# EDGAR Filing Document

**Accession Number:** 0002054992
**File Stem:** 0001398344-25-011316
**Filing Date:** 2025-6
**Character Count:** 179566
**Document Hash:** d2941eb77a1e197358ca03209d11d310
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011316.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001398344-25-011316

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lincoln Bain Capital Total Credit Fund
- **CENTRAL INDEX KEY:** 0002054992

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24066
- **FILM NUMBER:** 251026106

**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

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>811-24066</u>

Lincoln Bain Capital Total Credit Fund

(Exact name of registrant as specified in charter)

1301 South Harrison Street

Fort Wayne, Indiana 46802

(Address of principal executive offices) (Zip code)

Ronald A. Holinsky, Esq.

Lincoln Financial Group

150 North Radnor Chester Road

Radnor, Pennsylvania 19087

(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

Robert Horowitz, Esq.

Dechert LLP

1095 Avenue

of the Americas

New York, New York 10036

Kaitlin McGrath, Esq.

Dechert LLP

One International Place

40<sup>th</sup> Floor

Boston, MA 02110

Registrant's telephone number, including area code: <u>(260) 455-2000</u>

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

Date of reporting period: <u>March 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.**

(a) The
 Report to Shareholders is attached herewith.

![](fp0093819-1_02.jpg)

***Lincoln Bain Capital Total Credit Fund***

**Annual Report March 31, 2025**

**Lincoln Bain Capital Total Credit Fund** 

**Index**

---

| | |
|:---|:---|
|  | Pages |
| **Report of Independent Registered Public Accounting Firm** | **1** |
| **Commentary (unaudited)** | **2** |
| **Statement of Assets and Liabilities** | **3** |
| **Statement of Operations** | **4** |
| **Statement of Changes in Net Assets** | **5** |
| **Statement of Cash Flows** | **6** |
| **Schedule of Investments** | **7** |
| **Notes to Financial Statements** | **9** |
| **Other Fund Information (unaudited)** | **18** |
| **Officer/Trustee Information (unaudited)** | **20** |

---

**Report of Independent Registered Public Accounting Firm**

The Board of Trustees and Shareholders of Lincoln Bain Capital Total Credit Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Lincoln Bain Capital Total Credit Fund (the "Fund"), including the schedule of investments, as of March 31, 2025, and the related statements of operations, cash flows and changes in net assets for the period from March 4, 2025 (date of commencement of operations) to March 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 at March 31, 2025, the results of its operations, its cash flows, and changes in its net assets for the period from March 4, 2025 (date of commencement of operations) to March 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Fund'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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of the Fund'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 Fund'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 investments owned as of March 31, 2025, by correspondence with the custodian and others. 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.

![](fp0093819-1_03.jpg)

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

Philadelphia, Pennsylvania

May 30, 2025

**Lincoln Bain Capital Total Credit Fund**

**2025 Annual Report Commentary (unaudited)**

Advised by: Lincoln Financial Investments Corporation

Sub-advised by: BCSF Advisors, LP

**The Market**

Despite a busy start to the year, middle market lending activity slowed towards the end of the quarter, stemming from increased volatility and broader uncertainty across the middle market. During the first quarter, middle market sponsored loan volume reached $44B, down 26% from the fourth quarter but an increase from the same period last year. Similar to the broader market, LBO and M&A activity also declined relative to the prior quarter. Spread compression remained a theme, but consistent with prior quarters, remained most impactful across upper middle market and large cap companies. As it relates to tariff uncertainty, we are actively monitoring and evaluating the evolving situation. While there is still uncertainty around tariffs given the fluid situation and ongoing developments, we believe our portfolios are generally well-insulated to significant impacts. Our platform's approach towards portfolio construction has led us to an industry mix which is less exposed to both imported products and to sectors impacted most by trade barriers. Within the Asset Based Finance markets, price volatility did pick up late in March and into April, which we believe will create some attractive trading and sourcing opportunities.

We continue to see stable volumes across our pipeline. For new deals we are screening today, we have adopted a more cautious posture with widening pricing, identifying companies and structures in what we view as resilient sectors and remaining focused on investing in structures where we can drive documentation and control of tranche.

**Fund Performance Attribution**

The Fund is still in its early stages of investing and continues to source new investments. Performance has been consistent with expectations and the portfolio has delivered attractive income since inception.

*Portfolio Managers:*

 

---

| | |
|:---|:---|
| *BCSF Advisors, LP:* | *Nate Whittier* |
|  | *John Wright* |
|  | *Michael A. Ewald* |

---

 

*The views expressed represent the Manager's assessment of the Fund and market environment as of the most recent quarter end and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice*

**Lincoln Bain Capital Total Credit Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
|  | **March 31, 2025** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value (cost of $99,724,237) | $99784706 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 222529 |
| &nbsp;&nbsp;&nbsp;Expense reimbursement receivable from the Adviser | 552784 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 510763 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 9536 |
| &nbsp;&nbsp;&nbsp;Receivable for principal repayments | 1136 |
| &nbsp;&nbsp;&nbsp;Other assets | 98133 |
| **Total assets** | 101179587 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Organization costs payable to Adviser and affiliates | 352023 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 150000 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 67209 |
| &nbsp;&nbsp;&nbsp;Payable for fund accounting fee | 13425 |
| &nbsp;&nbsp;&nbsp;Offering costs payable | 10328 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 2301 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses payable | 101402 |
| **Total liabilities** | 696688 |
| **Net assets** | $100482899 |
| **Components of Net Assets at March 31, 2025:** |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest (unlimited authorization at $0.001 par value) - Class I | 10000 |
| &nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | 99990000 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 482899 |
|  | $100482899 |
| Class I Shares issued and outstanding (unlimited number of shares authorized) | 10000000 |

---

The accompanying notes are an integral part of these financial statements.

**Lincoln Bain Capital Total Credit Fund**

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
|  | **For the period from<br> March 4, 2025\*<br> to March 31, 2025** |
| **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;Interest | $436085 |
| &nbsp;&nbsp;&nbsp;Dividends | 120713 |
| **Total investment income** | 556798 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Organizational costs | 352023 |
| &nbsp;&nbsp;&nbsp;Professional fees | 150000 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 81314 |
| &nbsp;&nbsp;&nbsp;Management fees | 67209 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 20088 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 13425 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 2301 |
| &nbsp;&nbsp;&nbsp;Offering costs expense | 792 |
|  | 687152 |
| Less: Expenses reimbursed | (552784) |
| **Total operating expenses** | 134368 |
| **Net investment income** | 422430 |
| **Net unrealized gain:** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 60469 |
| **Net unrealized gain** | 60469 |
| **Net increase in net assets resulting from operations** | $482899 |

---

\* Date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

**Lincoln Bain Capital Total Credit Fund**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the period from<br> March 4, 2025\* to<br> March 31, 2025** |
| **Increase in net assets from operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $422430 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 60469 |
| **Net increase in net assets resulting from operations** | $482899 |
| **Capital share transactions:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold (Class I) | $100000000 |
| &nbsp;&nbsp;&nbsp;Increase in net assets derived from capital share transactions | 100000000 |
| **Net increase in net assets** | 100482899 |
| **Net assets** |  |
| Beginning of period | - |
| End of period | $100482899 |

---

\* Date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

**Lincoln Bain Capital Total Credit Fund**

**STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
|  | **For the period from<br> March 4, 2025\*<br> to March 31, 2025** |
| **Cash flows from operating activities:** |  |
| Net increase (decrease) in net assets resulting from operations | $482899 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (60469) |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (67359693) |
| &nbsp;&nbsp;&nbsp;Proceeds from principal repayments | 238657 |
| &nbsp;&nbsp;&nbsp;Net (purchases) sales of money market fund | (32602795) |
| &nbsp;&nbsp;&nbsp;Accretion of discount on investments | (406) |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Expense reimbursement receivable from the Adviser | (552784) |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | (510763) |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | (9536) |
| &nbsp;&nbsp;&nbsp;Receivable for principal repayments | (1136) |
| &nbsp;&nbsp;&nbsp;Other assets | (98133) |
| &nbsp;&nbsp;&nbsp;Organization costs payable to Adviser and affiliates | 352023 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 150000 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 67209 |
| &nbsp;&nbsp;&nbsp;Payable for fund accounting fee | 13425 |
| &nbsp;&nbsp;&nbsp;Offering costs payable | 10328 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 2301 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses payable | 101402 |
| **Net cash provided by (used in) operating activities** | (99777471) |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 100000000 |
| **Net cash provided by (used in) financing activities** | 100000000 |
| Net increase (decrease) in cash and cash equivalents | 222529 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period | - |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of period | $222529 |

---

\* Date of commencement of operations.

The accompanying notes are an integral part of these financial statements.

