# EDGAR Filing Document

**Accession Number:** 0001020425
**File Stem:** 0001193125-25-196797
**Filing Date:** 2025-9
**Character Count:** 857520
**Document Hash:** 314baa22723638383aef09c516942e3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196797.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196797

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LITMAN GREGORY FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001020425

**ORGANIZATION NAME:**
- **EIN:** 931215604
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07763
- **FILM NUMBER:** 251295399

**BUSINESS ADDRESS:**
- **STREET 1:** 1676 N. CALIFORNIA BLVD.
- **STREET 2:** SUITE 500
- **CITY:** WALNUT CREEK
- **STATE:** CA
- **ZIP:** 94596
- **BUSINESS PHONE:** (925) 254-8999

**MAIL ADDRESS:**
- **STREET 1:** 1676 N. CALIFORNIA BLVD.
- **STREET 2:** SUITE 500
- **CITY:** WALNUT CREEK
- **STATE:** CA
- **ZIP:** 94596

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERS SELECT FUNDS TRUST
- **DATE OF NAME CHANGE:** 19980807

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERS SELECT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19961226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERS SELECT EQUITY FUND
- **DATE OF NAME CHANGE:** 19961213

## Series and Classes Contracts Data

### iMGP Global Select Fund (Series ID: S000005593)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000015260 | Institutional Class | MSEFX           |

### iMGP International Fund (Series ID: S000005594)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000015261 | Institutional Class | MSILX           |

### iMGP High Income Fund (Series ID: S000057610)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000183970 | Institutional Class | MAHIX           |

### iMGP SMALL COMPANY FUND (Series ID: S000068190)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000218348 | Institutional Class | PFSVX           |

### iMGP Dolan McEniry Corporate Bond Fund (Series ID: S000072812)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000229356 | Institutional Class | IDMIX           |

### iMGP DBi Managed Futures Strategy ETF (Series ID: S000072813)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000229357 | iMGP DBi Managed Futures Strategy ETF | DBMF            |

### iMGP Berkshire Dividend Growth ETF (Series ID: S000080576)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000243085 | iMGP Berkshire Dividend Growth ETF | BDVG            |

### Polen Capital Global Growth ETF (Series ID: S000081588)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000244515 | Polen Capital Global Growth ETF |  |

### Polen Capital China Growth ETF (Series ID: S000083434)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000247047 | Polen Capital China Growth ETF |  |

### Polen Capital Emerging Markets ex-China Growth ETF (Series ID: S000083435)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000247048 | Polen Capital Emerging Markets ex-China Growth ETF | PCEM            |

### Polen Capital International Growth ETF (Series ID: S000083437)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000247050 | Polen Capital International Growth ETF |  |

### iMGP APA Enhanced Income Municipal Fund (Series ID: S000089317)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000255834 | Institutional Class |  |

?xml version='1.0' encoding='ASCII'? N-CSRS

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-07763

## LITMAN GREGORY FUNDS TRUST

#### (Exact name of registrant as specified in charter)

#### 2301 Rosecrans Avenue, Suite 2150

#### El Segundo, California

#### (Address of principal executive offices) (zip code)

#### (Name and address of agent for service)

#### Jeffrey K. Seeley

#### 2301 Rosecrans Avenue, Suite 2150

#### El Segundo, California

#### Registrant's telephone number, including area code: (925) 254-8999

#### Date of fiscal year end: December 31

#### Date of reporting period: June 30, 2025

------

#### Item 1. Reports to Shareholders.
(a) The Reports to Shareholders are attached herewith.

# Institutional:

# APAMX

# iMGP APA Enhanced Income Municipal Fund
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about iMGP APA Enhanced Income Municipal Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The Fund gained 0.31% in the six-month period, lagging the 1.09% gain for the Bloomberg 1-15 Year Municipal Bond Index but finishing ahead of the Morningstar Muni National Intermediate peers.

* The Fund ended the period with a yield to worst of 4.82% and a duration of 6.57 years.

* The municipal yield curve steepened in the period, and the team believes the shape of the curve provides opportunities to lengthen maturities reflecting today's favorable market opportunities.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914i18a042aec7685eacf250.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Bloomberg 1-15 Year Municipal Bond Index** | **Morningstar Muni National Intermediate Category** |
| **12/16/2024** | $10000 | $10000 | $10000 |
| **12/31/2024** | $10003 | $9925 | $9936 |
| **1/31/2025** | $10040 | $9993 | $9982 |
| **2/28/2025** | $10156 | $10091 | $10079 |
| **3/31/2025** | $9986 | $9964 | $9928 |
| **4/30/2025** | $9983 | $9902 | $9882 |
| **5/31/2025** | $9959 | $9958 | $9884 |
| **6/30/2025** | $10034 | $10034 | $9957 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $16926035 |
| # of Fund Holdings | 78 |
| Fund Turnover Rate | 91% |
| Total Advisory Fees Paid | $0 |

---

---

| | |
|:---|:---|
| Fund | **Since Inception 12/16/2024** |
| **Institutional** | 0.34% |
| **Bloomberg 1-15 Year Municipal Bond Index** | 0.35% |
| **Morningstar Muni National Intermediate Category** | (0.50%) |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in U.S. dollar-denominated municipal bonds of intermediate maturities that are exempt from federal income tax.

### Top 10 States

---

| | |
|:---|:---|
| Texas | 17.2% |
| Florida | 16.6% |
| New York | 7.5% |
| Pennsylvania | 6.9% |
| Massachusetts | 5.9% |
| Michigan | 5.7% |
| Washington | 5.6% |
| Ohio | 4.5% |
| Indiana | 4.0% |
| Georgia | 3.9% |

---

### Credit Rating
![Group By Industry Chart](g80914i75e98dcc8aa2ce4a69a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 3.4% |
| AA | 45.9% |
| A | 38.4% |
| BBB | 8.1% |
| Not Rated | 4.2% |

---

### Maturity
![Group By Country Chart](g80914id4d372a5e85d5c97c803.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.6% |
| Greater than 10 Years | 81.0% |
| 5 to 10 Years | 14.2% |
| 3 to 5 Years | 1.5% |
| 1 to 3 Years | 1.5% |
| Less than 1 Year | 1.2% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# Institutional:

# PFSVX

# iMGP Small Company Fund
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about iMGP Small Company Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

**THIS REPORT DESCRIBES CHANGES TO THE FUND THAT OCCURRED DURING THE REPORTING PERIOD.**

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $61 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The Fund fell 6.84% in the first half of the year compared to the 1.79% drop for the Russell 2000 Index.

* Relative performance was hurt the most by security selection in the consumer staples sector.

* Compared to its small cap benchmark, the Fund largest overweight is to the industrials sector, while its largest underweight is to health care.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914ifedef2e26b911995f1a7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000 Index** | **Morningstar US Small Blend Category** |
| **7/31/2020** | $10000 | $10000 | $10000 |
| **7/31/2020** | $10000 | $10000 | $10000 |
| **8/31/2020** | $10140 | $10563 | $10440 |
| **9/30/2020** | $9970 | $10211 | $10046 |
| **10/31/2020** | $10180 | $10424 | $10266 |
| **11/30/2020** | $11710 | $12346 | $11930 |
| **12/31/2020** | $12710 | $13414 | $12862 |
| **1/31/2021** | $12770 | $14089 | $13284 |
| **2/28/2021** | $14230 | $14967 | $14347 |
| **3/31/2021** | $14940 | $15117 | $14807 |
| **4/30/2021** | $15220 | $15435 | $15257 |
| **5/31/2021** | $15340 | $15467 | $15449 |
| **6/30/2021** | $14790 | $15766 | $15451 |
| **7/31/2021** | $14670 | $15197 | $15213 |
| **8/31/2021** | $14830 | $15537 | $15527 |
| **9/30/2021** | $14410 | $15079 | $15106 |
| **10/31/2021** | $14870 | $15720 | $15754 |
| **11/30/2021** | $14510 | $15065 | $15262 |
| **12/31/2021** | $15209 | $15402 | $15930 |
| **1/31/2022** | $14308 | $13919 | $14754 |
| **2/28/2022** | $14830 | $14067 | $14875 |
| **3/31/2022** | $14503 | $14243 | $14938 |
| **4/30/2022** | $13193 | $12831 | $13757 |
| **5/31/2022** | $13152 | $12850 | $13907 |
| **6/30/2022** | $12200 | $11794 | $12734 |
| **7/31/2022** | $13141 | $13025 | $13948 |
| **8/31/2022** | $12660 | $12758 | $13482 |
| **9/30/2022** | $11535 | $11536 | $12224 |
| **10/31/2022** | $13080 | $12805 | $13578 |
| **11/30/2022** | $14022 | $13105 | $14122 |
| **12/31/2022** | $13172 | $12254 | $13325 |
| **1/31/2023** | $14298 | $13448 | $14549 |
| **2/28/2023** | $14114 | $13221 | $14362 |
| **3/31/2023** | $13500 | $12590 | $13748 |
| **4/30/2023** | $12937 | $12363 | $13466 |
| **5/31/2023** | $13019 | $12249 | $13222 |
| **6/30/2023** | $14595 | $13245 | $14312 |
| **7/31/2023** | $15188 | $14055 | $15022 |
| **8/31/2023** | $15168 | $13352 | $14480 |
| **9/30/2023** | $14410 | $12566 | $13714 |
| **10/31/2023** | $13960 | $11709 | $12910 |
| **11/30/2023** | $14820 | $12768 | $13966 |
| **12/31/2023** | $16431 | $14329 | $15460 |
| **1/31/2024** | $15791 | $13771 | $15034 |
| **2/29/2024** | $16928 | $14550 | $15735 |
| **3/31/2024** | $17689 | $15071 | $16339 |
| **4/30/2024** | $16586 | $14010 | $15342 |
| **5/31/2024** | $17215 | $14713 | $16066 |
| **6/30/2024** | $16762 | $14577 | $15809 |
| **7/31/2024** | $18649 | $16058 | $17204 |
| **8/31/2024** | $18318 | $15818 | $17038 |
| **9/30/2024** | $18241 | $15929 | $17142 |
| **10/31/2024** | $18142 | $15698 | $16835 |
| **11/30/2024** | $20272 | $17420 | $18510 |
| **12/31/2024** | $18780 | $15982 | $17130 |
| **1/31/2025** | $19435 | $16401 | $17642 |
| **2/28/2025** | $18150 | $15524 | $16767 |
| **3/31/2025** | $16684 | $14467 | $15748 |
| **4/30/2025** | $15913 | $14133 | $15298 |
| **5/31/2025** | $16672 | $14887 | $16101 |
| **6/30/2025** | $17494 | $15697 | $16798 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $40420990 |
| # of Fund Holdings | 66 |
| Fund Turnover Rate | 56% |
| Total Advisory Fees Paid | $131723 |

---

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 7/31/2020** |
| **Institutional** | 4.37% | 12.04% |
| **Russell 2000 Index** | 7.68% | 9.61% |
| **Morningstar US Small Blend Category** | 6.37% | 11.06% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in equity securities of small-sized U.S. companies.

### Top Ten Holdings

---

| | |
|:---|:---|
| O-I Glass, Inc. | 2.9% |
| Valmont Industries, Inc. | 2.7% |
| REV Group, Inc. | 2.1% |
| RBC Bearings, Inc. | 2.1% |
| Perimeter Solutions, Inc. | 2.0% |
| Ingevity Corp. | 2.0% |
| Goodyear Tire & Rubber Co. | 1.9% |
| Manhattan Associates, Inc. | 1.9% |
| Mercury Systems, Inc. | 1.9% |
| Core & Main, Inc., Class A | 1.9% |

---

### Region Weighting
![Group By Industry Chart](g80914i205bc0003decf0d28864.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 95.5% |
| Asia | 1.6% |
| Cash & Other Short-Term Investments | 2.9% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at imgpfunds.com or upon request at 323-372-1960.

The Board of Trustees of the Fund approved adding D.F. Dent and Company, Inc. as a sub-adviser to the Fund, replacing Polen Capital Management, LLC, effective June 9, 2025.

### Sector Weighting
![Group By Country Chart](g80914i9bb38543c28afab0a772.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 2.9% |
| Energy | 0.8% |
| Real Estate | 1.5% |
| Consumer Discretionary | 7.7% |
| Health Care | 9.3% |
| Materials | 13.0% |
| Financials | 18.2% |
| Information Technology | 19.9% |
| Industrials | 26.7% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# ETF:

# PCCE

#### Principal Listing Exchange: NYSE Arca

# Polen Capital China Growth ETF
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about Polen Capital China Growth ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF | $54 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The ETF outperformed over the trailing six months with a gain of 15.90% (NAV) compared to 11.77% for the MSCI China All Shares Index.

* The ETF benefited from strong performance in the communication services and technology sectors.

* The ETF remains overweight to communication services and real estate sectors, while underweights to consumer staples and technology sectors are its two largest underweights.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914id7ac620e3e59c483b3fa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF** | **MSCI China All Shares Index** | **Morningstar China Region Category** |
| **3/14/2024** | $10000 | $10000 | $10000 |
| **3/31/2024** | $9633 | $9834 | $9763 |
| **4/30/2024** | $10363 | $10301 | $10166 |
| **5/31/2024** | $10494 | $10422 | $10288 |
| **6/30/2024** | $10143 | $10164 | $9955 |
| **7/31/2024** | $9822 | $10093 | $9767 |
| **8/31/2024** | $9749 | $10091 | $9724 |
| **9/30/2024** | $12321 | $12431 | $11858 |
| **10/31/2024** | $11532 | $11775 | $11356 |
| **11/30/2024** | $11144 | $11395 | $11005 |
| **12/31/2024** | $11200 | $11566 | $11069 |
| **1/31/2025** | $11110 | $11530 | $11164 |
| **2/28/2025** | $12071 | $12459 | $11971 |
| **3/31/2025** | $12271 | $12633 | $12049 |
| **4/30/2025** | $12042 | $12147 | $11575 |
| **5/31/2025** | $12601 | $12480 | $11942 |
| **6/30/2025** | $12981 | $12927 | $12499 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1592285 |
| # of Fund Holdings | 29 |
| Fund Turnover Rate | 16% |
| Total Advisory Fees Paid | $7343 |

---

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 3/14/2024** |
| **ETF** | 27.98% | 22.30% |
| **MSCI China All Shares Index** | 27.18% | 21.93% |
| **Morningstar China Region Category** | 25.25% | 18.58% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in a portfolio of equity securities of Chinese companies.

### Top Ten Holdings

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 10.9% |
| Hong Kong Exchanges & Clearing Ltd. | 10.4% |
| AIA Group Ltd. | 5.7% |
| Trip.com Group Ltd. | 4.9% |
| NetEase, Inc. | 4.9% |
| Xiaomi Corp., Class B | 4.5% |
| Contemporary Amperex Technology Co. Ltd., Class A | 4.0% |
| BYD Co. Ltd., Class H | 3.9% |
| Tencent Music Entertainment Group - ADR | 3.9% |
| Kingsoft Corp. Ltd. | 3.6% |

---

### Region Weighting
![Group By Industry Chart](g80914i2d325c6c326ca54139ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asia | 95.3% |
| Cash & Other Short-Term Investments | 4.7% |

---

### Sector Weighting
![Group By Country Chart](g80914ic1ddd44a805d0263b3e3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 4.7% |
| Utilities | 0.7% |
| Consumer Staples | 2.1% |
| Materials | 2.4% |
| Health Care | 4.6% |
| Information Technology | 5.8% |
| Real Estate | 9.2% |
| Industrials | 9.3% |
| Consumer Discretionary | 18.6% |
| Financials | 19.3% |
| Communication Services | 23.3% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# ETF:

# PCEM

#### Principal Listing Exchange: NYSE Arca

# Polen Capital Emerging Markets Ex China Growth ETF
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about Polen Capital Emerging Markets Ex China Growth ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF | $52 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The ETF's 7.72% (NAV) trailing six month return lagged the 14.53% return of the MSCI Emerging Markets ex China Index.

* Relative underperformance was due to security selection. Sector and country allocations were favorable tailwinds.

* Security selection was strongest within consumer staples and weakest within the industrials sector.

* The ETF's largest sector overweight is to consumer discretionary stocks and its zero weight to materials stocks leave it underweight.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914id3c061dc7f1d4b0560f7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF** | **MSCI Emerging Markets ex China Index** | **Morningstar Diversified Emerging Markets Category** |
| **9/11/2024** | $10000 | $10000 | $10000 |
| **9/30/2024** | $10481 | $10463 | $10807 |
| **10/31/2024** | $10202 | $10058 | $10397 |
| **11/30/2024** | $10142 | $9729 | $10170 |
| **12/31/2024** | $10039 | $9614 | $10071 |
| **1/31/2025** | $10220 | $9818 | $10206 |
| **2/28/2025** | $9906 | $9445 | $10172 |
| **3/31/2025** | $9488 | $9449 | $10247 |
| **4/30/2025** | $9968 | $9813 | $10389 |
| **5/31/2025** | $10718 | $10295 | $10875 |
| **6/30/2025** | $10813 | $11010 | $11528 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2700525 |
| # of Fund Holdings | 29 |
| Fund Turnover Rate | 5% |
| Total Advisory Fees Paid | $12521 |

---

---

| | |
|:---|:---|
| Fund | **Since Inception 9/11/2024** |
| **ETF** | 8.13% |
| **MSCI Emerging Markets ex China Index** | 10.10% |
| **Morningstar Diversified Emerging Markets Category** | 15.11% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in equity or equity-related securities of issuers that are located in an emerging market country excluding China.

### Top Ten Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 8.7% |
| HDFC Bank Ltd. | 6.2% |
| Karooooo Ltd. | 5.5% |
| InPost SA | 5.0% |
| TOTVS SA | 4.9% |
| MercadoLibre, Inc. | 4.8% |
| Dlocal Ltd. | 3.7% |
| E Ink Holdings, Inc. | 3.6% |
| Dino Polska SA | 3.6% |
| Nexon Co. Ltd. | 3.5% |

---

### Region Weighting
![Group By Industry Chart](g80914i160ead7a62e7c9d98800.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asia | 53.4% |
| South America | 18.8% |
| Europe | 11.0% |
| Africa | 10.4% |
| North America | 4.3% |
| Cash & Other Short-Term Investments | 2.1% |

---

### Sector Weighting
![Group By Country Chart](g80914i4a020982ff794f740061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 2.1% |
| Health Care | 2.7% |
| Communication Services | 3.4% |
| Consumer Staples | 7.9% |
| Industrials | 12.9% |
| Consumer Discretionary | 19.7% |
| Financials | 20.0% |
| Information Technology | 31.3% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# ETF:

# PCIG

#### Principal Listing Exchange: NYSE Arca

# Polen Capital International Growth ETF
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about Polen Capital International Growth ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF | $44 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The ETF returned 7.39% (NAV) in the first half of 2025, trailing the MSCI ACWI Ex USA Index return of 17.90%.

* The ETF's relative returns were hurt by both sector and security selection.

* The strategy remains meaningfully overweight to technology stocks and underweight emerging markets stocks.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914ie4f64c5691202c6fb55e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF** | **MSCI ACWI Ex USA Index** | **Morningstar Foreign Large Growth Category** |
| **3/14/2024** | $10000 | $10000 | $10000 |
| **3/31/2024** | $9972 | $10061 | $10020 |
| **4/30/2024** | $9305 | $9881 | $9601 |
| **5/31/2024** | $9461 | $10167 | $10043 |
| **6/30/2024** | $9604 | $10158 | $9993 |
| **7/31/2024** | $9695 | $10393 | $10150 |
| **8/31/2024** | $9959 | $10689 | $10509 |
| **9/30/2024** | $9903 | $10977 | $10611 |
| **10/31/2024** | $9295 | $10438 | $10127 |
| **11/30/2024** | $9671 | $10344 | $10201 |
| **12/31/2024** | $9199 | $10143 | $9876 |
| **1/31/2025** | $9837 | $10551 | $10386 |
| **2/28/2025** | $9723 | $10698 | $10457 |
| **3/31/2025** | $9197 | $10674 | $10146 |
| **4/30/2025** | $9373 | $11059 | $10571 |
| **5/31/2025** | $9724 | $11566 | $11116 |
| **6/30/2025** | $9879 | $11958 | $11459 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $28449719 |
| # of Fund Holdings | 30 |
| Fund Turnover Rate | 21% |
| Total Advisory Fees Paid | $115482 |

---

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 3/14/2024** |
| **ETF** | 2.86% | (0.93%) |
| **MSCI ACWI Ex USA Index** | 17.72% | 14.81% |
| **Morningstar Foreign Large Growth Category** | 14.74% | 11.20% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in a focused portfolio of common stocks of large capitalization companies in both developed and emerging markets.

### Top Ten Holdings

---

| | |
|:---|:---|
| SAP SE | 8.0% |
| Sage Group PLC | 7.7% |
| Aon PLC, Class A | 6.8% |
| MercadoLibre, Inc. | 6.1% |
| HDFC Bank Ltd. ADR | 5.0% |
| ASML Holding NV | 4.2% |
| Shopify, Inc., Class A | 4.2% |
| Willis Towers Watson PLC | 4.1% |
| Adyen NV | 4.0% |
| Tokyo Electron Ltd. | 3.7% |

---

### Region Weighting
![Group By Industry Chart](g80914i74b610e9d6d6885f2ece.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 43.4% |
| North America | 30.4% |
| Asia | 14.1% |
| South America | 8.6% |
| Cash & Other Short-Term Investments | 3.5% |

---

### Sector Weighting
![Group By Country Chart](g80914i8d5dd6a30c6c1764c5cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 3.5% |
| Communication Services | 3.8% |
| Health Care | 8.8% |
| Industrials | 9.2% |
| Consumer Discretionary | 15.2% |
| Financials | 24.3% |
| Information Technology | 35.2% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# ETF:

# BDVG

#### Principal Listing Exchange: NYSE Arca

# iMGP Berkshire Dividend Growth ETF
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about iMGP Berkshire Dividend Growth ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF | $28 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The ETF gained 6.21% (NAV) in the first half of the year, outpacing the 6.12% return for the Russell 1000 Index.

* The ETF also outgained the 6.00% return of a narrower large cap value index (Russell 1000 Value).

* The ETF benefited from an overweight to industrial stocks and an underweight to the consumer discretionary sector.

* Security selection within the energy and financials sectors were a tailwind.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914ie90171d92b9cb324888f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ETF** | **Russell 1000 Index** | **Morningstar US Large Value Category** | **Russell 1000 Value Index** |
| **6/29/2023** | $10000 | $10000 | $10000 | $10000 |
| **6/30/2023** | $10094 | $10119 | $10083 | $10087 |
| **7/31/2023** | $10370 | $10467 | $10458 | $10442 |
| **8/31/2023** | $10030 | $10284 | $10194 | $10160 |
| **9/30/2023** | $9633 | $9801 | $9829 | $9768 |
| **10/31/2023** | $9414 | $9564 | $9545 | $9423 |
| **11/30/2023** | $9979 | $10457 | $10229 | $10134 |
| **12/31/2023** | $10456 | $10973 | $10782 | $10695 |
| **1/31/2024** | $10533 | $11126 | $10823 | $10706 |
| **2/29/2024** | $10843 | $11727 | $11175 | $11101 |
| **3/31/2024** | $11241 | $12103 | $11739 | $11656 |
| **4/30/2024** | $10795 | $11588 | $11265 | $11159 |
| **5/31/2024** | $11117 | $12134 | $11611 | $11512 |
| **6/30/2024** | $11102 | $12535 | $11571 | $11404 |
| **7/31/2024** | $11479 | $12718 | $12080 | $11987 |
| **8/31/2024** | $11728 | $13019 | $12352 | $12309 |
| **9/30/2024** | $11817 | $13297 | $12500 | $12479 |
| **10/31/2024** | $11729 | $13205 | $12382 | $12342 |
| **11/30/2024** | $12384 | $14055 | $13073 | $13130 |
| **12/31/2024** | $11643 | $13663 | $12308 | $12232 |
| **1/31/2025** | $12079 | $14098 | $12793 | $12798 |
| **2/28/2025** | $12302 | $13851 | $12861 | $12850 |
| **3/31/2025** | $11992 | $13050 | $12493 | $12493 |
| **4/30/2025** | $11647 | $12972 | $12103 | $12113 |
| **5/31/2025** | $12001 | $13800 | $12539 | $12538 |
| **6/30/2025** | $12365 | $14499 | $12999 | $12967 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8716492 |
| # of Fund Holdings | 39 |
| Fund Turnover Rate | 7% |
| Total Advisory Fees Paid | $24244 |

---

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 6/29/2023** |
| **ETF** | 11.38% | 11.18% |
| **Russell 1000 Index** | 15.66% | 20.37% |
| **Morningstar US Large Value Category** | 12.33% | 13.96% |
| **Russell 1000 Value Index** | 13.70% | 13.84% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in common stocks of large-capitalization U.S. companies that pay dividends annually.

### Top Ten Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.6% |
| Microsoft Corp. | 4.5% |
| AbbVie, Inc. | 3.8% |
| Chevron Corp. | 3.7% |
| Cisco Systems, Inc. | 3.5% |
| Apple, Inc. | 3.5% |
| Bank of America Corp. | 3.4% |
| Waste Management, Inc. | 3.3% |
| Nucor Corp. | 3.1% |
| Honeywell International, Inc. | 3.0% |

---

### Region Weighting
![Group By Industry Chart](g80914icb779ea54d64e7b6c58a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 97.0% |
| Europe | 2.2% |
| Cash & Other Short-Term Investments | 0.8% |

---

### Sector Weighting
![Group By Country Chart](g80914i94742b0e793caccec27c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 0.8% |
| Real Estate | 1.3% |
| Utilities | 3.0% |
| Materials | 3.1% |
| Consumer Discretionary | 7.0% |
| Energy | 7.7% |
| Health Care | 9.4% |
| Consumer Staples | 12.2% |
| Financials | 17.5% |
| Industrials | 19.0% |
| Information Technology | 19.0% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# ETF:

# DBMF

#### Principal Listing Exchange: NYSE Arca
![Image](g80914ieb50d40ff66c8cb72e5e.jpg)

# iMGP DBi Managed Futures Strategy ETF
Semi-Annual Shareholder Report June 30, 2025

#### Fund Overview
This Semi-Annual Shareholder Report contains important information about iMGP DBi Managed Futures Strategy ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The Fund was down 0.14% (NAV) for the first half of the year. A loss of almost 2.6% in Q1 was followed by a gain of about 2.5% in Q2. Despite negative performance, the Fund significantly outperformed the SG CTA Index.

* The Fund was profitable in commodities and equities in both quarters, with the most gains in commodities, driven by long exposure to gold.

* Currency exposure was a detractor, as short Euro exposure was a significant loser. Short bond positioning hurt early in the first half.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

#### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914i344850e9ab4ccf8faeeb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ETF** | **Bloomberg US Aggregate Bond Index** | **Morningstar Systematic Trend Category** | **SG CTA Index** |
| **5/7/2019** | $10000 | $10000 | $10000 | $10000 |
| **5/31/2019** | $10127 | $10149 | $9922 | $9888 |
| **6/30/2019** | $10272 | $10276 | $10126 | $10130 |
| **7/31/2019** | $10480 | $10299 | $10364 | $10491 |
| **8/31/2019** | $11268 | $10566 | $10809 | $10845 |
| **9/30/2019** | $11096 | $10509 | $10424 | $10499 |
| **10/31/2019** | $10995 | $10541 | $10173 | $10248 |
| **11/30/2019** | $11076 | $10536 | $10214 | $10338 |
| **12/31/2019** | $11076 | $10528 | $10148 | $10272 |
| **1/31/2020** | $11159 | $10731 | $10210 | $10358 |
| **2/29/2020** | $10954 | $10924 | $10062 | $10203 |
| **3/31/2020** | $11067 | $10860 | $10165 | $10217 |
| **4/30/2020** | $11271 | $11053 | $10176 | $10240 |
| **5/31/2020** | $10907 | $11104 | $10050 | $10142 |
| **6/30/2020** | $10703 | $11174 | $9947 | $9997 |
| **7/31/2020** | $11162 | $11341 | $10113 | $10254 |
| **8/31/2020** | $11124 | $11250 | $10097 | $10123 |
| **9/30/2020** | $10769 | $11243 | $9887 | $9927 |
| **10/31/2020** | $10779 | $11193 | $9823 | $9914 |
| **11/30/2020** | $10834 | $11303 | $10011 | $10037 |
| **12/31/2020** | $11279 | $11319 | $10413 | $10598 |
| **1/31/2021** | $11231 | $11237 | $10384 | $10470 |
| **2/28/2021** | $11808 | $11075 | $10704 | $10771 |
| **3/31/2021** | $12081 | $10937 | $10787 | $10866 |
| **4/30/2021** | $12310 | $11023 | $11048 | $11193 |
| **5/31/2021** | $12599 | $11059 | $11242 | $11409 |
| **6/30/2021** | $12503 | $11137 | $11080 | $11294 |
| **7/31/2021** | $12624 | $11262 | $11053 | $11326 |
| **8/31/2021** | $12432 | $11240 | $11005 | $11293 |
| **9/30/2021** | $12086 | $11143 | $11015 | $11360 |
| **10/31/2021** | $12671 | $11140 | $11287 | $11650 |
| **11/30/2021** | $12038 | $11173 | $10794 | $11217 |
| **12/31/2021** | $12385 | $11144 | $10928 | $11257 |
| **1/31/2022** | $12573 | $10904 | $11132 | $11498 |
| **2/28/2022** | $12795 | $10782 | $11337 | $11787 |
| **3/31/2022** | $13891 | $10483 | $12058 | $12700 |
| **4/30/2022** | $15353 | $10085 | $12661 | $13448 |
| **5/31/2022** | $15274 | $10150 | $12616 | $13432 |
| **6/30/2022** | $15634 | $9991 | $12676 | $13645 |
| **7/31/2022** | $15218 | $10235 | $12355 | $13227 |
| **8/31/2022** | $15549 | $9946 | $12706 | $13660 |
| **9/30/2022** | $16473 | $9516 | $13187 | $14204 |
| **10/31/2022** | $16688 | $9393 | $13221 | $14271 |
| **11/30/2022** | $15283 | $9738 | $12561 | $13545 |
| **12/31/2022** | $15242 | $9694 | $12515 | $13533 |
| **1/31/2023** | $14888 | $9992 | $12394 | $13424 |
| **2/28/2023** | $14914 | $9734 | $12603 | $13710 |
| **3/31/2023** | $13823 | $9981 | $11915 | $12831 |
| **4/30/2023** | $13964 | $10042 | $12142 | $13093 |
| **5/31/2023** | $14043 | $9933 | $12302 | $13358 |
| **6/30/2023** | $14506 | $9897 | $12479 | $13534 |
| **7/31/2023** | $14468 | $9890 | $12410 | $13390 |
| **8/31/2023** | $14473 | $9827 | $12313 | $13320 |
| **9/30/2023** | $15142 | $9577 | $12646 | $13775 |
| **10/31/2023** | $15092 | $9426 | $12574 | $13635 |
| **11/30/2023** | $14337 | $9853 | $12092 | $13167 |
| **12/31/2023** | $13913 | $10230 | $11969 | $13059 |
| **1/31/2024** | $14225 | $10202 | $12091 | $13195 |
| **2/29/2024** | $14749 | $10058 | $12634 | $13842 |
| **3/31/2024** | $15581 | $10151 | $12986 | $14325 |
| **4/30/2024** | $16198 | $9894 | $13177 | $14613 |
| **5/31/2024** | $16142 | $10062 | $13037 | $14305 |
| **6/30/2024** | $16460 | $10157 | $12823 | $14010 |
| **7/31/2024** | $15883 | $10395 | $12572 | $13693 |
| **8/31/2024** | $15366 | $10544 | $12154 | $13235 |
| **9/30/2024** | $15514 | $10685 | $12313 | $13388 |
| **10/31/2024** | $14883 | $10420 | $11819 | $12962 |
| **11/30/2024** | $15033 | $10530 | $12005 | $13200 |
| **12/31/2024** | $14912 | $10358 | $12135 | $13367 |
| **1/31/2025** | $15102 | $10413 | $12263 | $13450 |
| **2/28/2025** | $14763 | $10642 | $12043 | $13102 |
| **3/31/2025** | $14526 | $10646 | $11897 | $13030 |
| **4/30/2025** | $14463 | $10688 | $11381 | $12453 |
| **5/31/2025** | $14486 | $10612 | $11328 | $12233 |
| **6/30/2025** | $14890 | $10775 | $11455 | $12350 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 5/7/2019** |
| **ETF** | (9.54%) | 6.83% | 6.69% |
| **Bloomberg US Aggregate Bond Index** | 6.08% | (0.73%) | 1.22% |
| **Morningstar Systematic Trend Category** | (10.76%) | 2.88% | 2.26% |
| **SG CTA Index** | (11.85%) | 4.32% | 3.49% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1172488395 |
| # of Fund Holdings | 33 |
| Fund Turnover Rate | 0% |
| Total Advisory Fees Paid | $5212355 |

---

## What did the Fund invest in? (based on net assets)
The Fund invested in a variety of equity and debt securities.

### Asset Class Exposure
![Group By Asset Type Chart](g80914i77e6a886acdce6081f15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 5.6% |
| Commodities | 6.1% |
| International Developed Equities | 7.3% |
| US Equities | 8.9% |
| Currencies | 35.3% |
| Fixed Income | 93.3% |

---

### Fund Holdings

---

| | |
|:---|:---|
| US LONG BOND(CBT) SEP 25 | (10.3%) |
| JPN YEN CURR FUT SEP 25 | (2.1%) |
| GOLD 100 OZ FUTR AUG 25 | 2.6% |
| WTI CRUDEFUTURE SEP 25 | 3.4% |
| MSCI EMGMKT SEP 25 | 5.6% |
| MSCI EAFESEP25 | 7.3% |
| S+P500 EMINI FUT SEP 25 | 8.9% |
| US 10YR NOTE (CBT)SEP 25 | 19.1% |
| EURO FX CURR FUT SEP 25 | 37.4% |
| TREASURY BILL | 80.0% |
| US 2YR NOTE (CBT) SEP 25 | 84.6% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# Institutional:

# IDMIX

# iMGP Dolan McEniry Corporate Bond Fund
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about iMGP Dolan McEniry Corporate Bond Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $31 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The Fund gained 4.33% in the six-month period, outperforming the 4.02% gain of the Bloomberg U.S. Aggregate Bond Index (the Agg).

* As of June, the Fund had a YTM of approximately 5.5%, higher than the Agg's 4.5%. Duration ended June at approximately 3.9, shorter than the Agg's ~5.9.

* Economic data softened, but credit fundamentals remain strong. Credit spreads widened materially in April but ended the first half almost unchanged, allowing the Fund's higher carry to drive performance.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914ia0edc3033516f64180ed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Interm Credit Index** |
| **9/28/2018** | $10000 | $10000 | $10000 |
| **9/30/2018** | $10000 | $10000 | $10000 |
| **10/31/2018** | $9939 | $9921 | $9958 |
| **11/30/2018** | $9950 | $9980 | $9966 |
| **12/31/2018** | $9923 | $10164 | $10075 |
| **1/31/2019** | $10156 | $10271 | $10236 |
| **2/28/2019** | $10244 | $10266 | $10271 |
| **3/31/2019** | $10418 | $10463 | $10433 |
| **4/30/2019** | $10480 | $10465 | $10478 |
| **5/31/2019** | $10539 | $10651 | $10588 |
| **6/30/2019** | $10689 | $10785 | $10745 |
| **7/31/2019** | $10738 | $10809 | $10767 |
| **8/31/2019** | $10898 | $11089 | $10953 |
| **9/30/2019** | $10901 | $11030 | $10927 |
| **10/31/2019** | $10987 | $11063 | $10991 |
| **11/30/2019** | $10989 | $11057 | $10992 |
| **12/31/2019** | $11039 | $11049 | $11034 |
| **1/31/2020** | $11176 | $11262 | $11193 |
| **2/29/2020** | $11218 | $11465 | $11307 |
| **3/31/2020** | $10426 | $11397 | $10775 |
| **4/30/2020** | $10829 | $11600 | $11145 |
| **5/31/2020** | $11056 | $11654 | $11332 |
| **6/30/2020** | $11228 | $11727 | $11494 |
| **7/31/2020** | $11441 | $11903 | $11653 |
| **8/31/2020** | $11460 | $11806 | $11652 |
| **9/30/2020** | $11434 | $11800 | $11636 |
| **10/31/2020** | $11419 | $11747 | $11637 |
| **11/30/2020** | $11573 | $11863 | $11761 |
| **12/31/2020** | $11646 | $11879 | $11816 |
| **1/31/2021** | $11628 | $11794 | $11776 |
| **2/28/2021** | $11554 | $11623 | $11680 |
| **3/31/2021** | $11482 | $11478 | $11571 |
| **4/30/2021** | $11568 | $11569 | $11651 |
| **5/31/2021** | $11591 | $11607 | $11713 |
| **6/30/2021** | $11635 | $11688 | $11752 |
| **7/31/2021** | $11690 | $11819 | $11841 |
| **8/31/2021** | $11692 | $11797 | $11822 |
| **9/30/2021** | $11641 | $11694 | $11760 |
| **10/31/2021** | $11570 | $11691 | $11696 |
| **11/30/2021** | $11510 | $11726 | $11683 |
| **12/31/2021** | $11546 | $11696 | $11695 |
| **1/31/2022** | $11312 | $11444 | $11484 |
| **2/28/2022** | $11223 | $11316 | $11368 |
| **3/31/2022** | $11022 | $11002 | $11102 |
| **4/30/2022** | $10747 | $10584 | $10800 |
| **5/31/2022** | $10820 | $10652 | $10894 |
| **6/30/2022** | $10500 | $10485 | $10699 |
| **7/31/2022** | $10849 | $10742 | $10934 |
| **8/31/2022** | $10648 | $10438 | $10714 |
| **9/30/2022** | $10328 | $9987 | $10370 |
| **10/31/2022** | $10382 | $9858 | $10327 |
| **11/30/2022** | $10614 | $10220 | $10639 |
| **12/31/2022** | $10614 | $10174 | $10631 |
| **1/31/2023** | $10840 | $10487 | $10882 |
| **2/28/2023** | $10636 | $10216 | $10674 |
| **3/31/2023** | $10776 | $10475 | $10894 |
| **4/30/2023** | $10851 | $10539 | $10975 |
| **5/31/2023** | $10808 | $10424 | $10893 |
| **6/30/2023** | $10833 | $10387 | $10865 |
| **7/31/2023** | $10905 | $10380 | $10923 |
| **8/31/2023** | $10920 | $10313 | $10908 |
| **9/30/2023** | $10765 | $10051 | $10765 |
| **10/31/2023** | $10666 | $9893 | $10690 |
| **11/30/2023** | $11096 | $10341 | $11066 |
| **12/31/2023** | $11397 | $10737 | $11368 |
| **1/31/2024** | $11416 | $10707 | $11390 |
| **2/29/2024** | $11327 | $10556 | $11289 |
| **3/31/2024** | $11448 | $10653 | $11390 |
| **4/30/2024** | $11290 | $10384 | $11238 |
| **5/31/2024** | $11412 | $10560 | $11393 |
| **6/30/2024** | $11524 | $10660 | $11473 |
| **7/31/2024** | $11682 | $10909 | $11700 |
| **8/31/2024** | $11829 | $11066 | $11849 |
| **9/30/2024** | $11968 | $11214 | $11999 |
| **10/31/2024** | $11810 | $10936 | $11813 |
| **11/30/2024** | $11927 | $11052 | $11911 |
| **12/31/2024** | $11838 | $10871 | $11824 |
| **1/31/2025** | $11906 | $10929 | $11898 |
| **2/28/2025** | $12035 | $11169 | $12062 |
| **3/31/2025** | $12030 | $11173 | $12098 |
| **4/30/2025** | $12087 | $11217 | $12177 |
| **5/31/2025** | $12157 | $11137 | $12192 |
| **6/30/2025** | $12350 | $11308 | $12350 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $427391213 |
| # of Fund Holdings | 61 |
| Fund Turnover Rate | 9% |
| Total Advisory Fees Paid | $687688 |

---

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/28/2018** |
| **Institutional** | 7.17% | 1.92% | 3.18% |
| **Bloomberg US Aggregate Bond Index** | 6.08% | (0.73%) | 1.84% |
| **Bloomberg US Interm Credit Index** | 7.64% | 1.45% | 3.17% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in a diversified portfolio of corporate investment grade bonds, corporate high yield bonds, and U.S. Government and Treasury securities maturing within 10 years or less.

### Sector Weighting

---

| | |
|:---|:---|
| Consumer, Non-cyclical | 22.6% |
| Industrial | 19.9% |
| Consumer, Cyclical | 18.2% |
| Technology | 14.4% |
| Communications | 8.9% |
| Financial | 7.8% |
| Basic Materials | 3.5% |
| Government | 1.8% |
| Cash & Other Short-Term Investments | 2.9% |

---

### Credit Rating
![Group By Industry Chart](g80914i8c3d681c0a7f84798134.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 1.8% |
| A | 5.7% |
| BBB | 72.3% |
| BB | 17.8% |
| B | 2.4% |

---

### Maturity
![Group By Country Chart](g80914i54920de837b87051dfaa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.9% |
| 5 to 10 Years | 49.4% |
| 3 to 5 Years | 30.6% |
| 1 to 3 Years | 15.4% |
| Less than 1 Year | 1.7% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# Institutional:

# MSEFX

# iMGP Global Select Fund
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about iMGP Global Select Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

**THIS REPORT DESCRIBES CHANGES TO THE FUND THAT OCCURRED DURING THE REPORTING PERIOD.**

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The Fund gained 3.28% in the first half of the year compared to the 9.47% return for MSCI World Index.

* The Fund's underweight to technology stocks helped relative performance.

* Stock selection was the main headwind to performance.

* Outperformance of the Fund's consumer discretionary stocks was a key driver of performance in the first half.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914ia3af6ff7c4250f0ff5a9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional** | **MSCI World Index** | **Morningstar Global Large-Stock Blend Category** | **MSCI All Country World Index** |
| **6/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **7/31/2015** | $10105 | $10180 | $10100 | $10087 |
| **8/31/2015** | $9509 | $9506 | $9459 | $9395 |
| **9/30/2015** | $9206 | $9155 | $9155 | $9055 |
| **10/31/2015** | $10061 | $9881 | $9808 | $9766 |
| **11/30/2015** | $10077 | $9832 | $9765 | $9685 |
| **12/31/2015** | $9748 | $9659 | $9586 | $9510 |
| **1/31/2016** | $9057 | $9081 | $9098 | $8937 |
| **2/29/2016** | $9021 | $9013 | $9053 | $8875 |
| **3/31/2016** | $9736 | $9625 | $9647 | $9533 |
| **4/30/2016** | $9997 | $9777 | $9778 | $9674 |
| **5/31/2016** | $10142 | $9832 | $9832 | $9686 |
| **6/30/2016** | $9869 | $9722 | $9785 | $9627 |
| **7/31/2016** | $10300 | $10133 | $10179 | $10042 |
| **8/31/2016** | $10464 | $10141 | $10184 | $10076 |
| **9/30/2016** | $10512 | $10195 | $10250 | $10138 |
| **10/31/2016** | $10342 | $9998 | $10001 | $9966 |
| **11/30/2016** | $10912 | $10142 | $10083 | $10041 |
| **12/31/2016** | $10916 | $10384 | $10252 | $10258 |
| **1/31/2017** | $11288 | $10635 | $10532 | $10539 |
| **2/28/2017** | $11455 | $10930 | $10792 | $10834 |
| **3/31/2017** | $11423 | $11046 | $10925 | $10967 |
| **4/30/2017** | $11551 | $11210 | $11112 | $11138 |
| **5/31/2017** | $11609 | $11447 | $11354 | $11384 |
| **6/30/2017** | $11776 | $11491 | $11408 | $11436 |
| **7/31/2017** | $12135 | $11766 | $11669 | $11755 |
| **8/31/2017** | $12122 | $11783 | $11697 | $11800 |
| **9/30/2017** | $12507 | $12047 | $11917 | $12028 |
| **10/31/2017** | $12795 | $12275 | $12131 | $12278 |
| **11/30/2017** | $13007 | $12541 | $12359 | $12516 |
| **12/31/2017** | $13225 | $12710 | $12535 | $12717 |
| **1/31/2018** | $14125 | $13381 | $13144 | $13435 |
| **2/28/2018** | $13675 | $12827 | $12566 | $12871 |
| **3/31/2018** | $13391 | $12547 | $12397 | $12595 |
| **4/30/2018** | $13405 | $12692 | $12469 | $12715 |
| **5/31/2018** | $13592 | $12771 | $12527 | $12731 |
| **6/30/2018** | $13585 | $12765 | $12464 | $12662 |
| **7/31/2018** | $13980 | $13164 | $12829 | $13044 |
| **8/31/2018** | $14257 | $13327 | $12886 | $13147 |
| **9/30/2018** | $14167 | $13401 | $12905 | $13204 |
| **10/31/2018** | $12810 | $12417 | $11950 | $12214 |
| **11/30/2018** | $13107 | $12558 | $12149 | $12393 |
| **12/31/2018** | $11914 | $11603 | $11271 | $11520 |
| **1/31/2019** | $13255 | $12506 | $12143 | $12430 |
| **2/28/2019** | $13556 | $12882 | $12472 | $12762 |
| **3/31/2019** | $13588 | $13051 | $12614 | $12923 |
| **4/30/2019** | $14357 | $13514 | $13020 | $13359 |
| **5/31/2019** | $13310 | $12734 | $12280 | $12567 |
| **6/30/2019** | $14191 | $13573 | $13050 | $13390 |
| **7/31/2019** | $14262 | $13640 | $13056 | $13429 |
| **8/31/2019** | $13659 | $13361 | $12835 | $13110 |
| **9/30/2019** | $13802 | $13646 | $13083 | $13386 |
| **10/31/2019** | $14095 | $13993 | $13370 | $13752 |
| **11/30/2019** | $14746 | $14383 | $13682 | $14088 |
| **12/31/2019** | $15196 | $14814 | $14122 | $14584 |
| **1/31/2020** | $15006 | $14723 | $13925 | $14423 |
| **2/29/2020** | $13872 | $13479 | $12880 | $13258 |
| **3/31/2020** | $11456 | $11695 | $11084 | $11468 |
| **4/30/2020** | $13006 | $12973 | $12186 | $12697 |
| **5/31/2020** | $13776 | $13599 | $12736 | $13249 |
| **6/30/2020** | $14053 | $13959 | $13052 | $13672 |
| **7/31/2020** | $14677 | $14627 | $13700 | $14395 |
| **8/31/2020** | $15612 | $15604 | $14434 | $15277 |
| **9/30/2020** | $15110 | $15066 | $14057 | $14784 |
| **10/31/2020** | $15309 | $14604 | $13701 | $14425 |
| **11/30/2020** | $17274 | $16471 | $15323 | $16203 |
| **12/31/2020** | $18162 | $17169 | $16041 | $16955 |
| **1/31/2021** | $18065 | $16999 | $15951 | $16878 |
| **2/28/2021** | $19255 | $17434 | $16361 | $17269 |
| **3/31/2021** | $19733 | $18014 | $16880 | $17730 |
| **4/30/2021** | $21049 | $18853 | $17554 | $18505 |
| **5/31/2021** | $21108 | $19124 | $17868 | $18793 |
| **6/30/2021** | $21176 | $19409 | $17983 | $19041 |
| **7/31/2021** | $21264 | $19757 | $18121 | $19172 |
| **8/31/2021** | $21654 | $20249 | $18484 | $19652 |
| **9/30/2021** | $21030 | $19408 | $17678 | $18840 |
| **10/31/2021** | $21957 | $20507 | $18567 | $19802 |
| **11/30/2021** | $20689 | $20058 | $18060 | $19325 |
| **12/31/2021** | $21386 | $20915 | $18761 | $20098 |
| **1/31/2022** | $20066 | $19809 | $17796 | $19111 |
| **2/28/2022** | $19611 | $19308 | $17340 | $18617 |
| **3/31/2022** | $19281 | $19837 | $17611 | $19020 |
| **4/30/2022** | $17257 | $18190 | $16365 | $17498 |
| **5/31/2022** | $17234 | $18203 | $16480 | $17519 |
| **6/30/2022** | $15584 | $16626 | $15162 | $16042 |
| **7/31/2022** | $16801 | $17947 | $16179 | $17162 |
| **8/31/2022** | $16005 | $17196 | $15526 | $16530 |
| **9/30/2022** | $14128 | $15598 | $14116 | $14948 |
| **10/31/2022** | $14925 | $16718 | $15017 | $15850 |
| **11/30/2022** | $16301 | $17880 | $16254 | $17079 |
| **12/31/2022** | $15927 | $17121 | $15599 | $16407 |
| **1/31/2023** | $17134 | $18332 | $16676 | $17583 |
| **2/28/2023** | $16598 | $17892 | $16177 | $17079 |
| **3/31/2023** | $17060 | $18444 | $16590 | $17606 |
| **4/30/2023** | $17462 | $18768 | $16821 | $17859 |
| **5/31/2023** | $16866 | $18580 | $16492 | $17668 |
| **6/30/2023** | $17835 | $19704 | $17393 | $18693 |
| **7/31/2023** | $18386 | $20366 | $17899 | $19378 |
| **8/31/2023** | $17641 | $19880 | $17368 | $18836 |
| **9/30/2023** | $16821 | $19022 | $16630 | $18057 |
| **10/31/2023** | $16300 | $18470 | $16122 | $17514 |
| **11/30/2023** | $17805 | $20202 | $17489 | $19131 |
| **12/31/2023** | $18676 | $21193 | $18377 | $20050 |
| **1/31/2024** | $18444 | $21448 | $18350 | $20167 |
| **2/29/2024** | $18940 | $22357 | $19061 | $21033 |
| **3/31/2024** | $19250 | $23076 | $19659 | $21693 |
| **4/30/2024** | $18382 | $22218 | $18962 | $20977 |
| **5/31/2024** | $18614 | $23211 | $19759 | $21829 |
| **6/30/2024** | $18459 | $23683 | $19888 | $22316 |
| **7/31/2024** | $19406 | $24100 | $20339 | $22675 |
| **8/31/2024** | $19824 | $24737 | $20826 | $23251 |
| **9/30/2024** | $20057 | $25190 | $21201 | $23791 |
| **10/31/2024** | $19266 | $24690 | $20657 | $23257 |
| **11/30/2024** | $20259 | $25823 | $21356 | $24127 |
| **12/31/2024** | $19298 | $25150 | $20658 | $23556 |
| **1/31/2025** | $20030 | $26038 | $21380 | $24347 |
| **2/28/2025** | $19814 | $25851 | $21302 | $24200 |
| **3/31/2025** | $19182 | $24700 | $20584 | $23244 |
| **4/30/2025** | $18883 | $24919 | $20723 | $23461 |
| **5/31/2025** | $19648 | $26394 | $21848 | $24810 |
| **6/30/2025** | $19931 | $27533 | $22723 | $25923 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $94291643 |
| # of Fund Holdings | 35 |
| Fund Turnover Rate | 60% |
| Total Advisory Fees Paid | $271725 |

---

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| **Institutional** | 7.97% | 7.24% | 7.14% |
| **MSCI World Index** | 16.26% | 14.55% | 10.66% |
| **Morningstar Global Large-Stock Blend Category** | 14.36% | 11.63% | 8.52% |
| **MSCI All Country World Index** | 16.17% | 13.65% | 9.99% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in equity securities of U.S. and non-U.S. companies.

