# EDGAR Filing Document

**Accession Number:** 0002054995
**File Stem:** 0001193125-26-028751
**Filing Date:** 2026-1
**Character Count:** 102205
**Document Hash:** 635c52b88ccff83e665d3f047b859843
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028751.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028751

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285895
- **FILM NUMBER:** 26576479

**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

**As filed with the Securities and Exchange Commission on January 29, 2026** <br>**1933 Act Registration No. 333-285895** <br>**1940 Act Registration No. 811-24065**

------

**SECURITIES AND EXCHANGE COMMISSION** <br>**Washington, D.C. 20549** <br>**FORM N-2**

**[X] REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** <br>**[ ] PRE-EFFECTIVE AMENDMENT NO.** <br> **[X] POST-EFFECTIVE AMENDMENT NO. 1**

**And**

**[X] REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** <br>**[X] AMENDMENT NO. 3**

**LINCOLN PARTNERS GROUP ROYALTY FUND** <br>(Exact Name of Registrant as Specified in Charter)

John Morriss, President <br>1301 South Harrison Street <br>Fort Wayne, Indiana 46802 <br>(Address of Principal Executive Offices)

Registrant's Telephone Number, Including Area Code: (260) 455-2000

Paul T. Chryssikos, Esquire <br>Lincoln Financial <br> 150 N. Radnor-Chester Road <br>Radnor, PA 19087 <br>(Name and Address of Agent for Service)

Copies of all communications to:

Robert A. Robertson, Esquire Dechert, LLP US Bank Tower 633 West 5th Street, Suite 4900 Los Angeles, CA 90071-2013 Richard Horowitz, Esquire Dechert LLP 1095 Avenue of the Americas New York, New York 10036 Kaitlin McGrath, Esquire Dechert LLP One International Place, 40th Floor Boston, MA 02110

**Approximate Date of Proposed Public Offering:** As soon as practicable after the effective date of this Registration Statement.

[ ] Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

[X] Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

[ ] Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

[ ] Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

[ ] Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box)

[ ] when declared effective pursuant to section 8(c) of the Securities Act

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

[ ] This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

------

[ ] This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

[X] This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-285895.

Check each box that appropriately characterizes the Registrant:

[X] Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("1940 Act")).

[ ] Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

[ ] Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 Act).

[ ] A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

[ ] Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

[ ] Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934).

[ ] If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

[X] New Registrant (registered or regulated under the 1940 Act for less than 12 calendar months preceding this filing).

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

------

**LINCOLN PARTNERS GROUP ROYALTY FUND** 

**Explanatory Note** 

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File Nos. 333-285895 and 811-24065) of Lincoln Partners Group Royalty Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

------

**Part C - Other Information**

**<u>Item 25. Financial Statements and Exhibits</u>**

(1) Financial Statements

Part A: None

Part B: Report of Independent Registered Public Accounting Firm, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Partner's Capital, Statement of Cash Flows, Schedule of Investments, Notes to Financial Statements.

(2) Exhibits:

Defined Terms for Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Financial Investments Corporation ("LFI")

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Financial Distributors, Inc. ("LFD")

&nbsp;&nbsp;&nbsp;&nbsp;• The Lincoln National Life Insurance Company ("Lincoln Life")

Each of the following exhibits are incorporated by reference herein to the previously filed documents indicated, except as otherwise noted:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Certificate of Formation dated September 13, 2024, previously filed with Form N-2 on March 19, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525057130/d873680dex99a1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Certificate of Trust dated May 29, 2025, previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Agreement and Declaration of Trust dated June 2, 2025, previously filed with Form N-2/A on July 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99a3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>By-laws, previously filed with Form N-2/A on July 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [<u>Amended and Restated Multiple Class Plan, previously filed with Form N-2/A on July 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [<u>Dividend Reinvestment Plan, previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amended and Restated Investment Management Agreement dated August 25, 2025, between Registrant and LFI,</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99g1a.htm) [<u>previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99g1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Amended and Restated Sub-Advisory Agreement dated August 25, 2025, between LFI and Partners Group (USA)</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99g2.htm) [<u>Inc., previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amended and Restated Distribution Services Agreement dated July 1, 2025, between Registrant and LFD,</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99h1.htm) [<u>previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99h1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Form of Selling Agreement, previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Amended and Restated Distribution and Shareholder Services Plan, previously filed with Form N-2/A on September</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99h3.htm) [<u>23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Principal Underwriting Agreement dated January 29, 2025, between Registrant and LFI, previously filed with Form</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99h4.htm) [<u>N-2/A on July 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99h4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [<u>Custody Agreement dated February 28, 2025, between Registrant and State Street Bank and Trust Company, previously filed</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99j.htm) [<u>with Form N-2/A on July 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Amended and Restated Administration Agreement dated August 1, 2025, between Registrant and Lincoln Life,</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99k1.htm) [<u>previously filed with Form N-2/A on July 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99k1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Administration Agreement dated February 28, 2025, between Registrant and State Street Bank and Trust Company,</u>](d201577dex99k2.htm) [<u>is filed herewith.</u>](d201577dex99k2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Transfer Agency and Service Agreement dated February 28, 2025, between Registrant and State Street Bank and</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99k2.htm) [<u>Trust Company, previously filed with Form N-2/A on July 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99k2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Amended and Restated Expense Limitation Agreement dated August 15, 2025, between Registrant and LFI,</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99k3.htm) [<u>previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99k3.htm)

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Management Fee Waiver Agreement dated January 9, 2026, between Registrant and LFI, is filed herewith.</u>](d201577dex99k5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [<u>Opinion and Consent of Dechert LLP, previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [<u>Consent of Independent Registered Public Accounting Firm, previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [<u>Code of Ethics of Registrant and the Adviser, previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99r1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Code of Ethics of the Distributor, previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99r2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Code of Ethics of Partners Group (USA) Inc. and Partners Group US Management CLO LLC, previously filed with</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99r3.htm) [<u>Form N-2/A on July 28, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525166427/d38812dex99r3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) (1) [<u>Power of Attorney dated January 14, 2025, previously filed with Form N-2 on March 19, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525057130/d873680dex99t.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Power of Attorney dated January 28, 2026, is filed herewith.</u>](d201577dex99t2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Organizational Chart of Lincoln National Life Insurance Company, previously filed with Form N-2/A on September</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99t2.htm) [<u>23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99t2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) [<u>Filing fee table, previously filed with Form N-2/A on September 23, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dexfilingfees.htm)

**<u>Item 26. Marketing Arrangements</u>**

See the Distribution Agreement and Selling Agreement, forms of which will be filed as Exhibit (h)(1) and (h)(2), respectively, to this Registration Statement.

