class A | (3932)<br>|
| Class I | (8839)<br>|
|  | (12771)<br>|
| **CAPITAL SHARE TRANSACTIONS:** |  |
| Proceeds from shares sold: |  |
| Class A | 7510000 |
| Class I | 7590000 |
| Reinvestment of dividends and<br> distributions:<br>|  |
| Class A | 3932 |
| Class I | 8839 |
| Increase in net assets derived from capital share <br> transactions<br>| 15112771 |
| **NET INCREASE IN NET ASSETS** | 16607264 |
| **NET ASSETS:** |  |
| Beginning of period |  |
| End of period | $16607264 |

---

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

\* Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

Lincoln U.S. Equity Income Maximizer Fund-5

------

**Lincoln U.S. Equity Income Maximizer Fund**

**Financial Highlights**

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class I** |
|  | **10/1/24**<sup>1</sup> <br>**to**<br> **7/31/25**<br>| **10/1/24**<sup>1</sup> <br>**to**<br> **7/31/25**<br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.000 | &nbsp;&nbsp; $10.000 |
| **Income from investment operations:** |  |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp; — <br><sup>3</sup><br>| 0.022 |
| Net realized and unrealized gain | 0.986 | 0.987 |
| Total from investment operations | 0.986 | 1.009 |
| **Less dividends and distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (0.005)<br>| &nbsp;&nbsp; (0.012)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.981 | &nbsp;&nbsp; $10.997 |
| Total return<sup>4</sup> | &nbsp;&nbsp; 9.87% | &nbsp;&nbsp; 10.10% |
| **Ratios and supplemental data:** |  |  |
| Net assets, end of period (000 omitted) | &nbsp;&nbsp; $8251 | &nbsp;&nbsp; $8356 |
| Ratio of expenses to average net assets | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.07% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.60% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp; — <br><sup>5</sup><br>| &nbsp;&nbsp; 0.25% |
| Ratio of net investment income (loss) to average net assets prior to expenses waived/reimbursed | &nbsp;&nbsp; (3.53%)<br>| &nbsp;&nbsp; (3.28%)<br>|
| Portfolio turnover | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 18% |

---

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

------

<sup>1</sup> Date of commencement of operations; ratios have been annualized and portfolio turnover and total return have not been annualized.

<sup>2</sup> The average shares outstanding method has been applied for per share information.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return reflects waivers and/or reimbursements, if applicable, by the manager. Performance would have been lower had the waivers and/or reimbursements not been in effect. 

<sup>5</sup> Ratio was less than 0.005%.

See accompanying notes, which are an integral part of the financial statements.

Lincoln U.S. Equity Income Maximizer Fund-6

------

**Lincoln U.S. Equity Income Maximizer Fund**

**Notes to Financial Statements**

July 31, 2025

Lincoln Funds Trust (the "Trust") is a Delaware statutory trust. The Trust consists of 2 series, each of which is treated as a separate entity for certain matters under the Investment Company Act of 1940 (the "1940 Act") and for other purposes. A shareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to the Lincoln U.S. Equity Income Maximizer Fund (the "Fund"). The financial statements of the Trust's other series are included in separate reports to their shareholders. The Trust is an open-end investment company. The Fund is non-diversified for purposes of the Investment Company Act of 1940. The Fund offers Class A Shares and Class I Shares.

The Lincoln U.S. Equity Income Maximizer Fund seeks a high level of current income with long-term growth of capital.

**1. Significant Accounting Policies**

The Fund is considered an investment company under U.S. generally accepted accounting principles ("U.S. GAAP") and follows the accounting and reporting guidelines for investment companies. The following accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with U.S. GAAP including, but not limited to, Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services- Investment Companies".

Security Valuation–Domestic equity securities, except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. Other investments for which market quotations are not reliable or readily available are generally valued at fair value by the Fund's Fair Valuation Committee as determined in good faith under policies adopted by the Fund's Board of Trustees (the "Board"). The Valuation Committee was established by Lincoln Financial Investments Corporation ("LFI"), the Board designated "valuation designee", to perform fair valuations pursuant to SEC Rule 2a-5. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as sub-adviser recommendations, market closures or trends, political events, the nature of and duration of any restrictions on disposition, halt or suspension of trading in a security, stale pricing where the unchanged price is no longer reflective of current market value, or out of tolerance pricing defined as when the daily price of the security varies by more than established tolerance guidelines from the price applied on the prior business day, as applicable. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value.

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions deemed not to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions to be taken on the Fund's federal income tax returns from the period October 1, 2024\* through the period ended July 31, 2025, and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the Statement of Operations. During the period October 1, 2024\* through July 31, 2025, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreign dividends are recorded in accordance with the Fund's understanding of the applicable country's tax rules and rates. In addition, the Fund may be subject to foreign taxes on other income, gains on investments, or currency repatriation. The Fund accrues such taxes, as applicable, as a reduction of the related income and realized and unrealized gain as and when such income is earned. Distributions received from investments in Real Estate Investment Trusts ("REITs") are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of

Lincoln U.S. Equity Income Maximizer Fund-7

------

**Lincoln U.S. Equity Income Maximizer Fund**

**Notes to Financial Statements (continued)**

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

 **1. Significant Accounting Policies (continued)**

the character of such distributions by the issuer or management estimate. The Fund declares and distributes dividends from net investment income, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting–The Fund adopted Financial Accounting Standards Board Update 2023-07, "Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures'' ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The LFI Investment Committee acts as the Fund's Chief Operating Decision Maker ("CODM'') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that each Fund operates as a single operating segment because each Fund has a single investment strategy against which the CODM assesses performance. The CODM monitors the operating results of each Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

\* Date of commencement of operations.

**2. Management Fees and Other Transactions With Affiliates**

LFI is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a wholly owned subsidiary of Lincoln National Corporation. LFI is responsible for overall management of the Fund's investment portfolio, including monitoring of the Fund's investment sub-adviser, and providing certain administrative services to the Fund. For its services, LFI receives a management fee at an annual rate of 0.85% of the Fund's average daily net assets. The management fee is calculated daily and paid monthly.

LFI has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding Underlying Fund fees and expenses) exceed 1.32% of the Fund's average daily net assets for Class A and 1.07% for Class I. The reimbursement is accrued daily and received monthly. The agreement will continue at least through July 31, 2026, and cannot be terminated before that date without the mutual agreement of the Board and LFI.

LFI retains the right to receive reimbursements of excess amounts waived or paid by LFI under the expense limitation agreement. The Fund has agreed to such reimbursements, for a period of three years after the occurrence of any waiver and/or reimbursement, provided that the Fund is able to effect such payments to LFI and remain in compliance with the operating expenses limitation in effect at the time the waiver or payment of excess amounts occurred and the operating expenses limitation in effect at the time such reimbursement is sought. During the period October 1, 2024\* through July 31, 2025, LFI has not recouped any previously reimbursed Fund expenses.

The following table summarizes the remaining amounts of reimbursements that may be recouped and the fiscal year in which they expire:

---

| | | |
|:---|:---|:---|
|  | **Expiration Date** |  |
|  | **2028** | **Total** |
| LFI | &nbsp;&nbsp; $452873 | &nbsp;&nbsp; $452873 |

---

Schroder Investment Management North America Inc. ("SIMNA") (the "Sub-Adviser") is responsible for the day-to-day management of the Fund's investment portfolio. For these services, LFI, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily net assets.

The Fund currently offers two classes of shares: Class A and Class I. The two classes of shares are identical, except that Class A shares are subject to a distribution and service fee ("12b-1 Fee"). Pursuant to its distribution and service plan, the Fund is authorized to pay, out of the assets of the Class A shares an annual 12b-1 Fee at a rate not to exceed 0.25% of the average daily net assets of the Class A shares, as compensation or reimbursement for services rendered and/or expenses borne. The Trust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI. The 12b-1 Fee is 0.25% of the average daily net assets of the Class A shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated daily and paid monthly.

At July 31, 2025, the Fund had receivables due from and liabilities payable to affiliates as follows:

---

| | |
|:---|:---|
| Expense reimbursement receivable due from LFI | &nbsp;&nbsp; $140435 |
| Management fees payable to LFI | &nbsp;&nbsp; 11912 |
| Distribution fees payable to LFD | &nbsp;&nbsp; 1741 |

---

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from the Fund. The Fund pays compensation to unaffiliated trustees.

Lincoln Life owned 50.32% of the Fund's total shares, 100.00% of the Fund's Class A shares, and 1.19% of the Fund's Class I shares at July 31, 2025.

