# EDGAR Filing Document

**Accession Number:** 0002054995
**File Stem:** 0001398344-26-010388
**Filing Date:** 2026-6
**Character Count:** 213986
**Document Hash:** 6f130b0eb020b9733e24518b44d04177
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010388.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001398344-26-010388

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24065
- **FILM NUMBER:** 261067883

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

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

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

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

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-24065</u>

Lincoln Partners Group Royalty Fund

(Exact name of registrant as specified in charter)

1301 South Harrison Street

Fort Wayne, Indiana 46802

(Address of principal executive offices) (Zip code)

Paul Chryssikos, 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, 2026</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.

![](fp0098288-1_01.jpg)

***Lincoln Partners Group Royalty Fund***

***(formerly, Lincoln Royalties Income Fund, LP)***

**Annual Report** 

**March 31, 2026**

**Lincoln Partners Group Royalty Fund** 

**Index**

---

| | |
|:---|:---|
|  | **Pages** |
| **Report of Independent Registered Public Accounting Firm** | **1** |
| **Management's Discussion of Fund Performance (Unaudited)** | **2** |
| **Consolidated Statement of Assets and Liabilities** | **5** |
| **Consolidated Statement of Operations** | **6** |
| **Consolidated Statements of Changes in Net Assets** | **7** |
| **Consolidated Statement of Cash Flows** | **8** |
| **Consolidated Schedule of Investments** | **9** |
| **Notes to Consolidated Financial Statements** | **12** |
| **Officer/Trustee Information (Unaudited)** | **28** |

---

**Report of Independent Registered Public Accounting Firm**

The Shareholders and Board of Trustees of Lincoln Partners Group Royalty Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Lincoln Partners Group Royalty Fund (formerly Lincoln Royalties Income Fund, LP), (the "Fund"), including the consolidated schedule of investments, as of March 31, 2026, and the related consolidated statements of operations and cash flows for year then ended, the consolidated statements of changes in net assets for the year then ended and the period from January 7, 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 consolidated financial position of the Fund at March 31, 2026, the consolidated results of its operations and its cash flows for the year then ended, the consolidated changes in its net assets for the year then ended and for the period January 7, 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 audits. 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 audits 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 audits 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, 2026, by correspondence with the custodian, underlying investment fund managers, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fp0098288-1_02.jpg)

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

Philadelphia, Pennsylvania

May 29, 2026

**Management's Discussion of Fund Performance (Unaudited)**

Advised by: Lincoln Financial Investments Corporation<br> Subadvised by: Partners Group (USA) Inc

**<u>Portfolio</u>**

As of March 31, 2026, the Fund's portfolio consists of ten direct investments and three primary partnerships. In addition to its private market royalty exposures, the Fund began holding liquid assets during the quarter, including broadly syndicated loans (BSLs) and listed royalties. The portfolio is diversified across sectors with approximately 56% in entertainment, 16% in pharmaceuticals, 16% in Energy transition and the remainder in BSLs and listed Royalties.

**<u>The Markets:</u>**

**Music**

● The recorded music industry continued to expand through 2025, with global on-demand audio streaming reaching an estimated 5.1 trillion streams – nearly 10% year-over-year growth – highlighting what we see as strong consumer engagement across key markets.

● Key market announcements included: Sony's partnership with GIC to acquire music catalogues; Iconoclast initiating a sales process for its music catalogue; and EU antitrust approval of the Universal–Downtown merger, conditional on divesting Downtown's royalty services platform.

● AI update: New partnerships have emerged between leading record labels and AI music companies (e.g., Universal with Udio and Warner with Suno), signaling a shift from the prior, more hostile stance reflected in multiple lawsuits.

**Media and Entertainment**

● Media & entertainment IP landscape: Marked by a handful of transformative events over the fourth quarter 2025 into the first quarter 2026, which we think illustrate how these IP properties (Film & TV, sports, etc.) are continuing to show their value as key strategic assets in entertainment.

● The biggest story of the period, in our view, has been the blockbuster bidding war to acquire Warner Bros. Discovery's studios, HBO/HBO Max, and its vast content library. Warner Bros. Paramount Global and Skydance Media have reportedly won the bidding, edging out Netflix despite earlier reports it had a preliminary deal. The deal values Warner Bros. Discovery at about USD 110 billion, which we understand is expected to close in 2026, pending regulatory approval. It has been reported that Paramount may fold Warner's studios, TV networks, and streaming assets into a combined media group, with a longer-term goal of building a larger unified streaming platform that could merge Paramount+ and HBO Max.

● AI update (Disney/OpenAI): In December, we also saw Disney's announcement of a 3-year deal with OpenAI, involving a USD 1 billion equity investment from Disney into OpenAI, and a licensing agreement from OpenAI to bring 200 characters from Disney, Marvel, Pixar and Star Wars to OpenAI's Sora video generator, allowing users to create short, fan-inspired videos, but explicitly excluding actor likenesses and voices. The partnership is viewed as an evolution in how entertainment IP can be responsibly licensed to AI tools, building what we believe may be a potential additional opportunity beyond traditional Film & TV IP distribution (theaters, SVOD, AVOD, FAST, etc.). The emergence of new technologies, specifically AI, into how media IP is created and monetized remains an important consideration in all of PG Private Market Royalties' investments in the space, as reflected in our focus on diversified, seasoned, quality assets.

**Life Sciences (Pharma)**

● Biotech rebounded strongly in 2025 after four years of underperformance, supported by improved policy stability, over USD 300 billion in reshoring commitments, modest Medicare drug-pricing discounts, two interest-rate cuts, and muted inflation.

● Royalty financing expanded further, with total transaction value rising to approximately USD 6.5 billion (from USD 5.7 billion in 2024), highlighted by KKR's acquisition of a majority stake in HCR and several large royalty and synthetic royalty deals (Amvuttra, sacituzumab tirumotecan/sac-TMT, Beyonttra, and Imdelltra).

**Management's Discussion of Fund Performance (Unaudited) (continued)**

**U.S. Natural Gas**

● Royalty & minerals M&A: Activity remained solid in 2025, with USD 7.3 billion in publicly disclosed transactions (USD 1.2 billion in Q4), driven mainly by multi-basin and Permian-focused packages; smaller deals (sub-USD 15 million) continued to close via direct negotiations, while larger opportunities increasingly ran through advisor-led processes amid wider buyer–seller valuation gaps from gas price volatility.

● Production: U.S. natural gas production rose 4% year-on-year in 2025 to a new record as all major basins returned to growth, driven by LNG export demand and new liquefaction capacity. We will monitor dry gas production for developments in 2026.

**<u>Distributions to shareholders</u>**

No distributions have been made to shareholders to date as of 3/31/2026.

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.

![](fp0098288-1_03.jpg)

This chart illustrates, hypothetically, that $10,000 was invested on September 24, 2025 (date of effectiveness). As the chart shows, by March 31, 2026, the value of the investment at net asset value, with any dividends and distributions reinvested, would have increased to $10,624 for the Class I shares. For comparison, look at how the Morningstar US Core Bond Index, Morningstar Developed Markets Index, Morningstar Developed Markets Small Cap Index and Morningstar US Large Cap 500 Index did over the same period. The same $10,000 investment would have increased to $10,113, $10,060, $10,336 and decreased to $9,831 respectively. Past performance is not indicative of future performance, and the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares. Remember, an investor cannot invest directly in an index. An expense waiver was in effect for the Fund during the period shown. Performance would have been lower had the expense waiver not been in effect.

**Management's Discussion of Fund Performance (Unaudited) (continued)**

---

| | |
|:---|:---|
| *Total returns on investment* | *Ended 3/31/26* |
| *Class I Shares* |  |
| *Date of effectiveness (9/24/25)* | +6.24% |
| *Class A Shares* |  |
| *Date of effectiveness (9/24/25)* | +5.30% |
| *Class D Shares* |  |
| *Date of effectiveness (9/24/25)* | +5.70% |
| *Class IS Shares* |  |
| *Date of effectiveness (9/24/25)* | +6.00% |
| *Morningstar US Core Bond Index* | +1.13% |
| *Morningstar Developed Markets Index* | +0.60% |
| *Morningstar Developed Markets Small Cap Index* | +3.36% |
| *Morningstar US Large Cap 500 Index* | (1.69)% |

---

 

The Morningstar US Core Bond Index measures the performance of fixed-rate, investment-grade USD-denominated securities with maturities greater than one year. It is market-capitalization weighted.

The Morningstar Developed Markets Index measures the performance of large-, mid- and small-cap stocks in developed markets around the world, representing the top 97% of the investable universe by market capitalization.

The Morningstar Developed Markets Small Cap Index measures the performance of small-cap stocks in developed markets. It targets securities that fall between the 90% and 97% market cap thresholds of the investable universe.

The Morningstar US Large Cap 500 Index is designed to track the performance of large cap stocks in the US equity market. This index targets the largest 500 US stocks by float-adjusted market capitalization.

**Lincoln Partners Group Royalty Fund**

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
|  | **March 31, 2026** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value (cost $131,939,992) | $139777803 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 4571 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (cost $381,815) | 387862 |
| &nbsp;&nbsp;&nbsp;Expense reimbursement receivable from the Adviser | 907546 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 850301 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 5968 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 2008 |
| &nbsp;&nbsp;&nbsp;Other assets | 133783 |
| **Total assets** | 142069842 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 2917593 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 1057352 |
| &nbsp;&nbsp;&nbsp;Current tax expense payable | 952119 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 448419 |
| &nbsp;&nbsp;&nbsp;Payable for fund accounting fee | 163100 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 136820 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees payable | 93000 |
| &nbsp;&nbsp;&nbsp;Incentive fee payable | 89954 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fee | 25000 |
| &nbsp;&nbsp;&nbsp;Due to manager and affiliates | 12798 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 1041 |
| **Total liabilities** | 5897196 |
| **Net assets** | $136172646 |
| **Components of Net Assets at March 31, 2026:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | 125000000 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | 11172646 |
|  | $136172646 |
| Net asset value per share - Class I (unlimited authorization at $0.001 par value) ($136,140,843 /12,088,442 Shares) | $11.26 |
| Net asset value per share - Class A (unlimited authorization at $0.001 par value) ($10,562 /1,000 Shares) | $10.56 |
| Net asset value per share - Class D (unlimited authorization at $0.001 par value) ($10,605 /1,000 Shares) | $10.61 |
| Net asset value per share - Class IS (unlimited authorization at $0.001 par value) ($10,636 /1,000 Shares) | $10.64 |

---

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

**Lincoln Partners Group Royalty Fund**

**CONSOLIDATED STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
|  | **For the Year Ended<br> March 31, 2026** |
| **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $**2266338** |
| &nbsp;&nbsp;&nbsp;Interest | 2476060 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind (PIK) income | 506562 |
| **Total investment income** | 5248960 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Professional fees | 1609259 |
| &nbsp;&nbsp;&nbsp;Management fees | 873949 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | 871059 |
| &nbsp;&nbsp;&nbsp;Organization cost expense | 648190 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 217743 |
| &nbsp;&nbsp;&nbsp;Incentive fees | 197227 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 93000 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders | 56092 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 27536 |
| &nbsp;&nbsp;&nbsp;Interest expense | 27397 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 25000 |
| &nbsp;&nbsp;&nbsp;Offering cost expense | 9817 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2936 |
| &nbsp;&nbsp;&nbsp;Other expenses | 9999 |
|  | 4669204 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Management fee waiver | (136820) |
| &nbsp;&nbsp;&nbsp;Expenses reimbursed | (3070807) |
| **Total operating expenses** | 1461577 |
| **Net investment income before current tax expense (benefit)** | 3787383 |
| &nbsp;&nbsp;&nbsp;Current tax expense | 952119 |
| **Net investment income** | 2835264 |
| **Net realized and unrealized gain (loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investments | 30756 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on foreign currency transactions | 8980 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from distributions from investments | 1204939 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 5647189 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on foreign currency translation | 6047 |
| &nbsp;&nbsp;&nbsp;Deferred tax benefit (expense) | (1057352) |
| **Net realized and unrealized gain (loss)** | 5840559 |
| **Net increase in net assets resulting from operations** | $8675823 |

