Lincoln Partners Group Royalty Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
| Investments | Industry | Principal/ Units | Interest Rate | Maturity Date | Acquisition Date | Cost | Fair Value | % of Net Assets | ||||||||||||||||||
| Private Equity Investments - 28.3% | ||||||||||||||||||||||||||
| North America - 28.3% | ||||||||||||||||||||||||||
| CEPG Harmony LP Inc. (1)(2)(3) | Music from Film & TV | 2/19/2025 | $ | 1,842,696 | $ | 5,525,526 | 3.4 | % | ||||||||||||||||||
| Lyric MMM Holding Co LP Class B units (1)(2) | Music from Film & TV | 207,563 | 1/7/2025 | 164,395 | 266,986 | 0.2 | % | |||||||||||||||||||
| Lyric-Pineapple, LP (1)(2)(3) | Recorded Music | 12/29/2025 | 511,047 | 488,077 | 0.3 | % | ||||||||||||||||||||
| Lyric 5x Aggregator Co, LP Class B units (1)(2)(3) | Recorded Music | 34,881 | 11/19/2025 | 1 | 57,172 | 0.0 | % | |||||||||||||||||||
| Melody Offshore Jersey B LP (1)(3) | Music from Film & TV | 1/31/2025 | 9,051,371 | 12,431,876 | 7.8 | % | ||||||||||||||||||||
| PG US SM Holdings (1)(2)(3)(5) | Recorded Music | 1/7/2025 | 2,604,339 | 2,683,260 | 1.7 | % | ||||||||||||||||||||
| RTW Heartbeat Co-Invest, LP (1)(3) | Other (Pharma) | 1/8/2026 | 6,008,500 | 6,599,917 | 4.1 | % | ||||||||||||||||||||
| Ultra Natural Gas Royalties, LP (1)(2)(3) | US Natural Gas | 12/19/2025 | 7,679,600 | 8,036,525 | 5.0 | % | ||||||||||||||||||||
| Uplift Music LP (1)(2)(5) | Recorded Music | 1/7/2025 | 2,305,028 | 3,607,434 | 2.3 | % | ||||||||||||||||||||
| 4010 Royalty River CI, LP(1) | Biotech | 1/28/2025 | 5,000,000 | 5,588,505 | 3.5 | % | ||||||||||||||||||||
| Total North America | $ | 35,166,977 | $ | 45,285,278 | 28.3 | % | ||||||||||||||||||||
| Total Private Equity Investments - 28.3% | $ | 35,166,977 | $ | 45,285,278 | 28.3 | % | ||||||||||||||||||||
| Private Debt Investments - 21.7% | ||||||||||||||||||||||||||
| North America - 21.7% | ||||||||||||||||||||||||||
| CEPG Harmony LP Inc (1)(2) | Music from Film & TV | $ | 6,208,778 | 15.0 | % | 2/19/2035 | 2/19/2025 | 6,208,778 | 6,208,778 | 3.9 | % | |||||||||||||||
| Lyric MMM Intermediate Co LP (1)(2)(4) | Music from Film & TV | 5,767,729 | 12.0 | % | 11/8/2039 | 1/7/2025 | 5,767,729 | 5,767,729 | 3.6 | % | ||||||||||||||||
| Park County LLC (1)(2)(8) | Entertainment | 10,000,000 | 13.0 | % | 6/15/2041 | 6/15/2026 | 9,867,167 | 9,882,830 | 6.2 | % | ||||||||||||||||
| PG US SM Access LLC (1)(2)(3)(8) | Recorded Music | 2,739,759 | 8.5 | % | 6/19/2033 | 1/7/2025 | 2,739,759 | 3,182,170 | 2.0 | % | ||||||||||||||||
| PG US SM Access LLC (1)(2)(3)(8) | Recorded Music | 21,033 | 8.5 | % | 9/15/2033 | 1/7/2025 | 21,033 | 24,429 | 0.0 | % | ||||||||||||||||
| 5x Intermediate Co, LP (1)(2)(4) | Recorded Music | 9,499,999 | 13.0 | % | 10/15/2035 | 11/19/2025 | 9,499,999 | 9,675,683 | 6.0 | % | ||||||||||||||||
| Total North America | $ | 34,104,465 | $ | 34,741,619 | 21.7 | % | ||||||||||||||||||||
| Total Private Debt Investments - 21.7% | $ | 34,104,465 | $ | 34,741,619 | 21.7 | % | ||||||||||||||||||||
| Private Fund Investments - 10.5% | ||||||||||||||||||||||||||
| North America - 10.2% | ||||||||||||||||||||||||||
| Carlyle Shutter L.P.(1)(3) | Media | 6/8/2026 | 2,125,005 | 2,125,005 | 1.3 | % | ||||||||||||||||||||
| Cutting Edge Capital Partners Fund II, L.P.(1)(2)(3) | Music from Film & TV | 5/13/2026 | 6,000,000 | 6,000,000 | 3.7 | % | ||||||||||||||||||||
| Royfin Natural GAS LLC (1)(2)(6) | US Natural Gas | 1/7/2025 | 5,000,000 | 6,214,615 | 3.9 | % | ||||||||||||||||||||
| Soleus Credit Opportunities Fund I, L.P.(1)(2) | Other (Pharma) | 5/27/2026 | 262,722 | 256,456 | 0.2 | % | ||||||||||||||||||||
| 4010 Royalty Offshore FNT Fund, LP (1)(6) | Biotech | 1/28/2025 | 2,588,199 | 1,744,718 | 1.1 | % | ||||||||||||||||||||
| Total North America | $ | 15,975,926 | $ | 16,340,794 | 10.2 | % | ||||||||||||||||||||