### Top Ten Holdings

---

| | |
|:---|:---|
| Visa, Inc., Class A | 8.5% |
| Microsoft Corp. | 6.3% |
| Amazon.com, Inc. | 5.6% |
| Oracle Corp. | 3.7% |
| Shopify, Inc., Class A | 3.7% |
| SAP SE | 3.3% |
| Aon PLC, Class A | 3.3% |
| Abbott Laboratories | 3.2% |
| Paycom Software, Inc. | 3.0% |
| McKesson Corp. | 2.9% |

---

### Region Weighting
![Group By Industry Chart](g80914ica1f3b7f61cf2470734f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 83.0% |
| Europe | 11.9% |
| Asia | 2.8% |
| Cash & Other Short-Term Investments | 2.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at imgpfunds.com or upon request at 323-372-1960.

The Board of Trustees of the Fund approved removing two sub-advisers and allocating 50% of the portfolio to each of the two remaining sub-advisers, Polen Capital and Scharf Investments.

### Sector Weighting
![Group By Country Chart](g80914i2cb5464d85699863acf1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 2.3% |
| Consumer Staples | 2.4% |
| Energy | 2.6% |
| Real Estate | 2.6% |
| Industrials | 3.0% |
| Communication Services | 4.3% |
| Materials | 4.9% |
| Consumer Discretionary | 5.7% |
| Health Care | 20.4% |
| Information Technology | 24.7% |
| Financials | 27.1% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# Institutional:

# MAHIX

# iMGP High Income Fund
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about iMGP High Income Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

**THIS REPORT DESCRIBES CHANGES TO THE FUND THAT OCCURRED DURING THE REPORTING PERIOD.**

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $49 | 0.98%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The Fund gained 3.41% in the first half of the year. This was a good result, but trailed the Bloomberg US Aggregate Bond Index benchmark return of 4.02%, while beating the Morningstar category peer group (+2.90%).

* Both BBH and Guggenheim were solidly positive, while Neuberger Berman struggled from mid-February through the mid-April due to sharply higher equity volatility, before rebounding to finish in the black for the first half.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914ia712a7f3b29fb7427335.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional** | **Bloomberg US Aggregate Bond Index** | **ICE BofA US High Yield Index** | **Morningstar Nontraditional Bond Category** |
| **9/28/2018** | $10000 | $10000 | $10000 | $10000 |
| **9/30/2018** | $10000 | $10000 | $10003 | $10000 |
| **10/31/2018** | $9869 | $9921 | $9840 | $9941 |
| **11/30/2018** | $9901 | $9980 | $9750 | $9900 |
| **12/31/2018** | $9692 | $10164 | $9537 | $9833 |
| **1/31/2019** | $9960 | $10271 | $9975 | $10009 |
| **2/28/2019** | $10014 | $10266 | $10143 | $10075 |
| **3/31/2019** | $10092 | $10463 | $10242 | $10110 |
| **4/30/2019** | $10172 | $10465 | $10386 | $10188 |
| **5/31/2019** | $10125 | $10651 | $10254 | $10164 |
| **6/30/2019** | $10245 | $10785 | $10505 | $10266 |
| **7/31/2019** | $10296 | $10809 | $10559 | $10310 |
| **8/31/2019** | $10288 | $11089 | $10600 | $10283 |
| **9/30/2019** | $10355 | $11030 | $10634 | $10317 |
| **10/31/2019** | $10382 | $11063 | $10659 | $10346 |
| **11/30/2019** | $10416 | $11057 | $10688 | $10374 |
| **12/31/2019** | $10504 | $11049 | $10911 | $10494 |
| **1/31/2020** | $10562 | $11262 | $10911 | $10519 |
| **2/29/2020** | $10306 | $11465 | $10742 | $10450 |
| **3/31/2020** | $9055 | $11397 | $9479 | $9694 |
| **4/30/2020** | $9484 | $11600 | $9839 | $9883 |
| **5/31/2020** | $9774 | $11654 | $10289 | $10093 |
| **6/30/2020** | $9973 | $11727 | $10390 | $10223 |
| **7/31/2020** | $10204 | $11903 | $10886 | $10411 |
| **8/31/2020** | $10399 | $11806 | $10993 | $10483 |
| **9/30/2020** | $10418 | $11800 | $10879 | $10455 |
| **10/31/2020** | $10370 | $11747 | $10930 | $10472 |
| **11/30/2020** | $10910 | $11863 | $11367 | $10701 |
| **12/31/2020** | $11094 | $11879 | $11584 | $10838 |
| **1/31/2021** | $11147 | $11794 | $11628 | $10868 |
| **2/28/2021** | $11259 | $11623 | $11669 | $10890 |
| **3/31/2021** | $11330 | $11478 | $11689 | $10886 |
| **4/30/2021** | $11427 | $11569 | $11817 | $10958 |
| **5/31/2021** | $11488 | $11607 | $11851 | $10996 |
| **6/30/2021** | $11576 | $11688 | $12013 | $11035 |
| **7/31/2021** | $11619 | $11819 | $12056 | $11033 |
| **8/31/2021** | $11671 | $11797 | $12121 | $11064 |
| **9/30/2021** | $11682 | $11694 | $12125 | $11028 |
| **10/31/2021** | $11727 | $11691 | $12104 | $11018 |
| **11/30/2021** | $11700 | $11726 | $11980 | $10945 |
| **12/31/2021** | $11806 | $11696 | $12205 | $11004 |
| **1/31/2022** | $11634 | $11444 | $11870 | $10906 |
| **2/28/2022** | $11545 | $11316 | $11763 | $10800 |
| **3/31/2022** | $11519 | $11002 | $11654 | $10723 |
| **4/30/2022** | $11308 | $10584 | $11230 | $10574 |
| **5/31/2022** | $11207 | $10652 | $11258 | $10532 |
| **6/30/2022** | $10879 | $10485 | $10492 | $10268 |
| **7/31/2022** | $11173 | $10742 | $11124 | $10436 |
| **8/31/2022** | $11094 | $10438 | $10858 | $10370 |
| **9/30/2022** | $10734 | $9987 | $10421 | $10127 |
| **10/31/2022** | $10788 | $9858 | $10718 | $10141 |
| **11/30/2022** | $10997 | $10220 | $10918 | $10318 |
| **12/31/2022** | $10997 | $10174 | $10836 | $10302 |
| **1/31/2023** | $11342 | $10487 | $11260 | $10526 |
| **2/28/2023** | $11318 | $10216 | $11114 | $10439 |
| **3/31/2023** | $11349 | $10475 | $11239 | $10460 |
| **4/30/2023** | $11456 | $10539 | $11348 | $10505 |
| **5/31/2023** | $11484 | $10424 | $11240 | $10473 |
| **6/30/2023** | $11588 | $10387 | $11423 | $10556 |
| **7/31/2023** | $11726 | $10380 | $11585 | $10657 |
| **8/31/2023** | $11820 | $10313 | $11618 | $10643 |
| **9/30/2023** | $11765 | $10051 | $11483 | $10572 |
| **10/31/2023** | $11733 | $9893 | $11341 | $10516 |
| **11/30/2023** | $12038 | $10341 | $11857 | $10770 |
| **12/31/2023** | $12352 | $10737 | $12294 | $11004 |
| **1/31/2024** | $12427 | $10707 | $12297 | $11050 |
| **2/29/2024** | $12485 | $10556 | $12333 | $11084 |
| **3/31/2024** | $12631 | $10653 | $12480 | $11198 |
| **4/30/2024** | $12616 | $10384 | $12355 | $11147 |
| **5/31/2024** | $12776 | $10560 | $12495 | $11258 |
| **6/30/2024** | $12876 | $10660 | $12616 | $11300 |
| **7/31/2024** | $13022 | $10909 | $12863 | $11442 |
| **8/31/2024** | $13155 | $11066 | $13068 | $11537 |
| **9/30/2024** | $13302 | $11214 | $13282 | $11641 |
| **10/31/2024** | $13284 | $10936 | $13209 | $11585 |
| **11/30/2024** | $13441 | $11052 | $13360 | $11696 |
| **12/31/2024** | $13444 | $10871 | $13303 | $11658 |
| **1/31/2025** | $13555 | $10929 | $13486 | $11775 |
| **2/28/2025** | $13664 | $11169 | $13574 | $11853 |
| **3/31/2025** | $13616 | $11173 | $13428 | $11803 |
| **4/30/2025** | $13574 | $11217 | $13429 | $11760 |
| **5/31/2025** | $13690 | $11137 | $13654 | $11861 |
| **6/30/2025** | $13902 | $11308 | $13908 | $12001 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $442479352 |
| # of Fund Holdings | 1367 |
| Fund Turnover Rate | 34% |
| Total Advisory Fees Paid | $1075155 |

---

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/28/2018** |
| **Institutional** | 7.97% | 6.87% | 5.00% |
| **Bloomberg US Aggregate Bond Index** | 6.08% | (0.73%) | 1.84% |
| **ICE BofA US High Yield Index** | 10.24% | 6.01% | 5.00% |
| **Morningstar Nontraditional Bond Category** | 6.16% | 3.26% | 2.70% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in a variety of equity and debt securities.

### Asset Allocation

---

| | |
|:---|:---|
| Corporate Bonds | 43.8% |
| Bank Loans | 19.9% |
| Mortgage-Backed Securities | 15.4% |
| Asset-Backed Securities | 15.2% |
| Short-Term Investments | 4.9% |
| Government Securities & Agency Issue | 3.2% |
| Other | -2.4% |

---

### Credit Rating
![Group By Industry Chart](g80914i740be7dc59db22d89247.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 5.2% |
| AA | 8.3% |
| A | 7.9% |
| BBB | 27.4% |
| BB | 25.4% |
| B | 15.3% |
| Below B | 1.7% |
| Not Rated | 8.8% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at imgpfunds.com or upon request at 323-372-1960.

Pursuant to an Agreement and Plan of Reorganization previously approved by the Fund's Board of Trustees, all of the assets, subject to the liabilities, of the iMGP Alternative Strategies Fund were transferred to the Fund on April 17, 2025.

### Maturity
![Group By Country Chart](g80914i4bbc7f95c2b9ae7725d0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.5% |
| Greater than 10 Years | 30.4% |
| 5 to 10 Years | 32.1% |
| 3 to 5 Years | 19.4% |
| 1 to 3 Years | 12.6% |
| Less than 1 Year | 5.0% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# Institutional:

# MSILX

# iMGP International Fund
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about iMGP International Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

**THIS REPORT DESCRIBES CHANGES TO THE FUND THAT OCCURRED DURING THE REPORTING PERIOD.**

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $66 | 1.20%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The Fund outperformed in the first half of 2025. The Fund gained 20.51% compared to 19.45% for the MSCI EAFE Index.

* Stock selection was the main driver of outperformance in the first half.

* Strong performance within the industrials sector was a key driver behind the outperformance.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914i3f275a85132043b93358.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **MSCI EAFE Index** | **Morningstar Foreign Large Blend Category** |
| **6/30/2015** | $10000 | $10000 | $10000 |
| **7/31/2015** | $10016 | $10208 | $10073 |
| **8/31/2015** | $9220 | $9457 | $9360 |
| **9/30/2015** | $8820 | $8977 | $8968 |
| **10/31/2015** | $9296 | $9678 | $9550 |
| **11/30/2015** | $9139 | $9528 | $9465 |
| **12/31/2015** | $8880 | $9399 | $9290 |
| **1/31/2016** | $8220 | $8720 | $8747 |
| **2/29/2016** | $8038 | $8560 | $8524 |
| **3/31/2016** | $8528 | $9117 | $9110 |
| **4/30/2016** | $8489 | $9381 | $9257 |
| **5/31/2016** | $8484 | $9296 | $9249 |
| **6/30/2016** | $7972 | $8984 | $9013 |
| **7/31/2016** | $8341 | $9439 | $9397 |
| **8/31/2016** | $8396 | $9446 | $9445 |
| **9/30/2016** | $8577 | $9562 | $9570 |
| **10/31/2016** | $8412 | $9366 | $9359 |
| **11/30/2016** | $8253 | $9179 | $9155 |
| **12/31/2016** | $8471 | $9493 | $9352 |
| **1/31/2017** | $8729 | $9769 | $9669 |
| **2/28/2017** | $8889 | $9908 | $9785 |
| **3/31/2017** | $9165 | $10181 | $10077 |
| **4/30/2017** | $9469 | $10440 | $10349 |
| **5/31/2017** | $9818 | $10823 | $10701 |
| **6/30/2017** | $9727 | $10804 | $10709 |
| **7/31/2017** | $10117 | $11116 | $11030 |
| **8/31/2017** | $9927 | $11112 | $11056 |
| **9/30/2017** | $10197 | $11388 | $11283 |
| **10/31/2017** | $10157 | $11561 | $11466 |
| **11/30/2017** | $10145 | $11682 | $11548 |
| **12/31/2017** | $10471 | $11870 | $11729 |
| **1/31/2018** | $11085 | $12465 | $12310 |
| **2/28/2018** | $10489 | $11903 | $11725 |
| **3/31/2018** | $10353 | $11688 | $11630 |
| **4/30/2018** | $10500 | $11955 | $11772 |
| **5/31/2018** | $10418 | $11686 | $11581 |
| **6/30/2018** | $10312 | $11544 | $11382 |
| **7/31/2018** | $10436 | $11828 | $11645 |
| **8/31/2018** | $10081 | $11599 | $11418 |
| **9/30/2018** | $10004 | $11700 | $11472 |
| **10/31/2018** | $9119 | $10769 | $10529 |
| **11/30/2018** | $9048 | $10755 | $10557 |
| **12/31/2018** | $8293 | $10233 | $10018 |
| **1/31/2019** | $9096 | $10906 | $10732 |
| **2/28/2019** | $9476 | $11184 | $10967 |
| **3/31/2019** | $9589 | $11254 | $11044 |
| **4/30/2019** | $10113 | $11570 | $11348 |
| **5/31/2019** | $9203 | $11015 | $10757 |
| **6/30/2019** | $9792 | $11668 | $11372 |
| **7/31/2019** | $9738 | $11520 | $11174 |
| **8/31/2019** | $9506 | $11222 | $10940 |
| **9/30/2019** | $9774 | $11543 | $11227 |
| **10/31/2019** | $10166 | $11958 | $11601 |
| **11/30/2019** | $10345 | $12093 | $11748 |
| **12/31/2019** | $10818 | $12486 | $12167 |
| **1/31/2020** | $10101 | $12225 | $11849 |
| **2/29/2020** | $9200 | $11120 | $10953 |
| **3/31/2020** | $7257 | $9636 | $9317 |
| **4/30/2020** | $7851 | $10258 | $9981 |
| **5/31/2020** | $8127 | $10705 | $10450 |
| **6/30/2020** | $8348 | $11069 | $10827 |
| **7/31/2020** | $8716 | $11327 | $11174 |
| **8/31/2020** | $9273 | $11910 | $11692 |
| **9/30/2020** | $8949 | $11600 | $11455 |
| **10/31/2020** | $8716 | $11137 | $11083 |
| **11/30/2020** | $10646 | $12864 | $12599 |
| **12/31/2020** | $11361 | $13462 | $13250 |
| **1/31/2021** | $11023 | $13318 | $13138 |
| **2/28/2021** | $11731 | $13617 | $13434 |
| **3/31/2021** | $11995 | $13930 | $13748 |
| **4/30/2021** | $12352 | $14349 | $14143 |
| **5/31/2021** | $12778 | $14817 | $14613 |
| **6/30/2021** | $12346 | $14650 | $14454 |
| **7/31/2021** | $12271 | $14761 | $14455 |
| **8/31/2021** | $12478 | $15021 | $14698 |
| **9/30/2021** | $12277 | $14585 | $14180 |
| **10/31/2021** | $12891 | $14944 | $14571 |
| **11/30/2021** | $11907 | $14248 | $13926 |
| **12/31/2021** | $12697 | $14978 | $14547 |
| **1/31/2022** | $12156 | $14254 | $14005 |
| **2/28/2022** | $11603 | $14002 | $13571 |
| **3/31/2022** | $11336 | $14092 | $13524 |
| **4/30/2022** | $10574 | $13180 | $12686 |
| **5/31/2022** | $10841 | $13279 | $12865 |
| **6/30/2022** | $9845 | $12047 | $11744 |
| **7/31/2022** | $10307 | $12647 | $12267 |
| **8/31/2022** | $9630 | $12047 | $11644 |
| **9/30/2022** | $8523 | $10920 | $10558 |
| **10/31/2022** | $9155 | $11507 | $11067 |
| **11/30/2022** | $10216 | $12803 | $12454 |
| **12/31/2022** | $9957 | $12813 | $12246 |
| **1/31/2023** | $11041 | $13851 | $13262 |
| **2/28/2023** | $10844 | $13562 | $12868 |
| **3/31/2023** | $11192 | $13898 | $13201 |
| **4/30/2023** | $11349 | $14290 | $13500 |
| **5/31/2023** | $10922 | $13686 | $13011 |
| **6/30/2023** | $11533 | $14308 | $13584 |
| **7/31/2023** | $11757 | $14771 | $13981 |
| **8/31/2023** | $11303 | $14205 | $13451 |
| **9/30/2023** | $10778 | $13720 | $12975 |
| **10/31/2023** | $9977 | $13164 | $12526 |
| **11/30/2023** | $11139 | $14386 | $13562 |
| **12/31/2023** | $11689 | $15150 | $14244 |
| **1/31/2024** | $11557 | $15237 | $14139 |
| **2/29/2024** | $12061 | $15516 | $14528 |
| **3/31/2024** | $12472 | $16027 | $14992 |
| **4/30/2024** | $11869 | $15616 | $14607 |
| **5/31/2024** | $12273 | $16221 | $15262 |
| **6/30/2024** | $12081 | $15959 | $15015 |
| **7/31/2024** | $12260 | $16427 | $15449 |
| **8/31/2024** | $12605 | $16962 | $15908 |
| **9/30/2024** | $12559 | $17118 | $16109 |
| **10/31/2024** | $11849 | $16187 | $15336 |
| **11/30/2024** | $11842 | $16095 | $15331 |
| **12/31/2024** | $11622 | $15729 | $14925 |
| **1/31/2025** | $12408 | $16556 | $15570 |
| **2/28/2025** | $12656 | $16877 | $15919 |
| **3/31/2025** | $12106 | $16809 | $15893 |
| **4/30/2025** | $12643 | $17579 | $16441 |
| **5/31/2025** | $13449 | $18383 | $17227 |
| **6/30/2025** | $14006 | $18788 | $17733 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $168516305 |
| # of Fund Holdings | 70 |
| Fund Turnover Rate | 66% |
| Total Advisory Fees Paid | $711975 |

---

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| **Institutional** | 15.94% | 10.90% | 3.43% |
| **MSCI EAFE Index** | 17.73% | 11.16% | 6.51% |
| **Morningstar Foreign Large Blend Category** | 18.10% | 10.38% | 5.91% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in the securities of companies organized or located outside of the United States, including large-, mid-, and small-capitalization companies.

### Top Ten Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 5.5% |
| SAP SE | 4.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.7% |
| Sage Group PLC | 3.3% |
| MercadoLibre, Inc. | 2.7% |
| Phoenix Financial Ltd. | 2.5% |
| Novo Nordisk AS, Class B | 2.4% |
| BayCurrent, Inc. | 2.4% |
| Nippon Sanso Holdings Corp. | 2.3% |
| Tel Aviv Stock Exchange Ltd. | 2.2% |

---

### Region Weighting
![Group By Industry Chart](g80914ic6267c3ff7dbc818318f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 59.3% |
| Asia | 18.6% |
| North America | 13.0% |
| South America | 4.3% |
| Oceania | 2.5% |
| Cash & Other Short-Term Investments | 2.3% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at imgpfunds.com or upon request at 323-372-1960.

The Board of Trustees of the Fund approved adding Zadig Asset Management S.A as a sub-adviser to the Fund and adjusting the target allocations to be managed by each of the four sub-advisers.

### Sector Weighting
![Group By Country Chart](g80914id03c1847b302f478abd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 2.3% |
| Energy | 1.0% |
| Communication Services | 3.4% |
| Materials | 5.9% |
| Consumer Staples | 7.2% |
| Consumer Discretionary | 8.2% |
| Health Care | 12.9% |
| Financials | 17.5% |
| Industrials | 19.5% |
| Information Technology | 22.1% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# ETF:

# PCGG

#### Principal Listing Exchange: NYSE Arca

# Polen Capital Global Growth ETF
![Image](g80914i8971e71636389b106e36.jpg)

#### Semi-Annual Shareholder Report June 30, 2025

## Fund Overview
This Semi-Annual Shareholder Report contains important information about Polen Capital Global Growth ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://imgpfunds.com/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ETF | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the last 6 months and what affected its performance?
* The ETF returned 1.73% (NAV) over the trailing six months. This trailed the 10.05% return for its MSCI ACWI Index over the same period.

* Main detractors include security selection within the communication services and financials sectors.

* An overweight to health care stocks was the largest detractor from a sector allocation standpoint.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance.

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](g80914i1e1bee28f13f41dc08ca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF** | **MSCI All Country World Index** | **Morningstar Global Large-Stock Growth** |
| **8/29/2023** | $10000 | $10000 | $10000 |
| **8/31/2023** | $10052 | $10027 | $10003 |
| **9/30/2023** | $9427 | $9612 | $9451 |
| **10/31/2023** | $9209 | $9323 | $9133 |
| **11/30/2023** | $10260 | $10184 | $10102 |
| **12/31/2023** | $10503 | $10673 | $10652 |
| **1/31/2024** | $10823 | $10736 | $10689 |
| **2/29/2024** | $11257 | $11196 | $11330 |
| **3/31/2024** | $11312 | $11548 | $11611 |
| **4/30/2024** | $10644 | $11167 | $11107 |
| **5/31/2024** | $10610 | $11620 | $11565 |
| **6/30/2024** | $11095 | $11879 | $11785 |
| **7/31/2024** | $11198 | $12071 | $11819 |
| **8/31/2024** | $11454 | $12377 | $12158 |
| **9/30/2024** | $11495 | $12665 | $12394 |
| **10/31/2024** | $11299 | $12381 | $12121 |
| **11/30/2024** | $12073 | $12844 | $12654 |
| **12/31/2024** | $11776 | $12540 | $12270 |
| **1/31/2025** | $12320 | $12961 | $12812 |
| **2/28/2025** | $12020 | $12883 | $12574 |
| **3/31/2025** | $11101 | $12374 | $11885 |
| **4/30/2025** | $11052 | $12489 | $12117 |
| **5/31/2025** | $11789 | $13207 | $12924 |
| **6/30/2025** | $11980 | $13800 | $13520 |

---

## Average Annual Total Returns (%)

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $180598065 |
| # of Fund Holdings | 32 |
| Fund Turnover Rate | 29% |
| Total Advisory Fees Paid | $700216 |

---

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 8/29/2023** |
| **ETF** | 7.97% | 10.33% |
| **MSCI All Country World Index** | 16.17% | 19.16% |
| **Morningstar Global Large-Stock Growth** | 14.57% | 17.89% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Visit imgpfunds.com for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

## What did the Fund invest in? (based on net assets)
The Fund invested in a focused portfolio of common stocks of large capitalization companies that are located anywhere in the world, including companies in both developed and emerging markets.

### Top Ten Holdings

---

| | |
|:---|:---|
| Amazon.com, Inc. | 7.9% |
| Oracle Corp. | 7.1% |
| Shopify, Inc., Class A | 5.6% |
| Microsoft Corp. | 5.5% |
| Paycom Software, Inc. | 4.8% |
| Visa, Inc., Class A | 4.7% |
| Mastercard, Inc., Class A | 4.7% |
| Aon PLC, Class A | 4.6% |
| SAP SE | 4.2% |
| Abbott Laboratories | 4.1% |

---

### Region Weighting
![Group By Industry Chart](g80914i57514438f508af5ecec0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 82.3% |
| Europe | 11.8% |
| South America | 2.5% |
| Cash & Other Short-Term Investments | 3.4% |

---

### Sector Weighting
![Group By Country Chart](g80914i1a0035c7f7918d2ce82e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 3.4% |
| Consumer Staples | 1.1% |
| Real Estate | 2.7% |
| Communication Services | 2.7% |
| Industrials | 5.7% |
| Consumer Discretionary | 14.3% |
| Health Care | 15.3% |
| Financials | 23.3% |
| Information Technology | 31.5% |

---

## Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://imgpfunds.com/fund-literature/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable for semi-annual reports.

#### Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.

#### Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.

#### Item 5. Audit Committees of Listed Registrants.
Not applicable for semi-annual reports.

#### Item 6. Investments.
(a) The complete Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached hereto.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

![LOGO](g95286imgpfundslogo.jpg)

![LOGO](g95286g74m89.jpg)

![LOGO](g95286g07u32.jpg)

### Certain Form N-CSR Information

#### iMGP Global Select Fund

#### iMGP International Fund

#### iMGP Small Company Fund

#### iMGP High Income Fund

#### iMGP Dolan McEniry Corporate Bond Fund

#### iMGP APA Enhanced Income Municipal Fund

#### iMGP DBi Managed Futures Strategy ETF

#### iMGP Berkshire Dividend Growth ETF

#### June 30, 2025

------

 <br> ii Litman Gregory Funds Trust

------

![LOGO](g95286building.jpg)

### Contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP Global Select Fund Schedule of Investments](#toc95286_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP International Fund Schedule of Investments](#toc95286_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP Small Company Fund Schedule of Investments](#toc95286_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP High Income Fund Schedule of Investments](#toc95286_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP Dolan McEniry Corporate Bond Fund Schedule of Investments](#toc95286_5) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP APA Enhanced Income Municipal Fund Schedule of Investments](#toc95286_6) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP DBi Managed Futures Strategy ETF Consolidated Schedule of Investments](#toc95286_7) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP Berkshire Dividend Growth ETF Schedule of Investments](#toc95286_8) | 51 |
|  [Statements of Assets and Liabilities](#toc95286_9) | 52 |
|  [Statements of Operations](#toc95286_10) | 56 |
|  [Statements of Changes in Net Assets](#toc95286_11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Global Select Fund](#toc95286_12) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; [International Fund](#toc95286_13) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Small Company Fund](#toc95286_14) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [High Income Fund](#toc95286_15) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dolan McEniry Corporate Bond Fund](#toc95286_16) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP APA Enhanced Income Municipal Fund](#toc95286_17) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [DBi Managed Futures Strategy ETF (Consolidated)](#toc95286_18) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Berkshire Dividend Growth ETF](#toc95286_19) | 63 |
|  [Financial Highlights](#toc95286_20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Global Select Fund](#toc95286_21) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [International Fund](#toc95286_22) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Small Company Fund](#toc95286_23) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [High Income Fund](#toc95286_24) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dolan McEniry Corporate Bond Fund](#toc95286_25) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP APA Enhanced Income Municipal Fund](#toc95286_26) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; [DBi Managed Futures Strategy ETF (Consolidated)](#toc95286_27) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Berkshire Dividend Growth ETF](#toc95286_28) | 71 |
|  [Notes to Financial Statements](#toc95286_29) | 72 |
|  [Supplemental Information](#toc95286_31) | 102 |
|  [Statement Regarding Basis for Approval of Investment Advisory Contract](#toc95286_30) | 103 |

---

iM Global Partner Fund Management, LLC has ultimate responsibility for the funds' performance due to its responsibility to oversee its investment managers and recommend their hiring, termination and replacement.

 <br> **Table of Contents** 1

------

### iMGP Global Select Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 94.9%**  | **COMMON STOCKS: 94.9%**  | **COMMON STOCKS: 94.9%**  |
| **Canada: 9.0%** | **Canada: 9.0%** | **Canada: 9.0%** |
| 43740 | Brookfield Corp. | $2705319 |
| 14100 | Franco-Nevada Corp.<sup>(a)</sup> | 2311272 |
| 30177 | Shopify, Inc. - Class A\* | 3480917 |
|  |  | 8497508 |
| **Denmark: 1.6%** | **Denmark: 1.6%** | **Denmark: 1.6%** |
| 21495 | Novo Nordisk AS - ADR | 1483585 |
| **Germany: 3.3%** | **Germany: 3.3%** | **Germany: 3.3%** |
| 10312 | SAP SE | 3133091 |
| **Netherlands: 4.3%** | **Netherlands: 4.3%** | **Netherlands: 4.3%** |
| 962 | Adyen NV\*<sup>(b)</sup> | 1764460 |
| 25400 | Heineken NV | 2236597 |
|  |  | 4001057 |
| **United Kingdom: 2.7%** | **United Kingdom: 2.7%** | **United Kingdom: 2.7%** |
| 84243 | Smith & Nephew PLC - ADR<sup>(a)</sup> | 2580363 |
| **United States: 74.0%** | **United States: 74.0%** | **United States: 74.0%** |
| 22428 | Abbott Laboratories | 3050432 |
| 5728 | Adobe, Inc.\* | 2216049 |
| 8210 | Air Products & Chemicals, Inc. | 2315713 |
| 10618 | Alphabet, Inc. - Class A | 1871210 |
| 24282 | Amazon.com, Inc.\* | 5327228 |
| 8666 | Aon PLC - Class A | 3091682 |
| 2 | Berkshire Hathaway, Inc. - Class A\* | 1457600 |
| 2319 | Berkshire Hathaway, Inc. - Class B\* | 1126501 |
| 37265 | Centene Corp.\* | 2022744 |
| 9860 | CME Group, Inc. | 2717613 |
| 61775 | Comcast Corp. - Class A | 2204750 |
| 30764 | CoStar Group, Inc.\* | 2473426 |
| 11890 | Fiserv, Inc.\* | 2049955 |
| 224000 | Haleon PLC - ADR<sup>(a)</sup> | 2322880 |
| 1315 | Markel Group, Inc.\* | 2626528 |
| 3780 | McKesson Corp. | 2769908 |
| 11979 | Microsoft Corp. | 5958474 |
| 20235 | Novartis AG - ADR | 2448637 |
| 58850 | Occidental Petroleum Corp. | 2472289 |
| 15945 | Oracle Corp. | 3486055 |
| 12392 | Paycom Software, Inc. | 2867509 |
| 22596 | Visa, Inc. - Class A | 8022710 |
| 9943 | Workday, Inc. - Class A\* | 2386320 |
| 16080 | Zoetis, Inc. | 2507676 |
|  |  | 69793889 |
| **TOTAL COMMON STOCKS**<br>(Cost $72,992,169) | **TOTAL COMMON STOCKS**<br>(Cost $72,992,169) | 89489493 |
| **PREFERRED STOCKS: 2.8%**  | **PREFERRED STOCKS: 2.8%**  | **PREFERRED STOCKS: 2.8%**  |
| **South Korea: 2.8%** | **South Korea: 2.8%** | **South Korea: 2.8%** |
| 71365 | Samsung Electronics Co. Ltd. - (Preference Shares) | 2617492 |
| **TOTAL PREFERRED STOCKS**<br>(Cost $2,860,136) | **TOTAL PREFERRED STOCKS**<br>(Cost $2,860,136) | 2617492 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 2.1%**  | **SHORT-TERM INVESTMENTS: 2.1%**  | **SHORT-TERM INVESTMENTS: 2.1%**  |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.3%**  | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.3%**  | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.3%**  |
| 272826 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.350%<sup>(c)(d)</sup> | $272826 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br> (Cost $272,826) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br> (Cost $272,826) | 272826 |
| **Principal<br>Amount** |  |  |
| **REPURCHASE AGREEMENTS: 1.8%**  | **REPURCHASE AGREEMENTS: 1.8%**  | **REPURCHASE AGREEMENTS: 1.8%**  |
| $1730338 | Fixed Income Clearing Corp. 1.360%, 6/30/2025, due 07/01/2025 [collateral: par value $1,744,700, U.S. Treasury Notes, 3.750% - 3.875%, due 08/15/2027 - 12/31/2029, value $1,765,231] (proceeds $1,730,404) | 1730338 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $1,730,338) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $1,730,338) | 1730338 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,003,164) | **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,003,164) | 2003164 |
| **TOTAL INVESTMENTS**<br>(Cost: $77,855,469): 99.8%  | **TOTAL INVESTMENTS**<br>(Cost: $77,855,469): 99.8%  | 94110149 |
| Other Assets in Excess of Liabilities: 0.2% | Other Assets in Excess of Liabilities: 0.2% | 181494 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**94291643** |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

\* Non-Income Producing Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security, or portion thereof, is out on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate disclosed is the 7 day net yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents security purchased with cash collateral received for securities on loan.

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 1

------

### iMGP Global Select Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

#### The following is a table displaying the investments of the fund by industry.

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Software | 18.2% |
|  Financial Services | 15.3% |
|  Pharmaceuticals | 9.4% |
|  Insurance | 6.1% |
|  Health Care Equipment & Supplies | 5.9% |
|  Capital Markets | 5.8% |
|  Broadline Retail | 5.7% |
|  Health Care Providers & Services | 5.0% |
|  IT Services | 3.7% |
|  Professional Services | 3.0% |
|  Technology Hardware, Storage & Peripherals | 2.8% |
|  Real Estate Management & Development | 2.6% |
|  Oil, Gas & Consumable Fuels | 2.6% |
|  Chemicals | 2.5% |
|  Metals & Mining | 2.4% |
|  Beverages | 2.4% |
|  Media | 2.3% |
|  Interactive Media & Services | 2.0% |
|  Short-Term Investments | 2.1% |
|  Total Investments | 99.8% |
|  Other Assets in Excess of Liabilities | 0.2% |
|  Net Assets | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

 <br> 2 Litman Gregory Funds Trust

------

### iMGP International Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 97.7%**  | **COMMON STOCKS: 97.7%**  | **COMMON STOCKS: 97.7%**  |
| **Australia: 2.5%** | **Australia: 2.5%** | **Australia: 2.5%** |
| 466073 | Austal Ltd.\* | $1923831 |
| 572000 | Glencore PLC\* | 2226406 |
|  |  | 4150237 |
| **Austria: 1.3%** | **Austria: 1.3%** | **Austria: 1.3%** |
| 25300 | Erste Group Bank AG | 2148555 |
| **Brazil: 4.3%** | **Brazil: 4.3%** | **Brazil: 4.3%** |
| 1725 | MercadoLibre, Inc.\* | 4508512 |
| 200730 | NU Holdings Ltd. - Class A\* | 2754015 |
|  |  | 7262527 |
| **Canada: 3.2%** | **Canada: 3.2%** | **Canada: 3.2%** |
| 27775 | Canadian Pacific Kansas City Ltd. | 2205850 |
| 27682 | Shopify, Inc. - Class A\* | 3193119 |
|  |  | 5398969 |
| **China: 0.5%** | **China: 0.5%** | **China: 0.5%** |
| 14251 | Prosus NV | 797619 |
| **Cyprus: 1.7%** | **Cyprus: 1.7%** | **Cyprus: 1.7%** |
| 82190 | Theon International PLC<sup>(a)</sup> | 2943535 |
| **Denmark: 3.4%** | **Denmark: 3.4%** | **Denmark: 3.4%** |
| 55790 | ISS AS | 1557360 |
| 58679 | Novo Nordisk AS - Class B | 4090949 |
|  |  | 5648309 |
| **Finland: 0.6%** | **Finland: 0.6%** | **Finland: 0.6%** |
| 94754 | Sampo OYJ - Class A | 1018801 |
| **France: 9.2%** | **France: 9.2%** | **France: 9.2%** |
| 19782 | BNP Paribas SA | 1780237 |
| 7260 | Capgemini SE | 1241561 |
| 104936 | Carrefour SA | 1478074 |
| 16400 | Cie de Saint-Gobain SA | 1927626 |
| 10494 | Kering SA | 2287246 |
| 12651 | Pernod Ricard SA | 1262648 |
| 18900 | Publicis Groupe SA | 2131819 |
| 44245 | Societe Generale SA | 2533097 |
| 208400 | Worldline SA<sup>\*(a)</sup><sup>(b)</sup> | 880781 |
|  |  | 15523089 |
| **Germany: 13.2%** | **Germany: 13.2%** | **Germany: 13.2%** |
| 6498 | Adidas AG | 1513392 |
| 1670 | Allianz SE | 676059 |
| 45061 | Bayer AG | 1353839 |
| 31250 | Continental AG | 2724638 |
| 70333 | Daimler Truck Holding AG | 3326033 |
| 22545 | Fresenius SE & Co. KGaA | 1132884 |
| 34940 | Mercedes-Benz Group AG | 2042600 |
| 20000 | Merck KGaA | 2587816 |
| 22833 | SAP SE | 6939616 |
|  |  | 22296877 |
| **Ireland: 1.3%** | **Ireland: 1.3%** | **Ireland: 1.3%** |
| 20600 | Kerry Group PLC - Class A | 2273018 |
| **Israel: 4.7%** | **Israel: 4.7%** | **Israel: 4.7%** |
| 144839 | Phoenix Financial Ltd. | 4198008 |
| 190818 | Tel Aviv Stock Exchange Ltd. | 3692749 |
|  |  | 7890757 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Italy: 6.4%** | **Italy: 6.4%** | **Italy: 6.4%** |
| 131317 | Carel Industries SpA<sup>(a)(b)</sup> | $3493988 |
| 213438 | Davide Campari-Milano NV<sup>(a)</sup> | 1434705 |
| 26900 | Prysmian SpA | 1895362 |
| 57500 | Ryanair Holdings PLC | 1625398 |
| 40101 | Ryanair Holdings PLC - ADR | 2312625 |
|  |  | 10762078 |
| **Japan: 6.5%** | **Japan: 6.5%** | **Japan: 6.5%** |
| 58900 | Asahi Group Holdings Ltd. | 787254 |
| 77900 | BayCurrent, Inc. | 4007916 |
| 102000 | Nippon Sanso Holdings Corp. | 3851875 |
| 12049 | Tokyo Electron Ltd. | 2297360 |
|  |  | 10944405 |
| **Netherlands: 7.5%** | **Netherlands: 7.5%** | **Netherlands: 7.5%** |
| 991 | Adyen NV\*<sup>(b)</sup> | 1818040 |
| 11680 | ASML Holding NV | 9343614 |
| 63765 | Koninklijke Philips NV | 1529612 |
|  |  | 12691266 |
| **Poland: 1.1%** | **Poland: 1.1%** | **Poland: 1.1%** |
| 112772 | InPost SA\* | 1871789 |
| **Singapore: 1.5%** | **Singapore: 1.5%** | **Singapore: 1.5%** |
| 82364 | STMicroelectronics NV | 2504174 |
| **Spain: 0.9%** | **Spain: 0.9%** | **Spain: 0.9%** |
| 73410 | Puig Brands SA - Class B | 1450757 |
| **Switzerland: 4.8%** | **Switzerland: 4.8%** | **Switzerland: 4.8%** |
| 45547 | Bachem Holding AG<sup>(a)</sup> | 3340896 |
| 1686 | Belimo Holding AG | 1722536 |
| 28130 | Julius Baer Group Ltd. | 1896939 |
| 21758 | Sandoz Group AG | 1194745 |
|  |  | 8155116 |
| **Taiwan: 3.7%** | **Taiwan: 3.7%** | **Taiwan: 3.7%** |
| 172000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 6210233 |
| **United Kingdom: 9.6%** | **United Kingdom: 9.6%** | **United Kingdom: 9.6%** |
| 20600 | AstraZeneca PLC | 2871680 |
| 373853 | Breedon Group PLC | 1980402 |
| 52505 | Diageo PLC | 1320157 |
| 156000 | Informa PLC | 1725292 |
| 553050 | Lloyds Banking Group PLC | 582180 |
| 30600 | Reckitt Benckiser Group PLC | 2080791 |
| 325090 | Sage Group PLC | 5584890 |
|  |  | 16145392 |
| **United States: 9.8%** | **United States: 9.8%** | **United States: 9.8%** |
| 9770 | Aon PLC - Class A | 3485545 |
| 154043 | CNH Industrial NV | 1996397 |
| 10617 | ICON PLC\* | 1544243 |
| 6301 | Roche Holding AG | 2058565 |
| 50000 | Shell PLC | 1751438 |
| 2371 | Spotify Technology SA\* | 1819363 |
| 41265 | Titan SA | 1867738 |
| 6474 | Willis Towers Watson PLC | 1984281 |
|  |  | 16507570 |
| **TOTAL COMMON STOCKS**<br>(Cost $137,234,148) | **TOTAL COMMON STOCKS**<br>(Cost $137,234,148) | 164595073 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 3

------

### iMGP International Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 1.0%**  | **SHORT-TERM INVESTMENTS: 1.0%**  | **SHORT-TERM INVESTMENTS: 1.0%**  |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.1%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.1%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.1%** |
| 89740 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.350%<sup>(c)(d)</sup> | $89740 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br> (Cost $89,740) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br> (Cost $89,740) | 89740 |
| **Principal<br>Amount** |  |  |
| **REPURCHASE AGREEMENTS: 0.9%** | **REPURCHASE AGREEMENTS: 0.9%** |  |
| $1625252 | Fixed Income Clearing Corp. 1.360%, 6/30/2025, due 07/01/2025 [collateral: par value $1,647,400, U.S. Treasury Notes, 2.750% - 3.875%, due 07/31/2027 - 12/31/2029, value $1,658,181] (proceeds $1,625,314) | 1625252 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $1,625,252) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $1,625,252) | 1625252 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,714,992) | **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,714,992) | 1714992 |
| **TOTAL INVESTMENTS**<br>(Cost: $138,949,140): 98.7%  | **TOTAL INVESTMENTS**<br>(Cost: $138,949,140): 98.7%  | 166310065 |
| Other Assets in Excess of Liabilities: 1.3% | Other Assets in Excess of Liabilities: 1.3% | 2206240 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**168516305** |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

\* Non-Income Producing Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security, or portion thereof, is out on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate disclosed is the 7 day net yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents security purchased with cash collateral received for securities on loan.

The accompanying notes are an integral part of these financial statements.