**Lincoln Bain Capital Total Credit Fund**

**SCHEDULE OF INVESTMENTS March 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Industry** | **Footnotes** | **Reference<br> Rate and<br> Spread** | **Interest<br> Rate<sup>(2)</sup>** | **Maturity<br> Date** | **Par Amount/<br> Unit** | **Cost<sup>(3)</sup>** | **Fair**<br> **Value** | **% of**<br> **Net Assets** |
| **Loan Agreements (First-Lien) - 58.9%** | **Loan Agreements (First-Lien) - 58.9%** |  |  |  |  |  |  |  |  |
| **Delayed Drawn Term Loan** | **Delayed Drawn Term Loan** |  |  |  |  |  |  |  |  |
| Acuity Eyecare Holdings LLC | Healthcare & Pharmaceuticals | (4) | S+ 5.75% | 10.17% | 3/27/2027 | $2065938 | $2065938 | $2065938 | 2.1% |
| Acuity Eyecare Holdings LLC | Healthcare & Pharmaceuticals | (4) | S+ 5.75% | 10.20% | 3/27/2027 | 2063818 | 2063818 | 2063818 | 2.1% |
| Acuity Eyecare Holdings LLC | Healthcare & Pharmaceuticals | (4)(5) | S+ 5.75% | 10.20% | 3/27/2027 | 102716 | 102716 | 102716 | 0.1% |
| Congress Buyer Inc. | Finance | (4) | S+ 5.50% | 9.90% | 6/30/2029 | 1046493 | 1046493 | 1046493 | 0.9% |
| DTIQ Technologies Inc. | Services: Business | (4)(5) | S+ 7.50% |  | 9/30/2029 | 751000 | (13143) | (11265) | 0.0% |
| Easy Ice, LLC | Services: Business | (4)(5) | S+ 5.25% |  | 10/30/2030 | 896000 | 181994 | 176006 | 0.2% |
| Govineer Solutions LLC | High Tech Industries | (4)(5) | S+ 5.00% |  | 10/7/2030 | 975000 | (7313) | (7313) | 0.0% |
| Margaux Acquisition Inc. | Insurance | (4) | S+ 5.75% | 10.21% | 12/19/2025 | 800000 | 800000 | 800000 | 0.8% |
| Margaux Acquisition Inc. | Insurance | (4) | S+ 5.75% | 10.21% | 12/19/2025 | 329000 | 329000 | 329000 | 0.3% |
| TVG Shelby Buyer Inc. | Healthcare & Pharmaceuticals | (4)(5) | S+ 5.00% |  | 3/27/2028 | 522192 | 522192 | 522192 | 0.5% |
| Vacation Rental Brands LLC | Hotel, Gaming & Leisure | (4) | S+ 5.25% | 9.56% | 9/8/2031 | 1367222 | 1360386 | 1367222 | 1.4% |
|  |  |  |  |  |  |  | 8452081 | 8454807 | 8.4% |
| **Revolver** |  |  |  |  |  |  |  |  |  |
| AMI Buyer Inc. | High Tech Industries | (4)(5) | S+ 5.25% | 9.69% | 10/17/2031 | 107096 | 102318 | 102318 | 0.1% |
| Atlas US Finco In | High Tech Industries | (4)(5) | S+ 5.00% |  | 12/9/2028 |  |  |  | 0.0% |
| Congress Buyer Inc. | Finance | (4)(5) | S+ 5.50% |  | 6/30/2029 |  |  |  | 0.0% |
| Crow River Buyer Inc. | Services: Business | (4)(5) | S+ 6.00% |  | 1/31/2029 |  |  |  | 0.0% |
| DTIQ Technologies Inc. | Services: Business | (4)(5) | S+ 7.50% |  | 9/30/2029 |  | (9853) | (8445) | 0.0% |
| Easy Ice, LLC | Services: Business | (4)(5) | S+ 5.25% |  | 10/30/2030 |  | (6720) | (6720) | 0.0% |
| Govineer Solutions LLC | High Tech Industries | (4)(5) | S+ 5.00% |  | 10/7/2030 |  | (4875) | (4875) | 0.0% |
| Margaux Acquisition Inc. | Insurance | (4) | S+ 5.75% | 10.21% | 12/19/2025 | 303000 | 303000 | 303000 | 0.3% |
| Saturn Purchaser Corp. | Aerospace & Defense | (4)(5) | S+ 5.25% |  | 7/22/2030 |  |  |  | 0.0% |
| TVG Shelby Buyer Inc. | Healthcare & Pharmaceuticals | (4)(5) | S+ 5.00% |  | 3/27/2028 |  | - | - | 0.0% |
|  |  |  |  |  |  |  | 383870 | 385278 | 0.4% |
| **Term Loan** |  |  |  |  |  |  |  |  |  |
| Acuity Eyecare Holdings LLC | Healthcare & Pharmaceuticals | (4) | S+ 5.75% | 10.20% | 3/27/2027 | 405977 | 405977 | 405977 | 0.4% |
| AMI Buyer Inc | High Tech Industries | (4) | S+ 5.25% | 9.69% | 10/17/2031 | 4363000 | 4330278 | 4330278 | 4.3% |
| Atlas US Finco In | High Tech Industries | (4) | S+ 5.00% | 9.29% | 12/9/2029 | 4376005 | 4376005 | 4376005 | 4.4% |
| Congress Buyer Inc | Finance | (4) | S+ 5.50% | 9.90% | 6/30/2029 | 3208835 | 3208835 | 3208835 | 3.2% |
| Crow River Buyer Inc. | Services: Business | (4) | S+ 6.00% | 10.29% | 1/31/2029 | 3981000 | 3981000 | 3981000 | 4.0% |
| DTIQ Technologies Inc. | Services: Business | (4) | S+ 7.50% | 11.82% | 9/30/2029 | 3676762 | 3612419 | 3621610 | 3.6% |
| Easy Ice, LLC | Services: Business | (4) | S+ 5.25% | 9.69% | 10/30/2030 | 3646844 | 3592142 | 3592142 | 3.6% |
| Ergotron Acquisition LLC | Consumer Goods: Durable | (4) | S+ 5.25% | 9.57% | 7/6/2028 | 4986072 | 4986072 | 4986072 | 5.0% |
| Govineer Solutions LLC | High Tech Industries | (4) | S+ 5.00% | 9.30% | 10/7/2030 | 3375000 | 3349688 | 3349688 | 3.3% |
| Margaux Acquisition Inc. | Insurance | (4) | S+ 5.75% | 10.21% | 12/19/2025 | 2464000 | 2464000 | 2464000 | 2.4% |
| Margaux Acquisition Inc. | Insurance | (4) | S+ 5.75% | 10.21% | 12/19/2025 | 292000 | 292000 | 292000 | 0.3% |
| Margaux Acquisition Inc. | Insurance | (4) | S+ 5.75% | 10.21% | 12/19/2025 | 812000 | 812000 | 812000 | 0.8% |
| Primeflight Acquisition LLC | Transportation: Consumer | (4) | S+ 5.50% | 9.79% | 5/1/2029 | 3978876 | 3978876 | 3978876 | 3.9% |
| Primeflight Acquisition LLC | Transportation: Consumer | (4) | S+ 5.50% | 9.80% | 5/1/2029 | 1008441 | 1008441 | 1008441 | 1.0% |
| Saturn Purchaser Corp. | Aerospace & Defense | (4) | S+ 5.25% | 9.41% | 7/22/2030 | 4305760 | 4305760 | 4305760 | 4.3% |
| TVG Shelby Buyer Inc. | Healthcare & Pharmaceuticals | (4) | S+ 5.00% | 9.40% | 3/27/2028 | 1978018 | 1978018 | 1978018 | 2.0% |
| Vacation Rental Brands LLC | Hotel, Gaming & Leisure | (4) | S+ 5.25% | 9.55% | 9/8/2031 | 3620902 | 3602798 | 3620902 | 3.6% |
|  |  |  |  |  |  |  | 50284309 | 50311604 | 50.1% |
| **Loan Agreements (First-Lien) Total - 58.9%** | **Loan Agreements (First-Lien) Total - 58.9%** |  |  |  |  |  | $59120260 | $59151689 | 58.9% |
| **Money Market Fund - 32.4%** | **Money Market Fund - 32.4%** |  |  |  |  |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund Premier Class | State Street Institutional U.S. Government Money Market Fund Premier Class | (6) |  | 4.29% | 12/31/2030 | $32602795 | $32602795 | $32602795 | 32.4% |
| **Money Market Fund Total - 32.4%** | **Money Market Fund Total - 32.4%** |  |  |  |  |  | $32602795 | $32602795 | 32.4% |

---

The accompanying notes are an integral part of these financial statements.

