Lincoln U.S. Equity Income Maximizer Fund
Schedule of Investments
April 30, 2025 (unaudited)
 
 
 
Number of
Shares
Value
(U.S. $)
COMMON STOCK–96.11%
Aerospace & Defense–1.56%
General Electric Co.
 
580
$116,893
RTX Corp.
 
880
110,995
 
 
227,888
Air Freight & Logistics–0.50%
United Parcel Service, Inc.
Class B
 
761
72,523
 
 
72,523
Automobiles–1.69%
†Tesla, Inc.
 
875
246,890
 
 
246,890
Banks–4.82%
Bank of America Corp.
 
4,085
162,910
JPMorgan Chase & Co.
 
1,210
295,990
PNC Financial Services
Group, Inc.
 
608
97,699
Wells Fargo & Co.
 
2,072
147,133
 
 
703,732
Beverages–0.82%
PepsiCo, Inc.
 
881
119,446
 
 
119,446
Biotechnology–1.56%
AbbVie, Inc.
 
778
151,788
Amgen, Inc.
 
264
76,803
 
 
228,591
Broadline Retail–3.71%
†Amazon.com, Inc.
 
2,936
541,457
 
 
541,457
Capital Markets–2.66%
Blackrock, Inc.
 
141
128,911
Goldman Sachs Group, Inc.
 
237
129,769
Morgan Stanley
 
1,129
130,309
 
 
388,989
Chemicals–1.04%
Linde PLC
 
336
152,285
 
 
152,285
Communications Equipment–1.04%
Cisco Systems, Inc.
 
2,628
151,714
 
 
151,714
Consumer Finance–0.92%
American Express Co.
 
505
134,537
 
 
134,537
 
 
Number of
Shares
Value
(U.S. $)
COMMON STOCK (continued)
Consumer Staples Distribution & Retail–2.31%
Costco Wholesale Corp.
 
188
$186,966
Walmart, Inc.
 
1,553
151,029
 
 
337,995
Diversified Telecommunication Services–0.83%
AT&T, Inc.
 
4,395
121,742
 
 
121,742
Electric Utilities–0.42%
NextEra Energy, Inc.
 
926
61,931
 
 
61,931
Electrical Equipment–0.59%
Eaton Corp. PLC
 
293
86,250
 
 
86,250
Entertainment–1.77%
†Netflix, Inc.
 
157
177,680
Walt Disney Co.
 
898
81,673
 
 
259,353
Financial Services–5.08%
†Berkshire Hathaway, Inc.
Class B
 
631
336,481
Mastercard, Inc. Class A
 
344
188,532
Visa, Inc. Class A
 
628
216,974
 
 
741,987
Ground Transportation–0.54%
†Uber Technologies, Inc.
 
972
78,742
 
 
78,742
Health Care Equipment & Supplies–1.93%
Abbott Laboratories
 
1,291
168,798
†Intuitive Surgical, Inc.
 
220
113,476
 
 
282,274
Health Care Providers & Services–1.52%
Elevance Health, Inc.
 
212
89,163
UnitedHealth Group, Inc.
 
325
133,718
 
 
222,881
Hotels, Restaurants & Leisure–2.83%
Booking Holdings, Inc.
 
19
96,886
Hilton Worldwide Holdings,
Inc.
 
754
170,012
McDonald's Corp.
 
339
108,362
Starbucks Corp.
 
478
38,264
 
 
413,524
Household Durables–0.83%
†NVR, Inc.
 
17
121,138
 
 
121,138
Lincoln U.S. Equity Income Maximizer Fund–1
Lincoln U.S. Equity Income Maximizer Fund
Schedule of Investments (continued)
 
 
Number of
Shares
Value
(U.S. $)
COMMON STOCK (continued)
Household Products–1.16%
Procter & Gamble Co.
 
1,039
$168,910
 
 
168,910
Industrial REITs–0.46%
Prologis, Inc.
 
653
66,737
 
 
66,737
Insurance–0.75%
Progressive Corp.
 
390
109,879
 
 
109,879
Interactive Media & Services–6.05%
Alphabet, Inc. Class C
 
3,226
519,031
Meta Platforms, Inc. Class A
 
664
364,536
 
 
883,567
IT Services–1.20%
Accenture PLC Class A
 
263
78,677
International Business
Machines Corp.
 
399
96,486
 
 
175,163
Life Sciences Tools & Services–1.19%
Danaher Corp.
 