 <br> 4 Litman Gregory Funds Trust

------

### iMGP International Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

#### The following is a table displaying the investments of the fund by industry.

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Semiconductors & Semiconductor Equipment | 12.0% |
|  Pharmaceuticals | 8.4% |
|  Software | 7.4% |
|  Insurance | 6.8% |
|  Banks | 5.9% |
|  Building Products | 4.2% |
|  Capital Markets | 3.3% |
|  Machinery | 3.2% |
|  Broadline Retail | 3.2% |
|  Life Sciences Tools & Services | 2.9% |
|  Aerospace & Defense | 2.9% |
|  Beverages | 2.8% |
|  IT Services | 2.6% |
|  Professional Services | 2.4% |
|  Passenger Airlines | 2.4% |
|  Media | 2.3% |
|  Chemicals | 2.3% |
|  Construction Materials | 2.3% |
|  Textiles, Apparel & Luxury Goods | 2.3% |
|  Automobile Components | 1.6% |
|  Financial Services | 1.6% |
|  Food Products | 1.3% |
|  Metals & Mining | 1.3% |
|  Ground Transportation | 1.3% |
|  Household Products | 1.2% |
|  Automobiles | 1.2% |
|  Electrical Equipment | 1.1% |
|  Air Freight & Logistics | 1.1% |
|  Entertainment | 1.1% |
|  Oil, Gas & Consumable Fuels | 1.0% |
|  Commercial Services & Supplies | 0.9% |
|  Health Care Equipment & Supplies | 0.9% |
|  Consumer Staples Distribution & Retail | 0.9% |
|  Personal Care Products | 0.9% |
|  Health Care Providers & Services | 0.7% |
|  Short-Term Investments | 1.0% |
|  Total Investments | 98.7% |
|  Other Assets in Excess of Liabilities | 1.3% |
|  Net Assets | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 5

------

### iMGP Small Company Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 97.1%**  | **COMMON STOCKS: 97.1%**  | **COMMON STOCKS: 97.1%**  |
| **Consumer Discretionary: 7.7%** | **Consumer Discretionary: 7.7%** | **Consumer Discretionary: 7.7%** |
| 13004 | Advance Auto Parts, Inc. | $604556 |
| 9467 | Gentherm, Inc.<sup>\*</sup> | 267821 |
| 73975 | Goodyear Tire & Rubber Co.<sup>\*</sup> | 767121 |
| 1551 | Murphy USA, Inc. | 630947 |
| 9549 | Papa John's International, Inc. | 467328 |
| 30746 | VF Corp. | 361266 |
|  |  | 3099039 |
| **Energy: 0.8%** | **Energy: 0.8%** | **Energy: 0.8%** |
| 37356 | Crescent Energy Co. - Class A | 321262 |
| **Financials: 18.2%** | **Financials: 18.2%** | **Financials: 18.2%** |
| 17876 | Cadence Bank | 571675 |
| 25213 | Columbia Banking System, Inc. | 589480 |
| 13416 | Glacier Bancorp, Inc. | 577961 |
| 6914 | Goosehead Insurance, Inc. - Class A | 729496 |
| 4980 | Hamilton Lane, Inc. - Class A | 707758 |
| 1312 | Kinsale Capital Group, Inc. | 634877 |
| 1840 | Morningstar, Inc. | 577631 |
| 16512 | National Bank Holdings Corp. - Class A | 621016 |
| 21720 | Seacoast Banking Corp. of Florida | 599906 |
| 7386 | SouthState Corp. | 679734 |
| 8291 | Texas Capital Bancshares, Inc.<sup>\*</sup> | 658305 |
| 12929 | WesBanco, Inc. | 408944 |
|  |  | 7356783 |
| **Health Care: 9.3%** | **Health Care: 9.3%** | **Health Care: 9.3%** |
| 51174 | AdaptHealth Corp.<sup>\*</sup> | 482571 |
| 8899 | Bio-Techne Corp. | 457853 |
| 3730 | Charles River Laboratories International, Inc.<sup>\*</sup> | 565953 |
| 3714 | ICU Medical, Inc.<sup>\*</sup> | 490805 |
| 1829 | Medpace Holdings, Inc.<sup>\*</sup> | 574050 |
| 28818 | NeoGenomics, Inc.<sup>\*</sup> | 210660 |
| 9284 | QuidelOrtho Corp.<sup>\*</sup> | 267565 |
| 5634 | Repligen Corp.<sup>\*</sup> | 700757 |
|  |  | 3750214 |
| **Industrials: 26.7% <sup>(a)</sup>** | **Industrials: 26.7% <sup>(a)</sup>** | **Industrials: 26.7% <sup>(a)</sup>** |
| 11823 | Apogee Enterprises, Inc. | 480014 |
| 2807 | Applied Industrial Technologies, Inc. | 652487 |
| 6396 | AZZ, Inc. | 604294 |
| 6383 | Casella Waste Systems, Inc. - Class A<sup>\*</sup> | 736471 |
| 12629 | Core & Main, Inc. - Class A<sup>\*</sup> | 762160 |
| 2094 | CSW Industrials, Inc. | 600622 |
| 6555 | EnerSys | 562222 |
| 5469 | Federal Signal Corp. | 582011 |
| 52483 | Hayward Holdings, Inc.<sup>\*</sup> | 724265 |
| 2389 | HEICO Corp. - Class A | 618154 |
| 1397 | Kadant, Inc. | 443478 |
| 14151 | Mercury Systems, Inc.<sup>\*</sup> | 762173 |
| 24469 | Quanex Building Products Corp. | 462464 |
| 2216 | RBC Bearings, Inc.<sup>\*</sup> | 852717 |
| 17978 | REV Group, Inc. | 855573 |
| 3379 | Valmont Industries, Inc. | 1103480 |
|  |  | 10802585 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Information Technology: 19.9%** | **Information Technology: 19.9%** | **Information Technology: 19.9%** |
| 5039 | Agilysys, Inc.<sup>\*</sup> | $577671 |
| 18665 | Allegro MicroSystems, Inc.<sup>\*</sup> | 638156 |
| 4119 | Ambarella, Inc.<sup>\*</sup> | 272122 |
| 3252 | Appfolio, Inc. - Class A<sup>\*</sup> | 748871 |
| 5144 | Belden, Inc. | 595675 |
| 5635 | Descartes Systems Group, Inc.<sup>\*</sup> | 572770 |
| 2580 | Guidewire Software, Inc.<sup>\*</sup> | 607461 |
| 8707 | Ichor Holdings Ltd.<sup>\*</sup> | 171005 |
| 2484 | Littelfuse, Inc. | 563197 |
| 3864 | Manhattan Associates, Inc.<sup>\*</sup> | 763024 |
| 5066 | Novanta, Inc.<sup>\*</sup> | 653159 |
| 7014 | Procore Technologies, Inc.<sup>\*</sup> | 479898 |
| 5529 | Rambus, Inc.<sup>\*</sup> | 353967 |
| 4078 | SPS Commerce, Inc.<sup>\*</sup> | 554975 |
| 7715 | Synaptics, Inc.<sup>\*</sup> | 500086 |
|  |  | 8052037 |
| **Materials: 13.0%** | **Materials: 13.0%** | **Materials: 13.0%** |
| 3253 | Eagle Materials, Inc. | 657463 |
| 30126 | Element Solutions, Inc. | 682354 |
| 18544 | Ingevity Corp.<sup>\*</sup> | 799061 |
| 11511 | MP Materials Corp.<sup>\*(b)</sup> | 382971 |
| 79092 | O-I Glass, Inc.<sup>\*</sup> | 1165816 |
| 58702 | Perimeter Solutions, Inc.<sup>\*</sup> | 817132 |
| 14038 | Silgan Holdings, Inc. | 760579 |
|  |  | 5265376 |
| **Real Estate: 1.5%** | **Real Estate: 1.5%** | **Real Estate: 1.5%** |
| 16616 | STAG Industrial, Inc. - REIT | 602828 |
| **TOTAL COMMON STOCKS**<br>(Cost $35,580,016) | **TOTAL COMMON STOCKS**<br>(Cost $35,580,016) | 39250124 |
| **TOTAL INVESTMENTS**<br>(Cost: $35,580,016): 97.1%  | **TOTAL INVESTMENTS**<br>(Cost: $35,580,016): 97.1%  | 39250124 |
| Other Assets in Excess of Liabilities: 2.9% | Other Assets in Excess of Liabilities: 2.9% | 1170866 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**40420990** |

---

Percentages are stated as a percent of net assets.

REIT Real Estate Investment Trust

\* Non-Income Producing Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For additional information on portfolio concentration, see Note 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security, or portion thereof, is out on loan.

The accompanying notes are an integral part of these financial statements.

 <br> 6 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 0.2%**  | **COMMON STOCKS: 0.2%**  | **COMMON STOCKS: 0.2%**  |
| **Communication Services: 0.0%** | **Communication Services: 0.0%** | **Communication Services: 0.0%** |
| 12251 | Oi SA - ADR<sup>\*</sup> | $6126 |
| 801 | Xplornet Communications, Inc.<sup>\*</sup> | 2937 |
|  |  | 9063 |
| **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| 1 | Accuride Corp.<sup>\*</sup> | 0 |
| 21482 | Accuride Corp.<sup>\*</sup> | 2 |
|  |  | 2 |
| **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** |
| 1043 | Endo, Inc.<sup>\*</sup> | 21890 |
| 30089 | Moran Foods LLC<sup>\*</sup> | 1128 |
|  |  | 23018 |
| **Energy: 0.0%** | **Energy: 0.0%** | **Energy: 0.0%** |
| 440 | McDermott International, Inc.<sup>\*</sup> | 5278 |
| **Financials: 0.1%** | **Financials: 0.1%** | **Financials: 0.1%** |
| 17500 | Sound Holdings FP<sup>\*(a)</sup> | 269206 |
| **Industrials: 0.1%** | **Industrials: 0.1%** | **Industrials: 0.1%** |
| 1 | Hornbeck Offshore Services, Inc.<sup>\*</sup> | 48 |
| 32677 | Mcdermott International Ltd.<sup>\*</sup> | 392119 |
|  |  | 392167 |
| **Information Technology: 0.0%** | **Information Technology: 0.0%** | **Information Technology: 0.0%** |
| 6102 | Riverbed Technology, Inc.<sup>\*</sup> | 793 |
| **Materials: 0.0%** | **Materials: 0.0%** | **Materials: 0.0%** |
| 563 | Yak Blocker 2 LLC<sup>\*(a)</sup> | 443 |
| 609 | Yak Blocker 2 LLC<sup>\*(a)</sup> | 479 |
|  |  | 922 |
| **Special Purpose Acquisition Companies: 0.0%** | **Special Purpose Acquisition Companies: 0.0%** | **Special Purpose Acquisition Companies: 0.0%** |
| 6266 | Pershing Square Tontine Holdings Ltd.<sup>\*</sup> | 0 |
| 294 | Stichting Administratiekantoor<sup>\*</sup> | 0 |
| 800 | Stichting Administratiekantoor<sup>\*</sup> | 0 |
|  |  | 0 |
| **TOTAL COMMON STOCKS**<br>(Cost $76,312) | **TOTAL COMMON STOCKS**<br>(Cost $76,312) | 700449 |
| **RIGHTS/WARRANTS: 0.2%** | **RIGHTS/WARRANTS: 0.2%** | **RIGHTS/WARRANTS: 0.2%** |
| 22138 | ABIOMED, Inc., CVR<br> (Expiration date 12/31/99)<sup>\*</sup> | 35421 |
| 47716 | Albireo Pharma, Inc., CVR<br> (Expiration date 12/31/99)<sup>\*</sup> | 128070 |
| 54961 | CinCor Pharma, Inc., CVR<br> (Expiration date 12/31/99)<sup>\*</sup> | 210456 |
| 213778 | Concert Pharmaceuticals, Inc., CVR<br> (Expiration date 12/31/99)<sup>\*</sup> | 98680 |
| 11 | Hornbeck Offshore Services, Inc.<br> (Expiration date 04/09/30)<sup>\*</sup> | 550 |
| 389 | Hornbeck Offshore Services, Inc.<br> (Expiration date 04/09/30)<sup>\*</sup> | 7002 |
| 4247 | MariaDB PLC<br> (Expiration date 12/16/27)<sup>\*</sup> | 0 |
| 1566 | Pershing Square Holdings Ltd.<br> (Expiration date 09/23/33)<sup>\*</sup> | 0 |
| 124401 | Resolute Forest Products, Inc., CVR<br> (Expiration date 12/31/99)<sup>\*</sup> | 195807 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
| 1039 | Ross Acquisition Corp. II<br> (Expiration date 02/12/26)<sup>\*</sup> | $| 0 |
| **TOTAL RIGHTS/WARRANTS**<br> (Cost $722,325) | **TOTAL RIGHTS/WARRANTS**<br> (Cost $722,325) |  | 675986 |
| **PREFERRED STOCKS: 0.7%**  | **PREFERRED STOCKS: 0.7%**  | **PREFERRED STOCKS: 0.7%**  | **PREFERRED STOCKS: 0.7%**  |
| **Financials: 0.6%** | **Financials: 0.6%** | **Financials: 0.6%** | **Financials: 0.6%** |
|  | American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/2030<sup>(b)(c)</sup> |  | 78210 |
|  | CION Investment Corp. | CION Investment Corp. | CION Investment Corp. |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 12/30/2029<sup>(c)</sup> |  | 491600 |
|  | CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/25/2060 |  | 34460 |
|  | Crescent Capital BDC, Inc. | Crescent Capital BDC, Inc. | Crescent Capital BDC, Inc. |
| 8900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/25/2026 |  | 218584 |
|  | Eagle Point Credit Co., Inc. | Eagle Point Credit Co., Inc. | Eagle Point Credit Co., Inc. |
| 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 01/31/2029 |  | 741120 |
|  | Oxford Lane Capital Corp. | Oxford Lane Capital Corp. | Oxford Lane Capital Corp. |
| 23400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/31/2027 |  | 561834 |
|  | Selective Insurance Group, Inc. - Series B | Selective Insurance Group, Inc. - Series B | Selective Insurance Group, Inc. - Series B |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 12/15/2025<sup>(b)</sup> |  | 33320 |
|  | Trinity Capital, Inc. | Trinity Capital, Inc. | Trinity Capital, Inc. |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 03/30/2029 |  | 628000 |
|  |  |  | 2787128 |
| **Industrials: 0.0%** | **Industrials: 0.0%** | **Industrials: 0.0%** | **Industrials: 0.0%** |
|  | Element Commercial Aviation | Element Commercial Aviation | Element Commercial Aviation |
| 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%,<sup>(a)</sup> |  | 0 |
| **Utilities: 0.1%** | **Utilities: 0.1%** | **Utilities: 0.1%** | **Utilities: 0.1%** |
|  | NextEra Energy Capital Holdings, Inc. - Series U | NextEra Energy Capital Holdings, Inc. - Series U | NextEra Energy Capital Holdings, Inc. - Series U |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/2085<sup>(c)</sup> |  | 499800 |
| **TOTAL PREFERRED STOCKS**<br>(Cost $5,111,149) | **TOTAL PREFERRED STOCKS**<br>(Cost $5,111,149) |  | 3286928 |
| **Principal<br>Amount^** |  |  |  |
| **ASSET-BACKED SECURITIES: 15.2%**  | **ASSET-BACKED SECURITIES: 15.2%**  | **ASSET-BACKED SECURITIES: 15.2%**  | **ASSET-BACKED SECURITIES: 15.2%**  |
| **Commercial MBS: 0.1%** | **Commercial MBS: 0.1%** | **Commercial MBS: 0.1%** | **Commercial MBS: 0.1%** |
|  | Cogent Ipv4 LLC |  |  |
| $580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A2 <br>6.646%, 04/25/2055<sup>(d)</sup> |  | 598076 |
| **Home Equity ABS: 0.7%** | **Home Equity ABS: 0.7%** | **Home Equity ABS: 0.7%** | **Home Equity ABS: 0.7%** |
|  | Carrington Mortgage Loan Trust |  |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-NC3-M5 <br>5.484%, 06/25/2035<sup>(e)</sup> <br>1 mo. USD Term SOFR + 1.164% |  | 277388 |
|  | CSAB Mortgage-Backed Trust |  |  |
| 1857684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-A6B <br>6.200%, 09/25/2036<sup>(f)</sup> |  | 109586 |
|  | FIGRE Trust |  |  |
| 73586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE1-B <br>6.506%, 03/25/2054<sup>(d)(g)</sup> |  | 75233 |
| 116024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE2-C <br>6.720%, 05/25/2054<sup>(d)(g)</sup> |  | 118429 |
| 120559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE3-C <br>6.229%, 07/25/2054<sup>(d)(g)</sup> |  | 122402 |
| 135334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE1-C <br>6.029%, 01/25/2055<sup>(d)(g)</sup> |  | 136465 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 7

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Home Equity ABS (continued)** | **Home Equity ABS (continued)** | **Home Equity ABS (continued)** | **Home Equity ABS (continued)** |
|  | GSAA Home Equity Trust |  |  |
| $513095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-10-AF5 <br>6.948%, 06/25/2036<sup>(f)</sup> | $| 114440 |
|  | Long Beach Mortgage Loan Trust |  |  |
| 3082936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-9-2A2 <br>4.654%, 10/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.334% |  | 957699 |
|  | Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 249616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE8-A2D <br>4.654%, 10/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.334% |  | 108931 |
| 331180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE4-A2C <br>4.664%, 02/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.344% |  | 105146 |
|  | Morgan Stanley IXIS Real Estate Capital Trust |  |  |
| 508253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-A3 <br>4.734%, 11/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.414% |  | 163562 |
| 330365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-A4 <br>4.874%, 11/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.554% |  | 106316 |
|  | Saluda Grade Alternative Mortgage Trust |  |  |
| 73430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FIG4-B <br>7.115%, 11/25/2053<sup>(d)(g)</sup> |  | 75517 |
|  | Vista Point Securitization Trust |  |  |
| 383443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES1-A1 <br>6.676%, 05/25/2054<sup>(d)(f)</sup> |  | 388559 |
|  |  |  | 2859673 |
| **Other ABS: 14.4%** | **Other ABS: 14.4%** | **Other ABS: 14.4%** | **Other ABS: 14.4%** |
|  | 720 East CLO V Ltd. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-C <br>6.470%, 07/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% |  | 251347 |
|  | AASET |  |  |
| 236330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A1 <br>6.261%, 05/16/2049<sup>(d)</sup> |  | 243096 |
|  | AASET Ltd. |  |  |
| 237096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-A <br>5.930%, 09/16/2049<sup>(d)</sup> |  | 241231 |
|  | AASET Trust |  |  |
| 52549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2-B <br>4.458%, 10/16/2039<sup>(d)</sup> |  | 51580 |
| 64964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.335%, 01/16/2040<sup>(d)</sup> |  | 61591 |
|  | Aaset Trust |  |  |
| 190666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A <br>2.950%, 11/16/2041<sup>(d)</sup> |  | 181365 |
|  | AASET Trust |  |  |
| 339548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A-B <br>3.538%, 01/15/2047<sup>(d)</sup> |  | 315603 |
| 243877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>5.943%, 02/16/2050<sup>(d)</sup> |  | 248805 |
|  | ABPCI Direct Lending Fund ABS I Ltd. |  |  |
| 76777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.935%, 12/29/2030<sup>(d)</sup> |  | 75596 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | ABPCI Direct Lending Fund ABS IV LP |  |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>9.639%, 05/01/2034<sup>(d)</sup> | $262683 |
|  | ABPCI Direct Lending Fund CLO XV Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-15A-C <br>8.480%, 10/30/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.200% | 251817 |
|  | Adams Outdoor Advertising LP |  |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1-A2 <br>6.967%, 07/15/2053<sup>(d)</sup> | 287447 |
|  | Aligned Data Centers Issuer LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>2.482%, 08/15/2046<sup>(d)</sup> | 144059 |
|  | ALLO Issuer LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>7.150%, 07/20/2054<sup>(d)</sup> | 103763 |
|  | AMSR Trust |  |
| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR5-G <br>4.112%, 11/17/2037<sup>(d)</sup> | 1784607 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1-G <br>4.612%, 06/17/2038<sup>(d)</sup> | 2359923 |
|  | Anchorage Credit Funding 4 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4A-CR <br>3.523%, 04/27/2039<sup>(d)</sup> | 223661 |
|  | Apidos CLO XX Ltd. |  |
| 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-20A-BRR <br>6.472%, 07/16/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.212% | 265496 |
|  | Apidos CLO XXIV Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-24A-DR <br>10.331%, 10/20/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.062% | 1005922 |
|  | Aquila Funding |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.400%, 09/30/2045 | 256333 |
|  | ARES Direct Lending CLO 2 LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-D <br>8.170%, 10/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.900% | 100234 |
|  | Ares Finance Co. LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 10/15/2036<sup>(g)(j)</sup> | 830000 |
|  | Ares LXXVII CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-77A-SUB <br>0.308%, 07/15/2039<sup>(d)(h)(i)</sup> | 478850 |
|  | Bain Capital Credit CLO Ltd. |  |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-C1R <br>6.620%, 04/18/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.350% | 180304 |
|  | Ballyrock CLO 14 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A-SUB <br>0.404%, 07/20/2037<sup>(d)(i)</sup> | 186663 |
|  | Ballyrock CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-DR <br>11.268%, 07/15/2032<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 7.012% | 251637 |
|  | Bayard Park CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-SUB <br>1.501%, 07/24/2038<sup>(d)(i)</sup> | 202386 |
|  | BCRED CLO LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-C <br>6.283%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 250571 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 8 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Blue Stream Issuer LLC |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B <br>6.898%, 05/20/2053<sup>(d)</sup> | $102001 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-C <br>8.898%, 05/20/2053<sup>(d)</sup> | 1032859 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>6.043%, 11/20/2054<sup>(d)</sup> | 50828 |
|  | Brant Point CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7A-SUB <br>1.320%, 07/25/2038<sup>(d)(h)(i)</sup> | 433050 |
|  | Business Jet Securities LLC |  |
| 197960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A-B <br>5.192%, 06/15/2037<sup>(d)</sup> | 194958 |
| 432699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>6.924%, 05/15/2039<sup>(d)</sup> | 444966 |
|  | Buttermilk Park CLO Ltd. |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-E <br>10.268%, 10/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 747208 |
|  | Canyon Capital CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A-ER <br>10.268%, 07/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 989860 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-E <br>10.268%, 07/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 498911 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A-E <br>10.818%, 10/15/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.562% | 1002925 |
|  | Carlyle C17 CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C17A-DR <br>10.541%, 04/30/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.262% | 497160 |
|  | Carlyle Global Market Strategies CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2RA-D <br>9.938%, 05/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.612% | 501572 |
| 405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-5A-A2R3 <br>5.920%, 01/20/2032<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.650% | 405203 |
|  | CARS-DB4 LP |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B3 <br>4.950%, 02/15/2050<sup>(d)</sup> | 181226 |
|  | CARS-DB7 LP |  |
| 98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-A2 <br>6.500%, 09/15/2053<sup>(d)</sup> | 99089 |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B <br>7.750%, 09/15/2053<sup>(d)</sup> | 323061 |
|  | Carval CLO X-C Ltd. |  |
| 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-B <br>6.070%, 07/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.800% | 285854 |
|  | Castlelake Aircraft Securitization Trust |  |
| 26265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1-A <br>4.125%, 06/15/2043<sup>(d)</sup> | 25533 |
|  | Castlelake Aircraft Structured Trust |  |
| 68451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A <br>3.474%, 01/15/2046<sup>(d)</sup> | 67464 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
| $6141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>6.656%, 01/15/2046<sup>(d)</sup> | $6140 |
| 243364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>5.783%, 02/15/2050<sup>(d)</sup> | 247073 |
|  | Cerberus Loan Funding 50 LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-C <br>6.918%, 07/15/2037<sup>(d)(e)(h)</sup> <br>-1\*3 mo. USD Term SOFR + 2.600% | 500000 |
|  | Cerberus Loan Funding XLII LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A-C <br>8.411%, 09/13/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.150% | 251784 |
|  | Cerberus Loan Funding XLIV LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A-C <br>8.456%, 01/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.200% | 253623 |
|  | Cerberus Loan Funding XLV LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-C <br>7.406%, 04/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.150% | 251844 |
|  | Cerberus Loan Funding XLVI LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-C <br>7.306%, 07/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.050% | 252498 |
|  | Cerberus Loan Funding XLVII LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A-D <br>8.606%, 07/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.350% | 251446 |
|  | Chenango Park CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-D <br>10.318%, 04/15/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.062% | 500678 |
|  | CIFC Funding CLO Ltd. |  |
| 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A-A3LR <br>6.481%, 10/18/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.212% | 205348 |
|  | Cook Park CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-E <br>9.941%, 04/17/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.662% | 994878 |
|  | CoreVest American Finance Ltd. |  |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4-C <br>2.250%, 12/15/2052<sup>(d)</sup> | 279725 |
|  | DigitalBridge Issuer LLC |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A2 <br>3.933%, 09/25/2051<sup>(d)</sup> | 346277 |
|  | Dryden 40 Senior Loan Fund CLO |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40A-ER <br>10.338%, 08/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 940343 |
|  | Dryden 55 CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-55A-F <br>11.718%, 04/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 7.462% | 425330 |
|  | Dryden 87 CLO Ltd. |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-87A-SUB <br>0.823%, 05/20/2034<sup>(d)(i)</sup> | 124499 |
|  | Elm Trust |  |
| 29926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A-B <br>3.866%, 10/20/2029<sup>(d)</sup> | 29543 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 9

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Elmwood CLO 16 Ltd. |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A-ER <br>11.020%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.750% | $100508 |
|  | Falcon Aerospace Ltd. |  |
| 63245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1-B <br>6.300%, 02/15/2042<sup>(d)</sup> | 61985 |
|  | Fillmore Park CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-E <br>9.918%, 07/15/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.662% | 502169 |
|  | First Franklin Mortgage Loan Trust |  |
| 398725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF16-2A4 <br>4.854%, 12/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.534% | 162064 |
|  | FirstKey Homes Trust |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2-G1 <br>4.000%, 10/19/2037<sup>(d)</sup> | 148623 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2-G2 <br>4.500%, 10/19/2037<sup>(d)</sup> | 99177 |
|  | Five Guys Holdings, Inc. |  |
| 199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-A2 <br>7.549%, 01/26/2054<sup>(d)</sup> | 205897 |
|  | Fortress Credit BSL XV Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A-CR <br>6.870%, 10/18/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | 250429 |
|  | Fortress Credit Opportunities IX CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-9A-A2TR <br>6.318%, 10/15/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.062% | 250211 |
|  | GAIA Aviation Ltd. |  |
| 164543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.967%, 12/15/2044<sup>(d)(f)</sup> | 158958 |
| 144422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-B <br>5.193%, 12/15/2044<sup>(d)(f)</sup> | 131039 |
|  | Galaxy XXVI CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-26A-BR <br>5.926%, 11/22/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.600% | 250184 |
|  | GoldenTree Loan Management U.S. CLO 9 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A-CR <br>6.670%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.400% | 251873 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A-DR <br>7.620%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.350% | 251050 |
|  | Golub Capital Partners ABS Funding Ltd. |  |
| 50497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.496%, 01/22/2029<sup>(d)</sup> | 50437 |
|  | Golub Capital Partners CLO 16M-R3 Ltd. |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-16A-CR3 <br>6.919%, 08/09/2039<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | 1103510 |
|  | Golub Capital Partners CLO 46M Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-46A-CR <br>7.320%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.050% | 251893 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Golub Capital Partners CLO 74 B Ltd. |  |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-74A-B <br>6.132%, 07/25/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.850% | $250681 |
|  | Highbridge Loan Management CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A-DR <br>11.131%, 10/20/2029<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.862% | 502020 |
|  | Hotwire Funding LLC |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-C <br>4.459%, 11/20/2051<sup>(d)</sup> | 731806 |
|  | HPS Private Credit CLO LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-C <br>7.060%, 07/20/2037<sup>(d)(e)(h)</sup> <br>3 mo. USD Term SOFR + 2.800% | 501595 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-D <br>8.260%, 07/20/2037<sup>(d)(e)(h)</sup> <br>3 mo. USD Term SOFR + 4.000% | 502564 |
|  | IP Lending X Ltd. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-10A-SNR <br>7.750%, 07/02/2029<sup>(d)</sup> | 320000 |
|  | Jamestown CLO XVIII Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A-DR <br>8.032%, 07/25/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 501127 |
|  | JOL Air Ltd. |  |
| 137568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.967%, 04/15/2044<sup>(d)</sup> | 136248 |
|  | KDAC Aviation Finance Ltd. |  |
| 81892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A-A <br>4.212%, 12/15/2042<sup>(d)</sup> | 79762 |
|  | Kestrel Aircraft Funding Ltd. |  |
| 194031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-A <br>4.250%, 12/15/2038<sup>(d)</sup> | 190217 |
|  | Labrador Aviation Finance Ltd. |  |
| 169820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A-A1 <br>4.300%, 01/15/2042<sup>(d)</sup> | 165157 |
|  | LCM 35 Ltd. |  |
| 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 35A-SUB <br>1.749%, 10/15/2034<sup>(d)(i)</sup> | 105307 |
|  | LCM 37 Ltd. |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37A-SUB <br>1.999%, 04/15/2034<sup>(d)(i)</sup> | 73350 |
|  | LCM CLO 26 Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26A-E <br>9.831%, 01/20/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.562% | 337058 |
|  | LCM CLO XVII LP |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17A-ER <br>10.518%, 10/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.262% | 762338 |
|  | LCM Loan Income Fund I Income Note Issuer CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A-E <br>10.122%, 07/16/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.862% | 392239 |
|  | Lunar Structured Aircraft Portfolio Notes |  |
| 176397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-B <br>3.432%, 10/15/2046<sup>(d)</sup> | 165042 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 10 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | MACH 1 Cayman Ltd. |  |
| $72652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.474%, 10/15/2039<sup>(d)</sup> | $70728 |
|  | Madison Park Funding CLO XXXVIII Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-38A-E <br>10.541%, 07/17/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.262% | 502413 |
|  | Madison Park Funding LIX Ltd. |  |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A-CR <br>6.520%, 04/18/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.250% | 307060 |
|  | Madison Park Funding LVIII Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-58A-D <br>7.932%, 04/25/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.650% | 252282 |
|  | MAPS Ltd. |  |
| 86245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-A <br>4.212%, 05/15/2043<sup>(d)</sup> | 86115 |
| 64149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-A <br>4.458%, 03/15/2044<sup>(d)</sup> | 63274 |
|  | MAPS Trust |  |
| 183463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A <br>2.521%, 06/15/2046<sup>(d)</sup> | 173002 |
|  | MCA Fund Holding LLC |  |
| 105006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1-B <br>4.247%, 11/15/2035<sup>(d)</sup> | 102282 |
|  | MetroNet Infrastructure Issuer LLC |  |
| 887000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B <br>8.010%, 04/20/2053<sup>(d)</sup> | 924062 |
|  | MidOcean Credit CLO VII |  |
| 114210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-7A-CR <br>6.718%, 07/15/2029<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.462% | 114528 |
|  | Milos CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A-ER <br>10.681%, 10/20/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.412% | 496430 |
|  | Monroe Capital ABS Funding Ltd. |  |
| 97640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A2 <br>2.815%, 04/22/2031<sup>(d)</sup> | 96676 |
|  | Monroe Capital Income Plus ABS<br>Funding LLC |  |
| 113573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A-B <br>5.150%, 04/30/2032<sup>(d)</sup> | 109366 |
|  | Nassau CFO LLC |  |
| 75741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.980%, 08/15/2034<sup>(d)</sup> | 71636 |
|  | Navigator Aircraft ABS Ltd. |  |
| 358300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-B <br>3.571%, 11/15/2046<sup>(d)(f)</sup> | 334270 |
|  | Neuberger Berman Loan Advisers<br>CLO 26 Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-26A-INC <br>0.370%, 10/18/2038<sup>(d)(i)</sup> | 439646 |
|  | Neuberger Berman Loan Advisers<br>CLO 44 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44A-SUB <br>0.968%, 10/16/2035<sup>(d)(i)</sup> | 160982 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Neuberger Berman Loan Advisers<br>CLO 60 Ltd. |  |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-60A-SUB<br>0.778%, 04/22/2039<sup>(d)(i)</sup> | $220619 |
|  | Northwoods Capital 20 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-20A-DR<br>8.813%, 01/25/2032<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 4.532% | 250316 |
|  | Ocean Trails CLO V |  |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A-DRR<br>7.953%, 10/13/2031<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 3.712% | 700787 |
|  | Octagon 74 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A-SUB<br>1.342%, 04/22/2038<sup>(d)(i)</sup> | 201425 |
|  | Octagon Investment Partners CLO 40 Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-ER<br>11.531%, 01/20/2035<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 7.262% | 480122 |
|  | Octagon Investment Partners CLO XVI Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A-ER<br>10.291%, 07/17/2030<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 6.012% | 947792 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A-SUB<br>10.318%, 07/17/2030<sup>(d)(i)</sup> | 225 |
|  | OHA Credit Partners VII Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-7A-ER4<br>8.822%, 02/20/2038<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 4.500% | 247608 |
|  | OHA Credit Partners XI Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-11A-CR2<br>6.470%, 04/20/2037<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 2.200% | 251619 |
|  | OnDeck Asset Securitization IV LLC |  |
| 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-C<br>6.640%, 04/19/2032<sup>(d)</sup> | 537672 |
|  | OnDeck Asset Securitization Trust IV LLC |  |
| 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B<br>8.250%, 08/19/2030<sup>(d)</sup> | 342455 |
|  | Oportun Issuance Trust |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A-B<br>5.250%, 06/09/2031<sup>(d)</sup> | 350161 |
|  | Owl Rock CLO I LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-C<br>8.572%, 02/20/2036<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 4.250% | 252807 |
|  | Owl Rock CLO III Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A-BR<br>6.620%, 04/20/2036<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 2.350% | 250971 |
|  | Owl Rock CLO IX LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9A-CR<br>6.626%, 11/22/2037<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 2.300% | 247519 |
|  | Owl Rock CLO VIII LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8A-CR<br>6.675%, 04/24/2037<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 2.400% | 251248 |
|  | Owl Rock CLO XIII LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-13A-B<br>7.669%, 09/20/2035<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 3.350% | 251306 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 11

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Owl Rock CLO XVI LLC |  |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A-C<br>7.570%, 04/20/2036<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 3.300% | $251247 |
|  | OWL Rock CLO XXI LLC |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21A-C<br>6.716%, 07/24/2034<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 2.400% | 350574 |
|  | Oxford Finance Credit Fund III LP |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A-B<br>7.548%, 01/14/2032<sup>(d)</sup> | 404125 |
| 1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A-B<br>7.194%, 08/14/2034<sup>(d)</sup> | 1834719 |
|  | Oxford Finance Funding Trust |  |
| 179294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B<br>7.879%, 02/15/2031<sup>(d)</sup> | 181308 |
|  | Palmer Square BDC CLO 1 Ltd. |  |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A-B1<br>6.406%, 07/15/2037<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 2.150% | 312214 |
|  | Palmer Square Loan Funding Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A-SUB<br>0.000%, 05/20/2029<sup>(d)(g)(j)</sup> | 10921 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A-SUB<br>0.000%, 07/20/2029<sup>(d)(g)(j)</sup> | 27544 |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A-SUB<br>0.000%, 08/08/2032<sup>(d)(g)(j)</sup> | 463159 |
|  | Post CLO Ltd. |  |
| 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-A<br>6.222%, 04/20/2036<sup>(d)(e)</sup><br>3 mo. USD Term SOFR + 1.950% | 370576 |
|  | Progress Residential Trust |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR6-E2<br>2.525%, 07/17/2038<sup>(d)</sup> | 121733 |
|  | ReadyCap Lending Small Business Loan Trust |  |
| 18540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2-A<br>7.000%, 12/27/2044<sup>(d)(e)</sup><br>U.S. (Fed) Prime Rate - 0.500% | 18528 |
|  | Regatta 33 Funding Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A-SUB<br>0.000%, 07/25/2038<sup>(d)(g)(j)</sup> | 248703 |
|  | Regatta 34 Funding Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-SUB <br>0.000%, 07/20/2038<sup>(d)(g)(j)</sup> | 250000 |
|  | Regional Management Issuance Trust |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1-C <br>5.730%, 04/17/2034<sup>(d)</sup> | 151784 |
|  | RR 39 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-39A-SUB <br>0.812%, 04/15/2038<sup>(d)(i)</sup> | 226643 |
|  | RR CLO 2 Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A-DR <br>10.318%, 04/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.062% | 493920 |
|  | Sapphire Aviation Finance I Ltd. |  |
| 6238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-A <br>4.250%, 03/15/2040<sup>(d)</sup> | 6236 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Sapphire Aviation Finance II Ltd. |  |
| $130023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.335%, 03/15/2040<sup>(d)</sup> | $119139 |
|  | SERVPRO Master Issuer LLC |  |
| 189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-A2 <br>3.882%, 10/25/2049<sup>(d)</sup> | 186004 |
|  | Slam Ltd. |  |
| 191250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>3.422%, 06/15/2046<sup>(d)</sup> | 178142 |
|  | SLAM Ltd. |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>5.807%, 05/15/2050<sup>(d)</sup> | 1121126 |
|  | Sonic Capital LLC |  |
| 190333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-A2I <br>3.845%, 01/20/2050<sup>(d)</sup> | 186405 |
| 47583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-A2II <br>4.336%, 01/20/2050<sup>(d)</sup> | 45538 |
|  | Sound Point CLO XXXII Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A-E <br>11.243%, 10/25/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.962% | 457797 |
|  | Sprite Ltd. |  |
| 116191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-A <br>3.750%, 11/15/2046<sup>(d)</sup> | 112392 |
|  | SSI ABS Issuer LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1-A <br>6.150%, 07/25/2065<sup>(d)</sup> | 200200 |
|  | Start Ltd. |  |
| 77018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1-A <br>4.089%, 05/15/2043<sup>(d)</sup> | 76828 |
|  | Stewart Park CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A-ER <br>9.798%, 01/15/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.542% | 501258 |
|  | Stream Innovations Issuer Trust |  |
| 70589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A <br>6.270%, 07/15/2044<sup>(d)</sup> | 73354 |
|  | Subway Funding LLC |  |
| 149250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A23 <br>6.505%, 07/30/2054<sup>(d)</sup> | 153550 |
| 49750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A-A23 <br>5.914%, 07/30/2054<sup>(d)</sup> | 49404 |
|  | Sunbird Engine Finance LLC |  |
| 133261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.703%, 02/15/2045<sup>(d)</sup> | 129444 |
|  | Switch ABS Issuer LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A2 <br>6.280%, 03/25/2054<sup>(d)</sup> | 102037 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-A2 <br>5.436%, 06/25/2054<sup>(d)</sup> | 50433 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A2 <br>5.036%, 03/25/2055<sup>(d)</sup> | 98794 |
|  | Symphony CLO 41 Ltd. |  |
| 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41A-SUB <br>1.323%, 07/20/2037<sup>(d)(i)</sup> | 289754 |
|  | Symphony CLO 48 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-48A-SUB <br>0.818%, 04/20/2038<sup>(d)(i)</sup> | 220619 |
|  | Symphony CLO XXXI Ltd. |  |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-31A-SUB <br>0.319%, 04/22/2050<sup>(d)(i)</sup> | 361828 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 12 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Textainer Marine Containers VII Ltd. |  |
| $146725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>2.520%, 02/20/2046<sup>(d)</sup> | $135256 |
|  | THL Credit Wind River CLO Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A-INC <br>5.550%, 01/15/2031<sup>(d)(i)</sup> | 300 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A-E <br>10.268%, 07/15/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 483809 |
|  | Thrust Engine Leasing DAC |  |
| 373088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>6.121%, 07/15/2040<sup>(d)</sup> | 365741 |
|  | TICP CLO VII Ltd. |  |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-7A-CR <br>6.668%, 04/15/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.412% | 280553 |
|  | Vault DI Issuer LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A2 <br>2.804%, 07/15/2046<sup>(d)</sup> | 241863 |
|  | VB-S1 Issuer LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A-F <br>5.268%, 02/15/2052<sup>(d)</sup> | 237221 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-F <br>8.871%, 05/15/2054<sup>(d)</sup> | 104482 |
|  | VCP RRL ABS I Ltd. |  |
| 36712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-C <br>5.425%, 10/20/2031<sup>(d)</sup> | 33779 |
|  | Venture XIII CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13A-SUB <br>4.545%, 09/10/2029<sup>(d)(i)</sup> | 38 |
|  | VOLT XCIV LLC |  |
| 5701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL3-A1 <br>6.240%, 02/27/2051<sup>(d)(f)</sup> | 5703 |
| 739047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL3-A2 <br>8.949%, 02/27/2051<sup>(d)(f)</sup> | 739586 |
|  | Voya CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A-E <br>9.768%, 07/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.512% | 484309 |
|  | WAVE Trust |  |
| 203367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A-A <br>3.844%, 11/15/2042<sup>(d)</sup> | 197283 |
|  | Wellfleet CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>6.320%, 07/18/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.050% | 250970 |
|  | Willis Engine Structured Trust V |  |
| 182085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A-A <br>3.228%, 03/15/2045<sup>(d)</sup> | 173724 |
|  | Willis Engine Structured Trust VII |  |
| 206675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A-A <br>8.000%, 10/15/2048<sup>(d)</sup> | 213294 |
|  | Wind River CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A-E <br>10.961%, 07/20/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.692% | 487567 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Wise CLO Ltd. |  |  |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-C <br>6.456%, 07/15/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% | $| 250837 |
|  | Wonder Lake Park CLO Ltd. |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-SUB <br>1.251%, 07/24/2038<sup>(d)(h)(i)</sup> |  | 425000 |
|  | Zayo Issuer LLC |  |  |
| 3030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A-C <br>9.489%, 06/20/2055<sup>(d)</sup> |  | 3213646 |
|  |  |  | 63640190 |
| **WL Collateral CMO: 0.0%** | **WL Collateral CMO: 0.0%** | **WL Collateral CMO: 0.0%** | **WL Collateral CMO: 0.0%** |
|  | FIGRE Trust |  |  |
| 133942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE6-C <br>5.974%, 12/25/2054<sup>(d)(g)</sup> |  | 135054 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $72,644,632) | **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $72,644,632) |  | 67232993 |
| **BANK LOANS: 19.9%**  | **BANK LOANS: 19.9%**  | **BANK LOANS: 19.9%**  | **BANK LOANS: 19.9%**  |
| **Basic Materials: 1.2%** | **Basic Materials: 1.2%** | **Basic Materials: 1.2%** | **Basic Materials: 1.2%** |
|  | AAP Buyer, Inc. |  |  |
| 89550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.077%, 09/09/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 89605 |
|  | Arsenal AIC Parent LLC |  |  |
| 448623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.077%, 08/19/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 448847 |
|  | Discovery Purchaser Corp. |  |  |
| 239400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.022%, 10/04/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 239325 |
|  | GEON Performance Solutions LLC |  |  |
| 3322801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.807%, 08/18/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% |  | 3171614 |
|  | Illuminate Buyer LLC |  |  |
| 99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.327%, 12/31/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 99669 |
|  | Nouryon Finance BV |  |  |
| 683267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.510%, 04/03/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 687325 |
|  | Power Services Holding Co. |  |  |
| 64489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.941%, 11/22/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% |  | 64333 |
|  | SCIH Salt Holdings, Inc. |  |  |
| 418548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.280%-7.324%, 01/31/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 419180 |
|  |  |  | 5219898 |
| **Communications: 2.8%** | **Communications: 2.8%** | **Communications: 2.8%** | **Communications: 2.8%** |
|  | Cengage Learning, Inc. |  |  |
| 110246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.822%-7.830%, 03/24/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 3.500% |  | 110638 |
|  | Charter Communications Operating LLC |  |  |
| 1515598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.298%, 12/07/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% |  | 1516545 |
|  | CNT Holdings I Corp. |  |  |
| 69825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.780%, 11/08/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.500% |  | 70076 |
|  | Connect Finco SARL |  |  |
| 3276966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.827%, 09/27/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% |  | 3123588 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 13

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Communications (continued)** | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
|  | Cyxtera DC Holdings, Inc. |  |  |
| $132288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 01/16/2026<sup>(k)</sup> | $| 728 |
|  | Eagle Broadband Investments LLC |  |  |
| 2434495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.557%, 11/12/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 2427399 |
|  | Firstdigital Communications LLC |  |  |
| 49125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.691%, 12/17/2026<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% |  | 48349 |
|  | Iridium Satellite LLC |  |  |
| 1968435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 09/20/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% |  | 1973710 |
|  | LendingTree, Inc. |  |  |
| 543200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.442%, 09/15/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% |  | 545916 |
|  | Level 3 Financing, Inc. |  |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.577%, 03/27/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% |  | 20246 |
|  | Midcontinent Communications |  |  |
| 853550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.818%, 08/16/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% |  | 857459 |
|  | Nexstar Broadcasting, Inc. |  |  |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 06/23/2032<sup>(l)</sup> |  | 1019362 |
|  | Speedster Bidco GmbH |  |  |
| 149625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.546%, 12/10/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 150701 |
|  | Sunrise Financing Partnership |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.793%, 02/15/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.500% |  | 149859 |
|  | Syndigo LLC |  |  |
| 119075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.094%, 12/15/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 119745 |
|  | TripAdvisor, Inc. |  |  |
| 99499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.077%, 07/08/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 99374 |
|  | Xplornet Communications, Inc. |  |  |
| 4032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.594%, 10/24/2029<sup>(e)(m)</sup> <br>3 mo. USD Term SOFR + 1.500% Cash, 3.500% PIK |  | 3866 |
| 14239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.094%, 10/24/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 1.500% |  | 10661 |
|  |  |  | 12248222 |
| **Consumer, Cyclical: 2.8%** | **Consumer, Cyclical: 2.8%** | **Consumer, Cyclical: 2.8%** | **Consumer, Cyclical: 2.8%** |
|  | ABG Intermediate Holdings 2 LLC |  |  |
| 136469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 12/21/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% |  | 136564 |
|  | Accuride Intermediate Co., Inc. |  |  |
| 15570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.810%, 03/07/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 15577 |
|  | Air Canada |  |  |
| 59548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.322%, 03/21/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% |  | 59725 |
|  | Allen Media LLC |  |  |
| 502092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.946%, 02/10/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.500% |  | 324100 |
|  | Alterra Mountain Co. |  |  |
| 149001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.327%, 05/31/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 149747 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | American Airlines, Inc. |  |
| $515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.522%, 04/20/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.250% | $512384 |
|  | Arcis Golf LLC |  |
| 123750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.046%, 11/24/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% | 124137 |
| 425254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.077%, 11/24/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% | 426583 |
|  | Beach Acquisition Bidco LLC |  |
| 855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 06/25/2032<sup>(l)</sup> | 860344 |
|  | Bulldog Purchaser, Inc. |  |
| 548872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.035%-8.057%, 06/27/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.750%, 3 mo. USD Term SOFR + 3.750% | 550656 |
|  | Caesars Entertainment, Inc. |  |
| 97904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 02/06/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 97978 |
| 98998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 02/06/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 99060 |
|  | EG Group Ltd. |  |
| 99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.583%, 02/07/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | 99826 |
|  | Epic Creations, Inc. |  |
| 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/31/2025<sup>(l)</sup> | 59 |
| 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.325%, 07/31/2025<sup>(e)</sup> <br>1 mo. USD Term SOFR + 10.000% | 156 |
|  | Fertitta Entertainment LLC |  |
| 223151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.827%, 01/27/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% | 223160 |
|  | First Brands Group LLC |  |
| 67123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.541%, 03/30/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% | 63602 |
|  | Flutter Financing BV |  |
| 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 11/30/2030<sup>(l)</sup> | 7990 |
| 101485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.046%, 11/30/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 1.750% | 101358 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.296%, 06/04/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 250312 |
|  | Foundation Building Materials Holding Co. LLC |  |
| 98750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.280%, 01/29/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 96951 |
|  | FR Refuel LLC |  |
| 86948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.191%, 11/08/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750% | 86296 |
|  | Gibson Brands, Inc. |  |
| 96500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.541%, 08/11/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% | 92640 |
|  | Gloves Buyer, Inc. |  |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.321%, 01/17/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 338962 |
|  | Great Outdoors Group LLC |  |
| 3318836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.577%, 01/23/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% | 3319367 |
|  | Hilton Grand Vacations Borrower LLC |  |
| 124063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 01/17/2031<sup>(l)</sup> | 124073 |
|  | Hunter Douglas, Inc. |  |
| 448498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.546%, 01/20/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 447471 |
|  | Laseraway Intermediate Holdings II LLC |  |
| 90268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.291%, 10/14/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.750% | 86883 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 14 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | Oil Changer Holding Corp. |  |  |
| $84391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.053%-11.196%, 02/08/2027<sup>(e)</sup> <br>1 mo. USD Tem SOFR + 6.750%, 6 mo. USD Term SOFR + 6.750 | $| 83758 |
|  | Pacific Bells LLC |  |  |
| 158333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.557%, 11/13/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 158992 |
|  | Park River Holdings, Inc. |  |  |
| 224414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 12/28/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 219083 |
|  | PCI Gaming Authority |  |  |
| 148624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.327%, 07/18/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% |  | 148779 |
|  | Peer Holding III BV |  |  |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.796%, 07/01/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.500% |  | 100159 |
|  | QSRP Finco BV |  |  |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 06/19/2031<sup>(l)</sup> |  | 590890 |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 06/19/2031<sup>(l)</sup> |  | 590891 |
|  | Recess Holdings, Inc. |  |  |
| 98754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.025%, 02/20/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 99125 |
|  | Station Casinos LLC |  |  |
| 498737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.327%, 03/14/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% |  | 500186 |
|  | Tacala LLC |  |  |
| 49395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.827%, 01/31/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% |  | 49699 |
|  | Topgolf Callaway Brands Corp. |  |  |
| 24934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.327%, 03/18/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 24603 |
|  | UFC Holdings LLC |  |  |
| 149250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.572%, 11/21/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.250% |  | 149977 |
|  | United Airlines, Inc. |  |  |
| 559377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.275%, 02/22/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% |  | 561301 |
|  | Vista Management Holding, Inc. |  |  |
| 172279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.048%, 04/01/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 172926 |
|  | White Cap Buyer LLC |  |  |
| 248999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.577%, 10/19/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 248020 |
|  |  |  | 12394350 |
| **Consumer, Non-cyclical: 4.4%** | **Consumer, Non-cyclical: 4.4%** | **Consumer, Non-cyclical: 4.4%** | **Consumer, Non-cyclical: 4.4%** |
|  | A-AG U.S. GSI Bidco, Inc. |  |  |
| 2174550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.296%, 10/31/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% |  | 2169114 |
|  | Albion Financing 3 SARL |  |  |
| 99003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.322%, 08/16/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 99281 |
|  | American Auto Auction Group LLC |  |  |
| 548625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.830%, 05/28/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 551969 |
|  | American Residential Services LLC |  |  |
| 149223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.530%, 02/02/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 149782 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Amspec Parent LLC |  |
| $33333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/22/2031<sup>(l)</sup> | $33542 |
| 86667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.796%, 12/22/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% | 87208 |
| 216667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/22/2031<sup>(l)</sup> | 218021 |
|  | Bausch Health Cos., Inc. |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.561%, 10/08/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 6.250% | 19333 |
|  | Blue Ribbon LLC |  |
| 206250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.546%, 05/08/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 6.000% | 160789 |
|  | CCRR Parent, Inc. |  |
| 298702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.697%, 03/06/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | 131055 |
|  | Chef's Warehouse Leasing Co. LLC |  |
| 84250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.842%, 08/23/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 84812 |
|  | CHG PPC Parent LLC |  |
| 69274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.441%, 12/08/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 69621 |
|  | Citrin Cooperman Advisors LLC |  |
| 140909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.316%, 04/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 141026 |
|  | Congruex Group LLC |  |
| 46437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 05/03/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 1.500% | 40700 |
|  | Dermatology Intermediate Holdings III, Inc. |  |
| 97980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.530%, 03/30/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | 89081 |
|  | EyeCare Partners LLC |  |
| 20039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.877%, 08/31/2028<sup>(e)</sup> <br>6 mo. USD Term SOFR + 5.750% | 20430 |
| 71172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.610%, 11/30/2028<sup>(e)(m)</sup> <br>6 mo. USD Term SOFR + 1.000% Cash, 3.610% PIK | 56552 |
|  | Florida Food Products LLC |  |
| 66392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.557%, 10/18/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% | 45147 |
|  | Fugue Finance BV |  |
| 149126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.583%, 01/09/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 150198 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.571%, 01/09/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 402876 |
|  | Global Medical Response, Inc. |  |
| 254423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.829%, 10/31/2028<sup>(e)(m)</sup> <br>3 mo. USD Term SOFR + 4.750% Cash, 0.750% PIK | 255095 |
|  | Grant Thornton Advisors LLC |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.327%, 06/02/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 351006 |
|  | Help At Home, Inc. |  |
| 168473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.327%, 09/24/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.000% | 164110 |
|  | Holding Socotec |  |
| 49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.040%, 06/30/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 49748 |
|  | Imagefirst Holdings LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.574%, 03/12/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 150188 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 15