---

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

**Lincoln Partners Group Royalty Fund**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Limited<br> Partner** | **General<br> Partner** | **Shareholders** | **Total** |
| **Partners' capital, January 7, 2025** | $- | $- | $- | $- |
| **Allocation of net increase (decrease) in partners' capital resulting from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 306201 |  |  | 306201 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency | 2190622 | - | - | 2190622 |
| &nbsp;&nbsp;&nbsp;Net increase in partners' capital resulting from operations | 2496823 |  |  | 2496823 |
| **Capital subscriptions** | 42056924 | - | - | 42056924 |
| **Net increase (decrease) in partners' capital** | 44553747 | - | - | 44553747 |
| **Partners' capital, March 31, 2025** | $44553747 | $- | $- | $44553747 |
| **Partners' capital, April 1, 2025** | $44553747 | $- | $- | $44553747 |
| **Allocation of net increase (decrease) in partners' capital resulting from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 806688 |  |  | 806688 |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency | 30 |  |  | 30 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency | (546817) | - | - | (546817) |
| &nbsp;&nbsp;&nbsp;Net increase in partners' capital resulting from operations | 259901 |  |  | 259901 |
| **Net increase (decrease) in partners' capital** | 259901 |  |  | 259901 |
| **Conversion of partnership interests to issuance of common shares\*** | (44813648) |  | 44813648 |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | 2028576 | 2028576 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions |  |  | 39706 | 39706 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from distributions from investments |  |  | 1204939 | 1204939 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  | 6200053 | 6200053 |
| &nbsp;&nbsp;&nbsp;Deferred tax benefit (expense) | - | - | (1057352) | (1057352) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations for the period June 2, 2025 through March 31, 2026 |  |  | 8415922 | 8415922 |
| **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold (Class I) |  |  | 82913076 | 82913076 |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold (Class A) |  |  | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold (Class D) |  |  | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold (Class IS) | - | - | 10000 | 10000 |
| **Increase in net assets derived from capital share transactions** | - | - | 82943076 | 82943076 |
| **Net increase (decrease) in net assets** | - | - | 91358998 | 91358998 |
| **Net assets, March 31, 2026** | $- | $- | $136172646 | $136172646 |

---

\* The Fund converted to a statutory trust effective June 2, 2025. Prior to June 2, 2025, the Fund was a private limited partnership (See Note 1).

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

**Lincoln Partners Group Royalty Fund**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
|  | **For the Year Ended<br> March 31, 2026** |
| **Cash flows from operating activities:** |  |
| Net increase (decrease) in net assets resulting from operations | $8675823 |
| 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 realized (gain) loss on investments | (30756) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from distributions from investments | (1204939) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (5647189) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency translation | (6047) |
| &nbsp;&nbsp;&nbsp;Payment-in-kind (PIK) income | (506562) |
| &nbsp;&nbsp;&nbsp;Purchases of investments | (39998142) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of investments | 126648 |
| &nbsp;&nbsp;&nbsp;Distributions from investments | 2422361 |
| &nbsp;&nbsp;&nbsp;Net (purchases) sales of money market fund | (51068191) |
| &nbsp;&nbsp;&nbsp;Accretion of discount on investments | (10342) |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Expense reimbursement receivable from the Adviser | (782546) |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | (601584) |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | (5968) |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | (2008) |
| &nbsp;&nbsp;&nbsp;Other assets | (133783) |
| &nbsp;&nbsp;&nbsp;Receivable for distributions from investments | 444339 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 2917593 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 1057352 |
| &nbsp;&nbsp;&nbsp;Current tax expense payable | 952119 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 448419 |
| &nbsp;&nbsp;&nbsp;Payable for fund accounting fee | 163100 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 136820 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees payable | 93000 |
| &nbsp;&nbsp;&nbsp;Incentive fee payable | 89954 |
| &nbsp;&nbsp;&nbsp;Payable for custodian fee | 25000 |
| &nbsp;&nbsp;&nbsp;Due to manager and affiliates | 12798 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 1041 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | (125000) |
| **Net cash provided by (used in) operating activities** | (82556690) |
| **Cash flows from financing activities:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 57943076 |
| &nbsp;&nbsp;&nbsp;Proceeds from short term affiliate borrowing\* | 25000000 |
| **Net cash provided by (used in) financing activities** | 82943076 |
| **Net increase (decrease) in cash and cash equivalents** | 386386 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of year |  |
| &nbsp;&nbsp;&nbsp;Effects of foreign currency exchange rate changes on cash and cash equivalents | 6047 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of year | $392433 |
| **Supplemental disclosure of non-cash information** |  |
| &nbsp;&nbsp;&nbsp;Conversion of partnership interests to issuance of common shares | $44813648 |
| &nbsp;&nbsp;&nbsp;Cash paid during the year for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | $27397 |

---

\* During the year ended March 31, 2026, the Fund converted $25,000,000 of short-term borrowings due to an affiliated entity into shareholder capital. This non-cash financing transaction did not result in a cash inflow or outflow and is therefore excluded from the Statement of Cash Flows.

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

**Lincoln Partners Group Royalty Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Principal/<br> Units** | **Interest <br> Rate** | **Maturity<br> Date** | **Acquisition<br> Date** | **Cost** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Private Equity Investments - 31.1%** |  |  |  |  |  |  |  |  |
| **North America - 31.1%** |  |  |  |  |  |  |  |  |
| CEPG Harmony LP Inc. <sup>(1)(2)(3)</sup> | Music from Film & TV |  |  |  | 2/19/2025 | $1842697 | $4991372 | 3.7% |
| Lyric MMM Holding Co LP Class B units <sup>(1)(2)</sup> | Music from Film & TV | 207563 |  |  | 1/7/2025 | 164899 | 223860 | 0.2% |
| Lyric-Pineapple, LP <sup>(1)(2)(3)</sup> | Recorded Music |  |  |  | 12/29/2025 | 507297 | 481620 | 0.4% |
| Lyric 5x Aggregator Co, LP Class B units <sup>(1)(2)(3)</sup> | Recorded Music | 34881 |  |  | 11/19/2025 | 1 | 33598 | 0.0% |
| Melody Offshore Jersey B LP <sup>(1)(3)</sup> | Music from Film & TV |  |  |  | 1/31/2025 | 9051370 | 11126560 | 8.2% |
| PG US SM Holdings <sup>(1)(2)(3)(5)</sup> | Recorded Music |  |  |  | 1/7/2025 | 2587403 | 2567817 | 1.9% |
| RTW Heartbeat Co-Invest, LP <sup>(1)</sup> | Other (Pharma) |  |  |  | 1/8/2026 | 6008500 | 6220914 | 4.6% |
| Ultra Natural Gas Royalties, LP <sup>(1)(2)(3)</sup> | US Natural Gas |  |  |  | 12/19/2025 | 7679600 | 7679600 | 5.5% |
| Uplift Music LP <sup>(1)(2)(5)</sup> | Recorded Music |  |  |  | 1/7/2025 | 2305028 | 3463971 | 2.5% |
| 4010 Royalty River CI, LP <sup>(1)</sup> | Biotech |  |  |  | 1/28/2025 | 5000000 | 5569880 | 4.1% |
| **Total North America** |  |  |  |  |  | $35146795 | $42359192 | 31.1% |
| **Total Private Equity Investments - 31.1%** |  |  |  |  |  | $35146795 | $42359192 | 31.1% |
| **Private Debt Investments - 18.2%** |  |  |  |  |  |  |  |  |
| **North America - 18.2%** |  |  |  |  |  |  |  |  |
| CEPG Harmony LP Inc <sup>(1)(2)</sup> | Music from Film & TV | $6208778 | 15.0% | 2/19/2035 | 2/19/2025 | 6208778 | 6208778 | 4.6% |
| Lyric MMM Intermediate Co LP <sup>(1)(2)(4)</sup> | Music from Film & TV | 5767729 | 12.0% | 11/8/2039 | 1/7/2025 | 5767729 | 5767729 | 4.2% |
| PG US SM Access LLC <sup>(1)(2)(3)(8)</sup> | Recorded Music | 2739759 | 8.5% | 6/19/2033 | 1/7/2025 | 2739759 | 3123503 | 2.3% |
| PG US SM Access LLC <sup>(1)(2)(3)(8)</sup> | Recorded Music | 21033 | 8.5% | 9/15/2033 | 1/7/2025 | 21033 | 23979 | 0.0% |
| 5x Intermediate Co, LP <sup>(1)(2)(4)</sup> | Recorded Music | 9499999 | 13.0% | 10/15/2035 | 11/19/2025 | 9499999 | 9604632 | 7.1% |
| **Total North America** |  |  |  |  |  | $24237298 | $24728621 | 18.2% |
| **Total Private Debt Investments - 18.2%** |  |  |  |  |  | $24237298 | $24728621 | 18.2% |
| **Private Fund Investments - 6.4%** |  |  |  |  |  |  |  |  |
| **North America - 6.0%** |  |  |  |  |  |  |  |  |
| Royfin Natural GAS LLC <sup>(1)(2)(6)</sup> | US Natural Gas |  |  |  | 1/7/2025 | 5000000 | 6395925 | 4.7% |
| 4010 Royalty Offshore FNT Fund, LP <sup>(1)(6)</sup> | Biotech |  |  |  | 1/28/2025 | 2588199 | 1766119 | 1.3% |
| **Total North America** |  |  |  |  |  | $7588199 | $8162044 | 6.0% |
| **Southeast Asia - 0.4%** |  |  |  |  |  |  |  |  |
| R Bridge Healthcare Fund II <sup>(1)(6)</sup> | Other (Pharma) |  |  |  | 10/30/2025 | 668657 | 528728 | 0.4% |
| **Total Southeast Asia** |  |  |  |  |  | $668657 | $528728 | 0.4% |
| **Total Private Fund Investments - 6.4%** |  |  |  |  |  | $8256856 | $8690772 | 6.4% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference Rate and Spread <sup>(7)</sup>** | **Interest<br> Rate** | **Maturity<br> Date** | **Par Amount/ <br> Unit** | **Cost** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Loan Agreements - 7.6%** |  |  |  |  |  |  |  |  |
| **Term Loan** |  |  |  |  |  |  |  |  |
| Athenahealth Inc | Health Care | S+ 2.75% | 6.47% | 2/15/2029 | 497487 | $498061 | $487538 | 0.3% |
| Biogroup LCD | Health Care | E+ 3.25% | 5.26% | 2/9/2028 | 1100000 | 1256667 | 1247062 | 0.9% |
| Emrld Borrower LP | Industrials | S+ 2.25% | 6.12% | 8/4/2031 | 497494 | 498673 | 496250 | 0.4% |
| Genesys Cloud Services Holdings II, LLC | Information Technology | S+ 2.50% | 6.17% | 1/30/2032 | 598489 | 591008 | 571808 | 0.4% |
| HomeVi S.A.S. | Health Care | E+ 4.75% | 6.78% | 10/31/2029 | 1100000 | 1278916 | 1265510 | 0.9% |
| Illuminate Buyer LLC | Financials | S+ 2.50% | 6.17% | 12/31/2029 | 497494 | 497494 | 493141 | 0.4% |
| Iridium Satellite LLC | Communication | S+ 2.25% | 5.92% | 9/20/2030 | 500000 | 482500 | 488440 | 0.4% |
| Jane Street Group LLC | Financials | S+ 2.00% | 5.82% | 12/15/2031 | 497375 | 494372 | 487711 | 0.3% |
| Jones DesLauriers Insurance Management Inc. | Financials | S+ 3.00% | 6.78% | 12/10/2032 | 1100000 | 1097359 | 1067000 | 0.8% |
| Nouryon Finance BV | Materials | S+ 3.25% | 7.04% | 4/3/2028 | 994914 | 997183 | 973772 | 0.7% |
| Olympus Water US Holding Corp | Materials | S+ 3.00% | 6.67% | 6/20/2031 | 497481 | 493359 | 476776 | 0.3% |
| Pre Paid Legal Services Inc | Industrials | S+ 3.25% | 6.97% | 12/15/2028 | 596964 | 583332 | 515520 | 0.4% |
| Six Flags Entertainment Corp | Consumer Discretionary | S+ 2.00% | 5.67% | 5/1/2031 | 497468 | 490006 | 489384 | 0.4% |
| Skopima Merger Sub Inc | Industrials | S+ 3.75% | 7.42% | 5/12/2028 | 497456 | 461592 | 387290 | 0.3% |
| Veritiv Corporation | Industrials | S+ 4.00% | 7.67% | 12/2/2030 | 994950 | 994950 | 965101 | 0.7% |
| **Total Term Loan** |  |  |  |  |  | $10715472 | $10412303 | 7.6% |
| **Total Loan Agreements - 7.6%** |  |  |  |  |  | $10715472 | $10412303 | 7.6% |

