Lincoln Bain Capital Total Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
| Investments(1) | Industry | Footnotes | Reference Rate and Spread(2) | Interest Rate(2) | Maturity Date | Par Amount/ Unit | Cost(3) | Fair Value | % of Net Assets | |||||||||||||||||||
| Collateralized Mortgage Obligations - 7.5% | ||||||||||||||||||||||||||||
| Barclays Commercial Mortgage Securities Trust | ||||||||||||||||||||||||||||
| Series 2023-5C23, Class C | Asset-Backed Securities | 7.70 | % | 12/15/2056 | 1,500,000 | $ | 1,469,526 | $ | 1,447,809 | 0.4 | % | |||||||||||||||||
| Citigroup Commercial Mortgage Trust | ||||||||||||||||||||||||||||
| Series 2016-GC36, Class B | Asset-Backed Securities | 4.80 | % | 2/10/2049 | 1,000,000 | 947,615 | 957,861 | 0.3 | % | |||||||||||||||||||
| Citigroup Commercial Mortgage Trust | ||||||||||||||||||||||||||||
| Series 2016-P4, Class C | Asset-Backed Securities | 3.84 | % | 7/10/2049 | 2,150,000 | 1,995,280 | 1,971,111 | 0.6 | % | |||||||||||||||||||
| Citigroup Commercial Mortgage Trust | ||||||||||||||||||||||||||||
| Series 2020-555, Class E | Asset-Backed Securities | 3.62 | % | 12/10/2041 | 2,200,000 | 1,987,458 | 1,963,576 | 0.6 | % | |||||||||||||||||||
| Cross Mortgage Trust | ||||||||||||||||||||||||||||
| Series 2026-NQM7, Class B1 | Asset-Backed Securities | 6.81 | % | 6/25/2071 | 400,000 | 396,957 | 396,470 | 0.1 | % | |||||||||||||||||||
| CSAIL Commercial Mortgage Trust | ||||||||||||||||||||||||||||
| Series 2016-C6, Class D | Asset-Backed Securities | 4.89 | % | 1/15/2049 | 1,700,000 | 1,410,506 | 1,449,624 | 0.4 | % | |||||||||||||||||||
| GS Mortgage Securities Corp Trust | ||||||||||||||||||||||||||||
| Series 2013-PEMB, Class A | Asset-Backed Securities | 3.67 | % | 3/5/2033 | 2,350,000 | 1,962,003 | 1,939,005 | 0.6 | % | |||||||||||||||||||
| GS Mortgage-Backed Securities Trust | ||||||||||||||||||||||||||||
| Series 2025-DSC1, Class B2 | Asset-Backed Securities | 7.14 | % | 6/25/2065 | 250,000 | 247,969 | 247,438 | 0.1 | % | |||||||||||||||||||
| GS Mortgage-Backed Securities Trust | ||||||||||||||||||||||||||||
| Series 2026-NQM3, Class B1 | Asset-Backed Securities | 7.02 | % | 5/25/2066 | 500,000 | 497,936 | 497,705 | 0.1 | % | |||||||||||||||||||
| GS Mortgage-Backed Securities Trust | ||||||||||||||||||||||||||||
| Series 2026-NQM3, Class B2 | Asset-Backed Securities | 7.18 | % | 5/25/2066 | 550,000 | 533,139 | 530,912 | 0.2 | % | |||||||||||||||||||
| GS Mortgage-Backed Securities Trust | ||||||||||||||||||||||||||||
| Series 2026-NQM4, Class B1 | Asset-Backed Securities | 7.11 | % | 6/25/2066 | 500,000 | 499,991 | 499,210 | 0.1 | % | |||||||||||||||||||
| GS Mortgage-Backed Securities Trust | ||||||||||||||||||||||||||||
| Series 2026-NQM4, Class B2 | Asset-Backed Securities | 7.13 | % | 6/25/2066 | 850,000 | 819,339 | 818,619 | 0.2 | % | |||||||||||||||||||
| HOMES Trust | ||||||||||||||||||||||||||||
| Series 2025-NQM4, Class B2 | Asset-Backed Securities | 7.23 | % | 8/25/2070 | 1,517,000 | 1,495,439 | 1,497,898 | 0.4 | % | |||||||||||||||||||
| HOMES Trust | ||||||||||||||||||||||||||||
| Series 2026-NQM3, Class B2 | Asset-Backed Securities | 6.85 | % | 4/27/2071 | 1,057,000 | 1,012,080 | 1,005,176 | 0.3 | % | |||||||||||||||||||
| JPMBB Commercial Mortgage Securities Trust | ||||||||||||||||||||||||||||
| Series 2015-C30, Class B | Asset-Backed Securities | 4.24 | % | 7/15/2048 | 2,000,000 | 1,893,235 | 1,901,179 | 0.6 | % | |||||||||||||||||||
| LSTAR Commercial Mortgage Trust | ||||||||||||||||||||||||||||
| Series 2017-5, Class D | Asset-Backed Securities | 4.83 | % | 3/10/2050 | 1,750,000 | 1,457,552 | 1,532,631 | 0.5 | % | |||||||||||||||||||
| Magen Capital Group Trust | ||||||||||||||||||||||||||||
| Series 2026-RTL1, Class M | Asset-Backed Securities | 9.06 | % | 3/25/2031 | 1,000,000 | 999,995 | 997,769 | 0.3 | % | |||||||||||||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||||||||||||||||||||||
| Series 2015-C22, Class C | Asset-Backed Securities | 4.09 | % | 4/15/2048 | 50,000 | 42,541 | 42,042 | 0.0 | % | |||||||||||||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||||||||||||||||||||||
| Series 2016-C31, Class C | Asset-Backed Securities | 4.36 | % | 11/15/2049 | 1,300,000 | 1,208,660 | 1,213,976 | 0.4 | % | |||||||||||||||||||
| Morgan Stanley Capital I Trust | ||||||||||||||||||||||||||||
| Series 2015-MS1, Class D | Asset-Backed Securities | 4.16 | % | 5/15/2048 | 500,000 | 404,296 | 393,548 | 0.1 | % | |||||||||||||||||||
| New Residential Mortgage Loan Trust | ||||||||||||||||||||||||||||
| Series 2026-NQM5, Class B2 | Asset-Backed Securities | 6.59 | % | 4/25/2066 | 1,263,000 | 1,211,243 | 1,206,878 | 0.4 | % | |||||||||||||||||||
| Verus Securitization Trust | ||||||||||||||||||||||||||||
| Series 2026-2, Class B2 | Asset-Backed Securities | 6.87 | % | 2/25/2071 | 100,000 | 97,769 | 97,058 | 0.0 | % | |||||||||||||||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||||||||||||||||||||||
| Series 2015-C31, Class D | Asset-Backed Securities | 3.85 | % | 11/15/2048 | 1,216,000 | 1,108,778 | 1,087,399 | 0.3 | % | |||||||||||||||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||||||||||||||||||||||
| Series 2015-SG1, Class C | Asset-Backed Securities | 4.43 | % | 9/15/2048 | 1,337,004 | 1,290,958 | 1,276,615 | 0.4 | % | |||||||||||||||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||||||||||||||||||||||
| Series 2016-C33, Class D | Asset-Backed Securities | 3.12 | % | 3/15/2059 | 250,986 | 230,562 | 244,383 | 0.1 | % | |||||||||||||||||||
| Collateralized Mortgage Obligations Total - 7.5% | $ | 25,220,827 | $ | 25,215,892 | 7.5 | % | ||||||||||||||||||||||
| Common Stocks - 0.0% | ||||||||||||||||||||||||||||
| Polar Technology Buyer Ltd. | Aerospace & Defense | (4)(11) | 5,330 | $ | 5,330 | $ | 5,330 | 0.0 | % | |||||||||||||||||||
| Common Stocks Total - 0.0% | $ | 5,330 | $ | 5,330 | 0.0 | % | ||||||||||||||||||||||
| Limited Partnership - 0.0% | ||||||||||||||||||||||||||||
| BCC ESI Investments 3, LLC | Aerospace & Defense | (4)(11) | 73,000 | $ | 73,000 | $ | 73,000 | 0.0 | % | |||||||||||||||||||
| Limited Partnership Total - 0.0% | $ | 73,000 | $ | 73,000 | 0.0 | % | ||||||||||||||||||||||
2
Lincoln Bain Capital Total Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
| Investments(1) | Industry | Footnotes | Reference Rate and Spread(2) | Interest Rate(2) | Maturity Date | Par Amount/ Unit | Cost(3) | Fair Value | % of Net Assets | |||||||||||||||||||
| Loan Agreements - 59.3% | ||||||||||||||||||||||||||||
| Delayed Draw Term Loan | ||||||||||||||||||||||||||||
| Acuity Eyecare Holdings LLC | Healthcare & Pharmaceuticals | (4)(10) | S+ 5.75% | 9.60 | % | 3/27/2027 | 2,040,075 | $ | 2,040,075 | $ | 2,040,075 | 0.6 | % | |||||||||||||||
| Acuity Eyecare Holdings LLC | Healthcare & Pharmaceuticals | (4)(10) | S+ 5.75% | 9.59 | % | 3/27/2027 | 2,037,910 | 2,037,910 | 2,037,910 | 0.6 | % | |||||||||||||||||
| Acuity Eyecare Holdings LLC | Healthcare & Pharmaceuticals | (4)(10) | S+ 5.75% | 9.59 | % | 3/27/2027 | 448,825 | 448,825 | 448,825 | 0.1 | % | |||||||||||||||||
| Acuity Eyecare Holdings LLC | Healthcare & Pharmaceuticals | (4) | S+ 5.75% | 9.58 | % | 3/27/2027 | 4,997,733 | 4,922,767 | 4,997,733 | 1.5 | % | |||||||||||||||||
| P+ 4.75% | 11.50 | % | 3/27/2027 | |||||||||||||||||||||||||
| Alogent Holdings Inc. | Services: Business | (4)(5)(6) | 1/21/2032 | - | - | (20,920 | ) | 0.0 | % | |||||||||||||||||||
| Atlas Bidco Pty Ltd | Services: Consumer | (4)(5)(6) | 6/20/2033 | AUD | - | (3,081 | ) | - | 0.0 | % | ||||||||||||||||||
| Blackbird Purchaser Inc. | Capital Equipment | (5)(6)(10) | 12/19/2030 | - | (597 | ) | (2,600 | ) | 0.0 | % | ||||||||||||||||||