Schroders US Holdings Inc. owned 49.68% of the Fund's total shares and 98.81% of the Fund's Class I shares at July 31, 2025.

Lincoln U.S. Equity Income Maximizer Fund-8

------

**Lincoln U.S. Equity Income Maximizer Fund**

**Notes to Financial Statements (continued)**

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

 **2. Management Fees and Other Transactions With Affiliates (continued)**

Other Service Providers - On behalf of the Fund, the Trust has entered into a Fund Accounting and Financial Administration Agreement with State Street Bank and Trust Company ("SSB"), to provide administrative and fund accounting services. The Trust has also entered into a Custody & Services Agreement with SSB, to serve as Custodian.

The Trust has entered into an agreement with FIS Investor Services LLC to act as Transfer and Shareholder Services Agent for the Fund under a Transfer Agency Services Order.

\* Date of commencement of operations.

**3. Investments**

For the period October 1, 2024\* through July 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $17186002 |
| Sales | &nbsp;&nbsp; 2664884 |

---

At July 31, 2025, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments and derivatives | &nbsp;&nbsp; $14426657 |
| Aggregate unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $2327945 |
| Aggregate unrealized depreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; (847569)<br>|
| Net unrealized appreciation of investments and <br> derivatives<br>| &nbsp;&nbsp; $1480376 |

---

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1–

inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3–

inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

Lincoln U.S. Equity Income Maximizer Fund-9

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**Lincoln U.S. Equity Income Maximizer Fund**

**Notes to Financial Statements (continued)**

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

 **3. Investments (continued)**

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $15930821 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15930821 |
| Money Market Fund | &nbsp;&nbsp; 77 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77 |
| **Total Investments** | &nbsp;&nbsp; $15930898 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15930898 |
| **Derivatives:** |  |  |  |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities:** |  |  |  |
| Options Written | &nbsp;&nbsp; $(23865)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(23865)<br>|

---

There were no Level 3 investments at the beginning or end of the period.

\* Date of commencement of operations.

**4. Dividend and Distribution Information**

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to wash sale and adjustments related to distributions from underlying real estate investment trusts (REITS). The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the period ended July 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **10/1/24\***<br> **to**<br>|
|  | **7/31/25** |
| Ordinary income | $12771 |

---

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

\* Date of commencement of operations.

**5. Components of Distributable Earnings on a Tax Basis**

As of July 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $15611 |
| Undistributed long-term capital gains | &nbsp;&nbsp; 837 |
| Net unrealized appreciation | &nbsp;&nbsp; 1480376 |
| Distributable earnings/(accumulated loss) | &nbsp;&nbsp; $1496824 |

---

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications. For the year ended July 31, 2025, the Fund recorded the following permanent reclassifications primarily related to non-deductible expenses.

---

| | |
|:---|:---|
| **Distributable** <br> **Earnings/(Accumulated** <br> **Loss)**<br>| **Paid-in capital** |
| &nbsp;&nbsp; $2331 | &nbsp;&nbsp; $(2331)<br>|

---

At July 31, 2025, the Fund had no capital loss carryforwards for federal income tax purposes.

Lincoln U.S. Equity Income Maximizer Fund-10

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**Lincoln U.S. Equity Income Maximizer Fund**

**Notes to Financial Statements (continued)**

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

**6. Capital Shares**

Transactions in capital shares were as follows:

---

| | |
|:---|:---|
|  | **10/1/24**<sup>\*</sup> <br>**to**<br>|
|  | **7/31/25** |
| Shares sold: |  |
| Class A | &nbsp;&nbsp; 751000 |
| Class I | &nbsp;&nbsp; 759000 |
| Shares reinvested: |  |
| Class A | &nbsp;&nbsp; 385 |
| Class I | &nbsp;&nbsp; 867 |
|  | &nbsp;&nbsp; 1511252 |
| Shares redeemed: |  |
| Class A | &nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp; — |
| Net increase | &nbsp;&nbsp; 1511252 |

---

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

\* Date of commencement of operations.

**7. Derivatives**

U.S. GAAP requires disclosures that enable shareholders to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity's results of operations and financial position.

Options Contracts–During the period October 1, 2024\* through July 31, 2025, the Fund entered into options contracts in the normal course of pursuing its investment objective and strategies. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund's exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund's overall exposure to certain markets; to protect the value of portfolio securities; to facilitate investments in portfolio securities; as a cash management tool; and to generate income. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid at the close of the transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. When buying options, the Fund is subject to counterparty risk.

During the period October 1, 2024\* through July 31, 2025, the Fund used options contracts to generate income and to receive premiums for writing options.

Fair values of derivative instruments as of July 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of Assets and Liabilities Location** | **Fair Value** | **Statement of Assets and Liabilities Location** | **Fair Value** |
| Options written <br> (Equity contracts)<br>| Options written, at value | $— | Options written, at value | $(23865)<br>|

---

The effect of derivative instruments on the Statement of Operations for the period October 1, 2024\* through July 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on Derivatives**<br> **Recognized in Income**<br>| **Realized Gain**<br> **(Loss) on** <br> **Derivatives**<br> **Recognized in**<br> **Income**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation) on**<br> **Derivatives**<br> **Recognized in**<br> **Income**<br>|
| Options written (Equity <br> contracts)<br>| &nbsp;&nbsp; Net realized gain (loss) from options written and net <br> change in unrealized appreciation (depreciation) of options <br> written<br>| &nbsp;&nbsp; $71950 | &nbsp;&nbsp; $(3480)<br>|

---

Lincoln U.S. Equity Income Maximizer Fund-11

------

**Lincoln U.S. Equity Income Maximizer Fund**

**Notes to Financial Statements (continued)**

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

 **7. Derivatives (continued)**

Average Volume of Derivatives–The table below summarizes the average balance of derivative holdings on a monthly basis by the Fund during the period October 1, 2024\* through July 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Long Derivative**<br> **Volume**<br>| **Short Derivative**<br> **Volume**<br>|
| Options contracts (average value) | $— | $8719 |

---

In order to better define its contractual rights and to secure rights to help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

At July 31, 2025, the Fund had no assets and liabilities subject to offsetting provisions.

\* Date of commencement of operations.

**8. Risk Factors**

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund acquires a direct interest in real estate as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company could be jeopardized. The Fund had no direct real estate holdings during the period October 1, 2024\* through July 31, 2025. The Fund's REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies and markets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Natural disaster/epidemic risk could have a significant adverse impact on the Fund's portfolio investments.

The Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund's Board has delegated to LFI, the day-to-day functions of determining whether individual securities are illiquid for purposes of the Fund's limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's limit on investments in illiquid securities.

\* Date of commencement of operations.

**9. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of material loss to be remote.

**10. Subsequent Events**

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund's financial statements.

Lincoln U.S. Equity Income Maximizer Fund-12

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Lincoln U.S. Equity Income Maximizer Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement assets and liabilities of Lincoln U.S. Equity Income Maximizer Fund (the "Fund") (one of the series constituting Lincoln Funds Trust (the "Trust")), including the schedule of investments, as of July 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for the period from October 1, 2024 (date of commencement of operations) through July 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Funds Trust) at July 31, 2025, the results of its operations and changes in its net assets and its financial highlights for the period from October 1, 2024 (date of commencement of operations) through July 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and others; when replies were not received from others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](img736f7daa2.jpg)

We have served as the auditor of one or more Lincoln investment companies since 1981.

Philadelphia, Pennsylvania

September 18, 2025

Lincoln U.S. Equity Income Maximizer Fund–13

------

**Lincoln U.S. Equity Income Maximizer Fund**

**Tax Information (unaudited)**

For federal income tax purposes, the following information with respect to the distributions of the fund, if any, paid during its taxable year ended July 31, 2025.

The fund reports the maximum amount allowed of its net taxable income as eligible for the corporate dividends-received deduction.

The fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The fund reports maximum amount allowable as section 163(j) Interest Dividends.

The fund paid $0 in long term capital gain dividends.

The fund reports the maximum amount allowable of its section 199A dividends as defined in Proposed Treasury Regulations 71.199A-3(d).

Eligible shareholders will be mailed a 2025 Form 1099-DIV in early 2026. This will reflect the tax character of all distributions paid in the calendar year 2025.

**Please consult a tax advisor regarding the tax consequences of your investment in the fund.**

Lincoln U.S. Equity Income Maximizer Fund-14

------

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item
 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There are no proxy disclosures for the registrant during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The Statement of Operations in the Fund's financial statements lists Directors' fees paid by the Fund.