---

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

**Lincoln Partners Group Royalty Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **<br> Shares** | **Cost** | **Fair<br> Value** | **% of<br> Net Assets** |
| **Common Stock - 1.8%** |  |  |  |  |  |
| **East Asia - 0.1%** |  |  |  |  |  |
| Sony Group Corp SP ADR | Information Technology | 5600 | $149613 | $115920 | 0.1% |
| **Total East Asia** |  |  | $149613 | $115920 | 0.1% |
| **North America - 1.3%** |  |  |  |  |  |
| Domino's Pizza Inc | Consumer Discretionary | 279 | 120028 | 100102 | 0.1% |
| Hilton Worldwide Holdings Inc | Consumer Discretionary | 445 | 125200 | 135316 | 0.1% |
| Interdigital Inc | Information Technology | 140 | 49881 | 42280 | 0.0% |
| Marriott International Class A | Consumer Discretionary | 741 | 221263 | 242359 | 0.2% |
| McDonald's Corp | Consumer Discretionary | 579 | 182758 | 179947 | 0.1% |
| Restaurant Brands International Inc | Consumer Discretionary | 4408 | 310132 | 325751 | 0.2% |
| Royal Gold Inc | Materials | 529 | 115849 | 134625 | 0.1% |
| Royalty Pharma Plc Class A | Health Care | 7729 | 295244 | 370760 | 0.3% |
| Warner Music Group Corp Class A | Communication | 7210 | 200055 | 184143 | 0.1% |
| Wheaton Precious Metals Corp | Materials | 1263 | 147587 | 165466 | 0.1% |
| **Total North America** |  |  | $1767997 | $1880749 | 1.3% |
| **Western Europe - 0.4%** |  |  |  |  |  |
| Arm Holdings Plc ADR <sup>(3)</sup> | Information Technology | 1100 | 145049 | 166408 | 0.1% |
| Dolby Laboratories Inc Class A | Health Care | 1476 | 99750 | 88649 | 0.1% |
| Universal Music Group NV | Communication | 13689 | 351688 | 265715 | 0.2% |
| **Total Western Europe** |  |  | $596487 | $520772 | 0.4% |
| **Total Common Stock - 1.8%** |  |  | $2514097 | $2517441 | 1.8% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares** | **Cost** | **Fair Value** | **% of<br> Net Assets** |
| **Money Market Fund - 37.5%** |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class (seven-day effective yield 3.67%). | 51069474 | $51069474 | $51069474 | 37.5% |
| **Total Money Market Fund - 37.5%** |  | $51069474 | $51069474 | 37.5% |
| **Total Investments - 102.6%** |  | $131939992 | $139777803 | 102.6% |
| **Liabilities Net of Receivables and Other Assets - (2.6%)** |  |  | $(3605157) | (2.6%) |
| **Net Assets Applicable to 12,091,442 Shares Outstanding - 100.0%** |  |  | $136172646 | 100.0% |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(4) Payment-in-kind (PIK). A portion of the income received was in
the form of equity.

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

&nbsp;&nbsp;&nbsp;&nbsp;(6) The Private Fund Investments contains capital commitments. The
general partner of the Private Fund Investments may call or distribute capital on a periodic basis.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Variable rate loans to the portfolio companies bear interest at a rate that is determined by
 reference to either Euribor ("E"), SOFR including SOFR adjustment, if any, ("S") at the 'borrower's option
 which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates and E loans are
 typically indexed to 3 month. For each such loan, the Fund has provided the interest rate in effect on the date presented.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Payment-in-kind (PIK). A portion of the income received was in
the form of additional par.

Summary of Abbreviations:

ADR - American Depositary Receipts

CME - Chicago Mercantile Exchange

Euribor - Euro Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

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

**Lincoln Partners Group Royalty Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)<br> March 31, 2026**

The following table summarizes the initial commitment and unfunded amounts of the Private Equity Investments, Private Fund Investments and Private Debt Investments as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Private Equity Investments** | **Commitment** | **Unfunded** |
| CEPG Harmony LP Inc | $2891222 | $1048524 |
| RTW Heartbeat Co-Invest, LP | 6008500 |  |
| 4010 Royalty River CI, LP | 5000000 |  |
| PG US SM Holdings | 2200000 | 4985 |
| Lyric-Pineapple, LP | 510000 | 2703 |
| Ultra Natural Gas Royalties, LP | 7679600 |  |
| Uplift Music LP | 3000000 | 694972 |
| Melody Offshore Jersey B LP | 10000000 | 46396 |
| **Private Fund Investments** |  |  |
| R Bridge Healthcare Fund II | $2500000 | $2094441 |
| Royfin Natural GAS LLC | 5000000 |  |
| 4010 Royalty Offshore FNT Fund, LP | 5000000 | 2544000 |
| **Private Debt Investments** |  |  |
| CEPG Harmony LP Inc | $6208778 | $- |
| Lyric MMM Holding Co LP | 360800 |  |
| Lyric MMM Intermediate Co LP | 5406929 |  |
| PG US SM Access LLC | 2800000 | 39208 |
| 5x Intermediate Co, LP | 9499999 |  |

---

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

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2026**

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

Lincoln Partners Group Royalty Fund (formerly, Lincoln Royalties Income Fund, LP) (the "Fund") was organized as a limited partnership formed on September 13, 2024 pursuant to the Delaware Revised Limited Partnership Act and incepted its investment portfolio before converting by operation of law to a Delaware statutory trust on June 2, 2025. The Fund is a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Lincoln Financial Investments Corporation serves as the Fund's investment adviser (the "Adviser") and is responsible for overseeing the allocation of the Fund's assets across strategies. Partners Group (USA) Inc. serves as the Fund's sub-adviser (the "Sub-Adviser" or "Partners Group" 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 Fund's Class I shares commenced operations on June 2, 2025. The Fund's Class A, Class D, and Class IS Shares commenced operations on September 1, 2025. The registration statement relating to the Fund was declared effective by the Securities and Exchange Commission (the "SEC") on September 24, 2025.

The SEC has granted the Fund exemptive relief permitting the Fund to offer multiple classes of shares. The Fund offers Class A, Class D, Class I and Class IS shares. The Class A shares and Class D shares are subject to a distribution and service fee. Class A and Class D shares are each sold with a maximum front-end sales charge of up to 3.00 and 3.50% respectively. The Fund's Shares are offered on a monthly basis. The minimum initial investment with respect to Class A and Class D Shares is $2,500 for all accounts. With respect to Class I Shares, the minimum initial investment is $1,000,000 for all accounts. The minimum initial investment with respect to Class IS Shares is $25,000 for all accounts.

The Fund may from time to time offer to repurchase Shares pursuant to written tenders by Shareholders. Subject to the Board's discretion, the Fund currently intends to offer to repurchase Shares from Shareholders quarterly in an amount up to 5% of the Fund's NAV. The Fund may extend multiple offers to repurchase Shares in a quarter in an aggregate amount of 5% of the Fund's NAV.

The Fund's investment objective is to seek high risk-adjusted returns across various market cycles.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies** 

*Consolidation of Subsidiary* — The consolidated financial statements of the Fund include the Fund and Lincoln Partners Group Royalty Fund Energy U.S. Blocker, LLC (a Delaware Limited Liability Company), Lincoln Partners Group Royalty Fund Media & Entertainment U.S. Blocker, LLC (a Delaware Limited Liability Company), Lincoln Partners Group Royalty Fund BSL, LLC (a Delaware Limited Liability Company), Lincoln Partners Group Royalty Fund Finance, LLC (a Delaware Limited Partnership), Lincoln Partners Group Royalty Fund - Brands U.S. Blocker, LLC (a Delaware Limited Liability Company), Lincoln Partners Group Royalty Fund - Opportunistic U.S. Blocker, LLC (a Delaware Limited Liability Company), Lincoln Partners Group Royalty Fund - Sports U.S. Blocker, LLC (a Delaware Limited Liability Company), Lincoln Partners Group Royalty Fund - Music U.S. Blocker, LLC (a Delaware Limited Liability Company), Lincoln Partners Group Royalty Fund - Pharmaceutical U.S. Blocker, LLC (a Delaware Limited Liability Company), Lincoln Partners Group Royalty Fund - Media & Entertainment Non-U.S.Blocker, LP, Lincoln Partners Group Royalty Fund - Pharmaceutical Non-U.S.Blocker, LP, Lincoln Partners Group Royalty Fund - Brands Non-U.S.Blocker, LP, Lincoln Partners Group Royalty Fund - Energy Non-U.S.Blocker, LP, Lincoln Partners Group Royalty Fund - Sports Non-U.S.Blocker, LP, Lincoln Partners Group Royalty Fund - Opportunistic Non-U.S.Blocker, LP, and Lincoln Partners Group Royalty Fund - Music Non-U.S. Blocker, LP (collectively, "Blockers"), each a wholly-owned subsidiary of Fund. Inter-company balances and transactions have been eliminated in consolidation.

 

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 consolidated 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."