**Lincoln Bain Capital Total Credit Fund**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Footnotes** | **Reference<br> Rate and<br> Spread** | **Interest<br> Rate<sup>(2)</sup>** | **Maturity<br> Date** | **Par Amount/<br> Unit** | **Cost<sup>(3)</sup>** | **Fair**<br> **Value** | **% of**<br> **Net Assets** |
| **Non-Agency Asset-Backed Securities - 8.0%** |  |  |  |  |  |  |  |  |
| Annisa CLO Ltd. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-2A, Class ERR Finance |  | S+ 6.93% | 11.20% | 7/20/2031 | $2000000 | $2007489 | $2005800 | 2.0% |
| Apidos CLO Ltd. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-20A, Class DR Finance |  | S+ 5.96% | 10.22% | 7/16/2031 | 2000000 | 2027969 | 2011000 | 2.0% |
| Apidos CLO Ltd. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-29A, Class D Finance |  | S+ 5.51% | 9.79% | 7/25/2030 | 2000000 | 2001997 | 2007000 | 2.0% |
| Neuberger Berman CLO Ltd. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-53A, Class SUB Finance | (7) | S+ 0.00% | 0.00% | 10/24/2037 | 1000000 | 884194 | 908842 | 0.9% |
| Symphony CLO Ltd. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-29A, Class E Finance |  | S+ 6.51% | 10.77% | 1/15/2034 | 1100000 | 1079533 | 1097580 | 1.1% |
| **Non-Agency Asset-Backed Securities Total - 8.0%** |  |  |  |  |  | $8001182 | $8030222 | 8.0% |
| **Total Investments – 99.3%** |  |  |  |  |  | $99724237 | $99784706 | 99.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless otherwise indicated, all loan investments held by the Fund are denominated in U.S. dollars. All
loan investments are income producing unless otherwise indicated. Certain portfolio fund investments may be subject to contractual restrictions
on sales. The total par amount is presented for loan investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference
to SOFR including SOFR adjustment, if any, ("S") at the borrower's option which generally resets periodically. S loans are
typically indexed to 12 month, 6 month, 3 month or 1 month S rates. For each such loan, the Fund has provided the interest rate in effect
on the date presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable,
on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States
of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Investment valued using unobservable inputs (Level 3). See Note 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund has an unfunded commitment to fund delayed draw and/or revolving senior secured loans. The interest
rate for the unfunded portion will be determined at the time of funding. Position or portion thereof is an unfunded loan commitment, and
no interest is being earned on the unfunded portion. Refer to Note 5 for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The rate shown is the annualized seven-day yield as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Interest only security. An interest only security is the interest only portion of a fixed income security
which is sold separately from the principal portion of the security. Refer to Note 8 in the accompanying notes for further information
on these types of securities.

The accompanying notes are an integral part of these financial statements.

**Lincoln Bain Capital Total Credit Fund**

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization** 

Lincoln Bain Capital Total Credit Fund (the "Fund") is a newly organized Delaware statutory trust formed on December 12, 2024 and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that is operated as an interval fund. Lincoln Financial Investments Corporation serves as the Fund's investment adviser (the "Adviser" or "Lincoln") and is responsible for overseeing the allocation of the Fund's assets across strategies. BCSF Advisors, LP serves as the Fund's sub-adviser (the "Sub-Adviser" or "Bain" and together with the Adviser, the "Advisers") and is responsible for selecting portfolio securities for the Fund. The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Fund's Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust").

The Fund's investment objective is to seek high risk-adjusted returns across various market cycles with a focus on current income.

&nbsp;&nbsp;&nbsp;&nbsp;**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* — Open-end investment companies are valued at their closing net asset value ("NAV"). Investments in government money market funds have a stable NAV. 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 including restricted securities, 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. The Valuation Committee was established by the Adviser, 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.

 

*Federal Income Taxes* — No provision for federal income taxes has been made because the Fund intends 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 has adopted a tax year end of October 31 (the "Tax Year"). As such, the Fund's tax basis capital gains and losses will only be determined at the end of each Tax Year. The Fund's initial tax year end will be October 31, 2025.

 

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. 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 year ended March 31, 2025, the Fund did not incur any interest or penalties.

**Lincoln Bain Capital Total Credit Fund**

**NOTES TO FINANCIAL STATEMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies (continued)** 

The tax character of distributions will be evaluated once paid after the Tax Year ended October 31, 2025. The components of distributable earnings/deficit on a tax basis will be evaluated as of October 31, 2025. The March 31, 2025 book cost has not been adjusted for book/tax basis differences.

*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.

 

*Unfunded Loan Commitments* — Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. The Fund intends to maintain sufficient cash on hand and/or available borrowings to fund such unfunded commitments should the need arise. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations.

 

*Other* — 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. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. 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.

 

*Segment Reporting* — The Adviser's 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 the Fund operates as a single operating segment because the Fund has a single investment strategy, against which the CODM assesses performance. The CODM monitors the operating results of the Fund as a whole. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

 

*Organizational Expenses* — Organizational costs are expensed as incurred and consist of costs incurred to establish the Fund and enable it to legally do business. For the period March 4, 2025\* to March 31, 2025, the Fund incurred organizational costs of $352,023. These costs, which have been incurred through March 31, 2025, have been paid by the Adviser. These costs are subject to recoupment in accordance with the Fund's expense limitation agreement.

 

*Offering Costs* — Offering costs are deferred until the Fund commences operations and then amortized over the first 12 months of operations on a straight-line basis. Offering costs consist of costs incurred in connection with the Fund's offering of Shares, such as preparation of the Fund's registration statement. For the period March 4, 2025\* to March 31, 2025, the Fund incurred offering costs of $10,328. These costs, which have been incurred through March 31, 2025, have been paid by the Adviser. These costs are subject to recoupment in accordance with the Fund's expense limitation agreement.

 

\* Date of commencement of operations.

**Lincoln Bain Capital Total Credit Fund**

**NOTES TO FINANCIAL STATEMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies (continued)** 

The Adviser is a registered investment adviser and wholly owned subsidiary of The Lincoln National Life Insurance Company ("Lincoln Life"), a wholly owned subsidiary of Lincoln National Corporation. The Adviser 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, the Adviser receives a management fee at an annual rate of 1.00% of the Fund's average daily gross assets plus incentive fee as discussed below. The management fee is calculated daily and paid monthly.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Management Fees and Other Transactions with Affiliates** 

Pursuant to the Investment Advisory Agreement, and in further consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to an incentive fee. The Incentive Fee is accrued monthly and payable quarterly in arrears at 15% of the Fund's pre-incentive fee net investment income for the immediately preceding quarter for each class of Shares, subject to a preferred return of 1.5% of NAV (6.00% annualized) "the "Hurdle") and a "catch up" feature. For the calculation of Incentive Fee, "pre-incentive fee net investment income" is compromised of (a) interest income, dividend income and any other income accrued during the fiscal quarter, minus (b) operating expenses for the quarter, including distribution and/or shareholder servicing fees. During the period ended March 31, 2025, the amount of incentive fees was $0.

The Adviser has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses (excluding interest, incentive fees, taxes, dividends tied to short sales, and brokerage commissions; underlying fund fees and expenses; other expenses attributable to, and incurred as a result of, the Fund's investments; amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act; and extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the Fund's business (as determined in the discretion of the Adviser)) exceed 2.00% of the Fund's average daily net assets for Class I Shares. The reimbursement is accrued daily and received monthly. The agreement will continue at least through August 1, 2027, and cannot be terminated before that date without the mutual agreement of the Board and the Adviser.

The Adviser retains the right to receive reimbursements of excess amounts waived or paid by the Adviser 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 the Adviser 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 ended March 31, 2025, the Adviser has not recouped any previously reimbursed Fund expenses.

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

---

| | |
|:---|:---|
|  | **Expiration Date<br> 2028** |
| The Adviser | $552784 |

---

The Sub-Adviser is responsible for the day-to-day management of the Fund's investment portfolio. For these services, the Adviser, not the Fund, pays the Sub-Adviser a fee based on the Fund's average daily gross assets.

Lincoln Life prints and mails Fund documents on behalf of the Fund. The cost of these services is included in "Reports and statements to shareholders" on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $0 for the period March 4, 2025\* through March 31, 2025.

\* Date of commencement of operations.

**Lincoln Bain Capital Total Credit Fund**

**NOTES TO FINANCIAL STATEMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Management Fees and Other Transactions with Affiliates (continued)** 

The Fund currently offers Class I Shares. Class I Shares are not subject to a distribution and servicing fee.

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

---

| | |
|:---|:---|
| Expense reimbursement receivable due from the Adviser | $552784 |
| Management fees payable to the Adviser | $67209 |

---

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% of the Fund's Class I Shares at March 31, 2025. The Sub-Adviser owned 50% of the Fund's Class I Shares at March 31, 2025.

*Other Service Providers* — The Fund has entered into an Accounting Service Agreement with State Street Bank ("SSB"), to provide administrative and fund accounting services. The Fund has also entered into a Custody Services Agreement with SSB, to serve as Custodian.

 

The Fund has entered into an agreement with SSB to act as Transfer and Shareholder Services Agent under a Transfer Agency and Service Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Investments** 

For the period March 4, 2025\* through March 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchase | $67359693 |

---

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)

\* Date of commencement of operations.