| Discovery SL Management, LLC | Services: Business | (4)(5)(6) | 3/18/2030 | - | (536 | ) | (561 | ) | 0.0 | % | ||||||||||||||||||
| Easy Ice, LLC | Services: Business | (4)(5)(6)(10) | S+ 5.37% | 9.12 | % | 10/30/2030 | 472,586 | 464,997 | 472,586 | 0.2 | % | |||||||||||||||||
| ERA Industries, LLC | Aerospace & Defense | (4)(5)(6) | S+ 5.00% | 8.69 | % | 7/25/2030 | 1,696,272 | 1,686,411 | 1,696,272 | 0.5 | % | |||||||||||||||||
| Harbor IT, LLC | High Tech Industries | (4)(5)(6) | 3/13/2031 | - | (5,328 | ) | (21,310 | ) | 0.0 | % | ||||||||||||||||||
| HLSG Intermediate, LLC | Services: Business | (4)(5)(6) | S+ 4.75% | 8.41 | % | 2/2/2033 | 1,088,310 | 1,079,048 | 1,076,597 | 0.3 | % | |||||||||||||||||
| ICAT Logistics, Inc. | Transportation: Cargo | (4)(5)(6) | 3/1/2029 | - | (24,825 | ) | (34,528 | ) | 0.0 | % | ||||||||||||||||||
| Lightspeed Buyer Inc. | Healthcare & Pharmaceuticals | (4)(5)(6) | 2/6/2032 | - | (3,558 | ) | (10,160 | ) | 0.0 | % | ||||||||||||||||||
| Margaux Acquisition Inc. | Insurance | (4)(10) | S+ 4.75% | 8.63 | % | 12/19/2027 | 789,505 | 789,505 | 789,505 | 0.2 | % | |||||||||||||||||
| Margaux Acquisition Inc. | Insurance | (10) | S+ 4.75% | 8.63 | % | 12/19/2027 | 324,805 | 324,805 | 324,750 | 0.1 | % | |||||||||||||||||
| Mecp1 Reno 1, LLC | Telecommunications | (4)(5)(6) | S+ 3.75% | 7.39 | % | 12/18/2028 | 2,291,821 | 1,929,921 | 1,929,921 | 0.6 | % | |||||||||||||||||
| Mid-Atlantic Solutions, Inc. | Services: Business | (4)(5)(6) | 4/5/2032 | - | (3,958 | ) | (4,125 | ) | 0.0 | % | ||||||||||||||||||
| Monarch Collective Holding LLC | Services: Consumer | (4)(5)(6) | S+ 5.00% | 8.74 | % | 3/17/2032 | 6,613 | 1,089 | (4,436 | ) | 0.0 | % | ||||||||||||||||
| Morrow Sodali Global LLC | Services: Business | (4)(5)(6) | 10/25/2029 | - | (6,495 | ) | - | 0.0 | % | |||||||||||||||||||
| ORBCOMM Inc. | High Tech Industries | (4)(5)(6) | S+ 5.25% | 8.89 | % | 4/27/2032 | 128,252 | 125,401 | 125,962 | 0.0 | % | |||||||||||||||||
| Orchard Park BidCo, Inc. | Consumer goods: Non-durable | (4)(5)(6) | 4/21/2033 | - | (2,948 | ) | (3,033 | ) | 0.0 | % | ||||||||||||||||||
| Paris Merger Sub Inc. | High Tech Industries | (4)(5)(6) | 3/17/2033 | - | (4,170 | ) | (11,120 | ) | 0.0 | % | ||||||||||||||||||
| Sports Operating Holdings II, LLC | Media: Advertising, Printing & Publishing | (5)(6) | 6/30/2032 | - | (3,650 | ) | (3,650 | ) | 0.0 | % | ||||||||||||||||||
| Titan Cloud Software, Inc. | High Tech Industries | (4)(5)(6) | 9/7/2029 | - | - | - | 0.0 | % | ||||||||||||||||||||
| TL Sapphire Holdings Inc. | Construction & Building | (4)(5)(6) | S+ 5.00% | 8.66 | % | 1/24/2033 | 442,340 | 438,790 | 436,018 | 0.1 | % | |||||||||||||||||
| TVG Shelby Buyer Inc. | Healthcare & Pharmaceuticals | (4)(5)(6)(10) | S+ 5.50% | 9.23 | % | 3/27/2028 | 1,027,849 | 1,022,702 | 1,027,849 | 0.3 | % | |||||||||||||||||
| Vessco Midco Holdings, LLC | Utilities: Water | (5)(6)(10) | S+ 4.50% | 8.19 | % | 7/24/2031 | 660,800 | 657,833 | 647,360 | 0.2 | % | |||||||||||||||||
| Vessco Midco Holdings, LLC | Utilities: Water | (5)(6) | S+ 4.50% | 8.37 | % | 7/24/2031 | - | (2,958 | ) | (26,740 | ) | 0.0 | % | |||||||||||||||
| Wasabi Technologies LLC | High Tech Industries | (4)(5)(6) | 4/8/2031 | - | (19,986 | ) | (20,950 | ) | 0.0 | % | ||||||||||||||||||
| $ | 17,887,989 | $ | 17,887,230 | 5.3 | % | |||||||||||||||||||||||
| Revolver | ||||||||||||||||||||||||||||
| AeriTek Global CAD Acquisition Inc. | Capital Equipment | (4)(5)(6) | S+ 6.50% | 10.16 | % | 8/27/2030 | 67,932 | $ | 65,379 | $ | 64,354 | 0.0 | % | |||||||||||||||
| Alogent Holdings Inc. | Services: Business | (4)(5)(6) | 1/21/2032 | - | (2,766 | ) | (5,960 | ) | 0.0 | % | ||||||||||||||||||
| AMI Buyer Inc. | Services: Business | (4)(5)(6) | 10/17/2031 | - | (3,826 | ) | - | 0.0 | % | |||||||||||||||||||
| ASP-R-PAC Acquisition CO LLC | Containers, Packaging, & Glass | (4)(5)(6) | 12/31/2030 | - | (1,805 | ) | - | 0.0 | % | |||||||||||||||||||
| Atlas Bidco Pty Ltd | Services: Consumer | (4)(5)(6) | 6/20/2033 | AUD | - | (2,154 | ) | (1,322 | ) | 0.0 | % | |||||||||||||||||
| Atlas US Finco Inc. | High Tech Industries | (4)(5)(6) | 12/9/2028 | - | - | - | 0.0 | % | ||||||||||||||||||||
| Blackbird Purchaser Inc. | Capital Equipment | (5)(6) | S+ 5.75% | 9.44 | % | 12/19/2029 | 156,642 | 155,548 | 141,248 | 0.1 | % | |||||||||||||||||
| 5.75 | % | 12/19/2029 | ||||||||||||||||||||||||||
| Chase Industries, Inc. | Construction & Building | (4)(5)(6) | S+ 5.00% | 8.65 | % | 5/11/2029 | 67,689 | 54,490 | 58,890 | 0.0 | % | |||||||||||||||||
| 5.00 | % | 5/11/2029 | ||||||||||||||||||||||||||
| Crow River Buyer Inc. | Services: Business | (4)(5)(6) | 1/31/2029 | - | - | - | 0.0 | % | ||||||||||||||||||||
| Discovery SL Management, LLC | Services: Business | (4)(5)(6) | 3/18/2030 | - | (350 | ) | (175 | ) | 0.0 | % | ||||||||||||||||||
| DTIQ Technologies Inc. | Services: Business | (4) | S+ 7.50% | 11.14 | % | 9/30/2029 | 563,000 | 555,989 | 551,740 | 0.2 | % | |||||||||||||||||
| Easy Ice, LLC | Services: Business | (4)(5)(6) | S+ 5.29% | 9.06 | % | 10/30/2030 | 91,626 | 86,473 | 91,626 | 0.0 | % | |||||||||||||||||
| G3 Frax Acquisition LLC | High Tech Industries | (4)(5)(6) | S+ 6.00% | 9.63 | % | 1/30/2032 | 63,840 | 59,508 | 54,530 | 0.0 | % | |||||||||||||||||
| Harbor IT, LLC | High Tech Industries | (4)(5)(6) | S+ 5.00% | 8.64 | % | 3/13/2031 | 142,133 | 139,468 | 136,803 | 0.1 | % | |||||||||||||||||
| HLSG Intermediate, LLC | Services: Business | (4)(5)(6) | 2/2/2033 | - | (3,320 | ) | (4,700 | ) | 0.0 | % | ||||||||||||||||||
| Kids2, LLC | Consumer goods: Durable | (4)(5)(6) | S+ 6.00% | 9.73 | % | 4/14/2031 | 113,600 | 102,240 | 102,240 | 0.0 | % | |||||||||||||||||
| Lightspeed Buyer Inc. | Healthcare & Pharmaceuticals | (4)(5)(6) | S+ 4.75% | 8.40 | % | 2/6/2032 | 108,480 | 106,106 | 105,090 | 0.0 | % | |||||||||||||||||
| Lindstrom, LLC | Wholesale | (4)(5)(6) | 12/30/2032 | - | (6,414 | ) | (3,063 | ) | 0.0 | % | ||||||||||||||||||
| Margaux Acquisition Inc. | Insurance | (5)(6) | S+ 4.75% | 8.63 | % | 12/19/2027 | 96,620 | 96,620 | 84,449 | 0.0 | % | |||||||||||||||||
| Mid-Atlantic Solutions, Inc. | Services: Business | (4)(5)(6) | 4/5/2032 | - | (3,958 | ) | (4,125 | ) | 0.0 | % | ||||||||||||||||||
| Monarch Collective Holding LLC | Services: Consumer | (4)(5)(6) | S+ 5.00% | 8.73 | % | 3/17/2032 | 44,200 | 43,095 | 41,990 | 0.0 | % | |||||||||||||||||
| Morrow Sodali Global LLC | Services: Business | (4)(5)(6) | 10/25/2029 | - | (6,580 | ) | - | 0.0 | % | |||||||||||||||||||
| ORBCOMM Inc. | High Tech Industries | (4)(5)(6) | 4/27/2032 | - | (5,333 | ) | (5,497 | ) | 0.0 | % | ||||||||||||||||||
| Orchard Park BidCo, Inc. | Consumer goods: Non-durable | (4)(5)(6) | 4/21/2033 | - | (6,290 | ) | (6,470 | ) | 0.0 | % | ||||||||||||||||||
| Paris Merger Sub Inc. | High Tech Industries | (4)(5)(6) | 3/17/2033 | - | (4,178 | ) | (5,570 | ) | 0.0 | % | ||||||||||||||||||
| Phlur LLC | Consumer goods: Non-durable | (4)(5)(6) | S+ 5.25% | 8.90 | % | 5/3/2032 | 103,200 | 100,620 | 100,620 | 0.0 | % | |||||||||||||||||
| Polar Technology Buyer Ltd. | Aerospace & Defense | (4)(5)(6) | SO+ 5.75% | 9.48 | % | 2/27/2032 | GBP | 17,600 | 23,321 | 23,054 | 0.0 | % | ||||||||||||||||
| Saturn Purchaser Corp. | Aerospace & Defense | (4)(5)(6) | 7/22/2030 | - | - | - | 0.0 | % | ||||||||||||||||||||
| Shennong Buyer, Inc. | Beverage, Food, & Tobacco | (4)(5)(6) | S+ 5.00% | 8.73 | % | 5/6/2033 | 559,850 | 552,450 | 552,284 | 0.2 | % | |||||||||||||||||
| Sports Operating Holdings II, LLC | Media: Advertising, Printing & Publishing | (5)(6) | 6/30/2032 | - | (5,475 | ) | (5,475 | ) | 0.0 | % | ||||||||||||||||||