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Inception Holdco SARL |  |
| $99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.046%, 04/09/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | $99991 |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 04/09/2031<sup>(l)</sup> | 454502 |
|  | Jazz Financing Lux SARL |  |
| 2191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 05/05/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 2203213 |
|  | MB2 Dental Solutions LLC |  |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 02/13/2031<sup>(e)</sup> | 4375 |
| 11868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.822%-9.827%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500% | 11868 |
| 13802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.827%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500% | 13802 |
| 95318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.827%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500% | 95123 |
|  | Medline Borrower LP |  |
| 2256657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 10/23/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 2261791 |
|  | Moran Foods LLC |  |
| 5688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.646%, 06/30/2026<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% | 484 |
| 12145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.646%, 06/30/2026<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% | 7691 |
| 12504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.646%, 06/30/2026<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 12504 |
|  | MPH Acquisition Holdings LLC |  |
| 78957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.030%, 12/31/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 77931 |
| 654505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.141%, 12/31/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.600% | 589054 |
|  | NFM & J LP |  |
| 47973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.087%, 11/30/2027<sup>(e)</sup> <br>6 mo. USD Term SOFR + 5.750% | 47328 |
| 48766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.087%-10.183%, 11/30/2027<sup>(e)</sup> <br>3 mo. USD Tem SOFR +5.750%, 6 mo. USD Term SOFR + 5.750 | 48110 |
|  | PABST Financing Newco LLC |  |
| 77067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.259%, 05/08/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 8.000% | 77453 |
|  | Pacific Dental Services LLC |  |
| 198992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.068%, 03/15/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% | 199401 |
|  | Parexel International Corp. |  |
| 2068864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.827%, 11/15/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 2071771 |
|  | Priority Holdings LLC |  |
| 1256220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.077%, 05/16/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750% | 1261559 |
|  | Resonetics LLC |  |
| 88007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.569%, 06/18/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 88169 |
|  | ScribeAmerica Intermediate Holdco LLC |  |
| 46475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.000%, 10/30/2025<sup>(e)</sup> <br>U.S. (Fed) Prime Rate - 5.500% | 37296 |
|  | Secretariat Advisors LLC |  |
| 89024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.296%, 02/28/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 89247 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Sotera Health Holdings LLC |  |  |
| $2211330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.546%, 05/30/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | $| 2223780 |
|  | Southern Veterinary Partners LLC |  |  |
| 207693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.527%, 12/04/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 208171 |
|  | System One Holdings LLC |  |  |
| 1126377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.046%, 03/02/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 1129193 |
|  | TMF Group Holding BV |  |  |
| 169152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.035%, 05/03/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% |  | 169946 |
|  | Women's Care Enterprises LLC |  |  |
| 188885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.880%, 01/15/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 173932 |
|  |  |  | 19348369 |
| **Energy: 1.2%** | **Energy: 1.2%** | **Energy: 1.2%** | **Energy: 1.2%** |
|  | AL GCX Holdings LLC |  |  |
| 147288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.313%, 05/17/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% |  | 147695 |
|  | AL NGPL Holdings LLC |  |  |
| 279353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.785%, 04/13/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.500% |  | 279527 |
|  | BANGL LLC |  |  |
| 98252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.788%, 02/01/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 98744 |
|  | GIP Pilot Acquisition Partners LP |  |  |
| 46819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.277%, 10/04/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% |  | 47034 |
|  | Hilcorp Energy I LP |  |  |
| 2049863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.314%, 02/11/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% |  | 2056268 |
|  | Lealand Finance Co. BV |  |  |
| 19301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.090%, 06/30/2027<sup>(e)</sup> <br>1 mo. USD Term SOFR + 7.500% |  | 15827 |
| 45798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.441%, 06/30/2027<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 29998 |
| 421231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.572%, 06/30/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 240102 |
| 1493902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.411%, 12/31/2027<sup>(e)(m)</sup> <br>1 mo. USD Term SOFR + 1.000% Cash, 3.000% PIK |  | 784298 |
|  | Par Petroleum LLC |  |  |
| 183872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.009%, 02/28/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 182609 |
|  | Rockpoint Gas Storage Partners LP |  |  |
| 895500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.296%, 09/18/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 899924 |
|  | Venture Global Calcasieu Pass LLC |  |  |
| 16487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.302%, 08/19/2026<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.875% |  | 16492 |
|  | Whitewater Matterhorn Holdings LLC |  |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.569%, 06/16/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.250% |  | 550459 |
|  |  |  | 5348977 |
| **Financial: 2.2%** | **Financial: 2.2%** | **Financial: 2.2%** | **Financial: 2.2%** |
|  | AllSpring Buyer LLC |  |  |
| 373070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.296%, 11/01/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 375635 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 16 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | AmWINS Group, Inc. |  |
| $149250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 01/30/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | $149469 |
|  | Apex Group Treasury LLC |  |
| 179550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.825%, 02/27/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% | 179158 |
|  | AqGen Island Holdings, Inc. |  |
| 98430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.327%, 08/02/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 98738 |
|  | Ardonagh Midco 3 PLC |  |
| 149625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.929%-7.046%, 02/15/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750%, 6 mo. USD Term SOFR + 2.750% | 148877 |
|  | Aretec Group, Inc. |  |
| 148256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.827%, 08/09/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% | 148692 |
|  | Astra Acquisition Corp. |  |
| 839743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 10/25/2029<sup>(l)</sup> | 5601 |
|  | Asurion LLC |  |
| 74562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.577%, 09/19/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% | 72809 |
| 97995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.677%, 08/19/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% | 97093 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 09/19/2030<sup>(l)</sup> | 389100 |
|  | Blackhawk Network Holdings, Inc. |  |
| 159051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.327%, 03/12/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 160107 |
|  | Capstone Acquisition Holdings, Inc. |  |
| 136890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.927%, 11/13/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% | 136227 |
|  | Cfc Bidco 2022 Ltd. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 05/30/2032<sup>(l)</sup> | 548625 |
|  | Chrysaor Bidco SARL |  |
| 92649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.242%, 10/30/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% | 93382 |
|  | Citadel Securities LP |  |
| 148016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.327%, 10/31/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% | 148784 |
|  | Cliffwater LLC |  |
| 139650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.280%, 04/22/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% | 139650 |
|  | CoreLogic, Inc. |  |
| 548575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.941%, 06/02/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% | 543690 |
|  | Cross Financial Corp. |  |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.577%, 10/31/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% | 100060 |
|  | Deerfield Dakota Holding LLC |  |
| 99217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.046%, 04/09/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 96640 |
|  | Eisner Advisory Group LLC |  |
| 98507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.327%, 02/28/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 99061 |
|  | Fiserv Investment Solutions, Inc. |  |
| 98446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.322%, 02/18/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 97584 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Focus Financial Partners LLC |  |  |
| $49750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.077%, 09/15/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% | $| 49701 |
|  | Higginbotham Insurance Agency, Inc. |  |  |
| 141852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.830%, 11/24/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% |  | 140936 |
|  | HighTower Holdings LLC |  |  |
| 535406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.260%, 02/03/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 534962 |
|  | Howden Group Holdings Ltd. |  |  |
| 148875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.327%, 02/15/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 149509 |
|  | HV Eight LLC |  |  |
| 401,192 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.480%, 11/22/2027<sup>(e)</sup> <br>3 mo. EURIBOR + 3.500% |  | 470877 |
|  | IMC Financing LLC |  |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.815%, 06/02/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% |  | 554125 |
|  | KREF Holdings X LLC |  |  |
| 2738045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.561%, 03/05/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 2756020 |
|  | Orion U.S. Finco, Inc. |  |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 05/20/2032<sup>(l)</sup> |  | 552338 |
|  | PMH Newco LP |  |  |
| 228899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.129%, 10/02/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.150% |  | 228566 |
|  | PMH SPV C LLC |  |  |
| 63429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.129%, 10/02/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.150% |  | 63206 |
|  | Saphilux SARL |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/18/2028<sup>(l)</sup> |  | 201333 |
| 299003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.785%-8.260%, 07/18/2028<sup>(e)</sup> <br>6 mo. USD Tem SOFR + 3.500%,<br>6 mo. USD Term SOFR + 4.000%<br>6 mo. USD Tem SOFR + 3.500%,<br>6 mo. USD Term SOFR + 4.000% |  | 300995 |
|  |  |  | 9831550 |
| **Industrial: 2.8%** | **Industrial: 2.8%** | **Industrial: 2.8%** | **Industrial: 2.8%** |
|  | Anchor Packaging, Inc. |  |  |
| 98227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.562%, 07/18/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 98853 |
|  | API Holdings III LLC |  |  |
| 8163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.296%, 03/25/2027<sup>(e)(m)</sup> <br>3 mo. USD Term SOFR + 1.000%<br>Cash, 6.000% PIK |  | 8261 |
| 108389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.296%, 05/10/2027<sup>(e)(m)</sup> <br>3 mo. USD Term SOFR + 1.000%<br>Cash, 6.000% PIK |  | 91995 |
|  | Azuria Water Solutions, Inc. |  |  |
| 233040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.327%, 05/17/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 234205 |
|  | Bettcher Industries, Inc. |  |  |
| 148468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.296%, 12/14/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 147973 |
|  | Brown Group Holding LLC |  |  |
| 548220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.780%-6.833%, 07/01/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500%, 3 mo. USD Term SOFR + 2.500% |  | 549498 |
|  | Climater Bidco II SAS |  |  |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 03/31/2032<sup>(l)</sup> |  | 589210 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 17

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
|  | Cobham Ultra SeniorCo SARL |  |
| $578550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.177%, 08/03/2029<sup>(e)</sup> <br>6 mo. USD Term SOFR + 3.500% | $579944 |
|  | Cube Industrials Buyer, Inc. |  |
| 149625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.522%, 10/17/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 150607 |
|  | Dispatch Acquisition Holdings LLC |  |
| 59453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.696%, 03/27/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | 58529 |
|  | EMRLD Borrower LP |  |
| 84468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.833%, 05/31/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.500% | 84503 |
| 2526087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.827%, 08/04/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 2525190 |
|  | Engineered Machinery Holdings, Inc. |  |
| 199483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.057%, 05/19/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 200927 |
|  | Genesee & Wyoming, Inc. |  |
| 148875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.046%, 04/10/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 1.750% | 148274 |
|  | GrafTech Finance, Inc. |  |
| 42667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.320%, 12/21/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 6.000% | 42987 |
|  | Ilpea Parent, Inc. |  |
| 466642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.330%, 06/22/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 466789 |
|  | KKR Apple Bidco LLC |  |
| 149250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.827%, 09/23/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 149157 |
|  | Knife River Holdco |  |
| 199500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.310%, 03/08/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 200374 |
|  | Mannington Mills, Inc. |  |
| 99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.046%, 03/25/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.750% | 97885 |
|  | Mauser Packaging Solutions Holding Co. |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 04/15/2027<sup>(l)</sup> | 75100 |
|  | Michael Baker International LLC |  |
| 398128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.280%, 12/01/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 400368 |
|  | Minimax Viking GmbH |  |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 03/17/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 181013 |
|  | NA Rail HoldCo LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.310%, 03/08/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 150656 |
|  | Newly Weds Foods, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.562%, 03/15/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 100000 |
|  | Pelican Products, Inc. |  |
| 97970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.807%, 12/29/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | 86152 |
|  | Propulsion BC Finco SARL |  |
| 650746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.546%, 09/14/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 653186 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
|  | Quikrete Holdings, Inc. |  |  |
| $69825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 02/10/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | $| 69816 |
| 96887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.577%, 04/14/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% |  | 96826 |
|  | Roper Industrial Products Investment Co. LLC |  |  |
| 538647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.046%, 11/22/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% |  | 538243 |
|  | Savage Enterprises LLC |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 09/15/2028<sup>(l)</sup> |  | 200853 |
|  | Service Logic Acquisition, Inc. |  |  |
| 197490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.280%, 10/29/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 197983 |
|  | Stonepeak Nile Parent LLC |  |  |
| 2260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 04/09/2032<sup>(e)</sup> <br>U.S. (Fed) Prime Rate - 1.750% |  | 2270170 |
|  | Student Transportation of America Holdings, Inc. |  |  |
| 513333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.571%, 06/24/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 515017 |
|  | Tidal Waste & Recycling Holdings LLC |  |  |
| 518700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.296%, 10/24/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 522372 |
|  | Wrench Group LLC |  |  |
| 49874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.557%, 10/30/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 49773 |
|  |  |  | 12532689 |
| **Technology: 1.6%** | **Technology: 1.6%** | **Technology: 1.6%** | **Technology: 1.6%** |
|  | Apttus Corp. |  |  |
| 127762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.780%, 05/08/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 128369 |
|  | Aston FinCo SARL |  |  |
| 94750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.691%, 10/09/2026<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% |  | 91434 |
|  | Athenahealth Group, Inc. |  |  |
| 159600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.077%, 02/15/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 159620 |
| 2153993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.077%, 02/15/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 2154262 |
|  | Boxer Parent Co., Inc. |  |  |
| 99750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.333%, 07/30/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 99245 |
|  | Central Parent, Inc. |  |  |
| 610735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.546%, 07/06/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 511521 |
|  | Clearwater Analytics LLC |  |  |
| 775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.529%, 04/21/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.250% |  | 775969 |
|  | Constant Contact, Inc. |  |  |
| 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.018%, 02/12/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.500% |  | 751406 |
|  | Curriculum Associates LLC |  |  |
| 125158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.049%, 05/07/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.750% |  | 124533 |
|  | Cvent, Inc. |  |  |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.046%, 06/17/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% |  | 99638 |
|  | Darktrace PLC |  |  |
| 79800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.458%, 10/09/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 79969 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 18 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Technology (continued)** | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
|  | Drake Software LLC |  |  |
| $547844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.546%, 06/26/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | $| 546475 |
|  | E2open LLC |  |  |
| 199481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 02/04/2028<sup>(l)</sup> |  | 200408 |
|  | Finastra USA, Inc. |  |  |
| 1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.573%, 09/13/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% |  | 1997 |
| 89863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.428%, 09/13/2029<sup>(e)</sup> <br>6 mo. USD Term SOFR + 7.250% |  | 90424 |
|  | Kaseya, Inc. |  |  |
| 99750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.577%, 03/20/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 100257 |
|  | Modena Buyer LLC |  |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/01/2031<sup>(l)</sup> |  | 72422 |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.780%, 07/01/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 96080 |
|  | Planview Parent, Inc. |  |  |
| 149177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.796%, 12/17/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 145503 |
|  | Press Ganey Holdings, Inc. |  |  |
| 99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.577%, 04/30/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 99550 |
|  | Project Ruby Ultimate Parent Corp. |  |  |
| 148753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.441%, 03/10/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 149093 |
|  | PushPay USA, Inc. |  |  |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.296%, 08/15/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 100370 |
|  | Sitecore Holding III AS |  |  |
| 137856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.724%, 03/12/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% |  | 137363 |
|  | Vision Solutions, Inc. |  |  |
| 3437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.541%, 04/24/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 3272 |
|  | World Wide Technology Holding Co. LLC |  |  |
| 188108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.562%, 03/01/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% |  | 189284 |
|  | Zuora, Inc. |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.827%, 02/14/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% |  | 149531 |
|  |  |  | 7057995 |
| **Utilities: 0.9%** | **Utilities: 0.9%** | **Utilities: 0.9%** | **Utilities: 0.9%** |
|  | Calpine Construction Finance Co. LP |  |  |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.327%, 07/31/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% |  | 99625 |
|  | Eastern Power LLC |  |  |
| 3537026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.577%, 04/03/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.250% |  | 3547831 |
|  | Powergrid Services LLC |  |  |
| 54118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/01/2032<sup>(l)</sup> |  | 54118 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/01/2030<sup>(l)</sup> |  | 111600 |
| 175882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/01/2032<sup>(l)</sup> |  | 175882 |
|  |  |  | 3989056 |
| **TOTAL BANK LOANS**<br>(Cost $87,763,156) | **TOTAL BANK LOANS**<br>(Cost $87,763,156) |  | 87971106 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CONVERTIBLE BONDS: 0.3%**  | **CONVERTIBLE BONDS: 0.3%**  | **CONVERTIBLE BONDS: 0.3%**  |
| **Communications: 0.0%** | **Communications: 0.0%** | **Communications: 0.0%** |
|  | Cable One, Inc. |  |
| $50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.117%, 03/15/2026<sup>(i)</sup> | $47430 |
| **Energy: 0.3%** | **Energy: 0.3%** | **Energy: 0.3%** |
|  | XPLR Infrastructure LP |  |
| 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.161%, 11/15/2025<sup>(d)(i)</sup> | 727307 |
| 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/15/2026<sup>(d)</sup> | 584074 |
|  |  | 1311381 |
| **TOTAL CONVERTIBLE BONDS**<br>(Cost $1,359,613) | **TOTAL CONVERTIBLE BONDS**<br>(Cost $1,359,613) | 1358811 |
| **CORPORATE BONDS: 43.8%**  | **CORPORATE BONDS: 43.8%**  | **CORPORATE BONDS: 43.8%**  |
| **Basic Materials: 2.1%** | **Basic Materials: 2.1%** | **Basic Materials: 2.1%** |
|  | Alumina Pty. Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/15/2032<sup>(d)</sup> | 203372 |
|  | AngloGold Ashanti Holdings PLC |  |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/01/2028 | 229208 |
|  | ArcelorMittal SA |  |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 11/29/2032<sup>(c)</sup> | 60486 |
|  | Arsenal AIC Parent LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/01/2030<sup>(d)</sup> | 106844 |
|  | Compass Minerals International, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 07/01/2030<sup>(d)</sup> | 103318 |
|  | Dow Chemical Co. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 05/15/2053 | 107714 |
|  | Glencore Funding LLC |  |
| 455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/06/2033<sup>(d)</sup> | 493865 |
|  | Methanex U.S. Operations, Inc. |  |
| 3140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/2032<sup>(d)</sup> | 3128480 |
|  | Minerals Technologies, Inc. |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2028<sup>(d)</sup> | 162410 |
|  | Olin Corp. |  |
| 3760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2033<sup>(d)</sup> | 3700558 |
|  | RPM International, Inc. |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/15/2032 | 264787 |
|  | SCIL IV LLC/SCIL USA Holdings LLC |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 07/15/2028<sup>(d)</sup> | 124194 |
|  | SK Invictus Intermediate II SARL |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/30/2029<sup>(d)</sup> | 96878 |
|  | SNF Group SACA |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/2032<sup>(d)</sup> | 121094 |
|  | Southern Copper Corp. |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/27/2035 | 252749 |
|  | Steel Dynamics, Inc. |  |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/2035 | 80100 |
|  | Unigel Luxembourg SA |  |
| 56454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/31/2028<sup>(d)(m)</sup> <br>Cash 11.000% + PIK Rate 12.000% | 15807 |
| 242753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/31/2028<sup>(m)</sup> <br>Cash 11.000% + PIK Rate 12.000% | 67971 |
|  |  | 9319835 |
| **Communications: 2.7%** | **Communications: 2.7%** | **Communications: 2.7%** |
|  | Altice France SA |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/2029<sup>(d)</sup> | 166375 |
|  | AMC Networks, Inc. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 01/15/2029<sup>(d)</sup> | 51977 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/2029 | 120310 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 07/15/2032<sup>(d)(h)</sup> | 504080 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 19

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
|  | Bell Telephone Co. of Canada or Bell Canada |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 09/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.390% | $204607 |
|  | British Telecommunications PLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/23/2081<sup>(c)(d)(g)</sup> <br>5 yr. CMT + 3.493% | 183444 |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/01/2027<sup>(d)</sup> | 324285 |
| 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/01/2031<sup>(d)</sup> | 1310264 |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital |  |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/2050 | 12034 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/2051 | 40056 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/2053 | 34045 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.834%, 10/23/2055 | 71802 |
| 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 12/01/2061 | 259807 |
|  | Cogent Communications Group LLC/Cogent Finance, Inc. |  |
| 71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/15/2027<sup>(d)</sup> | 71194 |
|  | Connect Finco SARL/Connect U.S. Finco LLC |  |
| 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/15/2029<sup>(d)</sup> | 291852 |
|  | CSC Holdings LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 01/31/2029<sup>(d)</sup> | 95217 |
|  | FactSet Research Systems, Inc. |  |
| 172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 03/01/2032 | 156843 |
|  | Fox Corp. |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/13/2033 | 324706 |
|  | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |
| 678000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/2029<sup>(d)</sup> | 641282 |
|  | iHeartCommunications, Inc. |  |
| 104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 08/15/2030<sup>(d)</sup> | 79950 |
|  | Juniper Networks, Inc. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/10/2030 | 278388 |
|  | Koninklijke KPN NV |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 10/01/2030 | 117420 |
|  | Level 3 Financing, Inc. |  |
| 34149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 11/15/2029<sup>(d)</sup> | 39220 |
| 206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/2030<sup>(d)</sup> | 187460 |
|  | Match Group Holdings II LLC |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/2027<sup>(d)</sup> | 49719 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2028<sup>(d)</sup> | 48801 |
|  | McGraw-Hill Education, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/01/2028<sup>(d)</sup> | 100648 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 08/01/2029<sup>(d)</sup> | 40740 |
|  | Motorola Solutions, Inc. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/24/2031 | 286841 |
| 467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/01/2032 | 486845 |
| 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 04/15/2034 | 295894 |
|  | Paramount Global |  |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/30/2036 | 266494 |
| 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/15/2040 | 14627 |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/2043 | 254125 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Communications (continued)** | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
| $90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/01/2043 | $| 78502 |
| 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/2044 |  | 18327 |
| 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/15/2044 |  | 21639 |
|  | QTS Good News Facility Revr |  |  |
| 309674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 10/09/2028 |  | 309674 |
|  | QTS Good News Facility TL |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010%, 10/09/2028 |  | 499795 |
|  | Rakuten Group, Inc. |  |  |
| 477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 04/15/2029<sup>(d)</sup> |  | 524260 |
|  | Rogers Communications, Inc. |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 04/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.653% |  | 153318 |
|  | Sunrise FinCo I BV |  |  |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/15/2031<sup>(d)</sup> |  | 425869 |
|  | TEGNA, Inc. |  |  |
| 615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/2028 |  | 599978 |
|  | Telefonica Emisiones SA |  |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.045%, 06/20/2036 |  | 333387 |
|  | TELUS Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.769% |  | 201417 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.709% |  | 202066 |
|  | Time Warner Cable LLC |  |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 05/01/2037 |  | 20675 |
|  | Uber Technologies, Inc. |  |  |
| 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/2029<sup>(d)</sup> |  | 626560 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 09/15/2034 |  | 29473 |
|  | VeriSign, Inc. |  |  |
| 232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 06/15/2031 |  | 207684 |
|  | Virgin Media Finance PLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/2030<sup>(d)</sup> |  | 91460 |
|  | Vodafone Group PLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/04/2081<sup>(g)</sup> <br>5 yr. CMT + 3.073% |  | 75894 |
|  |  |  | 11831330 |
| **Consumer, Cyclical: 5.3%** | **Consumer, Cyclical: 5.3%** | **Consumer, Cyclical: 5.3%** | **Consumer, Cyclical: 5.3%** |
|  | Advance Auto Parts, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 03/09/2026 |  | 100076 |
|  | Air Canada |  |  |
| 100,000 (CAD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/15/2029<sup>(d)</sup> |  | 72794 |
|  | Air Canada Pass Through Trust |  |  |
| 11801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2-A <br>5.250%, 10/01/2030<sup>(d)</sup> |  | 11923 |
|  | Allison Transmission, Inc. |  |  |
| 1024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 01/30/2031<sup>(d)</sup> |  | 939219 |
|  | Allwyn Entertainment Financing U.K. PLC |  |  |
| 120,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/30/2030 |  | 150503 |
|  | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |
| 631667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/2026<sup>(d)</sup> |  | 630621 |
|  | AutoNation, Inc. |  |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.890%, 03/15/2035 |  | 558284 |
|  | Beach Acquisition Bidco LLC |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/15/2032<sup>(d)(h)</sup> |  | 118684 |
|  | Carnival Corp. |  |  |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/15/2033<sup>(d)</sup> |  | 133093 |
|  | Choice Hotels International, Inc. |  |  |
| 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 08/01/2034 |  | 550444 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 20 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | Clarios Global LP/Clarios U.S. Finance Co. |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/15/2030<sup>(d)</sup> | $207662 |
| 300,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/2031<sup>(d)</sup> | 355087 |
|  | Crocs, Inc. |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2031<sup>(d)</sup> | 121709 |
|  | Deuce Finco PLC |  |
| 100,000 (GBP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/2027 | 136362 |
| 100,000 (GBP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/2027<sup>(d)</sup> | 136362 |
|  | Essendi SA |  |
| 200,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/15/2030<sup>(d)</sup> | 240414 |
| 200,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/15/2032<sup>(d)</sup> | 237796 |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.810%, 05/15/2032<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.750% | 119017 |
|  | Ferrellgas LP/Ferrellgas Finance Corp. |  |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/01/2026<sup>(d)</sup> | 138924 |
|  | Flutter Treasury DAC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/29/2029<sup>(d)</sup> | 206193 |
|  | Ford Motor Credit Co. LLC |  |
| 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 05/03/2029 | 2640740 |
|  | Hilton Domestic Operating Co., Inc. |  |
| 1033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/2032<sup>(d)</sup> | 936346 |
|  | International Game Technology PLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/15/2026<sup>(d)</sup> | 200018 |
|  | JB Poindexter & Co., Inc. |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 12/15/2031<sup>(d)</sup> | 30503 |
|  | Lightning eMotors, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/01/2037 | 92063 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1-A <br>5.500%, 03/01/2037 | 183579 |
|  | Lottomatica Group SpA |  |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/31/2031<sup>(d)</sup> | 604122 |
|  | M/I Homes, Inc. |  |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 02/15/2030 | 290815 |
|  | Macy's Retail Holdings LLC |  |
| 2307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/15/2030<sup>(d)</sup> | 2255216 |
|  | Magna International, Inc. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/2035 | 564573 |
|  | Marriott International, Inc. |  |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/2037 | 180294 |
|  | Meritage Homes Corp. |  |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 03/15/2035 | 195718 |
|  | Motel One GmbH/Muenchen |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 04/02/2031<sup>(d)</sup> | 126553 |
|  | Murphy Oil USA, Inc. |  |
| 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/2031<sup>(d)</sup> | 752787 |
|  | NCL Corp. Ltd. |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/01/2032<sup>(d)</sup> | 138287 |
|  | New Flyer Holdings, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 07/01/2030<sup>(d)</sup> | 105511 |
|  | Newell Brands, Inc. |  |
| 1505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 06/01/2028<sup>(d)</sup> | 1584271 |
|  | Nordstrom, Inc. |  |
| 2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/01/2030 | 2303787 |
|  | NVR, Inc. |  |
| 152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/2030 | 141672 |
|  | Patrick Industries, Inc. |  |
| 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/01/2029<sup>(d)</sup> | 417844 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | Penn Entertainment, Inc. |  |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/2029<sup>(c)(d)</sup> | $| 92723 |
|  | Phinia, Inc. |  |  |
| 86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/2032<sup>(d)</sup> |  | 87359 |
|  | PulteGroup, Inc. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/15/2033 |  | 53667 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/2035 |  | 183433 |
|  | Quicktop Holdco AB |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.536%, 03/21/2030<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 4.500% |  | 120277 |
|  | QXO Building Products, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/30/2032<sup>(d)</sup> |  | 206430 |
|  | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 03/01/2030<sup>(d)</sup> |  | 96443 |
|  | Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./Canada's Wonderland Co. |  |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/01/2032<sup>(d)</sup> |  | 128749 |
|  | Somnigroup International, Inc. |  |  |
| 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/2031<sup>(d)</sup> |  | 564263 |
|  | Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |  |
| 41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/2031<sup>(d)</sup> |  | 38807 |
|  | Superior Plus LP/Superior General Partner, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/2029<sup>(d)</sup> |  | 96245 |
|  | Taylor Morrison Communities, Inc. |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 08/01/2030<sup>(d)</sup> |  | 498485 |
|  | Thunderbird Entertainment Group, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/01/2037 |  | 92063 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1-A <br>5.500%, 03/01/2037 |  | 183579 |
|  | TVL Finance PLC |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.730%, 06/30/2030<sup>(e)</sup> <br>3 mo. EURIBOR + 3.750% |  | 114563 |
|  | United Airlines Pass Through Trust |  |  |
| 136681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2-B <br>3.500%, 11/01/2029 |  | 131547 |
|  | United Airlines, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/2026<sup>(d)</sup> |  | 99403 |
|  | Velocity Vehicle Group LLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/01/2029<sup>(d)</sup> |  | 99964 |
|  | Versuni Group BV |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 06/15/2028 |  | 114850 |
|  | Wabash National Corp. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/2028<sup>(d)</sup> |  | 90678 |
|  | Whirlpool Corp. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 05/14/2032 |  | 46651 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/2046 |  | 76934 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 05/15/2050<sup>(c)</sup> |  | 38133 |
|  | Wyndham Hotels & Resorts, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2028<sup>(d)</sup> |  | 195834 |
|  | Yum! Brands, Inc. |  |  |
| 749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/2030<sup>(d)</sup> |  | 742221 |
| 192000 | 4.625%, 01/31/2032<sup>(c)</sup> |  | 185035 |
|  |  |  | 23288202 |
| **Consumer, Non-cyclical: 4.7%** | **Consumer, Non-cyclical: 4.7%** | **Consumer, Non-cyclical: 4.7%** | **Consumer, Non-cyclical: 4.7%** |
|  | Acadia Healthcare Co., Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/15/2033<sup>(c)(d)</sup> |  | 206453 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 21

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Altria Group, Inc. |  |
| $10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 05/06/2050 | $7842 |
|  | Ashtead Capital, Inc. |  |
| 2220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/11/2032<sup>(d)</sup> | 2251464 |
|  | Avantor Funding, Inc. |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/15/2028<sup>(d)</sup> | 2210882 |
|  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |
| 2145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 01/15/2030<sup>(d)</sup> | 2240678 |
|  | Bausch Health Cos., Inc. |  |
| 885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2028<sup>(d)</sup> | 747272 |
|  | BCP V Modular Services Finance II PLC |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/30/2028<sup>(d)</sup> | 115978 |
|  | Becle SAB de CV |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/14/2031<sup>(d)</sup> | 165876 |
|  | Block Financial LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2030 | 189913 |
|  | Block, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/15/2032 | 103246 |
|  | Boost Newco Borrower LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 01/15/2031<sup>(d)</sup> | 212451 |
|  | Brink's Co. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/2032<sup>(d)</sup> | 156151 |
|  | Carriage Services, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/2029<sup>(d)</sup> | 94551 |
|  | Centene Corp. |  |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/2029 | 184899 |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/15/2030 | 147449 |
|  | CPI CG, Inc. |  |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 07/15/2029<sup>(d)</sup> | 400312 |
|  | CVS Health Corp. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/10/2055<sup>(g)</sup> <br>5 yr. CMT + 2.886% | 51687 |
|  | Darling Global Finance BV |  |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/15/2032<sup>(d)</sup> | 596324 |
|  | DaVita, Inc. |  |
| 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/2031<sup>(d)</sup> | 373163 |
|  | Encompass Health Corp. |  |
| 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/2030<sup>(c)</sup> | 335459 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/01/2031 | 484227 |
|  | Endo Luxembourg Finance SARL |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2029<sup>(d)</sup> | 0 |
|  | GXO Logistics, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 05/06/2029 | 104463 |
| 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/06/2034 | 649038 |
|  | HCA, Inc. |  |
| 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 04/01/2034 | 302023 |
|  | Herc Holdings, Inc. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/15/2030<sup>(d)</sup> | 335926 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/2033<sup>(d)</sup> | 242121 |
|  | Hertz Corp. |  |
| 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.625%, 07/15/2029<sup>(d)</sup> | 18835 |
|  | Hologic, Inc. |  |
| 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/15/2029<sup>(d)</sup> | 591322 |
|  | IQVIA, Inc. |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/2032<sup>(d)</sup> | 359768 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| $50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/01/2031 | $| 46627 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/02/2052 |  | 76996 |
|  | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/20/2035<sup>(d)</sup> |  | 67404 |
|  | Mars, Inc. |  |  |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/01/2035<sup>(d)</sup> |  | 65770 |
|  | Nidda Healthcare Holding GmbH |  |  |
| 450,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/23/2030<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.750% |  | 533269 |
|  | Pediatrix Medical Group, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2030<sup>(d)</sup> |  | 197599 |
|  | Perrigo Finance Unlimited Co. |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/30/2032 |  | 120933 |
|  | Philip Morris International, Inc. |  |  |
| 166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/01/2030 |  | 144794 |
|  | Pilgrim's Pride Corp. |  |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/2034 |  | 602666 |
|  | Post Holdings, Inc. |  |  |
| 957000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2031<sup>(d)</sup> |  | 889120 |
|  | PRA Health Sciences, Inc. |  |  |
| 1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 07/15/2026<sup>(d)</sup> |  | 1474530 |
|  | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/30/2029<sup>(d)</sup> |  | 194103 |
|  | RELX Capital, Inc. |  |  |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/20/2032 |  | 130999 |
|  | Sammontana Italia SpA |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.029%, 10/15/2031<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.750% |  | 117834 |
|  | Service Corp. International |  |  |
| 834000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/15/2031 |  | 780904 |
| 157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/15/2032 |  | 158802 |
|  | Smithfield Foods, Inc. |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/13/2031<sup>(d)</sup> |  | 129584 |
|  | Sotheby's/Bidfair Holdings, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/2029<sup>(d)</sup> |  | 181332 |
|  | TriNet Group, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/15/2031<sup>(d)</sup> |  | 103950 |
|  | United Rentals North America, Inc. |  |  |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/2034<sup>(d)</sup> |  | 164992 |
|  | Valvoline, Inc. |  |  |
| 556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 06/15/2031<sup>(d)</sup> |  | 503799 |
|  | Verisk Analytics, Inc. |  |  |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/05/2034 |  | 275950 |
|  | Verisure Holding AB |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/15/2030<sup>(d)</sup> |  | 122443 |
|  | WW International, Inc. |  |  |
| 91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/15/2029<sup>(d)(k)</sup> |  | 31100 |
|  |  |  | 20995273 |
| **Energy: 3.1%** | **Energy: 3.1%** | **Energy: 3.1%** | **Energy: 3.1%** |
|  | BP Capital Markets PLC |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/22/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 4.398% |  | 247820 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/18/2035<sup>(b)(g)</sup> <br>5 yr. CMT + 1.924% |  | 50025 |
|  | Cheniere Energy Partners LP |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/15/2034 |  | 102776 |
|  | Crescent Energy Finance LLC |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 02/15/2028<sup>(d)</sup> |  | 2083090 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 22 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
|  | CTL AZ Battery Property |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.730%, 02/20/2046 | $95657 |
|  | CVR Energy, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 01/15/2029<sup>(d)</sup> | 100133 |
|  | DT Midstream, Inc. |  |
| 568000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/2029<sup>(d)</sup> | 548942 |
|  | Global Partners LP/GLP Finance Corp. |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 01/15/2029 | 25402 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 07/01/2033<sup>(d)</sup> | 558647 |
|  | Gulfport Energy Corp. |  |
| 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 07/30/2025<sup>(a)(b)(m)</sup> <br>Cash 10.000% + PIK Rate 15.000% | 22378 |
|  | Helmerich & Payne, Inc. |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/2034<sup>(c)(d)</sup> | 250389 |
|  | Hess Midstream Operations LP |  |
| 2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/2028<sup>(d)</sup> | 2868963 |
| 880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/2030<sup>(d)</sup> | 846643 |
|  | HF Sinclair Corp. |  |
| 59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 04/15/2027 | 59384 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/2035 | 60928 |
|  | ITT Holdings LLC |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/2029<sup>(d)</sup> | 118978 |
|  | Kinetik Holdings LP |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 12/15/2028<sup>(d)</sup> | 102334 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2030<sup>(d)</sup> | 100943 |
|  | Midwest Connector Capital Co. LLC |  |
| 99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/01/2029<sup>(d)</sup> | 98166 |
|  | MPLX LP |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/2033 | 542645 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/2034 | 301276 |
|  | NuStar Logistics LP |  |
| 89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/01/2030 | 92283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/15/2031 | 112166 |
|  | ONEOK, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.150%, 01/15/2051 | 107962 |
|  | Parkland Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/01/2030<sup>(d)</sup> | 96017 |
|  | Plains All American Pipeline LP/PAA Finance Corp. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 06/15/2044 | 41520 |
|  | Rockies Express Pipeline LLC |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2040<sup>(d)</sup> | 50123 |
|  | Sunoco LP |  |
| 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 05/01/2029<sup>(d)</sup> | 2156778 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 05/01/2032<sup>(d)</sup> | 52541 |
|  | Sunoco LP/Sunoco Finance Corp. |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/15/2027 | 350126 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/15/2028 | 50150 |
|  | Targa Resources Corp. |  |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/30/2034 | 333347 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/2035 | 5019 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 08/15/2035 | 105698 |
|  | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/2030 | 152242 |
|  | TransMontaigne Partners LLC |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 06/15/2030<sup>(d)</sup> | 26028 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
|  | Venture Global Calcasieu Pass LLC |  |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2029<sup>(d)</sup> | $| 94345 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2031<sup>(d)</sup> |  | 69467 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/2033<sup>(d)</sup> |  | 105047 |
|  | Venture Global LNG, Inc. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 02/01/2029<sup>(d)</sup> |  | 54503 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/30/2029<sup>(b)(d)(g)</sup> <br>5 yr. CMT + 5.440% |  | 48696 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(d)</sup> |  | 54031 |
|  | Viper Energy, Inc. |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/01/2027<sup>(d)</sup> |  | 150165 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 11/01/2031<sup>(d)</sup> |  | 37154 |
|  |  |  | 13530927 |
| **Financial: 18.1%** | **Financial: 18.1%** | **Financial: 18.1%** | **Financial: 18.1%** |
|  | Acadian Asset Management, Inc. |  |  |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 07/27/2026 |  | 234805 |
|  | Aegon Ltd. |  |  |
| 1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/11/2048<sup>(g)</sup> <br>6 mo. USD LIBOR + 3.540% |  | 1625066 |
|  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/15/2031 |  | 153351 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/29/2033 |  | 132395 |
|  | Aircastle Ltd. |  |  |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/18/2028<sup>(d)</sup> |  | 125261 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 02/15/2029<sup>(d)</sup> |  | 67186 |
|  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/2031<sup>(d)</sup> |  | 103507 |
|  | Alpha Holding SA de CV |  |  |
| 565639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 02/10/2025<sup>(d)(k)</sup> |  | 4242 |
|  | American Coastal Insurance Corp. |  |  |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 12/15/2027 |  | 250856 |
|  | Americo Life, Inc. |  |  |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 04/15/2031<sup>(d)</sup> |  | 580190 |
|  | AmFam Holdings, Inc. |  |  |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.805%, 03/11/2031<sup>(d)</sup> |  | 136425 |
|  | AP Grange Holdings |  |  |
| 397895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/20/2045 |  | 403863 |
|  | Arbor Realty SR, Inc. |  |  |
| 685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB <br>8.500%, 10/15/2027<sup>(d)</sup> |  | 679578 |
|  | Ardonagh Finco Ltd. |  |  |
| 350,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 02/15/2031<sup>(d)</sup> |  | 424308 |
|  | Ascot Group Ltd. |  |  |
| 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.349%, 06/15/2035<sup>(d)(g)</sup> <br>5 yr. CMT + 2.375% |  | 1511227 |
|  | Aspen Insurance Holdings Ltd. |  |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/01/2030 |  | 76239 |
|  | Avolon Holdings Funding Ltd. |  |  |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/2026<sup>(d)</sup> |  | 2203438 |
|  | AXIS Specialty Finance LLC |  |  |
| 2865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 01/15/2040<sup>(g)</sup> <br>5 yr. CMT + 3.186% |  | 2748048 |
|  | Bank of America Corp. |  |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.846%, 03/08/2037<sup>(g)</sup> <br>5 yr. CMT + 2.000% |  | 9155 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series OO <br>6.625%, 05/01/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.684% |  | 415222 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 23