**Lincoln Bain Capital Total Credit Fund**

**NOTES TO FINANCIAL STATEMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Investments (continued)** 

● 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)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

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

**Investments:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Loan Agreements (First-Lien) | $- | $- | $59151689 | $59151689 |
| Money Market Fund | 32602795 |  |  | 32602795 |
| Non-Agency Asset-Backed Securities | - | 8030222 | - | 8030222 |
|  | $32602795 | $8030222 | $59151689 | $99784706 |

---

The following table presents the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the period ended March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Balance as of <br>March 4, 2025\* | Reclassifications | Purchases | Repayments | Transfer In | Transfer<br> Out | Accretion/<br> (amortization) | Net realized<br> gain (loss) | Net change in<br> unrealized<br> appreciation<br> (depreciation) | Balance as of<br> March 31,<br> 2025 | Net change in<br> unrealized<br> (depreciation) <br> from level 3<br> investments still<br> held as of<br> March 31, 2025 |
| Loan Agreements | $- | $- | $59358917 | $(238657) | $- | $- | $- | $- | $31429 | $59151689 | $31429 |

---

The following table displays a summary of the valuation techniques and unobservable inputs used to value the Fund's securities characterized as Level 3 investments for the period ended March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at<br> March 31, 2025** | **Valuation<br> Technique(s)** | **Unobservable<br> Input** | **Range<br> (Weighted Average) (a)** |
| Loan Agreements | $59151689 | Discounted Cash Flows | Comparative Yield | 8.92 - 12.28% (9.75%) |

---

(a) Unobservable inputs were weighted by the relative fair value of the instruments, where applicable. Significant fluctuations of the unobservable inputs applied to portfolio securities characterized as Level 3 investments could be expected to significantly increase or decrease the fair value of the Fund's securities.

**Lincoln Bain Capital Total Credit Fund**

**NOTES TO FINANCIAL STATEMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Investments (continued)** 

The composition of the Fund's investment portfolio at cost and fair value as of March 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Amortized<br> Cost** | **Fair Value** | **% of Total Investments<br> at Fair Value** |
| Loan Agreements (First-Lien) | $59120260 | $59151689 | 59.3% |
| Money Market Fund | 32602795 | $32602795 | 32.7% |
| Non-Agency Asset-Backed Securities | 8001182 | 8030222 | 8.0% |
|  | $99724237 | $99784706 | 100.0% |

---

The industry composition of investments based on fair value as of March 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **March 31, 2025** |
| Money Market Fund | 32.7% |
| Finance | 12.3% |
| High Tech Industries | 12.2% |
| Services: Business | 11.4% |
| Healthcare & Pharmaceuticals | 7.2% |
| Insurance | 5.0% |
| Hotel, Gaming & Leisure | 5.0% |
| Transportation: Consumer | 5.0% |
| Consumer Goods: Durable | 5.0% |
| Aerospace & Defense | 4.2% |
| **Total** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Commitments and Contingencies** 

The Fund's investment portfolio may contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements.

---

| | | | |
|:---|:---|:---|:---|
| **Investment Name** | **Investment Type** | **Unfunded<br> Commitments** | **Fair Value** |
| Acuity Eyecare Holdings LLC | Delayed Draw Term Loan | $352170 | $- |
| AMI Buyer Inc. | Revolver | 529904 | (3974) |
| Atlas US Finco In | Revolver | 613000 |  |
| Congress Buyer Inc. | Revolver | 736000 |  |
| Crow River Buyer Inc. | Revolver | 1019000 |  |
| DTIQ Technologies Inc. | Delayed Draw Term Loan | 751000 | (11265) |
| DTIQ Technologies Inc. | Revolver | 563000 | (8445) |
| Easy Ice, LLC | Revolver | 448000 | (6720) |
| Easy Ice, LLC | Delayed Draw Term Loan | 706555 | (10598) |
| Govineer Solutions LLC | Delayed Draw Term Loan | 975000 | (7313) |
| Govineer Solutions LLC | Revolver | 650000 | (4875) |
| Saturn Purchaser Corp. | Revolver | 595000 |  |
| TVG Shelby Buyer Inc. | Delayed Draw Term Loan | 2220808 |  |
| TVG Shelby Buyer Inc. | Revolver | 274000 | - |
|  |  | $10433437 | $(53190) |

---

\* Date of commencement of operations.

**Lincoln Bain Capital Total Credit Fund**

**NOTES TO FINANCIAL STATEMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Capital Shares** 

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the period<br> from March 4, 2025\*<br> to March 31, 2025** | **For the period<br> from March 4, 2025\*<br> to March 31, 2025** |
| **Class I** | | |
| Shares sold | | 10,000,000 |
| Net increase | | 10,000,000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Financial Highlights** 

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

---

| | |
|:---|:---|
|  | **Class I**<br> **March 4, 2025 <sup>(1)</sup> to March 31, 2025** |
| **Per share data <sup>(2)</sup>:** |  |
| Net asset value, beginning of period | $10.00 |
| Net investment income (loss) | 0.05 |
| Net realized and unrealized gain (loss)<sup>(3)</sup> | 0.00 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 0.05 |
| Net asset value, end of period | $10.05 |
| Shares Outstanding, end of period | 10000000 |
| **Total Return <sup>(4)</sup>** | 0.50% |
| **Ratios to average net assets** |  |
| Ratio of expenses to average net assets <sup>(5)</sup> | 2.00% |
| Ratio of expenses prior to expenses reimbursed to average net assets <sup>(5)</sup> | 3.23% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 6.05% |
| Ratio of net investment income prior to expenses reimbursed to average net assets <sup>(5)</sup> | 4.82% |
| Portfolio turnover rate | -% |
| **Supplemental Data** |  |
| Net Assets, end of period | 100482899 |

---

<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> Amount rounds to less than 0.00.

<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 a reimbursement by the Adviser. Performance would have been lower had the reimbursement not been in effect.

<sup>(5)</sup> Amounts are annualized except for audit fees, organizational costs and expense support amounts relating to organizational costs.

\* Date of commencement of operations.

**Lincoln Bain Capital Total Credit Fund**

**NOTES TO FINANCIAL STATEMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Risk Factors** 

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.

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 fixed income securities whose values are derived from an underlying pool of mortgages or consumer loans. The values of these securities are sensitive to changes in economic conditions, including delinquencies and defaults, and may be adversely affected by changes in interest rates and shifts in the market's perception of issuers. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations ("CMOs"). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive, not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a CMO's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities, even if the securities are rated in the highest rating categories.

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 the Adviser, 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

**Lincoln Bain Capital Total Credit Fund**

**NOTES TO FINANCIAL STATEMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**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 Bain Capital Total Credit Fund** 

**Other Fund Information (unaudited)**

**Approval of Investment Management and Sub-advisory Agreements**

On January 28, 2025, the Board of Trustees (the "Board") of Lincoln Bain Capital Total Credit Fund (the "Fund") met to consider, among other things, (i) the approval of an investment management agreement between the Fund and Lincoln Financial Investments ("LFI"); and (ii) the approval of an investment sub-advisory agreement between LFI and BCFS Advisors, LP ("Bain Capital") (collectively, with the investment management agreement, the "Advisory Agreements") for the Fund. The trustees of the Fund who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") reported that they had reviewed materials provided by LFI, Lincoln National Life Insurance Company ("Lincoln Life") and Bain Capital prior to and during the meeting. Among other information, LFI, Lincoln Life and Bain Capital provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including a presentation by representatives of each of LFI and Bain Capital at the meeting and/or at a working session of the Independent Trustees on December 9, 2024. After reviewing the information received, the Independent Trustees requested supplemental information and LFI and Bain Capital provided materials in response. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Fund officers and employees of Lincoln Life and LFI to consider the approval of the Advisory Agreements.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Advisory Agreements be approved. In considering the approval of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**Investment Management Agreement**

*Nature, Extent and Quality of Services.* In considering the approval of the investment management agreement with LFI, the Board considered the nature, extent and quality of services expected to be provided to the Fund by LFI, including LFI personnel and resources. The Board considered LFI's rationale for proposing the Fund and its desire to leverage Lincoln National Corporation's investment platform, distribution franchise and private equity investment expertise. The Board reviewed the services to be provided by LFI in serving as investment adviser and the backgrounds of members of the compliance staff, including the experience of the compliance staff to conduct due diligence on and oversight of the compliance programs of the Fund's proposed service providers. The Board also considered that certain Lincoln Life personnel provide services to the other proprietary funds on behalf of LFI and that Lincoln Life was proposed to provide administrative services to the Fund under a separate administration agreement. The Board considered the resources LFI planned to devote to the oversight of the Fund, noting, in particular, that LFI had formed a dedicated closed-end fund investment committee and valuation committee to focus on matters specific to the Fund, including liquidity and valuation. The Board also considered the additional services to be provided by LFI and its affiliates due to the fact that the Fund was proposed to be a closed-end interval fund, including, but not limited to, the facilitation and management of the Fund's quarterly repurchase offers. The Board further considered LFI's role in coordinating the activities of the Fund's other service providers. The Board concluded that the services to be provided by LFI were expected to be satisfactory.

 

*Performance.* With respect to performance, the Board considered that the Fund had not commenced operations. The Board further considered information provided by Bain Capital regarding the performance of comparable accounts managed by Bain Capital.

 

*Management Fee.* The Board reviewed the Fund's proposed investment management fee, incentive fee and estimated net expense ratio and reviewed information comparing the proposed investment management fee, incentive fee and estimated net expense ratio to the median of a peer group for the Fund provided by LFI. The Board noted that the Fund's proposed investment strategy resulted in a limited number of comparable peers.