| TL Sapphire Holdings Inc. | Construction & Building | (4)(5)(6) | 1/24/2033 | - | (3,552 | ) | (7,590 | ) | 0.0 | % | ||||||||||||||||||
| TVG Shelby Buyer Inc. | Healthcare & Pharmaceuticals | (4)(5)(6) | 3/27/2028 | - | - | - | 0.0 | % | ||||||||||||||||||||
| Varo ESI Buyer, LLC | Aerospace & Defense | (4)(5)(6) | 5/10/2032 | - | (1,455 | ) | (1,455 | ) | 0.0 | % | ||||||||||||||||||
| Vatica Health, Inc. | Healthcare & Pharmaceuticals | (4)(5)(6) | 10/29/2032 | - | (4,248 | ) | - | 0.0 | % | |||||||||||||||||||
| Vessco Midco Holdings, LLC | Utilities: Water | (5)(6) | 7/24/2031 | - | (1,003 | ) | (6,317 | ) | 0.0 | % | ||||||||||||||||||
| Wasabi Technologies LLC | High Tech Industries | (4)(5)(6) | 4/8/2031 | - | (5,781 | ) | (6,060 | ) | 0.0 | % | ||||||||||||||||||
| $ | 2,072,819 | $ | 2,045,139 | 0.6 | % | |||||||||||||||||||||||
3
Lincoln Bain Capital Total Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
| Investments(1) | Industry | Footnotes | Reference Rate and Spread(2) | Interest Rate(2) | Maturity Date | Par Amount/ Unit | Cost(3) | Fair Value | % of Net Assets | |||||||||||||||||||
| Subordinated Debt | ||||||||||||||||||||||||||||
| Allo Holdco Borrower LLC | Telecommunications | (4)(7) | 15.50 | % | 4/16/2032 | 5,449,363 | $ | 5,374,363 | $ | 5,367,622 | 1.6 | % | ||||||||||||||||
| Ally Waste Services Intermediate, LLC | Services: Business | (4)(7) | 14.50 | % | 12/1/2032 | 3,125,000 | 3,094,145 | 3,093,750 | 0.9 | % | ||||||||||||||||||
| CWS Holdings I-A Corp. | Services: Consumer | (4)(7) | 16.50 | % | 7/19/2030 | 7,856,284 | 7,702,420 | 7,699,157 | 2.3 | % | ||||||||||||||||||
| $ | 16,170,928 | $ | 16,160,529 | 4.8 | % | |||||||||||||||||||||||
| Term Loan | ||||||||||||||||||||||||||||
| 1375 Mezz LLC | Real Estate | (4)(5)(6) | S+ 4.50% | 8.16 | % | 2/1/2029 | 411,889 | $ | 409,070 | $ | 408,599 | 0.1 | % | |||||||||||||||
| 1375 Owner LLC | Real Estate | (4) | S+ 4.50% | 8.17 | % | 2/1/2029 | 3,877,500 | 3,860,885 | 3,858,113 | 1.1 | % | |||||||||||||||||
| 1375 Owner LLC | Real Estate | (4)(5)(6) | S+ 4.50% | 8.16 | % | 2/1/2029 | 114,740 | 113,028 | 112,742 | 0.0 | % | |||||||||||||||||
| 1375 Owner LLC | Real Estate | (4)(5)(6) | S+ 4.50% | 8.15 | % | 2/1/2029 | 16,229 | 15,927 | 15,876 | 0.0 | % | |||||||||||||||||
| Acuity Eyecare Holdings LLC | Healthcare & Pharmaceuticals | (4)(10) | S+ 5.75% | 9.63 | % | 3/27/2027 | 400,864 | 400,864 | 400,864 | 0.1 | % | |||||||||||||||||
| AeriTek Global CAD Acquisition Inc. | Capital Equipment | (4)(10) | S+ 6.75% | 10.42 | % | 8/27/2030 | 2,053,073 | 2,031,105 | 2,022,277 | 0.6 | % | |||||||||||||||||
| Aeritek Global US Acq Inc. | Capital Equipment | (4) | S+ 6.75% | 10.42 | % | 8/27/2030 | 6,886,961 | 6,815,027 | 6,783,655 | 2.0 | % | |||||||||||||||||
| Alogent Holdings Inc. | Services: Business | (4)(10) | S+ 6.50% | 10.17 | % | 1/21/2032 | 3,204,968 | 3,175,220 | 3,140,868 | 0.9 | % | |||||||||||||||||
| AMI Buyer Inc. | Services: Business | (4)(10) | S+ 5.00% | 8.70 | % | 10/17/2031 | 4,308,463 | 4,281,364 | 4,308,463 | 1.3 | % | |||||||||||||||||
| ASP-R-PAC Acquisition CO LLC | Containers, Packaging, & Glass | (4)(10) | S+ 5.25% | 8.89 | % | 12/31/2030 | 5,679,106 | 5,637,598 | 5,679,106 | 1.7 | % | |||||||||||||||||
| Atlas Bidco Pty Ltd | Services: Consumer | (4) | BBSW+ 5.00% | 9.51 | % | 6/20/2033 | AUD | 1,529,081 | 1,067,238 | 1,053,366 | 0.3 | % | ||||||||||||||||
| Atlas US Finco Inc. | High Tech Industries | (4)(10) | S+ 4.50% | 8.16 | % | 12/9/2029 | 4,321,030 | 4,321,030 | 4,321,030 | 1.3 | % | |||||||||||||||||
| Blackbird Purchaser Inc. | Capital Equipment | (10) | S+ 5.75% | 9.48 | % | 12/19/2030 | 2,184,603 | 2,175,548 | 2,143,170 | 0.6 | % | |||||||||||||||||
| Chase Industries, Inc. | Construction & Building | (4) | S+ 5.00% | 8.67 | % | 11/12/2029 | 2,657,217 | 2,617,359 | 2,630,645 | 0.8 | % | |||||||||||||||||
| Crow River Buyer Inc. | Services: Business | (4)(10) | S+ 5.00% | 8.66 | % | 1/31/2029 | 3,969,291 | 3,969,291 | 3,969,291 | 1.2 | % | |||||||||||||||||
| Discovery SL Management, LLC | Services: Business | (4)(10) | S+ 5.00% | 8.66 | % | 3/18/2030 | 1,737,886 | 1,721,267 | 1,729,196 | 0.5 | % | |||||||||||||||||
| DTIQ Technologies Inc. | Services: Business | (4)(10) | S+ 7.50% | 11.14 | % | 9/30/2029 | 3,630,571 | 3,584,981 | 3,557,960 | 1.1 | % | |||||||||||||||||
| Easy Ice, LLC | Services: Business | (4)(10) | S+ 5.25% | 9.06 | % | 10/30/2030 | 3,601,066 | 3,559,316 | 3,601,066 | 1.1 | % | |||||||||||||||||
| Ergotron Acquisition LLC | Capital Equipment | (4)(10) | S+ 5.25% | 8.89 | % | 7/6/2028 | 4,916,435 | 4,916,435 | 4,916,435 | 1.5 | % | |||||||||||||||||
| FBWS Development Senior LLC | Real Estate | (4)(5)(6) | S+ 3.25% | 6.89 | % | 3/16/2029 | 90,531 | 89,294 | 89,294 | 0.0 | % | |||||||||||||||||
| FBWS Development Senior LLC | Real Estate | (4)(5)(6) | S+ 3.25% | 6.89 | % | 3/16/2029 | 2,534,191 | 2,520,902 | 2,520,902 | 0.7 | % | |||||||||||||||||
| FC Dolmans B.V. | Environmental Industries | (4) | E+ 5.25% | 7.54 | % | 3/4/2033 | EUR | 343,035 | 395,300 | 389,012 | 0.1 | % | ||||||||||||||||
| FC Dolmans B.V. | Environmental Industries | (4)(5)(6) | E+ 5.25% | 7.54 | % | 3/4/2033 | EUR | 51,127 | 58,178 | 56,864 | 0.0 | % | ||||||||||||||||
| G3 Frax Acquisition LLC | High Tech Industries | (4) | S+ 6.00% | 9.66 | % | 1/30/2032 | 4,468,000 | 4,431,617 | 4,389,810 | 1.3 | % | |||||||||||||||||
| Harbor IT, LLC | High Tech Industries | (4)(10) | S+ 5.00% | 8.64 | % | 3/13/2031 | 2,350,584 | 2,339,517 | 2,327,079 | 0.7 | % | |||||||||||||||||
| HLSG Intermediate, LLC | Services: Business | (4)(10) | S+ 4.75% | 8.42 | % | 2/2/2033 | 2,706,218 | 2,687,104 | 2,679,155 | 0.8 | % | |||||||||||||||||
| INW Manufacturing, LLC | Beverage, Food, & Tobacco | (4)(10) | S+ 5.75% | 9.42 | % | 1/23/2031 | 4,477,500 | 4,436,556 | 4,410,338 | 1.3 | % | |||||||||||||||||
| Kids2, LLC | Consumer goods: Durable | (4)(10) | S+ 6.00% | 9.67 | % | 4/14/2031 | 5,957,000 | 5,899,931 | 5,897,429 | 1.7 | % | |||||||||||||||||
| Lightspeed Buyer Inc. | Healthcare & Pharmaceuticals | (4) | S+ 4.75% | 8.48 | % | 2/6/2032 | 1,283,000 | 1,274,014 | 1,270,170 | 0.4 | % | |||||||||||||||||
| Lindstrom, LLC | Wholesale | (4)(10) | S+ 5.50% | 9.24 | % | 12/30/2032 | 3,984,915 | 3,943,188 | 3,964,990 | 1.2 | % | |||||||||||||||||
| Margaux Acquisition Inc. | Insurance | (4)(10) | S+ 4.75% | 8.63 | % | 12/19/2027 | 2,431,234 | 2,431,234 | 2,431,234 | 0.7 | % | |||||||||||||||||
| Margaux Acquisition Inc. | Insurance | (10) | S+ 4.75% | 8.63 | % | 12/19/2027 | 288,188 | 288,188 | 288,139 | 0.1 | % | |||||||||||||||||
| Margaux Acquisition Inc. | Insurance | (4)(10) | S+ 4.75% | 8.63 | % | 12/19/2027 | 801,536 | 801,536 | 801,536 | 0.2 | % | |||||||||||||||||
| Mid-Atlantic Solutions, Inc. | Services: Business | (4)(10) | S+ 5.50% | 9.17 | % | 4/5/2032 | 3,703,718 | 3,685,950 | 3,685,199 | 1.1 | % | |||||||||||||||||
| Monarch Collective Holding LLC | Services: Consumer | (4)(10) | S+ 5.00% | 8.73 | % | 3/17/2032 | 1,122,188 | 1,116,838 | 1,110,966 | 0.3 | % | |||||||||||||||||
| Morrow Sodali Global LLC | Services: Business | (4)(10) | S+ 5.00% | 8.62 | % | 4/28/2028 | 3,539,762 | 3,522,606 | 3,539,762 | 1.0 | % | |||||||||||||||||
| ORBCOMM Inc. | High Tech Industries | (4)(10) | S+ 5.25% | 8.94 | % | 4/27/2032 | 3,888,738 | 3,860,438 | 3,859,573 | 1.1 | % | |||||||||||||||||
| Orchard Park BidCo, Inc. | Consumer goods: Non-durable | (4)(10) | S+ 5.00% | 8.73 | % | 4/21/2033 | 2,589,000 | 2,576,414 | 2,576,055 | 0.8 | % | |||||||||||||||||