**<u>Item 27. Other Expenses of Issuance and Distribution</u>**

The following table sets forth the estimated expenses to be incurred in connection with the offering described in this registration statement:

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration <br> Fees<br>| $84051.90 |
| Blue Sky Fees | $350000 |
| Legal Fees and Expenses | $750000 |
| Printing Expenses | $125000 |
| Miscellaneous | $850000 |
| Total | $2159051.90 |

---

**<u>Item 28. Persons Controlled by or Under Common Control with the Registrant</u>**

**<u>No other person is directly or indirectly controlled by or under common control with the Registrant, except that the Registrant</u> <u>may be deemed to be controlled by the Adviser or the Sub-Adviser, and Lincoln National Life Insurance Company currently owns</u> <u>100% of the Fund's outstanding shares. Lincoln National Life Insurance Company's organizational chart is included as</u>** [<u>Exhibit</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99t2.htm)[<u>(t)(3)</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525211951/d91262dex99t2.htm)**. The Adviser was formed under the laws of the State of Tennessee. Additional information regarding the Adviser is set out in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801- 23411). The Sub-Adviser was formed under the laws of the State of Delaware. Additional information regarding the Sub-Adviser is set out in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-68463).**

**<u>Item 29. Number of Holders of Securities</u>**

Set forth below is the number of holders of securities of the Registrant as of August 14, 2025:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Shares of Beneficial Interest, Class A | 1 |
| Shares of Beneficial Interest, Class D | 1 |
| Shares of Beneficial Interest, Class I | 1 |
| Shares of Beneficial Interest, Class IS | 1 |

---

------

**<u>Item 30. Indemnification</u>**

As permitted by Sections 17(h) and 17(i) of the Investment Company Act of 1940 (the "1940 Act") and pursuant to Article IX, Section 9.1 of the Registrant's Amended and Restated Agreement and Declaration of Trust (Exhibit 25(a)(3) to the Registration Statement) and Article VI of the Registrant's Amended and Restated By-Laws (Exhibit 25(b) to the Registration Statement), officers, trustees, employees and agents of the Registrant will not be liable to the Registrant or its shareholders for any act or omission or for neglect or wrongdoing by them or any officer, agent, employee, investment adviser or independent contractor of the Registrant, except for willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office, and those individuals may be indemnified against liabilities in connection with the Registrant, subject to the same exceptions. Subject to the standards set forth in the governing instrument of the Registrant, Section 3817 of Title 12, Part V, Chapter 38, of the Delaware Code permits indemnification of trustees or other persons from and against all claims and demands. The Independent Trustees have entered into an Indemnification Agreement with the Registrant which obligates the Registrant to indemnify the Independent Trustees in certain situations and which provides the procedures and presumptions with respect to such indemnification obligations.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "1933" Act) may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission ("SEC) such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer, or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

The Registrant has purchased an insurance policy insuring its officers, trustees and directors against liabilities, and certain costs of defending claims against such officers and directors, to the extent such officers and directors are not found to have committed conduct constituting willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The insurance policy will also insure the Registrant against the cost of indemnification payments to officers and trustees under certain circumstances.

Section 9 of the Investment Management Agreement (Exhibit 25(g)(1) to the Registration Statement) limits the liability of Lincoln Financial Investments Corporation ("LFI") to liabilities arising from willful misfeasance, bad faith, gross negligence or a reckless disregard of the performance of its duties as the Investment Manager to the Registrant. Certain other agreements to which the Registrant is a party also contain indemnification provisions.

The Registrant hereby undertakes that it will apply the indemnification provisions of its By-Laws in a manner consistent with SEC Release No. 11330 so long as the interpretations of Sections 17(h) and 17(i) of the 1940 Act remain in effect and are consistently applied.

**<u>Item 31. Business and Other Connections of Investment Adviser</u>**

A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each managing director, executive officer or partner of the Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set out in Registrant's Prospectus in the section entitled "Management of the Fund" and to the section of the Statement of Additional Information captioned "Management of the Fund." The information required by this Item 31 with respect to each director, officer or partner of the Adviser is incorporated by reference to Form ADV with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended.

The Sub-Adviser serves as the investment sub-advisor to the Registrant and is engaged in the investment advisory business. The information required by this Item 31 with respect to each director, officer or partner of the Sub-Adviser is incorporated by reference to Form ADV with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended.

**<u>Item 32. Location of Accounts and Records</u>**

All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained by the Adviser, LFI, 150 N. Radnor-Chester Road, Radnor, PA 19087 and 1301 South Harrison Street, Fort Wayne, Indiana 46802.

**<u>Item 33. Management Services</u>**

Not applicable.

------

**<u>Item 34. Undertakings</u>**

(1) Registrant undertakes to suspend the offering of its Shares until it amends the prospectus filed herewith if (1) subsequent to the effective date of its registration statement, the net asset value declines more than ten percent from its net asset value as of the effective date of the registration statement, or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

(2) Not applicable.

(3) Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) not applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C [17 CFR 230.430C]: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or prospectuses filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

(4) Not Applicable.

------

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

(5) Not Applicable.

(6) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

(7) The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

------

**SIGNATURE PAGE**

Pursuant to the requirements of the Securities Act of 1933 ("Securities Act") and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the city of Fort Wayne, and State of Indiana, on this 29<sup>th</sup> day of January, 2026.

---

| |
|:---|
| **LINCOLN PARTNERS GROUP ROYALTY FUND** |
| By: <u>/s/Gordon Huellmantel</u><br>Gordon Huellmantel<br> Senior Vice President<br>|

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated above.