 

The Board noted that the proposed net investment management and incentive fees for the Fund were each below the median fees of the peer group. The Board considered that LFI proposed to implement an expense limitation for the Fund's Class I, Class A and Class D shares for at least two years from the Fund's commencement of operations. The Board also considered that the Fund's estimated net expense ratio for each of its Class I, Class A and Class D shares, giving effect to the expense limitation, which excludes the incentive fee and certain other expenses, was equal to the median net expense ratio of the peer group provided by LFI. In light of the nature, quality and extent of services to be provided by LFI, including sub-adviser oversight, the Board concluded that the Fund's investment management fee (including both the base management fee and incentive fee) was reasonable.

**Lincoln Bain Capital Total Credit Fund** 

**Other Fund Information (unaudited)**

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had not commenced operations and that LFI proposed an expense limitation for the Fund's Class I, Class A and Class D shares for at least two years from the Fund's commencement of operations.

 

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to the Fund and concluded that the estimated profitability of LFI in connection with the management of the Fund was not unreasonable.

 

*Fallout Benefits*. The Board considered LFI's statements that the benefits (other than advisory fees) that LFI and its affiliates receive from their relationships with the Fund are generally more than offset by the costs of providing these services and that LFI does not receive a material financial benefit from the use of its affiliates as service providers to the Fund.

 

**Bain Capital Sub-Advisory Agreement**

*Nature, Extent and Quality of Services*. In considering the approval of the investment sub-advisory agreement between LFI and Bain Capital with respect to the Fund, the Board considered the nature, extent and quality of day-to-day investment management services to be provided by Bain Capital under the investment sub-advisory agreement. The Board reviewed the services expected to be provided by Bain Capital, the background of the investment professionals to be servicing the Fund, and the reputation, resources and sub-advisory experience of Bain Capital. The Board considered LFI's rationale for proposing Bain Capital and also considered the proposed portfolio management team's expertise in managing private credit investments in which the Fund was expected to invest, including direct lending, asset-based finance and structured credit. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by Bain Capital were expected to be satisfactory.

 

*Performance.* With respect to performance, the Board considered that the Fund had not commenced operations.

 

*Sub-Advisory Fee and Economies of Scale*. The Board reviewed the proposed sub-advisory fee and comparable sub-advisory information provided by LFI. The Board considered that the sub-advisory fee schedule was negotiated between LFI and Bain Capital, an unaffiliated third party, and that LFI would compensate Bain Capital from its proposed investment management fee (including both the base management fee and incentive fee, subject to applicable terms). The Board considered Bain Capital's statement that it does not anticipate realizing further economies of scale as a result of its proposed relationship with the Fund. The Board concluded that the proposed subadvisory fee was reasonable.

 

*Profitability and Fallout Benefits*. The Board noted that the proposed sub-advisory fee was negotiated between LFI and Bain Capital, an unaffiliated third party, and that LFI would compensate Bain Capital from its fees. The Board reviewed materials provided by Bain Capital as to any additional benefits it may receive and noted that Bain Capital indicated that the Fund has expanded its public presence and gives other client types the ability to access the strategy in different means compared to other funds.

 

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the Advisory Agreements for the Fund were fair and reasonable, and that approval of the Advisory Agreements was in the best interests of the Fund and its prospective shareholders.

 ****

**Proxy Voting** - The policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities will be available without charge, upon request, by calling a telephone number to be provided in the registration statement; on the Fund's website to be provided in the registration statement; and on the Securities and Exchange Commission's website at <u>http://www.sec.gov</u>.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available without charge, upon request, by calling a telephone number to be provided in the registration statement, and on the SEC's website at <u>http://www.sec.gov</u> (see Form N-PX).

**Portfolio Holdings** - The Fund will file a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. The Fund's Form N-PORT filings will be available on the SEC's website at <u>http://www.sec.gov</u>.

**Lincoln Bain Capital Total Credit Fund** 

**Officer/Trustee Information (unaudited)**

**Trustees and Officers**

The Board of Trustees ("Board of Trustees" or the "Board") oversees the management of the Funds and elects the Trust's officers. The Trustees of the Trust ("Trustees") have the power to amend the Trust's bylaws, to declare and pay dividends, and to exercise all the powers of the Trust except those granted to the shareholders. The Trustees hold their position until their resignation, retirement, or their successors are elected and qualified. The Trust has a mandatory retirement policy for its Board of Trustees. Such policy requires that a Trustee retire from the Board no later than the end of the calendar year (December 31) that occurs after the earliest of (1) the Independent Trustee's 78th birthday, unless an exception is otherwise approved by a majority of the Trustees prior to the effective date of the Trustee's retirement, or (2) the 20th anniversary of the Trustee becoming a Board member.

The Trust's officers are responsible for the Funds' day-to-day operations. Information pertaining to the Trustees and Executive Officers of the Trust is set forth below. The Trustee that is deemed an "interested person," as defined in the 1940 Act, is included in the table titled, "Interested Trustee." Trustees who are not interested persons are referred to as Independent Trustees.

The term Fund Complex includes the Fund, the Lincoln Partners Group Royalty Fund, 2 series of the Lincoln Funds Trust and 113 series of the Lincoln Variable Insurance Products Trust.

**Interested Trustee**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s) Held With the Funds** | **Term of Office and Length of Time Served** | **Principal Occupation(s) during Past Five Years** | **Number of Funds in Fund Complex Overseen by Trustee** | **Other Board Memberships Held by Trustee during Past Five Years** |
| **Jayson R. Bronchetti**\*<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1979 | Chairman and Principal Executive Officer | Indefinite Length – Since Inception | Chair and President, Lincoln Financial Investments Corporation; Executive Vice President, Chief Investment Officer of The Lincoln National Life Insurance Company; Formerly: Director, Senior Vice President, and Head of Funds Management. | 117 | Lincoln Financial Investments Corporation; CITRS, Inc. |

---

\* Mr. Bronchetti is an interested person of the Trust because he is a Director and an Officer of Lincoln Financial Investments Corporation, the investment adviser to the Trust, and an officer of The Lincoln National Life Insurance Company, the parent company of the Trust's investment adviser.

**Independent Trustees**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s) Held With the Funds** | **Term of Office and Length of Time Served** | **Principal Occupation(s) during Past Five Years** | **Number of Funds in Fund Complex Overseen by Trustee** | **Other Board Memberships Held by Trustee during Past Five Years** |
| **Thomas A. Leonard**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1949 | Trustee | Indefinite Length – Since Inception | Retired | 4 | Copeland Capital Trust since 2010 (3 portfolios), Lincoln Variable Insurance Products Trust (LVIPT) |
| **Joseph P. LaRocque**<br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1967 | Trustee | Indefinite Length – Since Inception | Founder, Lighthouse Tax Advisors; Independent Director, Self-Employed; Partner, Towson Tax & Consulting; Managing Director, Legg Mason Global Asset Mgmt. | 4 | Director, Franklin Templeton; Director, Columbia Threadneedle. |

---

**Lincoln Bain Capital Total Credit Fund**

**Officer/Trustee Information (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s) Held With the Funds** | **Term of Office and Length of Time Served** | **Principal Occupation(s) during Past Five Years** | **Number of Funds in Fund Complex Overseen by Trustee** | **Other Board Memberships Held by Trustee during Past Five Years** |
| **Thomas P. Sholes**<br> 1301 S. Harrison Street, Fort<br> Wayne, IN 46802<br> YOB: 1974 | Trustee | Indefinite Length – Since Inception | Founder and Managing Member, Veritas Consulting Solutions; Independent Director, Advisory Board Member, Managing Director BNY Mellon Pershing. | 4 |  |

---

**Officers of the Trust**

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s) Held With the Funds** | **Term of Office and Length of Time Served** | **Principal Occupation(s) during Past Five Years** |
| **Matthew L. Arnold**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1967 | Vice President | Indefinite Length – Since Inception | Vice President, Lincoln National Corporation |
| **Matthew T. Berger**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1982 | Vice President | Indefinite Length – Since Inception | Vice President, The Lincoln National Life Insurance Company; Formerly: Assistant Vice President, The Lincoln National Life Insurance Company. |
| **Jayson R. Bronchetti**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1979 | President | Indefinite Length – Since Inception | Director and President, Lincoln Financial Investments Corporation; Executive Vice President, Chief Investment Officer of The Lincoln National Life Insurance Company; Formerly: Director, Senior Vice President and Head of Funds Management. |
| **Samuel K. Goldstein**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1976 | Vice President, Deputy Chief Legal Officer, and Secretary | Indefinite Length – Since Inception | Vice President and Assistant Secretary, Lincoln Financial Investments Corporation; Vice President, The Lincoln National Life Insurance Company; Vice President, Lincoln Life & Annuity Company of New York; Vice President, Lincoln National Corporation. |
| **James J. Hoffmayer**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1973 | Vice President, Chief Accounting Officer, and Treasurer | Indefinite Length – Since Inception | Vice President and Treasurer, Lincoln Financial Investments; Vice President and Director of Separate Account Operations and Mutual Fund Administration, The Lincoln National Life Insurance Company; Formerly: Assistant Vice President, Lincoln Financial Investments; Managing Director, SEI; Treasurer and Chief Financial Officer, SEI Family of Mutual Funds. |