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

*Security Valuation* — The Fund holds private financial instruments for which no quoted prices are available, and which have little or no observable market inputs. The fair values of private financial investments are determined by the Adviser using various valuation techniques. These include the use of other observable transactions, reference to other instruments that are substantially the same, and discounted cash flow analysis refined to reflect the issuer's specific circumstances. Factors that might materially impact the value of an investment (e.g., operating results, financial condition, achievement of milestones, economic and/or market events and recent sales prices) may be considered. Domestic equity securities except those traded on The Nasdaq Stock Market LLC ("Nasdaq"), are valued at the last quoted sales price as of the time of the regular close of the exchange on which they are traded on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sale price. Securities listed on a foreign exchange are valued at the official close price on the foreign stock exchange on which the security is primarily traded, if available. Foreign equity securities for which an official close price is not available are valued at the last quoted sales price on the valuation date. The Fund may use fair value pricing for equity securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools ("international fair value pricing"). If on a particular day an equity security does not trade, then the mean between the bid and ask prices is used, which approximates fair value. Valuations for fixed income 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. Open-end investment companies are valued at their closing net asset value ("NAV"). Other investments in private investment vehicles may be valued using the NAV of the underlying entity reported by its investment manager, as a practical expedient, when certain criteria are met. Investments in government money market funds have a stable NAV. The Adviser's Valuation Committee, who is solely responsible for the determination of the fair value of the Fund's investments, will consider all available information at its disposal prior to making a valuation determination, including information or opinions from third-party firms as determined in good faith under established policies. The Valuation Committee was established by Lincoln Financial Investments Corporation (LFI), the designated valuation designee, to perform fair valuations pursuant to SEC Rule 2a-5.

 

*Income Taxes* — The Fund has undergone changes in tax classification and is subject to different income tax treatments depending on the applicable period.

 

From its formation on January 7, 2025 through June 2, 2025, the Fund was treated as a partnership for U.S. federal income tax purposes, and accordingly, no provision for U.S. federal income taxes was recorded at the entity level, as taxable income or loss was passed through to the partners.

Effective June 2, 2025, the Fund converted to a trust and elected to be treated as a corporation for U.S. federal income tax purposes. As a result, the Fund became subject to U.S. federal and state income taxes and is required to account for income taxes in accordance with ASC Topic 740, "Income Taxes."

For the financial reporting period ended March 31, 2026, the Fund is treated as a taxable C-corporation. Accordingly, the accompanying financial statements include a provision for income taxes reflecting current and deferred tax expense based on the Fund's estimated taxable results and temporary differences as of March 31, 2026.

The Fund intends to elect and qualify as a regulated investment company ("RIC") for the tax year beginning November 1, 2025 and ending October 31, 2026, although there can be no assurance that it will successfully do so by then, if at all. At the end of the Fund's fiscal year end on March 31, 2026, the Fund did not have sufficient tax information from its investments to determine that it could qualify as a RIC for its tax year ending October 31, 2026.

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

Once the Fund meets the necessary requirements to qualify for RIC status, it would be treated as a pass-through vehicle, taxed at the investor level, and therefore may reverse certain deferred tax accruals. The Fund would need to continue to assess its qualification as a RIC by meeting certain distribution requirements and passing recurring income and asset tests. The Fund has established Blockers that may hold specific Fund investments to assist in meeting ongoing income qualification testing. Blockers do not qualify for RIC status and file separate federal and state income tax returns.

The Fund will apply the provisions of ASC Topic 740, "Income Taxes" in the determination of its provision for federal and state income taxes. The Consolidated Statement of Operations will include a current tax provision based on estimated taxable income for the period. The Consolidated Statement of Assets and Liabilities will include deferred tax assets and liabilities for any identified temporary differences between the financial reporting basis and tax basis of assets and liabilities and tax loss or credit carryforwards, measured using enacted tax rates expected to apply when these differences reverse. As appropriate, a valuation allowance will be recognized if it is determined that it is more likely than not the established deferred tax assets will not be realized as stated. Finally, the Fund will apply the two-step recognition and measurement approach to the assessment of uncertain tax positions.

In determining any required income tax balances (Fund level or Blockers), the Fund measures current income tax balances by applying the enacted tax law. Deferred tax balances are recognized for the expected future tax consequences of differences that may exist between the financial accounting basis and the tax basis of assets and liabilities (temporary differences) and for tax law carryforwards. The deferred tax balances are measured using the enacted tax rates expected to apply in the period the temporary difference is anticipated to be settled. The Blockers did not have any transactions or activity as of March 31, 2026.

The recoverability of deferred tax assets is assessed separately at the Fund level and Blockers, as applicable, based upon the weight of available positive and negative evidence regarding sources of future taxable income. When assessing the recoverability of deferred tax assets, significant weight is given to the period over which the deferred tax assets can be realized and the recent history of pre-tax earnings. If the Adviser concludes that it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized as stated, a valuation allowance is recognized to reduce the value of the deferred tax assets.

Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund and Blockers' tax returns to determine whether the tax positions will "more likely than not" be sustained upon examination by the applicable tax authority. The tax benefit associated with any tax position that does not meet the more-likely-than-not threshold is not recognized for financial reporting purposes. The Fund and Blockers have not recognized any tax liability for unrecognized tax benefits or expenses.

The Fund and Blockers recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the period ended March 31, 2026, the Fund and Blockers did not incur any interest or penalties.

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

 

*Other* — Expenses common to all series of the Fund are allocated to each series based on their relative net assets. Expenses exclusive to a specific series of the Fund are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased or sold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investment income, if any, quarterly. Distributions from net realized gains, if any, are declared and distributed at least annually. Dividends and distributions, if any, are recorded on the ex-dividend date.

 

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

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

*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 consolidated financial statements.

 

*Organizational Expenses* — The Fund has incurred organizational expenses of $648,190 since its commencement of operations in conjunction with the organization of the Fund and conversion to statutory trust. These costs were subject to reimbursement by the Adviser and are subject to recoupment in accordance with the Fund's expense limitation agreement.

 

*Offering Costs* — Offering costs incurred prior to the commencement of operations were deferred until the Fund commenced operations and are 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. These costs, which amounted to $11,825 were subject to reimbursement by the Adviser and are subject to recoupment in accordance with the Fund's expense limitation agreement.

 

*Income Recognition* — Income is recognized on an accrual basis as earned. Expenses are recognized on an accrual basis as incurred. Distributions from investments occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income and interest, is based on information received from the investment managers of the Investments at the time of distribution. The change in unrealized appreciation (depreciation) on investments and foreign currency translation within the Consolidated Statement of Operations includes the Fund's share of unrealized gains and losses, realized undistributed gains and losses and the undistributed net investment income or loss on investments for the relevant period. The Fund records contractual payment-in-kind interest on a Private Debt Investment that is received as additional principal or in the form of an equity, rather than being paid in cash, on an accrual basis on the respective interest payment dates.

 

*Foreign Currency Transactions*–Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the transaction date in accordance with the Fund's prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current Period. The Fund does not separate the portion of realized gains and losses on foreign equity securities, derivatives denominated in foreign currency or resulting from changes in foreign exchange rates from that which is due to changes in market prices. These changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes*.*

 

*Early Repurchase Fee* — Repurchases of Shares from Shareholders by the Fund will be paid in cash, as described above. The Fund does not impose any charges in connection with repurchases of Shares except with respect to Shares held less than one year. An early repurchase fee (the "Early Repurchase Fee") payable to the Fund will be charged with respect to the repurchase of a Shareholder's Shares at any time prior to the day immediately preceding the one-year anniversary of a Shareholder's purchase of the Shares. The Early Repurchase Fee will equal 2.00% of the NAV of the Shares repurchased within less than one year of the purchase. Once Shareholders have held Shares for a year, no fee will be assessed in association with a Share repurchase. The Early Repurchase Fee is payable to the Fund and not to the Advisers. An Early Repurchase Fee payable by a Shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any Shareholder. No Early Repurchase Fees were charged or waived during the year ended March 31, 2026.

 

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

The Adviser is a registered investment adviser and wholly owned subsidiary of The Lincoln National Life Insurance Company (the "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. For its services, the Adviser receives a management fee at an annual rate of 1.25% of the greater of (i) the Fund's net asset value (i.e., net of fund leverage) or (ii) the Fund's net asset value less cash and cash equivalents plus the total of all commitments made by the Fund that have not yet been drawn for investment. The management fee is calculated monthly and paid monthly.

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

Effective June 2, 2025, 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 accrued monthly in an amount equal to 12.5% of the Fund's "Fund Income" received by the Fund during such month. For this purpose, "Fund Income" means each Share class's allocable share of interest income, dividend income, income accrued from (1) distributions received by the Fund from the Fund's private portfolio investments; plus (2) distributions received by the Fund of net investment income (or loss) from debt, preferred equity investments and traded securities; minus (3) the Fund's Operating Expenses for the month (excluding the Incentive Fee and share class specific expenses such as distribution and/or shareholder servicing fees). The Incentive Fee is paid quarterly in arrears. The Fund looks through total return swap contracts and counts the underlying reference assets as investments for purposes of calculating the Incentive Fee. The quarterly payment of the Incentive Fee will reflect all such distributions received by the Fund, except returns of invested capital that are not derived from the operations of the issuer based on a review by the Fund's portfolio management team of the issuer's financial statements and results from business operations. Fund Income does not include any component of capital gains or capital appreciation. The Adviser is not entitled to any incentive fee based on the capital gains or capital appreciation of the Fund or its investments. During the year ended March 31, 2026, the amount of incentive fees was $197,227.

Effective February 1, 2026 through July 31, 2026 (the "Waiver Period"), Lincoln Financial Investments Corporation (the "Adviser"), investment adviser to the Trust, has agreed to waive fifty percent of its Investment Management Fee. The Fee Waiver shall be imposed after application of the amended and restated expense limitation agreement between the Fund and the Adviser, dated August 15, 2025. The Fee Waiver cannot be terminated prior to July 31, 2026 without the consent of the Fund's Board of Trustees. The Adviser retains the right to recoup any fees waived by it within three years of the Fee Waiver, if such recoupment can be achieved within the Operating Expense Limit (before application of the Fee Waiver) in effect at the time the waiver occurred and the Operating Expense Limit (before application of the Fee Waiver) in effect at the time such recoupment is sought. The Fee Waiver will not impact the Incentive payable by the Fund.

Effective August 15 2025, the Adviser has contractually agreed to reimburse the Fund to the extent that the Fund's annual operating expenses calculated and reimbursed on a Class-by -Class basis (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 2.85% for Class A, 2.50% for Class D, 2.00% for Class I and 2.25% for Class IS of the Fund's average daily net assets. 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 year ended March 31, 2026, 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** | **Expiration Date<br> 2029** |
| The Adviser | $125000 | $3070807 |

---

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 upon the Fund's management fee and incentive fee.

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

Pursuant to an administration agreement with the Fund Lincoln Life provides various administrative services necessary for the operation of the Fund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in "Accounting and administration expenses" on the Consolidated Statement of Operations. For the year ended March 31, 2026, costs for these administrative and legal services were as follows:

---

| | |
|:---|:---|
| Administrative | $600944.0 |
| Legal | $88405.0 |
| At March 31, 2026 the Fund had receivables due from and liabilities payable to affiliates as follows: |  |
| Expense reimbursement receivable due from LFI | $907546.0 |
| Management fees payable to LFI | $136820.0 |
| Shareholder servicing fees payable to Lincoln Life | $9879.0 |
| Printing and mailing fees payable to Lincoln Life | $2904.0 |
| Distribution fees payable to LFD | $15.0 |

---

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 Consolidated Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $0 for the year ended March 31, 2026.