---

| | | |
|:---|:---|:---|
| **Signature** | **Signature** | **Title** |
| By: | /s/John Morriss\*\*<br>John Morriss<br>| &nbsp;&nbsp; Chair of the Board of Trustees and President (Principal <br> Executive Officer)<br>|
| By: | /s/James Hoffmayer<br>James Hoffmayer<br>| &nbsp;&nbsp; Chief Accounting Officer and Treasurer (Principal Accounting <br> Officer and Principal Financial Officer)<br>|
| /s/Thomas A. Leonard\*<br>Thomas A. Leonard | /s/Thomas A. Leonard\*<br>Thomas A. Leonard | Trustee |
| /s/Joseph P. LaRocque\*<br>Joseph P. LaRocque | /s/Joseph P. LaRocque\*<br>Joseph P. LaRocque | Trustee |
| /s/Thomas P. Sholes\*<br>Thomas P. Sholes | /s/Thomas P. Sholes\*<br>Thomas P. Sholes | Trustee |
| By: | <u>/s/</u> <u>James Hoffmayer</u><br>James Hoffmayer<br>| Attorney-in-Fact |

---

\* [<u>Pursuant to a Power of Attorney dated January 14, 2025, previously filed with the Trust's Registration Statement on Form N-2 on</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525057130/d873680dex99t.htm)[<u>March 19, 2025.</u>](https://www.sec.gov/Archives/edgar/data/2054995/000119312525057130/d873680dex99t.htm)

\*\* [<u>Pursuant to a Power of Attorney dated January 28, 2026, is filed herewith.</u>](d201577dex99t2.htm)

------

## Ex-99.K2

**ADMINISTRATION AGREEMENT** 

This Administration Agreement ("Agreement") dated and effective as of February _28_, 2025, is by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Administrator"), and each entity listed on Schedule A attached hereto, as may be amended from time to time (each, a "Fund"). All references in this Agreement to a "Fund" are to each of the funds listed on Schedule A, individually, as if this Agreement were between the relevant individual Fund and the Administrator.

WHEREAS, the Fund is a closed-end management investment company (the "Fund"), and is or intends to be registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement ("Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Fund desires to retain the Administrator to furnish certain administrative services to the Fund, and the Administrator is willing to furnish such services, on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

**1.** **APPOINTMENT OF ADMINISTRATOR** 

The Fund hereby appoints the Administrator to act as administrator to the Fund for purposes of providing certain administrative services for the period and on the terms set forth in this Agreement. The Administrator accepts such appointment and agrees to render the services stated herein.

In the event that one or more additional funds sponsored or advised by the investment adviser to the Fund or an affiliate of the investment adviser to the Fund are established that wish to retain the Administrator to act as administrator under the terms hereof, such fund shall notify the Administrator in writing. Upon written acceptance by the Administrator, such fund shall become subject to the provisions of this Agreement as a "Fund" to the same extent as the existing Fund, except to the extent that such provisions (including those relating to compensation and expenses payable) may be modified with respect to such Fund in writing by the Fund and the Administrator at the time of the addition of such Fund.

**2.** **DELIVERY OF DOCUMENTS** 

The Fund will promptly deliver to the Administrator copies of each of the following documents and all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Fund's Declaration of Trust and By-laws, or other equivalent
constituent documents as applicable, ("Governing Documents");

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Fund's currently effective Registration Statement under the 1933 Act and the 1940 Act and each
Prospectus and Statement of Additional Information ("SAI") relating to the Fund and all amendments and supplements thereto as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Copies of the resolutions of the Board of Trustees of the Fund, or the equivalent as applicable, (the
"Board") certified by the Fund's Secretary authorizing (1) the Fund to enter into this Agreement and (2) certain individuals on behalf of the Fund to (a) give instructions to the Administrator pursuant to this
Agreement and (b) sign checks and pay expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A copy of the investment advisory agreement between the Fund and its investment adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Such other certificates, documents or opinions which the Administrator may, in its reasonable discretion, deem
necessary or appropriate in the proper performance of its duties.

**3.** **REPRESENTATIONS AND WARRANTIES OF THE ADMINISTRATOR** 

The Administrator represents and warrants to the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of
Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It has the requisite power and authority to carry on its business in The Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. No legal or administrative proceedings have been instituted or threatened which would materially impair the
Administrator's ability to perform its duties and obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other
agreement or obligation of the Administrator or any law or regulation applicable to it.

**4.** **REPRESENTATIONS AND WARRANTIES OF THE FUND** 

The Fund represents and warrants to the Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is duly organized, existing and in good standing under the laws of the State of Delaware, and exists as or
intends to convert to a Delaware statutory trust (provided, however, that the Fund shall provide reasonable notice to the

------

Administrator in the event of any change in its status as represented herein, including its conversion to a Delaware statutory trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It has the requisite power and authority under applicable laws and by its Governing Documents to enter into and
perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. It is an investment company properly registered with the SEC under the 1940 Act or intends to so register
(provided, however, that the Fund shall provide reasonable notice to the Administrator in the event of any change in its status as represented herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Fund is in the process of filing the Registration Statement and the Registration Statement be effective and
remain effective during the term of this Agreement. The Fund also warrants to the Administrator that as of the effective date of this Agreement, all necessary filings under the securities laws of the states in which the Fund offers or sells its
shares have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. No legal or administrative proceedings have been instituted or threatened which would impair the Fund's
ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Its entrance into this Agreement will not cause a material breach or be in material conflict with any other
agreement or obligation of the Fund or any law or regulation applicable to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. As of the close of business on the date of this Agreement, the Fund is authorized to issue unlimited shares of
beneficial interest (subject to SEC registration of such shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Where information provided by the Fund or the Fund's Investors includes information about an identifiable
individual ("Personal Information"), the Fund represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that
regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Administrator, and as required for the Administrator to use and disclose such Personal Information solely in
connection with the performance of the services hereunder. The Fund acknowledges that the Administrator may perform any of the services, and may use and disclose Personal Information, outside of the jurisdiction in which it was initially collected
by the Fund, and that information relating to the Fund, including Personal Information, may be accessed by national security authorities, law enforcement and courts. The Administrator shall be kept indemnified by and be without liability to the Fund
for any action taken or omitted by it in reliance upon this

------

representation and warranty, including, without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of Personal Information.

**5.** **ADMINISTRATION SERVICES** 

The Administrator shall provide the services as listed on Schedule B, subject to the authorization and direction of the Fund and, in each case where appropriate, the review and comment by the Fund's independent accountants and legal counsel and in accordance with procedures which may be established from time to time between the Fund and the Administrator.

The Administrator shall perform such other services for the Fund that are mutually agreed to by the parties from time to time, for which the Fund will pay such fees as may be mutually agreed upon, including the Administrator's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

The Administrator shall provide the office facilities and the personnel determined by it to perform the services contemplated herein.

**6.** **COMPENSATION OF ADMINISTRATOR ; EXPENSE REIMBURSEMENT ; FUND EXPENSES** 

The Administrator shall be entitled to reasonable compensation for its services and expenses, as agreed upon from time to time in writing between the Fund and the Administrator.

The Fund agrees promptly to reimburse the Administrator for any equipment and supplies specially ordered by or for the Fund through the Administrator and for any other expenses not contemplated by this Agreement that the Administrator may incur on the Fund's behalf at the Fund's request or with the Fund's consent.