Certain officers and trustees of the Fund Complex are also officers or directors of the Lincoln National Life Insurance Company and its affiliates and receive no compensation from the Fund Complex. The Fund Complex pays compensation to unaffiliated trustees.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in
 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
 effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based
 on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and
 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over
 financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the
 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](fp0095488-1_ex99code.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 – attached hereto.](fp0095488-1_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 – attached hereto.](fp0095488-1_ex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

 **SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Lincoln Funds Trust |
| By (Signature and Title) | /s/ Jayson Bronchetti |
|  | Jayson Bronchetti, President |
|  | (principal executive officer) |
| Date: | September 10, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jayson Bronchetti |
|  | Jayson Bronchetti, President |
|  | (principal executive officer) |
| Date: | September 10, 2025 |
| By (Signature and Title) | /s/ James Hoffmayer |
|  | James Hoffmayer, Chief Accounting Officer |
|  | (principal financial officer) |
| Date: | September 12, 2025 |

---

## Ex-99.Code

**3.1 Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Policy and Purpose** 

LFI and the Lincoln Funds have adopted a Code of Ethics. The Code documents how the Lincoln organization seeks to prevent personal securities transactions and other investment activities from negatively impacting LFI clients. LFI clients include:

● The Lincoln Funds;

● The private funds and insurance company separate accounts offered by affiliated life insurance companies; and

● Firms that offer LFI model portfolios.

The Code sets forth general fiduciary standards and standards of business conduct that govern the personal investment activities of:

● Lincoln personnel who obtain pre-trade information regarding the purchase or sale of a client's portfolio investments; and/or

● Lincoln personnel who have access to a client's portfolio holdings that have not yet been made public.

The Code also complies with the regulatory requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Procedures** 

The relevant procedures are included in the Code, which is attached as Exhibit A. The Code uses definitions that may be different from those used in the rest of this Manual.

---

| | |
|:---|:---|
| **Policy Revision Control** | **Policy Revision Control** |
| Effective Date | August 7, 2024 |

---

---

| | |
|:---|:---|
| ![](fp0095488-1_01.jpg) | **Exhibit A** |

---

**Lincoln Financial Investments Corporation**

**and**

**Lincoln Mutual Funds**

**Code of Ethics**

*Rules for Employee Investing*

 

September 2015

Revised February 28, 2018

Revised April 10, 2023

Revised June 7, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

Lincoln Financial Investments Corporation ("LFI") and the Lincoln Funds have adopted this Code of Ethics (this "Code"). This Code documents how the Lincoln organization seeks to prevent personal securities transactions and other investment activities from impacting LFI "*Clients*," which includes:

● The Lincoln Funds;

● The private funds and insurance company separate accounts offered by affiliated life insurance companies; and

● Firms that offer LFI model portfolios.

This Code sets forth general fiduciary standards and standards of business conduct that govern the personal investment activities of "*Supervised Persons*." Supervised Persons have a duty to act fairly, honestly, and in the best interests of Clients, including the Funds.

This Code also complies with the regulatory requirements of Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act").

Each Supervised Person is expected to understand and abide by this Code as a condition of such person's association with Lincoln. This Code is being delivered to each Supervised Person for his or her reference. Any changes to this Code also will be provided to each Supervised Person. Each Supervised Person will be required to acknowledge receipt and acceptance of this Code upon becoming an Supervised Person, then on an annual basis, or at the time of any amendments.

---

| |
|:---|
| **Questions About This Code of Ethics** |
| &nbsp;&nbsp; If you have any question about this Code, you should contact the Code's Compliance Officer at:<br>● Jack.Weston@lfg.com; or<br> ● (603) 226-5457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Statement of General Principles** 

LFI and the Funds adopt the following general principles to guide your actions as an Supervised Person:

● You have a duty to place the interests of Clients first.

● You must avoid conduct that creates an actual or potential conflict of interest with Clients.

● You must not take inappropriate advantage of your position at Lincoln.

● You must comply with the Applicable Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **General Standards of Conduct** 

*Personal Trading Is a Privilege*. Lincoln considers personal trading to be a privilege, not a right. When making personal investment decisions, Supervised Persons must exercise extreme care to ensure that the prohibitions of this Code are not violated. Supervised Persons should conduct their personal investing to eliminate the possibility that their time and attention are devoted to their personal investments at the expense of time and attention that should be devoted to their duties at Lincoln.

*No Excessive Trading*. Excessive or inappropriate trading ("excessive trading") that interferes with job performance or compromises the duty that LFI owes to its Clients is not permitted. An unusually high level of personal trading is strongly discouraged and may be monitored by the Code's Compliance Officer or designee and reported to Lincoln senior management. A pattern of excessive trading may lead to disciplinary action.

 

*No Insider Trading*. Applicable Federal Securities Laws also prohibit any Supervised Person from purchasing or selling, directly or indirectly, any security based on material, non-public information (often referred to as "MNPI") received from any source or communicating this information to others.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) "*Access Person*" means (i) any trustee, director, officer, partner or Advisory Person of LFI or the Funds, and (ii)
other persons as designated by the Code's Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) "*Advisory Person*" of LFI or the Funds means (i) any trustee, director, officer, partner or employee of LFI or the
Funds (or of any company in a control relationship to LFI or the Funds) who, in connection with his or her regular functions or duties,
makes, participates in, or obtains information regarding the purchase or sale of a Covered Security by a Client (including the writing
of an option to purchase or sell a Covered Security), or whose functions relate to the making of any recommendations with respect to such
purchases or sales; (ii) any natural person in a control relationship to LFI or the Funds who obtains information concerning recommendations
made to a Client with regard to the purchase or sale of Covered Securities by the Clients; and (iii) any Supervised Person who (a) has
access to nonpublic information regarding a Client's purchase or sale of securities, (b) is involved in making securities recommendations,
(c) who has access to securities recommendations which are nonpublic, or (d) has access to nonpublic information regarding the portfolio
holdings of any Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) "*Applicable Federal Securities Laws*" means the Securities Act of 1933, the Securities Exchange Act of 1934, the
Sarbanes-Oxley Act of 2002, the 1940 Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission
("SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted
thereunder by the SEC or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) "*Automatic Investment Plan*" means a program in which regular periodic purchases (or withdrawals) are made automatically
in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend
reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) "*Beneficial Ownership*" is to be determined in the same manner as it is for purposes of Section 16 of the Securities
Exchange Act of 1934. A person should consider himself or herself the beneficial owner of securities in which he/she has a direct or indirect
pecuniary interest. In addition, a person should consider himself or herself the beneficial owner of securities held by his or her spouse,
domestic partner, dependent children, any person who shares his/her home, or other persons (including trusts, partnerships, corporations
and other entities) by reason of any contract, arrangement, understanding or relationship that provides him or her with sole or shared
voting or investment power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) "*Control*" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act, which defines "control"
as the power to exercise a controlling influence over the management or policies of a company. The issue of influence or control is a
question of fact, which must be determined based on all relevant facts and circumstances. Any person who owns beneficially, either directly
or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company.
The Code's Compliance Officer should be informed of any accounts for which an Access Person is considered a "beneficial owner"
but where the Access Person has no direct or indirect influence or control, such as (i) accounts in which full investment discretion has
been granted to an outside bank, investment adviser or trustee and where neither the Access Person nor any close relative participates
in the investment decisions or is informed in advance of transactions ()"*Blind Accounts* "), or (ii) accounts of close
relatives where the circumstances clearly demonstrate that there is no risk of influence or control by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) "*Covered Security*" shall have the same meaning as that set forth in Section 2(a)(36) of the 1940 Act, and generally
includes:

● Equity (publicly traded and restricted) securities;

● Fixed-income securities;

● Exchange-traded funds;

● Lincoln Funds;

● Variable annuity contracts and variable life insurance policies with underlying separate accounts that invest in Lincoln Funds;

● Derivatives (*e.g.*, options, futures, forwards, and swaps);

● Commodities; and

● Stock options.

Covered Security shall *not* include:

● Stock (publicly traded and restricted) of Lincoln National Corporation; <sup>1</sup>

<sup>0</sup>

● Shares of mutual funds that are not Lincoln Funds;

● Variable annuity contracts and variable life insurance policies with underlying separate accounts that do not invest in Lincoln Funds;

● Securities held through 529 plans (both prepaid college tuition plans and college savings plans);

● Direct obligations of the Government of the United States;

● Bankers' acceptances;

● Bank certificates of deposit and savings accounts;

● Commercial paper and high-quality short-term debt instruments, including repurchase agreements; and

● Cryptocurrency. <sup>2</sup>

<sup>1</sup> LFI Clients, including the Funds other than index funds, are prohibited from investing directly in securities of Lincoln National Corporation.