386
76,941
Thermo Fisher Scientific,
Inc.
 
227
97,383
 
 
174,324
Machinery–3.45%
Caterpillar, Inc.
 
268
82,884
Dover Corp.
 
830
141,639
Illinois Tool Works, Inc.
 
770
184,731
Ingersoll Rand, Inc.
 
1,255
94,665
 
 
503,919
Media–0.65%
Comcast Corp. Class A
 
2,789
95,384
 
 
95,384
Multi-Utilities–2.49%
DTE Energy Co.
 
1,295
177,415
Sempra
 
2,503
185,898
 
 
363,313
Oil, Gas & Consumable Fuels–2.99%
Chevron Corp.
 
933
126,944
Exxon Mobil Corp.
 
1,715
181,155
Occidental Petroleum Corp.
 
3,263
128,595
 
 
436,694
Pharmaceuticals–4.17%
Eli Lilly & Co.
 
258
231,929
Johnson & Johnson
 
1,405
219,616
 
 
Number of
Shares
Value
(U.S. $)
COMMON STOCK (continued)
Pharmaceuticals (continued)
Merck & Co., Inc.
 
960
$81,792
Pfizer, Inc.
 
3,125
76,281
 
 
609,618
Residential REITs–0.64%
Equity Residential
 
1,331
93,516
 
 
93,516
Retail REITs–0.76%
Realty Income Corp.
 
1,925
111,381
 
 
111,381
Semiconductors & Semiconductor Equipment–9.87%
†Advanced Micro Devices, Inc.
 
628
61,136
Applied Materials, Inc.
 
593
89,371
Broadcom, Inc.
 
1,575
303,140
Intel Corp.
 
1,825
36,682
Micron Technology, Inc.
 
523
40,245
NVIDIA Corp.
 
7,539
821,148
QUALCOMM, Inc.
 
606
89,967
 
 
1,441,689
Software–10.84%
†Adobe, Inc.
 
163
61,122
†Crowdstrike Holdings, Inc.
Class A
 
115
49,320
Intuit, Inc.
 
151
94,748
Microsoft Corp.
 
2,248
888,544
Oracle Corp.
 
520
73,174
†Palantir Technologies, Inc.
Class A
 
871
103,161
†PTC, Inc.
 
748
115,918
Salesforce, Inc.
 
380
102,110
†ServiceNow, Inc.
 
100
95,501
 
 
1,583,598
Specialized REITs–0.78%
VICI Properties, Inc.
 
3,545
113,511
 
 
113,511
Specialty Retail–1.75%
Home Depot, Inc.
 
470
169,430
Lowe's Cos., Inc.
 
387
86,518
 
 
255,948
Technology Hardware, Storage & Peripherals–6.80%
Apple, Inc.
 
4,678
994,075
 
 
994,075
Tobacco–1.14%
Philip Morris International,
Inc.
 
972
166,562
 
 
166,562
Total Common Stock
(Cost $14,564,649)
14,043,657
 
Lincoln U.S. Equity Income Maximizer Fund–2
Lincoln U.S. Equity Income Maximizer Fund
Schedule of Investments (continued)
 
 

Number of
Shares

Value
(U.S. $)
MONEY MARKET FUND–0.00%
State Street Institutional
U.S. Government Money
Market Fund -Premier Class
(seven-day effective yield
4.29%)
 
76
$76
Total Money Market Fund
(Cost $76)
76
 
 
TOTAL INVESTMENTS–96.11% (Cost $14,564,725)
$14,043,733
 
 
 