The Fund will bear all expenses that are incurred in its operation and not specifically assumed by the Administrator. For the avoidance of doubt, Fund expenses not assumed by the Administrator include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Registration Statement, Form N-CSR, Form N-PORT, Form N-PX, Form N-CEN, proxy materials, federal and state tax qualification as a regulated investment company and other notices, registrations, reports, filings and materials prepared by the Administrator under this Agreement); cost of any services contracted for by the Fund directly from parties other than the Administrator; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Fund; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "Preparation"), printing, distribution and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director\trustee or employee of the Fund;

------

costs of Preparation, printing, distribution and mailing, as applicable, of the Fund's Registration Statements and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing of the Fund's tax returns, Form N-2, Form N-CSR, Form N-PORT, Form N-PX and Form N-CEN, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; the cost of fidelity bond and D&O/E&O liability insurance; and the cost of independent pricing services used in computing the Fund(s)' net asset value.

**7.** **INSTRUCTIONS AND ADVICE** 

At any time, the Administrator may apply to any officer of the Fund or his or her designee for instructions or the independent accountants for the Fund, with respect to any matter arising in connection with the services to be performed by the Administrator under this Agreement. The Administrator shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Fund) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice.

The Administrator shall not be liable, and shall be indemnified by the Fund, for any action taken or omitted by it in good faith in reliance upon any such instructions or advice or upon any paper or document reasonably believed by it to be genuine and to have been signed by the proper person or persons. The Administrator shall not be held to have notice of any change of authority of any person until receipt of written notice thereof from the Fund(s). Nothing in this section shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

**8.** **LIMITATION OF LIABILITY AND INDEMNIFICATION** 

The Administrator shall be responsible for the performance only of such duties as are set forth in this Agreement and, except as otherwise provided under Section 14, shall have no responsibility for the actions or activities of any other party, including other service providers. The Administrator shall have no liability in respect of any loss, damage or expense suffered by the Fund insofar as such loss, damage or expense arises from the performance of the Administrator's duties hereunder in reliance upon records that were maintained for the Fund by entities other than the Administrator prior to the Administrator's appointment as administrator for the Fund. The Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless solely caused by or resulting from the negligence or willful misconduct of the Administrator, its officers or employees. The Administrator shall not be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder, each of which is hereby excluded by agreement of the parties regardless of whether such damages were foreseeable or whether either party or any entity had been advised of the possibility of such damages. In any event, unless otherwise agreed upon in writing, the Administrator's cumulative liability for each calendar year (a "Liability Period") with respect to

------

the Fund under this Agreement regardless of the form of action or legal theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered by the Fund including, but not limited to, any liability relating to qualification of the Fund as a regulated investment company or any liability relating to the Fund's compliance with any federal or state tax or securities statute, regulation or ruling during such Liability Period. "Compensation Period" shall mean the calendar year ending immediately prior to the Liability Period in which the event(s) giving rise to the Administrator's liability for that period occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability of the Administrator for the Liability Period commencing on the date of this Agreement and terminating on December 31, 2025 shall be the date of this Agreement through December 31, 2025, calculated on an annualized basis, and the Compensation Period for the Liability Period commencing January 1, 2026 and terminating on December 31, 2026 shall be the date of this Agreement through December 31, 2025, calculated on an annualized basis.

The Administrator shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action or communication disruption.

The Fund shall indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of this Agreement, any action or omission by it in the performance of its duties hereunder, or as a result of acting upon any instructions reasonably believed by it to have been duly authorized by the Fund or upon reasonable reliance on information or records given or made by the Fund or its investment adviser, provided that this indemnification shall not apply to actions or omissions of the Administrator, its officers or employees in cases of its or their own negligence or willful misconduct.

The limitation of liability and indemnification contained herein shall survive the termination of this Agreement.

**9.** **CONFIDENTIALITY** 

All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 10 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 10 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or

------

thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Administrator or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld.

The undertakings and obligations contained in this Section shall survive the termination or expiration of this Agreement.

**10.** **USE OF DATA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Administrator (which term for purposes of this Section 10 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Fund and the Administrator or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (d) below, the Administrator and/or its Affiliates may use any Confidential Information of the Fund ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Fund and the Administrator or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Administrator and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Fund, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Administrator publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund acknowledges that the Administrator may seek to realize economic benefit from the publication or distribution of the Indicators.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly contemplated by this Agreement, nothing in this Section 10 shall limit the confidentiality and data-protection obligations of the Administrator and its Affiliates under this Agreement and applicable law. The Administrator shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 10 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

**11.** **COMPLIANCE WITH GOVERNMENTAL RULES AND REGULATIONS ; RECORDS** 

The Fund assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it.

In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request except as otherwise provided in Section 13. The Administrator further agrees that all records that it maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of the Administrator. In the event that the Administrator is requested or authorized by the Fund, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Fund by state or federal regulatory agencies, to produce the records of the Fund or the Administrator's personnel as witnesses or deponents (a "Records Request"), the Fund agrees to pay the Administrator for the Administrator's time and expenses, as well as the fees and expenses of the Administrator's counsel incurred in such production; provided, however, the foregoing shall not apply to a Records Request incurred in the ordinary course of business, including, but not limited to, routine regulatory examinations of any Fund or its investment adviser.

**12.** **SERVICES NOT EXCLUSIVE** 

The services of the Administrator are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Fund from time to time, have no authority to act or represent the Fund in any way or otherwise be deemed an agent of the Fund.

**13.** **EFFECTIVE PERIOD AND TERMINATION** 

This Agreement shall remain in full force and effect for an initial term ending December 31, 2026 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive 1-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either

------

(a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 30 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to the Fund, the Fund shall pay Administrator its compensation due and shall reimburse Administrator for its costs, expenses and disbursements.

In the event of: (i) the Fund's termination of this Agreement with respect to the Fund for any reason other than as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Administrator is not retained to continue providing services hereunder to the Fund (or its respective successor), the Fund shall pay the Administrator its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Administrator with respect to the Fund) and shall reimburse the Administrator for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Administrator will deliver the Fund's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such (a) the liquidation or dissolution of the Fund and distribution of the Fund's assets as a result of the Board's determination in its reasonable business judgment that the continued operation of the Fund is no longer viable or in the best interests of shareholders, (b) a merger of the Fund into, or the consolidation of the Fund with, another entity, or (c) the sale by the Fund of all, or substantially all, of the Fund's assets to another entity, in each of (b) and (c) where the Administrator is retained to continue providing services to the Fund (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any one particular Fund shall in no way affect the rights and duties under this Agreement with respect to any other Fund.