<sup>2</sup> LFI Clients, including the Funds, are generally not permitted to invest in cryptocurrencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) "*De Minimis Purchases or Sales*" shall mean purchases or sales by Access Persons of
up to: (1) $5,000 USD in Covered Securities per day that are traded for a Client's account, or (2) 500 shares during a 30-day period
of (i) stock in a company that is in the Standard and Poor's 500 Index or (ii) an ETF listed on Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) "*Independent Trustee*" means any Fund Trustee who is not "an interested person" of the Fund within the
meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) "*Managed Account*" means an account that is professionally managed through a wrap program. An example of a managed
account would be a professionally advised account about which the Access Person will not be consulted or have any input on specific transactions
placed by the investment manager prior to their execution. **Managed Accounts require pre-approval from the Code's Compliance Officer prior to starting up the account** and the Code's Compliance Officer may require additional information including, but not limited
to, information regarding the relationship between the Access Person and the manager of such account. The Code's Compliance Officer
will consider the facts and circumstances of the account, including the functions and duties of Access Persons, when approving or denying
such accounts. In addition, preclearance is exempt with Managed Accounts, however, all trades still require reporting and duplicate statements
and confirmations are required to be sent to the Code's Compliance Officer. Trades initiated by the wrap manager are exempt from
preclearance. All trades initiated by Access Persons require preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Security being "*Considered for Purchase or Sale*" or "Being Purchased or Sold" means when a recommendation
to purchase or sell the Covered Security has been made and communicated to the trading desk and with respect to the person making the
recommendation, when such person seriously considers making, or when such person knows or should know that another person is seriously
considering making, such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) A "*Security Held or to be Acquired*" means any Covered Security which, within the most recent 15 days, (i) is or
has been held by a Client, or (ii) is being or has been considered for purchase by a Client, or any option to purchase or sell, and any
security convertible into or exchangeable for, such Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) "*Supervised Person*" of LFI means any partner, officer, director (or other person occupying a similar status or
performing similar functions), or employee of LFI, or other person who provides investment advice on behalf of LFI and is subject to the
supervision and control of LFI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Account Types** 

The trading restrictions and reporting requirements of this Code apply to an Access Person's securities accounts, which generally are any accounts through which Access Persons may buy, sell or hold securities.

Depending on the investment options for the account, a securities account could include:

✓ Personal brokerage accounts;

✓ Retirement accounts;<sup>\*</sup>

✓ Trust accounts; and

✓ Wrap accounts.<sup>\*\*</sup>

\* Retirement accounts are *only* reportable if the Access Person can purchase or sell Covered Securities. Employer sponsored retirement accounts or 401(k) accounts that *only* invest in mutual funds do not require reporting.

\*\* An Access Person must obtain pre-approval from the Code's Compliance Officer to establish a discretionary wrap account. The Officer will consider the relevant facts and circumstances of the account, including the functions and duties of the Access Person, when approving or denying such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Account Control** 

This Code applies to the securities accounts where an Access Person has a financial interest or control (*i.e.*, is a "Beneficial Owner" of the account). An Access Person is generally considered to have Beneficial Ownership of an account where a named account owner is, among others:

✓ The Access Person;

✓ The Access Person's spouse or domestic partner;

✓ The Access Person's dependent children;

✓ A person sharing the Access Person's household;

✓ Anyone who has given the Access Person discretion over their investments; or

✓ A person that by reason of any contract, arrangement, understanding, or relationship provides the Access Person with sole or shared voting or investment power.

If someone has authorized the Access Person to make investment decisions on her/his behalf, then that securities account would be considered the Access Person's securities account according to this Code. (For example, if an Access Person's neighbor has given authority to the Access Person to make investments on her behalf in an investment account, then the neighbor's investment account is considered the Access Person's securities account.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Prohibited Trading Activities** 

*Prohibitions*. No Access Person shall, in connection with the purchase or sale, directly or indirectly, by such person of a Security Held or to be Acquired by a Client:

 

⮚ Employ any device, scheme or artifice to defraud a Client;

⮚ Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

⮚ Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a Client; or

⮚ Engage in any manipulative practice with respect to a Client.

No Access Person shall purchase or sell, directly or indirectly, any Covered Security which to his/her knowledge is being actively Considered for Purchase or Sale by any Client.

*Exceptions*. This trading prohibition shall *not* apply to:

 

⮚ Purchases or sales in which the Access Person does not acquire any direct or indirect Beneficial Ownership;

⮚ Purchases or sales that are nonvolitional on the part of either the Access Person or the Client;

⮚ Purchases which are part of an Automatic Investment Plan;

⮚ Purchases effected upon the exercise of rights issued by an issuer *pro rata* to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

⮚ Purchases or sales made by a wrap manager in an Access Person's Managed Account, provided that such purchases or sales do not reflect a pattern;

⮚ Purchases or sales in accounts over which the Access Person has no direct or indirect influence or Control;

⮚ Other purchases and sales specifically approved by the Code's Compliance Officer, with advice of the legal counsel to the Funds, and deemed appropriate because of unusual or unforeseen circumstances.

*Special Situations*. LFI or the Funds may from time to time adopt specific prohibitions or restrictions in response to special situations where there is a greater likelihood that certain Access Persons will have actual knowledge that a Client intends to buy or sell certain Covered Securities. Such prohibitions or restrictions when adopted and signed by the Code's Compliance Officer shall be considered part of this Code until such time as the Officer deems such prohibitions or restrictions to be unnecessary.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Preclearance Requirements** 

*Covered Securities Transactions*. Access Persons must preclear their personal transactions in any Covered Security with the exception of Lincoln Enterprise Compliance personnel who do not meet the definition of an *Advisory Person.*

 

However, Access Persons are *not* required to preclear the following:

● *Managed Account Transactions*. Transactions for a Managed Account (The Managed Account must have been pre-approved by the Code's Compliance Officer). See Section IV.

● *Exempt Reporting Transactions*. Transactions that are excepted from this Code's reporting requirements. See Section VII.C.

● *Ineligible Client Investments*. Transactions in investments that are not eligible for purchase or sale by a Client. A list of ineligible investments for purchase or sale by a Client will be maintained by the Code's Compliance Officer.

 

Preclearance approval does not alter an Access Person's responsibility to ensure that each personal investment transaction complies with the general standards of conduct and reporting requirements. By seeking preclearance, an Access Person will be deemed to be advising the Code's Compliance Officer that he or she is complying with the "Statement of General Principles" and "General Standards of Conduct," and would not be engaging in any "Prohibited Trading Activities." See Sections II, III and V.

---

| |
|:---|
| **Preclearing a Trade** |
| &nbsp;&nbsp;&nbsp; <br> 1. A preclearance request must be submitted through ComplySci to the Code's Compliance Officer or designee prior to entering any orders for personal transactions. *Please consult the separate Trade Preclearance Instructions.*<br>2. Preclearance is only valid through the day after the preclearance authorization is given. After such time, the preclearance request must be resubmitted.<br>3. Preclearance under this section shall be denied where an Access Person seeks to execute a buy or sell order when there was a Client transaction within the last 7 business days for that same security (not including *De Minimis* Purchases or Sales).<br>4. Transactions that meet the *De Minimis* exception must be submitted for preclearance to ensure that the approval under the exception does not exceed 500 shares in total during a 30-day period or does not exceed $5,000 in Covered Securities per day. |

---

*IPOs and Private Placements*. Access Persons must obtain prior written approval from the Code's Compliance Officer or designee before directly or indirectly acquiring Beneficial Ownership in any securities in an initial public offering or in a private security offering.

 

*Public Company Board Positions*. Access Persons may not accept a position as a director, trustee, or general partner of a publicly traded company (other than Lincoln National Corporation) unless such position has been approved by the Code's Compliance Officer as not inconsistent with the interests of the Funds and their shareholders. The Code's Compliance Officer shall report any such approval to the Funds' Board at the next Board meeting.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reporting Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Distribution of Code of Ethics** 

⮚ *New Access Persons.* The Code's Compliance Officer shall provide each Supervised Person with a copy of the Code within ten days of such person becoming an Supervised Person.

⮚ *Code Amendments.* The Code's Compliance Officer shall provide each Supervised Person with a copy of the revised Code within ten days of the effective date of any amendments to the Code.

