# EDGAR Filing Document

**Accession Number:** 0002054995
**File Stem:** 0001193125-26-163869
**Filing Date:** 2026-4
**Character Count:** 12850
**Document Hash:** 0c6f289ec83f93dc8a62627f92941255
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-163869.hdr.sgml**: 20260420

**ACCESSION NUMBER**: 0001193125-26-163869

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260420

**DATE AS OF CHANGE**: 20260420

**SUBJECT COMPANY**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95444
- **FILM NUMBER:** 26874906

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

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

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN NATIONAL CORP
- **CENTRAL INDEX KEY:** 0000059558
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 351140070
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 150 N RADNOR CHESTER RD
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 4845831400

**MAIL ADDRESS:**
- **STREET 1:** 150 N RADNOR CHESTER RD
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_1.pdf`

_No text found in this document._

**Attachment 2:** `ck0000000000-ex99_3.pdf`

_No text found in this document._

**Attachment 3:** `ck0000000000-ex99_a.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Lincoln Partners Group Royalty Fund**

*(Name of Issuer)*

**Class I, Class A, Class D and Class IS shares of beneficial interest, no par value per share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Samuel K. Goldstein, Esq.**<br>150 N. Radnor Chester Road<br>Radnor PA 19087-5221<br>(484) 583-8711

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/19/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Lincoln National Corporation** | Name of reporting person<br>**Lincoln National Corporation** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**INDIANA** | Citizenship or place of organization<br>**INDIANA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9787323.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9787323.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9787323.00** | Aggregate amount beneficially owned by each reporting person<br>**9787323.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**80.94%** | Percent of class represented by amount in Row (11)<br>**80.94%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** Items 8, 10, 11, and 13: The Lincoln National Life Insurance Company, an Indiana corporation ("LNL"), directly owns the following shares of beneficial interests in the Issuer: 9,784,323.12 Class I shares of beneficial interests ("Class I Shares"), 1,000 Class A shares of beneficial interests ("Class A Shares"), 1,000 Class D shares of beneficial interests ("Class D Shares"), and 1,000 Class IS shares of beneficial interests ("Class IS Shares" and, together with the Class I Shares, Class A Shares and Class D Shares, the "Shares"). Based on information provided by the Issuer as of the date of this Schedule 13D filing, LNL owns 80.94% of the Class I Shares outstanding, 100% of the Class A Shares outstanding, 100% of the Class D Shares outstanding, and 100% of the Class IS Shares outstanding. LNL is a wholly owned subsidiary of its parent holding company, Lincoln National Corporation, an Indiana corporation ("LNC" and together with LNL, the "Reporting Persons"), which may be deemed to be an indirect beneficial owner of the reported securities.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**The Lincoln National Life Insurance Company** | Name of reporting person<br>**The Lincoln National Life Insurance Company** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**INDIANA** | Citizenship or place of organization<br>**INDIANA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**9787323.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**9787323.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**9787323.00** | Aggregate amount beneficially owned by each reporting person<br>**9787323.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**80.94%** | Percent of class represented by amount in Row (11)<br>**80.94%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IC** | Type of Reporting Person (See Instructions)<br>**IC** | |

---

**Comment for Reporting Person:** Items 8, 10, 11, and 13: LNL directly owns the following shares of beneficial interests in the Issuer: 9,784,323.12 Class I Shares, 1,000 Class A Shares, 1,000 Class D Shares and 1,000 Class IS Shares. Based on information provided by the Issuer as of the date of this Schedule 13D filing, LNL owns 80.94% of the Class I Shares outstanding, 100% of the Class A Shares outstanding, 100% of the Class D Shares outstanding, and 100% of the Class IS Shares outstanding. LNL is a wholly owned subsidiary of its parent holding company, LNC, which may be deemed to be an indirect beneficial owner of the reported securities.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class I, Class A, Class D and Class IS shares of beneficial interest, no par value per share

**(b) Name of Issuer:**
Lincoln Partners Group Royalty Fund

**(c) Address of Issuer's Principal Executive Offices:**
1301 South Harrison Street, Fort Wayne, IN, 46802

**Item 4. Purpose of Transaction**

LNL acquired the Shares for investment purposes.

Except as described in this Schedule 13D or in the Issuer's periodic and current reports filed with the SEC from time to time, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, although the Reporting Persons, at any time and from time to time, may review, reconsider and change their position and/or change their purpose and/or develop such plans and may seek to influence management or the Board of Trustees of the Issuer with respect to the business and affairs of the Issuer, and may from time to time consider pursuing or proposing such matters with advisors, the Issuer or other persons.

Administration Agreement. Pursuant to an amended and restated administration agreement (the "Administration Agreement") between the Issuer and LNL, LNL provides or procures administrative, support, shareholder and corporate-level services on behalf of the Issuer. LNL is reimbursed for its costs to provide or procure the administrative and support services and is paid a fee for shareholder services and corporate-level services. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other party.

The Reporting Persons review, and intend to continue to review, on an ongoing and continuing basis, their investment in the Issuer. Depending upon the factors discussed below and subject to applicable law, the Reporting Persons may from time to time acquire additional securities of the Issuer or sell or otherwise dispose of some or all of its securities of the Issuer. Any transaction that the Reporting Persons may pursue may be made at any time and from time to time without prior notice and will depend upon a variety of factors, including, without limitation, current and anticipated future values of the securities of the Issuer, the financial condition, results of operations and prospects of the Issuer, general economic, financial market and industry conditions, other investment and business opportunities available to the Reporting Persons, tax considerations and other factors.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information set forth on rows 7 through 11 and row 13 of the cover pages of this Schedule 13D are incorporated herein by reference.

LNC may be deemed to beneficially own the Shares beneficially owned by LNL, but neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission that LNC is the beneficial owner of the Shares referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose, and LNC expressly disclaims beneficial ownership of such Shares.

Any beneficial ownership of Shares by any of the persons listed on Schedule A is set forth on Schedule A attached hereto.

**(b)**
The information set forth in Item 5(a) is incorporated herein by reference.

**(c)**
Except as described in this Schedule 13D, none of the Reporting Persons nor, to the knowledge of the Reporting Persons, without independent verification, any of the persons listed on Schedule A, has effected any transaction in the Shares during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information included in Items 3, 4 and 5 is incorporated by reference herein, as applicable.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Lincoln National Corporation

**Signature:** /s/Gordon Huellmantel

**Name/Title:** Gordon Huellmantel

**Date:** 04/20/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** The Lincoln National Life Insurance Company

**Signature:** /s/Gordon Huellmantel

**Name/Title:** Gordon Huellmantel

**Date:** 04/20/2026