Lincoln Life also provides certain shareholder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for corporate level services at an annual rate of 0.05% of the Fund's average daily net assets. In addition, the Fund pays Lincoln life a shareholder service fee of up to 0.25% of the Fund's average daily net assets for the Class A, D and IS shares. The fees are calculated monthly and paid monthly. The fees are included in "Shareholder servicing fees" on the Consolidated Statement of Operations. For the year ended March 31, 2026, the amount of these fees was $27,536.

Pursuant to a distribution and service plan, the Fund is authorized to pay service organizations, including affiliates of the Adviser, out of the assets of the Class A and Class D shares an annual fee ("12b-1 Fee") not to exceed 0.75% of its aggregate NAV as of the beginning of the first calendar day of each applicable month, as compensation or reimbursement for services rendered and/or expenses borne. The Fund has entered into a distribution agreement with Lincoln Financial Distributors, Inc. ("LFD"), an affiliate of LFI, whereby the 12b-1 Fee is currently limited to 0.60% and 0.25% of each the Class A and Class D shares respectively. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculated and paid monthly.

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 and 100% of each of the Class A, D and IS shares as of March 31, 2026. The Sub-Adviser owned 50% of the Fund's Class I shares at March 31, 2026.

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

 

On January 29, 2026, the Fund entered into a short-term affiliated borrowing agreement with the Lincoln National Life Insurance Company (the "Lender") which is an affiliate of the Fund in the amount of $25 million. The full loan amount was fully settled on February 2, 2026, via a capital subscription to the Fund. The purpose of the loan was to provide short-term working capital, primarily to bridge the timing of the Fund's acquisition of investments in advance of the effective date of investor subscriptions.

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

The loan had an interest rate of 10% per annum, with no unused or commitment fees. Interest expense incurred by the Fund for the year ended March 31, 2026 was $27,397 which is included on the Consolidated Statement of Operations.

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

For the year ended March 31, 2026, the Fund made purchases of investment securities other than short-term investments as follows:

---

| | |
|:---|:---|
| Purchases | $39998142 |
| Sales | $126648 |

---

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

● Level 1 — inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

● Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

● Level 3 — inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., indicative quotes from brokers, fair valued securities)

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.

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

Practical expedient - The fair values of Private Equity Fund Investments determined by the Adviser in accordance with the Valuation Procedures are estimates. These estimates are net of management and performance incentive fees or allocations payable pursuant to the respective organizational documents of the Private Equity Fund Investments. Ordinarily, the fair value of a Private Equity Fund Investment is based on the net asset value of that Private Equity Fund Investment reported by its investment manager. If the Adviser determines that the most recent net asset value reported by the investment manager of a Private Equity Fund Investment does not represent fair value or if the manager of a Private Equity Fund Investment fails to report a net asset value to the Fund, a fair value determination is made by the Adviser in accordance with the Valuation Procedures. In making that determination, the Adviser will consider whether it is appropriate, considering all relevant factors, to value such Private Equity Fund Investment at the net asset value last reported by its investment manager, or whether to adjust such value by a premium or discount. Because of the inherent uncertainty of estimates, fair value determinations based on estimates may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of March 31, 2026:

**Investments:** 

**Assets:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Investments<br> measured at<br> NAV\*** | **Total** |
| Private Equity Investments | $- | $- | $19441838 | $22917354 | $42359192 |
| Private Debt Investments |  |  | 24728621 |  | 24728621 |
| Private Fund Investments |  |  | 6395925 | 2294847 | 8690772 |
| Loan Agreements |  | 10412303 |  |  | 10412303 |
| Common Stock | 2251726 | 265715 |  |  | 2517441 |
| Money Market Fund | 51069474 | - | - | - | 51069474 |
|  | $53321200 | $10678018 | $50566384 | $25212201 | $139777803 |

---

\* All investments that are measured at fair value using the NAV (or its equivalent) as the practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this column are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Schedule of Investments.

As a result of utilizing International fair value pricing at March 31, 2026, a portion of the Fund's common stock investments was categorized as Level 2.

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 year ended March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Balances<br> as of <br>April 1, 2025 | Reclassifications | Purchases | Return of Capital | Transfer<br> In | Transfer<br> Out | Accretion/<br> (amortization) | Net realized<br> gain (loss) | Net change in<br> unrealized<br> appreciation<br> (deprecation) | Balances<br> as of<br> March 31, 2026 | Net change in<br> unrealized<br> (depreciation)<br> from Level 3<br> investments<br> still held as of<br> March 31, 2026 |
| Private Fund Investments | $15289481 | $— | $- | $- | $- | $(9501410) | $- | $- | $607854 | $6395925 | $607854 |
| Private Debt Investments | 13934483 | 39699 | 10431955 | (34356) |  |  |  |  | 356840 | 24728621 | 356840 |
| Participation Agreements | 4949018 | (4949018) |  |  |  |  |  |  |  |  |  |
| Private Equity Investments | 1929317 | 4909319 | 9021227 | (14013) | - | - | - | 14012 | 3581976 | 19441838 | 3581976 |
| Total | $36102299 | $- | $19453182 | $(48369) | $- | $(9501410) | $- | $14012 | $4546670 | $50566384 | $4546670 |

---

For the year ended March 31, 2026, transfers in and out of level 3 were the result of changes in the transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain valuation inputs used by pricing services or the valuation designee, as applicable, in determining fair value. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting year.

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

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 year ended March 31, 2026. Significant fluctuations of the unobservable inputs applied to these investments could be expected to significantly increase or decrease the respective fair values.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value at<br> March 31, 2026** | **Valuation Techniques** | **Unobservable Input** | **Range**<br> **(Weighted Average) <sup>(a)</sup>** |
| Private Debt Investments | $24728621 | Recent Transaction | Cost | # |
|  |  | Discounted Cash Flow | Discount Rate (b) | 8.75% (N/A) |
| Private Equity Investments | 19441838 | Recent Transaction | Cost | # |
|  |  | Discounted Cash Flow | Discount Rate (b) | 8.75% - 9.25% (8.95%) |
| Private Fund Investments | 6395925 | Discounted Cash Flow | Discount Rate (b) | 10.00% (N/A) |
|  |  | Discounted Cash Flow | Oil & Gas Reserve Risk Ratings | 10 - 80% (N/A) |
| Total | $50566384 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unobservable inputs were weighted by the relative fair value of
the instruments, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents amounts used when the reporting entity has determined
that market participants would take into account discounts, as applicable, when pricing the investments.

The industry composition of investments based on fair value as of March 31, 2026 was as follows:

---

| | |
|:---|:---|
|  | **% of Net Assets<br> March 31, 2026** |
| Money Market Fund | 37.5% |
| Music from Film & TV | 20.9% |
| Recorded Music | 14.2% |
| US Natural Gas | 10.2% |
| Biotech | 5.4% |
| Other (Pharma) | 5.0% |
| Health Care | 2.5% |
| Industrials | 1.8% |
| Financials | 1.5% |
| Materials | 1.2% |
| Consumer Discretionary | 1.1% |
| Communication | 0.7% |
| Information Technology | 0.6% |
| **Total** | 102.6% |

---

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

The Fund's investment portfolio may contain investments which are in the form of private equity, private debt or participation agreement commitments, which require the Fund to provide funding when requested by private investments.

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

Transactions in capital shares were as follows:

---

| | |
|:---|:---|
|  | **For the Period June 2, 2025<sup>\*</sup> through<br> March 31, 2026** |
| **Class I** |  |
| Issuance of shares upon conversion of limited partnership to a fund | 4481365 |
| Shares sold | 7607077 |
| **Class A** |  |
| Shares sold | 1000 |
| **Class D** |  |
| Shares sold | 1000 |
| **Class IS** |  |
| Shares sold | 1000 |
| Net increase | 12091442 |

---

\* The Fund converted to a statutory trust effective June 2, 2025. Prior to June 2, 2025, the Fund was a private limited partnership (See Note 1).

During the period ended March 31, 2026, the Fund conducted a tender offer to purchase shares of its common stock in accordance with Rule 13e-4 under the Securities Exchange Act of 1934 and the Fund's disclosure documents filed with the U.S. Securities and Exchange Commission. The tender offer commenced on January 30, 2026 and expired at 5:00 P.M., Eastern Time, on March 2, 2026. Shareholders were invited to tender shares for purchase at a price equal to the Fund's net asset value per share as determined as of March 31, 2026. The Fund offered to purchase up to 5% of its outstanding shares pursuant to the offer. No shares were tendered for purchase during the tender offer period. Accordingly, the Fund did not repurchase any shares in connection with the tender offer.

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

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

---

| | | |
|:---|:---|:---|
| **Class I** | **April 1, 2025 to<br> March 31, 2026** | **January 7, 2025<sup>(7</sup>**<sup>)</sup> **to March 31, 2025** |
| **Per Share Data**<sup>(1)</sup>**:** |  |  |
| Net asset value, beginning of period | $10.00 | $N/A |
| Net investment income (loss) | 0.39 | N/A |
| Net realized and unrealized gain (loss) | 0.87 | N/A |
| Total from operations | 1.26 | N/A |
| Total increase (decrease) in net assets | 1.26 | N/A |
| Net asset value, end of period | $11.26 | $N/A |
| **Shares Outstanding, end of period<sup>(2</sup>**<sup>)</sup>** | 12088442 | N/A |
| Total Return, based on net asset value<sup>(3)</sup> | 13.18% | 7.01% |
| **Ratios / Supplemental Data:** |  |  |
| Net assets, end of period | $136140843 | $44553747 |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 3.15% | -%<sup>(8)</sup> |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped<sup>(5)</sup> | 7.33% | 0.28%<sup>(8)</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>(5)</sup> | 3.69% | 2.99%<sup>(8)</sup> |
| Ratio of net investment income/(loss) to average net assets prior to expenses waived/reimbursed/recouped<sup>(5)</sup> | (0.49)% | 2.71%<sup>(8)</sup> |
| Portfolio turnover rate | 0.59% | -% |

---

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Financial Highlights (continued)** 

---

| | |
|:---|:---|
| **Class A** | **September 1, 2025<sup>(7</sup>**<sup>)</sup> <br> **to March 31, 2026** |
| **Per Share Data:** |  |
| Net asset value, beginning of period | $10.00 |
| Net investment income (loss) | 0.05 |
| Net realized and unrealized gain (loss) | 0.51 |
| Total from operations | 0.56 |
| Total increase (decrease) in net assets | 0.56 |
| Net asset value, end of period | $10.56 |
| **Shares Outstanding, end of period** | 1000 |
| Total Return, based on net asset value<sup>(6)</sup> | 5.60% |
| **Ratios / Supplemental Data:** |  |
| Net assets, end of period | 10562 |
| Ratio of net expenses to average net assets<sup>(4)(5)</sup> | 2.01% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped<sup>(4)(5)</sup> | 6.00% |
| Ratio of net investment income/(loss) to average net assets<sup>(4)(5)</sup> | 3.64% |
| Ratio of net investment income/(loss) to average net assets prior to expenses waived/reimbursed/recouped<sup>(4)(5)</sup> | (0.35)% |
| Portfolio turnover rate | 0.59% |

---

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Financial Highlights (continued)** 