**14.** **DELEGATION** 

&nbsp;&nbsp;&nbsp;&nbsp;a. The Administrator shall have the right, without the consent or approval of the Fund, to employ agents,
subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services stated herein other than services required by applicable law to be performed by the
Administrator (each, a "Delegate" and collectively, the "Delegates"). The Administrator shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Administrator had provided
such services and committed such acts and omissions itself. Unless otherwise agreed in a Fee Schedule, the Administrator shall be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;b. The Administrator will provide the Fund with information regarding its global operating model for the delivery
of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Administrator that perform or may perform parts of the services, and the locations from which such Delegates
perform services, as well as such other information about its Delegates as the Fund may reasonably request from time to time.

------

&nbsp;&nbsp;&nbsp;&nbsp;c. Nothing in this Section 14 shall limit or restrict the Administrator's right to use affiliates or
third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

**15.** **INTERPRETIVE AND ADDITIONAL PROVISIONS** 

In connection with the operation of this Agreement, the Administrator and the Fund, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Fund's Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of the Agreement.

**16.** **NOTICES** 

Any notice, instruction or other instrument required to be given hereunder will be in writing and deemed to have been given when delivered in person, or by confirmed facsimile transmission, or overnight delivery by any recognized delivery service, or posted by certified mail, return receipt requested, to the parties at the following address or such other address as may be notified by any party from time to time:

If to the Fund:

[Name of Fund]

C/o Lincoln Financial Investments

150 North Radnor-Chester Road

Attention: James Hoffmayer, CAO

Telephone: (267) 234-9277

Email: james.hoffmayer@lfg.com

If to the Administrator:

STATE STREET BANK AND TRUST COMPANY

One Congress Street, Suite 1

Boston, MA 02114

Attention:

Telephone:

Telecopy:

with a copy to:

STATE STREET BANK AND TRUST COMPANY

Legal Division – Global Services Americas

------

One Congress Street

Boston, MA 02114-2016

Attention: Senior Vice President and Senior Managing Counsel

**17.** **AMENDMENT** 

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

**18.** **ASSIGNMENT** 

This Agreement may not be assigned by (a) the Fund without the written consent of the Administrator or (b) the Administrator without the written consent of the Fund, except that the Administrator may assign this Agreement to a successor of all or a substantial portion of its business, or to an affiliate of the Administrator.

**19.** **SUCCESSORS** 

This Agreement shall be binding on and shall inure to the benefit of the Fund and the Administrator and their respective successors and permitted assigns.

**20.** **DATA PROTECTION** 

The Administrator shall implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Fund's shareholders, employees, directors and/or officers that the Administrator receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

**21.** **ENTIRE AGREEMENT** 

This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes all previous representations, warranties or commitments regarding the services to be performed hereunder whether oral or in writing.

**22.** **WAIVER** 

------

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.

**23.** **SEVERABILITY** 

If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

**24.** **GOVERNING LAW** 

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws rules.

**25.** **REPRODUCTION OF DOCUMENTS** 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

**26.** **COUNTERPARTS** 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

*[Remainder of page intentionally left blank.]* 

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first written above.

---

| | |
|:---|:---|
| **LINCOLN BAIN CAPITAL TOTAL CREDIT FUND** | **LINCOLN BAIN CAPITAL TOTAL CREDIT FUND** |
| By: | /s/ James J. Hoffmayer |
| Name: | James J. Hoffmayer |
| Title: | VP, Treasurer & CAO |
| **LINCOLN ROYALTIES INCOME FUND, LP** | **LINCOLN ROYALTIES INCOME FUND, LP** |
| By: | /s/ James J. Hoffmayer |
| Name: | James J. Hoffmayer |
| Title: | VP, Treasurer & CAO |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Timothy Bias |
| Name: | Timothy Bias |
| Title: | Managing Director |

---

------

**ADMINISTRATION AGREEMENT** 

**SCHEDULE A** 

**Listing of Fund(s)** 

Lincoln Bain Capital Total Credit Fund

Lincoln Royalties Income Fund, LP

------

**ADMINISTRATION AGREEMENT** 

**SCHEDULE B** 

**LIST OF SERVICES** 

I. Fund Administration Treasury Services as described in Schedule B1 attached hereto;

II. RESERVED

III. RESERVED

IV. RESERVED

V. RESERVED

VI. Form N-PORT-Related Services as described in Schedule B6 attached
hereto; and

VII. Fund Accounting Services as described in Schedule B7 attached hereto.

------

**Schedule B1** 

**<u>Fund Administration Treasury Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare annual (audited by the Administrator's or the Fund's auditor), semi-annual unaudited
financial statements of the Fund (including financial highlights, balance sheet, income statement, statement of changes in net assets, statement of cash flows, schedule of investments, and footnotes to financial statements), first and third quarter
Part F (including schedule of investments and Part F short footnotes) for review by designated officer(s) of the Administrator or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Process Fund's approved comments from auditors and assist Fund's answering auditor's
inquiries relating to financial statements and disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare for the review by designated officer(s) of the Fund annual fund expense budgets, perform accrual
analyses and roll-forward calculations and recommend changes to fund expense accruals on a periodic basis, arrange for payment of the Fund's expenses, review calculations of fees paid to the Fund's investment adviser, and obtain
authorization of accrual changes and expense payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide periodic testing of the Fund(s) with respect to compliance with the Internal Revenue Code's
mandatory qualification requirements, the requirements of the 1940 Act and limitations for the Fund(s) contained in the Registration Statement for the Fund(s) as may be mutually agreed upon, including quarterly compliance reporting to the designated
officer(s) of the Fund as well as preparation of Board compliance materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare and furnish total return performance information for the Fund(s), including such information on an after-tax basis, calculated in accordance with applicable U.S. securities laws and regulations, as may be reasonably requested by Fund management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare and coordinate the filing of Rule 24f-2 notices, including
coordination of payment, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Provide sub-certificates in connection with the certification
requirements of the Sarbanes- Oxley Act of 2002 with respect to the services provided by the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Maintain certain books and records of the Fund as required under Rule 31a-1(b) of the 1940 Act, as may be mutually agreed upon.