---

| | |
|:---|:---|
| ⮚ | *Acknowledgment of Receipt.* Each Access Person shall sign a written acknowledgment through ComplySci within ten days of receiving the Code and any amendments thereto, which shall affirm such person's receipt and understanding of the Code. Each Supervised Person who is not an Access Person will acknowledge receipt and understanding electronically within ten days of receiving the relevant provisions of the Code and any amendments thereto. |

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| | |
|:---|:---|
| ⮚ | *Annual Acknowledgment.* Each Access Person shall sign a written acknowledgement annually through ComplySci which shall affirm that such person has read and understood the Code of Ethics and has complied with its requirements. Such affirmation shall also require each Access Person to certify that any accounts for which the Access Person has beneficial ownership but no direct or indirect influence or Control to affirm that they did, in fact, not influence or Control such accounts. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Required Reports** 

Unless a reporting exception applies, every Access Person must provide to the Code's Compliance Officer the following reports: (1) Initial Holdings Report; (2) Quarterly Transaction Report; and (3) Annual Holdings Report. These reports must be completed (*i.e.*, signed and dated) through ComplySci even if the Access Person has no holdings or transactions to report for the relevant time period.

[ ] *Initial Holding Report.* No later than ten days after a person becomes an Access Person, the Access Person will provide an Initial Securities Holdings Report to the Code's Compliance Officer. The Access Person must complete the report with information relating to securities holdings and accounts (which information must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person). In addition, after a person becomes an Access Person, the Access Person may be required to provide additional information about any account(s) (or the person(s) managing such accounts) which the Access Person has no direct or indirect influence or Control over to the Code's Compliance Officer.

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| | |
|:---|:---|
| *✓* | *Duplicate Brokerage Statements and Confirmations.* Access Persons must consent to or direct their brokers to supply to the Code's Compliance Officer, on a timely basis, duplicate copies of confirmations and statements for all Covered Securities accounts (whether provided electronically through ComplySci, through the mail or similar method). |

---

[ ] *Quarterly Transaction Reports.* No later than thirty (30) days after the end of a calendar quarter, Access Persons must submit a Quarterly Securities Transaction Report, detailing securities transactions during the quarter. Typically, each Access Person is required to notify the Code's Compliance Officer of new accounts through the Quarterly Transactions Reports. However, if an Access Person opens an account where a third party will manage the account and the Access Person has no direct or indirect influence or Control, the Access Person must promptly notify the Code's Compliance Officer and the Code's Compliance Officer may request information from the Access Person about the third-party manager and the Access Person's relationship with such manager.

[ ] *Annual Holdings Reports.* Access Persons must submit an Annual Securities Holdings Report (which information must be current as of a date no more than forty-five (45) days before the report is submitted). Such affirmation shall also require each Access Person to certify that any accounts for which the Access Person is a beneficial owner but has no direct or indirect influence or Control to affirm that they did, in fact, not influence or Control such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Report Exceptions** 

*Non-Controlled Accounts*. An Access Person is not required to make a report regarding transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or Control. An Access Person must receive approval from the Code's Compliance Officer prior to relying on this exception for any account over which the Access Person may be a Beneficial Owner but have no direct or indirect influence or Control. Such account may include:

 

● A Blind Account (see definition of "Control"); or

● An account of an Access Person's close relative where the circumstances demonstrate that the Access Person has no influence or control.

*Automatic Investment Plan*. An Access Person need not make a Quarterly Transaction Report regarding transactions effected pursuant to an Automatic Investment Plan.

 

*Independent Fund Trustees*. A Fund Independent Trustee who would be required to make a report solely by reason of being a Trustee need not make:

 

● An Initial Holdings Report or an Annual Holdings Report; and

● A Quarterly Transaction Report – unless the Trustee knew or, in the course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately before or after the Trustee's transaction in a Covered Security, a Fund purchased or sold the Covered Security, or a Fund or its investment adviser Considered for Purchase or Sale a Covered Security.<sup>\*</sup>

<sup>\*</sup> An Independent Trustee who is required to file a Quarterly Transaction Report should do so no later than thirty (30) days after the end of the calendar quarter in which the securities transaction occurred.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Annual Report to Fund Boards** 

No less frequently than annually, an officer of LFI and the Funds will furnish to the Funds' Board, and the Board will consider, a written report that:

● Describes any issues arising under this Code since the last report to the Board, including, but not limited to, information about material violations of the Code and sanctions imposed in response to the material violations; and

● Certifies that LFI or the Funds, as applicable, have adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Administrative Procedures** 

*Identifying Access Persons*. The Code's Compliance Officer or designee will identify all Access Persons and will notify them of this classification and their obligations under this Code. The Code's Compliance Officer will also maintain procedures regarding the review of all reports required to be made under the 1940 Act and the Advisers Act, as applicable.

 

*Identifying Violations*. The Code's Compliance Officer, with guidance from Legal as appropriate, shall determine whether there is a violation of the prohibitions or reporting requirements contained in this Code and the appropriate sanctions to be imposed. The Code's Compliance Officer shall report to the Principal Executive Officer on a timely basis any material violations of the prohibitions or reporting requirements contained in this Code and the sanctions imposed.

 

*Quarterly Board Reporting*. On a quarterly basis, the Code's Compliance Officer will provide the Funds' Boards with a summary report of material violations of the Code and the sanctions imposed. When the Code's Compliance Officer finds that a transaction otherwise reportable could not reasonably be found to have resulted in fraud, deceit, or a manipulative practice in violation of the 1940 Act, he or she may, in his discretion, document such finding in lieu of reporting the transaction to the Boards.

*LFI Governance Committee Reporting*. On at least a quarterly basis, the Code's Compliance Officer shall report to the LFI Governance Committee any violations of the prohibitions or reporting requirements contained in this Code and the sanction imposed, if applicable. The LFI Governance Committee will review the report to consider whether appropriate sanctions were imposed.

 

*No Self-Evaluations*. No person shall participate in a determination of whether he or she has committed a violation of the Code or of the imposition of any sanction against himself or herself. If a Code violation of the Principal Executive Officer is under consideration, the Funds' Independent Trustees collectively shall act in the manner prescribed herein for the Principal Executive Officer.

 

*Code Compliance Officer Reporting*. At least annually, the Code's Compliance Officer will provide a copy of his or her Annual Holdings Report and Personal Transaction Reports to the LFI Principal Executive Officer for review.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Violations and Sanctions** 

*Self-Reporting.* Each Supervised Person is required to report any of their known Code violations promptly to the Code's Compliance Officer.

 

*Possible Sanctions.* Violations of the Code may result in sanctions or other consequences up to and including termination of employment such as:

 

⮚ A warning

⮚ Additional training

⮚ Referral to the Access Person's business manager, senior management and/or oversight committee

⮚ Reversal of a trade

⮚ Disgorgement of profits

⮚ Limitation or restriction on personal investing

---

| | |
|:---|:---|
| ⮚ | A fine |

---

⮚ Referral to civil or criminal authorities

*Sanction Factors.* In determining what, if any, remedial action is appropriate in response to a violation of the Code, the Code's Compliance Officer will consider, among other factors, whether the Supervised Person self-reported the violation, the gravity of the violation, the frequency of the violations, whether any violation caused harm or the potential of harm to any Client, whether the Supervised Person knew or should have known that his/her activity violated the Code, whether the Supervised Person engaged in a transaction with a view to making a profit on the anticipated market action of a transaction by a Client, the Supervised Person's efforts to cooperate with the investigation, and the Supervised Person's efforts to correct any conduct that led to a violation. In rare instances, the Code's Compliance Officer may determine that, for equitable reasons, no remedial action should be taken.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Records** 

*General*. LFI and the Funds shall maintain the following records not less than five years from the end of the fiscal year in which a record is made, the first two years in an easily accessible place, which records shall be available for examination by SEC representatives:

 

● A copy of this Code and any other code which is, or at any time within the past five years has been in effect regarding LFI or the Funds' operations;

● A record of any violation of this Code and of any action taken as a result of such violation;

● A copy of each report made by an Access Person (*e.g.*, Initial Holdings Report, Quarterly Transaction Report, Annual Holdings Report), including any information provided in lieu of the Quarterly Transaction Reports;

● A list of all persons who are, or within the past five years have been, required to make reports under this Code, and also those persons who were responsible for reviewing these reports;

● A copy of each report to the Funds' Board required by this Code.

*Trade Approvals*. LFI and the Funds shall maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of securities under this Code, for at least five years after the end of the fiscal year in which the approval is granted.

 

*Regulatory Records*. The Code's Compliance Officer shall maintain on behalf of LFI and the Funds all records required by the 1940 Act and the Advisers Act for the time periods prescribed.

 

*Confidentiality*. The Code's Compliance Officer shall keep all information and reports from any Access Person in strict confidence, subject only to disclosure as required by law or as described in this Code.