---

| | |
|:---|:---|
| **Class D** | **September 1, 2025<sup>(7</sup>**<sup>)</sup> <br> **to March 31, 2026** |
| **Per Share Data:** |  |
| Net asset value, beginning of period | $10.00 |
| Net investment income (loss) | 0.10 |
| Net realized and unrealized gain (loss) | 0.51 |
| Total from operations | 0.61 |
| Total increase (decrease) in net assets | 0.61 |
| Net asset value, end of period | $10.61 |
| **Shares Outstanding, end of period** | 1000 |
| Total Return, based on net asset value<sup>(6)</sup> | 6.10% |
| **Ratios / Supplemental Data:** |  |
| Net assets, end of period | 10605 |
| Ratio of net expenses to average net assets<sup>(4)(5)</sup> | 1.45% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped<sup>(4)(5)</sup> | 5.79% |
| Ratio of net investment income/(loss) to average net assets<sup>(4)(5)</sup> | 4.20% |
| Ratio of net investment income/(loss) to average net assets prior to expenses waived/reimbursed/recouped<sup>(4)(5)</sup> | (0.14)% |
| Portfolio turnover rate | 0.59% |

---

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Financial Highlights (continued)** 

---

| | |
|:---|:---|
| **Class IS** | **September 1, 2025<sup>(7</sup>**<sup>)</sup> <br> **to March 31, 2026** |
| **Per Share Data:** |  |
| Net asset value, beginning of period | $10.00 |
| Net investment income (loss) | 0.13 |
| Net realized and unrealized gain (loss) | 0.51 |
| Total from operations | 0.64 |
| Total increase (decrease) in net assets | 0.64 |
| Net asset value, end of period | $10.64 |
| **Shares Outstanding, end of period** | 1000 |
| Total Return, based on net asset value<sup>(6)</sup> | 6.40% |
| **Ratios / Supplemental Data:** |  |
| Net assets, end of period | 10636 |
| Ratio of net expenses to average net assets<sup>(4)(5)</sup> | 1.05% |
| Ratio of expenses to average net assets prior to expenses waived/reimbursed/recouped<sup>(4)(5)</sup> | 5.65% |
| Ratio of net investment income/(loss) to average net assets<sup>(4)(5)</sup> | 4.59% |
| Ratio of net investment income/(loss) to average net assets prior to expenses waived/reimbursed/recouped<sup>(4)(5)</sup> | (0.01)% |
| Portfolio turnover rate | 0.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per share data is only applicable to the period of June 2, 2025
to March 31, 2026, when the Fund became a statutory trust. Prior to June 2, 2025, the Fund was a private limited partnership. (See Note
1).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares outstanding are only applicable to the period of June 2,
2025 to March 31, 2026, when the Fund became a statutory trust. Prior to June 2, 2025, the Fund was a private limited partnership (See
Note 1).

&nbsp;&nbsp;&nbsp;&nbsp;(3) For the period ended March 31, 2025 and the period from April
1, 2025 until June 1, 2025, total return based on limited partnership capital is calculated as total increase (decrease) in limited partnership
capital resulting from operations divided by limited partnership capital during the year, adjusted for capital inflows, outflows and
items of income and expenses and by geometrically linking weighted fund monthly returns. For the period from April 1, 2025 until June
1, 2025, this amounted to 0.58%. For the period from June 2, 2025 to March 31, 2026, total return is calculated as the change in net
asset value during the respective period, assuming dividends and distributions, if any, are reinvested. This amounted to 12.30%. The
total return for the year ended March 31, 2026 was calculated by geometrically linking the return for each period.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Amounts are annualized except for professional fees, taxes, organizational
costs, offering costs and incentive fees.

&nbsp;&nbsp;&nbsp;&nbsp;(5) If incentive fees were excluded, the expense ratio would have
decreased by 0.31% for class I and 0.13% for classes A, D and IS each for the year ended March 31, 2026.

If incentive fees were excluded, the net investment income (loss) ratio would have increased by 0.31% for class I and 0.13% for classes A, D and IS each for the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(6) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Date of commencement of operations; ratio has been annualized
and total return has not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Based upon the weighted averaged limited partners' capital.

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Tax Information** 

The Fund's tax year ends on October 31. From its commencement of operations on January 7, 2025 through June 1, 2025, the Fund was treated as a partnership for U.S. federal income tax purposes. Accordingly, no provision for U.S. federal income taxes was recorded at the entity level during that period, as taxable income or loss was passed through to the partners. Effective June 2, 2025, the Fund converted to a statutory trust and elected to be treated as a corporation for U.S. federal income tax purposes. As a result, the Fund became subject to U.S. federal and state income taxes and began accounting for income taxes in accordance with ASC Topic 740, "Income Taxes."

The components of federal income tax expense for the twelve-month period ended March 31, 2026 were as follows:

---

| | |
|:---|:---|
| Current tax expense | $952119 |
| Deferred tax expense | $1057352 |
| Total federal income tax expense | $2009471 |

---

A reconciliation of the statutory federal income tax rate to the effective rate is as follows:

---

| | | |
|:---|:---|:---|
| Income before income taxes | $10685294 |  |
| Federal income tax at statutory rate | $2243912 | 21% |
| Partnership period pass-through adjustment | $(234441) | (2%) |
| Total federal income tax expense | $2009471 | 19% |

---

The federal income tax liability as of March 31, 2026 consisted of the following:

---

| | |
|:---|:---|
| Current tax liability | $(952119) |
| Deferred tax liability | $(1057352) |
| Total federal income tax liability | $(2009471) |

---

The net deferred tax liability is comprised of two components. A deferred tax asset of $128,558 reflects a book-to-tax timing difference related to start-up costs, which are expensed for book purposes but amortized over a 15-year period for tax purposes. A deferred tax liability of $1,185,910 reflects the tax effect of cumulative net unrealized appreciation of $5,647,189 as of March 31, 2026, measured at the U.S. statutory rate of 21%, partially offset by the deferred tax asset described above, resulting in a net deferred tax liability of $1,057,352.

The Fund has not recorded any unrecognized tax benefits or tax contingencies.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Contractual Obligations** 

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

**Lincoln Partners Group Royalty Fund**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)** 

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Recent Accounting Pronouncements** 

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal period. Management of the Fund has evaluated the impact of the adoption of ASU 2023-09 and determined that there are no material income taxes—foreign or domestic—that require disclosure under the amended guidance. Accordingly, no additional income tax disclosures have been included in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Subsequent Events** 

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

**Lincoln Partners Group Royalty Fund** 

**Officer/Trustee Information (Unaudited)**

**Board of Trustees and Officers** 

**Trustees**

Information regarding the members of the Board is set forth below. The Trustees have been divided into two groups — Interested Trustees and Independent Trustees. As set forth in the Fund's Agreement and Declaration of Trust, each Trustee's term of office shall continue until his or her death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, address and age** | **Position(s) Held<br> with the Fund** | **Term of Office and<br> Length of Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of**<br> **Portfolios in<br> Fund<br> Complex<br> Overseen by**<br> **Trustee<sup>(1)</sup>** | **Other Board<br> Membership Held by<br> Trustee during Past<br> Five Years** |
| **Interested Trustee<sup>(2)</sup>** | **Interested Trustee<sup>(2)</sup>** |  |  |  |  |
| **John Morriss**<br> 150 N. Radnor-Chester Road<br> Radnor, PA 19087<br> YOB: 1967 | Chairman and Trustee | Indefinite Length — Since October 2025 | Formerly: Senior Vice President, Head of Public and Private Fixed Income at Fortitude Re. | 116 | Lincoln Bain Capital Total Credit Fund since 2025 (1 portfolio); Lincoln Funds Trust since 2025 (2 portfolios); Lincoln Variable Insurance Products Trust since 2025 (114 portfolios) |
| **Independent Trustees** |  |  |  |  |  |
| **Thomas A. Leonard** <br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1949 | Trustee | Indefinite Length — Since Inception | Retired | 4 | Lincoln Bain Capital Total Credit Fund since 2025 (1 portfolio); Lincoln Funds Trust since 2024 (2 portfolios); Copeland Capital Trust since 2010 (3 portfolios); Lincoln Variable Insurance Products Trust (114 portfolios) — retired 2024 |
| **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 | Lincoln Bain Capital Total Credit Fund since 2025 (1 portfolio); Lincoln Funds Trust since 2024 (2 portfolios); Director, Franklin Templeton Luxembourg Funds; Director, Columbia Threadneedle Investments EMEA APAC. |
| **Thomas P. Sholes** <br> 1301 S. Harrison Street,<br> Fort Wayne, IN 46802<br> YOB: 1964 | Trustee | Indefinite Length — Since Inception | Managing Member, Veritas Consulting Solutions; Managing Director, BNY Mellon Pershing; Adjunct Faculty, Naumann University. | 4 | Lincoln Bain Capital Total Credit Fund since 2025 (1 portfolio); Lincoln Funds Trust since 2025 (2 portfolios) |

---

<sup>(1)</sup> The term "Fund Complex" means two or more registered investment companies that share the same investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies or hold themselves out to investors as related companies for the purpose of investment and investor services. The Fund Complex consists of the Fund, the Lincoln Bain Capital Total Credit Fund, the 114 series of the Lincoln Variable Insurance Products Trust, and the 2 series of the Lincoln Funds Trust.

<sup>(2)</sup> "Interested person," as defined in the 1940 Act, of the Fund. Mr. Morriss is an interested person of the Fund because he is a Director and Officer of Lincoln Financial Investments Corporation, the investment adviser to the Fund, and an officer of The Lincoln National Life Insurance Company, the parent company of the Fund's investment adviser.

**Lincoln Partners Group Royalty Fund**

**Officer/Trustee Information (Unaudited) (continued)**

**Officers**

The preceding table gives information about Mr. Morriss, who is the President of the Fund. The following table sets forth each other officer's name, age, position with the Fund and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the Board of Trustees.

---

| | | | |
|:---|:---|:---|:---|
| **Name, address<sup>(1)</sup> and age** | **Position(s) Held with the<br> Fund** | **Term of Office and Length of Time Served** | **Principal Occupation(s)<br> During Past 5 Years** |
| **Matthew L. Arnold**<br> YOB: 1967 | Vice President | Indefinite Length — Since Inception | Vice President, Lincoln National Corporation. |
| **Paul T. Chryssikos**<br> YOB: 1973 | Senior Vice President, Chief Legal Officer and Assistant Secretary | Indefinite Length—Since October 2025 | Senior Vice President, Chief Legal Officer, Assistant Secretary, Chief Counsel, Investment Management, Distribution and Risk, Lincoln Financial Investments Corporation. |
| **Samuel K. Goldstein**<br> YOB: 1976 | Vice President, Deputy Chief Legal Officer, and Secretary | Indefinite Length—Since October 2025; Formerly:<br> Vice President and Assistant Secretary since June 2019 | Vice President, Deputy Chief Legal Officer, and 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> YOB: 1973 | Vice President, Treasurer, and Chief Accounting Officer | 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. |
| **Gordon Huellmantel**<br> YOB: 1976 | Senior Vice President | Indefinite Length—Since October 2025 | Director, Senior Vice President, Head of Funds Management for Lincoln Financial and Chief Operating Officer, Lincoln Financial Investments Corporation;<br> Formerly: Senior Vice President, General Account Investment Management Team. |
| **Michael C. Hoppe**<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> 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> YOB: 1976 | Vice President | Indefinite Length — Since Inception | Vice President, Lincoln Financial Investments Corporation; Vice President, The Lincoln National Life Insurance<br> Company. |
| **John Morriss**<br> YOB: 1967 | President | Indefinite Length—Since October 2025 | Senior Vice President, Head of Public and Private Fixed Income at Fortitude Re. |

---

**Lincoln Partners Group Royalty Fund**

**Officer/Trustee Information (Unaudited) (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Name, address<sup>(1)</sup> and age** | **Position(s) Held with the<br> Fund** | **Term of Office and Length of Time Served** | **Principal Occupation(s)<br> During Past 5 Years** |
| **Colleen E. O' Leary**<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. |
| **Jay T. Shearon**<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> 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. |
| **Yajun (Alex) Zeng**<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. |

---

<sup>(1)</sup> The address of each officer is in care of the Secretary of the Fund at Lincoln Partners Group Royalty Fund, 150 N. Radnor-Chester Road, Radnor, PA 19087.