Number of
Contracts
Value
(U.S. $)
OPTIONS WRITTEN–(0.03)%
Centrally Cleared–(0.03)%
Call Options–(0.03)%
Abbott Laboratories Strike price $145.56, expiration date 05/15/2025, notional amount $(58,224)
(4
)
$(9
)
AbbVie Strike price $217.68, expiration date 05/15/2025, notional amount $(65,304)
(3
)
(30
)
Alphabet Strike price $186.91, expiration date 05/01/2025, notional amount $(149,528)
(8
)
0
Alphabet Strike price $198.20, expiration date 05/15/2025, notional amount $(158,560)
(8
)
(53
)
Amazon.com Strike price $225.37, expiration date 05/01/2025, notional amount $(157,759)
(7
)
0
Amazon.com Strike price $237.29, expiration date 05/15/2025, notional amount $(166,103)
(7
)
(66
)
Apple Strike price $240.67, expiration date 05/01/2025, notional amount $(264,737)
(11
)
(2
)
Apple Strike price $244.37, expiration date 05/15/2025, notional amount $(219,933)
(9
)
(190
)
Berkshire Hathaway Strike price $584.50, expiration date 05/15/2025, notional amount $(116,900)
(2
)
(31
)
Broadcom Strike price $210.39, expiration date 05/01/2025, notional amount $(63,117)
(3
)
0
Broadcom Strike price $237.01, expiration date 05/15/2025, notional amount $(71,103)
(3
)
(49
)
Chevron Strike price $173.54, expiration date 05/15/2025, notional amount $(69,416)
(4
)
(2
)
Cisco Systems Strike price $64.73, expiration date 05/01/2025, notional amount $(38,838)
(6
)
0
DTE Energy Strike price $145.27, expiration date 05/15/2025, notional amount $(58,108)
(4
)
(344
)
Hilton Worldwide Holdings Strike price $257.41, expiration date 05/01/2025, notional amount
$(25,741)
(1
)
0
Hilton Worldwide Holdings Strike price $261.86, expiration date 05/15/2025, notional amount
$(52,372)
(2
)
(9
)
Home Depot Strike price $414.99, expiration date 05/15/2025, notional amount $(82,998)
(2
)
(2
)
Illinois Tool Works Strike price $270.63, expiration date 05/01/2025, notional amount $(27,063)
(1
)
0
Illinois Tool Works Strike price $271.02, expiration date 05/15/2025, notional amount $(54,204)
(2
)
(7
)
JPMorgan Chase & Strike price $272.79, expiration date 05/01/2025, notional amount $(81,837)
(3
)
0
JPMorgan Chase & Strike price $285.66, expiration date 05/15/2025, notional amount $(85,698)
(3
)
0
Linde PLC Strike price $516.88, expiration date 05/15/2025, notional amount $(103,376)
(2
)
(11
)
Mastercard Strike price $601.30, expiration date 05/15/2025, notional amount $(120,260)
(2
)
(40
)
Meta Platforms Strike price $742.76, expiration date 05/15/2025, notional amount $(148,552)
(2
)
(55
)
Microsoft Strike price $422.81, expiration date 05/01/2025, notional amount $(211,405)
(5
)
(85
)
Microsoft Strike price $454.22, expiration date 05/15/2025, notional amount $(136,266)
(3
)
(57
)
NVIDIA Strike price $133.87, expiration date 05/01/2025, notional amount $(240,966)
(18
)
0
Philip Morris International Strike price $172.78, expiration date 05/15/2025, notional amount
$(69,112)
(4
)
(933
)
Procter & Gamble Strike price $177.03, expiration date 05/15/2025, notional amount $(53,109)
(3
)
(9
)
Sempra Strike price $75.70, expiration date 05/01/2025, notional amount $(60,560)
(8
)
(95
)
Sempra Strike price $80.03, expiration date 05/15/2025, notional amount $(48,018)
(6
)
(257
)
Tesla Strike price $380.50, expiration date 05/01/2025, notional amount $(76,100)
(2
)
0
Tesla Strike price $413.25, expiration date 05/15/2025, notional amount $(82,650)
(2
)
(43
)
Visa Strike price $379.30, expiration date 05/15/2025, notional amount $(75,860)
(2
)
(22
)
Lincoln U.S. Equity Income Maximizer Fund–3
Lincoln U.S. Equity Income Maximizer Fund
Schedule of Investments (continued)
 
 
Number of
Contracts
Value
(U.S. $)
OPTIONS WRITTEN (continued)
Centrally Cleared (continued)
Call Options (continued)
Walmart Strike price $91.89, expiration date 05/01/2025, notional amount $(27,567)
(3
)
$(1,612
)
Wells Fargo & Strike price $81.13, expiration date 05/15/2025, notional amount $(81,130)
(10
)
(42
)
 
(4,055
)
Total Options Written
(Premiums received $(18,583))
(4,055
)
 
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–3.92%
572,656
NET ASSETS APPLICABLE TO 1,511,252 SHARES OUTSTANDING–100.00%
$14,612,334
 
†Non-income producing.
 
Summary of Abbreviations:
IT–Information Technology
REIT–Real Estate Investment Trust
Lincoln U.S. Equity Income Maximizer Fund–4