---

**Lincoln Bain Capital Total Credit Fund**

**Officer/Trustee Information (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s) Held With the Funds** | **Term of Office and Length of Time Served** | **Principal Occupation(s) during Past Five Years** |
| **Ronald A. Holinsky**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1970 | Senior Vice President, Chief Legal Officer and Assistant Secretary | Indefinite Length – Since Inception | Senior Vice President and Chief Counsel, Investment Management, The Lincoln National Life Insurance Company; Senior Vice President, Secretary, and Chief Legal Officer, Lincoln Financial Investments Corporation; Formerly: Vice President and Chief Counsel – Funds Management, The Lincoln National Life Insurance Company; Vice President, Chief Compliance Officer and Assistant General Counsel, Lincoln National Corporation; Vice President, Secretary, and Chief Legal Officer, Lincoln Financial Investments Corporation. |
| **Michael C. Hoppe**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1988 | Vice President | Indefinite Length – Since Inception | Vice President, Lincoln Financial Investments Corporation; Formerly: Assistant Vice President, Lincoln Financial Investments Corporation. |
| **Yun (Maria) Ma**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1978 | Vice President | Indefinite Length – Since Inception | Vice President, Lincoln Financial Investments Corporation; Formerly: Assistant Vice President, Lincoln Financial Investments Corporation. |
| **Jennifer M. Matthews**<br> 1301 S. Harrison Street<br> Fort Wayne, IN 46802<br> YOB: 1976 | Vice President | Indefinite Length – Since Inception | Vice President, Lincoln Financial Investments Corporation; Vice President, The Lincoln National Life Insurance Company. |
| **Colleen E. O' Leary**<br> 1301 S. Harrison Street<br> Fort Wayne, IN 46802<br> YOB: 1984 | Vice President | Indefinite Length – Since Inception | Vice President, The Lincoln National Life Insurance Company; Formerly: Assistant Vice President, The Lincoln National Life Insurance Company. |
| **Benjamin A. Richer**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1984 | Senior Vice President | Indefinite Length – Since Inception | Senior Vice President and Head of Funds Management, Lincoln Financial Investments Corporation; Senior Vice President, Lincoln National Corporation; Senior Vice President, The Lincoln National Life Insurance Company; Senior Vice President, Lincoln Life & Annuity Company of New York; Formerly: Director of Asset Strategies, Nationwide Fund Advisors. |
| **Jay T. Shearon**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1972 | Vice President | Indefinite Length – Since Inception | Assistant Vice President, Lincoln Financial Investments Corporation, Lincoln Life & Annuity Company of New York, The Lincoln National Life Insurance Company; Formerly: Assistant Vice President, Lincoln Variable Insurance Products Trust. |
| **John (Jack) A. Weston**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1959 | Vice President and Chief Compliance Officer | Indefinite Length – Since Inception | Vice President and Chief Compliance Officer, Lincoln Financial Investments Corporation; Vice President, The Lincoln National Life Insurance Company. |
| **Amber Williams**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1979 | Senior Vice President | Indefinite Length – Since Inception | Senior Vice President and Head of Client Investment Strategies, Lincoln Financial Investments Corporation; Senior Vice President, Lincoln Life & Annuity Company of New York; Senior Vice President, Lincoln National Corporation; Senior Vice President, The Lincoln National Life Insurance Company; Formerly, Head of Product Management, Nationwide Investment Management Group. |
| **Yajun (Alex) Zeng**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1982 | Vice President | Indefinite Length – Since Inception | Vice President and Managing Director, Lincoln Financial Investments Corporation; Vice President, The Lincoln National Life Insurance Company. |

---

(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 March
 19, 2025 (notification of registration of the registrant) through March 31, 2025, for professional
 services rendered by Ernst & Young LLP ("E&Y"), principal accountant
 for the registrant, 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 $150,000.

<u>Audit-Related Fees</u>

(b) The aggregate fees billed for the period March
 19, 2025 (notification of registration of the registrant) through March 31, 2025, for assurance
 and related services by E&Y, the principal accountant for the registrant, 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 March
 19, 2025 (notification of registration of the registrant) through March 31, 2025, for professional
 services rendered by E&Y, the principal accountant for the registrant, for tax compliance,
 tax advice, and tax planning were $0.

(d) The aggregate fees billed for the period March
 19, 2025 (notification of registration of the registrant) through March 31, 2025, for products
 and services provided by E&Y, the principal accountant for the registrant, 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 the registrant 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 the period March 19, 2025 (notification
 of registration of the registrant) through March 31, 2025, were $1,045,715.

(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.**

(a) The
 registrant's Schedule of Investments is included as part of the Report to Stockholders
 filed under Item 1(a) of this Form.

(b) Not
 applicable.

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

(a) Not applicable.

(b) Not applicable

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

**EXHIBIT A**

**Lincoln ALTERNATIVE FUNDS Board Considerations**

**<u>New Sub-Advised Fund</u>**

***Lincoln Bain Capital Total Credit Fund***

**Background**

On January 28, 2025, the Board of Trustees (the "Board") of Lincoln Bain Capital Total Credit Fund (the "Fund") met to consider, among other things, (i) the approval of an investment management agreement between the Fund and Lincoln Financial Investments ("LFI"); and (ii) the approval of an investment sub-advisory agreement between LFI and BCFS Advisors, LP ("Bain Capital") (collectively, with the investment management agreement, the "Advisory Agreements") for the Fund. The trustees of the Fund who are not "interested persons" (as such term is defined in the Investment Company Act of 1940) (the "Independent Trustees") reported that they had reviewed materials provided by LFI, Lincoln National Life Insurance Company ("Lincoln Life") and Bain Capital prior to and during the meeting. Among other information, LFI, Lincoln Life and Bain Capital provided information to assist the Independent Trustees in assessing the nature, extent and quality of services to be provided, including a presentation by representatives of each of LFI and Bain Capital at the meeting and/or at a working session of the Independent Trustees on December 9, 2024. After reviewing the information received, the Independent Trustees requested supplemental information and LFI and Bain Capital provided materials in response. The Independent Trustees and their independent legal counsel met separately from the "interested" trustee, Fund officers and employees of Lincoln Life and LFI to consider the approval of the Advisory Agreements.

Based upon its review, the Board concluded that it was in the best interests of the Fund that the Advisory Agreements be approved. In considering the approval of the Advisory Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

**Investment Management Agreement**

*Nature, Extent and Quality of Services.* In considering the approval of the investment management agreement with LFI, the Board considered the nature, extent and quality of services expected to be provided to the Fund by LFI, including LFI personnel and resources. The Board considered LFI's rationale for proposing the Fund and its desire to leverage Lincoln National Corporation's investment platform, distribution franchise and private equity investment expertise. The Board reviewed the services to be provided by LFI in serving as investment adviser and the backgrounds of members of the compliance staff, including the experience of the compliance staff to conduct due diligence on and oversight of the compliance programs of the Fund's proposed service providers. The Board also considered that certain Lincoln Life personnel provide services to the other proprietary funds on behalf of LFI and that Lincoln Life was proposed to provide administrative services to the Fund under a separate administration agreement. The Board considered the resources LFI planned to devote to the oversight of the Fund, noting, in particular, that LFI had formed a dedicated closed-end fund investment committee and valuation committee to focus on matters specific to the Fund, including liquidity and valuation. The Board also considered the additional services to be provided by LFI and its affiliates due to the fact that the Fund was proposed to be a closed-end interval fund, including, but not limited to, the facilitation and management of the Fund's quarterly repurchase offers. The Board further considered LFI's role in coordinating the activities of the Fund's other service providers. The Board concluded that the services to be provided by LFI were expected to be satisfactory.

*Performance.* With respect to performance, the Board considered that the Fund had not commenced operations. The Board further considered information provided by Bain Capital regarding the performance of comparable accounts managed by Bain Capital.

*Management Fee.* The Board reviewed the Fund's proposed investment management fee, incentive fee and estimated net expense ratio and reviewed information comparing the proposed investment management fee, incentive fee and estimated net expense ratio to the median of a peer group for the Fund provided by LFI. The Board noted that the Fund's proposed investment strategy resulted in a limited number of comparable peers.

The Board noted that the proposed net investment management and incentive fees for the Fund were each below the median fees of the peer group. The Board considered that LFI proposed to implement an expense limitation for the Fund's Class I, Class A and Class D shares for at least two years from the Fund's commencement of operations. The Board also considered that the Fund's estimated net expense ratio for each of its Class I, Class A and Class D shares, giving effect to the expense limitation, which excludes the incentive fee and certain other expenses, was equal to the median net expense ratio of the peer group provided by LFI. In light of the nature, quality and extent of services to be provided by LFI, including sub-adviser oversight, the Board concluded that the Fund's investment management fee (including both the base management fee and incentive fee) was reasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had not commenced operations and that LFI proposed an expense limitation for the Fund's Class I, Class A and Class D shares for at least two years from the Fund's commencement of operations.