| Southeast Asia - 0.3% | ||||||||||||||||||||||||||
| R Bridge Healthcare Fund II (1)(6) | Other (Pharma) | 10/30/2025 | 694,716 | 531,455 | 0.3 | % | ||||||||||||||||||||
| Total Southeast Asia | $ | 694,716 | $ | 531,455 | 0.3 | % | ||||||||||||||||||||
| Total Private Fund Investments - 10.5% | $ | 16,670,642 | $ | 16,872,249 | 10.5 | % | ||||||||||||||||||||
| Investments | Industry | Reference Rate and Spread (7) | Interest Rate | Maturity Date | Par Amount | Cost | Fair Value | % of Net Assets | ||||||||||||||||||
| Loan Agreements - 6.3% | ||||||||||||||||||||||||||
| Term Loan | ||||||||||||||||||||||||||
| Athenahealth Group Inc | Healthcare | E+ 3.25% | 6.89 | % | 2/16/2032 | 497,487 | $ | 498,052 | $ | 491,766 | 0.3 | % | ||||||||||||||
| CAB | Healthcare | E+ 4.50% | 6.73 | % | 8/9/2031 | 1,100,000 | 1,252,797 | 1,240,861 | 0.8 | % | ||||||||||||||||
| Emrld Borrower LP | Industrials | S+ 2.25% | 6.12 | % | 8/4/2031 | 496,241 | 497,363 | 495,551 | 0.3 | % | ||||||||||||||||
| Genesys Cloud Services Holdings II, LLC | Information Technology | S+ 2.50% | 6.17 | % | 1/30/2032 | 596,977 | 590,078 | 570,692 | 0.4 | % | ||||||||||||||||
| HomeVi S.A.S. | Healthcare | E+ 4.75% | 6.90 | % | 10/31/2031 | 815,115 | 947,870 | 936,007 | 0.6 | % | ||||||||||||||||
| Illuminate Buyer LLC | Financials | S+ 2.50% | 6.17 | % | 12/31/2029 | 496,241 | 496,241 | 489,065 | 0.3 | % | ||||||||||||||||
| Iridium Satellite LLC | Communication | S+ 2.25% | 5.92 | % | 9/20/2030 | 500,000 | 483,569 | 499,730 | 0.3 | % | ||||||||||||||||
| Jane Street Group LLC | Financials | S+ 2.00% | 5.82 | % | 12/15/2031 | 496,063 | 493,179 | 491,142 | 0.3 | % | ||||||||||||||||
| Jones DesLauriers Insurance Management Inc. | Financials | S+ 3.00% | 6.78 | % | 12/10/2032 | 1,100,000 | 1,097,310 | 1,050,775 | 0.6 | % | ||||||||||||||||
| Nouryon Finance BV | Materials | S+ 3.25% | 7.04 | % | 4/3/2028 | 992,371 | 994,367 | 991,547 | 0.6 | % | ||||||||||||||||
| Olympus Water US Holding Corp | Materials | S+ 3.00% | 6.67 | % | 6/20/2031 | 496,222 | 492,110 | 495,046 | 0.3 | % | ||||||||||||||||
| Pre Paid Legal Services Inc | Industrials | S+ 3.25% | 6.97 | % | 12/15/2028 | 595,439 | 582,976 | 542,344 | 0.3 | % | ||||||||||||||||
| Six Flags Entertainment Corp | Consumer Discretionary | S+ 2.00% | 5.67 | % | 5/1/2031 | 496,203 | 489,500 | 491,007 | 0.3 | % | ||||||||||||||||
| Skopima Merger Sub Inc | Industrials | S+ 3.75% | 7.42 | % | 5/12/2028 | 496,177 | 460,395 | 408,001 | 0.3 | % | ||||||||||||||||
| Veritiv Corporation | Industrials | S+ 4.00% | 7.67 | % | 12/2/2030 | 992,424 | 992,424 | 936,471 | 0.6 | % | ||||||||||||||||
| Total Term Loan | $ | 10,368,231 | $ | 10,130,005 | 6.3 | % | ||||||||||||||||||||
| Total Loan Agreements - 6.3% | $ | 10,368,231 | $ | 10,130,005 | 6.3 | % | ||||||||||||||||||||
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Lincoln Partners Group Royalty Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
| Investments | Industry | Shares | Cost | Fair Value | % of Net Assets | |||||||||||||
| Common Stock - 4.6% | ||||||||||||||||||
| East Asia - 0.2% | ||||||||||||||||||
| Sony Group Corp SP ADR | Information Technology | 20,300 | $ | 482,105 | $ | 407,218 | 0.2 | % | ||||||||||
| Total East Asia | $ | 482,105 | $ | 407,218 | 0.2 | % | ||||||||||||
| North America - 3.3% | ||||||||||||||||||
| Domino’s Pizza Inc | Consumer Discretionary | 1,379 | 462,954 | 408,239 | 0.3 | % | ||||||||||||
| Hilton Worldwide Holdings Inc | Consumer Discretionary | 1,162 | 363,538 | 383,995 | 0.2 | % | ||||||||||||
| Interdigital Inc | Information Technology | 603 | 168,941 | 170,727 | 0.1 | % | ||||||||||||
| Marriott International Class A | Consumer Discretionary | 1,643 | 571,562 | 608,879 | 0.4 | % | ||||||||||||
| McDonald's Corp | Consumer Discretionary | 2,001 | 577,434 | 540,890 | 0.3 | % | ||||||||||||