| Paris Merger Sub Inc. | High Tech Industries | (4) | S+ 4.75% | 8.48 | % | 3/17/2033 | 2,215,448 | 2,198,832 | 2,193,293 | 0.7 | % | |||||||||||||||||
| Phlur LLC | Consumer goods: Non-durable | (4)(10) | S+ 5.25% | 8.91 | % | 5/3/2032 | 3,010,000 | 2,995,353 | 2,994,950 | 0.9 | % | |||||||||||||||||
| Polar Technology Buyer Ltd. | Aerospace & Defense | (4) | S+ 5.75% | 9.48 | % | 2/27/2032 | 174,563 | 234,139 | 230,391 | 0.1 | % | |||||||||||||||||
| Polar Technology Buyer Ltd. | Aerospace & Defense | (4)(5)(6) | 2/27/2032 | GBP | - | (1,662 | ) | (1,161 | ) | 0.0 | % | |||||||||||||||||
| Primeflight Acquisition LLC | Transportation: Consumer | (4)(10) | S+ 5.50% | 9.16 | % | 5/1/2029 | 3,928,254 | 3,928,254 | 3,928,254 | 1.2 | % | |||||||||||||||||
| Primeflight Acquisition LLC | Transportation: Consumer | (4)(10) | S+ 5.50% | 9.23 | % | 5/1/2029 | 995,643 | 995,643 | 995,643 | 0.3 | % | |||||||||||||||||
| RCP NATS Purchaser LLC 2026 1st Amd Inc. | Healthcare & Pharmaceuticals | (4)(10) | S+ 5.00% | 8.70 | % | 3/19/2032 | 4,925,280 | 4,876,282 | 4,925,280 | 1.5 | % | |||||||||||||||||
| Saturn Purchaser Corp. | Aerospace & Defense | (4)(10) | S+ 4.85% | 8.51 | % | 7/22/2030 | 4,305,760 | 4,305,760 | 4,305,760 | 1.3 | % | |||||||||||||||||
| Shennong Buyer, Inc. | Beverage, Food, & Tobacco | (4)(10) | S+ 5.00% | 8.73 | % | 5/6/2033 | 6,405,812 | 6,374,455 | 6,373,783 | 1.9 | % | |||||||||||||||||
| Sports Operating Holdings II, LLC | Media: Advertising, Printing & Publishing | (10) | S+ 5.25% | 8.89 | % | 6/30/2032 | 7,327,000 | 7,290,380 | 7,290,380 | 2.2 | % | |||||||||||||||||
| Substantial Holdco Limited | Telecommunications | (4)(5)(6)(7) | 12.00 | % | 4/20/2030 | GBP | 1,964,750 | 2,580,922 | 2,582,155 | 0.8 | % | |||||||||||||||||
| Titan Cloud Software, Inc. | High Tech Industries | (4) | S+ 5.75% | 9.43 | % | 9/7/2029 | 710,627 | 707,291 | 710,627 | 0.2 | % | |||||||||||||||||
| TL Sapphire Holdings Inc. | Construction & Building | (4)(10) | S+ 5.00% | 8.66 | % | 1/24/2033 | 3,472,298 | 3,456,029 | 3,437,575 | 1.0 | % | |||||||||||||||||
| TVG Shelby Buyer Inc. | Healthcare & Pharmaceuticals | (4)(10) | S+ 5.50% | 9.23 | % | 3/27/2028 | 1,953,106 | 1,953,106 | 1,953,106 | 0.6 | % | |||||||||||||||||
| Vacation Rental Brands LLC | Hotel, Gaming, & Leisure | (4) | S+ 5.25% | 8.98 | % | 5/6/2032 | 6,909,280 | 6,860,626 | 6,909,279 | 2.1 | % | |||||||||||||||||
| Varo ESI Buyer, LLC | Aerospace & Defense | (4)(10) | S+ 5.50% | 9.15 | % | 5/10/2032 | 1,457,000 | 1,449,888 | 1,449,715 | 0.4 | % | |||||||||||||||||
| Vatica Health, Inc. | Healthcare & Pharmaceuticals | (4)(10) | S+ 4.25% | 7.98 | % | 10/29/2032 | 4,656,270 | 4,614,001 | 4,656,270 | 1.4 | % | |||||||||||||||||
| Vessco Midco Holdings, LLC | Utilities: Water | (10) | S+ 4.50% | 8.14 | % | 7/24/2031 | 2,015,000 | 2,006,005 | 1,974,700 | 0.6 | % | |||||||||||||||||
| Vessco Midco Holdings, LLC | Utilities: Water | (10) | S+ 4.50% | 8.19 | % | 7/24/2031 | 1,375,000 | 1,368,915 | 1,347,500 | 0.4 | % | |||||||||||||||||
| Wasabi Technologies LLC | High Tech Industries | (4)(10) | S+ 6.50% | 10.23 | % | 4/8/2031 | 4,609,000 | 4,521,060 | 4,516,820 | 1.3 | % | |||||||||||||||||
| $ | 163,746,637 | $ | 163,714,549 | 48.6 | % | |||||||||||||||||||||||
| Loan Agreements Total - 59.3% | $ | 199,878,373 | $ | 199,807,447 | 59.3 | % | ||||||||||||||||||||||
| Money Market Fund - 12.1% | ||||||||||||||||||||||||||||
| JPMorgan U.S. Government Money Market Fund | (8) | 3.60 | % | 4,162,502 | $ | 4,162,502 | $ | 4,162,502 | 1.3 | % | ||||||||||||||||||
| State Street Institutional U.S. Government Money Market Fund Premier Class | (8) | 3.58 | % | 36,446,073 | 36,446,073 | 36,446,073 | 10.8 | % | ||||||||||||||||||||
| Money Market Fund Total - 12.1% | $ | 40,608,575 | $ | 40,608,575 | 12.1 | % | ||||||||||||||||||||||
4
Lincoln Bain Capital Total Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
| Investments(1) | Industry | Footnotes | Reference Rate and Spread(2) | Interest Rate(2) | Maturity Date | Par Amount/ Unit | Cost(3) | Fair Value | % of Net Assets | |||||||||||||||||||
| Non-Agency Asset Backed Securities - 35.9% | ||||||||||||||||||||||||||||
| 1988 CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2023-2A, Class SUB | Asset-Backed Securities | (9) | 17.87 | % | 4/15/2038 | 250,000 | $ | 129,948 | $ | 120,294 | 0.0 | % | ||||||||||||||||
| Absolute Issuer Co. LLC | ||||||||||||||||||||||||||||
| Series 6, Class B | Finance | (4) | E+ 3.25% | 5.45 | % | 6/3/2034 | 250,000 | 289,963 | 285,650 | 0.1 | % | |||||||||||||||||
| Absolute Issuer Co. LLC | ||||||||||||||||||||||||||||
| Series 6, Class C | Finance | (4) | E+ 5.50% | 7.70 | % | 6/3/2034 | 4,858,816 | 5,635,501 | 5,551,683 | 1.6 | % | |||||||||||||||||
| AGL CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2020-6A, Class ER2 | Asset-Backed Securities | S+ 6.61% | 10.29 | % | 4/20/2038 | 250,000 | 206,343 | 209,943 | 0.1 | % | ||||||||||||||||||
| AGL CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2022-17A, Class ER | Asset-Backed Securities | S+ 4.65% | 8.32 | % | 1/21/2035 | 200,000 | 166,408 | 171,060 | 0.0 | % | ||||||||||||||||||
| AGL CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2024-32A, Class E | Asset-Backed Securities | S+ 5.75% | 9.42 | % | 7/21/2037 | 250,000 | 239,254 | 237,112 | 0.1 | % | ||||||||||||||||||
| American Money Management Corp | ||||||||||||||||||||||||||||
| Series 2023-26A, Class ER | Finance | S+ 6.50% | 10.17 | % | 4/15/2036 | 2,000,000 | 2,000,000 | 2,001,096 | 0.6 | % | ||||||||||||||||||
| Anchorage Credit Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2021-13A, Class SUB | Finance | (9) | 30.56 | % | 7/27/2039 | 750,000 | 427,784 | 437,323 | 0.1 | % | ||||||||||||||||||
| Apex Credit CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2019-1A, Class ERR | Asset-Backed Securities | S+ 8.13% | 11.81 | % | 7/18/2037 | 100,000 | 63,934 | 61,323 | 0.0 | % | ||||||||||||||||||
| Apex Credit CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2020-1A, Class DR3 | Asset-Backed Securities | S+ 4.00% | 7.68 | % | 4/20/2035 | 250,000 | 238,633 | 240,867 | 0.1 | % | ||||||||||||||||||
| Apidos CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2024-51A, Class SUB | Asset-Backed Securities | (9) | 10.48 | % | 1/20/2038 | 600,000 | 440,837 | 368,757 | 0.1 | % | ||||||||||||||||||
| Arbour CLO Ltd. | ||||||||||||||||||||||||||||
| Series -9A, Class E | Asset-Backed Securities | E+ 5.79% | 7.99 | % | 4/15/2034 | 700,000 | 797,606 | 795,262 | 0.2 | % | ||||||||||||||||||
| Ares CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2015-2A, Class SUB | Asset-Backed Securities | (9) | 9.94 | % | 7/17/2038 | 699,700 | 415,517 | 285,691 | 0.1 | % | ||||||||||||||||||
| Ares CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2017-44A, Class DRR | Asset-Backed Securities | S+ 6.25% | 9.92 | % | 4/15/2034 | 600,000 | 600,000 | 561,466 | 0.2 | % | ||||||||||||||||||
| Ares CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2019-54A, Class SUB | Asset-Backed Securities | (9) | 10.59 | % | 7/15/2038 | 5,986,858 | 2,823,457 | 1,998,841 | 0.6 | % | ||||||||||||||||||
| Ares CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-62A, Class ER | Asset-Backed Securities | S+ 6.00% | 9.67 | % | 1/25/2034 | 1,100,000 | 1,100,000 | 1,005,754 | 0.3 | % | ||||||||||||||||||
| Ares CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2022-65A, Class ER | Asset-Backed Securities | S+ 6.40% | 10.07 | % | 7/25/2034 | 250,000 | 237,103 | 237,603 | 0.1 | % | ||||||||||||||||||
| Avoca CLO Ltd. | ||||||||||||||||||||||||||||
| Series -14A, Class FRR | Asset-Backed Securities | E+ 8.22% | 10.42 | % | 7/15/2039 | 1,050,000 | 1,219,588 | 1,179,986 | 0.3 | % | ||||||||||||||||||