*Profitability.* The Board also reviewed the estimated profitability of LFI with respect to the Fund and concluded that the estimated profitability of LFI in connection with the management of the Fund was not unreasonable.

*Fallout Benefits*. The Board considered LFI's statements that the benefits (other than advisory fees) that LFI and its affiliates receive from their relationships with the Fund are generally more than offset by the costs of providing these services and that LFI does not receive a material financial benefit from the use of its affiliates as service providers to the Fund.

**Bain Capital Sub-Advisory Agreement** 

*Nature, Extent and Quality of Services*. In considering the approval of the investment sub-advisory agreement between LFI and Bain Capital with respect to the Fund, the Board considered the nature, extent and quality of day-to-day investment management services to be provided by Bain Capital under the investment sub-advisory agreement. The Board reviewed the services expected to be provided by Bain Capital, the background of the investment professionals to be servicing the Fund, and the reputation, resources and sub-advisory experience of Bain Capital. The Board considered LFI's rationale for proposing Bain Capital and also considered the proposed portfolio management team's expertise in managing private credit investments in which the Fund was expected to invest, including direct lending, asset-based finance and structured credit. They also reviewed information provided regarding the structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance and regulatory matters. The Board concluded that the services to be provided by Bain Capital were expected to be satisfactory.

*Performance.* With respect to performance, the Board considered that the Fund had not commenced operations.

*Sub-Advisory Fee and Economies of Scale*. The Board reviewed the proposed sub-advisory fee and comparable sub-advisory information provided by LFI. The Board considered that the sub-advisory fee schedule was negotiated between LFI and Bain Capital, an unaffiliated third party, and that LFI would compensate Bain Capital from its proposed investment management fee (including both the base management fee and incentive fee, subject to applicable terms). The Board considered Bain Capital's statement that it does not anticipate realizing further economies of scale as a result of its proposed relationship with the Fund. The Board concluded that the proposed sub-advisory fee was reasonable.

*Profitability and Fallout Benefits*. The Board noted that the proposed sub-advisory fee was negotiated between LFI and Bain Capital, an unaffiliated third party, and that LFI would compensate Bain Capital from its fees. The Board reviewed materials provided by Bain Capital as to any additional benefits it may receive and noted that Bain Capital indicated that the Fund has expanded its public presence and gives other client types the ability to access the strategy in different means compared to other funds.

***Conclusion.*** Based on all of the information considered and the conclusions reached, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the Advisory Agreements for the Fund were fair and reasonable, and that approval of the Advisory Agreements was in the best interests of the Fund and its prospective shareholders.

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

The registrant has delegated its proxy voting responsibility to the Adviser, pursuant to the proxy voting policies and procedures of the Adviser. The Adviser's proxy voting policies and procedures are attached as [Exhibit 99.PROXYPOL.](fp0093819-1_ex99proxypol.htm)

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

(a)(1) As of March 31, 2025, the following portfolio managers are jointly and primarily responsible for the day-to-day management of the Fund's portfolio.

**Nate Whittier**. Mr. Whittier joined Bain Capital in 2013. He is a Partner, a Risk & Oversight Committee member, and Portfolio Manager in Liquid and Structured Credit based in Bain Capital's Boston office. He is also responsible for risk management and portfolio analytics across the firm's strategies.

**John Wright**. Mr. Wright joined Bain Capital in 2000. He is a Partner and Global Head of Credit, based in the Boston office. Mr. Wright is a Portfolio Manager, Credit Committee member and oversees the firm's Liquid, Structured and Private Credit investment strategies. Prior to his current role, Mr. Wright was the Co-Head of Liquid and Structured Credit and has led the firm's CLO business since 2016. Mr. Wright received a Bachelor of Arts from Tufts University and is a CFA<sup>®</sup> charterholder.

**Michael A. Ewald**. Mr. Ewald joined Bain Capital in 1998. He is a Partner, Global Head of the Private Credit Group, Portfolio Manager for the Middle Market Credit and Senior Direct Lending strategies and a Credit Committee member. He also serves as CEO of Bain Capital Specialty Finance, Inc., a registered business development company. He is based in Bain Capital's Boston office. Previously, Mr. Ewald was an Associate Consultant at Bain & Company and an analyst at Credit Suisse First Boston in the Regulated Industries group. Mr. Ewald received an MBA from the Amos Tuck School of Business at Dartmouth College and a B.A. from Tufts University.

---

| | |
|:---|:---|
| (a)(2) | The portfolio managers primarily responsible for the day-to-day management of the Fund also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of December 31, 2024: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles, and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance, unless otherwise noted: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Accounts** | **Assets of Accounts**<br> **(in billions)** | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee**<br> **(in billions)** |
| **Nate Whittier** | | | | |
| Registered Investment Companies | 1 | $1.1 | 0 | $0 |
| Other Pooled Investment Vehicles | 3 | $1.2 | 2 | $0.56 |
| Other Accounts | 21 | $6.9 | 5 | $3.3 |
| **John Wright** |  |  |  |  |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $0.37 | 1 | $0.37 |
| Other Accounts | 12 | $1.2 | 2 | $0.46 |
| **Michael A. Ewald** |  |  |  |  |
| Registered Investment Companies | 2 | $2.9 | 2 | $2.9 |
| Other Pooled Investment Vehicles | 12 | $3.1 | 11 | $2.8 |
| Other Accounts | 28 | $9.1 | 17 | $5.7 |

---

*Potential Conflicts of Interest*

As a diversified private investment firm, Bain Capital and its affiliates, including Bain Capital Credit and our Advisor, engage in a broad range of activities, including investment activities for their own account and for the account of other investment funds or accounts, and provide investment banking, advisory, management and other services to funds and operating companies. Bain Capital currently has a number of Affiliate Advisors, each of which focuses primarily on a different investment strategy, although such investment strategies overlap from time to time. Dealing with conflicts of interest is complex and difficult, and new and different types of conflicts may subsequently arise.

In the ordinary course of conducting our activities, our interests and the interests of our stockholders may conflict with the interests of our Advisor, Bain Capital Credit Funds, Related Funds or their respective affiliates. There are numerous potential and actual conflicts of interest among us, the Bain Capital Credit Funds, the Affiliate Advisors, and the Related Funds. For example, our Advisor is entitled to a management and incentive fee under the terms of the Investment Advisory Agreement. The existence of the incentive fee may create an incentive for our Advisor to cause us to make more speculative investments than we would otherwise make in the absence of performance-based compensation.

Bain Capital Credit and its Affiliate Advisors manage a number of pooled investment vehicles that may desire to invest in the same investment opportunities. Bain Capital Credit and its Affiliate Advisors have adopted written allocation policies that seek to allocate investment opportunities among investment vehicles fairly and equitably over time. We may invest alongside the Bain Capital Credit Funds and/or Related Funds in certain circumstances where doing so is consistent with our investment strategy, as well as applicable law and SEC staff interpretations. We believe that co-investment by us and such Bain Capital Credit Funds and/or Related Funds affords us additional investment opportunities and an ability to achieve greater asset diversification. We, our Advisor and Bain Capital Credit have been granted an exemptive relief order by the SEC which permits us greater flexibility to negotiate the terms of co-investments if our Board determines that it would be advantageous for us to co-invest with other Bain Capital Credit Funds and/or Related Funds in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Specifically, our exemptive relief order permits us to invest with other Bain Capital Credit Funds and/or Related Funds in the same portfolio companies under circumstances in which such investments would otherwise not be permitted by the 1940 Act. This exemptive order permitting co-investment transactions generally applies only if the Independent Directors and Directors who have no financial interest in such transaction review and approve in advance each co-investment transaction. The exemptive order also imposes other conditions with which we must comply in order to engage in certain co-investment transactions.

In addition, it is expected that most or all of the Bain Capital Credit officers and employees responsible for managing us will have responsibilities with respect to other funds or accounts managed by Bain Capital Credit, including funds and accounts that may be raised in the future. Such officers and employees will spend substantial time monitoring the investments of Bain Capital Credit Funds.

Conflicts of interest may arise in allocating time, services or functions of these officers and employees. The Affiliate Advisors have existing and potential advisory and other relationships with a significant number of portfolio companies and other clients, and have in the past and may in the future provide financing, services, advice or otherwise deal with third parties whose interests conflict with the interests of a company in which a Bain Capital Credit Client, including us, has invested, such as competitors, suppliers or customers of a company in which the Bain Capital Credit Client has invested. On occasion, an Affiliate Advisor will recommend or cause such a third party to take actions that are adverse to a Bain Capital Credit Client or companies in which it has invested. Moreover, our Advisor, Bain Capital Credit and Bain Capital sponsor and manage various investment vehicles, and may form new investment vehicles in the future, that may compete with us for investment opportunities. Bain Capital Credit Funds and/or Related Funds may make certain investments that are appropriate for us and, as a result, we may receive a smaller allocation of any such investment or no allocation at all.