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Bank of America Corp. (Continued) |  |
| $2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RR <br>4.375%, 01/27/2027<sup>(b)(g)</sup> <br>5 yr. CMT + 2.760% | $2360859 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT <br>6.125%, 04/27/2027<sup>(b)(g)</sup> <br>5 yr. CMT + 3.231% | 254533 |
|  | Barings BDC, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/15/2029 | 103126 |
|  | Belrose Funding Trust II |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.792%, 05/15/2055<sup>(d)</sup> | 562944 |
|  | BlackRock TCP Capital Corp. |  |
| 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 05/30/2029<sup>(c)</sup> | 407158 |
|  | Blue Owl Capital Corp. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 07/22/2025 | 499618 |
|  | Blue Owl Finance LLC |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/18/2034 | 566299 |
|  | Blue Owl Technology Finance Corp. |  |
| 2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/04/2029 | 2182294 |
|  | Brazilian Merchant Voucher Receivables Ltd. |  |
| 106667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.180%, 04/07/2028<sup>(a)(g)</sup> | 106213 |
|  | Bread Financial Holdings, Inc. |  |
| 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 03/15/2029<sup>(d)</sup> | 2230719 |
|  | Brown & Brown, Inc. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 06/23/2035 | 50990 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/23/2055 | 51730 |
|  | Ceamer Finance II LLC |  |
| 198841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.920%, 11/15/2037 | 203144 |
|  | Ceamer Finance III LLC |  |
| 96522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.790%, 11/15/2039 | 97898 |
|  | Charles Schwab Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H <br>4.000%, 12/01/2030<sup>(b)(g)</sup> <br>10 yr. CMT + 3.079% | 92392 |
|  | CION Investment Corp. |  |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/11/2026 | 226626 |
|  | Citadel LP |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/23/2030<sup>(d)</sup> | 31026 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/23/2032<sup>(d)</sup> | 26116 |
|  | Citadel Securities Global Holdings LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 06/18/2035<sup>(d)</sup> | 256794 |
|  | Citigroup, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE <br>6.750%, 02/15/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.572% | 504956 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF <br>6.950%, 02/15/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.726% | 102446 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W <br>4.000%, 12/10/2025<sup>(b)(g)</sup> <br>5 yr. CMT + 3.597% | 99567 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X <br>3.875%, 02/18/2026<sup>(b)(g)</sup> <br>5 yr. CMT + 3.417% | 148695 |
|  | CNO Financial Group, Inc. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 06/15/2034 | 52505 |
|  | Comerica Bank |  |
| 645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/27/2025 | 644074 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.332%, 08/25/2033<sup>(g)</sup> <br>1 day USD SOFR + 2.610% | 2180544 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Corebridge Financial, Inc. |  |
| $3185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2052<sup>(c)(g)</sup> <br>5 yr. CMT + 3.846% | $3284685 |
|  | Credit Agricole SA |  |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.251%, 01/10/2035<sup>(d)(g)</sup> <br>1 day USD SOFR + 2.670% | 265373 |
|  | Cushman & Wakefield U.S. Borrower LLC |  |
| 71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/2028<sup>(d)</sup> | 71628 |
|  | Dai-ichi Life Insurance Co. Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 01/16/2035<sup>(b)(d)(g)</sup> <br>5 yr. CMT + 2.515% | 202315 |
|  | DaVinciRe Holdings Ltd. |  |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/15/2035<sup>(d)</sup> | 805624 |
|  | Doctors Co. An Interinsurance Exchange |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/18/2032<sup>(d)</sup> | 311868 |
|  | Dogwood Term Loan Abs/Absbgh9l |  |
| 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 06/24/2032 | 1150000 |
|  | Dyal Capital Partners III |  |
| 132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>6.550%, 06/15/2044 | 134026 |
|  | Dyal Capital Partners LP |  |
| 168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 06/15/2044 | 170578 |
|  | Encore Capital Group, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 05/15/2030<sup>(d)</sup> | 214684 |
|  | Enstar Finance LLC |  |
| 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/2042<sup>(g)</sup> <br>5 yr. CMT + 4.006% | 936377 |
|  | Enstar Group Ltd. |  |
| 214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 09/01/2031 | 190337 |
| 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/01/2045<sup>(d)(g)</sup> <br>5 yr. CMT + 3.186% | 556538 |
|  | EQT AB |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 05/08/2035<sup>(d)</sup> | 561532 |
|  | Equitable Holdings, Inc. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 03/28/2055<sup>(g)</sup> <br>5 yr. CMT + 2.390% | 512436 |
|  | F&G Annuities & Life, Inc. |  |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.400%, 01/13/2028 | 1990249 |
|  | Fairfax India Holdings Corp. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/26/2028<sup>(d)</sup> | 301301 |
|  | Farmers Insurance Exchange |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/2064<sup>(d)(g)</sup> <br>10 yr. CMT + 3.864% | 59611 |
|  | Fidelis Insurance Holdings Ltd. |  |
| 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2041<sup>(d)(g)</sup> <br>5 yr. CMT + 6.323% | 1157818 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 06/15/2055<sup>(g)</sup> <br>5 yr. CMT + 4.280% | 566781 |
|  | Focus Financial Partners LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/15/2031<sup>(d)</sup> | 510760 |
|  | Fortitude Group Holdings LLC |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/2030<sup>(d)</sup> | 51468 |
|  | FS KKR Capital Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 07/15/2027 | 95919 |
| 510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/2028 | 467789 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 01/15/2029 | 126684 |
|  | Galaxy Bidco Ltd. |  |
| 150,000 (GBP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 12/19/2029<sup>(d)</sup> | 210195 |
|  | Global Atlantic Fin Co. |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 06/15/2031<sup>(d)</sup> | 119951 |
| 536000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 06/15/2033<sup>(d)</sup> | 607672 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 10/15/2051<sup>(d)(g)</sup> <br>5 yr. CMT + 3.796% | 49094 |
| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 10/15/2054<sup>(d)(g)</sup> <br>5 yr. CMT + 3.608% | 1522939 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 24 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Globe Life, Inc. |  |
| $10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150%, 08/15/2030 | $8811 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/15/2034 | 20730 |
|  | GLP Capital LP/GLP Financing II, Inc. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300%, 01/15/2029 | 50587 |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/2031 | 132132 |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/15/2032 | 171767 |
|  | Goldman Sachs Group, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 02/10/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.461% | 103468 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U <br>3.650%, 08/10/2026<sup>(b)(g)</sup> <br>5 yr. CMT + 2.915% | 98148 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X <br>7.500%, 05/10/2029<sup>(b)(g)</sup> <br>5 yr. CMT + 2.809% | 949521 |
|  | Golub Capital BDC, Inc. |  |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.050%, 12/05/2028 | 147079 |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/15/2029 | 162244 |
|  | Golub Capital Private Credit Fund |  |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/12/2029 | 2198352 |
|  | HA Sustainable Infrastructure Capital, Inc. |  |
| 2285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/01/2034 | 2286935 |
| 935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 07/15/2035 | 952639 |
|  | HAT Holdings I LLC/HAT Holdings II LLC |  |
| 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 06/15/2026<sup>(d)</sup> | 1301688 |
|  | Host Hotels & Resorts LP |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I <br>3.500%, 09/15/2030 | 139326 |
|  | Hunt Cos., Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/15/2029<sup>(d)</sup> | 96460 |
|  | Iron Mountain, Inc. |  |
| 378000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/2031<sup>(d)</sup> | 360561 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/15/2032<sup>(d)</sup> | 34746 |
|  | Jane Street Group/JSG Finance, Inc. |  |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/30/2031<sup>(d)</sup> | 284339 |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/01/2033<sup>(d)</sup> | 591650 |
|  | Jefferies Finance LLC/JFIN Co.-Issuer Corp. |  |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/2028<sup>(d)</sup> | 580409 |
|  | Jefferies Financial Group, Inc. |  |
| 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 04/14/2034 | 277380 |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/2036 | 290346 |
|  | JPMorgan Chase & Co. |  |
| 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series OO <br>6.500%, 04/01/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.152% | 397406 |
|  | Kaisa Group Holdings Ltd. |  |
| 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 06/30/2024<sup>(k)</sup> | 45225 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 01/15/2025<sup>(k)</sup> | 9000 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.950%, 07/23/2025<sup>(k)</sup> | 9000 |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.700%, 11/11/2025<sup>(k)</sup> | 27000 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.650%, 06/01/2026<sup>(k)</sup> | 18000 |
|  | Kennedy-Wilson, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/2030 | 91681 |
| 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/2031<sup>(c)</sup> | 50523 |
|  | KKR Core Holding Co. LLC |  |
| 87319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/12/2031 | 80116 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Kuvare U.S. Holdings, Inc. |  |
| $60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>7.000%, 02/17/2051<sup>(d)(g)</sup> <br>5 yr. CMT + 6.541% | $59978 |
|  | Liberty Mutual Group, Inc. |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/01/2061<sup>(d)</sup> | 133664 |
|  | LPL Holdings, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/15/2029<sup>(d)</sup> | 145728 |
|  | Lvnv Funding LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 11/05/2028 | 105098 |
|  | Macquarie Airfinance Holdings Ltd. |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/17/2030<sup>(d)</sup> | 30001 |
|  | Main Street Capital Corp. |  |
| 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 03/01/2029 | 2367867 |
|  | Meiji Yasuda Life Insurance Co. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 06/11/2055<sup>(d)(g)</sup> <br>5 yr. CMT + 2.911% | 200075 |
|  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 05/23/2042<sup>(d)(g)</sup> <br>5 yr. CMT + 3.982% | 1024400 |
|  | National Health Investors, Inc. |  |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/2031 | 62140 |
|  | Nationstar Mortgage Holdings, Inc. |  |
| 446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/15/2031<sup>(d)</sup> | 453459 |
|  | Nippon Life Insurance Co. |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/30/2055<sup>(d)(g)</sup> <br>5 yr. CMT + 3.189% | 414424 |
|  | Oaktree Specialty Lending Corp. |  |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 02/15/2029 | 92701 |
|  | Oaktree Strategic Credit Fund |  |
| 2120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/23/2029 | 2171606 |
|  | Obra Longevity Fund LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>8.478%, 06/30/2039 | 261438 |
|  | OFS Capital Corp. |  |
| 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/10/2026 | 609007 |
|  | Omnis Funding Trust |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.722%, 05/15/2055<sup>(d)</sup> | 259057 |
|  | OneAmerica Financial Partners, Inc. |  |
| 39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/2050<sup>(d)</sup> | 30083 |
|  | OneMain Finance Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 01/15/2029 | 104931 |
| 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/15/2029 | 49365 |
|  | Operadora de Servicios Mega SA de CV Sofom ER |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 02/11/2025<sup>(d)(k)</sup> | 150000 |
|  | Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc. |  |
| 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/01/2027<sup>(d)</sup> | 1066547 |
|  | PartnerRe Finance B LLC |  |
| 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/2050<sup>(g)</sup> <br>5 yr. CMT + 3.815% | 273201 |
|  | PennyMac Financial Services, Inc. |  |
| 69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/15/2029<sup>(d)</sup> | 73321 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/15/2030<sup>(d)</sup> | 103683 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/2032<sup>(d)</sup> | 127564 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 02/15/2033<sup>(d)</sup> | 102625 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 25

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | PNC Financial Services Group, Inc. |  |
| $2455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T <br>3.400%, 09/15/2026<sup>(b)(g)</sup> <br>5 yr. CMT + 2.595% | $2370504 |
|  | Prospect Capital Corp. |  |
| 154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.437%, 10/15/2028 | 138078 |
|  | Reinsurance Group of America, Inc. |  |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 09/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.392% | 224410 |
|  | RenaissanceRe Holdings Ltd. |  |
| 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/05/2033 | 438339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/01/2033<sup>(d)</sup> | 204707 |
|  | Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/01/2031<sup>(d)</sup> | 162212 |
| 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/2033<sup>(d)</sup> | 487068 |
|  | Ryan Specialty LLC |  |
| 41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 08/01/2032<sup>(d)</sup> | 41349 |
|  | Safehold GL Holdings LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 04/01/2034 | 104197 |
|  | Scentre Group Trust 2 |  |
| 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 09/24/2080<sup>(d)(g)</sup> <br>5 yr. CMT + 4.685% | 895655 |
|  | Sculptor Alternative Solutions LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/15/2037<sup>(d)</sup> | 447700 |
|  | Sherwood Financing PLC |  |
| 130,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.475%, 12/15/2029<sup>(e)</sup> <br>3 mo. EURIBOR + 5.500% | 153189 |
|  | Shimao Group Holdings Ltd. |  |
| 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 07/03/2022<sup>(k)</sup> | 19125 |
|  | Shimao Group Holdings Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 01/16/2027<sup>(k)</sup> | 10756 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 01/11/2031<sup>(k)</sup> | 21696 |
|  | SiriusPoint Ltd. |  |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 04/05/2029 | 283808 |
|  | Standard Chartered PLC |  |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.265%, 02/18/2036<sup>(d)(g)</sup> <br>5 yr. CMT + 2.300% | 234560 |
|  | Starwood Property Trust, Inc. |  |
| 209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 07/15/2026<sup>(d)</sup> | 206069 |
| 2740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2027<sup>(d)</sup> | 2717701 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/01/2029<sup>(d)</sup> | 105274 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/2030<sup>(d)</sup> | 51688 |
|  | State Street Corp. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K <br>6.450%, 09/15/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.135% | 50935 |
|  | Stewart Information Services Corp. |  |
| 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/2031 | 376577 |
|  | Strategic Credit Opportunities Partners LLC |  |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>4.250%, 04/01/2026 | 342950 |
|  | Synchrony Financial |  |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 08/02/2030<sup>(c)(g)</sup> <br>1 day USD SOFR Index + 2.130% | 107935 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/06/2031<sup>(g)</sup> <br>1 day USD SOFR + 1.680% | 35318 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| Financial (continued) | Financial (continued) | Financial (continued) | Financial (continued) |
|  | Toronto-Dominion Bank |  |  |
| $50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 10/31/2082<sup>(g)</sup> <br>5 yr. CMT + 4.075% | $| 52345 |
|  | Trinity Capital, Inc. |  |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/24/2026 |  | 310529 |
|  | U.S. Bancorp |  |  |
| 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N <br>3.700%, 01/15/2027<sup>(b)(g)</sup> <br>5 yr. CMT + 2.541% |  | 891819 |
|  | UBS Group AG |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.016%, 11/15/2033<sup>(d)(g)</sup> <br>1 day USD SOFR + 5.020% |  | 309182 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.699%, 02/08/2035<sup>(d)(g)</sup> <br>1 yr. CMT + 1.770% |  | 233797 |
|  | Unigel Netherlands Holding Corp. BV |  |  |
| 295656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, 12/31/2044<sup>(m)</sup> <br>Cash 15.000% + PIK Rate 15.000% |  | 9609 |
|  | United Wholesale Mortgage LLC |  |  |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/2029<sup>(d)</sup> |  | 583056 |
|  | Universal Insurance Holdings, Inc. |  |  |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/30/2026 |  | 340037 |
|  | VFH Parent LLC/Valor Co.-Issuer, Inc. |  |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/15/2031<sup>(d)</sup> |  | 577511 |
|  | Walker & Dunlop, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2033<sup>(d)</sup> |  | 102873 |
|  | Wells Fargo & Co. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 09/15/2028<sup>(b)(g)</sup> <br>5 yr. CMT + 3.606% |  | 107600 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 09/15/2029<sup>(b)(g)</sup> <br>5 yr. CMT + 2.767% |  | 105160 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB <br>3.900%, 03/15/2026<sup>(b)(g)</sup> <br>5 yr. CMT + 3.453% |  | 99134 |
|  | Wilton RE Ltd. |  |  |
| 166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/22/2030<sup>(b)(d)(g)</sup> <br>5 yr. CMT + 5.266% |  | 166807 |
|  | Yuzhou Group Holdings Co. Ltd. |  |  |
| 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.700%, 02/20/2025<sup>(k)</sup> |  | 40840 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.300%, 05/27/2025<sup>(k)</sup> |  | 15000 |
| 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.850%, 08/12/2026<sup>(k)</sup> |  | 52796 |
| 1940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.350%, 01/13/2027<sup>(k)</sup> |  | 147556 |
|  |  |  | 79950543 |
| **Industrial: 3.0%** | **Industrial: 3.0%** | **Industrial: 3.0%** | **Industrial: 3.0%** |
|  | Amsted Industries, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/15/2033<sup>(d)</sup> |  | 203466 |
|  | AptarGroup, Inc. |  |  |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 03/15/2032 |  | 64680 |
|  | Artera Services LLC |  |  |
| 21831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 02/15/2031<sup>(d)</sup> |  | 18199 |
|  | Axon Enterprise, Inc. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/2030<sup>(d)</sup> |  | 51532 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/2033<sup>(d)</sup> |  | 25823 |
|  | Boeing Co. |  |  |
| 262000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/01/2031 |  | 246904 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.388%, 05/01/2031 |  | 53794 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.528%, 05/01/2034 |  | 54413 |
| 183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.705%, 05/01/2040 |  | 180712 |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/2050 |  | 293434 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.858%, 05/01/2054 |  | 148113 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 05/01/2060 |  | 9527 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.008%, 05/01/2064 |  | 87944 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 26 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
|  | Builders FirstSource, Inc. |  |
| $550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/2035<sup>(d)</sup> | $567625 |
|  | BWX Technologies, Inc. |  |
| 361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/15/2029<sup>(d)</sup> | 348322 |
|  | Cemex SAB de CV |  |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/11/2031<sup>(d)</sup> | 286032 |
|  | CML Fontainebleau Vegas |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.855%, 01/31/2026<sup>(i)</sup> | 250000 |
|  | EnerSys |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/2032<sup>(d)</sup> | 102362 |
|  | Enviri Corp. |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/31/2027<sup>(d)</sup> | 172876 |
|  | FedEx Corp. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/2045 | 41754 |
|  | Flowserve Corp. |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/2030 | 56079 |
|  | GrafTech Finance, Inc. |  |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/23/2029<sup>(d)</sup> | 72450 |
|  | GrafTech Global Enterprises, Inc. |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 12/23/2029<sup>(d)</sup> | 23850 |
|  | Graphic Packaging International LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/2032<sup>(d)</sup> | 102250 |
|  | Great Lakes Dredge & Dock Corp. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/2029<sup>(d)</sup> | 192372 |
|  | Hillenbrand, Inc. |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 02/15/2029 | 2295290 |
|  | IDEX Corp. |  |
| 72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 06/15/2031 | 64154 |
|  | Masterbrand, Inc. |  |
| 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/15/2032<sup>(d)</sup> | 2566655 |
|  | Mauser Packaging Solutions Holding Co. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2027<sup>(d)</sup> | 101782 |
|  | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/01/2032<sup>(d)</sup> | 102628 |
|  | Mueller Water Products, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/2029<sup>(d)</sup> | 240832 |
|  | nVent Finance SARL |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 05/15/2033 | 306011 |
|  | Park-Ohio Industries, Inc. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/15/2027 | 312745 |
|  | Pentair Finance SARL |  |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 07/15/2032 | 271860 |
|  | Quikrete Holdings, Inc. |  |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/2032<sup>(d)</sup> | 314288 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/01/2033<sup>(d)</sup> | 92923 |
|  | Sealed Air Corp. |  |
| 535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/2032<sup>(c)(d)</sup> | 554957 |
|  | Standard Building Solutions, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/2032<sup>(d)</sup> | 153800 |
|  | TD SYNNEX Corp. |  |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 04/12/2034 | 205236 |
|  | Teledyne Technologies, Inc. |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/01/2031 | 362831 |
|  | Textron Financial Corp. |  |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.323%, 02/15/2067<sup>(d)(g)</sup> <br>3 mo. USD Term SOFR + 1.997% | 166925 |
|  | TopBuild Corp. |  |
| 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/15/2029<sup>(d)</sup> | 34080 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
|  | TransDigm, Inc. |  |  |
| $196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/2029 | $| 192713 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2030<sup>(d)</sup> |  | 103932 |
|  | Waste Connections, Inc. |  |  |
| 725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 01/15/2032 |  | 626140 |
|  | Waste Pro USA, Inc. |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/2033<sup>(d)</sup> |  | 156054 |
|  | Westinghouse Air Brake Technologies Corp. |  |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.611%, 03/11/2034 |  | 414394 |
|  | Wrangler Holdco Corp. |  |  |
| 83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2032<sup>(d)</sup> |  | 86328 |
|  | XPO, Inc. |  |  |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/2028<sup>(d)</sup> |  | 86412 |
|  |  |  | 13467483 |
| **Technology: 1.7%** | **Technology: 1.7%** | **Technology: 1.7%** | **Technology: 1.7%** |
|  | Accenture Capital, Inc. |  |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/04/2034 |  | 292114 |
|  | Amdocs Ltd. |  |  |
| 104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.538%, 06/15/2030 |  | 94219 |
|  | ams-OSRAM AG |  |  |
| 770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.250%, 03/30/2029<sup>(d)</sup> |  | 820616 |
|  | AppLovin Corp. |  |  |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/2029 |  | 70923 |
| 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/2034 |  | 172706 |
|  | Booz Allen Hamilton, Inc. |  |  |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 08/04/2033 |  | 112868 |
|  | Broadcom, Inc. |  |  |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 04/15/2034<sup>(d)</sup> |  | 169846 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/2035<sup>(d)</sup> |  | 295485 |
|  | Broadridge Financial Solutions, Inc. |  |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 05/01/2031 |  | 312128 |
|  | Capstone Borrower, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/15/2030<sup>(d)</sup> |  | 104418 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series JUN <br>8.000%, 06/15/2030<sup>(d)</sup> |  | 52080 |
|  | Central Parent, Inc./CDK Global, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/2029<sup>(d)</sup> |  | 81693 |
|  | CGI, Inc. |  |  |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 09/14/2031 |  | 155793 |
|  | Cloud Software Group, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/31/2029<sup>(d)</sup> |  | 100998 |
|  | CoreWeave, Inc. |  |  |
| 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 06/01/2030<sup>(d)</sup> |  | 1411625 |
|  | Dye & Durham Ltd. |  |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/15/2029<sup>(d)</sup> |  | 41902 |
|  | Fair Isaac Corp. |  |  |
| 974000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/2028<sup>(d)</sup> |  | 948796 |
|  | Foundry JV Holdco LLC |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/25/2034<sup>(d)</sup> |  | 203440 |
|  | KBR, Inc. |  |  |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/30/2028<sup>(d)</sup> |  | 216609 |
|  | Micron Technology, Inc. |  |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/15/2033 |  | 229959 |
|  | NetApp, Inc. |  |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/17/2032 |  | 61812 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 03/17/2035 |  | 51360 |
|  | Playtika Holding Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/15/2029<sup>(d)</sup> |  | 181685 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 27

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Technology (continued)** | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
|  | PTC, Inc. |  |  |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/2028<sup>(d)</sup> | $| 242354 |
|  | Synopsys, Inc. |  |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 04/01/2035 |  | 75767 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 04/01/2055 |  | 84730 |
|  | TeamSystem SpA |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.779%, 07/31/2031<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.500% |  | 118052 |
| 400,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.194%, 07/01/2032<sup>(d)(e)(h)</sup> <br>3 mo. EURIBOR + 3.250% |  | 470856 |
|  | Twilio, Inc. |  |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/2031 |  | 280862 |
|  | VC3, Inc. |  |  |
| 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/2041 |  | 31 |
|  | Xerox Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 10/15/2030<sup>(d)</sup> |  | 209650 |
|  |  |  | 7665377 |
| **Utilities: 3.1%** | **Utilities: 3.1%** | **Utilities: 3.1%** | **Utilities: 3.1%** |
|  | Alexander Funding Trust II |  |  |
| 2110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.467%, 07/31/2028<sup>(d)</sup> |  | 2257035 |
|  | Atlantica Sustainable Infrastructure Ltd. |  |  |
| 2430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/2028<sup>(d)</sup> |  | 2325463 |
|  | CMS Energy Corp. |  |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/2055<sup>(g)</sup> <br>5 yr. CMT + 1.961% |  | 60037 |
|  | ContourGlobal Power Holdings SA |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/28/2030<sup>(d)</sup> |  | 118933 |
|  | Edison International |  |  |
| 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 06/15/2054<sup>(c)(g)</sup> <br>5 yr. CMT + 3.658% |  | 1169553 |
| 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.375%, 03/09/2026<sup>(b)(g)</sup> <br>5 yr. CMT + 4.698% |  | 1298030 |
|  | Exelon Corp. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/15/2055<sup>(g)</sup> <br>5 yr. CMT + 1.975% |  | 50902 |
|  | NextEra Energy Capital Holdings, Inc. |  |  |
| 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/2054<sup>(g)</sup> <br>5 yr. CMT + 2.457% |  | 1091828 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.053% |  | 61304 |
|  | PacifiCorp |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/15/2055<sup>(g)</sup> <br>5 yr. CMT + 3.319% |  | 155910 |
|  | Southern Co. |  |  |
| 2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21-A <br>3.750%, 09/15/2051<sup>(g)</sup> <br>5 yr. CMT + 2.915% |  | 2069464 |
|  | Southwestern Public Service Co. |  |  |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/2041 |  | 564011 |
|  | Terraform Global Operating LP |  |  |
| 129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/01/2026<sup>(d)</sup> |  | 128746 |
|  | Venture Global Plaquemines LNG LLC |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/01/2033<sup>(d)</sup> |  | 535758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| Utilities (continued) | Utilities (continued) | Utilities (continued) | Utilities (continued) |
|  | XPLR Infrastructure Operating Partners LP |  |  |
| $1905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/2031<sup>(c)(d)</sup> | $| 2033262 |
|  |  |  | 13920236 |
| **TOTAL CORPORATE BONDS**<br> (Cost $195,629,455) | **TOTAL CORPORATE BONDS**<br> (Cost $195,629,455) |  | 193969206 |
| **GOVERNMENT SECURITIES & AGENCY ISSUE: 3.2%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 3.2%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 3.2%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 3.2%**  |
|  | U.S. Treasury Bonds |  |  |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/15/2041 |  | 930891 |
|  | U.S. Treasury Notes |  |  |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/15/2025<sup>(n)</sup> |  | 798916 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/2025<sup>(n)</sup> |  | 799488 |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/2026<sup>(n)</sup> |  | 1204314 |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/2026<sup>(c)(n)</sup> |  | 2202840 |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/15/2026<sup>(n)</sup> |  | 2218090 |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/2026<sup>(n)</sup> |  | 2216586 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/15/2027<sup>(n)</sup> |  | 1914621 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/2027 |  | 1931691 |
| **TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE**<br> (Cost $14,223,236) | **TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE**<br> (Cost $14,223,236) |  | 14217437 |
| **LIMITED PARTNERSHIPS: 0.0%**  | **LIMITED PARTNERSHIPS: 0.0%**  | **LIMITED PARTNERSHIPS: 0.0%**  | **LIMITED PARTNERSHIPS: 0.0%**  |
| 1300000 | U.S. Farming Realty Trust LP<sup>\*(a)</sup> |  | 48926 |
| **TOTAL LIMITED PARTNERSHIPS**<br> (Cost $0) | **TOTAL LIMITED PARTNERSHIPS**<br> (Cost $0) |  | 48926 |
| **MORTGAGE-BACKED SECURITIES: 15.4%**  | **MORTGAGE-BACKED SECURITIES: 15.4%**  | **MORTGAGE-BACKED SECURITIES: 15.4%**  | **MORTGAGE-BACKED SECURITIES: 15.4%**  |
|  | ACHM Trust |  |  |
| 94044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE1-A <br>5.920%, 03/25/2055<sup>(d)(g)</sup> |  | 95070 |
|  | ACRE Commercial Mortgage Ltd. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4-D <br>7.529%, 12/18/2037<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.214% |  | 239145 |
|  | ACREC LLC |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL3-C <br>6.606%, 08/18/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.291% |  | 148156 |
|  | Alternative Loan Trust |  |  |
| 48206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-22CB-1A1 <br>5.750%, 12/25/2033 |  | 49417 |
| 190994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13CB-A4 <br>2.250%, 07/25/2034<sup>(i)(o)</sup> |  | 141907 |
| 30060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16CB-1A1 <br>5.500%, 07/25/2034 |  | 30535 |
| 24715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16CB-3A1 <br>5.500%, 08/25/2034 |  | 25066 |
| 24608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-J10-2CB1 <br>6.000%, 09/25/2034 |  | 24711 |
| 286487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-31CB-A7 <br>6.000%, 11/25/2036 |  | 161023 |
| 166133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB-2A1 <br>4.884%, 08/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.564% |  | 53642 |
| 48108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB-2A2 <br>17.636%, 08/25/2037<sup>(e)</sup> <br>-8.333\*1 mo. USD Term SOFR + 53.629% |  | 61266 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 28 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | Alternative Loan Trust (Continued) |  |
| $341300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB-4A2 <br>12.998%, 08/25/2037<sup>(e)</sup> <br>-6\*1 mo. USD Term SOFR + 38.913% | $413514 |
| 314010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-19-1A34 <br>6.000%, 08/25/2037 | 146156 |
| 877281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20-A12 <br>6.250%, 08/25/2047 | 474507 |
| 93545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA4-A1 <br>4.774%, 05/25/2047<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.454% | 83996 |
| 99314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA7-A1A <br>4.794%, 05/25/2047<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.474% | 91444 |
|  | American Home Mortgage Investment Trust |  |
| 150863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1-11A1 <br>4.714%, 03/25/2046<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.394% | 134663 |
|  | Arbor Realty Commercial Real Estate Notes Ltd. |  |
| 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1-C <br>6.604%, 01/15/2037<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 2.300% | 420681 |
|  | BAHA Trust |  |
| 870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR-C <br>7.766%, 12/10/2041<sup>(d)(g)</sup> | 909943 |
|  | Banc of America Alternative Loan Trust |  |
| 21498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8-1CB1 <br>5.500%, 10/25/2033 | 21664 |
|  | Banc of America Funding Trust |  |
| 16331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7-3A1 <br>5.750%, 11/25/2035 | 16619 |
| 165070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-B-7A1 <br>4.474%, 03/20/2036<sup>(g)</sup> | 144714 |
| 13412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4-5A1 <br>5.500%, 11/25/2034 | 11754 |
|  | Banc of America Mortgage Trust |  |
| 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A-2A1 <br>5.118%, 02/25/2035<sup>(g)</sup> | 4800 |
|  | BCAP LLC Trust |  |
| 260939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AA2-A1 <br>4.774%, 01/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.454% | 240350 |
| 117865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-RR6-6A2 <br>9.300%, 07/26/2037<sup>(d)(g)</sup> | 54698 |
| 1634522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-R11-2A4 <br>5.500%, 12/26/2035<sup>(d)</sup> | 955776 |
|  | BDS LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL14-C <br>6.210%, 10/21/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.893% | 147133 |
|  | Bear Stearns Asset-Backed Securities I Trust |  |
| 269320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AC1-1A1 <br>6.250%, 02/25/2036<sup>(f)</sup> | 122343 |
|  | BINOM Securitization Trust |  |
| 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1-M1 <br>3.000%, 02/25/2061<sup>(d)(g)</sup> | 431525 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
|  | BSPRT Issuer LLC |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL11-C <br>6.956%, 07/15/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.644% | $99342 |
|  | BX Commercial Mortgage Trust |  |
| 145324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT-E <br>6.426%, 09/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.114% | 144746 |
| 97072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC-C <br>6.902%, 08/15/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.590% | 97639 |
|  | BX Trust |  |
| 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1-D <br>5.927%, 01/15/2034<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.614% | 83992 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC-B <br>7.651%, 05/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.339% | 101013 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4-D <br>6.752%, 07/15/2029<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.440% | 149581 |
|  | BXHPP Trust |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM-C <br>5.527%, 08/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.214% | 180201 |
|  | BXMT Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FL2-D <br>6.628%, 02/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.314% | 240128 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FL3-D <br>7.728%, 11/15/2037<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.414% | 96565 |
|  | Capmark Military Housing Trust |  |
| 89155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AET2-A <br>6.063%, 10/10/2052<sup>(d)</sup> | 82202 |
|  | CD Mortgage Trust |  |
| 779949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4-XA <br>1.371%, 05/10/2050<sup>(g)(p)</sup> | 12353 |
|  | CFMT LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HB9-M1 <br>3.250%, 09/25/2037<sup>(d)(g)</sup> | 95399 |
|  | CG-CCRE Commercial Mortgage Trust |  |
| 96080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-FL2-COL1 <br>7.926%, 11/15/2031<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.614% | 47266 |
| 187584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-FL2-COL2 <br>8.926%, 11/15/2031<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 4.614% | 9614 |
|  | Chase Mortgage Finance Trust |  |
| 1254657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3-1A15 <br>6.000%, 05/25/2037 | 535166 |
|  | CIM Trust |  |
| 97805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R1-A1 <br>5.000%, 02/25/2099<sup>(d)(f)</sup> | 96756 |
|  | Citigroup Mortgage Loan Trust, Inc. |  |
| 77009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A-A1 <br>6.170%, 09/25/2062<sup>(d)(f)</sup> | 76982 |
|  | CitiMortgage Alternative Loan Trust |  |
| 120178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A5-1A13 <br>4.884%, 10/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.564% | 91556 |
| 1055557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A6-1A5 <br>6.000%, 06/25/2037 | 925607 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 29

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | COLT Mortgage Loan Trust |  |
| $144581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3-A3 <br>5.707%, 03/25/2070<sup>(d)(f)</sup> | $144746 |
|  | COMM Mortgage Trust |  |
| 437753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR3-B <br>3.922%, 10/15/2045<sup>(d)</sup> | 411100 |
|  | Countrywide Home Loan Mortgage Pass-Through Trust |  |
| 2799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HYB4-2A1 <br>5.758%, 09/20/2034<sup>(g)</sup> | 2702 |
| 115141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10-A5 <br>6.000%, 07/25/2037 | 50298 |
|  | Credit Suisse First Boston Mortgage Securities Corp. |  |
| 870769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11-7A1 <br>6.000%, 12/25/2035 | 440674 |
|  | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |  |
| 24737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-27-4A4 <br>5.750%, 11/25/2033 | 25447 |
| 2259260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10-10A3 <br>6.000%, 11/25/2035 | 512304 |
|  | Credit Suisse Mortgage-Backed Trust |  |
| 600157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6-1A10 <br>6.000%, 07/25/2036 | 277101 |
| 587821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1-4A1 <br>6.500%, 02/25/2022 | 34016 |
| 22477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2-2A5 <br>5.000%, 03/25/2037 | 16296 |
|  | CSMC Trust |  |
| 90644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL4-A1 <br>4.118%, 12/27/2060<sup>(d)(g)</sup> | 90344 |
|  | Deutsche Mortgage & Asset Receiving Corp. |  |
| 1409737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-RS1-1A2 <br>6.500%, 07/27/2037<sup>(d)(g)</sup> | 1150205 |
|  | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |  |
| 58999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-PR1-3A1 <br>5.927%, 04/15/2036<sup>(d)(e)</sup> <br>-1.4\*1 mo. USD Term SOFR + 11.964% | 54309 |
|  | DSLA Mortgage Loan Trust |  |
| 84035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5-2A1A <br>5.092%, 09/19/2045<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.774% | 43945 |
|  | Federal Home Loan Mortgage Corp. |  |
| 826719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/2055<sup>(q)</sup> | 829216 |
|  | Military Housing Bonds Resecuritization Trust Certificates |  |
| 1359256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R1-XA2 <br>0.700%, 10/25/2052<sup>(d)(g)(p)</sup> | 78253 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| 203654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3118-SD <br>2.282%, 02/15/2036<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.586% | 15441 |
| 83979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3301-MS <br>1.682%, 04/15/2037<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.986% | 7267 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| $110946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3303-SE <br>1.662%, 04/15/2037<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.966% | $9888 |
| 72115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3303-SG <br>1.682%, 04/15/2037<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.986% | 6716 |
| 17996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3382-SB <br>1.582%, 11/15/2037<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.886% | 1249 |
| 104632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3382-SW <br>1.882%, 11/15/2037<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.186% | 9677 |
| 25260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3384-S <br>1.972%, 11/15/2037<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.276% | 1718 |
| 67345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3384-SG <br>1.892%, 08/15/2036<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.196% | 5952 |
| 793394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3404-SA <br>1.582%, 01/15/2038<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.886% | 67211 |
| 8253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3417-SX <br>1.762%, 02/15/2038<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.066% | 657 |
| 17596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3423-GS <br>1.232%, 03/15/2038<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.536% | 1214 |
| 98752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3423-TG <br>0.350%, 03/15/2038<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.886% | 222 |
| 997746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3435-S <br>1.562%, 04/15/2038<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.866% | 82115 |
| 34951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3445-ES <br>1.582%, 05/15/2038<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.886% | 2190 |
| 149791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3523-SM <br>1.582%, 04/15/2039<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.886% | 11664 |
| 58006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3560-KS <br>1.982%, 11/15/2036<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.286% | 3228 |
| 33332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3598-SA <br>1.932%, 11/15/2039<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.236% | 2562 |
| 50148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3641-TB <br>4.500%, 03/15/2040 | 49967 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 30 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | Federal Home Loan Mortgage Corp. REMICS (Continued) |  |
| $119440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3728-SV <br>0.032%, 09/15/2040<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 4.336% | $4196 |
| 84645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3758-S <br>1.612%, 11/15/2040<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.916% | 7546 |
| 19797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3770-SP <br>2.082%, 11/15/2040<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.386% | 81 |
| 116337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3815-ST <br>1.432%, 02/15/2041<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.736% | 9634 |
| 63165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3872-SL <br>1.532%, 06/15/2041<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.836% | 5188 |
| 55020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3900-SB <br>1.552%, 07/15/2041<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.856% | 4639 |
| 14996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3946-SM <br>1.445%, 10/15/2041<sup>(e)</sup> <br>-3\*30 day USD SOFR Average + 14.357% | 12187 |
| 202992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3972-AZ <br>3.500%, 12/15/2041 | 191532 |
| 898573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3984-DS <br>1.532%, 01/15/2042<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.836% | 91747 |
| 1652660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4080-DS <br>2.282%, 03/15/2041<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.586% | 89986 |
| 1358240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4239-OU <br>2.158%, 07/15/2043<sup>(i)(o)</sup> | 802691 |
| 1210695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4291-MS <br>1.482%, 01/15/2054<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.786% | 137297 |
| 136700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4314-MS <br>1.682%, 07/15/2043<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.986% | 2434 |
| 5765679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5057-TI <br>3.000%, 11/25/2050<sup>(p)</sup> | 866978 |
| 4632431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5070-MI <br>3.500%, 02/25/2051<sup>(p)</sup> | 765505 |
| 4508627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5175-DI <br>2.500%, 12/25/2051<sup>(p)</sup> | 530437 |
| 3236473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5180-IN <br>3.000%, 07/25/2051<sup>(p)</sup> | 667550 |
|  | Federal National Mortgage Association |  |
| 21074141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M25-X <br>0.206%, 11/25/2029<sup>(g)(p)</sup> | 102966 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| $23092994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M5-X <br>0.611%, 02/25/2029<sup>(g)(p)</sup> | $260113 |
| 23113087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M23-X1 <br>0.598%, 11/01/2031<sup>(g)(p)</sup> | 325569 |
| 1476044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/2055<sup>(q)</sup> | 1480503 |
|  | Federal National Mortgage Association REMICS |  |
| 97651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-84-PZ <br>5.000%, 09/25/2033 | 99465 |
| 18741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-42-SA <br>2.380%, 05/25/2035<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.686% | 110 |
| 665459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-92-LI <br>2.160%, 10/25/2036<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.466% | 60405 |
| 222071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-39-AI <br>1.700%, 05/25/2037<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.006% | 20594 |
| 59310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-57-SX <br>2.200%, 10/25/2036<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.506% | 6222 |
| 10588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-68-SA <br>2.230%, 07/25/2037<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.536% | 1000 |
| 15940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-1-CI <br>1.880%, 02/25/2038<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.186% | 1458 |
| 611241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-33-SA <br>1.580%, 04/25/2038<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.886% | 52386 |
| 9651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-56-SB <br>1.640%, 07/25/2038<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.946% | 487 |
| 999713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-110-SD <br>1.830%, 01/25/2040<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.136% | 65459 |
| 12712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-111-SE <br>1.830%, 01/25/2040<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.136% | 1346 |
| 92487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-86-CI <br>1.380%, 09/25/2036<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.686% | 6165 |
| 60322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-87-SA <br>1.580%, 11/25/2049<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.886% | 5708 |
| 22177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-90-IB <br>1.300%, 04/25/2037<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.606% | 1391 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 31

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | Federal National Mortgage Association REMICS (Continued) |  |
| $15424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-11-SC <br>0.380%, 02/25/2040<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 4.686% | $837 |
| 16358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-115-SD <br>2.180%, 11/25/2039<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.486% | 1577 |
| 1320518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-123-SK <br>1.630%, 11/25/2040<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 5.936% | 132996 |
| 78142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-15-SL <br>0.530%, 03/25/2040<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 4.836% | 3616 |
| 23043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-9-GS <br>0.330%, 02/25/2040<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 4.636% | 1049 |
| 6420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-110-LS <br>1.246%, 11/25/2041<sup>(e)</sup> <br>-2\*30 day USD SOFR Average + 9.871% | 5195 |
| 57161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-111-VZ <br>4.000%, 11/25/2041 | 55057 |
| 236697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-141-PZ <br>4.000%, 01/25/2042 | 228274 |
| 833108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-93-ES <br>2.080%, 09/25/2041<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.386% | 85685 |
| 514953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-106-SA <br>1.740%, 10/25/2042<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.046% | 56243 |
| 975173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-50-WS <br>1.780%, 08/25/2044<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 6.086% | 59962 |
| 16997106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M12-X <br>0.676%, 06/25/2029<sup>(g)(p)</sup> | 291473 |
| 7248704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M24-2XA <br>1.271%, 03/25/2031<sup>(g)(p)</sup> | 334507 |
| 19566806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M7-X <br>0.443%, 04/25/2029<sup>(g)(p)</sup> | 206747 |
| 26600417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10-X4 <br>0.987%, 07/25/2032<sup>(g)(p)</sup> | 1001527 |
| 15811196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10-X9 <br>0.861%, 12/25/2027<sup>(g)(p)</sup> | 112805 |
| 6861928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M13-X2 <br>1.335%, 09/25/2030<sup>(g)(p)</sup> | 237344 |
| 2787666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-74-MI <br>2.500%, 11/25/2051<sup>(p)</sup> | 315347 |
| 67855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M4-X2 <br>0.259%, 05/25/2030<sup>(g)(p)</sup> | 519104 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
|  | Federal National Mortgage Association-Aces |  |
| $120854215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M17-X <br>0.129%, 07/25/2031<sup>(g)(p)</sup> | $396293 |
|  | Federal National Mortgage Association-ACES |  |
| 14819602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M21-X <br>0.838%, 03/25/2028<sup>(g)(p)</sup> | 152925 |
|  | First Horizon Alternative Mortgage Securities Trust |  |
| 202761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA4-1A7 <br>6.000%, 08/25/2037 | 67559 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |
| 2633461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R1-XA1 <br>0.700%, 11/25/2055<sup>(d)(g)(p)</sup> | 159458 |
| 4045176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R1-XA3 <br>0.700%, 11/25/2052<sup>(d)(g)(p)</sup> | 198670 |
|  | FREMF Mortgage Trust |  |
| 3747222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-K170-D <br>0.000%, 02/25/2063<sup>(d)(o)</sup> | 1551787 |
| 61075188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-K170-X2A <br>0.100%, 02/25/2063<sup>(d)(p)</sup> | 381259 |
| 13864625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-K170-X2B <br>0.100%, 02/25/2063<sup>(d)(p)</sup> | 88996 |
|  | FS Rialto Issuer LLC |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3-D <br>6.926%, 11/16/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.614% | 273297 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL10-C <br>6.464%, 08/19/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.146% | 98465 |
|  | GCAT Trust |  |
| 24556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL1-A1 <br>2.650%, 10/25/2068<sup>(d)(g)</sup> | 23828 |
| 77491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM5-A3 <br>5.710%, 08/25/2067<sup>(d)(f)</sup> | 77225 |
| 116730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM2-A3 <br>6.598%, 11/25/2067<sup>(d)(f)</sup> | 116712 |
| 67068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM2-A3 <br>6.541%, 06/25/2059<sup>(d)(f)</sup> | 67731 |
| 291786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1-A3 <br>5.829%, 11/25/2069<sup>(d)(f)</sup> | 292630 |
|  | Government National Mortgage Association |  |
| 256802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-21-S <br>1.774%, 04/16/2037<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 6.086% | 7131 |
| 88244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-69-SB <br>3.198%, 08/20/2038<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 7.516% | 4765 |
| 100466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-104-SD <br>1.924%, 11/16/2039<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 6.236% | 9708 |
| 6912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-98-IA <br>5.237%, 03/20/2039<sup>(g)(p)</sup> | 145 |
| 173048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-45-GZ <br>4.500%, 03/20/2041 | 173721 |
| 51959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-69-OC <br>1.423%, 05/20/2041<sup>(i)(o)</sup> | 41392 |
| 1054588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-69-SC <br>0.948%, 05/20/2041<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 5.266% | 89219 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 32 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | Government National Mortgage Association (Continued) |  |
| $182993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-89-SA <br>1.018%, 06/20/2041<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 5.336% | $16764 |
| 517655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-102-BS <br>1.718%, 03/20/2043<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 6.036% | 40101 |
| 1252454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-145-CS <br>1.174%, 05/16/2044<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 5.486% | 85061 |
| 857030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-156-PS <br>1.818%, 10/20/2044<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 6.136% | 100534 |
| 2049031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-4-SA <br>1.674%, 01/16/2044<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 5.986% | 226650 |
| 1457872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5-SA <br>1.118%, 01/20/2044<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 5.436% | 132278 |
| 1657673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-58-SG <br>1.174%, 04/16/2044<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 5.486% | 109102 |
| 1445999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-76-SA <br>1.168%, 01/20/2040<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 5.486% | 122417 |
| 1862291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-95-CS <br>1.824%, 06/16/2044<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 6.136% | 144201 |
| 1535353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-105-SH <br>1.818%, 08/20/2048<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 6.136% | 163326 |
| 5427991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H10-BI <br>1.418%, 06/20/2069<sup>(g)(p)</sup> | 292375 |
| 8632566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-173-MI <br>2.500%, 11/20/2050<sup>(p)</sup> | 1281787 |
| 3960956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47-SL <br>0.938%, 07/20/2044<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 5.256% | 318096 |
| 9479467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H11-HI <br>1.897%, 06/20/2070<sup>(g)(p)</sup> | 697731 |
| 9474082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H18-AI <br>2.450%, 09/20/2070<sup>(g)(p)</sup> | 610157 |
| 6676897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H19-BI <br>1.788%, 11/20/2070<sup>(g)(p)</sup> | 516509 |
| 6763526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-107-SA <br>0.000%, 06/20/2051<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 3.636% | 210544 |
| 5613263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-15-PI <br>3.000%, 01/20/2051<sup>(p)</sup> | 862719 |
| 14669709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-213-SN <br>0.000%, 12/20/2051<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 3.200% | 237632 |
| 8991597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52-IO <br>0.722%, 04/16/2063<sup>(g)(p)</sup> | 466781 |
| 3851069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59-S <br>0.000%, 04/20/2051<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 2.600% | 27044 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| $7907045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-77-IH <br>2.500%, 05/20/2051<sup>(p)</sup> | $947005 |
| 10110227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-89-SA <br>7.085%, 05/20/2051<sup>(i)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 3.636% | 292921 |
| 6515761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-94-IO <br>0.833%, 02/16/2063<sup>(g)(p)</sup> | 392169 |
| 17708700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97-SA <br>0.000%, 06/20/2051<sup>(e)(p)</sup> <br>-1\*30 day USD SOFR Average + 2.600% | 185832 |
| 6726992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-97-SB <br>0.000%, 06/20/2051<sup>(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 3.636% | 186197 |
| 40199592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H08-QI <br>0.151%, 05/20/2071<sup>(g)(p)</sup> | 1184702 |
| 14566113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H19-AI <br>1.006%, 11/20/2071<sup>(g)(p)</sup> | 972560 |
| 8902524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-83-IO <br>2.500%, 11/20/2051<sup>(p)</sup> | 1310275 |
| 5603506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-79-JI <br>2.500%, 02/20/2051<sup>(p)</sup> | 685544 |
|  | Government National Mortgage Association REMICS |  |
| 3386916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-154-MI <br>3.000%, 10/20/2050<sup>(p)</sup> | 546363 |
| 3488367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-149-BI <br>3.000%, 08/20/2051<sup>(p)</sup> | 550944 |
| 3515157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-159-IA <br>3.000%, 09/20/2051<sup>(p)</sup> | 554800 |
| 3635982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19-GI <br>3.000%, 11/20/2051<sup>(p)</sup> | 524765 |
|  | GS Mortgage Securities Corp. Trust |  |
| 230907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DUNE-E <br>7.080%, 12/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.764% | 223231 |
|  | GSR Mortgage Loan Trust |  |
| 26146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4F-6A1 <br>6.500%, 02/25/2035 | 25296 |
| 493933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9F-2A1 <br>6.000%, 01/25/2036 | 223562 |
| 47623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6-4A5 <br>5.957%, 09/25/2035<sup>(g)</sup> | 42685 |
|  | HarborView Mortgage Loan Trust |  |
| 147421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-11-2A2A <br>5.072%, 01/19/2035<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.754% | 117422 |
| 159928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12-2A2A <br>4.812%, 01/19/2038<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.494% | 140437 |
|  | HGI CRE CLO Ltd. |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1-D <br>6.776%, 06/16/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.464% | 348899 |
|  | HOMES Trust |  |
| 135025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AFC2-A3 <br>5.982%, 10/25/2059<sup>(d)(f)</sup> | 135558 |
|  | Imperial Fund Mortgage Trust |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3-B2 <br>4.118%, 11/25/2056<sup>(d)(g)</sup> | 1478849 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 33