| Barings CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-2A, Class ER | Asset-Backed Securities | S+ 6.30% | 9.97 | % | 7/15/2034 | 1,000,000 | 1,000,000 | 946,799 | 0.3 | % | ||||||||||||||||||
| Barings CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-3A, Class E | Asset-Backed Securities | S+ 6.91% | 10.59 | % | 1/18/2035 | 250,000 | 196,553 | 192,269 | 0.1 | % | ||||||||||||||||||
| Barings CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2025-6A, Class SUB | Asset-Backed Securities | (9) | 13.76 | % | 1/14/2039 | 1,950,000 | 1,649,700 | 1,415,274 | 0.4 | % | ||||||||||||||||||
| Barings Euro CLO Designated Activity Company | ||||||||||||||||||||||||||||
| Series 2023-1A, Class FR | Asset-Backed Securities | E+ 7.83% | 9.98 | % | 7/30/2038 | 250,000 | 266,638 | 270,084 | 0.1 | % | ||||||||||||||||||
| Battalion CLO XXI Ltd. | ||||||||||||||||||||||||||||
| Series 2021-21A, Class D | Asset-Backed Securities | S+ 3.56% | 7.23 | % | 7/15/2034 | 250,000 | 230,868 | 239,679 | 0.1 | % | ||||||||||||||||||
| BBAM European CLO Ltd. | ||||||||||||||||||||||||||||
| Series -4A, Class FR | Asset-Backed Securities | E+ 8.18% | 10.35 | % | 10/26/2038 | 950,000 | 1,095,552 | 1,074,329 | 0.3 | % | ||||||||||||||||||
| Benefit Street Partners CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2025-39A, Class E | Asset-Backed Securities | S+ 4.50% | 8.17 | % | 4/15/2038 | 2,850,000 | 2,858,288 | 2,758,116 | 0.8 | % | ||||||||||||||||||
| Benefit Street Partners CLO XXXIV Ltd. | ||||||||||||||||||||||||||||
| Series 2024-34A, Class E | Asset-Backed Securities | S+ 6.70% | 10.37 | % | 7/25/2037 | 500,000 | 510,073 | 500,009 | 0.1 | % | ||||||||||||||||||
| Bluemountain CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-32A, Class DR | Asset-Backed Securities | S+ 3.10% | 6.77 | % | 10/15/2034 | 4,000,000 | 4,000,000 | 3,990,252 | 1.2 | % | ||||||||||||||||||
| Canyon Capital CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-4A, Class ER | Asset-Backed Securities | S+ 6.00% | 9.67 | % | 10/15/2034 | 150,000 | 150,000 | 129,944 | 0.0 | % | ||||||||||||||||||
| Captree Park CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2024-1A, Class E | Asset-Backed Securities | S+ 6.00% | 9.68 | % | 7/20/2037 | 100,000 | 94,081 | 95,338 | 0.0 | % | ||||||||||||||||||
| Carlyle Global Market Strategies Ltd. | ||||||||||||||||||||||||||||
| Series 2022-6A, Class ER2 | Finance | S+ 5.40% | 9.07 | % | 10/25/2038 | 1,400,000 | 1,402,086 | 1,361,534 | 0.4 | % | ||||||||||||||||||
| Carlyle Global Market Strategies Ltd. | ||||||||||||||||||||||||||||
| Series 2021-9A, Class ER | Finance | S+ 6.40% | 10.08 | % | 10/20/2034 | 1,300,000 | 1,291,696 | 1,242,735 | 0.4 | % | ||||||||||||||||||
| Carlyle US CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2023-3A, Class ER | Asset-Backed Securities | S+ 5.40% | 9.07 | % | 10/15/2040 | 150,000 | 143,919 | 145,987 | 0.0 | % | ||||||||||||||||||
| Carvana Auto Receivables Trust | ||||||||||||||||||||||||||||
| Series 2025-P4, Class R | Finance | (9) | 21.91 | % | 11/10/2033 | 3,066 | 1,526,018 | 1,508,103 | 0.4 | % | ||||||||||||||||||
| Carvana Auto Receivables Trust | ||||||||||||||||||||||||||||
| Series 2026-P1, Class R | Finance | (9) | 14.80 | % | 3/10/2034 | 5,000 | 2,620,953 | 2,511,201 | 0.7 | % | ||||||||||||||||||
| Carvana Auto Receivables Trust | ||||||||||||||||||||||||||||
| Series 2026-P2, Class R | Finance | (9) | 15.56 | % | 6/12/2034 | 1,650 | 812,988 | 840,394 | 0.2 | % | ||||||||||||||||||
| CBAMR Ltd. | ||||||||||||||||||||||||||||
| Series 2019-11RA, Class ER | Finance | S+ 6.25% | 9.93 | % | 3/20/2038 | 2,000,000 | 2,000,000 | 1,991,086 | 0.6 | % | ||||||||||||||||||
| CBAMR Ltd. | ||||||||||||||||||||||||||||
| Series 2021-14A, Class ER | Finance | S+ 6.20% | 9.88 | % | 10/20/2038 | 650,000 | 650,000 | 635,834 | 0.2 | % | ||||||||||||||||||
| Cedar Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2016-6A, Class ER3 | Finance | S+ 6.25% | 9.93 | % | 4/20/2034 | 300,000 | 300,000 | 280,602 | 0.1 | % | ||||||||||||||||||
| Cedar Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2023-17A, Class ER | Finance | S+ 6.50% | 10.18 | % | 7/20/2038 | 900,000 | 900,000 | 863,369 | 0.3 | % | ||||||||||||||||||
| Cedar Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2024-18A, Class E | Finance | S+ 6.65% | 10.32 | % | 4/23/2037 | 250,000 | 253,965 | 249,984 | 0.1 | % | ||||||||||||||||||
| CIFC Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2017-5A, Class SUB | Finance | (9) | 9.77 | % | 7/17/2037 | 1,500,000 | 508,679 | 361,738 | 0.1 | % | ||||||||||||||||||
| CIFC Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2019-7A, Class SUBR | Finance | (9) | 13.17 | % | 10/19/2038 | 10,900,000 | 4,064,295 | 3,690,402 | 1.0 | % | ||||||||||||||||||
| CIFC Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2023-1A, Class ER | Finance | S+ 4.70% | 8.37 | % | 10/15/2038 | 850,000 | 847,899 | 831,437 | 0.2 | % | ||||||||||||||||||
5
Lincoln Bain Capital Total Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
| Investments(1) | Industry | Footnotes | Reference Rate and Spread(2) | Interest Rate(2) | Maturity Date | Par Amount/ Unit | Cost(3) | Fair Value | % of Net Assets | |||||||||||||||||||
| CIFC Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2025-6A, Class SUB | Finance | (9) | 15.38 | % | 10/23/2038 | 2,500,000 | $ | 1,911,016 | $ | 1,877,131 | 0.6 | % | ||||||||||||||||
| CIFC Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2026-2A, Class E | Finance | S+ 4.95% | 8.68 | % | 7/19/2039 | 1,950,000 | 1,950,000 | 1,950,000 | 0.6 | % | ||||||||||||||||||
| Clermont Park CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2025-1A, Class E | Asset-Backed Securities | S+ 5.50% | 9.17 | % | 4/24/2038 | 2,000,000 | 2,031,848 | 1,986,442 | 0.6 | % | ||||||||||||||||||
| Clover CLO LLC | ||||||||||||||||||||||||||||
| Series 2021-3A, Class ER | Asset-Backed Securities | S+ 4.90% | 8.57 | % | 1/25/2035 | 250,000 | 230,288 | 227,130 | 0.1 | % | ||||||||||||||||||
| Contego CLO DAC Ltd. | ||||||||||||||||||||||||||||
| Series -6A, Class ER | Asset-Backed Securities | E+ 6.40% | 8.60 | % | 4/15/2034 | 650,000 | 760,831 | 734,142 | 0.2 | % | ||||||||||||||||||
| Crown Point CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-11A, Class ER | Asset-Backed Securities | S+ 6.15% | 9.83 | % | 2/28/2038 | 250,000 | 234,543 | 249,380 | 0.1 | % | ||||||||||||||||||
| Deutsche Bank AG CRFT | ||||||||||||||||||||||||||||
| Series 2025-2A, Class CLN | Finance | (4) | S+ 7.25% | 10.88 | % | 1/21/2035 | 2,300,000 | 2,310,953 | 2,320,240 | 0.7 | % | |||||||||||||||||
| Deutsche Bank AG CRFT | ||||||||||||||||||||||||||||
| Series 2026-1A, Class CLN | Finance | (4) | S+ 7.00% | 10.73 | % | 10/21/2035 | 2,550,000 | 2,550,000 | 2,550,765 | 0.7 | % | |||||||||||||||||
| Diameter Capital CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2024-7A, Class D | Asset-Backed Securities | S+ 6.10% | 9.78 | % | 7/20/2037 | 1,050,000 | 1,069,851 | 1,050,000 | 0.3 | % | ||||||||||||||||||
| Diameter Capital CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2024-7A, Class SUB | Asset-Backed Securities | (9) | 9.55 | % | 7/20/2037 | 2,100,000 | 1,682,372 | 1,363,544 | 0.4 | % | ||||||||||||||||||
| Dryden Leveraged Loan CDO | ||||||||||||||||||||||||||||
| Series 2020-79A, Class ER | Finance | E+ 6.47% | 8.71 | % | 1/18/2035 | 600,000 | 685,703 | 650,489 | 0.2 | % | ||||||||||||||||||
| Eaton Vance CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2020-2A, Class ER2 | Asset-Backed Securities | S+ 6.50% | 10.17 | % | 10/15/2037 | 250,000 | 236,238 | 237,360 | 0.1 | % | ||||||||||||||||||
