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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Accor SA</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Olympus Water US Holding Corporation</name>
        <lei>549300YU2GGVCBN3MY89</lei>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Planet Fitness Inc</name>
        <lei>549300LLE5HUPF6H8G33</lei>
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          <isin value="US72703H1014"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pre-Paid Legal Services Inc</name>
        <lei>549300DKH5WJ2J8QU878</lei>
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          <isin value="US74006LAS16"/>
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        <curCd>USD</curCd>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Restaurant Brands International Inc</name>
        <lei>5299009RXTX9DN9AKJ98</lei>
        <title>Restaurant Brands International Inc</title>
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          <isin value="CA76131D1033"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Royal Gold Inc</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>Royal Gold Inc</title>
        <cusip>780287108</cusip>
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          <isin value="US7802871084"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>State Street Global Advisors</name>
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          <isin value="US8574927062"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sony Group Corp</name>
        <lei>529900R5WX9N2OI2N910</lei>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Veritiv Corporation</name>
        <lei>5493004G8OK5L1UTIY12</lei>
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        <assetCat>LON</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Warner Music Group Corp</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PG US SM Holdings</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Uplift Music LP</name>
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        <fairValLevel>3</fairValLevel>
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        <name>PG US SM Access LLC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Lyric MMM Holding Co LP Class B Units</name>
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        <fairValLevel>3</fairValLevel>
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        <name>4010 Royalty Offshore FNT Fund, LP</name>
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        <fairValLevel>N/A</fairValLevel>
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        <name>Melody Offshore Jersey B LP</name>
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        <name>4010 Royalty River CI, LP</name>
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        <fairValLevel>N/A</fairValLevel>
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        <name>CEPG Harmony LP Inc</name>
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        <fairValLevel>3</fairValLevel>
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        <name>CEPG Harmony LP Inc</name>
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        <fairValLevel>3</fairValLevel>
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        <name>CEPG Harmony LP Inc</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Royfin Natural GAS LLC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Lyric MMM Intermediate Co LP</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Wheaton Precious Metals Corp</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>N/A</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>N/A</fairValLevel>
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        <name>Jones DesLauriers Insurance Management Inc.</name>
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    <signature>
      <ncom:dateSigned>2026-07-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Lincoln Partners Group Royalty Fund</ncom:nameOfApplicant>
      <ncom:signature>James Hoffmayer</ncom:signature>
      <ncom:signerName>James Hoffmayer</ncom:signerName>
      <ncom:title>VP</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