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | IndyMac INDX Mortgage Loan Trust |  |
| $96344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR7-A5 <br>5.654%, 09/25/2034<sup>(e)</sup> <br>1 mo. USD Term SOFR + 1.334% | $76664 |
| 158961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR11-A3 <br>3.736%, 08/25/2035<sup>(g)</sup> | 115365 |
| 776808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR5-2A1 <br>3.341%, 05/25/2037<sup>(g)</sup> | 623730 |
|  | JP Morgan Chase Commercial Mortgage Securities Trust |  |
| 113999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-LC9-C <br>3.691%, 12/15/2047<sup>(d)(g)</sup> | 110951 |
| 1397976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP2-XA <br>1.935%, 08/15/2049<sup>(g)(p)</sup> | 11152 |
| 683000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP-XG <br>0.500%, 07/15/2036<sup>(d)(g)(p)</sup> | 6357 |
| 219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-C <br>4.343%, 05/05/2032<sup>(d)</sup> | 212424 |
| 224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-D <br>4.601%, 05/05/2032<sup>(d)(g)</sup> | 216298 |
| 261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-E <br>4.601%, 05/05/2032<sup>(d)(g)</sup> | 249691 |
| 274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-F <br>4.601%, 05/05/2032<sup>(d)(g)</sup> | 261557 |
| 299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-G <br>4.601%, 05/05/2032<sup>(d)(g)</sup> | 276354 |
|  | JP Morgan Mortgage Trust |  |
| 147517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-S1-2A1 <br>6.000%, 09/25/2034 | 154271 |
| 4538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1-4A2 <br>6.813%, 07/25/2035<sup>(a)(g)</sup> | 4331 |
| 525607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3-1A97 <br>6.000%, 08/25/2037 | 228624 |
|  | JPMDB Commercial Mortgage Securities Trust |  |
| 176736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C5-XA <br>1.014%, 03/15/2050<sup>(g)(p)</sup> | 1497 |
|  | KREF Ltd. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2-AS <br>5.728%, 02/15/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.414% | 97830 |
|  | Legacy Mortgage Asset Trust |  |
| 566243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS2-A1 <br>5.750%, 04/25/2061<sup>(d)(f)</sup> | 566534 |
| 169067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS3-A1 <br>5.750%, 07/25/2061<sup>(d)(f)</sup> | 168653 |
|  | Lehman Mortgage Trust |  |
| 469553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-2A3 <br>5.750%, 04/25/2036 | 471511 |
| 700555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1-1A2 <br>5.750%, 02/25/2037 | 708255 |
|  | Lehman XS Trust |  |
| 64331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2N-1A1 <br>4.954%, 02/25/2046<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.634% | 55581 |
|  | LoanCore Issuer LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8-C <br>6.455%, 08/17/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.141% | 99031 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
|  | LoanCore Issuer Ltd. |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7-D <br>7.403%, 01/17/2037<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 3.100% | $198916 |
|  | LoanCore Issuer Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5-C <br>6.776%, 07/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.464% | 248174 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5-D <br>7.426%, 07/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.114% | 99019 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE6-D <br>7.276%, 11/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.964% | 100002 |
|  | LSTAR Securities Investment Ltd. |  |
| 188211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1-A <br>7.414%, 01/01/2029<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 3.100% | 190511 |
|  | Master Alternative Loan Trust |  |
| 10994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-9-4A1 <br>5.250%, 11/25/2033 | 10932 |
| 7622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5-1A1 <br>5.500%, 06/25/2034 | 7604 |
| 9178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5-2A1 <br>6.000%, 06/25/2034 | 9310 |
| 45327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8-2A1 <br>6.000%, 09/25/2034 | 45567 |
|  | Merrill Lynch Mortgage Investors Trust |  |
| 840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-2A <br>5.995%, 05/25/2036<sup>(g)</sup> | 781 |
|  | Metis Issuer 1 LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.892%, 05/15/2055 | 249142 |
|  | Mill City Mortgage Loan Trust |  |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NMR1-M3 <br>2.500%, 11/25/2060<sup>(d)(g)</sup> | 254402 |
|  | Mill City Securities Ltd. |  |
| 210726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RS1-A1 <br>3.000%, 11/01/2069<sup>(d)(f)</sup> | 199092 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RS1-A2 <br>4.000%, 11/01/2069<sup>(d)(f)</sup> | 140775 |
| 96996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RS2-A1 <br>3.000%, 08/01/2069<sup>(d)(f)</sup> | 91730 |
|  | Morgan Stanley Mortgage Loan Trust |  |
| 211221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7-3A <br>5.078%, 06/25/2036<sup>(g)</sup> | 111895 |
| 222028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-13-6A1 <br>6.000%, 10/25/2037 | 114913 |
|  | New Residential Mortgage Loan Trust |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ1R-M1 <br>2.273%, 07/25/2055<sup>(d)(g)</sup> | 1865060 |
| 297422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3-A3 <br>5.985%, 05/25/2065<sup>(d)(f)</sup> | 299178 |
|  | NYMT Loan Trust |  |
| 349716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SP1-A1 <br>5.250%, 07/25/2062<sup>(d)(f)</sup> | 349576 |
|  | OBX Trust |  |
| 72027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM8-A3 <br>6.100%, 09/25/2062<sup>(d)(f)</sup> | 71846 |
| 70550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM9-A3 <br>6.450%, 09/25/2062<sup>(d)(f)</sup> | 70492 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 34 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | OBX Trust (Continued) |  |
| $500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3-M1 <br>6.845%, 12/25/2063<sup>(d)(g)</sup> | $506213 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4-M1 <br>6.622%, 01/25/2064<sup>(d)(g)</sup> | 151192 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5-M1 <br>6.513%, 01/25/2064<sup>(d)</sup> | 100823 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM6-M1 <br>6.924%, 02/25/2064<sup>(d)(g)</sup> | 152406 |
| 107881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM7-A3 <br>6.598%, 03/25/2064<sup>(d)(f)</sup> | 109122 |
|  | PFP Ltd. |  |
| 99553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11-B <br>6.802%, 09/17/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.490% | 99580 |
|  | Prime Mortgage Trust |  |
| 564809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-DR1-2A1 <br>5.500%, 05/25/2035<sup>(d)</sup> | 530052 |
|  | PRPM LLC |  |
| 87260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4-A1 <br>6.414%, 08/25/2029<sup>(d)(f)</sup> | 87537 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL2-A2 <br>3.500%, 05/25/2054<sup>(d)(f)</sup> | 467675 |
| 583578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2-A1 <br>6.469%, 05/25/2030<sup>(d)(f)</sup> | 583292 |
|  | Residential Accredit Loans, Inc. |  |
| 200972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS17-A5 <br>6.000%, 12/25/2036 | 168152 |
|  | Residential Accredit Loans, Inc. Trust |  |
| 371361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QO6-A1 <br>4.794%, 06/25/2046<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.474% | 80459 |
| 224649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS7-A3 <br>6.000%, 06/25/2036 | 178064 |
| 276367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS1-2A10 <br>6.000%, 01/25/2037 | 211388 |
| 242698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS8-A8 <br>6.000%, 06/25/2037 | 195016 |
|  | Residential Asset Securitization Trust |  |
| 227880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1-A8 <br>6.000%, 03/25/2037 | 67197 |
|  | Residential Funding Mtg Sec I Trust |  |
| 243981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S4-A5 <br>6.000%, 04/25/2036 | 197329 |
|  | Starwood Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2-C <br>6.529%, 04/18/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.214% | 197212 |
|  | Starwood Retail Property Trust |  |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-STAR-C <br>7.500%, 11/15/2027<sup>(a)(d)(e)</sup> | 4700 |
| 980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-STAR-D <br>7.500%, 11/15/2027<sup>(a)(d)(e)</sup> | 9800 |
| 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-STAR-E <br>7.500%, 11/15/2027<sup>(a)(d)(e)</sup> | 4750 |
|  | Structured Adjustable Rate Mortgage Loan Trust |  |
| 423233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14-A1 <br>4.744%, 07/25/2035<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.424% | 251661 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| $350357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-1-A2 <br>4.567%, 10/25/2037<sup>(g)</sup> | $268482 |
|  | Structured Asset Securities Corp. |  |
| 4200379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4-1A3 <br>1.816%, 03/28/2045<sup>(d)(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 6.136% | 284827 |
|  | STWD Ltd. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3-D <br>7.054%, 11/15/2038<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 2.750% | 95504 |
|  | Towd Point Revolving Trust |  |
| 222674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 11/01/2069<sup>(g)</sup> | 223676 |
|  | TRTX Issuer Ltd. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4-C <br>6.828%, 03/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.514% | 315720 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL6-B <br>6.361%, 09/18/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.046% | 149274 |
|  | Uniform Mortgage-Backed Security, TBA |  |
| 1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%<sup>(r)</sup> | 1298644 |
| 834625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%<sup>(r)</sup> | 818078 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%<sup>(r)</sup> | 456380 |
| 898375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%<sup>(r)</sup> | 880002 |
| 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%<sup>(r)</sup> | 609483 |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%<sup>(r)</sup> | 681618 |
|  | Verus Securitization Trust |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7-B2 <br>4.192%, 10/25/2066<sup>(d)(g)</sup> | 1481833 |
| 144368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2-A3 <br>5.662%, 03/25/2070<sup>(d)(f)</sup> | 144648 |
|  | Vista Point Securitization Trust |  |
| 96310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES1-A1 <br>5.812%, 04/25/2055<sup>(d)(f)</sup> | 96808 |
|  | Washington Mutual Mortgage Pass-Through Certificates Trust |  |
| 310721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5-1A5 <br>6.000%, 07/25/2036 | 251043 |
| 355675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8-A6 <br>4.114%, 10/25/2036<sup>(f)</sup> | 120573 |
|  | Wells Fargo Alternative Loan Trust |  |
| 58610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-PA2-3A1 <br>4.784%, 06/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.464% | 42201 |
|  | Wells Fargo Commercial Mortgage Trust |  |
| 29256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC12-B <br>3.915%, 07/15/2046<sup>(g)</sup> | 28118 |
| 862995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1-XA <br>1.845%, 08/15/2049<sup>(g)(p)</sup> | 11220 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36-B <br>3.671%, 11/15/2059<sup>(g)</sup> | 125547 |
|  | Wells Fargo Mortgage-Backed Securities Trust |  |
| 34697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR19-A1 <br>6.928%, 12/25/2036<sup>(g)</sup> | 33823 |
| **TOTAL MORTGAGE-BACKED SECURITIES**<br> (Cost $85,469,956) | **TOTAL MORTGAGE-BACKED SECURITIES**<br> (Cost $85,469,956) | 68013981 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 35

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MUNICIPAL BONDS: 0.0%**  | **MUNICIPAL BONDS: 0.0%**  | **MUNICIPAL BONDS: 0.0%**  |
| **Indiana: 0.0%** | **Indiana: 0.0%** | **Indiana: 0.0%** |
|  | Knox County Industry Economic Development Revenue |  |
| $5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.900%, 04/01/2034 | $4957 |
| **TOTAL MUNICIPAL BONDS**<br> (Cost $4,763) | **TOTAL MUNICIPAL BONDS**<br> (Cost $4,763) | 4957 |
| **Shares** |  |  |
| **SHORT-TERM INVESTMENTS: 4.9%**  | **SHORT-TERM INVESTMENTS: 4.9%**  | **SHORT-TERM INVESTMENTS: 4.9%**  |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 1.3%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 1.3%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 1.3%** |
| 5927006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, 4.350%<sup>(s)(t)</sup> | 5927006 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $5,927,006) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $5,927,006) | 5927006 |
| **MONEY MARKET FUNDS: 0.8%**  | **MONEY MARKET FUNDS: 0.8%**  | **MONEY MARKET FUNDS: 0.8%**  |
| 3757983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional Treasury Money Market Fund - Premier Class, 4.244%<sup>(s)</sup> | 3757983 |
| **TOTAL MONEY MARKET FUNDS**<br> (Cost $3,757,983) | **TOTAL MONEY MARKET FUNDS**<br> (Cost $3,757,983) | 3757983 |
| **Principal<br>Amount^** |  |  |
| **REPURCHASE AGREEMENTS: 1.5%**  | **REPURCHASE AGREEMENTS: 1.5%**  | **REPURCHASE AGREEMENTS: 1.5%**  |
| $6446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp. 1.360%, 6/30/2025, due 07/01/2025 [collateral: par value $6,560,900, U.S. Treasury Notes, 3.375%, due 09/15/2027, value $6,575,789] (proceeds $6,446,244) | 6446000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,446,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,446,000) | 6446000 |
| **TREASURY BILLS: 1.3%**  | **TREASURY BILLS: 1.3%**  | **TREASURY BILLS: 1.3%**  |
|  | U.S. Treasury Bills |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 07/31/2025<sup>(i)(u)</sup> | 1494820 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.088%, 08/07/2025<sup>(i)(u)</sup> | 995640 |
| 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.947%, 09/04/2025<sup>(i)(u)</sup> | 2778527 |
| 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.990%, 10/09/2025<sup>(i)(n)(u)</sup> | 420085 |
| **TOTAL TREASURY BILLS**<br> (Cost $5,690,434) | **TOTAL TREASURY BILLS**<br> (Cost $5,690,434) | 5689072 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $21,821,423) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $21,821,423) | 21820061 |
| **TOTAL PURCHASED OPTIONS**<br> (Cost $405,638): 0.1% | **TOTAL PURCHASED OPTIONS**<br> (Cost $405,638): 0.1% | 263963 |
| **TOTAL INVESTMENTS**<br> (Cost: $485,231,658): 103.9%  | **TOTAL INVESTMENTS**<br> (Cost: $485,231,658): 103.9%  | 459564804 |
| Liabilities in Excess of Other Assets: (3.9)% | Liabilities in Excess of Other Assets: (3.9)% | (17085452) |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**442479352** |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

CLO Collateralized Loan Obligation

CMT Constant Maturity Treasury Index

CVR Contingent Value Rights

EURIBOR Euro Interbank Offered Rate

LIBOR London Interbank Offered Rate

LP Limited Partnership

PIK Payment-in-kind

REMICS Real Estate Mortgage Investment Conduit

SOFR Secured Overnight Financing Rate

SONIA Sterling Overnight Index Average

\* Non-Income Producing Security.

---

| | |
|:---|:---|
| ^ | The principal amount is stated in U.S. Dollars unless otherwise indicated.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Perpetual Call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Security, or portion thereof, is out on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Floating Interest Rate at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) When issued security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Security is not accruing interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Security is currently in default and/or non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Pay-in-kind security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities with an aggregate fair value of $7,150,053 have been pledged as collateral for options, total return swaps, credit default swaps, interest rate swaps, and futures positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Principal Only security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Interest Only security. Security with a notional or nominal principal amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) All or a portion of the security has been pledged as collateral against open reverse repurchase agreements. As of June 30, 2025 , the market value of securities pledged amounted to $2,324,953.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The rate disclosed is the 7 day net yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Represents security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Issued with a zero coupon. Income is recognized through the accretion of discount.

#### CURRENCY ABBREVIATIONS:
CAD Canadian dollar

---

| | |
|:---|:---|
| EUR | Euro  |

---

GBP British pound

The accompanying notes are an integral part of these financial statements.

 <br> 36 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)
**UNFUNDED LOAN COMMITMENTS**—At June 30, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  Oil Changer Holding Corp., 1.000%, 02/8/2027 | $11284 | $11200 | $(84) |
|  Lealand Finance Co. BV, 0.500%, 06/30/2027 | 953779 | 524579 | (429200) |
|  Lealand Finance Co. BV, 0.500%, 06/30/2027 | 36230 | 20651 | (15579) |
|  Azuria Water Solutions, Inc., 0.000%, 05/17/2028 | 20130 | 20230 | 100 |
|  Power Services Holding Co., 1.000%, 11/22/2028 | 34962 | 34875 | (87) |
|  Finastra USA, Inc., 0.500%, 09/13/2029 | 8015 | 8065 | 50 |
|  Capstone Acquisition Holdings, Inc., 1.000%, 11/13/2029 | 12076 |  | (12076) |
|  GrafTech Finance, Inc., 3.750%, 12/21/2029 | 24381 | 24564 | 183 |
|  MB2 Dental Solutions LLC, 1.000%, 02/13/2031 | 21524 | 21524 |  |
|  MB2 Dental Solutions LLC 2, 0.500%, 02/13/2031 | 5000 | 4375 | (625) |
|  Chrysaor Bidco SARL, 3.000%, 10/30/2031 | 6886 | 6941 | 55 |
|  Amspec Parent LLC, 1.000%, 12/22/2031 | 13333 | 13417 | 84 |
|  Secretariat Advisors LLC, 4.000%, 02/28/2032 | 10753 | 10780 | 27 |
|  Citrin Cooperman Advisors LLC, 1.000%, 04/1/2032 | 9091 | 9098 | 7 |
|  Cliffwater LLC, 0.375%, 04/22/2032 | 10000 | 9200 | (800) |
|  Curriculum Associates LLC, 0.000%, 05/7/2032 | 124842 | 124842 |  |
|  Student Transportation of America Holdings, Inc., 1.000%, 06/24/2032 | 36667 | 36787 | 120 |
|  TOTAL |  | $881128 | $(457825) |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 37

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS at June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise <br>Price** | **Expiration <br>Date** | **Number of<br>Contracts** | **Notional <br>Amount** | **Fair <br>Value** | **Premiums<br>Paid** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** |
|  EUR Put USD Call | Bank of<br>America N.A. | $1.01 | 11/24/2025 | 641000 | $641000 | $111 | $9457 | $(9346) |
|  EUR Put USD Call | Bank of<br>America N.A. | 1.01 | 11/24/2025 | 641000 | 641000 | 111 | 9133 | (9022) |
|  EUR Put USD Call | Bank of<br>America N.A. | 1.01 | 11/26/2025 | 192000 | 192000 | 34 | 2465 | (2431) |
|  EUR Put USD Call | Bank of<br>America N.A. | 1.01 | 11/26/2025 | 449000 | 449000 | 79 | 5626 | (5547) |
|  EUR Put USD Call | Bank of<br>America N.A. | 1.01 | 11/26/2025 | 232000 | 232000 | 41 | 2954 | (2913) |
|  EUR Put USD Call | BNP<br>Paribas SA | 1.01 | 11/26/2025 | 38000 | 38000 | 7 | 500 | (493) |
|  USD Put JPY Call | Bank of<br>America N.A. | 140.00 | 4/1/2026 | 33000 | 33000 | 1102 | 868 | 234 |
|  USD Put JPY Call | Goldman<br>Sachs & Co. | 140.00 | 11/19/2025 | 1580000 | 1580000 | 31300 | 37542 | (6242) |
|  USD Put JPY Call | Goldman<br>Sachs & Co. | 140.00 | 4/1/2026 | 187000 | 187000 | 6244 | 5105 | 1139 |
|  USD Put JPY Call | Goldman<br>Sachs & Co. | 140.00 | 4/1/2026 | 150000 | 150000 | 5009 | 3963 | 1046 |
|  USD Put JPY Call | Goldman<br>Sachs & Co. | 123.50 | 5/20/2026 | 181000 | 181000 | 15541 | 18154 | (2613) |
|  USD Put JPY Call | JPMorgan<br>Chase Bank<br>N.A. | 123.50 | 5/20/2026 | 45000 | 45000 | 3864 | 4487 | (623) |
|  Total |  |  |  |  |  | 63443 | 100254 | (36811) |
|  **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** |
|  **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** |
|  CBOE Volatility Index | Goldman<br>Sachs & Co. | 25.00 | 7/16/2025 | 601 | 1005473 | 24641 | 96761 | (72120) |
|  CBOE Volatility Index | Goldman<br>Sachs & Co. | 28.00 | 8/20/2025 | 349 | 583877 | 38041 | 68404 | (30363) |
|  Total |  |  |  |  |  | 62682 | 165165 | (102483) |
| **Description** | **Counterparty** | **Pay/<br>Receive <br>Floating<br>rate** | **Expiration <br>Date** | **Number of<br>Contracts** | **Notional <br>Amount** | **Fair <br>Value** | **Premiums<br>Paid** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
|  **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** |
|  GBP - 1 D Sterling Overnight Index Average (SONIA) strike @3.50%, terminating 8/19/26 | Morgan<br>Stanley & Co. | Pay | 8/19/2026 | 1200000 | $1200000 | 8455 | 7995 | 460 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.50%, terminating 2/13/26 | BNP<br>Paribas SA | Pay | 2/13/2026 | 3595000 | 3595000 | 42924 | 43140 | (216) |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.50%, terminating 2/13/26 | BNP<br>Paribas SA | Pay | 2/13/2026 | 3595000 | 3595000 | 42924 | 43140 | (216) |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.50%, terminating 2/13/26 | Toronto-<br>Dominion Bank | Pay | 2/13/2026 | 3595000 | 3595000 | 42924 | 43319 | (395) |
|  **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** |
|  GBP - 1 D Sterling Overnight Index Average (SONIA) strike @5.50%, terminating 8/19/26 | Morgan<br>Stanley & Co. | Receive | 8/19/2026 | 1200000 | $1200000 | 611 | 2625 | (2014) |
|  Total |  |  |  |  |  | 137838 | 140219 | (2381) |
|  Total Purchased Options |  |  |  |  |  | $263963 | $405638 | $(141675) |

---

The accompanying notes are an integral part of these financial statements.

 <br> 38 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### REVERSE REPURCHASE AGREEMENTS at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| $(1603204) | Citibank, N.A. 4.500%, trade date 6/25/2025, due 06/25/2026 , repurchase amount $1,603,203 | $(1603204) |
| (606550) | Citibank, N.A. 4.490%, trade date 6/26/2025, due 06/27/2026 , repurchase amount $606,550 | (606550) |
| **TOTAL REVERSE REPURCHASE AGREEMENTS**<br> (Proceeds $2,209,754) | **TOTAL REVERSE REPURCHASE AGREEMENTS**<br> (Proceeds $2,209,754) | $(2209754) |

---

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments.

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 39

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at June 30, 2025 (Unaudited)
At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Asset <br>Derivatives** | **Liability <br>Derivatives** |
| **Counterparty** | **Settlement Date** | **Fund<br>Receiving** | **U.S. $ Value at<br>June 30, 2025** | **Fund<br>Delivering** | **U.S. $ Value at<br>June 30, 2025** | **Unrealized <br>Appreciation** | **Unrealized <br>Depreciation** |
|  Barclays Bank Plc | 7/16/2025 | USD | $4275441 | EUR | $4374048 | $— | $(98607) |
|  Citibank N.A. | 7/16/2025 | USD | 492086 | GBP | 498103 |  | (6017) |
|  Morgan Stanley & Co. | 7/16/2025 | USD | 75510 | CAD | 75669 |  | (159) |
|  | 7/16/2025 | USD | 471198 | EUR | 471214 |  | (16) |
|  | 7/16/2025 | USD | 347542 | EUR | 353411 |  | (5869) |
|  | 7/16/2025 | USD | 572038 | EUR | 583128 |  | (11090) |
|  |  |  | $6233815 |  | $6355573 | $— | $(121758) |

---

#### SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at June 30, 2025 (Unaudited) (a)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional Amount** | **Notional Value** | **Expiration<br>Date** | **Unrealized <br>Appreciation/<br>(Depreciation)** |
|  **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** |
|  U.S. Treasury 10-Year Note Futures  | 15 | $1642890 | $1681875 | 9/19/2025 | $38985 |
|  U.S. Treasury 2-Year Note Futures  | 72 | 14916368 | 14977688 | 9/30/2025 | 61320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Long |  |  |  |  | $100305 |
|  **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** |
|  U.S. Treasury 5-Year Note Futures  | (30) | $(3243207) | $(3270000) | 9/30/2025 | $(26793) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short |  |  |  |  | $(26793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  |  | $73512 |

---

<sup>(a)</sup> Goldman Sachs & Co. is the counterparty for Open Futures Contracts held by the Fund at June 30, 2025.

The accompanying notes are an integral part of these financial statements.

 <br> 40 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN SWAPS at June 30, 2025 (Unaudited)

#### CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Rates Exchanged | Rates Exchanged | | | | |
| **Notional**<br> **Amount** | **Maturity**<br> **Date** | **Payment**<br> **Received** | **Payment**<br> **Made** | **Periodic<br>Payment<br>Frequency** | **Fair<br>Value** | **Upfront<br>Payment**<br> **Made<br>(Received)** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
| $30000000 | 5/02/2028 | 1 Day SOFR + 0.000% | 3.307% | Annually | $86216 | $225 | $85991 |
| $6300000 | 4/23/2035 | 1 Day SOFR + 0.000% | 3.849 | Annually | (86406) | 320 | (86726) |
| $10000000 | 5/02/2035 | 1 Day SOFR + 0.000% | 3.651 | Annually | 26890 | 230 | 26660 |
| $2850000 | 5/09/2040 | 1 Day SOFR + 0.000% | 3.914 | Annually | (8314) | 292 | (8606) |
|  |  |  |  |  | $18386 | $1067 | $17319 |

---

#### OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity**<br> **Date** |  | **Fixed Deal<br>(Pay) Rate** | **Implied<br>Credit<br>Spread at<br>June 30,<br>2025** | **Notional<br>Amount** | **Periodic<br>Payment<br>Frequency** | **Fair<br>Value** | **Upfront**<br> **Premiums**<br> **Received** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
|  **Buy Protection** | **Buy Protection** | **Buy Protection** | **Buy Protection** | **Buy Protection** | **Buy Protection** | **Buy Protection** | **Buy Protection** | **Buy Protection** | **Buy Protection** |
|  CDX North America High Yield Index Series 43 V1 5.000%, 12/20/2029 | 12/20/2029 | Morgan<br>Stanley & Co. | (5.000%) | 1.356% | $(230000) | Quarterly | $(34652) | $(34690) | $38 |
|  CDX North America High Yield Index Series 43 V2 5.000%, 12/20/2029 | 12/20/2029 | Morgan<br>Stanley & Co. | (5.000%) | 3.182% | (230000) | Quarterly | (16681) | (14589) | (2092) |
|  Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection |  |  |  | $(51333) | $(49279) | $(2054) |
|  Total | Total | Total | Total |  |  |  | $(51333) | $(49279) | $(2054) |

---

#### OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation** | **Maturity<br>Date** | **Counterparty** | **Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating Rate<br>Index and Spread** | **Notional<br>Amount** | **Periodic<br>Payment<br>Frequency** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation** |
|  Markit iBoxx USD Liquid Leveraged Loans Total Return Index USD | 9/20/2025 | Morgan<br>Stanley & Co. | Pays | 1 Day SOFR + 0.000% | $(650000) | Quarterly | $13498 | $– $| 13498 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 41

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at June 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Fair**<br> **Value** | **Premiums**<br> **Received** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** |
|  USD Put JPY Call | Goldman Sachs & Co. | $130.00 | 11/19/2025 | (1580000) | $(1580000) | $(7398) | $(12571) | $5173 |
| INDEX OPTIONS |  |  |  |  |  |  |  |  |
|  **Call** |  |  |  |  |  |  |  |  |
|  CBOE Volatility Index | Goldman Sachs & Co. | 30.00 | 7/16/2025 | (601) | (1005473) | (16227) | (67312) | 51085 |
|  CBOE Volatility Index | Goldman Sachs & Co. | 40.00 | 8/20/2025 | (349) | (583877) | (19544) | (34202) | 14658 |
|  **Put** |  |  |  |  |  |  |  |  |
|  S&P 500 Index | UBS Securities LLC | 5830.00 | 7/11/2025 | (5) | (3102475) | (1210) | (23970) | 22760 |
|  S&P 500 Index | UBS Securities LLC | 5850.00 | 7/11/2025 | (4) | (2481980) | (1112) | (18336) | 17224 |
|  S&P 500 Index | UBS Securities LLC | 5870.00 | 7/11/2025 | (1) | (620495) | (340) | (4719) | 4379 |
|  S&P 500 Index | UBS Securities LLC | 5970.00 | 7/11/2025 | (1) | (620495) | (618) | (1699) | 1081 |
|  S&P 500 Index | UBS Securities LLC | 5815.00 | 7/18/2025 | (1) | (620495) | (735) | (5279) | 4544 |
|  S&P 500 Index | UBS Securities LLC | 5865.00 | 7/18/2025 | (3) | (1861485) | (2685) | (16197) | 13512 |
|  S&P 500 Index | UBS Securities LLC | 5870.00 | 7/18/2025 | (4) | (2481980) | (3508) | (22836) | 19328 |
|  S&P 500 Index | UBS Securities LLC | 5875.00 | 7/18/2025 | (8) | (4963960) | (7320) | (49362) | 42042 |
|  S&P 500 Index | UBS Securities LLC | 5920.00 | 7/18/2025 | (4) | (2481980) | (5316) | (13646) | 8330 |
|  S&P 500 Index | UBS Securities LLC | 5920.00 | 7/25/2025 | (20) | (12409900) | (40000) | (87109) | 47109 |
|  S&P 500 Index | UBS Securities LLC | 5920.00 | 8/1/2025 | (7) | (4343465) | (21224) | (36883) | 15659 |
|  S&P 500 Index | UBS Securities LLC | 5970.00 | 8/1/2025 | (7) | (4343465) | (28252) | (35133) | 6881 |
|  S&P 500 Index | UBS Securities LLC | 5980.00 | 8/1/2025 | (4) | (2481980) | (15940) | (22186) | 6246 |
|  S&P 500 Index | UBS Securities LLC | 6010.00 | 8/1/2025 | (2) | (1240990) | (9440) | (9438) | (2) |
|  S&P 500 Index | UBS Securities LLC | 6010.00 | 8/8/2025 | (9) | (5584455) | (48060) | (50300) | 2240 |
|  Total | Total |  |  |  |  | (221531) | (498607) | 277076 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 42 Litman Gregory Funds Trust

------

### iMGP High Income Fund

#### SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at June 30, 2025 (Unaudited) (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/<br>Receive**<br> **Floating<br>rate** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Fair**<br> **Value** | **Premiums**<br> **Received** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
|  **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** |
|  GBP - 1 D Sterling Overnight Index Average (SONIA) strike @3.00%, terminating 8/19/26 | Morgan Stanley & Co. | Receive | 8/19/2026 | (1200000) | $(1200000) | $(4181) | $(4526) | $345 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.00%, terminating 2/13/26 | BNP Paribas SA | Receive | 2/13/2026 | (3595000) | (3595000) | (18090) | (19916) | 1826 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.00%, terminating 2/13/26 | BNP Paribas SA | Receive | 2/13/2026 | (3595000) | (3595000) | (18090) | (19862) | 1772 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.00%, terminating 2/13/26 | Toronto-Dominion Bank | Receive | 2/13/2026 | (3595000) | (3595000) | (18090) | (19952) | 1862 |
|  **Put** |  |  |  |  |  |  |  |  |
|  GBP - 1 D Sterling Overnight Index Average (SONIA) strike @4.50%, terminating 8/19/26 | Morgan Stanley & Co. | Pay | 8/19/2026 | (1200000) | (1200000) | (3416) | (7693) | 4277 |
|  Total | Total | Total |  |  |  | (61867) | (71949) | 10082 |
|  Total Written Options | Total Written Options | Total Written Options |  |  |  | $(290796) | $(583127) | $292331 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 43

------

### iMGP Dolan McEniry Corporate Bond Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS: 95.3%**  | **CORPORATE BONDS: 95.3%**  | **CORPORATE BONDS: 95.3%**  |
| **Basic Materials: 3.5%** | **Basic Materials: 3.5%** | **Basic Materials: 3.5%** |
|  | Olin Corp. |  |
| $8188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/01/2029 | $8126827 |
|  | Steel Dynamics, Inc. |  |
| 6743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/2026 | 6737196 |
|  |  | 14864023 |
| **Communications: 8.9%** | **Communications: 8.9%** | **Communications: 8.9%** |
|  | AT&T, Inc. |  |
| 8731000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 12/01/2033 | 7313294 |
|  | Expedia Group, Inc. |  |
| 7223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/2027 | 7256179 |
|  | Motorola Solutions, Inc. |  |
| 7955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/01/2032 | 8293039 |
|  | Sirius XM Radio LLC |  |
| 7767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/2029<sup>(a)</sup> | 7733124 |
|  | Verizon Communications, Inc. |  |
| 7564000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 09/21/2028 | 7596159 |
|  |  | 38191795 |
| **Consumer, Cyclical: 18.2%** | **Consumer, Cyclical: 18.2%** | **Consumer, Cyclical: 18.2%** |
|  | Bath & Body Works, Inc. |  |
| 7364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/01/2030<sup>(a)</sup> | 7599471 |
|  | Bloomin' Brands, Inc./OSI Restaurant Partners LLC |  |
| 10806000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/15/2029<sup>(a)(b)</sup> | 10027195 |
|  | Dick's Sporting Goods, Inc. |  |
| 8113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 01/15/2032<sup>(b)</sup> | 7275855 |
|  | Genuine Parts Co. |  |
| 6789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/2028 | 7211749 |
|  | LKQ Corp. |  |
| 7810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/15/2033 | 8242837 |
|  | Lowe's Cos., Inc. |  |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/05/2029 | 7814655 |
|  | Marriott International, Inc. |  |
| 8110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/2030 | 8131425 |
|  | RB Global Holdings, Inc. |  |
| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/15/2028<sup>(a)</sup> | 5135435 |
|  | Somnigroup International, Inc. |  |
| 8491000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/15/2029<sup>(a)</sup> | 8129197 |
|  | Yum! Brands, Inc. |  |
| 7936000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/01/2032 | 7949658 |
|  |  | 77517477 |
| **Consumer, Non-cyclical: 22.6%** | **Consumer, Non-cyclical: 22.6%** | **Consumer, Non-cyclical: 22.6%** |
|  | Altria Group, Inc. |  |
| 7693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2033 | 8613663 |
|  | BAT Capital Corp. |  |
| 7422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.421%, 08/02/2033 | 8063313 |
|  | Block Financial LLC |  |
| 7843000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/15/2028 | 7388590 |
| 601000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2030 | 570688 |
|  | Conagra Brands, Inc. |  |
| 7192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/01/2028 | 7264919 |
|  | DaVita, Inc. |  |
| 8153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2030<sup>(a)</sup> | 7821852 |
| 1727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 07/15/2033<sup>(a)</sup> | 1787738 |
|  | Global Payments, Inc. |  |
| 8351000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 08/15/2032 | 8523873 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | HCA, Inc. |  |  |
| $7091000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/01/2026 | $| 7127344 |
|  | IQVIA, Inc. |  |  |
| 8187000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/2032<sup>(a)</sup> |  | 8415492 |
|  | Molson Coors Beverage Co. |  |  |
| 7435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/15/2026 |  | 7325760 |
|  | Philip Morris International, Inc. |  |  |
| 7024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2033 |  | 7260420 |
|  | Quanta Services, Inc. |  |  |
| 9677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/2030 |  | 8923063 |
|  | Tenet Healthcare Corp. |  |  |
| 7638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/01/2028 |  | 7652268 |
|  |  |  | 96738983 |
| **Financial: 7.8%** | **Financial: 7.8%** | **Financial: 7.8%** | **Financial: 7.8%** |
|  | American Tower Corp. |  |  |
| 7356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/2026 |  | 7263616 |
|  | Brown & Brown, Inc. |  |  |
| 8636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/23/2032 |  | 8812097 |
|  | Crown Castle, Inc. |  |  |
| 6986000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 03/01/2034 |  | 7239703 |
| 1216000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/01/2034 |  | 1205223 |
|  | Willis North America, Inc. |  |  |
| 8555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 05/15/2033 |  | 8773966 |
|  |  |  | 33294605 |
| **Industrial: 19.9%** | **Industrial: 19.9%** | **Industrial: 19.9%** | **Industrial: 19.9%** |
|  | Allegion U.S. Holding Co., Inc. |  |  |
| 8038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.411%, 07/01/2032 |  | 8290924 |
|  | Berry Global, Inc. |  |  |
| 7115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/15/2026<sup>(a)</sup> |  | 7112237 |
|  | Carlisle Cos., Inc. |  |  |
| 7392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/01/2027 |  | 7289236 |
|  | Eagle Materials, Inc. |  |  |
| 8271000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/2031 |  | 7337172 |
|  | Flex Ltd. |  |  |
| 7333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/12/2030 |  | 7362484 |
| 1243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/15/2032 |  | 1256728 |
|  | Fortune Brands Innovations, Inc. |  |  |
| 5173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/2033 |  | 5434042 |
|  | Sealed Air Corp. |  |  |
| 8623000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/2032<sup>(a)(b)</sup> |  | 8944655 |
|  | Teledyne Technologies, Inc. |  |  |
| 9487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/01/2031 |  | 8605438 |
|  | TransDigm, Inc. |  |  |
| 7482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2030<sup>(a)</sup> |  | 7776200 |
|  | Trimble, Inc. |  |  |
| 7881000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 03/15/2033 |  | 8375471 |
|  | Westinghouse Air Brake Technologies Corp. |  |  |
| 7282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 09/15/2028 |  | 7324775 |
|  |  |  | 85109362 |
| **Technology: 14.4%** | **Technology: 14.4%** | **Technology: 14.4%** | **Technology: 14.4%** |
|  | Broadcom, Inc. |  |  |
| 2808000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.459%, 09/15/2026 |  | 2782471 |
| 3617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/15/2030 |  | 3560175 |
| 1617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/2032 |  | 1569332 |
|  | CA, Inc. |  |  |
| 231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 03/15/2027 |  | 230192 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 44 Litman Gregory Funds Trust

------

### iMGP Dolan McEniry Corporate Bond Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
|  | CDW LLC/CDW Finance Corp. |  |
| $9412000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.569%, 12/01/2031 | $8661978 |
|  | Fiserv, Inc. |  |
| 4328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/2029 | 4169347 |
|  | HP, Inc. |  |
| 7613000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/2033 | 7775327 |
|  | Microchip Technology, Inc. |  |
| 7211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/01/2025 | 7202947 |
|  | NetApp, Inc. |  |
| 8322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 03/17/2035 | 8548380 |
|  | Oracle Corp. |  |
| 9049000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/01/2030 | 8443841 |
|  | Qorvo, Inc. |  |
| 8673000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/2029 | 8420972 |
|  |  | 61364962 |
| **TOTAL CORPORATE BONDS**<br>(Cost $400,884,605) | **TOTAL CORPORATE BONDS**<br>(Cost $400,884,605) | 407081207 |
| **GOVERNMENT SECURITIES & AGENCY ISSUE: 1.8%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 1.8%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 1.8%**  |
|  | U.S. Treasury Notes |  |
| 7514000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/2027 | 7549222 |
| **TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE**<br>(Cost $7,508,915) | **TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE**<br>(Cost $7,508,915) | 7549222 |
| **Shares** |  |  |
| **SHORT-TERM INVESTMENTS: 2.1%**  | **SHORT-TERM INVESTMENTS: 2.1%**  | **SHORT-TERM INVESTMENTS: 2.1%**  |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 2.1%**  | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 2.1%**  | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 2.1%**  |
| 9140842 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.350%<sup>(c)(d)</sup> | 9140842 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $9,140,842) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $9,140,842) | 9140842 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $9,140,842) | **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $9,140,842) | 9140842 |
| **TOTAL INVESTMENTS**<br>(Cost: $417,534,362): 99.2%  | **TOTAL INVESTMENTS**<br>(Cost: $417,534,362): 99.2%  | 423771271 |
| Other Assets in Excess of Liabilities: 0.8% | Other Assets in Excess of Liabilities: 0.8% | 3619942 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**427391213** |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| ^ | The principal amount is stated in U.S. Dollars unless otherwise indicated.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security, or portion thereof, is out on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate disclosed is the 7 day net yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents security purchased with cash collateral received for securities on loan.

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 45

------

### iMGP APA Enhanced Income Municipal Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MUNICIPAL BONDS: 99.4%**  | **MUNICIPAL BONDS: 99.4%**  | **MUNICIPAL BONDS: 99.4%**  |
| **Alabama: 1.9%** | **Alabama: 1.9%** | **Alabama: 1.9%** |
|  | Auburn University |  |
| $50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>4.000%, 06/01/2035 | $49877 |
|  | Health Care Authority of the City of Huntsville |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1 <br>5.000%, 06/01/2035 | 10519 |
|  | Lower Alabama Gas District |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 09/01/2029 | 261704 |
|  |  | 322100 |
| **California: 3.2%** | **California: 3.2%** | **California: 3.2%** |
|  | California State Public Works Board |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 04/01/2043 | 106002 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 04/01/2044 | 105603 |
|  | Los Angeles Department of Water & Power |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 07/01/2039 | 50521 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 07/01/2043 | 154980 |
|  | Los Angeles Department of Water & Power Water System Revenue |  |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 07/01/2035 | 115392 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 07/01/2043 | 15463 |
|  |  | 547961 |
| **Colorado: 1.2%** | **Colorado: 1.2%** | **Colorado: 1.2%** |
|  | Colorado Health Facilities Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 <br>5.000%, 08/01/2044 | 197211 |
| **Connecticut: 0.7%** | **Connecticut: 0.7%** | **Connecticut: 0.7%** |
|  | Connecticut State Health & Educational Facilities Authority |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K <br>5.000%, 07/01/2030 | 81406 |
|  | South Central Connecticut Regional Water Authority |  |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 <br>3.000%, 08/01/2034 | 42291 |
|  |  | 123697 |
| **Florida: 16.6%** | **Florida: 16.6%** | **Florida: 16.6%** |
|  | Alachua County Health Facilities Authority |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 12/01/2044 | 49996 |
|  | Florida Municipal Loan Council |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG), Series D <br>5.000%, 10/01/2049 | 207270 |
|  | Greater Orlando Aviation Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 10/01/2042 | 500147 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
|  | Miami-Dade County Educational Facilities Authority |  |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.250%, 04/01/2043 | $| 207531 |
|  | North Broward Hospital District |  |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 01/01/2048 |  | 123483 |
|  | Orange County Health Facilities Authority |  |  |
| 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 10/01/2039 |  | 215140 |
|  | Palm Beach County Health Facilities Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/2032 |  | 203250 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B <br>5.000%, 11/15/2042 |  | 501234 |
|  | St. Johns County School Board |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG), Series A <br>5.500%, 07/01/2049 |  | 104780 |
|  | UCF Stadium Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 03/01/2041 |  | 206249 |
|  | Volusia County Educational Facility Authority |  |  |
| 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/2054 |  | 393283 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 10/15/2049 |  | 99419 |
|  |  |  | 2811782 |
| **Georgia: 3.9%** | **Georgia: 3.9%** | **Georgia: 3.9%** | **Georgia: 3.9%** |
|  | Dalton Whitfield County Joint Development Authority |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/15/2048 |  | 87952 |
|  | Main Street Natural Gas, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E <br>5.000%, 12/01/2032 |  | 213365 |
|  | Municipal Electric Authority of Georgia |  |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2037 |  | 362351 |
|  |  |  | 663668 |
| **Illinois: 3.0%** | **Illinois: 3.0%** | **Illinois: 3.0%** | **Illinois: 3.0%** |
|  | Chicago Transit Authority Sales Tax Receipts Fund |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 12/01/2045 |  | 200884 |
|  | Illinois Finance Authority |  |  |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 08/15/2036 |  | 111745 |
|  | State of Illinois |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/2033 |  | 197341 |
|  |  |  | 509970 |
| **Indiana: 4.0%** | **Indiana: 4.0%** | **Indiana: 4.0%** | **Indiana: 4.0%** |
|  | Concord Community Schools Building Corp. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ST INTERCEPT) <br>5.000%, 01/15/2044 |  | 260706 |
|  | Town of Upland |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/2037 |  | 196399 |
|  | Westfield-Washington Multi-School Building Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BAM), Series A <br>5.250%, 07/15/2043 |  | 210865 |
|  |  |  | 667970 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 46 Litman Gregory Funds Trust

------

### iMGP APA Enhanced Income Municipal Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** |  |
| **Kansas: 1.2%** | **Kansas: 1.2%** | **Kansas: 1.2%** |
|  | Sedgwick County Unified School District No. 262 Valley Center |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>5.000%, 09/01/2042 | $206490 |
| **Louisiana: 2.7%** | **Louisiana: 2.7%** | **Louisiana: 2.7%** |
|  | Louisiana Public Facilities Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 04/01/2045 | 202650 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 07/01/2047 | 246475 |
|  |  | 449125 |
| **Massachusetts: 5.9%** | **Massachusetts: 5.9%** | **Massachusetts: 5.9%** |
|  | Massachusetts Development Finance Agency |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/2027 | 256637 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/01/2038 | 269413 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2040 | 55289 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F <br>4.000%, 07/01/2043 | 43672 |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I <br>5.000%, 07/01/2025 | 195000 |
|  | Massachusetts Housing Finance Agency |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA/FNMA/FHLMC), Series 224 <br>4.350%, 12/01/2042 | 169357 |
|  |  | 989368 |
| **Michigan: 5.7%** | **Michigan: 5.7%** | **Michigan: 5.7%** |
|  | Great Lakes Water Authority Water Supply System Revenue |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C <br>5.000%, 07/01/2042 | 524578 |
|  | Michigan Finance Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/2041 | 200080 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-MI <br>5.000%, 12/01/2045 | 245885 |
|  |  | 970543 |
| **New Hampshire: 1.1%** | **New Hampshire: 1.1%** | **New Hampshire: 1.1%** |
|  | New Hampshire Health & Education Facilities Authority Act |  |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/2040 | 190627 |
| **New Jersey: 1.2%** | **New Jersey: 1.2%** | **New Jersey: 1.2%** |
|  | Tobacco Settlement Financing Corp. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 06/01/2046 | 198965 |
| **New York: 7.5%** | **New York: 7.5%** | **New York: 7.5%** |
|  | Metropolitan Transportation Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A <br>5.000%, 11/15/2044 | 253686 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A <br>5.250%, 11/15/2045 | 310060 |
|  | New York State Dormitory Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>5.000%, 07/01/2051 | 500070 |
|  | Westchester County Local Development Corp. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2042 | 200097 |
|  |  | 1263913 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Ohio: 4.5%** | **Ohio: 4.5%** | **Ohio: 4.5%** |
|  | Buckeye Tobacco Settlement Financing Authority |  |
| $135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2-CLASS 1 <br>5.000%, 06/01/2035 | $139203 |
|  | Columbus Metropolitan Housing Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/2034 | 297850 |
|  | Columbus Regional Airport Authority |  |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 01/01/2043 | 187161 |
|  | Ohio Housing Finance Agency |  |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA/FNMA/FHLMC), Series C <br>4.100%, 09/01/2039 | 137009 |
|  |  | 761223 |
| **Pennsylvania: 6.9%** | **Pennsylvania: 6.9%** | **Pennsylvania: 6.9%** |
|  | Allegheny County Higher Education Building Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/2042 | 205288 |
|  | Allentown City School District |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG ST AID WITHHLDG) <br>5.000%, 06/01/2038 | 265562 |
|  | City of Lancaster |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM) <br>4.000%, 11/01/2038 | 98205 |
|  | Montgomery County Higher Education & Health Authority |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 09/01/2043 | 100299 |
|  | Pennsylvania Higher Educational Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/2049 | 496104 |
|  |  | 1165458 |
| **South Carolina: 2.3%** | **South Carolina: 2.3%** | **South Carolina: 2.3%** |
|  | South Carolina Jobs-Economic Development Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 05/01/2043 | 199716 |
|  | South Carolina Public Service Authority |  |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 12/01/2037 | 195172 |
|  |  | 394888 |
| **Texas: 17.2%** | **Texas: 17.2%** | **Texas: 17.2%** |
|  | Arlington Higher Education Finance Corp. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (PSF-GTD), Series A <br>4.250%, 12/01/2048 | 182611 |
|  | Brownsboro Independent School District |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>5.000%, 08/15/2041 | 204383 |
|  | City of Bryan Waterworks & Sewer Revenue |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/2041 | 237768 |
|  | City of Odessa |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/2033 | 486799 |
|  | FW Texas Street Public Facility Corp. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/2038 | 248665 |
|  | Harmony Independent School District |  |
| 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (PSF-GTD) <br>7.125%, 02/15/2038 | 417196 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 47

------

### iMGP APA Enhanced Income Municipal Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** |  |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
|  | Harris County Hospital District |  |
| $325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/2042 | $291128 |
|  | Huffman Independent School District |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (PSF-GTD) <br>5.250%, 02/15/2049 | 31253 |
|  | Midland County Hospital District |  |
| 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BAM), Series A <br>4.125%, 05/15/2049 | 377494 |
|  | Northwest Williamson County Municipal Utility District No. 2 |  |
| 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>4.000%, 08/15/2044 | 303202 |
|  | Texas Department of Housing & Community Affairs |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA), Series B <br>4.400%, 07/01/2038 | 134698 |
|  |  | 2915197 |
| **Vermont: 2.1%** | **Vermont: 2.1%** | **Vermont: 2.1%** |
|  | Vermont Educational & Health Buildings Financing Agency |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seies B <br>5.000%, 12/01/2039 | 350370 |
| **Virginia: 1.0%** | **Virginia: 1.0%** | **Virginia: 1.0%** |
|  | Virginia College Building Authority |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/2031 | 175635 |
| **Washington: 5.6%** | **Washington: 5.6%** | **Washington: 5.6%** |
|  | City of Seattle Municipal Light & Power Revenue |  |
| 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2044 | 340412 |
|  | Pend Oreille County Public Utility District No. 1 Box Canyon |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/2039 | 101327 |
|  | Washington Health Care Facilities Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 08/15/2030 | 500147 |
|  |  | 941886 |
| **TOTAL MUNICIPAL BONDS**<br>(Cost $17,107,737) | **TOTAL MUNICIPAL BONDS**<br>(Cost $17,107,737) | 16818047 |
| **TOTAL INVESTMENTS**<br>(Cost: $17,107,737): 99.4%  | **TOTAL INVESTMENTS**<br>(Cost: $17,107,737): 99.4%  | 16818047 |
| Other Assets in Excess of Liabilities: 0.6% | Other Assets in Excess of Liabilities: 0.6% | 107988 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**16926035** |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| ^ | The principal amount is stated in U.S. Dollars unless otherwise indicated.  |

---

The accompanying notes are an integral part of these financial statements.

