Statement Summary
The SEC has issued a notice regarding an application by Lincoln Bain Capital Total Credit Fund, Lincoln Royalties Income Fund, LP, and Lincoln Financial Investments Corporation, seeking exemptions under the Investment Company Act of 1940. The application requests permission for registered closed-end investment companies to issue multiple share classes, and to implement asset-based distribution or service fees along with early withdrawal charges.
Filed on April 4, 2025, the order will be granted unless a hearing is requested by June 9, 2025. Interested parties may request a hearing by contacting the SEC’s Secretary and serving the applicants. More details and the application can be accessed through the SEC’s EDGAR system.
Original Statement
SECURITIES AND EXCHANGE COMMISSION
Investment Company Act Release No. 35587; 812-15745
Lincoln Bain Capital Total Credit Fund, Lincoln Royalties Income Fund, LP, and Lincoln
Financial Investments Corporation
May 14, 2025.
AGENCY: Securities and Exchange Commission (“Commission” or “SEC”).
ACTION: Notice.Notice of an application under section 6(c) of the Investment Company Act of 1940 (the “Act”) for an exemption from sections 18(a)(2), 18(c) and 18(i) of the Act, under sections 6(c) and 23(c) of the Act for an exemption from rule 23c-3 under the Act, and for an order pursuant to section 17(d) of the Act and rule 17d-1 under the Act.
Summary of Application: Applicants request an order to permit certain registered closed-end investment companies to issue multiple classes of shares and to impose asset-based distribution and/or service fees and early withdrawal charges.
Applicants: Lincoln Bain Capital Total Credit Fund, Lincoln Royalties Income Fund, LP, and Lincoln Financial Investments Corporation.
Filing Date: The application was filed on April 4, 2025.Hearing or Notification of Hearing: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by e-mailing the SEC’s Secretary at Secretarys-Office and serving the Applicants with a copy of the request by e-mail, if an e-mail address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on June 9, 2025, and should be accompanied by proof of service on the Applicants, in the form of an affidavit, or, for lawyers, a certificate of service.
Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission’s Secretary.
ADDRESSES: The Commission: Secretarys-Office
Applicants: Ronald A. Holinsky, Esq., Lincoln Financial Investments Corporation, 150 N. Radnor-Chester Road, Radnor, Pennsylvania 19087, with copies to Richard Horowitz, Esq., and Kaitlin McGrath, Esq., Dechert LLP, 1095 Avenue of the Americas, New York, New York 10036.
FOR FURTHER INFORMATION CONTACT: Rachel Loko, Senior Special Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel’s Office).SUPPLEMENTARY INFORMATION: For Applicants’ representations, legal analysis, and conditions, please refer to Applicants’ application, dated April 4, 2025, which may be obtained via the Commission’s website by searching for the file number at the top of this document, or for an Applicant using the Company name search field on the SEC’s EDGAR system. The SEC’s EDGAR system may be searched at.
You may also call the SEC’s Office of Investor Education and Advocacy at (202) 551-8090.
For the Commission, by the Division of Investment Management, under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