B4-1

------

**Schedule B6** 

**<u>Fund Administration Form N-PORT (the "Form N-PORT Services") and Form N-CEN (the "Form N-CEN Services") Support Services (collectively, the "Form N-PORT and Form N-CEN Support Services") and Quarterly Portfolio of Investments Services (collectively, with the Form N-PORT and Form N-CEN Support Services, and for purposes of this Schedule B6, the "Services")</u>**

(a) **Standard N-PORT and N-CEN Reporting Solution (Data and Filing)**:

&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the receipt of all required data, documentation, assumptions, information and assistance from the Fund
(including from any third parties with whom the Fund will need to coordinate in order to produce such data, documentation, and information), the Administrator will use required data, documentation, assumptions, information and assistance from the
Fund, the Administrator's internal systems and, in the case of Funds not administered by the Administrator or its affiliates, third party Fund administrators or other data providers, including but not limited to Third Party Data (as defined
below) (collectively, the "Required Data") to perform necessary data aggregations (including any applicable aggregation of risk metrics) and calculations and prepare, as applicable: (i) a monthly draft Form N-PORT standard template for review and approval by the Fund and (ii) annual updates of Form N-CEN for review and approval by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund acknowledges and agrees that it will be responsible for reviewing and approving each such draft N-PORT template and N-CEN update.

&nbsp;&nbsp;&nbsp;&nbsp;• Following review and final approval by the Fund of each such draft Form N-PORT template and N-CEN update, and at the direction of and on behalf of each Fund, the Administrator will (i) produce an .XML formatted file of the completed
Form N-PORT and Form N-CEN and (ii) electronically submit such filing to the SEC.

The Form N-PORT Services will be provided to each portfolio (the "Portfolio") of the Fund(s) as set forth in the attached <u>Annex 1</u>, which shall be executed by the Administrator and the Fund(s). The Form N-CEN Services will be provided to each Fund as set forth in the attached <u>Annex 1</u>. <u>Annex 1</u> may be updated from time to time upon the written request of the Fund and by virtue of an updated <u>Annex 1</u> that is signed by both parties.

**(b)** **Quarterly Portfolio of Investments Services:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the receipt of all Required Data, and as a component of the Form N-PORT and Form N-CEN Support Services, the Administrator will use such Required Data from the Fund, the Administrator's internal systems and other data providers
to prepare a draft portfolio of investments (the "Portfolio of Investments"), compliant with GAAP, as of the Fund's first and third fiscal quarter-ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following review and final approval by the Fund of each such draft Portfolio of

A6-3

------

Investments, and at the direction of and on behalf of each Fund, the Administrator will attach each Portfolio of Investments to the first and third fiscal quarter-end N-PORT filing that is submitted electronically to the SEC.

**<u>Fund Duties, Representations and Covenants in Connection with (i) Form N-PORT and Form N-CEN Support Services and (ii) Quarterly Portfolio of Investments Services.</u>**

The provision of the Services to each Fund by the Administrator is subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties acknowledge and agree on the following matters:

The Services depend, directly or indirectly, on: (i) Required Data and (ii) information concerning the Fund or its affiliates or any pooled vehicle, security or other investment or portfolio regarding which the Fund or its affiliates provide services or is otherwise associated ("Fund Entities") that is generated or aggregated by the Administrator or its affiliates in connection with services performed on the Fund's behalf or otherwise prepared by the Administrator ("State Street Data," together with Required Data and Third Party Data (as defined below), "Services-Related Data"). The Administrator's obligations, responsibilities and liabilities with respect to any State Street Data used in connection with other services received by the Fund shall be as provided in such respective other agreements between the Administrator or its affiliates and the Fund relating to such other services (e.g., administration and/or custody services, etc.) from which the State Street Data is derived or sourced ("Other Fund Agreements"). Nothing in this Agreement or any service schedule(s) shall limit or modify the Administrator's or its affiliates' obligations to the Fund under the Other Fund Agreements.

In connection with the provision of the Form N-PORT and Form N-CEN Support Services, and Quarterly Portfolio of Investments Services by the Administrator, the Fund acknowledges and agrees that it will be responsible for providing the Administrator with any information requested by the Administrator, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Arranging for the regular provision of all Required Data (including State Street Data, where applicable) and related information to the Administrator, in formats compatible with Administrator-provided data templates including, without limitation, Required Data and the information and assumptions required by the Administrator in connection with a Fund reporting profile and onboarding checklist, as it, or the information or assumptions required, may be revised at any time by the Administrator, in its discretion (collectively, the "Onboarding Checklist") and such other forms and templates as may be used by the Administrator for such purposes from time to time, including but not limited to those to be reported on Form N-PORT and Form N-CEN (as determined by the Fund), including, without limitation, arranging for the provision of data from the Fund, its affiliates, third

------

party administrators, prime brokers, custodians, and other relevant parties. If and to the extent that Required Data is already accessible to the Administrator (or any of its affiliates) in its capacity as administrator to one or more Funds, the Administrator and the Fund will agree on the scope of the information to be extracted from the Administrator's or any of its affiliate's systems for purposes of the Administrator's provision of Form N-PORT and Form N-CEN Support Services and Quarterly Portfolio of Investments Services, subject to the discretion of the Administrator, and the Administrator is hereby expressly authorized to use any such information as necessary in connection with providing the Form N-PORT and Form N-CEN Support Services and Quarterly Portfolio of Investments Services, hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Providing all required information and assumptions not otherwise included in Fund data and assumptions provided pursuant to Section 1(A) above, including but not limited to the Required Data, as may be required in order for the Administrator to provide the Services.

The following are examples of certain types of information that each Fund is likely to be required to provide pursuant to Sections 1(A) and 1(B) above, and each Fund hereby acknowledges and understands that the following categories of information are merely illustrative examples, are by no means an exhaustive list of all such required information, and are subject to change as a result of any amendments to Form N-PORT and Form N-CEN:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC filing classification of the Fund (i.e., small or large filer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identification of any data sourced from third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identification of any securities reported as Miscellaneous; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Explanatory Notes included in N-PORT Section E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Fund acknowledges that it has provided to the Administrator all material assumptions used by the Fund or that are expected to be used by the Fund in connection with the completion of Form N-PORT and Form N-CEN and Quarterly Portfolio of Investments Services, and that it has approved all material assumptions used by the Administrator in the provision of the Services prior to the first use of the Services. The Fund will also be responsible for promptly notifying the Administrator of any changes in any such material assumptions previously notified to the Administrator by the Fund or otherwise previously approved by the Fund in connection with the Administrator's provision of the Services. The Fund acknowledges that the completion of Form N-PORT and Form N-CEN and Quarterly Portfolio of Investments Services, and the data required thereby, requires the use of material assumptions in connection with many different categories of information and data, and the use and/or reporting thereof, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment classification of positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assumptions necessary in converting data extracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General operational and process assumptions used by the Administrator in performing the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assumptions specific to the Fund.