| Planet Fitness Inc Class A (3) | Leisure | 3,697 | 207,629 | 192,872 | 0.1 | % | ||||||||||||
| Restaurant Brands International Inc | Consumer Discretionary | 10,855 | 777,919 | 787,096 | 0.5 | % | ||||||||||||
| Royal Gold Inc | Materials | 2,136 | 467,700 | 426,367 | 0.3 | % | ||||||||||||
| Royalty Pharma Plc Class A | Health Care | 16,829 | 807,409 | 943,603 | 0.6 | % | ||||||||||||
| Warner Music Group Corp Class A | Communication | 19,973 | 595,807 | 540,669 | 0.3 | % | ||||||||||||
| Wheaton Precious Metals Corp | Materials | 3,590 | 446,355 | 403,229 | 0.2 | % | ||||||||||||
| Total North America | $ | 5,447,248 | $ | 5,406,566 | 3.3 | % | ||||||||||||
| Western Europe - 1.1% | ||||||||||||||||||
| Accor SA | Hospitality | 4,380 | 225,501 | 254,061 | 0.2 | % | ||||||||||||
| Arm Holdings Plc ADR (3) | Information Technology | 400 | 109,158 | 141,828 | 0.1 | % | ||||||||||||
| Dolby Laboratories Inc Class A | Health Care | 5,092 | 298,698 | 267,737 | 0.2 | % | ||||||||||||
| Universal Music Group NV | Communication | 45,531 | 1,064,715 | 953,856 | 0.6 | % | ||||||||||||
| Total Western Europe | $ | 1,698,072 | $ | 1,617,482 | 1.1 | % | ||||||||||||
| Total Common Stock - 4.6% | $ | 7,627,425 | $ | 7,431,266 | 4.6 | % | ||||||||||||
Number of Shares | Cost | Fair Value | % of Net Assets | |||||||||||||
| Money Market Fund - 29.8% | ||||||||||||||||
| State Street Institutional U.S. Government Money Market Fund - Premier Class (seven-day yield 3.58%) | 47,765,030 | $ | 47,765,030 | $ | 47,765,030 | 29.8 | % | |||||||||
| Total Money Market Fund - 29.8% | $ | 47,765,030 | $ | 47,765,030 | 29.8 | % | ||||||||||
| Total Investments - 101.2% | $ | 151,702,770 | $ | 162,225,447 | 101.2 | % | ||||||||||
| Liabilities Net of Receivables and Other Assets - (1.2%) | $ | (1,985,574 | ) | (1.2 | %) | |||||||||||
| Net Assets Applicable to 13,952,628 Shares Outstanding - 100.0% | $ | 160,239,873 | 100.0 | % | ||||||||||||
| (1) | Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. For investments that were acquired through multiple transactions, the acquisition date represents initial acquisition date of the Fund’s investment in the position. |
| (2) | Investment valued using unobservable inputs (Level 3). |
| (3) | Non-income producing. |
| (4) | Payment-in-kind (PIK). A portion of the income received was in the form of equity. |
| (5) | Investments made through participation agreements to which Partners Group is the counterparty. |
| (6) | The Private Fund Investments contains capital commitments. The general partner of the Private Fund Investments may call or distribute capital on a periodic basis. |
| (7) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Euribor (“E”), SOFR including SOFR adjustment, if any, (“S”) at the 'borrower's option which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates and E loans are typically indexed to 3 month. For each such loan, the Fund has provided the interest rate in effect on the date presented. |
| (8) | Payment-in-kind (PIK). A portion of the income received was in the form of additional par. |
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Lincoln Partners Group Royalty Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
The following foreign currency exchange contract was outstanding at June 30, 2026:
Foreign Currency Exchange Contract
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||
| USD | 2,934,895 | EUR | 2,516,000 | Bank of America | 08/26/2026 | $ | 52,263 | $ | - | |||||||||
| Total Foreign Currency Exchange Contract | $ | 52,263 | $ | - | ||||||||||||||
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the consolidated financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
Summary of Abbreviations:
ADR - American Depositary Receipts
EUR - Euro
Euribor - Euro Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
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