 <br> 48 Litman Gregory Funds Trust

------

### iMGP DBi Managed Futures Strategy ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 98.2%** | **SHORT-TERM INVESTMENTS: 98.2%** | **SHORT-TERM INVESTMENTS: 98.2%** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 17.0%**  | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 17.0%**  | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 17.0%**  |
| 199004490 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.350%<sup>(a)(b)</sup> | $199004490 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $199,004,490) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $199,004,490) | 199004490 |
| **Principal<br>Amount^** |  |  |
| **REPURCHASE AGREEMENTS: 1.5%**  | **REPURCHASE AGREEMENTS: 1.5%**  | **REPURCHASE AGREEMENTS: 1.5%**  |
| $17552000 | Fixed Income Clearing Corp. 1.360%, 6/30/2025, due 07/01/2025 [collateral: par value $17,864,600, U.S. Treasury Note, 3.375%, due 09/15/2027, value $17,904,877] (proceeds $17,552,663) | 17552000 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $17,552,000) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $17,552,000) | 17552000 |
| **TREASURY BILLS: 79.7%**  | **TREASURY BILLS: 79.7%**  | **TREASURY BILLS: 79.7%**  |
|  | U.S. Treasury Bills |  |
| 1890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.156%, 08/14/2025<sup>(c)(d)(e)</sup> | 1880072 |
| 14150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.224%, 08/19/2025<sup>(c)(d)(e)</sup> | 14066987 |
| 45880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.166%, 08/21/2025<sup>(c)(d)(e)</sup> | 45603015 |
| 37240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.185%, 08/26/2025<sup>(c)(d)(e)</sup> | 36993233 |
| 1890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.154%, 08/28/2025<sup>(c)(d)(e)</sup> | 1876846 |
| 14210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.155%, 09/02/2025<sup>(c)(d)(e)</sup> | 14104309 |
| 28180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 09/04/2025<sup>(c)(d)(e)</sup> | 27964685 |
| 249620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.183%, 09/09/2025<sup>(c)(d)(e)(f)</sup> | 247560896 |
| 214010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.161%, 09/16/2025<sup>(c)(e)(f)</sup> | 212080611 |
| 161490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.143%, 09/18/2025<sup>(c)(e)</sup> | 160003372 |
| 11890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.122%, 10/30/2025<sup>(c)(e)</sup> | 11723002 |
| 163290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.212%, 11/20/2025<sup>(c)(e)</sup> | 160558299 |
| **TOTAL TREASURY BILLS**<br>(Cost $934,419,182) | **TOTAL TREASURY BILLS**<br>(Cost $934,419,182) | 934415327 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,150,975,672) | **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,150,975,672) | 1150971817 |
| **TOTAL INVESTMENTS**<br>(Cost: $1,150,975,672): 98.2%  | **TOTAL INVESTMENTS**<br>(Cost: $1,150,975,672): 98.2%  | 1150971817 |
| Other Assets in Excess of Liabilities: 1.8% | Other Assets in Excess of Liabilities: 1.8% | 21516578 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**1172488395** |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| ^ | The principal amount is stated in U.S. Dollars unless otherwise indicated.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate disclosed is the 7 day net yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of this security is held by the iMGP DBi Cayman Managed Futures Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Security, or portion thereof, is out on loan.

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 49

------

### iMGP DBi Managed Futures Strategy ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at June 30, 2025 (Unaudited) (a)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional Amount** | **Notional Value** | **Expiration<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** |
|  WTI Crude Futures <sup>(b)</sup> | 626 | $44979259 | $39970100 | 8/20/2025 | $(5009159) |
|  S&P 500 E-Mini Index Futures  | 331 | 100682193 | 103499562 | 9/19/2025 | 2817369 |
|  MSCI Emerging Market Index  | 1065 | 64089775 | 65683875 | 9/19/2025 | 1594100 |
|  MSCI EAFE Index Futures  | 638 | 84579002 | 85546230 | 9/19/2025 | 967228 |
|  Gold 100 Oz Futures <sup>(b)</sup> | 93 | 30908495 | 30761610 | 8/27/2025 | (146885) |
|  Euro FX Currency Futures  | 2954 | 431891887 | 437044300 | 9/15/2025 | 5152413 |
|  U.S. Treasury 10-Year Note Futures  | 1987 | 219188094 | 222792375 | 9/19/2025 | 3604281 |
|  U.S. Treasury 2-Year Note Futures  | 4748 | 983431880 | 987695284 | 9/30/2025 | 4263404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Long |  |  |  |  | $13242751 |
|  **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** |
|  Japanese Yen Currency Futures  | (282) | $(24470402) | $(24655612) | 9/15/2025 | $(185210) |
|  U.S. Treasury Long Bond Futures  | (1041) | (117771203) | (120202969) | 9/19/2025 | (2431766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short |  |  |  |  | $(2616976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  |  | $10625775 |

---

<sup>(a)</sup> Goldman Sachs & Co. and Societe Generale are the counterparties for all Open Futures Contracts held by the Fund and the iMGP DBi Cayman Managed Futures Subsidiary at June 30, 2025.

<sup>(b)</sup> Contract held by the iMGP DBi Cayman Managed Futures Subsidiary.

The accompanying notes are an integral part of these financial statements.

 <br> 50 Litman Gregory Funds Trust

------

### iMGP Berkshire Dividend Growth ETF

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 99.2%**  | **COMMON STOCKS: 99.2%**  | **COMMON STOCKS: 99.2%**  |
| **Consumer Discretionary: 7.0%** | **Consumer Discretionary: 7.0%** | **Consumer Discretionary: 7.0%** |
| 1685 | Lennar Corp. - Class A | $186378 |
| 870 | Lowe's Cos., Inc. | 193027 |
| 783 | McDonald's Corp. | 228769 |
|  |  | 608174 |
| **Consumer Staples: 12.2%** | **Consumer Staples: 12.2%** | **Consumer Staples: 12.2%** |
| 1595 | General Mills, Inc. | 82637 |
| 780 | Hershey Co. | 129441 |
| 2755 | Mondelez International, Inc. - Class A | 185797 |
| 1850 | Nestle SA - ADR | 183742 |
| 928 | PepsiCo, Inc. | 122533 |
| 957 | Procter & Gamble Co. | 152469 |
| 2066 | Walmart, Inc. | 202014 |
|  |  | 1058633 |
| **Energy: 7.7%** | **Energy: 7.7%** | **Energy: 7.7%** |
| 2265 | Chevron Corp. | 324325 |
| 986 | EOG Resources, Inc. | 117936 |
| 7888 | Kinder Morgan, Inc. | 231907 |
|  |  | 674168 |
| **Financials: 17.5%** | **Financials: 17.5%** | **Financials: 17.5%** |
| 6304 | Bank of America Corp. | 298305 |
| 2264 | Charles Schwab Corp. | 206568 |
| 725 | Chubb Ltd. | 210047 |
| 1381 | JPMorgan Chase & Co. | 400366 |
| 1175 | M&T Bank Corp. | 227938 |
| 988 | PNC Financial Services Group, Inc. | 184183 |
|  |  | 1527407 |
| **Health Care: 9.4%** | **Health Care: 9.4%** | **Health Care: 9.4%** |
| 1392 | Abbott Laboratories | 189326 |
| 1798 | AbbVie, Inc. | 333745 |
| 3074 | Bristol-Myers Squibb Co. | 142295 |
| 1015 | Johnson & Johnson | 155041 |
|  |  | 820407 |
| **Industrials: 19.0%** | **Industrials: 19.0%** | **Industrials: 19.0%** |
| 2509 | A.O. Smith Corp. | 164515 |
| 377 | Deere & Co. | 191701 |
| 1798 | Emerson Electric Co. | 239727 |
| 1128 | Honeywell International, Inc. | 262689 |
| 551 | Lockheed Martin Corp. | 255190 |
| 1002 | Norfolk Southern Corp. | 256482 |
| 1247 | Waste Management, Inc. | 285339 |
|  |  | 1655643 |
| **Information Technology: 19.0%** | **Information Technology: 19.0%** | **Information Technology: 19.0%** |
| 1482 | Apple, Inc. | 304062 |
| 4408 | Cisco Systems, Inc. | 305827 |
| 1663 | Dell Technologies, Inc. - Class C | 203884 |
| 796 | Microsoft Corp. | 395938 |
| 1612 | QUALCOMM, Inc. | 256727 |
| 1131 | TE Connectivity PLC | 190766 |
|  |  | 1657204 |
| **Materials: 3.1%** | **Materials: 3.1%** | **Materials: 3.1%** |
| 2074 | Nucor Corp. | 268666 |
| **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** |
| 1856 | WP Carey, Inc. - REIT | 115777 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Utilities: 3.0%** | **Utilities: 3.0%** | **Utilities: 3.0%** |
| 7627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | $258479 |
| **TOTAL COMMON STOCKS**<br>(Cost $7,927,876) | **TOTAL COMMON STOCKS**<br>(Cost $7,927,876) | 8644558 |
| **TOTAL INVESTMENTS**<br>(Cost: $7,927,876): 99.2%  | **TOTAL INVESTMENTS**<br>(Cost: $7,927,876): 99.2%  | 8644558 |
| Other Assets in Excess of Liabilities: 0.8% | Other Assets in Excess of Liabilities: 0.8% | 71934 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**8716492** |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 51

------

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2025 – (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global Select<br>Fund** | **International<br>Fund** | **Small<br>Company<br>Fund** |
|  **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at cost | $76125131 | $137323888 | $35580016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at cost | 1730338 | 1625252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at cost | $77855469 | $138949140 | $35580016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value<sup>1</sup> | $92379811 | $164684813 | $39250124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at value | 1730338 | 1625252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at value | $94110149 | $166310065 | $39250124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 26544 | 47602 | 1160706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, denominated in foreign currency<br>(cost of $447,205, $874,423 and $0, respectively) | 463306 | 883977 |  |
|  **Receivables:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 107279 | 1362487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold |  | 585817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 17502 | 221646 | 18631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  |  | 10160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Receivables |  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 6037 | 7209 | 16394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 94730817 | 169418830 | 40456015 |
|  **LIABILITIES:** |  |  |  |
|  **Payables:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 44093 | 143633 | 18213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased |  | 499623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for cash collateral from securities loaned (See Note 2) | 272826 | 89740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 48836 | 48584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | 94 | 7324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 5181 | 9131 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest |  |  | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 6429 | 6429 | 6429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 61715 | 98061 | 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 439174 | 902525 | 35025 |
|  **NET ASSETS** | $94291643 | $168516305 | $40420990 |
|  **Institutional Class:** |  |  |  |
|  Net Assets | $94291643 | $168516305 | $40420990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value) | 7869602 | 8078409 | 2970680 |
|  **Net asset value, offering price and redemption price per share** | $11.98 | $20.86 | $13.61 |
|  **COMPONENTS OF NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $78621798 | $156493506 | $35057633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated distributable earnings (deficit) | 15669845 | 12022799 | 5363357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $94291643 | $168516305 | $40420990 |

---

<sup>1</sup> Includes $4,684,349, $4,593,446 and $344,644 of securities on loan in Global Select Fund, International Fund and Small Company Fund, respectively. 

The accompanying notes are an integral part of these financial statements.

 <br> 52 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2025 – (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **High<br>Income<br>Fund** | **Dolan<br>McEniry<br>Corporate<br>Bond Fund** | **APA Enhanced<br>Income<br>Municipal<br>Fund** |
|  **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at cost | $478785658 | $417534362 | $17107737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at cost | 6446000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at cost | $485231658 | $417534362 | $17107737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value<sup>1</sup> | $453118804 | $423771271 | $16818047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at value | 6446000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at value | $459564804 | $423771271 | $16818047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 8133411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, denominated in foreign currency<br>(cost of $4,260, $0 and $0, respectively) | 4608 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at brokers for futures | 4843 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at brokers for swaps | 1635399 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at brokers for securities | 586544 |  |  |
|  **Receivables:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold | 7326594 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 5807767 | 5123192 | 220495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 100911 | 603257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 276033 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory reimbursement |  | 131058 | 4567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Receivables | 346056 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin - Futures | 4687 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain on swaps | 13536 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9048 | 950 | 11303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 475680830 | 437763139 | 17054412 |
|  **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options (premium received, $583,127, $0 and $0, respectively) | 290796 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reverse repurchase agreements (proceeds, $2,209,754, $0 and $0, respectively) | 2209754 |  |  |
|  **Payables:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 314540 | 146407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased | 21214945 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for cash collateral from securities loaned (See Note 2) | 5927006 | 9140842 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1238548 | 750214 | 25546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | 84 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees |  |  | 5583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian for overdraft | 1200726 |  | 78007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 9274 | 328034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest for swap resets | 1562 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin - Centrally Cleared Swaps | 107441 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short dividend | 6200 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 6429 | 6429 | 6429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net swap premiums received | 49279 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on unfunded loan commitment | 457825 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on forward foreign currency exchange contracts | 121758 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on swaps | 2092 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 43219 |  | 12812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 33201478 | 10371926 | 128377 |
|  **Commitments and Contingencies (See Note 7)** |  |  |  |
|  **NET ASSETS** | $442479352 | $427391213 | $16926035 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Statements of Assets and Liabilities 53

------

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2025 – (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **High<br>Income<br>Fund** | **Dolan<br>McEniry<br>Corporate<br>Bond Fund** | **APA Enhanced<br>Income<br>Municipal<br>Fund** |
|  **Institutional Class:** |  |  |  |
|  Net Assets | $442479352 | $427391213 | $16926035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value) | 44379794 | 42707973 | 1717603 |
|  **Net asset value, offering price and redemption price per share** | $9.97 | $10.01 | $9.85 |
|  **COMPONENTS OF NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $479422096 | $424400670 | $17175791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated distributable earnings (deficit) | (36942744) | 2990543 | (249756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $442479352 | $427391213 | $16926035 |

---

<sup>1</sup> Includes $5,965,705 and $9,122,366 of securities on loan in High Income Fund and Dolan McEniry Corporate Bond Fund. 

The accompanying notes are an integral part of these financial statements.

 <br> 54 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2025 – (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
|  | **DBi Managed<br>Futures<br>Strategy ETF<br>(Consolidated)** | **Berkshire<br>Dividend<br>Growth<br>ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at cost | $1133423672 | $7927876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at cost | 17552000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at cost | $1150975672 | $7927876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value<sup>1</sup> | $1133419817 | $8644558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at value | 17552000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at value | $1150971817 | $8644558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 4250436 | 62565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at brokers for futures | 210189066 |  |
|  **Receivables:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4507073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 663 | 7642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory reimbursement |  | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin - Futures | 2339518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1372258573 | 8716492 |
|  **LIABILITIES:** |  |  |
|  **Payables:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 765688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for cash collateral from securities loaned (See Note 2) | 199004490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 199770178 |  |
|  **NET ASSETS** | $1172488395 | $8716492 |
|  Net Assets | $1172488395 | $8716492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value) | 45525000 | 725000 |
|  **Net asset value, offering price and redemption price per share** | $25.75 | $12.02 |
|  **COMPONENTS OF NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $1339018042 | $7854222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated distributable earnings (deficit) | (166529647) | 862270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1172488395 | $8716492 |

---

<sup>1</sup> Includes $194,973,086 of securities on loan in DBi Managed Futures Strategy ETF. 

The accompanying notes are an integral part of these financial statements.

 <br> Statements of Assets and Liabilities 55

------

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2025 – (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Global Select<br>Fund** | **International<br>Fund** | **Small<br>Company<br>Fund** |
|  **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign taxes withheld of $31,544, $310,531 and $0, respectively) | $751514 | $2173074 | $251620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 27187 | 33288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (See Note 2) | 8591 | 17726 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 787292 | 2224088 | 251741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 400088 | 732453 | 174029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 49203 | 73310 | 27193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 7262 | 23244 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 14954 | 20381 | 10455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 26314 | 42434 | 14075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 25264 | 33652 | 19376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 13955 | 10133 | 8722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 18656 | 18695 | 13097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration expense | 18924 | 20712 | 13921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6538 | 11057 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend & interest expense | 1594 | 4096 | 29155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 6429 | 6429 | 6429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 589181 | 996596 | 321619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: fees waived (see Note 3) | (128363) | (20478) | (42318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 460818 | 976118 | 279301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 326474 | 1247970 | (27560) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1579361) | 13302448 | 579430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (38032) | 72035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1617393) | 13374483 | 579430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 4250246 | 16049925 | (4099460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 56493 | 164480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 4306739 | 16214405 | (4099460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments and foreign currency transactions** | 2689346 | 29588888 | (3520030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $3015820 | $30836858 | $(3547590) |

---

The accompanying notes are an integral part of these financial statements.

 <br> 56 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2025 – (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **High<br>Income<br>Fund** | **Dolan McEniry<br>Corporate Bond<br>Fund** | **APA Enhanced<br>Income Municipal<br>Fund** |
|  **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $146529 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 8396253 | 9887833 | 332799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (See Note 2) | 21718 | 12000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 8564500 | 9899833 | 332799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 1162574 | 811868 | 36764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees - recouped (see Note 3) | 87599 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 64273 | 241248 | 18348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 30153 | 12259 | 15868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 15497 | 13175 | 12397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39110 | 87414 | 10415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 27619 | 61262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 42895 | 8840 | 11423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 15646 | 18315 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration expense | 17638 | 45511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5307 | 16525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend & interest expense | 1794 | 3933 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 6429 | 6429 | 6429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1516534 | 1326779 | 113628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: fees waived (see Note 3) | (175018) | (131058) | (65426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1341516 | 1195721 | 48202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 7222984 | 8704112 | 284597 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, excluding purchased options | (9491983) | (251087) | 54752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 5071 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 364023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (251499) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 7742 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (107854) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 779742 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8694758) | (251087) | 54752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, excluding purchased options | 17154817 | 8478878 | (301902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (97091) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment | (442057) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 392412 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (149968) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (48233) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 91327 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 24011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 16925218 | 8478878 | (301902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments, purchased options, unfunded loan commitment, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts** | 8230460 | 8227791 | (247150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $15453444 | $16931903 | $37447 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Statements of Operations 57

------

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2025 – (Unaudited) (Continued)

---

| | | |
|:---|:---|:---|
|  | **DBi Managed<br>Futures Strategy<br>ETF<br>(Consolidated)** | **Berkshire<br>Dividend Growth<br>ETF** |
|  **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign taxes withheld of $0 and $2,959, respectively) | $— | $110570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 24763320 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (See Note 2) | 8732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 24772052 | 111151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 5212355 | 24244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5212355 | 24244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5212355 | 24244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 19559697 | 86907 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (52864) | (54558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (37105228) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 208868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (37158092) | 154310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (20977) | 285310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 6325302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 6304325 | 285310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments and futures** | (30853767) | 439620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $(11294070) | $526527 |

---

The accompanying notes are an integral part of these financial statements.

 <br> 58 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Select Fund** | **Global Select Fund** | **International Fund** | **International Fund** |
|  | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Year Ended<br>December 31,<br>2024** | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $326474 | $622436 | $1247970 | $1714228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | (1617393) | 8778611 | 13374483 | 11815873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | 4306739 | (5596689) | 16214405 | (11906795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 3015820 | 3804358 | 30836858 | 1623306 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  | (6982448) |  | (1811056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (290953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (6982448) |  | (2102009) |
|  **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 392804 | 385603 | 1998076 | 12488372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 6729679 |  | 1282996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7750041) | (22907500) | (33479181) | (67041092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets from capital share transactions | (7357237) | (15792218) | (31481105) | (53269724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total decrease in net assets** | (4341417) | (18970308) | (644247) | (53748427) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 98633060 | 117603368 | 169160552 | 222908979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $94291643 | $98633060 | $168516305 | $169160552 |
|  **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** |
|  **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 33688 | 31704 | 106307 | 698930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 565519 |  | 72119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (665989) | (1861825) | (1799697) | (3649109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (632301) | (1264602) | (1693390) | (2878060) |

---

<sup>#</sup> Unaudited.

The accompanying notes are an integral part of these financial statements.

 <br> Statements of Changes in Net Assets 59

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

---

| | | |
|:---|:---|:---|
|  | **Small Company Fund** | **Small Company Fund** |
|  | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(27560) | $58596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 579430 | 9196624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (4099460) | (2228277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (3547590) | 7026943 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | (7758636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (7758636) |
|  **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3765364 | 5327186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 7624573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (9059300) | (14752276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets from capital share transactions | (5293936) | (1800517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total decrease in net assets** | (8841526) | (2532210) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 49262516 | 51794726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $40420990 | $49262516 |
|  **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** |
|  **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 273822 | 345063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  | 499317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (674903) | (950277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (401081) | (105897) |

---

<sup>#</sup> Unaudited.

The accompanying notes are an integral part of these financial statements.

 <br> 60 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Income Fund** | **High Income Fund** | **Dolan McEniry Corporate**<br>**Bond Fund** | **Dolan McEniry Corporate**<br>**Bond Fund** |
|  | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Year Ended<br>December 31,<br>2024** | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7222984 | $6967166 | $8704112 | $11373453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, purchased options, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts | (8694758) | 1224684 | (251087) | 236110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments, unfunded loan commitment, purchased options, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts | 16925218 | 1578957 | 8478878 | (1565428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 15453444 | 9770807 | 16931903 | 10044135 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7701758) | (7012938) | (8714388) | (11405926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (7701758) | (7012938) | (8714388) | (11405926) |
|  **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 38480495 | 51443260 | 114498263 | 200403612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class - proceeds in connection with merger (see Note 13) | 318986317 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 7679179 | 7011977 | 7132107 | 9406343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (69228642) | (14101916) | (52073239) | (62933637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from capital share transactions | 295917349 | 44353321 | 69557131 | 146876318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 303669035 | 47111190 | 77774646 | 145514527 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 138810317 | 91699127 | 349616567 | 204102040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $442479352 | $138810317 | $427391213 | $349616567 |
|  **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** |
|  **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 3878849 | 5240230 | 11633767 | 20374089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold - shares in connection with mergers (see Note 13) | 32710513 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | 775062 | 714483 | 720771 | 956713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (7012716) | (1433658) | (5299970) | (6387332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions | 30351708 | 4521055 | 7054568 | 14943470 |

---

<sup>#</sup> Unaudited.

The accompanying notes are an integral part of these financial statements.

 <br> Statements of Changes in Net Assets 61

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

---

| | | |
|:---|:---|:---|
|  | **APA Enhanced Income Municipal Fund** | **APA Enhanced Income Municipal Fund** |
|  | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Period Ended<br>December 31,<br>2024\*** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $284597 | $3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 54752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (301902) | 12212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 37447 | 15229 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (302432) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (302432) |  |
|  **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4295184 | 14697646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 302432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2012925) | (106546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from capital share transactions | 2584691 | 14591100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 2319706 | 14606329 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 14606329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $16926035 | $14606329 |
|  **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** |
|  **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 430756 | 1470144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | 30514 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (203159) | (10652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions | 258111 | 1459492 |

---

# Unaudited.

\* Commenced operations on December 16, 2024.

The accompanying notes are an integral part of these financial statements.

 <br> 62 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DBi Managed Futures Strategy<br>ETF (Consolidated)** | **DBi Managed Futures Strategy<br>ETF (Consolidated)** | **Berkshire Dividend Growth ETF** | **Berkshire Dividend Growth ETF** |
|  | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Year Ended<br>December 31,<br>2024** | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $19559697 | $37792884 | $86907 | $112012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures | (37158092) | (18426511) | 154310 | 3096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and futures | 6304325 | 15597358 | 285310 | 386937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (11294070) | 34963731 | 526527 | 502045 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (15819768) | (63321703) | (83000) | (128368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (15819768) | (63321703) | (83000) | (128368) |
|  **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 428742720 | 844259663 | 583768 | 7177055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | (486117118) | (243661670) | (1166230) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | (57374398) | 600597993 | (582462) | 7177055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (84488236) | 572240021 | (138935) | 7550732 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1256976631 | 684736610 | 8855427 | 1304695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1172488395 | $1256976631 | $8716492 | $8855427 |
|  **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 16475000 | 30325000 | 50000 | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (19025000) | (8825000) | (100000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | (2550000) | 21500000 | (50000) | 650000 |

---

<sup>#</sup> Unaudited.

The accompanying notes are an integral part of these financial statements.

 <br> Statements of Changes in Net Assets 63

------

iMGP Global Select Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.60 |  | $12.04 | $10.69 | $18.80 | $18.62 | $17.54 |
|  **Income from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.04 |  | 0.07 | 0.05 | (0.01) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency | 0.34 |  | 0.35 | 1.79 | (4.78) | 3.27 | 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.38 |  | 0.42 | 1.84 | (4.79) | 3.24 | 3.40 |
|  **Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.15) | (0.05) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.71) | (0.44) | (3.32) | (3.06) | (2.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.86) | (0.49) | (3.32) | (3.06) | (2.32) |
|  **Net asset value, end of period** | $11.98 |  | $11.60 | $12.04 | $10.69 | $18.80 | $18.62 |
|  Total return | 3.28 | %<sup>+</sup> | 3.33% | 17.26% | (25.52)% | 17.75% | 19.52% |
|  **Ratios/supplemental data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | $94.3 |  | $98.6 | $117.6 | $119.7 | $260.7 | $254.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 1.25 | %\*<sup>,5</sup> | 1.28%<sup>5</sup> | 1.46%<sup>4</sup> | 1.50%<sup>3</sup> | 1.29%<sup>2</sup> | 1.35%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.98 | %\*<sup>,5,6</sup> | 0.98%<sup>5,6</sup> | 1.01%<sup>4,6</sup> | 1.18%<sup>3,6</sup> | 1.16%<sup>2,6</sup> | 1.23%<sup>2,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | 0.69 | %\*<sup>,5</sup> | 0.57%<sup>5</sup> | 0.41%<sup>4</sup> | (0.06)%<sup>3</sup> | (0.13)%<sup>2</sup> | (0.29)%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 60.10 | %<sup>+</sup> | 81.79% | 55.74% | 108.86% | 27.74% | 56.91% |

---

# Unaudited.

+ Not annualized.

\* Annualized.

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> Includes Interest & Dividend expense of 0.01% of average net assets. 

<sup>3</sup> Includes Interest & Dividend expense of 0.03% of average net assets. 

<sup>4</sup> Includes Interest & Dividend expense of 0.04% of average net assets. 

<sup>5</sup> Includes Interest & Dividend expense of 0.00% of average net assets. 

<sup>6</sup> Includes the impact of the voluntary waiver of less than 0.01% of average net assets. 

The accompanying notes are an integral part of these financial statements.

 <br> 64 Litman Gregory Funds Trust

------

iMGP International Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $17.31 |  | $17.62 | $15.16 | $19.50 | $18.12 | $17.65 |
|  **Income from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.14 |  | 0.15 | 0.19 | 0.11 | 0.71<sup>2</sup> | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency | 3.41 |  | (0.25)<sup>3</sup> | 2.45 | (4.32) | 1.39 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 3.55 |  | (0.10) | 2.64 | (4.21) | 2.10 | 0.87 |
|  **Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.18) | (0.18) | (0.13) | (0.72) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.03) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.21) | (0.18) | (0.13) | (0.72) | (0.40) |
|  **Net asset value, end of period** | $20.86 |  | $17.31 | $17.62 | $15.16 | $19.50 | $18.12 |
|  Total return | 20.51 | %<sup>+</sup> | (0.57)% | 17.40% | (21.58)% | 11.75% | 5.02% |
|  **Ratios/supplemental data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | $168.5 |  | $169.2 | $222.9 | $205.6 | $339.7 | $326.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 1.22 | %\*<sup>,4</sup> | 1.23%<sup>6</sup> | 1.29%<sup>5</sup> | 1.47%<sup>4</sup> | 1.28%<sup>5</sup> | 1.39%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 1.20 | %\*<sup>,4,7</sup> | 1.18%<sup>6,7</sup> | 1.07%<sup>5,7</sup> | 1.24%<sup>4,7</sup> | 1.05%<sup>5,7</sup> | 1.15%<sup>4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.53 | %\*<sup>,4</sup> | 0.84%<sup>6</sup> | 1.15%<sup>5</sup> | 0.68%<sup>4</sup> | 3.63%<sup>2,5</sup> | 0.49%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 66.20 | %<sup>+</sup> | 43.58% | 40.55% | 42.74% | 99.91% | 59.61% |

---

# Unaudited.

+ Not annualized.

\* Annualized.

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> Include non-cash distributions amounting to $0.68 per share and 3.46% of average daily net assets. 

<sup>3</sup> The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the Fund. 

<sup>4</sup> Includes Interest & Dividend expense of 0.01% of average net assets. 

<sup>5</sup> Includes Interest & Dividend expense of 0.00% of average net assets. 

<sup>6</sup> Includes Interest & Dividend expense of 0.02% of average net assets. 

<sup>7</sup> Includes the impact of the voluntary waiver of less than 0.01% of average net assets. 

The accompanying notes are an integral part of these financial statements.

 <br> Financial Highlights 65

------

iMGP Small Company Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended<br>December 31,<br>2020\*\*** | |
|  | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **2024** | **2023** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020\*\*** | |
|  Net asset value, beginning of period | $14.61 | $14.89 | $12.87 | $14.86 | $12.71 | $10.00 |  |
|  **Income from investment operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | (0.01) | 0.02 | 0.08 | 0.01 | (0.01) | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments | (0.99) | 2.21 | 3.10 | (2.00) | 2.50 | 2.70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.00) | 2.23 | 3.18 | (1.99) | 2.49 | 2.71 |  |
|  **Less distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.04) | (0.11) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  | (2.47) | (1.05) |  | (0.34) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (2.51) | (1.16) |  | (0.34) |  |  |
|  **Net asset value, end of period** | $13.61 | $14.61 | $14.89 | $12.87 | $14.86 | $12.71 |  |
|  Total return | (6.84) | 14.29% | 24.74% | (13.39)% | 19.66% | 27.10 | %<sup>+</sup> |
|  **Ratios/supplemental data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | $40.4 | $49.3 | $51.8 | $48.7 | $65.6 | $36.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 1.48 | 1.37%<sup>3</sup> | 1.43%<sup>2</sup> | 1.68%<sup>2</sup> | 1.48%<sup>2</sup> | 2.11 | %\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 1.28 | 1.17%<sup>3,5</sup> | 1.15%<sup>2</sup> | 1.15%<sup>2</sup> | 1.15%<sup>2,5</sup> | 1.15 | %\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.13) | 0.11%<sup>3</sup> | 0.59%<sup>2</sup> | 0.11%<sup>2</sup> | (0.04)%<sup>2</sup> | 0.23 | %\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 56.29 | 148.82% | 56.46% | 35.50% | 45.15% | 27.18 | %<sup>+</sup> |

---

# Unaudited.

+ Not annualized.

\* Annualized.

\*\* Commenced operations on July 31, 2020.

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> Includes Interest & Dividend expense of 0.00% of average net assets. 

<sup>3</sup> Includes Interest & Dividend expense of 0.02% of average net assets. 

<sup>4</sup> Includes Interest & Dividend expense of 0.13% of average net assets. 

<sup>5</sup> Includes the impact of the voluntary waiver of less than 0.01% of average net assets. 

The accompanying notes are an integral part of these financial statements.

 <br> 66 Litman Gregory Funds Trust

------

iMGP High Income Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.90 | $9.65 | $9.16 | $10.27 | $10.21 | $10.06 |
|  **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.26 | 0.60 | 0.56 | 0.38 | 0.32<sup>2</sup> | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments, foreign currency, options, futures and swap contracts | 0.06 | 0.24 | 0.54 | (1.08) | 0.33 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.32 | 0.84 | 1.10 | (0.70) | 0.65 | 0.53 |
|  **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.59) | (0.61) | (0.38) | (0.34) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.03) | (0.25) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.25) | (0.59) | (0.61) | (0.41) | (0.59) | (0.38) |
|  **Net asset value, end of period** | $9.97 | $9.90 | $9.65 | $9.16 | $10.27 | $10.21 |
|  Total return | 3.41 | 8.84%<sup>3</sup> | 12.32% | (6.85)% | 6.42% | 5.62% |
|  **Ratios/supplemental data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | $442.5 | $138.8 | $91.7 | $99.8 | $106.7 | $87.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 1.11 | 1.35%<sup>7</sup> | 1.51%<sup>6</sup> | 1.41%<sup>5</sup> | 1.44%<sup>5</sup> | 1.72%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.98 | 0.98%<sup>7,8</sup> | 1.01%<sup>6,8</sup> | 0.99%<sup>5,8</sup> | 0.98%<sup>5,8</sup> | 1.00%<sup>4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.28 | 6.08%<sup>7</sup> | 5.98%<sup>6</sup> | 3.93%<sup>5</sup> | 3.11%<sup>2,5</sup> | 3.83%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 34.18 | 29.76% | 38.78% | 49.41% | 72.02% | 87.63% |

---

# Unaudited.

+ Not annualized.

\* Annualized.

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> Include non-cash distributions amounting to $0.00 per share and 0.01% of average daily net assets. 

<sup>3</sup> The total return does not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments. 

<sup>4</sup> Includes Interest & Dividend expense of 0.02% of average net assets. 

<sup>5</sup> Includes Interest & Dividend expense of 0.01% of average net assets. 

<sup>6</sup> Includes Interest & Dividend expense of 0.03% of average net assets. 

<sup>7</sup> Includes Interest & Dividend expense of 0.00% of average net assets. 

<sup>8</sup> Includes the impact of the voluntary waiver of less than 0.01% of average net assets. 

The accompanying notes are an integral part of these financial statements.

 <br> Financial Highlights 67

------

iMGP Dolan McEniry Corporate Bond Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.81 | $9.86 | $9.54 | $10.62 | $10.92 | $10.61 |
|  **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.22 | 0.42 | 0.37 | 0.20 | 0.14 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments | 0.20 | (0.05) | 0.32 | (1.05) | (0.23) | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.42 | 0.37 | 0.69 | (0.85) | (0.09) | 0.58 |
|  **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.42) | (0.37) | (0.22) | (0.15) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.22) | (0.42) | (0.37) | (0.23) | (0.21) | (0.27) |
|  **Net asset value, end of period** | $10.01 | $9.81 | $9.86 | $9.54 | $10.62 | $10.92 |
|  Total return | 4.33 | 3.87% | 7.38% | (8.08)% | (0.86)% | 5.50% |
|  **Ratios/supplemental data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $427391 | $349617 | $204102 | $95178 | $90827 | $57666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 0.69 | 0.74%<sup>3</sup> | 0.83%<sup>3</sup> | 1.02% | 0.96%<sup>2</sup> | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.62 | 0.68%<sup>3</sup> | 0.70%<sup>3</sup> | 0.70% | 0.70%<sup>2</sup> | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.50 | 4.31%<sup>3</sup> | 3.87%<sup>3</sup> | 2.01% | 1.28%<sup>2</sup> | 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 8.91 | 99.98% | 21.22% | 26.08%<sup>4</sup> | 32.65%<sup>4</sup> | 40.00%<sup>4</sup> |

---

# Unaudited.

+ Not annualized.

\* Annualized.

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> Includes Interest & Dividend expense of 0.02% of average net assets. 

<sup>3</sup> Includes Interest & Dividend expense of 0.00% of average net assets. 

<sup>4</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

The accompanying notes are an integral part of these financial statements.

 <br> 68 Litman Gregory Funds Trust

------

iMGP APA Enhanced Income Municipal Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Period Ended<br>December 31,<br>2024\*\*** |  |
|  Net asset value, beginning of period | $10.01 | $10.00 |  |
|  **Income from investment operations:** | **Income from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.17 | 0.00 | <sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments | (0.15) | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.02 | 0.01 |  |
|  **Less distributions:** | **Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.18) |  |  |
|  **Net asset value, end of period** | $9.85 | $10.01 |  |
|  Total return | 0.31 | 0.00 | %<sup>+,2</sup> |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (millions) | $16.9 | $14.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 1.39 | 5.49 | %\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.59 | 0.59 | %\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.48 | 0.69 | %\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 91.19 | 0.00 | %<sup>+</sup> |

---

# Unaudited.

+ Not annualized.

\* Annualized.

\*\* Commenced operations on December 16, 2024.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.01 per share.  |

---

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> The total return does not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments. 

<sup>3</sup> Includes Interest & Dividend expense of 0.01% of average net assets. 

The accompanying notes are an integral part of these financial statements.

 <br> Financial Highlights 69

------

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended**<br> **June 30, 2025<sup>#</sup>** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $26.15 | $25.77 | $29.05 | $25.42 | $25.58 | $25.34 |
|  **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.41 | 1.10 | 0.81 | (0.23) | (0.26) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and futures contracts | (0.46) | 0.78<sup>2</sup> | (3.34) | 6.11<sup>2</sup> | 2.78 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.05) | 1.88 | (2.53) | 5.88 | 2.52 | 0.46 |
|  **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.35) | (1.50) | (0.69) | (1.06) | (0.35) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (1.18) | (1.18) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.06) | (0.01) | (1.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.35) | (1.50) | (0.75) | (2.25) | (2.68) | (0.22) |
|  **Net asset value, end of period** | $25.75 | $26.15 | $25.77 | $29.05 | $25.42 | $25.58 |
|  **Market price, end of period** | $25.73 | $26.16 | $25.76 | $29.11 | $25.80 | $25.56 |
|  Net asset value total return | (0.14) | 7.18% | (8.72)% | 23.07% | 9.80% | 1.84% |
|  **Ratios/supplemental data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $1172488 | $1256977 | $684737 | $951319 | $60379 | $36454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 0.85 | 0.85% | 0.85% | 0.85% | 0.95%<sup>3</sup> | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.85 | 0.85% | 0.85% | 0.85% | 0.95%<sup>3</sup> | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | 3.19 | 3.94% | 2.93% | (0.73)% | (0.93)%<sup>3</sup> | (0.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

# Unaudited.

+ Not annualized.

\* Annualized.

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the Fund. 

<sup>3</sup> Includes broker interest expense of 0.10% of average net assets. 

The accompanying notes are an integral part of these financial statements.

 <br> 70 Litman Gregory Funds Trust

------

iMGP Berkshire Dividend Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>June 30, 2025<sup>#</sup>** | **Year Ended<br>December 31,<br>2024** | **Period Ended<br>December 31,<br>2023\*\*** |
|  Net asset value, beginning of period | $11.43 | $10.44 | $10.08 |
|  **Income from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.11 | 0.21 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized <br>appreciation/depreciation on investments | 0.59 | 0.97 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.70 | 1.18 | 0.46 |
|  **Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.11) | (0.17) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.11) | (0.19) | (0.10) |
|  **Net asset value, end of period** | $12.02 | $11.43 | $10.44 |
|  **Market price, end of period** | $12.04 | $11.47 | $10.44 |
|  Net asset value total return | 6.21 | 11.35% | 4.56 |
|  **Ratios/supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $8716 | $8855 | $1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 0.55 | 0.55% | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.55 | 0.55% | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 1.97 | 1.83% | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 6.97 | 4.11%<sup>3</sup> | 0.02 |

---

# Unaudited.

+ Not annualized.

\* Annualized.

\*\* Commenced operations on June 29, 2023.

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 0.02% for the period ended December 31, 2023. 

<sup>3</sup> Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 4.11% for the year ended December 31, 2024. 

<sup>4</sup> Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 14.26% for the period ended June 30, 2025. 

The accompanying notes are an integral part of these financial statements.

 <br> Financial Highlights 71

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited)

#### Note 1 – Organization
Litman Gregory Funds Trust (the "Trust") was organized as a Delaware business trust on August 1, 1996, and is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. Effective August 1, 2011, The Masters' Select Funds Trust changed its name to the Litman Gregory Funds Trust. The Trust consists of twelve separate series. The eight series that are included in this report are: iMGP Global Select Fund, iMGP International Fund, iMGP Small Company Fund, iMGP High Income Fund, iMGP Dolan McEniry Corporate Bond Fund, iMGP APA Enhanced Income Municipal Fund, iMGP DBi Managed Futures Strategy ETF, and iMGP Berkshire Dividend Growth ETF (collectively the "Funds"). Each Fund is diversified.

iMGP Global Select Fund ("Global Select Fund") seeks to increase the value of an investment in the Fund over the long-term by using the combined talents and favorite stock-picking ideas of two highly regarded portfolio managers (each "Managers" or "Sub-Advisors"). The Global Select Fund offers one class of shares: Institutional Class.

iMGP International Fund ("International Fund") seeks to increase the value of an investment in the Fund over the long-term by using the combined talents and favorite stock-picking ideas of four highly regarded international portfolio managers. The International Fund offers one class of shares: Institutional Class.

iMGP Small Company Fund ("Small Company Fund") seeks long-term growth of capital; that is, the increase in the value of an investment in the Fund over the long-term by engaging an experienced, high quality portfolio manager with favorite stock-picking ideas that can deliver a portfolio that is prudently diversified in terms of stocks and industries. The Small Company Fund offers one class of shares: Institutional Class.

iMGP High Income Fund ("High Income Fund") seeks to achieve long-term returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes, by using the combined talents and favorite stock and bond market indexes-picking ideas of three highly regarded portfolio managers. A high level of current income is a secondary objective. The High Income Fund offers one class of shares: Institutional Class.

iMGP Dolan McEniry Corporate Bond Fund ("Dolan McEniry Corporate Bond Fund") seeks to provide investors with total return, with a secondary investment objective of preserving capital by investing in a diversified portfolio of corporate investment grade bonds, corporate high yield bonds, and U.S. Government and Treasury securities maturing within 10 years or less. The Dolan McEniry Corporate Bond Fund offers one class of shares: Institutional Class.

iMGP APA Enhanced Income Municipal Fund ("APA Enhanced Income Municipal Fund") seeks to provide investors with a high level of income exempt from federal income tax, with capital appreciation as a secondary investment objective. Under normal conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in U.S. dollar-denominated municipal bonds of intermediate maturities that are exempt from federal income tax. The Fund may invest up to 20% of its net assets in taxable debt securities issued or guaranteed by the U.S. Government, its agencies, corporate cusips and municipal bonds subject to the federal alternative minimum tax. The Fund may invest up to 10% of its total assets in unrated securities, and may invest up to 20% of its total assets in unrated securities and below investment grade securities (also known as "junk bonds" or "high yield securities"), but will generally invest less than 10% of its total assets in such securities. The APA Enhanced Income Municipal Fund offers one class of shares: Institutional Class.

iMGP DBi Managed Futures Strategy ETF ("DBi Managed Futures Strategy ETF") seeks long term capital appreciation. The DBi Managed Futures Strategy ETF is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its objective by: (i) investing its assets pursuant to a managed futures strategy; (ii) allocating up to 20% of its total assets in its wholly-owned subsidiary, which is organized under the laws of the Cayman Islands, is advised by the sub-advisor, and will comply with the DBi Managed Futures Strategy ETF's investment objective and investment policies; and (iii) investing directly in select debt instruments for cash management and other purposes. Shares of the Fund are listed and traded on the New York Stock Exchange Arca.

iMGP Berkshire Dividend Growth ETF ("Berkshire Dividend Growth ETF") seeks dividend income and long-term capital appreciation. The Berkshire Dividend Growth ETF is an actively-managed ETF that seeks to achieve its objective by investing at least 80% of its net assets, plus borrowings for investment purposes, in dividend-paying equity securities, with an emphasis on stocks that have a strong track record of paying dividends or that are expected to increase their dividends over time. Shares of the Fund are listed and traded on the New York Stock Exchange Arca.

#### Note 2 – Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

---

| | |
|:---|:---|
| A | *Accounting Estimates.* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.  |

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 <br> 72 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services – Investment Companies*.

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| B | *Security Valuation.* The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below. Investments in securities and derivatives traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day that the exchanges are open for trading. Securities listed on the NASDAQ Global Market, the NASDAQ Global Select Market and the NASDAQ Capital Market are valued using the NASDAQ Official Closing Price. Securities traded on an exchange for which there have been no sales are valued at the mean between the closing bid and asked prices. Debt securities maturing within 60 days or less are valued at amortized cost unless the Valuation Committee determines that amortized cost does not represent fair value. Securities for which market prices are not readily available or if a security's value has materially changed after the close of the security's primary market but before the close of trading on the New York Stock Exchange ("NYSE"), the securities are valued at fair value as determined in good faith by the Managers that selected the security for the Funds' portfolio and the Trust's Valuation Committee in accordance with procedures approved by the Board of Trustees (the "Board"). In determining fair value, the Funds take into account all relevant factors and available information. Consequently, the price of the security used by a Fund to calculate its net asset value may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments and there is no single standard for determining the fair value of a security. As a result, different mutual funds could reasonably arrive at a different value for the same security. For securities that do not trade during NYSE hours, fair value determinations are based on analyses of market movements after the close of those securities' primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. Pricing services are used to obtain closing market prices and to compute certain fair value adjustments utilizing computerized pricing models. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine.  |

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Investments in other funds are valued at their respective net asset values as determined by those funds in accordance with the 1940 Act.

The Funds are required to comply with U.S. Securities and Exchange Commission (the "SEC") regulations that govern valuation practices and the role of a fund's board with respect to the fair value of the investments of a registered investment company. Rule 2a-5 under the 1940 Act, among other things, establishes an updated regulatory framework for registered investment company fair valuation practices. The Funds' Board has designated iM Global Partner Fund Management, LLC as each Fund's valuation designee to perform fair value functions in accordance with valuation policies and procedures adopted by iM Global Partner Fund Management, LLC, subject to the Board's oversight.

Debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Funds' pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at the close of the NYSE on the date that the values of the foreign debt securities are determined. Repurchase agreements are valued at cost, which approximates fair value.

Certain derivatives trade in the over-the-counter market. The Funds' pricing services use various techniques including industry standard option pricing models and proprietary discounted cash flow models to determine the fair value of those instruments. The Funds' net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

C *Consolidation of Subsidiary.* The DBi Managed Futures Strategy ETF may invest up to 20% of its total assets in the iMGP DBi Cayman Managed Futures Subsidiary (the "Subsidiary"). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the DBi Managed Futures Strategy ETF. The financial statements of the DBi Managed Futures Strategy ETF 

 <br> Notes to Financial Statements 73

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund's investment objectives and policies. The DBi Managed Futures Strategy ETF had 17.7% of its total net assets invested in the Subsidiary as of June 30, 2025.

The Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation ("CFC") not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary's net income and capital gains, if any, will be included each year in the Fund's investment company taxable income.

D *Senior Term Loans.* The High Income Fund may invest in bank debt, which includes interests in loans to companies or their affiliates undertaken to finance a capital restructuring or in connection with recapitalizations, acquisitions, leveraged buyouts, refinancings or other financially leveraged transactions and may include loans which are designed to provide temporary or bridge financing to a borrower pending the sale of identified assets, the arrangement of longer-term loans or the issuance and sale of debt obligations. These loans, which may bear fixed or floating rates, have generally been arranged through private negotiations between a corporate borrower and one or more financial institutions ("Lenders"), including banks. The High Income Fund's investments may be in the form of participations in loans ("Participations") or of assignments of all or a portion of loans from third parties ("Assignments"). 

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| E | *Unfunded Loan Commitments.* The High Income Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments, if any, are disclosed in the Schedules of Investments in Securities.  |

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| F | *Short Sales.* Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When each Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. In addition, cash and certain investments in securities may be used to collateralize the securities sold short. Each day the securities sold short transaction is open, the liability to replace the borrowed security is marked to market and an unrealized gain or loss is recorded. While the transaction remains open, the Fund may also incur expenses for any dividends or interest which will be paid to the lender of the securities as well as a fee to borrow the delivered security. During the term of the short sale, the value of the securities pledged as collateral on short sales is required to exceed the value of the securities sold short. A gain, limited to the price at which each Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. Each Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price.  |

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| G | *Securities Lending.* The Funds may make secured loans of their portfolio securities amounting to not more than one-third of their total assets. Securities loans are required to be collateralized by cash or securities in an amount equal to the securities loaned (marked to market daily). Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the following business day. Funds participating in securities lending receive compensation for lending their securities and/or net investment income earned on the investment of cash collateral, net of fee rebates paid to the borrower and fees paid to the lending agent. Cash collateral received is invested in State Street Navigator Government Money Market Portfolio. The remaining contractual maturity of this investment is overnight and continuous. Should the borrower of the securities fail financially, each Fund has the right to repurchase the securities using the collateral in the open market. State Street Bank and Trust Company serves as the Funds' lending agent.  |

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A Fund that lends its portfolio securities bears certain risks, including the risk of delay in the recovery of loaned securities, possible impairment of the Fund's ability to vote the securities, the inability to invest proceeds from the sales of such securities and the loss of rights in the collateral should the borrower fail financially. A Fund also bears the risk that the value of investments made with collateral may decline and bears the risk of total loss with respect to the investment of collateral.