A6-5

------

Each Fund hereby acknowledges and understands that the foregoing categories of information that may involve the use of material assumptions are merely illustrative examples of certain subject matter areas in relation to which the Fund (and/or the Administrator on its behalf in connection with the Services) may rely on various material assumptions, and are by no means an exhaustive list of all such subject matter areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Fund acknowledges and agrees on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each Fund has independently reviewed the Services (including, without limitation, the assumptions, market data, securities prices, securities valuations, tests and calculations used in the Services), and the Fund has determined that the Services are suitable for its purposes. None of the Administrator or its affiliates, nor their respective officers, directors, employees, representatives, agents or service providers (collectively, including the Administrator, "State Street Parties") make any express or implied warranties or representations with respect to the Services or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Fund assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. The Administrator is not providing, and the Services do not constitute, legal, tax, investment, or regulatory advice, or accounting or auditing services advice. Unless otherwise agreed to in writing by the parties to this Agreement, the Services are of general application and the Administrator is not providing any customization, guidance, or recommendations. Where the Fund uses Services to comply with any law, regulation, agreement, or other Fund obligation, the Administrator makes no representation that any Service complies with such law, regulation, agreement, or other obligation, and the Administrator has no obligation of compliance with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Each Fund may use the Services and any reports, charts, graphs, data, analyses and other results generated by the Administrator in connection with the Services and provided by the Administrator to the Fund ("Materials") (a) for the internal business purpose of the Fund relating to the applicable Service or (b) for submission to the U.S. Securities and Exchange Commission, as required, of a Form N-PORT template and a Form N-CEN update, including any Portfolio of Investments, if applicable. The Fund may also redistribute the Materials, or an excerpted portion thereof, to its investment managers, investment advisers, agents, clients, investors or participants, as applicable, that have a reasonable interest in the Materials in connection with their relationship with the Fund (each a "Permitted Person"); provided, however, (i) the Fund may not charge a fee, profit, or otherwise benefit from the redistribution of Materials to Permitted Persons, (ii) data provided by third party sources such as but not limited to market or index data ("Third Party Data") contained in the Materials may not be redistributed other than Third Party Data that is embedded in the calculations presented in the Materials and not otherwise identifiable as Third Party Data, except to the extent the Fund has separate license rights with respect to the use of such Third Party Data, or (iii) the Fund may not use the Services or Materials in any way to compete or enable any third party to compete with the Administrator. No Permitted Person shall have any further rights of use or redistribution with respect to, or any ownership rights in, the Materials or any excerpted portion thereof.

------

Except as expressly provided in this Section 3(C), the Fund, any of its affiliates, or any of their respective officers, directors, employees, investment managers, investment advisers, agents or any other third party, including any client of, or investor or participant in the Fund or any Permitted Persons (collectively, including the Fund, "Fund Parties"), may not directly or indirectly, sell, rent, lease, license or sublicense, transmit, transfer, distribute or redistribute, disclose display, or provide, or otherwise make available or permit access to, all or any part of the Services or the Materials (including any State Street Data or Third Party Data contained therein, except with respect to Third Party Data to the extent the Fund has separate license rights with respect to the use of such Third Party Data). Without limitation, Fund Parties shall not themselves nor permit any other person to in whole or in part (i) modify, enhance, create derivative works, reverse engineer, decompile, decompose or disassemble the Services or the Materials; (ii) make copies of the Services, the Materials or portions thereof; (iii) secure any source code used in the Services, or attempt to use any portions of the Services in any form other than machine readable object code; (iv) commercially exploit or otherwise use the Services or the Materials for the benefit of any third party in a service bureau or software-as-a-service environment (or similar structure), or otherwise use the Services or the Materials to perform services for any third party, including for, to, or with consultants and independent contractors; or (v) attempt any of the foregoing or otherwise use the Services or the Materials for any purpose other than as expressly authorized under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Fund shall limit the access and use of the Services and the Materials by any Fund Parties to a need-to-know basis and, in connection with its obligations under this Agreement, the Fund shall be responsible and liable for all acts and omissions of any Fund Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The Services, the Materials and all confidential information of the Administrator (as confidential information is defined in the Agreement and other than Third Party Data and Required Data), are the sole property of the Administrator. The Fund has no rights or interests with respect to all or any part of the Services, the Materials or the Administrator's confidential information, other than its use and redistribution rights expressly set forth in Section 3(C) herein. The Fund automatically and irrevocably assigns to the Administrator any right, title or interest that it has, or may be deemed to have, in the Services, the Materials or the Administrator's confidential information, including, for the avoidance of doubt and without limitation, any Fund Party feedback, ideas, concepts, comments, suggestions, techniques or know-how shared with the Administrator (collectively, "Feedback") and the State Street Parties shall be entitled to incorporate any Feedback in the Services or the Materials or to otherwise use such Feedback for its own commercial benefit without obligation to compensate the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The Administrator may rely on Services-Related Data used in connection with the Services without independent verification. Services-Related Data used in the Services may not be available or may contain errors, and the Services may not be complete or accurate as a result.

*[Remainder of Page Intentionally Left Blank]* 

A6-7

------

**ANNEX I** 

Further to the Administration Agreement dated as of<u> </u>, 2024 between Lincoln Bain Capital Total Credit Fund, Lincoln Royalties Income Fund, LP (each, a "Fund") and State Street Bank and Trust Company (the "Administrator"), the Fund and the Administrator mutually agree to update this <u>Annex 1</u> by adding/removing Portfolios as applicable:

---

| | |
|:---|:---|
| **Form N-PORT and Form N-CEN Services**<br> **and Quarterly Portfolio of Investments Services** |  |
| **Lincoln Bain Capital Total Credit Fund**<br>**Lincoln Royalties Income Fund, LP** | **Service Type**<br>**Standard N-PORT and N-CEN**<br>**Reporting Solution (Data and Filing)** |
| Lincoln Bain Capital Total Credit Fund<br>Lincoln Royalties Income Fund, LP | [Monthly / Quarterly] |

---

**Form N-CEN Services**<br>**Lincoln Bain Capital Total Credit Fund**<br>**Lincoln Royalties Income Fund, LP**<br>

B6-1

------

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex 1</u> as of the last signature date set forth below.