(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 January 7, 2025 the audit of the registrant's annual
 financial statements (including the registrant's seed audit) through March 31, 2025, and for the fiscal year ended March 31,
 2026, 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 $168,500 and $200,000, respectively.

<u>Audit-Related Fees</u>

(b) The aggregate fees billed for the period January 7, 2025 the audit of the registrant's annual
 financial statements (including the registrant's seed audit) through March 31, 2025, and for the fiscal year ended March 31,
 2026, 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 and $0 respectively.

<u>Tax Fees</u>

(c) The aggregate billed for the period January 7, 2025 the audit of the registrant's annual
 financial statements (including the registrant's seed audit) through March 31, 2025, and for the fiscal year ended March 31,
 2026, for professional services rendered by E&Y, the principal accountant for the registrant, for tax compliance, tax advice,
 and tax planning were $0 and $0, respectively.

(d) The aggregate fees billed for the period January 7, 2025 the audit of the registrant's annual
 financial statements (including the registrant's seed audit) through March 31, 2025, and for the fiscal year ended March 31,
 2026, 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 and $0 respectively.

(e)(1)

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The Registrant's Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the "Pre-Approval Procedures") with respect to services provided by the Registrant's independent auditors. Pursuant to the Pre-Approval Procedures, the Audit Committee has pre-approved the services set forth in the table below with respect to the Registrant up to the specified fee limits.

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
| **Audit Services** | |
| Services associated with SEC registration statement on Form N-2 which will be filed with the SEC | Up to $5,000 per Fund |
| Services associated with SEC registration statements/proxy statements on Form N-14 or Schedule 14A | Up to $20,000 per Fund |

---

The Pre-Approval Procedures require the Chief Accounting Officer to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Procedures.

(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
 January 7, 2025 the audit of the registrant's annual financial statements (including the registrant's seed audit)
 through March 31, 2025, and for the fiscal year ended March 31, 2026, were $1,045,715 and $855,000 respectively.

(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.**

Not applicable.

**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](fp0098288-1_ex99proxypol.htm).

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

(a)(1) As of March 31, 2026, the following portfolio managers are jointly and primarily responsible for the day-to-day management of the Fund's portfolio.

**Robert Collins.** Robert Collins is Head Private Wealth US and a member of the Global Executive Board. He leads Partners Group's US private wealth and defined contribution practice and is President, Portfolio Manager and Member of the Board of Managers of Partners Group Private Equity (Master Fund), LLC. He also chairs Partners Group's Investment Committee. Robert joined the firm in 2005 as a member of the Private Equity investment team and has 25 years of industry experience. Prior to joining Partners Group, he worked at UBS Warburg and Salomon Smith Barney. Robert holds an MBA from the Johnson School at Cornell University, where he was a Roy H. Park Leadership Fellow, and a BA from Tulane University, where he majored in economics and history. He is a CFA charterholder.

**Adam Howarth.** Adam Howarth is Regional Head of Portfolio Management for the Americas, based in Denver. He was previously the Co-Head Private Equity Integrated Investments Americas. He is also a member of Partners Group's private equity integrated investment committee. He has been with Partners Group since 2007 and has over 20 years of industry experience. Prior to joining Partners Group, he worked at HarbourVest Partners, LLC. He holds a BA from Trinity College and an MBA from the New York University Stern School of Business.

**Ron Lamontagne.** Ron Lamontagne is Regional Head of the Private Real Estate Americas business unit, based in New York. He is a member of Partners Group's private real estate direct investments committee. He has over 30 years of industry experience. Prior to joining Partners Group in 2015, he worked at GE Capital Real Estate where he had numerous roles including equity and debt originations, asset management, loan modifications, property dispositions and risk management. He holds an MBA in finance and marketing from the New York University Stern School of Business.

**Stephen Otter.** Stephen Otter is a voting member of Partners Group's investment committee, based in Zug, Switzerland. He has been with Partners Group since 2024. Prior to that Stephen built and ran the royalty strategy of PG3 AG since July 2021. Previously and from January 2014, Stephen worked at FlowStream Commodities, a KKR backed energy royalty & streaming company, where as Head of Business Development, he was responsible for originating and executing royalty & streaming transactions globally. Stephen graduated with first class honors in Economics from the London School of Economics.

**Anthony Shontz.** Anthony Shontz is Global Head of Private Equity Partnership Investments. He is a member of Partners Group's private equity partnership investment committee as well as the global investment committee. He has been with Partners Group since 2007 and has over 20 years of industry experience. Prior to joining Partners Group, he worked at Pacific Private Capital and Prudential Capital Group. He holds an MBA from the Kellogg School of Management at Northwestern University and an undergraduate degree from Brigham Young University.

**Tom Stein.** Thomas Stein is Head of Private Credit in the Americas, based in Denver. He is a member of the Global Investment Committee and Co-Chairman of the Global Private Credit Investment Committee. He has over 30 years of industry experience. Prior to joining Partners Group in 2018, he worked at Guggenheim, Goldman Sachs, Wells Fargo, and Bank of America. He holds an MBA from the University of Chicago Booth School of Business in Illinois, USA and a bachelor's degree in economics from the University of Santa Clara, California, USA.

**Andre Burba.** Andre Burba is a Managing Director of Private Infrastructure in the Americas, based in Denver. He serves on the Infrastructure Investment Committee and the U.S. Investment Committee. He has over 26 years of industry experience. Prior to joining Partners Group, he was a Managing Director at Global Infrastructure Partners where he focused on structured equity and credit investments in various infrastructure sectors. He holds a juris doctorate (J.D.) from Vanderbilt University Law School, Tennessee, USA where he was a John S. Beasley Scholar, and bachelor's degrees in music and mathematics from West Virginia University, USA.

**Robin Shelley.** Robin Shelley is a Managing Director on the Private Equity Partnership Investments team of Partners Group in New York. He is a member of the PG USA, Private Equity secondaries, and Private Equity co-investments investment committees and serves on the Board of Directors of the firm's impact foundation. He has been with Partners Group since 2012 and has 16 years of industry experience. Prior to joining the firm, he worked in private equity at a family office in Geneva and in M&A at Hawkpoint Partners in London. He holds a BSc in Economics from the University of Bristol.

**Sujit John.** Sujit John is part of the Private Equity Health and Life business unit, based in New York. He is a member of the Adviser's Investment Committee and the Health and Life Vertical Investment Committee. He is also a member of the Board of Directors of the firm's portfolio companies Axia Women's Health, LLC, Blue River PetCare and PCI Pharma Services. He has been with Partners Group since 2012 and has over 20 years of industry experience. Prior to joining Partners Group, he worked at WestView Capital Partners, Arlington Capital Partners and Citigroup Global Markets. He holds a bachelor's degree in management from Boston College, Massachusetts, USA.

**Listed Private Equity Investment Committee**

The Sub-Adviser's personnel who currently have primary day-to-day responsibility for managing the listed private equity portion of the Fund's portfolio are:

**Benjamin Lorenz.** Benjamin Lorenz is a voting member of the Liquid Private Markets investment committee, based in Zug, Switzerland. He has been with Partners Group since 2011. He holds a master's degree in business administration from the University of Mannheim, Germany.

**Lorenzo Papi.** Lorenzo Papi is a voting member of the Liquid Private Markets investment committee, based in Zug, Switzerland. He has been with Partners Group since 2018. Prior to joining Partners Group, he worked at Duff & Phelps. He holds a Master's degree from the University of Cambridge, Cambridge (UK).

**US Liquid Credit Management Team**

The Sub-Adviser's personnel who currently have primary day-to-day responsibility for managing the liquid credit investments in the Fund's portfolio are:

**Marisa Chen**

Marisa Chen is Head of Structure Issuance in the Liquid Credit business unit, based in New York. She is a member of the Structured Liquid Credit Investment Committee and has over 12 years of industry experience. Prior to joining Partners Group, she worked at Bank of America Merrill Lynch. She holds a master's degree in Business Administration from INSEAD and a bachelor's from Cornell University.

**Mark Hempling**

Mark Hempfling is part of the Liquid Credit business unit, based in New York. He is a member of the Global Liquid Credit Investment Committee as a voting regional specialist. He has over 25 years of industry experience. Prior to joining Partners Group in 2018, he was a Principal and a senior research analyst at Blackstone Credit (f/k/a GSO Capital Partners) from 2007 through 2017 where he evaluated broadly syndicated loan and high yield investment opportunities across multiple industries. He holds a bachelor's degree in Finance from the University of Wisconsin-Madison.

**Maurus Maissen**

Maurus Maissen is part of the Liquid Credit business unit, based in New York. He is a member of the Adviser's Liquid Credit Management Team. He has over 20 years of industry experience. Prior to joining Partners Group, he worked at Aberdeen Asset Management and McKinsey & Company. He holds a Master of Science from the Swiss Federal Institute of Technology Zurich (ETH Zurich) and an MBA from Columbia Business School.

**Joshua Moskow**

Joshua Moskow is a Senior Portfolio Manager in the Liquid Credit business unit, based in New York. He is a member of the Adviser's Liquid Credit Management Team and has over 18 years of industry experience. Prior to joining Partners Group, he worked at Assured Investment Management (f/k/a BlueMountain Capital). He holds a Bachelor of Science in Economics, Magna Cum Laude from New York University's Stern School of Business and is a CFA charter holder.

**Jonathan Rothburd**

Jonathan Rothburd is part of the Liquid Credit business unit, based in New York. He is a member of the Global Liquid Credit Investment Committee as a US regional standing member. He has been with Partners Group since 2013. Prior to joining Partners Group, he worked in investment banking at UBS and investment research at MetLife Investments. He holds an MBA from the University of Virginia Darden School of Business, USA.