| EJ Hugoton ABS Issuer LLC | ||||||||||||||||||||||||||||
| Series 26-1A, Class A2 | Finance | 6.37 | % | 10/10/2041 | 250,000 | 250,000 | 245,929 | 0.1 | % | |||||||||||||||||||
| EJ Hugoton ABS Issuer LLC | ||||||||||||||||||||||||||||
| Series 26-1A, Class B | Finance | 10.29 | % | 12/10/2041 | 402,000 | 402,000 | 401,068 | 0.1 | % | |||||||||||||||||||
| EJ Hugoton ABS Issuer LLC | ||||||||||||||||||||||||||||
| Series 26-1A, Class C | Finance | 14.10 | % | 12/10/2041 | 1,490,000 | 1,490,000 | 1,486,379 | 0.4 | % | |||||||||||||||||||
| Elmwood CLO 26 Ltd. | ||||||||||||||||||||||||||||
| Series 2024-1A, Class ER | Asset-Backed Securities | S+ 6.18% | 9.87 | % | 4/18/2039 | 700,000 | 715,438 | 714,739 | 0.2 | % | ||||||||||||||||||
| Elmwood CLO 31 Ltd | ||||||||||||||||||||||||||||
| Series 2024-7A, Class SUB | Asset-Backed Securities | (9) | 11.39 | % | 7/17/2037 | 2,850,000 | 1,924,518 | 1,752,928 | 0.5 | % | ||||||||||||||||||
| Euro-Galaxy CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2016-5A, Class ERR | Asset-Backed Securities | E+ 5.82% | 8.10 | % | 2/15/2034 | 350,000 | 398,067 | 389,962 | 0.1 | % | ||||||||||||||||||
| Goldentree Loan Management US | ||||||||||||||||||||||||||||
| Series 2022-12A, Class DR | Finance | S+ 3.00% | 6.68 | % | 7/20/2037 | 350,000 | 351,672 | 350,337 | 0.1 | % | ||||||||||||||||||
| Golub Capital Partners CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2024-76A, Class E | Asset-Backed Securities | S+ 5.75% | 9.42 | % | 10/25/2037 | 175,000 | 167,381 | 169,270 | 0.0 | % | ||||||||||||||||||
| Golub Capital Partners CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2024-77A, Class E | Asset-Backed Securities | S+ 4.85% | 8.52 | % | 1/25/2038 | 150,000 | 142,034 | 143,549 | 0.0 | % | ||||||||||||||||||
| Greenacre Park CLO LLC | ||||||||||||||||||||||||||||
| Series 2021-2A, Class ER | Asset-Backed Securities | S+ 6.00% | 9.68 | % | 7/20/2038 | 2,045,000 | 2,052,416 | 1,811,753 | 0.5 | % | ||||||||||||||||||
| Henley CLO X Designated Activity Company | ||||||||||||||||||||||||||||
| Series -10A, Class FR | Asset-Backed Securities | E+ 8.30% | 10.39 | % | 7/20/2040 | 250,000 | 290,525 | 285,650 | 0.1 | % | ||||||||||||||||||
| Jamestown CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-16A, Class ER | Asset-Backed Securities | S+ 6.95% | 10.62 | % | 7/25/2034 | 400,000 | 393,576 | 360,807 | 0.1 | % | ||||||||||||||||||
| KKR Financial CLO Ltd. | ||||||||||||||||||||||||||||
| Series -28A, Class ER2 | Asset-Backed Securities | S+ 6.72% | 10.40 | % | 2/9/2035 | 1,700,000 | 1,664,419 | 1,632,638 | 0.4 | % | ||||||||||||||||||
| KKR Financial CLO Ltd. | ||||||||||||||||||||||||||||
| Series -35A, Class ER | Asset-Backed Securities | S+ 4.90% | 8.58 | % | 1/20/2038 | 250,000 | 219,524 | 211,598 | 0.1 | % | ||||||||||||||||||
| KKR Financial CLO Ltd. | ||||||||||||||||||||||||||||
| Series -38A, Class ER | Asset-Backed Securities | S+ 7.75% | 11.42 | % | 1/15/2038 | 1,925,000 | 1,925,000 | 1,876,074 | 0.6 | % | ||||||||||||||||||
| LCM Ltd. | ||||||||||||||||||||||||||||
| Series -34A, Class D | Finance | S+ 3.61% | 7.29 | % | 10/20/2034 | 275,000 | 253,598 | 257,659 | 0.1 | % | ||||||||||||||||||
| Madison Park Euro Funding | ||||||||||||||||||||||||||||
| Series -15A, Class FRR | Finance | E+ 8.25% | 10.45 | % | 7/15/2036 | 525,000 | 607,398 | 590,922 | 0.2 | % | ||||||||||||||||||
| Madison Park Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2020-45A, Class DRR | Finance | S+ 2.90% | 6.57 | % | 7/15/2034 | 600,000 | 568,381 | 577,051 | 0.2 | % | ||||||||||||||||||
| Madison Park Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2021-51A, Class ER | Finance | S+ 6.00% | 9.68 | % | 10/19/2038 | 850,000 | 783,473 | 764,591 | 0.2 | % | ||||||||||||||||||
| Madison Park Funding Ltd. | ||||||||||||||||||||||||||||
| Series 2021-59A, Class BR | Finance | S+ 1.92% | 5.60 | % | 4/18/2037 | 400,000 | 402,737 | 400,409 | 0.1 | % | ||||||||||||||||||
| Marble Point CLO XXI Ltd. | ||||||||||||||||||||||||||||
| Series 2021-3A, Class D2R | Asset-Backed Securities | S+ 4.75% | 8.43 | % | 10/17/2034 | 1,600,000 | 1,600,000 | 1,579,942 | 0.5 | % | ||||||||||||||||||
| Neuberger Berman CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2023-53A, Class SUB | Asset-Backed Securities | (9) | 6.26 | % | 10/24/2037 | 1,000,000 | 794,609 | 587,904 | 0.2 | % | ||||||||||||||||||
| Neuberger Berman CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2024-55A, Class ER | Asset-Backed Securities | S+ 5.60% | 9.23 | % | 4/22/2040 | 600,000 | 600,000 | 600,559 | 0.2 | % | ||||||||||||||||||
| North Westerly V Leveraged Loan Strategies CLO Designated Activity Company | Asset-Backed Securities | E+ 5.73% | 7.84 | % | 7/20/2039 | 2,550,000 | 2,897,361 | 2,899,065 | 0.9 | % | ||||||||||||||||||
| Northwoods Capital 21 Euro Designated Activity Company | ||||||||||||||||||||||||||||
| Series 2020-21A, Class ER | Finance | E+ 6.06% | 8.25 | % | 7/22/2034 | 250,000 | 292,843 | 285,798 | 0.1 | % | ||||||||||||||||||
| Northwoods Capital Ltd. | ||||||||||||||||||||||||||||
| Series 2019-18A, Class E | Finance | S+ 6.84% | 10.48 | % | 5/20/2032 | 530,000 | 508,605 | 415,155 | 0.1 | % | ||||||||||||||||||
| Oak Hill Credit Partners | ||||||||||||||||||||||||||||
| Series 2012-7A, Class D1R4 | Finance | S+ 2.50% | 6.14 | % | 2/20/2038 | 750,000 | 753,427 | 742,691 | 0.2 | % | ||||||||||||||||||
| OHA Credit Funding 26, Ltd. | ||||||||||||||||||||||||||||
| Series 2026-26A, Class E | Finance | S+ 5.00% | 8.78 | % | 7/20/2039 | 550,000 | 550,000 | 550,040 | 0.2 | % | ||||||||||||||||||
| Oaktree CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2020-1A, Class ERR | Asset-Backed Securities | S+ 5.00% | 8.67 | % | 1/15/2038 | 250,000 | 240,362 | 236,022 | 0.1 | % | ||||||||||||||||||
| OCP CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2024-33A, Class ER | Asset-Backed Securities | S+ 5.25% | 8.95 | % | 7/20/2039 | 2,200,000 | 2,200,000 | 2,199,912 | 0.7 | % | ||||||||||||||||||
| OCP Euro CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2017-1A, Class FRR | Asset-Backed Securities | E+ 8.50% | 10.64 | % | 7/15/2038 | 2,000,000 | 2,328,899 | 2,257,341 | 0.7 | % | ||||||||||||||||||
| OFSI BSL XII Ltd. | ||||||||||||||||||||||||||||
| Series 2023-12A, Class ER | Finance | S+ 6.60% | 10.28 | % | 1/20/2038 | 350,000 | 310,999 | 317,500 | 0.1 | % | ||||||||||||||||||
6
Lincoln Bain Capital Total Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
| Investments(1) | Industry | Footnotes | Reference Rate and Spread(2) | Interest Rate(2) | Maturity Date | Par Amount/ Unit | Cost(3) | Fair Value | % of Net Assets | |||||||||||||||||||
| Orchard Park CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2024-1A, Class E | Asset-Backed Securities | S+ 5.60% | 9.28 | % | 10/20/2037 | 200,000 | $ | 186,650 | $ | 190,356 | 0.1 | % | ||||||||||||||||
| Otranto Park CLO Designated Activity Company | ||||||||||||||||||||||||||||
| Series -1A, Class FR | Asset-Backed Securities | E+ 8.24% | 10.44 | % | 10/15/2039 | 500,000 | 548,946 | 535,726 | 0.2 | % | ||||||||||||||||||
| Pagaya AI Debt Grantor Trust | ||||||||||||||||||||||||||||
| Series 2026-3, Class E | Finance | 10.16 | % | 12/15/2033 | 2,450,000 | 2,450,000 | 2,458,635 | 0.7 | % | |||||||||||||||||||
| Pagaya AI Debt Grantor Trust | ||||||||||||||||||||||||||||
| Series 2026-4, Class E | Finance | (9) | 10.73 | % | 1/16/2034 | 3,000,000 | 3,000,000 | 2,997,104 | 0.9 | % | ||||||||||||||||||
| Palmer Square CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2022-1A, Class ER | Asset-Backed Securities | S+ 5.20% | 8.88 | % | 10/20/2038 | 250,000 | 237,361 | 242,575 | 0.1 | % | ||||||||||||||||||