---

| | |
|:---|:---|
| **LINCOLN BAIN CAPITAL TOTAL CREDIT FUND** | **LINCOLN BAIN CAPITAL TOTAL CREDIT FUND** |
| By: | /s/ James J. Hoffmayer |
| Name: | James J. Hoffmayer |
| Title: | VP, Treasurer & CAO |
| Address: 150 N. Radnor Chester Road, Radnor, PA 19087 | Address: 150 N. Radnor Chester Road, Radnor, PA 19087 |
| Date: | 2/28/25 |
| **LINCOLN ROYALTIES INCOME FUND, LP** | **LINCOLN ROYALTIES INCOME FUND, LP** |
| By: | /s/ James J. Hoffmayer |
| Name: | James J. Hoffmayer |
| Title: | VP, Treasurer & CAO |
| Address: 150 N. Radnor Chester Road, Radnor, PA 19087 | Address: 150 N. Radnor Chester Road, Radnor, PA 19087 |
| Date: | 2/28/25 |

---

---

| | |
|:---|:---|
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Timothy Bias |
| Name: | Timothy Bias |
| Title: | Managing Director |
| Address: One Congress Street, Suite 1, Boston, MA 02114 | Address: One Congress Street, Suite 1, Boston, MA 02114 |
| Date: | 2/28/25 |

---

B6-2

------

**SCHEDULE B7** 

**<u>Fund Accounting Services</u>**

State Street shall maintain the books of account of each Fund and shall perform the following duties in the manner prescribed by such Fund's Governing Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Record general ledger entries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Accrue/calculate daily expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Calculate daily income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Reconcile daily activity to the trial balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Calculate net asset value ("NAV"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare account balances.

Each Fund shall provide timely prior notice to State Street of any modification in the manner in which such calculations are to be performed as prescribed in any revision to such Fund's Governing. State Street shall not be responsible for any revisions to calculations methods unless such revisions are communicated in writing to State Street.

B6-1

## Ex-99.K5

**MANAGEMENT FEE WAIVER AGREEMENT** 

**THIS AGREEMENT,** dated as of January 9, 2026, is between Lincoln Partners Group Royalty Fund (the "<u>Fund</u>") and Lincoln Financial Investments Corporation (the "<u>Adviser</u>").

**WHEREAS,** the Fund's Board of Trustees has appointed the Adviser to serve as the investment manager of the Fund pursuant to the investment management agreement between the Fund and the Adviser, dated August 25, 2025 (the "<u>Investment Management Agreement</u>"); and

**WHEREAS,** pursuant to the terms of the Investment Management Agreement, the Fund is obligated to pay the Adviser a management fee equal to an annual rate of 1.25% of the greater of (i) the Fund's net asset value (i.e., net of fund leverage) and (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 "<u>Management Fee</u>"); and

**WHEREAS,** the Fund and the Adviser desire to enter into the arrangements described herein relating to the Adviser's contractual waiver of a portion of the Management Fee;

**NOW, THEREFORE,** the Fund and the Adviser hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser hereby agrees to waive fifty percent of its Management Fee to achieve an effective Management Fee
rate **  of 0.625% of the greater of (i) the Fund's net asset value (i.e., net of fund leverage) and (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, measured as of the end of each month for the Effective Period (as defined below) (the " <u>Fee Waiver</u> "). 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 " <u>Amended and Restated Expense Limitation Agreement</u> "). For illustrative purposes only, in a situation where 1) the Management Fee is 1.25%, 2)
the Fund Operating Expenses (as defined in the Amended and Restated Expense Limitation Agreement) for a Class of the Fund are 2.50%, 3) the Operating Expense Limit (as defined in the Amended and Restated Expense Limitation Agreement) for such
Class is 2.00%, and 4) 50% of the Management Fee is waived under the Fee Waiver, then: i) the Operating Expense Limit would be applied to reimburse to the Fund 0.50% of Fund Operating Expenses (the amount in excess of the Operating Expense
Limit) for such Class, and ii) the Fee Waiver would be implemented thereafter, waiving an additional 0.625% and causing the Class's effective Fund Operating Expenses to equal 1.375%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fee Waiver shall become effective on February 1, 2026 and shall continue through July 31, 2026
(the " <u>Effective Period</u> ").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Fee Waiver will not impact the Incentive Fee (as defined in Schedule A to the Investment Management
Agreement) payable by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Adviser retains its right to recoup any fees waived by it pursuant to this Agreement within three years of
such 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. Notwithstanding anything to the contrary, this Section 4 of this Agreement shall survive any termination of this Agreement with respect to any fees waived that have not been recouped by the Fund to the
Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser acknowledges that the Fund will rely on this Agreement in preparing and filing amendments to the
registration statement for the Fund on Form N-2 with the U.S. Securities and Exchange Commission and for certain other purposes and expressly permits the Fund to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement may be amended or terminated prior to the conclusion of the Effective Period by written
agreement between Fund and the Adviser upon the approval of such amendment or termination by the Board of Trustees.

[*Signatures follow on next page*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **LINCOLN PARTNERS GROUP ROYALTY FUND** | **LINCOLN PARTNERS GROUP ROYALTY FUND** |
|  | /s/ Gordon J. Huellmantel |
| Name: | Gordon J. Huellmantel |
| Title: | Senior Vice President |
| **LINCOLN FINANCIAL INVESTMENTS CORPORATION** | **LINCOLN FINANCIAL INVESTMENTS CORPORATION** |
|  | /s/ James J. Hoffmayer |
| Name: | James J. Hoffmayer |
| Title: | Vice President & Chief Accounting Officer |

---

## Ex-99.T2

**POWER OF ATTORNEY** 

I, the undersigned trustee of the Lincoln Partners Group Royalty Fund, Lincoln Royalties Income Fund, LP, and any predecessor fund (the "Fund"), hereby severally constitute and appoint Gordon Huellmantel, James Hoffmayer, Paul T. Chryssikos, Esq., Samuel K. Goldstein, Esq., and Christina E. Pron, Esq. as my true and lawful attorneys-in-fact and agents with full power in each of them of substitution and resubstitution in my name, place and stead, to sign any and all Registration Statements of the Fund and any amendments or supplements thereto, and to file the same, with all exhibits thereto including any subsequent registration statement pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, under the Investment Company Act of 1940 (File No. 811-24065) and the Securities Exchange Act of 1933 (File No. 333-285895), on behalf of the Fund, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that each said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. This Power of Attorney was signed by me to be effective January 28, 2026.

---

| | |
|:---|:---|
| **SIGNATURE** | **TITLE** |
| /s/ John Morriss |  |
| John Morriss | Chair & Trustee |

---

1 of 1