---

| | |
|:---|:---|
| (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 March 31, 2026: (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: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Number of Accounts** | <br>**Assets of Accounts**<br> **(in billions)** | **Number of Accounts Subject to a Performance Fee** | <br> **Assets Subject to a Performance Fee**<br> **(in billions)** |
| **Andre Burba** | | | | |
| Registered Investment Companies | Zero | Zero | 3 | $16.5 |
| Other Pooled Investment Vehicles | Zero | Zero | 17 | $5.2 |
| Other Accounts | Zero | Zero | 46 | $7.4 |
| **Robert Collins** |  |  |  |  |
| Registered Investment Companies | Zero | Zero | 3 | $16.5 |
| Other Pooled Investment Vehicles | Zero | Zero | 17 | $5.2 |
| Other Accounts | Zero | Zero | 46 | $7.4 |
| **Adam Howarth** |  |  |  |  |
| Registered Investment Companies | Zero | Zero | 3 | $16.5 |
| Other Pooled Investment Vehicles | Zero | Zero | 17 | $5.2 |
| Other Accounts | Zero | Zero | 46 | $7.4 |
| **Ron Lamontagne** |  |  |  |  |
| Registered Investment Companies | Zero | Zero | 3 | $16.5 |
| Other Pooled Investment Vehicles | Zero | Zero | 17 | $5.2 |
| Other Accounts | Zero | Zero | 46 | $7.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Stephen Otter** | | | |
| Registered Investment Companies | Zero | 3 | $16.5 |
| Other Pooled Investment Vehicles | Zero | 17 | $5.2 |
| Other Accounts | Zero | 46 | $7.4 |
| **Anthony Shontz** |  |  |  |
| Registered Investment Companies | Zero | 3 | $16.5 |
| Other Pooled Investment Vehicles | Zero | 17 | $5.2 |
| Other Accounts | Zero | 46 | $7.4 |
| **Tom Stein** |  |  |  |
| Registered Investment Companies | Zero | 3 | $16.5 |
| Other Pooled Investment Vehicles | Zero | 17 | $5.2 |
| Other Accounts | Zero | 46 | $7.4 |
| **Robin Shelley** |  |  |  |
| Registered Investment Companies | Zero | 3 | $16.5 |
| Other Pooled Investment Vehicles | Zero | 17 | $5.2 |
| Other Accounts | Zero | 46 | $7.4 |
| **Sujit John** |  |  |  |
| Registered Investment Companies | Zero | 3 | $16.5 |
| Other Pooled Investment Vehicles | Zero | 17 | $5.2 |
| Other Accounts | Zero | 46 | $7.4 |
| **Benjamin Lorenz** |  |  |  |
| Registered Investment Companies | Zero | 3\* | $16.5\* |
| Other Pooled Investment Vehicles | Zero | 17\* | $5.2\* |
| Other Accounts | Zero | Zero | Zero |

---

---

| | | | |
|:---|:---|:---|:---|
| **Lorenzo Papi** | | | |
| Registered Investment Companies | Zero | 3\* | $16.5\* |
| Other Pooled Investment Vehicles | Zero | 17\* | $5.2\* |
| Other Accounts | Zero | Zero | Zero |
| **Marisa Chen** |  |  |  |
| Registered Investment Companies | Zero | 3\*\* | $16.5\*\* |
| Other Pooled Investment Vehicles | Zero | 6\*\* | $3.2\*\* |
| Other Accounts | Zero | 28\*\* | $11.4\*\* |
| **Mark Hempling** |  |  |  |
| Registered Investment Companies | Zero | 3\*\* | $16.5\*\* |
| Other Pooled Investment Vehicles | Zero | 6\*\* | $3.2\*\* |
| Other Accounts | Zero | 28\*\* | $11.4\*\* |
| **Maurus Maissen** |  |  |  |
| Registered Investment Companies | Zero | 3\*\* | $16.5\*\* |
| Other Pooled Investment Vehicles | Zero | 6\*\* | $3.2\*\* |
| Other Accounts | Zero | 28\*\* | $11.4\*\* |
| **Joshua Moskow** |  |  |  |
| Registered Investment Companies | Zero | 3\*\* | $16.5\*\* |
| Other Pooled Investment Vehicles | Zero | 6\*\* | $3.2\*\* |
| Other Accounts | Zero | 28\*\* | $11.4\*\* |

---

---

| | | | |
|:---|:---|:---|:---|
| **Jonathan Rothburd** | | | |
| Registered Investment Companies | Zero | 3\*\* | $16.5\*\* |
| Other Pooled Investment Vehicles | Zero | 6\*\* | $3.2\*\* |
| Other Accounts | Zero | 28\*\* | $11.4\*\* |

---

\* Only the listed portions of the relevant registered investment company's or pooled investment vehicle's portfolios are managed by this member.

\*\* Only the liquid credit components, if any, of the relevant registered investment company's or pooled investment vehicle's portfolios are managed by this member

 

*Potential Conflicts of Interest*

Members of the Sub-Adviser's portfolio management team are involved in the management of other accounts, including proprietary accounts, separate accounts and other pooled investment vehicles. These members may manage separate accounts or other pooled investment vehicles that may have materially higher or different fee arrangements than the Fund and may also be subject to incentive- or performance-based fees. The side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of interest relating to cross trading and the allocation of investment opportunities.

The Sub-Adviser has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Sub-Adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner. To this end, the Sub-Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

(a)(3) The following description regarding portfolio manager compensation is provided as of March 31, 2026:

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 interest.

---

| | |
|:---|:---|
| (a)(4) | The following table indicates the dollar range of securities beneficially owned by each primary portfolio manager, as of March 31, 2026. 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** |
| Andre Burba | None |
| Robert Collins | None |
| Adam Howarth | None |
| Ron Lamontagne | None |
| Stephen Otter | None |
| Anthony Shontz | None |
| Tom Stein | None |
| Robin Shelley | None |
| Sujit John | None |
| Benjamin Lorenz | None |
| Lorenzo Papi | None |
| Marisa Chen | None |
| Mark Hempling | None |
| Maurus Maissen | None |
| Joshua Moskow | None |
| Jonathan Rothburd | None |

---

(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 – [attached hereto.](fp0098288-1_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.](fp0098288-1_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.](fp0098288-1_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 Partners Group Royalty Fund |
| By (Signature and Title) | /s/ John Morriss |
|  | John Morriss, President |
|  | (principal executive officer) |
| Date: | May 29, 2026 |

---

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/ John Morriss |
|  | John Morriss, President |
|  | (principal executive officer) |
| Date: | May 29, 2026 |
| By (Signature and Title) | /s/ James Hoffmayer |
|  | James Hoffmayer, Chief Accounting Officer |
|  | (principal financial officer) |
| Date: | May 29, 2026 |

---

## Ex-99.Proxypol

**§ 7.1 Proxy Voting**

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

<u>Client's Best Interest</u>. LFI's policy is to vote proxies for which it has discretionary authority in the best interests of its Clients.

<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 Client accounts. Absent unusual circumstances or specific instructions, LFI votes proxies on a particular matter with this fundamental premise on behalf of all Clients, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Guidelines and General Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Direct Investments** 

LFI may invest directly in equity and fixed income securities for Clients. LFI will cast votes for proxies in accordance with the Client's proxy voting instructions on a pass through basis, or if not available, in accordance with LFI's determination of the best interests of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Lincoln Funds

LFI offers the Lincoln Funds through variable contracts and retail funds that are either directly managed by Funds Management or sub-advised by unaffiliated third-party sub-advisers.

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

<u>Sub-Advised Investments</u>. 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 of Trustee'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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Funds of Funds

<u>Structure</u>. LFI offers certain fund of funds. A fund of funds invests substantially all of its assets in shares Underlying Funds. Some fund 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 "Direct Investments" section above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Master-Feeder Funds

<u>Structure</u>. The Funds include certain feeder funds. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Material Conflicts

<u>Ad Hoc Committee</u>. In the event that LFI identifies a potential material conflict of interest between (i) a Client and (ii) itself or any Affiliate, LFI will advise the appropriate 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 Client's best interests.

<u>Funds</u>. If the conflict relates to a Lincoln Fund, the CCO shall report to the Fund's Board of Trustees, at its next regularly scheduled meeting, the nature of the conflict, how the proxy vote was cast, and the rationale for the vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Exceptions

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Administration of Procedures

<u>Form ADV</u>*.* LFI shall disclose information regarding its proxy voting policies and procedures as required in Form ADV, Part 2A. Among other things, LFI will disclose how Clients may obtain information about how LFI voted proxies and how Clients may obtain a copy of LFI's proxy voting policies and procedures. Compliance, with assistance from the Legal Team, shall prepare the appropriate language for the Form ADV.

<u>Sub-Adviser Policies</u>. Before a sub-adviser is retained, Compliance will review the proposed sub-adviser's proxy voting procedures and confirm that the procedures generally provide that the sub-adviser will vote the proxies in the best interests of the Clients.

<u>Sub-Adviser Monitoring</u>. Each quarter, Compliance surveys each sub-adviser via a compliance questionnaire for changes to their compliance policies and procedures, including proxy voting and any exceptions. If any changes or exceptions are reported, they will be reviewed and, if material, summarized for reporting purposes. Also, if there are issues with proxies not being voted by a sub-adviser, Compliance will contact the Client and try to facilitate the resolution of any outstanding issues.

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.

<u>Fund Disclosures</u>. For disclosure requirements applicable to the Lincoln Funds, see LVIP § 7.2 Proxy Voting Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting

If a conflict relates to a Lincoln Fund, Compliance will report to the Fund's Board of Trustees at its next regularly scheduled meeting all proxy voting matters presenting material conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** |
| Revision Number | 1.1 |
| Effective Date | September 30, 2015 |
| Revised | October 2, 2023 |

---

**§ 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;&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

---

| | |
|:---|:---|
| ![](image_001.jpg) | **Exhibit A** |

---

**Lincoln Financial Investments Corporation**

**and**

**Lincoln Mutual Funds**

**Code of Ethics**

*Rules for Employee Investing*

 

September 2015

Revised February 28, 2018

Revised April 10, 2023

Revised June 7, 2023

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

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

● The Lincoln Funds;

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

● Firms that offer LFI model portfolios.

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

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

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

---

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

---

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

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

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

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

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

● You must comply with the Applicable Federal Securities Laws.

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

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

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

 

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

 

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

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

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

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

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

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

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

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

● Equity (publicly traded and restricted) securities;

● Fixed-income securities;

● Exchange-traded funds;

● Lincoln Funds;

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

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

● Commodities; and

● Stock options.

Covered Security shall *not* include:

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

● Shares of mutual funds that are not Lincoln Funds;

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

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

● Direct obligations of the Government of the United States;

● Bankers' acceptances;

● Bank certificates of deposit and savings accounts;

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

● Cryptocurrency. <sup>2</sup>

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

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

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

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

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

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

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

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

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

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

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

✓ Personal brokerage accounts;

✓ Retirement accounts;<sup>\*</sup>

✓ Trust accounts; and

✓ Wrap accounts.<sup>\*\*</sup>

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

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

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

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

✓ The Access Person;

✓ The Access Person's spouse or domestic partner;

✓ The Access Person's dependent children;

✓ A person sharing the Access Person's household;

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

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

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

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

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

 

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

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

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

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

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

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

 

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

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

⮚ Purchases which are part of an Automatic Investment Plan;

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

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

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

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

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

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

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

 

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

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

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

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

 

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

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| |
|:---|
| **Preclearing a Trade**  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;2. Preclearance is only valid through the day after the preclearance authorization is given. After such time, the preclearance request must be resubmitted.<br>&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;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.  |

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*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.

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

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

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

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

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

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

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☐ *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

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| | |
|:---|:---|
| ⮚ | A fine |

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⮚ 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.

 

\* \* \*

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| | | | |
|:---|:---|:---|:---|
| **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, John Morriss, certify that:

1. I have reviewed this report on Form N-CSR of Lincoln Partners Group Royalty 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: | May 29, 2026 | /s/ John Morriss |
|  |  | John Morriss, 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 Partners Group Royalty 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: | May 29, 2026 | /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, John Morriss, President of Lincoln Partners Group Royalty 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: | May 29, 2026 | /s/ John Morriss |
|  |  | John Morriss, President |
|  |  | (principal executive officer) |

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I, James Hoffmayer, Chief Accounting Officer of Lincoln Partners Group Royalty 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.

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| | | |
|:---|:---|:---|
| Date: | May 29, 2026 | /s/ James Hoffmayer |
|  |  | James Hoffmayer, Chief Accounting Officer |
|  |  | (principal financial officer) |

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