 

\* \* \*

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1** | **Schedule 1** | **Schedule 1** | **Schedule 1** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | DGRW | WisdomTree US Quality Dividend Growth Fund |
| ACWI | iShares MSCI ACWI ETF | DIA | SPDR Dow Jones Industrial Average ETF Trust |
| ACWX | iShares MSCI ACWI ex U.S. ETF | DIVO | Amplify CWP Enhanced Dividend Income ETF |
| AGG | iShares Core U.S. Aggregate Bond ETF | DUHP | Dimensional US High Profitability ETF |
| AMJ | J.P. Morgan Alerian MLP Index ETN | DVY | iShares Select Dividend ETF |
| AMLP | Alerian MLP ETF | DXJ | WisdomTree Japan Hedged Equity Fund |
| ANGL | VanEck Fallen Angel High Yield Bond ETF | EBND | SPDR Bloomberg Emerging Markets Local Bond ETF |
| AOK | iShares Core Conservative Allocation ETF | ECH | iShares MSCI Chile ETF |
| AOR | iShares Core Growth Allocation ETF | EELV | Invesco S&P Emerging Markets Low Volatility ETF |
| ARKF | ARK Fintech Innovation ETF | EEM | iShares MSCI Emerging Markets ETF |
| ARKG | ARK Genomic Revolution ETF | EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF |
| ARKK | ARK Innovation ETF | EFA | iShares MSCI EAFE ETF |
| ARKW | ARK Next Generation Internet ETF | EFAV | iShares MSCI EAFE Min Vol Factor ETF |
| ASHR | Xtrackers Harvest CSI 300 China A-Shares ETF | EFG | iShares MSCI EAFE Growth ETF |
| AVUV | Avantis U.S. Small Cap Value ETF | EFV | iShares MSCI EAFE Value ETF |
| BAB | Invesco Taxable Municipal Bond ETF | EMB | iShares JP Morgan USD Emerging Markets Bond ETF |
| BAR | GraniteShares Gold Shares | EMLC | VanEck J. P. Morgan EM Local Currency Bond ETF |
| BBEU | JPMorgan BetaBuilders Europe ETF | EMLP | First Trust North American Energy Infrastructure Fund |
| BBJP | JPMorgan BetaBuilders Japan ETF | EMXC | iShares MSCI Emerging Markets ex China ETF |
| BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | EPI | WisdomTree India Earnings Fund |
| BITO | ProShares Bitcoin Strategy ETF | EPP | iShares MSCI Pacific ex-Japan ETF |
| BIV | Vanguard Intermediate-Term Bond ETF | ERX | Direxion Daily Energy Bull 2x Shares |
| BKLN | Invesco Senior Loan ETF | ESGD | iShares ESG Aware MSCI EAFE ETF |
| BLV | Vanguard Long-Term Bond ETF | ESGE | iShares ESG Aware MSCI EM ETF |
| BND | Vanguard Total Bond Market ETF | ESGU | iShares ESG Aware MSCI USA ETF |
| BNDX | Vanguard Total International Bond ETF | EUFN | iShares MSCI Europe Financials ETF |
| BOIL | ProShares Ultra Bloomberg Natural Gas | EWA | iShares MSCI Australia ETF |
| BOTZ | Global X Robotics & Artificial Intelligence ETF | EWC | iShares MSCI Canada ETF |
| BSCN | Invesco Bulletshares 2023 Corporate Bond ETF | EWG | iShares MSCI Germany ETF |
| BSCO | Invesco BulletShares 2024 Corporate Bond ETF | EWH | iShares MSCI Hong Kong ETF |
| BSCP | Invesco Bulletshares 2025 Corporate Bond ETF | EWJ | iShares MSCI Japan ETF |
| BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | EWL | iShares MSCI Switzerland ETF |
| BSV | Vanguard Short-Term Bond ETF | EWP | iShares MSCI Spain ETF |
| BWX | SPDR Bloomberg International Treasury Bond ETF | EWQ | iShares MSCI France ETF |
| CGDV | Capital Group Dividend Value ETF | EWS | iShares MSCI Singapore ETF |
| CGGO | Capital Group Global Growth Equity ETF | EWT | iShares MSCI Taiwan ETF |
| CGGR | Capital Group Growth ETF | EWU | iShares MSCI United Kingdom ETF |
| CGXU | Capital Group International Focus Equity ETF | EWW | iShares MSCI Mexico ETF |
| CIBR | First Trust NASDAQ Cybersecurity ETF | EWY | iShares MSCI South Korea ETF |
| CLOU | Global X Cloud Computing ETF | EWZ | iShares MSCI Brazil ETF |
| CMF | iShares California Muni Bond ETF | EZU | iShares MSCI Eurozone ETF |
| COMT | iShares GSCI Comm Dynamic Roll Strategy ETF | FALN | iShares Fallen Angels USD Bond ETF |
| COPX | Global X Copper Miners ETF | FAS | Direxion Daily Financial Bull 3x Shares |
| COWZ | Pacer US Cash Cows 100 ETF | FBND | Fidelity Total Bond ETF |
| CWB | SPDR Bloomberg Convertible Securities ETF | FCG | First Trust Natural Gas ETF |
| CWI | SPDR MSCI ACWI ex-US ETF | FDL | First Trust Morningstar Dividend Leaders Index Fund |
| DBA | Invesco DB Agriculture Fund | FDN | First Trust Dow Jones Internet Index Fund |
| DBC | Invesco DB Commodity Index Tracking Fund | FENY | Fidelity MSCI Energy Index ETF |
| DBEF | Xtrackers MSCI EAFE Hedged Equity ETF | FEZ | SPDR EURO STOXX 50 ETF |
| DEM | WisdomTree Emerging Markets High Dividend Fund | FIXD | First Trust TCW Opportunistic Fixed Income ETF |