| Palmer Square CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2023-1A, Class ER | Asset-Backed Securities | S+ 4.90% | 8.58 | % | 1/20/2038 | 450,000 | 445,599 | 434,722 | 0.1 | % | ||||||||||||||||||
| Palmer Square European CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-2A, Class FR | Asset-Backed Securities | E+ 8.34% | 10.54 | % | 3/15/2038 | 4,000,000 | 4,596,058 | 4,497,461 | 1.3 | % | ||||||||||||||||||
| Palmer Square European CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2024-1A, Class FR | Asset-Backed Securities | E+ 8.25% | 10.45 | % | 1/15/2039 | 1,250,000 | 1,467,376 | 1,406,469 | 0.4 | % | ||||||||||||||||||
| Peace Park CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-1A, Class D1R | Asset-Backed Securities | S+ 2.70% | 6.38 | % | 10/20/2038 | 250,000 | 238,765 | 237,453 | 0.1 | % | ||||||||||||||||||
| Peebles Park CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2024-1A, Class E | Asset-Backed Securities | S+ 6.45% | 10.18 | % | 4/21/2037 | 100,000 | 95,080 | 95,577 | 0.0 | % | ||||||||||||||||||
| Penta CLO SA | ||||||||||||||||||||||||||||
| Series 2024-18A, Class F | Asset-Backed Securities | E+ 8.35% | 10.55 | % | 1/15/2038 | 550,000 | 639,036 | 628,368 | 0.2 | % | ||||||||||||||||||
| Pikes Peak CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-8A, Class ER | Asset-Backed Securities | S+ 5.75% | 9.43 | % | 1/20/2038 | 250,000 | 240,109 | 242,631 | 0.1 | % | ||||||||||||||||||
| Pikes Peak CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-8A, Class SUB | Asset-Backed Securities | (9) | 11.32 | % | 7/20/2034 | 3,100,000 | 1,659,420 | 1,161,531 | 0.3 | % | ||||||||||||||||||
| Pikes Peak CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2023-12A, Class ER | Asset-Backed Securities | S+ 5.00% | 8.68 | % | 4/20/2038 | 100,000 | 95,755 | 95,666 | 0.0 | % | ||||||||||||||||||
| Point Au Roche Park CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2021-1A, Class ER | Asset-Backed Securities | S+ 4.90% | 8.58 | % | 1/20/2039 | 250,000 | 234,196 | 228,286 | 0.1 | % | ||||||||||||||||||
| Providus CLO IX Designated Activity Company | ||||||||||||||||||||||||||||
| Series -9A, Class FR | Asset-Backed Securities | E+ 8.16% | 10.40 | % | 1/18/2038 | 250,000 | 286,437 | 280,038 | 0.1 | % | ||||||||||||||||||
| Providus CLO XII Designated Activity Company | ||||||||||||||||||||||||||||
| Series -12A, Class F | Asset-Backed Securities | E+ 8.57% | 10.81 | % | 8/18/2038 | 250,000 | 295,129 | 283,139 | 0.1 | % | ||||||||||||||||||
| RAD CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2024-28A, Class E | Asset-Backed Securities | S+ 5.25% | 8.93 | % | 4/20/2038 | 250,000 | 237,371 | 236,242 | 0.1 | % | ||||||||||||||||||
| Ravensdale Park CLO DAC | ||||||||||||||||||||||||||||
| Series -1A, Class F | Asset-Backed Securities | E+ 7.35% | 9.52 | % | 4/25/2038 | 250,000 | 276,603 | 262,250 | 0.1 | % | ||||||||||||||||||
| Regatta Funding | ||||||||||||||||||||||||||||
| Series 2018-1A, Class R1A | Finance | (9) | 7.22 | % | 7/17/2037 | 4,934,000 | 14,802 | 9,267 | 0.0 | % | ||||||||||||||||||
| Regatta Funding | ||||||||||||||||||||||||||||
| Series 2018-1A, Class R2 | Finance | (9) | 7.22 | % | 7/17/2037 | 4,934,000 | 148,020 | 136,915 | 0.0 | % | ||||||||||||||||||
| Regatta Funding | ||||||||||||||||||||||||||||
| Series 2018-1A, Class SUB | Finance | (9) | 7.22 | % | 7/17/2037 | 2,700,000 | 654,025 | 297,612 | 0.1 | % | ||||||||||||||||||
| Regatta Funding | ||||||||||||||||||||||||||||
| Series 2021-1A, Class ER | Finance | S+ 4.70% | 8.37 | % | 4/15/2038 | 250,000 | 234,836 | 236,030 | 0.1 | % | ||||||||||||||||||
| Regatta Funding | ||||||||||||||||||||||||||||
| Series 2024-1A, Class D2R | Finance | S+ 4.90% | 8.53 | % | 7/26/2039 | 650,000 | 650,000 | 650,027 | 0.2 | % | ||||||||||||||||||
| Regatta Funding | ||||||||||||||||||||||||||||
| Series 2024-1A, Class ER | Finance | S+ 5.71% | 9.34 | % | 7/26/2039 | 400,000 | 386,029 | 393,532 | 0.1 | % | ||||||||||||||||||
| Rockford Tower Europe CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-1A, Class F | Asset-Backed Securities | E+ 7.86% | 10.10 | % | 4/20/2034 | 1,500,000 | 1,720,915 | 1,711,591 | 0.5 | % | ||||||||||||||||||
| Rockland Park CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2021-1A, Class ER | Asset-Backed Securities | S+ 5.70% | 9.38 | % | 7/20/2038 | 250,000 | 223,153 | 221,065 | 0.1 | % | ||||||||||||||||||
| Rockford Tower CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2023-1A, Class ER | Asset-Backed Securities | S+ 6.95% | 10.62 | % | 3/15/2038 | 100,000 | 93,757 | 93,222 | 0.0 | % | ||||||||||||||||||
| Rockford Tower CLO, Ltd. | ||||||||||||||||||||||||||||
| Series 2025-1A, Class E | Asset-Backed Securities | S+ 5.60% | 9.27 | % | 3/31/2038 | 650,000 | 578,254 | 594,272 | 0.2 | % | ||||||||||||||||||
| RR Ltd. | ||||||||||||||||||||||||||||
| Series 2019-7A, Class D1B | Finance | S+ 6.50% | 10.17 | % | 1/15/2037 | 350,000 | 350,818 | 340,039 | 0.1 | % | ||||||||||||||||||
| Santander Bank Auto Credit-Linked Notes | ||||||||||||||||||||||||||||
| Series 2026-A, Class G | Finance | 10.66 | % | 7/17/2034 | 800,000 | 800,000 | 800,775 | 0.2 | % | |||||||||||||||||||
| Saranac CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2020-8A, Class E | Asset-Backed Securities | S+ 8.38% | 12.02 | % | 2/20/2033 | 200,000 | 150,888 | 49,907 | 0.0 | % | ||||||||||||||||||
| Saratoga Investment Corp. | ||||||||||||||||||||||||||||
| Series 2013-1A, Class ER3 | Finance | S+ 7.76% | 11.44 | % | 4/20/2033 | 550,000 | 443,255 | 258,132 | 0.1 | % | ||||||||||||||||||
| Sculptor European CLO Ltd. | ||||||||||||||||||||||||||||
| Series -9A, Class F | Asset-Backed Securities | E+ 9.01% | 11.17 | % | 12/31/2030 | 900,000 | 1,052,561 | 996,530 | 0.3 | % | ||||||||||||||||||
| Silver Point CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2025-10A, Class E | Asset-Backed Securities | S+ 5.80% | 9.47 | % | 7/15/2038 | 850,000 | 800,163 | 782,853 | 0.2 | % | ||||||||||||||||||
| Sixth Street CLO VIII Ltd. | ||||||||||||||||||||||||||||
| Series 2017-8A, Class DR2 | Asset-Backed Securities | S+ 6.75% | 10.43 | % | 10/20/2034 | 800,000 | 806,520 | 768,648 | 0.2 | % | ||||||||||||||||||
| Sixth Street CLO XVIII Ltd. | ||||||||||||||||||||||||||||
| Series 2021-18A, Class ER | Asset-Backed Securities | S+ 4.85% | 8.53 | % | 10/17/2038 | 550,000 | 543,001 | 537,265 | 0.2 | % | ||||||||||||||||||
| Sixth Street CLO XVIII Ltd. | ||||||||||||||||||||||||||||
| Series 2021-18A, Class SUB | Asset-Backed Securities | (9) | 10.08 | % | 10/17/2125 | 750,000 | 417,932 | 307,552 | 0.1 | % | ||||||||||||||||||
| Sound Point CLO XXXIII, Ltd. | ||||||||||||||||||||||||||||
| Series 2022-1A, Class D | Asset-Backed Securities | S+ 3.30% | 6.97 | % | 4/25/2035 | 300,000 | 285,987 | 278,689 | 0.1 | % | ||||||||||||||||||
| St Pauls Clo Ltd. | ||||||||||||||||||||||||||||
| Series -11A, Class E | Asset-Backed Securities | E+ 6.00% | 8.24 | % | 1/17/2032 | 250,000 | 285,544 | 274,617 | 0.1 | % | ||||||||||||||||||
| Symphony CLO XXXI, Ltd. | ||||||||||||||||||||||||||||
| Series 2022-31A, Class ER | Asset-Backed Securities | S+ 5.00% | 8.66 | % | 1/22/2038 | 250,000 | 235,253 | 236,903 | 0.1 | % | ||||||||||||||||||
| Tallman Park CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-1A, Class ER | Asset-Backed Securities | S+ 6.00% | 9.68 | % | 7/20/2038 | 2,700,000 | 2,706,479 | 2,375,028 | 0.7 | % | ||||||||||||||||||
| Tikehau Ltd. | ||||||||||||||||||||||||||||
| Series -13A, Class F | Finance | E+ 8.09% | 10.29 | % | 10/15/2038 | 800,000 | 890,968 | 890,540 | 0.3 | % | ||||||||||||||||||