(a)(3) The following description regarding portfolio manager compensation is provided as of March 31, 2025:

Portfolio managers are compensated with an annual salary and a discretionary year-end annual bonus, the amount of which is based on a multitude of quantitative and qualitative factors and are benchmarked against peers and local markets. Portfolio managers of the Sub-Adviser are also eligible to receive long-term incentive awards based on the performance of certain managed investment products for investment professionals. Depending on seniority within the firm, portfolio managers also may be eligible to receive performance fees from funds that they manage that vest over time. Performance fees can make up a significant portion of a portfolio manager's overall compensation, and primarily are based on the investment performance of the funds managed by the portfolio manager. This compensation structure aligns a portfolio manager's and investors' long-term interests.

---

| | |
|:---|:---|
| (a)(4) | The following table indicates the dollar range of securities beneficially owned by each primary portfolio manager, as of March 31, 2025. Aggregate Dollar Range, if applicable, includes each primary portfolio manager's deferred compensation balance attributable to the Fund through participation in the Adviser's deferred compensation plan. If applicable, this reflects an obligation of the Adviser to pay deferred compensation to the primary portfolio manager at a future date in an amount based on the performance of the Fund and accordingly, is the economic equivalent of an investment in Fund shares. |

---

---

| | |
|:---|:---|
| **Portfolio Manager** | **Aggregate Dollar Range of Securities in the Fund** |
| Nate Whittier | $0 |
| John Wright | $0 |
| Michael A. Ewald | $0 |

---

(b) Not applicable.

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

No such purchases were made by or on behalf of the Fund during the period covered by this Report on Form N-CSR.

**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.](fp0093819-1_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](fp0093819-1_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.

(b) Certifications pursuant to Rule 30a-2(b) under
 the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 – [attached hereto](fp0093819-1_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 Bain Capital Total Credit Fund |
| By (Signature and Title) | /s/ Jayson Bronchetti |
|  | Jayson Bronchetti, President |
|  | (principal executive officer) |
| Date: | June 5, 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: | June 5, 2025 |
| By (Signature and Title) | /s/ James Hoffmayer |
|  | James Hoffmayer, Chief Accounting Officer |
|  | (principal financial officer) |
| Date: | June 5, 2025 |

---

## Ex-99.Proxypol

**§ 7.2 Proxy Voting Procedures**

**I.** **Policy and Purpose** 

<u>Shareholder's Best Interest</u>. The Funds' policy is to vote proxies for which it has discretionary authority in the best interests of its shareholders.

<u>Long Term Economic Value</u>. LFI makes proxy voting decisions in the manner it believes will most likely protect and promote the long-term economic value of the Funds' shareholders. Absent unusual circumstances or specific instructions, LFI votes proxies on a particular matter with this fundamental premise on behalf of all of its clients, including the Funds, regardless of the client's individual investment style or strategies. In exercising voting authority with respect to client securities, LFI will comply with Rule 206(4)-6 under the Advisers Act.

II. **Guidelines and General Procedures** 

The Funds' Board of Trustees delegates responsibility for voting proxies to LFI, subject to the Board's continued oversight. LFI ensures that proxies are voted according to the Funds' proxy voting policies and procedures adopted in conformance with Rule 206(4)-6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Sub-Advised Funds** 

Where a Fund has retained the services of a Sub-Adviser to provide day-to-day portfolio management for the Fund, LFI may delegate proxy voting authority relating to portfolio securities that the Sub-Adviser manages to the Sub-Adviser, subject to LFI's and the Board's continued oversight.

&nbsp;&nbsp;&nbsp;&nbsp;a. Before a Sub-Adviser is retained, Compliance will review the proposed Sub-Adviser's proxy voting procedures and confirm that
the Sub-Adviser will vote the proxies in the best interests of the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;b. A sub-advised fund of funds will generally vote according to the requirements of funds of funds set out below.

&nbsp;&nbsp;&nbsp;&nbsp;c. Each quarter, Compliance surveys each Sub-Adviser via a compliance questionnaire, and reviews any reported changes or exceptions to
their compliance policies and procedures, including proxy voting. Compliance reviews these reported changes or exceptions and, if material,
summarizes them and reports such events to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;d. During contract renewal of sub-advisory agreements, LFI reviews the Sub-Adviser's responses to the Section 15(c) information
request, which includes pertinent questions relating to the Sub-Adviser's proxy voting policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Funds of Funds** 

<u>Structure</u>. A fund of funds invests substantially all of its assets in shares of the other affiliated and/or unaffiliated mutual funds (each an "underlying fund"). Some funds of funds may also invest directly in equity and fixed income securities. A fund of funds' investment portfolio may be managed by LFI or by a Sub-Adviser.

<u>Mirror Voting</u>. To the extent that an underlying fund, whose shares are held by a fund of funds, solicits a shareholder vote on any matter, LFI or the Sub-Adviser shall vote such shares of the underlying fund in the same proportion as the vote of all other holders of shares of such underlying fund. This type of voting structure is commonly referred to as "mirror voting."

<u>Direct Investments</u>. To the extent that the fund of funds invests directly in securities other than mutual funds, LFI shall follow the procedures in the "Directly Managed Funds" section above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Master-Feeder Funds** 

<u>Structure</u>. In a master-feeder structure, a feeder fund does not buy investment securities directly. Instead, it invests in a master fund which in turn purchases investment securities. Each feeder fund has the same investment objective and strategies as its master fund.

<u>Echo Voting</u>. If a master fund in a master-feeder structure calls a shareholder meeting and solicits proxies, the feeder fund (that owns shares of the master fund) shall seek voting instructions from the feeder fund's shareholders and will vote proxies as directed. Proxies for which no instructions are received shall be voted in accordance with mirror voting in the same proportion as the proxies for which instructions were timely received from the feeder fund's shareholders.

<u>Master Fund Holdings</u>. Proxies for the portfolio securities owned by the master fund will be voted pursuant to the master fund's own proxy voting policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Material Conflicts** 

<u>Ad Hoc Committee</u>. In the event that LFI identifies a potential material conflict of interest between (i) the Fund and (ii) itself or any LFI-affiliated entity, LFI will advise the CCO of the potential conflict. The CCO then will convene an ad hoc committee which will include, without limitation, the CCO, Legal Counsel and the president of LFI. The ad hoc committee will determine if an actual conflict exists, and if so, how it will vote the proxy in accordance with the Fund's best interests. The CCO shall report to the Fund's Board, at its next regularly scheduled meeting, the nature of the conflict, how the proxy vote was cast, and the rationale for the vote.

III. **Exceptions** 

Not applicable.

IV. **Administration of Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Disclosure** 

<u>Fund SAI</u>. Each Fund shall include in its SAI a copy or summary of its proxy voting policies and procedures and any Sub-Adviser's policies and procedures (or a summary of such policies and procedures).

<u>Fund Annual Reports</u>. Each Fund shall disclose in its annual and semi-annual shareholder reports that a description of its proxy voting policies and procedures, including any Sub-Adviser's policies and procedures, and the Fund's proxy voting record for the most recent 12 months ended June 30 are available on the SEC website or by calling a specified toll-free telephone number.

<u>Fund Proxy Voting Record on Form N-PX.</u> Each Fund annually will file its complete proxy voting record with the SEC on Form N-PX. Form N-PX shall be filed for the twelve months ended June 30 no later than August 31 of that year. *See Enhanced Reporting of Proxy Votes by Registered Management Investment Companies*, SEC Rel. No. IC-34745 (Nov. 2, 2022).

**V.** **Reporting** 

Compliance will report to the Funds' Board of Trustees all material proxy voting matters, such as any proposed changes to the proxy voting policy or guidelines and any vote presenting material conflicts of interest.

**VI.** **Recordkeeping** 

LFI shall retain the following documents for not less than seven (7) years from the end of the year in which the proxies were voted, the first two (2) years at an on-site location:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Proxy Voting Policies and Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Proxy voting records (this requirement may be satisfied by a third party who has agreed in writing to do so);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A copy of any document that LFI, or an ad hoc committee convened for purposes of voting proxies, creates that was material in making
its voting decision, or that memorializes the basis for such decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A copy of each written request from a client, and any response to the client, for information on how LFI voted the client's
proxies.

---

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

---

## Ex-99.Code

Exhibit 19(a)(1)

---

| | |
|:---|:---|
| ![](fp0093819-1_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.

---

| |
|:---|
| &nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ You
have a duty to place the interests of Clients first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ You
must avoid conduct that creates an actual or potential conflict of interest with Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ You
must not take inappropriate advantage of your position at Lincoln.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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>

● 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>

<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.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | 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** |
|  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. |

---

---

| | |
|:---|:---|
| ⮚ | *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. |

---

---

| | |
|:---|:---|
| ✔ | *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 Bain Capital Total Credit Fund;

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: | June 5, 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 Bain Capital Total Credit Fund;

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: | June 5, 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 Bain Capital Total Credit Fund (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: | June 5, 2025 | /s/ Jayson Bronchetti |
|  |  | Jayson Bronchetti, President |
|  |  | (principal executive officer) |

---

I, James Hoffmayer, Chief Accounting Officer of Lincoln Bain Capital Total Credit Fund (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: | June 5, 2025 | /s/ James Hoffmayer |
|  |  | James Hoffmayer, Chief Accounting Officer |
|  |  | (principal financial officer) |

---