---

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| DFAC | Dimensional U.S. Core Equity 2 ETF | FLOT | iShares Floating Rate Bond ETF |
| DFAE | Dimensional Emerging Core Equity Market ETF | FLRN | SPDR Bloomberg Investment Grade Floating Rate ETF |
| DFAI | Dimensional International Core Equity Market ETF | FLTR | VanEck IG Floating Rate ETF |
| DFAU | Dimensional US Core Equity Market ETF | FNDA | Schwab Fundamental US Small Co. Index ETF |
| DFAX | Dimensional World ex U.S. Core Equity 2 ETF | FNDE | Schwab Fundamental Emerging Markets Large Co. Index ETF |
| DFCF | Dimensional Core Fixed Income ETF | FNDF | Schwab Fundamental International Large Co. Index ETF |
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | FNDX | Schwab Fundamental US Large Co. Index ETF |
| DFIC | Dimensional International Core Equity 2 ETF | FNGU | MicroSectors FANG+ Index 3X Leveraged ETN |
| DFIV | Dimensional International Value ETF | FPE | First Trust Preferred Securities & Income ETF |
| DFUV | Dimensional US Marketwide Value ETF | FPEI | First Trust Institutional Preferred Securities & Income ETF |
| DGRO | iShares Core Dividend Growth ETF | FREL | Fidelity MSCI Real Estate Index ETF |
| FTCS | First Trust Capital Strength ETF | IUSB | iShares Core Total USD Bond Market ETF |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | IUSG | iShares Core S&P U.S. Growth ETF |
| FTSL | First Trust Senior Loan Fund | IUSV | iShares Core S&P US Value ETF |
| FTSM | First Trust Enhanced Short Maturity ETF | IVE | iShares S&P 500 Value ETF |
| FVD | First Trust Value Line Dividend Index Fund | IVLU | iShares MSCI Intl Value Factor ETF |
| FXI | iShares China Large-Cap ETF | IVOL | Quadratic Interest Rate Volatility & Inflation Hedge ETF |
| FXN | First Trust Energy AlphaDEX Fund | IVV | iShares Core S&P 500 ETF |
| GBIL | Goldman Sachs Access Treasury 0-1 Year ETF | IVW | iShares S&P 500 Growth ETF |
| GDXJ | VanEck Junior Gold Miners ETF | IWB | iShares Russell 1000 ETF |
| GLD | SPDR Gold Shares | IWD | iShares Russell 1000 Value ETF |
| GLDM | SPDR Gold MiniShares Trust | IWF | iShares Russell 1000 Growth ETF |
| GNR | SPDR S&P Global Natural Resources ETF | IWM | iShares Russell 2000 ETF |
| GOVT | iShares U.S. Treasury Bond ETF | IWN | iShares Russell 2000 Value ETF |
| GSG | iShares S&P GSCI Commodity Indexed Trust | IWO | iShares Russell 2000 Growth ETF |
| GSIE | Goldman Sachs ActiveBeta International Equity ETF | IWP | iShares Russell Mid-Cap Growth ETF |
| GSLC | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | IWR | iShares Russell Midcap ETF |
| GSY | Invesco Ultra Short Duration ETF | IWS | iShares Russell Mid-Cap Value ETF |
| GUNR | FlexShares Global Upstream Natural Resources Index Fund | IXC | iShares Global Energy ETF |
| GUSH | Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | IXN | iShares Global Tech ETF |
| HDV | iShares Core High Dividend ETF | IXUS | iShares Core MSCI Total International Stock ETF |
| HEFA | iShares Currency Hedged MSCI EAFE ETF | IYE | iShares U.S. Energy ETF |
| HYD | VanEck High Yield Muni ETF | IYR | iShares U.S. Real Estate ETF |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | IYW | iShares U.S. Technology ETF |
| HYLB | Xtrackers USD High Yield Corporate Bond ETF | JEPI | JPMorgan Equity Premium Income ETF |
| HYMB | SPDR Nuveen Bloomberg High Yield Municipal Bond ETF | JETS | U.S. Global Jets ETF |
| HYS | PIMCO 0-5 Year High Yield Corporate Bond Index ETF | JMST | JPMorgan Ultra-Short Municipal Income ETF |
| IAU | iShares Gold Trust | JNK | SPDR Bloomberg High Yield Bond ETF |
| IBB | iShares Biotechnology ETF | JPST | JPMorgan Ultra-Short Income ETF |
| IBDO | iShares iBonds Dec 2023 Term Corporate ETF | KBE | SPDR S&P Bank ETF |
| IBDP | iShares iBonds Dec 2024 Term Corporate ETF | KBWB | Invesco KBW Bank ETF |
| IBTD | iShares iBonds Dec 2023 Term Treasury ETF | KIE | SPDR S&P Insurance ETF |
| ICLN | iShares Global Clean Energy ETF | KRE | SPDR S&P Regional Banking ETF |
| ICSH | BlackRock Ultra Short-Term Bond ETF | KSA | iShares MSCI Saudi Arabia ETF |
| ICVT | iShares Convertible Bond ETF | KWEB | KraneShares CSI China Internet ETF |
| IDEV | iShares Core MSCI International Developed Markets ETF | LABU | Direxion Daily S&P Biotech Bull 3X Shares |
| IDV | iShares International Select Dividend ETF | LIT | Global X Lithium & Battery Tech ETF |
| IEF | iShares 7-10 Year Treasury Bond ETF | LMBS | First Trust Low Duration Opportunities ETF |
| IEFA | iShares Core MSCI EAFE ETF | LQD | iShares Investment Grade Corporate Bond ETF |

---

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| IEI | iShares 3-7 Year Treasury Bond ETF | MBB | iShares MBS ETF |
| IEMG | iShares Core MSCI Emerging Markets ETF | MCHI | iShares MSCI China ETF |
| IEUR | iShares Core MSCI Europe ETF | MDY | SPDR S&P Midcap 400 ETF Trust |
| IEV | iShares Europe ETF | MINT | PIMCO Enhanced Short Maturity Active ETF |
| IGE | iShares North American Natural Resources ETF | MOAT | VanEck Morningstar Wide Moat ETF |
| IGF | iShares Global Infrastructure ETF | MTUM | iShares MSCI USA Momentum Factor ETF |
| IGIB | iShares 5-10 Year Investment Grade Corporate Bond ETF | MUB | iShares National Muni Bond ETF |
| IGLB | iShares 10+ Year Investment Grade Corporate Bond ETF | NEAR | BlackRock Short Maturity Bond ETF |
| IGSB | iShares 1-5 Year Investment Grade Corporate Bond ETF | NOBL | ProShares S&P 500 Dividend Aristocrats ETF |
| IGV | iShares Expanded Tech-Software Sector ETF | NUGT | Direxion Daily Gold Miners Index Bull 2x Shares |
| IHI | iShares U.S. Medical Devices ETF | OIH | VanEck Oil Services ETF |
| IJH | iShares Core S&P Mid-Cap ETF | ONEQ | Fidelity Nasdaq Composite Index ETF |
| IJJ | iShares S&P Mid-Cap 400 Value ETF | OUNZ | VanEck Merk Gold Trust |
| IJR | iShares Core S&P Small Cap ETF | PAVE | Global X U.S. Infrastructure Development ETF |
| IJS | iShares S&P Small-Cap 600 Value ETF | PBW | Invesco WilderHill Clean Energy ETF |
| ILF | iShares Latin America 40 ETF | PCY | Invesco Emerging Markets Sovereign Debt ETF |
| INDA | iShares MSCI India ETF | PDBC | Invesco Opt Yield Diver Comm ETF |
| IQLT | iShares MSCI Intl Quality Factor ETF | PFF | iShares Preferred & Income Securities ETF |
| ISTB | iShares Core 1-5 Year USD Bond ETF | PFFD | Global X U.S. Preferred ETF |
| ITA | iShares U.S. Aerospace & Defense ETF | PGF | Invesco Financial Preferred ETF |
| ITB | iShares U.S. Home Construction ETF | PGX | Invesco Preferred ETF |
| ITM | VanEck Intermediate Muni ETF | PICK | iShares MSCI Global Metals & Mining Producers ETF |
| ITOT | iShares Core S&P Total U.S. Stock Market ETF | PSQ | ProShares Short QQQ |
| PULS | PGIM Ultra Short Bond ETF | SPLG | SPDR Portfolio S&P 500 ETF |
| PWZ | Invesco California AMT-Free Municipal Bond ETF | SPLV | Invesco S&P 500 Low Volatility ETF |
| PXH | Invesco FTSE RAFI Emerging Markets ETF | SPMB | SPDR Portfolio Mortgage Backed Bond ETF |
| PZA | Invesco National AMT-Free Municipal Bond ETF | SPMD | SPDR Portfolio S&P 400 Mid Cap ETF |
| QLD | ProShares Ultra QQQ | SPSB | SPDR Portfolio Short Term Corporate Bond ETF |
| QQQ | Invesco QQQ Trust | SPSM | SPDR Portfolio S&P 600 Small Cap ETF |
| QQQM | Invesco NASDAQ 100 ETF | SPTI | SPDR Portfolio Intermediate Term Treasury ETF |
| QUAL | iShares MSCI USA Quality Factor ETF | SPTL | SPDR Portfolio Long Term Treasury ETF |
| QYLD | Global X NASDAQ 100 Covered Call ETF | SPTM | SPDR Portfolio S&P 1500 Composite Stock Market ETF |
| RDVY | First Trust Rising Dividend Achievers ETF | SPTS | SPDR Portfolio Short Term Treasury ETF |
| REET | iShares Global REIT ETF | SPXL | Direxion Daily S&P 500 Bull 3x Shares |
| REM | iShares Mortgage Real Estate ETF | SPXS | Direxion Daily S&P 500 Bear 3x Shares |
| RPV | Invesco S&P 500 Pure Value ETF | SPXU | ProShares UltraPro Short S&P500 |
| RSP | Invesco S&P 500 Equal Weight ETF | SPY | SPDR S&P 500 ETF Trust |
| RYLD | Global X Russell 2000 Covered Call ETF | SPYD | SPDR Portfolio S&P 500 High Dividend ETF |
| SCHA | Schwab U.S. Small-Cap ETF | SPYG | SPDR Portfolio S&P 500 Growth ETF |
| SCHB | Schwab U.S. Broad Market ETF | SPYV | SPDR Portfolio S&P 500 Value ETF |
| SCHC | Schwab International Small-Cap Equity ETF | SQQQ | ProShares UltraPro Short QQQ |
| SCHD | Schwab US Dividend Equity ETF | SRLN | SPDR Blackstone Senior Loan ETF |
| SCHE | Schwab Emerging Markets Equity ETF | SSO | ProShares Ultra S&P 500 |
| SCHF | Schwab International Equity ETF | STIP | iShares 0-5 Year TIPS Bond ETF |
| SCHG | Schwab U.S. Large-Cap Growth ETF | SUB | iShares Short-Term National Muni Bond ETF |
| SCHH | Schwab U.S. REIT ETF | TAN | Invesco Solar ETF |
| SCHM | Schwab U.S. Mid-Cap ETF | TBT | ProShares UltraShort 20+ Year Treasury |
| SCHO | Schwab Short-Term US Treasury ETF | TDTT | FlexShares iBoxx 3 Year Target Duration TIPS Index Fund |
| SCHP | Schwab US TIPS ETF | TECL | Direxion Daily Technology Bull 3x Shares |