| Trinitas CLO XXXI, Ltd. | ||||||||||||||||||||||||||||
| Series 2024-31A, Class E | Asset-Backed Securities | S+ 5.95% | 9.61 | % | 1/22/2038 | 650,000 | 650,804 | 648,022 | 0.2 | % | ||||||||||||||||||
7
Lincoln Bain Capital Total Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
| Investments(1) | Industry | Footnotes | Reference Rate and Spread(2) | Interest Rate(2) | Maturity Date | Par Amount/ Unit | Cost(3) | Fair Value | % of Net Assets | |||||||||||||||||||
| Trinitas CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2016-4A, Class ER | Asset-Backed Securities | S+ 6.56% | 10.24 | % | 10/18/2031 | 950,000 | $ | 944,320 | $ | 728,350 | 0.2 | % | ||||||||||||||||
| Trinitas CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2020-14A, Class ER2 | Asset-Backed Securities | S+ 6.75% | 10.42 | % | 1/25/2034 | 850,000 | 847,129 | 789,420 | 0.2 | % | ||||||||||||||||||
| Venture 31 CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2018-31A, Class D | Asset-Backed Securities | S+ 3.08% | 6.76 | % | 4/20/2031 | 2,200,000 | 2,002,000 | 2,153,752 | 0.6 | % | ||||||||||||||||||
| Vibrant CLO Ltd. | ||||||||||||||||||||||||||||
| Series 2021-12A, Class DRR | Asset-Backed Securities | S+ 5.95% | 9.63 | % | 4/20/2034 | 250,000 | 250,000 | 232,959 | 0.1 | % | ||||||||||||||||||
| Voya Euro CLO Ltd. | ||||||||||||||||||||||||||||
| Series -5A, Class E | Asset-Backed Securities | E+ 5.81% | 8.01 | % | 4/15/2035 | 500,000 | 571,192 | 566,255 | 0.2 | % | ||||||||||||||||||
| Non-Agency Asset Backed Securities Total- 35.9% | $ | 127,107,528 | $ | 121,042,073 | 35.9 | % | ||||||||||||||||||||||
| Preferred Stocks - 1.3% | ||||||||||||||||||||||||||||
| BCC AmeriQual Investments 3, LP | Beverage, Food, & Tobacco | (4)(7) | 15.50 | % | 4,531,788 | $ | 4,562,000 | $ | 4,486,470 | 1.3 | % | |||||||||||||||||
| Preferred Stocks Total - 1.3% | $ | 4,562,000 | $ | 4,486,470 | 1.3 | % | ||||||||||||||||||||||
| Private Asset Backed Securities - 1.3% | ||||||||||||||||||||||||||||
| Mezzanine Tranche | ||||||||||||||||||||||||||||
| Skywire Issuer, LLC | ||||||||||||||||||||||||||||
| Class C Notes | Media: Broadcasting & Subscription | (4) | 9.50 | % | 9/30/2055 | 4,500,000 | $ | 4,209,757 | $ | 4,266,000 | 1.3 | % | ||||||||||||||||
| Private Asset Backed Securities Total - 1.3% | $ | 4,209,757 | $ | 4,266,000 | 1.3 | % | ||||||||||||||||||||||
| Warrants - 0.0% | ||||||||||||||||||||||||||||
| BCC AmeriQual Investments 3, LP | ||||||||||||||||||||||||||||
| Beverage, Food, & Tobacco | (4)(11) | 6 | $ | - | $ | - | 0.0 | % | ||||||||||||||||||||
| Warrants Total - 0.0% | $ | - | $ | - | 0.0 | % | ||||||||||||||||||||||
| Total Investments -117.4% | $ | 401,665,390 | $ | 395,504,787 | 117.4 | % | ||||||||||||||||||||||
| Liabilities Net Of Receivables and Other Assets - (17.4%) | $ | (58,504,022 | ) | (17.4 | %) | |||||||||||||||||||||||
| Net Assets Applicable to 33,088,120 Shares Outstanding - 100.0% | $ | 337,000,765 | 100.0 | % | ||||||||||||||||||||||||
| (1) | Unless otherwise indicated, all investments held by the Fund are denominated in U.S. dollars. All investments are income producing unless otherwise indicated. Certain fund investments may be subject to contractual restrictions on sales. The total par amount is presented for loan investments. |
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Euribor (“E”), SONIA (“SO”), SOFR including SOFR adjustment, if any, (“S”), Prime Rate (“P”), or Australian Bank Bill Swap Rate (“BBSW”), at the borrower's option which generally resets periodically. S loans are typically indexed to 12 month, 6 month, 3 month, 1 month or 1 day S rates, E loans are typically indexed to 3 month, 1 month or 1 day rates, SO loans are typically indexed to 3 month, 1 month or 1 day rates, P loans are typically indexed to 3 month rates, and BBSW loans are typically indexed to 3 month or 1 month rates. For each such loan, the Fund has provided the interest rate in effect on the date presented. |
| (3) | The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on loan investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
| (4) | Investment valued using unobservable inputs (Level 3). |
| (5) | The Fund has an unfunded commitment to fund delayed draw and/or revolving senior secured loans. The interest rate for the unfunded portion will be determined at the time of funding. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. |
| (6) | Represents an unfunded loan commitment. The negative cost and/or fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment. |
| (7) | Interest or dividend is paid-in-kind, in whole or in part, when applicable. |
| (8) | The rate shown is the annualized seven-day yield as of June 30, 2026. |
| (9) | Equity tranche. These notes receive excess distributions, if any, once all other senior obligations are satisfied in the CLO structure. CLO tranches are generally issued at a discount and have no contractual principal and interest payments. |
| (10) | As of June 30, 2026, all or a portion of the security has been pledged as collateral for a secured revolving facility. The market value of the securities pledged totaled $135,297,177 as of June 30, 2026. |
| (11) | Non-income producing. |
8
Lincoln Bain Capital Total Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
The following foreign currency exchange contracts were outstanding at June 30, 2026:
Foreign Currency Exchange Contracts
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||
| USD | 716,125 | EUR | 600,000 | Wells Fargo Bank, National Association | 09/15/2026 | $ | 28,367 | $ | - | |||||||||
| USD | 3,388,722 | EUR | 2,870,000 | Wells Fargo Bank, National Association | 10/16/2026 | 94,416 | - | |||||||||||
| EUR | 1,910,000 | USD | 2,234,963 | Wells Fargo Bank, National Association | 10/16/2026 | - | (42,585 | ) | ||||||||||
| USD | 1,092,048 | EUR | 920,000 | Wells Fargo Bank, National Association | 10/20/2026 | 35,837 | - | |||||||||||
| USD | 542,094 | EUR | 460,000 | Wells Fargo Bank, National Association | 10/22/2026 | 13,940 | - | |||||||||||
| USD | 9,470,001 | EUR | 8,050,000 | Wells Fargo Bank, National Association | 11/02/2026 | 222,580 | - | |||||||||||
| USD | 1,125,364 | EUR | 960,000 | Wells Fargo Bank, National Association | 11/06/2026 | 22,360 | - | |||||||||||
| USD | 1,991,613 | EUR | 1,700,000 | Wells Fargo Bank, National Association | 11/20/2026 | 37,107 | - | |||||||||||
| USD | 2,077,940 | EUR | 1,760,000 | Wells Fargo Bank, National Association | 12/11/2026 | 52,474 | - | |||||||||||
| USD | 2,089,403 | GBP | 1,560,000 | Wells Fargo Bank, National Association | 12/16/2026 | 19,777 | - | |||||||||||
| USD | 813,125 | GBP | 605,000 | State Street Bank and Trust Company | 12/16/2026 | 10,482 | - | |||||||||||
| USD | 5,413,547 | EUR | 4,576,000 | Wells Fargo Bank, National Association | 12/29/2026 | 142,919 | - | |||||||||||
| USD | 1,253,690 | AUD | 1,800,000 | Wells Fargo Bank, National Association | 04/07/2027 | 12,663 | - | |||||||||||
| USD | 10,295,496 | EUR | 8,750,000 | State Street Bank and Trust Company | 04/07/2027 | 174,044 | - | |||||||||||
| AUD | 1,800,000 | USD | 1,278,836 | Wells Fargo Bank, National Association | 04/07/2027 | - | (37,809 | ) | ||||||||||
| USD | 1,119,275 | AUD | 1,600,000 | State Street Bank and Trust Company | 04/30/2027 | 16,412 | - | |||||||||||
| Total Foreign Currency Exchange Contracts | $ | 883,378 | $ | (80,394 | ) | |||||||||||||
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:
AUD - Australian Dollar
CLO - Collateralized Loan Obligations
CMO - Collateralized Mortgage Obligations
EUR - Euro
GBP - British Pound Sterling
USD - United States Dollar
9