---

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| SCHR | Schwab Intermediate-Term US Treasury ETF | TFI | SPDR Nuveen Bloomberg Municipal Bond ETF |
| SCHV | Schwab U.S. Large-Cap Value ETF | TFLO | iShares Treasury Floating Rate Bond ETF |
| SCHX | Schwab U.S. Large-Cap ETF | TIP | iShares TIPS Bond ETF |
| SCHZ | Schwab US Aggregate Bond ETF | TIPX | SPDR Bloomberg 1-10 Year TIPS ETF |
| SCZ | iShares MSCI EAFE Small-Cap ETF | TLH | iShares 10-20 Year Treasury Bond ETF |
| SDOW | ProShares UltraPro Short Dow30 | TLT | iShares 20+ Year Treasury Bond ETF |
| SDS | ProShares UltraShort S&P500 | TMF | Direxion Daily 20+ Year Treasury Bull 3X Shares |
| SDY | SPDR S&P Dividend ETF | TNA | Direxion Daily Small Cap Bull 3x Shares |
| SGOL | abrdn Physical Gold Shares ETF | TOTL | SPDR DoubleLine Total Return Tactical ETF |
| SGOV | iShares 0-3 Month Treasury Bond ETF | TQQQ | ProShares UltraPro QQQ |
| SH | ProShares Short S&P500 | TZA | Direxion Daily Small Cap Bear 3x Shares |
| SHM | SPDR Nuveen Bloomberg Short Term Municipal Bond ETF | UCO | ProShares Ultra Bloomberg Crude Oil |
| SHV | iShares Short Treasury Bond ETF | UCON | First Trust TCW Unconstrained Plus Bond ETF |
| SHY | iShares 1-3 Year Treasury Bond ETF | UDOW | ProShares UltraPro Dow30 |
| SHYG | iShares 0-5 Year High Yield Corporate Bond ETF | UNG | United States Natural Gas Fund LP |
| SIL | Global X Silver Miners ETF | UPRO | ProShares UltraPro S&P500 |
| SILJ | ETFMG Prime Junior Silver Miners Fund | URA | Global X Uranium ETF |
| SIVR | abrdn Physical Silver Shares ETF | URNM | Sprott Uranium Miners ETF |
| SJNK | SPDR Bloomberg Short Term High Yield Bond ETF | USFR | WisdomTree Floating Rate Treasury Fund |
| SKYY | First Trust Cloud Computing ETF | USHY | iShares Broad USD High Yield Corporate Bond ETF |
| SLQD | iShares 0-5 Year Investment Grade Corporate Bond ETF | USIG | iShares Broad USD Investment Grade Corporate Bond ETF |
| SLV | iShares Silver Trust | USMV | iShares MSCI USA Min Vol Factor ETF |
| SMH | VanEck Semiconductor ETF | USO | United States Oil Fund LP |
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | UUP | Invesco DB US Dollar Index Bullish Fund |
| SOXS | Direxion Daily Semiconductor Bear 3x Shares | UVXY | ProShares Ultra VIX Short-Term Futures ETF |
| SOXX | iShares Semiconductor ETF | VB | Vanguard Small-Cap ETF |
| SPAB | SPDR Portfolio Aggregate Bond ETF | VBR | Vanguard Small Cap Value ETF |
| SPDN | Direxion Daily S&P 500 Bear 1X Shares | VCIT | Vanguard Intermediate-Term Corporate Bond ETF |
| SPDW | SPDR Portfolio Developed World ex-US ETF | VCLT | Vanguard Long-Term Corporate Bond ETF |
| SPEM | SPDR Portfolio Emerging Markets ETF | VCSH | Vanguard Short-Term Corporate Bond ETF |
| SPHD | Invesco S&P 500 High Dividend Low Volatility ETF | VDE | Vanguard Energy ETF |
| SPHQ | Invesco S&P 500 Quality ETF | VEA | Vanguard FTSE Developed Markets ETF |
| SPIB | SPDR Portfolio Intermediate Term Corporate Bond ETF | VEU | Vanguard FTSE All-World ex-US Index Fund |
| SPIP | SPDR Portfolio TIPS ETF | VFH | Vanguard Financials ETF |
| SPLB | SPDR Portfolio Long Term Corporate Bond ETF | VGIT | Vanguard Intermediate-Term Treasury ETF |
| VGK | Vanguard FTSE Europe ETF | VWO | Vanguard FTSE Emerging Markets ETF |
| VGLT | Vanguard Long-Term Treasury ETF | VWOB | Vanguard Emerging Markets Government Bond ETF |
| VGSH | Vanguard Short-Term Treasury ETF | VXF | Vanguard Extended Market ETF |
| VGT | Vanguard Information Technology ETF | VXUS | Vanguard Total International Stock ETF |
| VIG | Vanguard Dividend Appreciation ETF | VYM | Vanguard High Dividend Yield Index ETF |
| VLUE | iShares MSCI USA Value Factor ETF | VYMI | Vanguard International High Dividend Yield ETF |
| VMBS | Vanguard Mortgage-Backed Securities ETF | WCLD | WisdomTree Cloud Computing Fund |
| VNQ | Vanguard Real Estate ETF | XBI | SPDR S&P BIOTECH ETF |
| VO | Vanguard Mid-Cap ETF | XHB | SPDR S&P Homebuilders ETF |
| VOE | Vanguard Mid-Cap Value ETF | XLB | Materials Select Sector SPDR Fund |
| VONG | Vanguard Russell 1000 Growth ETF | XLC | Communication Services Select Sector SPDR Fund |
| VONV | Vanguard Russell 1000 Value ETF | XLE | Energy Select Sector SPDR Fund |
| VOO | Vanguard S&P 500 ETF | XLF | Financial Select Sector SPDR Fund |
| VPL | Vanguard FTSE Pacific ETF | XLI | Industrial Select Sector SPDR Fund |

---

---

| | | | |
|:---|:---|:---|:---|
| **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** | **Schedule 1 (cont.)** |
| **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** | **Pre-Clearance still required for ETFs eligible for de minimis exception** |
| **Ticker** | **Company Name** | **Ticker** | **Company Name** |
| VRP | Invesco Variable Rate Preferred ETF | XLK | Technology Select Sector SPDR Fund |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | XLP | Consumer Staples Select Sector SPDR Fund |
| VT | Vanguard Total World Stock ETF | XLRE | Real Estate Select Sector SPDR Fund |
| VTEB | Vanguard Tax-Exempt Bond ETF | XLU | Utilities Select Sector SPDR Fund |
| VTI | Vanguard Total Stock Market ETF | XLV | Health Care Select Sector SPDR Fund |
| VTIP | Vanguard Short-Term Inflation-Protected Securities ETF | XLY | Consumer Discretionary Select Sector SPDR Fund |
| VTV | Vanguard Value ETF | XME | SPDR S&P Metals & Mining ETF |
| VTWO | Vanguard Russell 2000 ETF | XOP | SPDR S&P Oil & Gas Exploration & Production ETF |
| VUG | Vanguard Growth ETF | XSOE | WisdomTree EM ex-State-Owned Ent Fund |
| VUSB | Vanguard Ultra-Short Bond ETF | XYLD | Global X S&P 500 Covered Call ETF |
| VV | Vanguard Large-Cap ETF | YINN | Direxion Daily FTSE China Bull 3X Shares |

---

## Ex-99.Cert

Exhibit 19(a)(3)

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Jayson Bronchetti, certify that:

1. I have reviewed this report on Form N-CSR of Lincoln Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 10, 2025 | /s/ Jayson Bronchetti |
|  |  | Jayson Bronchetti, President |
|  |  | (principal executive officer) |

---

Exhibit 19(a)(3)

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, James Hoffmayer, certify that:

1. I have reviewed this report on Form N-CSR of Lincoln Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 12, 2025 | /s/ James Hoffmayer |
|  |  | James Hoffmayer, Chief Accounting Officer |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

Exhibit 19(b)

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Jayson Bronchetti, President of Lincoln Funds Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 10, 2025 | /s/ Jayson Bronchetti |
|  |  | Jayson Bronchetti, President |
|  |  | (principal executive officer) |

---

I, James Hoffmayer, Chief Accounting Officer of Lincoln Funds Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 12, 2025 | /s/ James Hoffmayer |
|  |  | James Hoffmayer, Chief Accounting Officer |
|  |  | (principal financial officer) |

---