At June 30, 2025, securities on loan at value and collateral from securities on loan are listed below:

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| **Fund** | **Value of securities<br>on loan** | **Cash**<br> **Collateral** | **Non-cash Collateral** | **Total**<br> **Collateral** |
|  Global Select Fund | $4684349 | $272826 | $4517558 | $4790384 |
|  International Fund | 4593446 | 89740 | 4688528 | 4778268 |
|  Small Company Fund | 344644 |  | 349616 | 349616 |
|  High Income Fund | 5965705 | 5927006 | 154882 | 6081888 |
|  Dolan McEniry Corporate Bond Fund | 9122366 | 9140842 | 142135 | 9282977 |
|  DBi Managed Futures Strategy ETF | 194973086 | 199004490 |  | 199004490 |

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 <br> 74 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
The Trust's securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% or 105% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% or 105% due to end of day market movement. The next business day, additional collateral is obtained/received from the borrower to replenish/reestablish 102% or 105%.

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| H | *Repurchase Agreements.* Each Fund may enter into repurchase agreements through which the Fund acquires a security (the "underlying security") from a seller, a well-established securities dealer or a bank that is a member of the Federal Reserve System. The bank or securities dealer agrees to repurchase the underlying security at the same price, plus a specified amount of interest, at a later date, generally for a period of less than one week. It is the Trust's policy that its Custodian takes possession of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities, including recorded interest, is sufficient to cover the value of the repurchase agreements. The Trust's policy states that the value of the collateral is at least 102% of the value of the repurchase agreement. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by a Fund may be delayed or limited. At June 30, 2025, the Funds' ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities.  |

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I *Reverse repurchase agreements.* The High Income Fund may enter into reverse repurchase agreements with banks and brokers to enhance return. Under a reverse repurchase agreement a Fund sells portfolio assets subject to an agreement by that Fund to repurchase the same assets at an agreed upon price and date. The Fund can use the proceeds received from entering into a reverse repurchase agreement to make additional investments, which generally causes the Fund's portfolio to behave as if it were leveraged. If the buyer in a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund may be unable to recover the securities it sold and as a result may realize a loss on the transaction if the securities it sold are worth more than the purchase price it originally received from the buyer. Reverse repurchase agreements outstanding at the end of the period, if any, are shown on the Schedules of Investments in Securities. Cash received in exchange for securities transferred, if any, under reverse repurchase agreements are reflected as reverse repurchase agreements on the Statements of Assets and Liabilities. 

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| J | *Foreign Currency Translation.* The Funds' records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when each Fund's net asset value is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.  |

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The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency transactions gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

K *Forward Foreign Currency Exchange Contracts.* The Funds may utilize forward foreign currency exchange contracts ("forward contracts") under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to foreign exchange rates fluctuations. All contracts are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on forward foreign currency exchange contracts. The Funds record realized gains or losses at the time the forward contract is settled. These gains and losses are reflected on the Statements of Operations as realized gain (loss) on forward foreign currency exchange contracts. Counterparties to these forward contracts are major U.S. financial institutions (see Note 8).

L *Commodity Futures Trading Commission ("CFTC") Regulation.* Because of the nature of its investments, the DBi Managed Futures Strategy ETF is subject to regulation under the Commodities Exchange Act, as amended (the "CEA"), as a commodity pool and each of the Advisor and Sub-Adviser is subject to regulation under the CEA as a commodity pool operator ("CPO"), as those terms are defined under the CEA. The Advisor and Sub-Adviser are regulated by the CFTC, the National Futures Association and the SEC and are subject to each regulator's disclosure requirements. The CFTC has adopted rules that are intended to harmonize certain CEA disclosure requirements with SEC disclosure requirements. 

M *Futures Contracts.* The High Income Fund invests in financial futures contracts primarily for the purpose of hedging its existing portfolio securities, or securities that the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The futures contracts in the DBi Managed Futures Strategy ETF are not designated as hedging instruments. The DBi Managed Futures Strategy ETF employs long and short positions in derivatives, primarily futures contracts, across the broad asset 

 <br> Notes to Financial Statements 75

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
classes of equities, fixed income, currencies and, through the Subsidiary, commodities. Upon entering into a financial futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as variation margin, are made or received by a Fund each day, depending on the daily fluctuations in the fair value of the underlying security. Each Fund recognizes a gain or loss equal to the daily variation margin. If market conditions move unexpectedly, a Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets (see Note 8).

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| N | *Interest Rate Swaps.* During the period ended June 30, 2025, the High Income Fund invested in interest rate swaps. An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the Over the counter ("OTC") market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin on the Statements of Assets and Liabilities (see Note 8).  |

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O *Credit Default Swaps.* During the period ended June 30, 2025, the High Income Fund entered into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate issuers or indexes or to create exposure to corporate issuers or indexes to which it is not otherwise exposed. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap's notional amount is recorded as realized gain (for protection written) or loss (for protection sold) in the Statements of Operations. In the case of credit default swaps where a Fund is selling protection, the notional amount approximates the maximum loss. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin on the Statements of Assets and Liabilities (see Note 8).

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| P | *Total Return Swaps.* During the period ended June 30, 2025, the High Income Fund invested in total return swaps. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the "total return" of a defined underlying asset, usually in return for receiving a stream of Secured Overnight Financing Rate ("SOFR") and Federal Fund Rate ("FEDL01") based cash flows. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. Total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the Statement of Assets and Liabilities. The other leg of the swap, usually SOFR or FEDL01, is a spread to reflect the non-Statement of Assets and Liabilities nature of the product. No notional amounts are exchanged with total return swaps. The total return receiver assumes the entire economic exposure – that is, both market and credit exposure – to the reference asset. The total return payer – often the owner of the reference obligation – gives up economic exposure to the performance of the reference asset and in return takes on counterparty credit exposure to the total return receiver in the event of a default or fall in value of the reference asset (see Note 8).  |

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| Q | *Purchasing Put and Call Options.* Each Fund may purchase covered "put" and "call" options with respect to securities which are otherwise eligible for purchase by a Fund and with respect to various stock indices subject to certain restrictions. Each Fund will engage in trading of such derivative securities primarily for hedging purposes.  |

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If a Fund purchases a put option, a Fund acquires the right to sell the underlying security at a specified price at any time during the term of the option (for "American-style" options) or on the option expiration date (for "European-style" options). Purchasing put options may be used as a portfolio investment strategy when a portfolio manager perceives significant short-term risk but substantial long-term appreciation for the underlying security. The put option acts as an insurance policy, as it protects against significant downward price movement while it allows full participation in any upward movement. If a Fund is holding a stock which it feels has strong fundamentals, but for some reason may be weak in the near term, a Fund may purchase a put option on such security, thereby

 <br> 76 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
giving itself the right to sell such security at a certain strike price throughout the term of the option. Consequently, a Fund will exercise the put only if the price of such security falls below the strike price of the put. The difference between the put's strike price and the market price of the underlying security on the date a Fund exercises the put, less transaction costs, will be the amount by which a Fund will be able to hedge against a decline in the underlying security. If during the period of the option the market price for the underlying security remains at or above the put's strike price, the put will expire worthless, representing a loss of the price a Fund paid for the put, plus transaction costs. If the price of the underlying security increases, the profit a Fund realizes on the sale of the security will be reduced by the premium paid for the put option less any amount for which the put may be sold.

If a Fund purchases a call option, it acquires the right to purchase the underlying security at a specified price at any time during the term of the option. The purchase of a call option is a type of insurance policy to hedge against losses that could occur if a Fund has a short position in the underlying security and the security thereafter increases in price. Each Fund will exercise a call option only if the price of the underlying security is above the strike price at the time of exercise. If during the option period the market price for the underlying security remains at or below the strike price of the call option, the option will expire worthless, representing a loss of the price paid for the option, plus transaction costs. If the call option has been purchased to hedge a short position of a Fund in the underlying security and the price of the underlying security thereafter falls, the profit a Fund realizes on the cover of the short position in the security will be reduced by the premium paid for the call option less any amount for which such option may be sold.

Prior to exercise or expiration, an option may be sold when it has remaining value by a purchaser through a "closing sale transaction," which is accomplished by selling an option of the same series as the option previously purchased. Each Fund generally will purchase only those options for which a Manager believes there is an active secondary market to facilitate closing transactions (see Note 8).

*Writing Call Options.* Each Fund may write covered call options. A call option is "covered" if a Fund owns the security underlying the call or has an absolute right to acquire the security without additional cash consideration (or, if additional cash consideration is required, cash or cash equivalents in such amount as are held in a segregated account by the Custodian). The writer of a call option receives a premium and gives the purchaser the right to buy the security underlying the option at the exercise price. The writer has the obligation upon exercise of the option to deliver the underlying security against payment of the exercise price during the option period. If the writer of an exchange-traded option wishes to terminate his obligation, he may effect a "closing purchase transaction." This is accomplished by buying an option of the same series as the option previously written. A writer may not effect a closing purchase transaction after it has been notified of the exercise of an option.

Effecting a closing transaction in the case of a written call option will permit a Fund to write another call option on the underlying security with either a different exercise price, expiration date or both. Also, effecting a closing transaction will permit the cash or proceeds from the concurrent sale of any securities subject to the option to be used for other investments of a Fund. If a Fund desires to sell a particular security from its portfolio on which it has written a call option, it will effect a closing transaction prior to or concurrent with the sale of the security.

Each Fund will realize a gain from a closing transaction if the cost of the closing transaction is less than the premium received from writing the option or if the proceeds from the closing transaction are more than the premium paid to purchase the option. Each Fund will realize a loss from a closing transaction if the cost of the closing transaction is more than the premium received from writing the option or if the proceeds from the closing transaction are less than the premium paid to purchase the option. However, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss to a Fund resulting from the repurchase of a call option is likely to be offset in whole or in part by appreciation of the underlying security owned by a Fund (see Note 8).

*Writing Put Options.* Each Fund may write put options. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire strike price of each option it sells, but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at a strike price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is able to close out its written put options, it may result in substantial losses to the Fund (see Note 8).

*Risks of Investing in Options.* There are several risks associated with transactions in options on securities. Options may be more volatile than the underlying instruments and, therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. There are also significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. In addition, a liquid secondary market for particular options may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of option of underlying securities; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or clearing corporation may not at all times be adequate to handle current trading volume; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular

 <br> Notes to Financial Statements 77

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by a clearing corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. The extent to which a Fund may enter into options transactions may be limited by the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), with respect to qualification of a Fund as a regulated investment company.

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| R | *Distributions to Shareholders.* Distributions paid to shareholders are recorded on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition – "temporary differences"), such amounts are reclassified within the capital accounts based on their federal tax-basis.  |

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| S | *Income Taxes.* The Funds intend to comply with the requirements of Subchapter M of the Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Accordingly, no provisions for federal income taxes are required. The Funds have reviewed the tax positions, taken on federal income tax returns, for each of the three open tax years (as applicable) and as of June 30, 2025, and have determined that no provision for income tax is required in the Funds' financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statements of Operations. During the period ended June 30, 2025, the Funds did not incur any interest or penalties. Foreign securities held by the Funds may be subject to foreign taxation on dividend and interest income received. Foreign taxes, if any, net of any reclaims, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds' invest.  |

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Taxes on foreign interest and dividend income are generally withheld in accordance with the applicable country's tax treaty with the United States. The foreign withholding rates applicable to a Fund's investments in certain jurisdictions may be higher if a significant portion of the Fund is held by non-U.S. shareholders. Each Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based charges imposed by certain countries in which it invests. Taxes related to capital gains realized during the period ended June 30, 2025, if any, are reflected as part of net realized gain (loss) in the Statements of Operations.

Changes in tax liabilities related to capital gain taxes on unrealized investment gains, if any, are reflected as part of change in net unrealized appreciation (depreciation) in the Statements of Operations. Transaction-based charges are generally calculated as a percentage of the transaction amount.

The Funds may have previously filed for and/or may file for additional tax refunds with respect to certain taxes withheld by certain countries. Generally, the amount of such refunds that a Fund reasonably determines are collectible and free from significant contingencies are reflected in a Fund's net asset value and are reflected as foreign tax reclaims receivable in the Statements of Assets and Liabilities. In certain circumstances, a Fund's receipt of such refunds may cause the Fund and/or its shareholders to be liable for U.S. federal income taxes and interest charges.

Foreign taxes paid by each Fund may be treated, to the extent permissible by the Code (and other applicable U.S. federal tax guidance) and if that Fund so elects, as if paid by U.S. shareholders of that Fund.

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| | |
|:---|:---|
| T | *Security Transactions, Dividend and Interest Income and Expenses.* Security transactions are accounted for on the trade date. Realized gains and losses on securities transactions are reported on an identified cost basis. Dividend income and, where applicable, related foreign tax withholding expenses are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Purchase discounts and premiums on fixed-income securities are accreted and amortized to maturity using the effective interest method and reflected within interest income on the Statements of Operations. Paydown gains and losses on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income in the Statements of Operations. Many expenses of the Trust can be directly attributed to a specific Fund. Each Fund is charged for expenses directly attributed to it. Expenses that cannot be directly attributed to a specific Fund are allocated among the Funds in the Trust in proportion to their respective net assets or other appropriate method. Realized and unrealized gains and losses and net investment income, not including class specific expenses, are allocated daily to each class of shares based upon the relative proportion of net assets of each class. Differences in per share distributions by class are generally due to differences in class specific expenses. Class specific expenses, such as 12b-1 expenses, are directly attributed to that specific class.  |

---

---

| | |
|:---|:---|
| U | *Restricted Cash.* At June 30, 2025, the High Income Fund, and the DBi Managed Futures Strategy ETF held restricted cash in connection with investments in certain derivative securities. Restricted cash is held in a segregated account with the Funds' Custodian as well as with brokers and is reflected in the Statements of Assets and Liabilities as deposits at brokers for securities sold short, futures, options, and swaps. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements or contracts entered into with others.  |

---

 <br> 78 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
The Funds consider their investment in an Federal Deposits Insurance Corporation ("FDIC") insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

V *Restricted Securities.* A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuers would typically bear the expense of all registrations at no cost to the Fund. Restricted securities are valued according to the guidelines and procedures adopted by the Funds' Board of Trustees. As of June 30, 2025, there were no restricted securities held in the Funds. 

---

| | |
|:---|:---|
| W | *Illiquid Securities.* Each Fund may not invest more than 15% of the value of its net assets in illiquid securities, including restricted securities that are not deemed to be liquid by the Sub-Advisors. The Advisor and the Sub-Advisors will monitor the amount of illiquid securities in a Fund's portfolio, under the supervision of the Board, to ensure compliance with a Fund's investment restrictions. In accordance with procedures approved by the Board, these securities may be valued using techniques other than market quotations, and the values established for these securities may be different than what would be produced through the use of another methodology or if they had been priced using market quotations. Illiquid securities and other portfolio securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a portfolio security is sold at a discount to its established value.  |

---

X *Indemnification Obligations.* Under the Trust's organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred or that would be covered by other parties. 

#### Note 3 – Investment Advisory and Other Agreements
The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the "Agreement") with Litman Gregory Fund Advisors, LLC. Effective October 1, 2021, Litman Gregory Fund Advisors, LLC has changed its name to iM Global Partner Fund Management, LLC (the "Advisor") and also subsequently referred to as "iM Global". Under the terms of the Agreement, each Fund pays a monthly investment advisory fee to the Advisor at the annual rate below of the respective Fund's average daily net assets before any fee waivers:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** |
| **Fund** | **First<br>$450**<br> **million** | **Excess<br>of<br>$450**<br> **million** | **First<br>$750**<br> **million** | **Excess<br>of<br>$750**<br> **million** | **First<br>$1**<br> **billion** | **Excess<br>of**<br> **$1**<br> **billion** | **Between<br>$1 and<br>$2**<br> **billion** | **First<br>$2**<br> **billion** | **Between<br>$2 and<br>$3**<br> **billion** | **Between<br>$3 and<br>$4**<br> **billion** | **Excess<br>of**<br> **$4**<br> **billion** |
|  Global Select |  |  | 0.85% | 0.75% |  |  |  |  |  |  |  |
|  International |  |  |  |  | 0.90% | 0.80% |  |  |  |  |  |
|  Small Company | 0.80% | 0.80% |  |  |  |  |  |  |  |  |  |
|  High Income |  |  |  |  | 0.85% |  | 0.825% |  | 0.80% | 0.775% | 0.75% |
|  Dolan McEniry Corporate Bond | 0.42% | 0.42% |  |  |  |  |  |  |  |  |  |
|  APA Enhanced Income Municipal | 0.45% | 0.45% |  |  |  |  |  |  |  |  |  |
|  DBi Managed Futures Strategy ETF | 0.85% | 0.85% |  |  |  |  |  |  |  |  |  |
|  Berkshire Dividend Growth ETF | 0.55% | 0.55% |  |  |  |  |  |  |  |  |  |

---

The investment advisory fee for the DBi Managed Futures Strategy ETF and Berkshire Dividend Growth ETF is a unitary fee that covers ordinary operating expenses other than taxes, brokerage commissions and other transactional expenses, accrued deferred tax liability, acquired fund fees and expenses and extraordinary expenses.

The Advisor engages sub-advisors to manage the Funds and pays the sub-advisors from its advisory fees.

 <br> Notes to Financial Statements 79

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
Through April 30, 2026, the Advisor has contractually agreed to waive a portion of its advisory fees effectively reducing total advisory fees to approximately 0.81% of the average daily net assets of the Global Select Fund, 0.87% of the average daily net assets of the International Fund, and 0.78% of the average daily net assets of the High Income Fund (the "Advisory Fee Waiver Agreement"). Small Company Fund is included in the Advisory Fee Waiver Agreement, there is no amount waived pursuant to the agreement during the period. Additionally, the Advisor has voluntarily agreed to waive its management fee on the daily cash values of the Funds not allocated to Managers. For the six months ended June 30, 2025, the amount waived, contractual and voluntary, was $17,738, $20,478, and $95,437 for Global Select Fund, International Fund, and High Income Fund, respectively. The Advisor has agreed not to seek recoupment of such waived fees under the Advisory Fee Waiver Agreement. Through April 30, 2026, the Advisor has contractually agreed to waive a portion of its advisory fees and/or reimburse a portion of the Global Select Fund, and the High Income Fund's operating expenses (excluding any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, borrowing costs, (including commitment fees), dividend expenses, acquired fund fees and expenses and extraordinary expenses such as but not limited to litigation costs) to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement for the Institutional Class will not exceed 0.98%, and 0.98% of the average daily net assets, respectively (the "Global Select and High Income Funds' Expense Limitation Agreement"). In addition, through April 30, 2026, the Advisor has contractually agreed to waive a portion of its advisory fees and/or reimburse a portion of the Small Company Fund and the Dolan McEniry Corporate Bond Fund's operating expenses (excluding any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, borrowing costs, (including commitment fees), dividend expenses, acquired fund fees and expenses and extraordinary expenses such as but not limited to litigation costs) to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement for the Institutional Class will not exceed 1.15%, and 0.62% of the average daily net assets, respectively (the "Small Company and Dolan McEniry Corporate Bond Funds' Expense Limitation Agreement"). Through April 30, 2026, the Advisor has contractually agreed to waive a portion of its advisory fees and/or reimburse a portion of the APA Enhanced Income Municipal Fund's operating expenses (excluding any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, borrowing costs, (including commitment fees), dividend expenses, acquired fund fees and expenses and extraordinary expenses such as but not limited to litigation costs) to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement for the Institutional Class will not exceed 0.59% of the average daily net assets (the "APA Enhanced Income Municipal Fund's Expense Limitation Agreement"and together with the Global Select and High Income Funds' Expense Limitation Agreement, and the Small Company and Dolan McEniry Corporate Bond Funds' Expense Limitation Agreement, the "Expense Limitation Agreements"). During the six months ended June 30, 2025, the amount waived contractually pursuant to the Expense Limitation Agreements was $110,625, $42,318, $79,581, $131,058, and $65,426 for the Global Select Fund, Small Company Fund, High Income Fund, Dolan McEniry Corporate Bond Fund, and APA Enhanced Income Municipal Fund, respectively. The Advisor may be reimbursed by each Fund no later than the end of the third fiscal year following the year of the waiver provided that such reimbursement does not cause each Fund's expenses to exceed the expense limitation. The Advisor is waiving its right to recoup any fees waived under the Expense Limitation Agreements for periods ending prior to December 31, 2024. For the High Income Fund, during the six months ended June 30, 2025, the Advisor recouped $87,599 of previously waived fees. At June 30, 2025, the amounts waived which are available for recoupment and the expiration schedule are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fee waivers subject<br>to recoupment** | **Expires<br>December 31,<br>2027** | **Expires<br>December 31,<br>2028** |
|  Global Select | $309360 | $198735 | $110625 |
|  High Income | 324694 | 245113 | 79581 |
|  Small Company | 144327 | 102009 | 42318 |
|  Dolan McEniry Corporate Bond | 279702 | 148644 | 131058 |
|  APA Enhanced Income Municipal | 86718 | 21292 | 65426 |

---

State Street Bank and Trust Company ("State Street") serves as the Administrator, Custodian and Fund Accountant to the Funds.

State Street also serves as the Transfer Agent for DBi Managed Futures Strategy ETF and Berkshire Dividend Growth ETF. SS&C Global Investor & Distribution Solutions, Inc. serves as Transfer Agent for the other Funds. The Funds' principal underwriter is ALPS Distributors, Inc.

An employee of the Advisor serves as the Funds' Chief Compliance Officer ("CCO"). The CCO receives no compensation from the Funds for his services, however, the Funds reimbursed the Advisor $80,362 for the six months ended June 30, 2025 for the services of the CCO.

During the six months ended June 30, 2025, each independent Trustee, within the meaning of the 1940 Act, was compensated by the Trust in the amount of $67,500. The Chairperson of the Board was compensated in the amount of $73,750.

Certain officers and Trustees of the Trust are also officers of the Advisor.

 <br> 80 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

#### Note 4 – Distribution Plan
The DBi Managed Futures Strategy ETF and Berkshire Dividend Growth ETF issue and redeem Shares at Net Asset Value ("NAV") only in Creation Units. Only Authorized Participants ("APs") may acquire Shares directly from the Funds, and only APs may tender their Shares for redemption directly to the Funds, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Individual Shares may be purchased and sold only on a national securities exchange through brokers. Shares will be listed for trading on NYSE Arca and because the Shares will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).

#### Note 5 – Investment Transactions
The cost of securities purchased and the proceeds from securities sold for the six months ended June 30, 2025, excluding short-term investments and in-kind transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **U.S. Gov't<br>Securities<br>Purchases** | **Other Purchases** | **U.S. Gov't<br>Securities Sales** | **Other Sales** |
|  Global Select Fund | $— | $53248862 | $— | $61989371 |
|  International Fund |  | 103070958 |  | 131388002 |
|  Small Company Fund |  | 24602850 |  | 33585481 |
|  High Income Fund | 40600312 | 196937051 | 37504541 | 50177768 |
|  Dolan McEniry Corporate Bond Fund | 7507836 | 111330524 |  | 32769754 |
|  APA Enhanced Income Municipal Fund |  | 21630151 |  | 13838642 |
|  DBi Managed Futures Strategy ETF |  |  |  |  |
|  Berkshire Dividend Growth ETF |  | 689045 |  | 617544 |

---

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below:

---

| | | |
|:---|:---|:---|
| **Fund** | **In-Kind<br>Subscriptions** | **In-Kind<br>Redemptions** |
|  Berkshire Dividend Growth ETF | $573557 | $1148600 |

---

#### Note 6 – Fair Value of Financial Investments
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of each Fund's investments and are summarized in the following fair value hierarchy:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, foreign exchange rates, and fair value estimates for foreign securities indices).

Level 3 – Significant unobservable inputs (including the Funds' own assumptions in determining fair value of investments).

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, U.S. Treasury inflation protected securities, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers' internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis are typically marked to market daily until settlement at the forward settlement date.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche, current market data and incorporates deal collateral performance, as available.

 <br> Notes to Financial Statements 81

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Repurchase agreements and reverse repurchase agreements are short-term investments, and are fair valued approximately at their principal amounts. Repurchase agreements and reverse repurchase agreements are categorized as Level 2 of the fair value hierarchy.

Financial derivative instruments, such as forward foreign currency contracts, options contracts, futures, or swap agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers at the settlement price determined by the relevant exchange. Depending on the product and the terms of the transaction, the value of the derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are categorized as Level 1 or Level 2 of the fair value hierarchy.

The following tables provide the fair value measurements of applicable Fund assets and liabilities by level within the fair value hierarchy for each Fund as of June 30, 2025. These assets and liabilities are measured on a recurring basis.

#### Global Select Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | $8497508 | $— | $— | $8497508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 1483585 |  |  | 1483585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3133091 |  |  | 3133091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 4001057 |  |  | 4001057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 2580363 |  |  | 2580363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 69793889 |  |  | 69793889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 2617492 |  |  | 2617492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 92106985 |  |  | 92106985 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 272826 |  |  | 272826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1730338 |  | 1730338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 272826 | 1730338 |  | 2003164 |
|  Total Investments in Securities | $92379811 | $1730338 | $— | $94110149 |

---

 <br> 82 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

#### International Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $4150237 | $— | $— | $4150237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 2148555 |  |  | 2148555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 7262527 |  |  | 7262527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 5398969 |  |  | 5398969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 797619 |  |  | 797619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cyprus | 2943535 |  |  | 2943535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 5648309 |  |  | 5648309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 1018801 |  |  | 1018801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 15523089 |  |  | 15523089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 22296877 |  |  | 22296877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2273018 |  |  | 2273018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 7890757 |  |  | 7890757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 10762078 |  |  | 10762078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 10944405 |  |  | 10944405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 12691266 |  |  | 12691266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 1871789 |  |  | 1871789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 2504174 |  |  | 2504174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1450757 |  |  | 1450757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 8155116 |  |  | 8155116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 6210233 |  |  | 6210233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 16145392 |  |  | 16145392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 16507570 |  |  | 16507570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 164595073 |  |  | 164595073 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 89740 |  |  | 89740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1625252 |  | 1625252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 89740 | 1625252 |  | 1714992 |
|  Total Investments in Securities | $164684813 | $1625252 | $— | $166310065 |

---

#### Small Company Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Equity<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $39250124 | $— | $— | $39250124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 39250124 |  |  | 39250124 |
|  Total Investments in Securities | $39250124 | $— | $— | $39250124 |

---

<sup>(a)</sup> See Fund's Schedule of Investments in Securities for sector classifications.

 <br> Notes to Financial Statements 83

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

#### High Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** |  | **Total** |
|  Equity<sup>(a)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $397397 | $32924 | $270128 | \*\* | $700449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 3286928 |  |  |  | 3286928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Partnerships |  |  | 48926 | \*\* | 48926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 3684325 | 32924 | 319054 | \*\* | 4036303 |
|  Rights/Warrants |  | 675986 |  |  | 675986 |
|  Fixed Income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 67232993 |  |  | 67232993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 87971106 |  |  | 87971106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  | 1358811 |  |  | 1358811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 193840615 | 128591 | \*\* | 193969206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government Securities & Agency Issue |  | 14217437 |  |  | 14217437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 67990400 | 23581 | \*\* | 68013981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 4957 |  |  | 4957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Income |  | 432616319 | 152172 | \*\* | 432768491 |
|  Short-Term Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 5927006 |  |  |  | 5927006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3757983 |  |  |  | 3757983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 6446000 |  |  | 6446000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills |  | 5689072 |  |  | 5689072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 9684989 | 12135072 |  |  | 21820061 |
|  Purchased Options | 263963 |  |  |  | 263963 |
|  Total Investments in Securities in Assets | $13633277 | $445460301 | $471226 | \*\* | $459564804 |
|  Unfunded Loan Commitments\*\*\* |  | (457825) |  |  | (457825) |
|  Reverse Repurchase Agreements |  | (2209754) |  |  | (2209754) |
|  Total Investments in Securities in Liabilities | $— | $(2209754) | $— |  | $(2209754) |
|  Other Financial Instruments\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $(121758) | $— |  | $(121758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 73512 |  |  |  | 73512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - Interest Rate |  | 17319 |  |  | 17319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - Credit Default |  | (2054) |  |  | (2054) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - Total Return |  | 13498 |  |  | 13498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | (290796) |  |  |  | (290796) |

---

<sup>(a)</sup> See Fund's Schedule of Investments in Securities for sector classifications.

\* Other financial instruments are derivative instruments, such as futures, forward foreign currency exchange, swaps contracts and written options. Futures, forward foreign currency exchange and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument, while written options are valued at fair value. 

\*\* Significant unobservable inputs were used in determining the value of portfolio securities for the High Income Fund .

\*\*\* Unfunded Loan Commitments are shown at the unrealized appreciation (depreciation).

 <br> 84 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

#### Dolan McEniry Corporate Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Fixed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $407081207 | $— | $407081207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government Securities & Agency Issue |  | 7549222 |  | 7549222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Income |  | 414630429 |  | 414630429 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 9140842 |  |  | 9140842 |
|  Total Investments in Securities | $9140842 | $414630429 | $— | $423771271 |

---

#### APA Enhanced Income Municipal Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Fixed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $16818047 | $— | $16818047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Income |  | 16818047 |  | 16818047 |
|  Total Investments in Securities | $— | $16818047 | $— | $16818047 |

---

#### DBi Managed Futures Strategy ETF (Consolidated)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | $199004490 | $— | $— | $199004490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 17552000 |  | 17552000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills |  | 934415327 |  | 934415327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 199004490 | 951967327 |  | 1150971817 |
|  Total Investments in Securities | $199004490 | $951967327 | $— | $1150971817 |
|  Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $10625775 | $— | $— | $10625775 |

---

\* Other financial instruments are derivative instruments, such as futures, forward foreign currency exchange, swaps contracts and written options. Futures, forward foreign currency exchange and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument, while written options are valued at fair value. 

#### Berkshire Dividend Growth ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Equity<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $8644558 | $— | $— | $8644558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 8644558 |  |  | 8644558 |
|  Total Investments in Securities | $8644558 | $— | $— | $8644558 |

---

<sup>(a)</sup> See Fund's Schedule of Investments in Securities for sector classifications.

 <br> Notes to Financial Statements 85

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

#### Note 7 – Commitments and Contingencies
The Funds may make commitments pursuant to bridge loan facilities. Such commitments typically remain off balance sheet as it is more likely than not, based on good faith judgement of the Advisor, that such bridge facilities will not ever fund. As of June 30, 2025, there are no outstanding bridge facility commitments.

#### Note 8 – Other Derivative Information
At June 30, 2025, the Funds are invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** |
|  | | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
| **Risk** | | **Statements of Assets<br>and Liabilities Location** | **Fair Value<br>Amount** | **Statements of Assets<br>and Liabilities Location** | **Fair Value<br>Amount** |
|  Currency |  | Unrealized gain on forward foreign currency exchange contracts | $— | Unrealized loss on forward foreign currency exchange contracts | $(121758) |
|  |  | Investments in securities<sup>(1)</sup> | 63443 | Written options | (7398) |
|  Interest rate |  | Unrealized gain on swap contracts\*\* | 112651 | Unrealized loss on swap contracts\*\* | (95332) |
|  |  | Unrealized gain on futures contracts\* | 100305 | Unrealized loss on futures contracts\* | (26793) |
|  |  | Investments in securities<sup>(1)</sup> | 137838 | Written options | (61867) |
|  Credit |  | Unrealized gain on swap contracts | 38 | Unrealized loss on swap contracts | (2092) |
|  Equity |  | Unrealized gain on swap contracts | 13498 | Unrealized loss on swap contracts |  |
|  |  | Investments in securities<sup>(1)</sup> | 62682 | Written options | (221531) |
|  | Total |  | $490455 |  | $(536771) |
|  | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Statements of Assets and Liabilities.<br>\*\* Includes cumulative appreciation/depreciation on centrally cleared swaps.<br><sup>(1)</sup> The Statements of Assets and Liabilities location for "Purchased Options" is "Investments in<br>securities". | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Statements of Assets and Liabilities.<br>\*\* Includes cumulative appreciation/depreciation on centrally cleared swaps.<br><sup>(1)</sup> The Statements of Assets and Liabilities location for "Purchased Options" is "Investments in<br>securities". | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Statements of Assets and Liabilities.<br>\*\* Includes cumulative appreciation/depreciation on centrally cleared swaps.<br><sup>(1)</sup> The Statements of Assets and Liabilities location for "Purchased Options" is "Investments in<br>securities". | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Statements of Assets and Liabilities.<br>\*\* Includes cumulative appreciation/depreciation on centrally cleared swaps.<br><sup>(1)</sup> The Statements of Assets and Liabilities location for "Purchased Options" is "Investments in<br>securities". | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Statements of Assets and Liabilities.<br>\*\* Includes cumulative appreciation/depreciation on centrally cleared swaps.<br><sup>(1)</sup> The Statements of Assets and Liabilities location for "Purchased Options" is "Investments in<br>securities". |
| **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** |
|  |  | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |
| **Risk** |  | **Statements of Assets<br>and Liabilities Location** | **Fair Value<br>Amount** | **Statements of Assets<br>and Liabilities Location** | **Fair Value<br>Amount** |
|  Currency |  | Unrealized gain on futures contracts\* | $5152413 | Unrealized loss on futures contracts\* | $(185210) |
|  Commodity |  | Unrealized gain on futures contracts\* |  | Unrealized loss on futures contracts\* | (5156044) |
|  Interest rate |  | Unrealized gain on futures contracts\* | 7867685 | Unrealized loss on futures contracts\* | (2431766) |
|  Equity |  | Unrealized gain on futures contracts\* | 5378697 | Unrealized loss on futures contracts\* |  |
|  | Total |  | $18398795 |  | $(7773020) |
|  | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Consolidated Statements of Assets and<br>Liabilities. | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Consolidated Statements of Assets and<br>Liabilities. | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Consolidated Statements of Assets and<br>Liabilities. | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Consolidated Statements of Assets and<br>Liabilities. | \* Includes cumulative appreciation/depreciation on futures contracts described previously. Only<br>current day's variation margin is reported within the Consolidated Statements of Assets and<br>Liabilities. |

---

 <br> 86 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
For the six months ended June 30, 2025, the effect of derivative contracts in the Funds' Statements of Operations were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** |
|  | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| **Risk** | | **Derivative Type** | **Net<br>Realized<br>Gain (Loss)** | **Net Change<br>in Unrealized<br>Gain (Loss)** | **Average <br>Notional <br>Amount** |
|  Currency |  | Forward foreign currency exchange contracts | $(251499) | $(149968) | 3454056 <sup>(a)</sup> |
|  |  | Purchased option contracts |  | (41400) | 2980000 <sup>(b)</sup> |
|  |  | Written option contracts |  | 5173 | 526667 <sup>(b)</sup> |
|  Interest rate |  | Swap contracts | 758707 | 15595 | &nbsp;&nbsp;&nbsp;&nbsp;31613333 <sup>(b)(c)</sup> |
|  |  | Future contracts | (107854) | 91327 | 18069625 <sup>(b)</sup> |
|  |  | Purchased option contracts | 51636 | 2870 | 8675004 <sup>(b)</sup> |
|  |  | Written option contracts | (21918) | 9634 | 8675004 <sup>(b)</sup> |
|  Credit |  | Swap contracts | 28564 | (5082) | 1312436 <sup>(b)(c)</sup> |
|  Equity |  | Swap contracts | (7529) | 13498 | 433333 <sup>(b)(c)</sup> |
|  |  | Purchased option contracts | (46565) | (58561) | 259 <sup>(d)</sup> |
|  |  | Written option contracts | 385941 | 377605 | 329 <sup>(d)</sup> |
|  | Total |  | $789483 | $260691 |  |

---

<sup>(a)</sup> Average notional values are based on the average of monthly end contract values for the period ended June 30, 2025.

<sup>(b)</sup> Average notional values are based on the average of monthly end notional balances for the period ended June 30, 2025.

<sup>(c)</sup> Notional amount is denoted in local currency. 

<sup>(d)</sup> Average contracts are based on the average of monthly end contracts for the period ended June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** |
|  | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| **Risk** | | **Derivative Type** | **Net<br>Realized<br>Gain (Loss)** | **Net Change<br>in Unrealized<br>Gain (Loss)** | **Average<br>Notional<br>Amount<sup>(a)</sup>** |
|  Currency |  | Future contracts | $(53221902) | $(7107810) | 652513516 |
|  Commodity |  | Future contracts | 51905415 | (5364790) | 269812028 |
|  Interest rate |  | Future contracts | (39146059) | 3168316 | 1256503612 |
|  Equity |  | Future contracts | 3357318 | 15629586 | 478432158 |
|  | Total |  | $(37105228) | $6325302 |  |

---

<sup>(a)</sup> Average notional values are based on the average of monthly end notional balances for the period ended June 30, 2025.

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

At June 30, 2025, Global Select Fund, International Fund, High Income Fund, and DBi Managed Futures Strategy ETF had investments in repurchase agreements with a gross value of $1,730,338, $1,625,252, $6,446,000, and $17,552,000, respectively, which are reflected as repurchase agreements on the Statements of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2025.

For the period ended June 30, 2025, the High Income Fund had outstanding reverse repurchase agreement balance for 36 days. The average amount of borrowings was $2,063,731 and the average interest rate was 3.74% during the 36 day period.

 <br> Notes to Financial Statements 87

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
The following table summarizes open reverse repurchase agreements by counterparty which are subject to offset under Master Repurchase Agreements on a net basis as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **Reverse Repurchase**<br> **Agreement** | **Collateral Pledged<sup>(1)</sup>** | **Net**<br> **Amount<sup>(2)</sup>** |
|  Citibank, N.A. | $(2209754) | $2209754 | $— |

---

<sup>(1)</sup> Amount does not include excess collateral pledged. 

<sup>(2)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements as of June 30, 2025** |
|  | **Overnight and<br>Continuous** | **Up to**<br> **30 Days** | **31-90**<br> **Days** | **Greater than**<br> **90 Days** | **Total** |
|  Reverse Repurchase Agreements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | $— | $— | $(2209754) | $(2209754) |
|  Gross amount of recognized liabilities for secured borrowing transactions |  |  |  |  | $(2209754) |

---

The following tables represent the disclosure for derivative instruments related to offsetting assets and liabilities for each of the Funds as of June 30, 2025:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** |
|  | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** | **Derivative Liabilities** | **Derivative Liabilities** | **Derivative Liabilities** | | | |
| **Counterparty** | **Purchased<br>Options** | **Futures<sup>(1)</sup>** | **Swaps<sup>(2)</sup>** | **Forward<br>Currency<br>Contracts** | **Total** | **Futures<sup>(1)</sup>** | **Swaps<sup>(2)</sup>** | **Forward<br>Currency<br>Contracts** | **Written<br>Options** | **Total** | **Net<br>Derivative<br>Asset<br>(Liabilities)** | **Collateral<br>(Received)<br>Pledged<sup>(3)</sup>** | **Net<br>Amount** |
|  BNP Paribas SA | $85855 | $— | $— | $— | $85855 | $— | $— | $— | $(36180) | $(36180) | $49675 | $— | $49675 |
|  Bank of America N.A. | 1478 |  |  |  | 1478 |  |  |  |  |  | 1478 |  | 1478 |
|  Barclays Bank Plc |  |  |  |  |  |  |  | (98607) |  | (98607) | (98607) |  | (98607) |
|  Citibank N.A. |  |  |  |  |  |  |  | (6017) |  | (6017) | (6017) |  | (6017) |
|  Goldman Sachs & Co. | 120776 | 100305 |  |  | 221081 | (26793) |  |  | (43169) | (69962) | 151119 |  | 151119 |
|  JPMorgan Chase Bank N.A. | 3864 |  |  |  | 3864 |  |  |  |  |  | 3864 |  | 3864 |
|  Morgan Stanley & Co. | 9066 |  | 13536 |  | 22602 |  | (2092) | (17134) | (7597) | (26823) | (4221) | 4221 |  |
|  Toronto-Dominion Bank | 42924 |  |  |  | 42924 |  |  |  | (18090) | (18090) | 24834 |  | 24834 |
|  UBS Securities LLC |  |  |  |  |  |  |  |  | (185760) | (185760) | (185760) |  | (185760) |
|  Total | $263963 | $100305 | $13536 | $— | $377804 | $(26793) | $(2092) | $(121758) | $(290796) | $(441439) | $(63635) | $4221 | $(59414) |

---

<sup>(1)</sup> Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments in Futures. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

<sup>(2)</sup> Does not include the unrealized appreciation (depreciation) of centrally cleared swaps as reported in the Schedule of Investments in Swaps. Only the variation margin is reported within the Statements of Assets and Liabilities.

<sup>(3)</sup> The actual collateral pledged (received) may be more than the amounts shown. 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** | **DBi Managed Futures Strategy ETF (Consolidated)** |
|  | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** | **Derivative Liabilities** | **Derivative Liabilities** | **Derivative Liabilities** | | | |
| **Counterparty** | **Purchased<br>Options** | **Futures<sup>(1)</sup>** | **Swaps** | **Forward<br>Currency<br>Contracts** | **Total** | **Futures<sup>(1)</sup>** | **Swaps** | **Forward<br>Currency<br>Contracts** | **Written<br>Options** | **Total** | **Net<br>Derivative<br>Asset<br>(Liabilities)** | **Collateral<br>(Received)<br>Pledged<sup>(2)</sup>** | **Net<br>Amount** |
|  Goldman Sachs & Co. | $— | $9188140 | $— | $— | $9188140 | $(3918554) | $— | $— | $— | $(3918554) | $5269586 | $— | $5269586 |
|  Societe Generale |  | 9210655 |  |  | 9210655 | (3854466) |  |  |  | (3854466) | 5356189 |  | 5356189 |
|  Total | $— | $18398795 | $— | $— | $18398795 | $(7773020) | $— | $— | $— | $(7773020) | $10625775 | $— | $10625775 |

---

<sup>(1)</sup> Includes cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments in Futures. Only current day's variation margin is reported within the Consolidated Statements of Assets and Liabilities.

<sup>(2)</sup> The actual collateral pledged (received) may be more than the amounts shown. 

 <br> 88 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

#### Note 9 – Income Taxes and Distributions to Shareholders
As of December 31, 2024, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Global<br>Select Fund** | **International<br>Fund** | **Small<br>Company<br>Fund** |
|  Tax cost of Investments | $90483713 | $162811190 | $44259121 |
|  Gross Tax Unrealized Appreciation | 16507871 | 31816351 | 10170218 |
|  Gross Tax Unrealized Depreciation | (6452954) | (25884538) | (2676555) |
|  Net Tax unrealized appreciation (depreciation) on investments | 10054917 | 5931813 | 7493663 |
|  Net Tax unrealized appreciation (depreciation) on foreign currency | (39125) | (91952) |  |
|  Net Tax unrealized appreciation (depreciation) | 10015792 | 5839861 | 7493663 |
|  Undistributed Ordinary Income | 64876 |  | 95623 |
|  Undistributed Long-Term Capital Gains | 2573357 |  | 1321661 |
|  Capital Loss Carry Forward |  | (24645822) |  |
|  Late Year Ordinary Loss Deferral |  | (8098) |  |
|  Other Accumulated Gains |  |  |  |
|  Total accumulated gain/(loss) | $12654025 | $(18814059) | $8910947 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **High Income<br>Fund** | **Dolan McEniry<br>Corporate Bond<br>Fund** | **APA Enhanced<br>Income Municipal<br>Fund** |
|  Tax cost of Investments and derivatives | $143217582 | $339388625 | $9500248 |
|  Gross Tax Unrealized Appreciation | 1959963 | 1029037 | 20564 |
|  Gross Tax Unrealized Depreciation | (4201456) | (3490165) | (8352) |
|  Net Tax unrealized appreciation (depreciation) on investments and derivatives | (2241493) | (2461128) | 12212 |
|  Net Tax unrealized appreciation (depreciation) on foreign currency | 29445 |  |  |
|  Net Tax unrealized appreciation (depreciation) | (2212048) | (2461128) | 12212 |
|  Tax Exempt Income |  |  | 3008 |
|  Undistributed Ordinary Income | 156016 | 20516 | 9 |
|  Undistributed Long-Term Capital Gains |  |  |  |
|  Capital Loss Carry Forward | (2062129) | (2786360) |  |
|  Late Year Ordinary Loss Deferral |  |  |  |
|  Other Accumulated Gains |  |  |  |
|  Total accumulated gain/(loss) | $(4118161) | $(5226972) | $15229 |

---

 <br> Notes to Financial Statements 89

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

---

| | | |
|:---|:---|:---|
|  | **DBi Managed<br>Futures Strategy<br>ETF<br>(Consolidated)** | **Berkshire<br>Dividend Growth<br>ETF** |
|  Tax cost of Investments and derivatives | $993581714 | $8413832 |
|  Gross Tax Unrealized Appreciation | 17122 | 808805 |
|  Gross Tax Unrealized Depreciation | (2356027) | (376818) |
|  Net Tax unrealized appreciation (depreciation) on investments and derivatives | (2338905) | 431987 |
|  Net Tax unrealized appreciation (depreciation) on foreign currency |  |  |
|  Net Tax unrealized appreciation (depreciation) | (2338905) | 431987 |
|  Undistributed Ordinary Income | 220815 |  |
|  Undistributed Long-Term Capital Gains |  |  |
|  Capital Loss Carry Forward | (137506465) |  |
|  Late Year Ordinary Loss Deferral |  |  |
|  Post-October Capital Losses Deferral |  | (13244) |
|  Other Accumulated Gains | 208746 |  |
|  Total accumulated gain/(loss) | $(139415809) | $418743 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to wash sales, premium amortization accruals, forward foreign currency exchange contracts mark to market, futures contracts mark to market, options contracts mark to market, swap contracts mark to market, passive foreign investment company adjustments, partnership basis adjustments, constructive sales, 305(c) adjustment, and REIT and Non REIT ROC basis adjustments.

For the year or period ended December 31, 2024, capital loss carry over used in current year was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryover Utilized<br>Short-Term** | **Capital Loss<br>Carryover Utilized<br>Long-Term** |
|  International Fund | $3040301 | $6959830 |
|  High Income Fund | 406874 | 422678 |
|  Berkshire Dividend Growth ETF | 49 |  |

---

The capital loss carry forwards for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International<br>Fund** | **High Income<br>Fund** | **Dolan McEniry<br>Corporate Bond<br>Fund** | **DBi Managed<br>Futures Strategy<br>ETF<br>(Consolidated)** |
|  Capital Loss Carryforwards |  |  |  |  |
|  Perpetual Short-Term | $(24645822) | $(212509) | $— | $(40024985) |
|  Perpetual Long-Term |  | (1849620) | (2786360) | (97481480) |
|  Total | $(24645822) | $(2062129) | $(2786360) | $(137506465) |

---

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year or period ended December 31, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Accumulated<br>Distributable<br>Earnings (Deficit)** | **Paid In<br>Capital** |
|  Global Select Fund\* | $(785746) | $785746 |
|  International Fund\* |  |  |
|  Small Company Fund\* | (468858) | 468858 |
|  High Income Fund\* | (53551) | 53551 |
|  Dolan McEniry Corporate Bond Fund\* |  |  |

---

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#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Accumulated<br>Distributable<br>Earnings (Deficit)** | **Paid In<br>Capital** |
|  APA Enhanced Income Municipal Fund\* | $— | $— |
|  DBi Managed Futures Strategy ETF (Consolidated)\* | 6618626 | (6618626) |
|  Berkshire Dividend Growth ETF\* | 712 | (712) |

---

\* The permanent differences primarily relate to premium amortization, foreign currency gains/losses, paydown gains/losses, passive foreign investment company gains/losses, swaps adjustments, Subsidiary adjustments, equalization adjustments, and tax treatment of partnerships.

The tax composition of dividends for the six months ended June 30, 2025 and the year or period ended December 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025** | **Six Months Ended<br>June 30, 2025** | **2024** | **2024** | **2024** |
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital<br>Gain** | **Ordinary<br>Income** | **Long-Term<br>Capital<br>Gain** | **Return of**<br> **Capital** |
|  Global Select Fund | $— | $— | $5246423 | $1736025 | $— |
|  International Fund |  |  | 1811056 |  | 290953 |
|  Small Company Fund |  |  | 1539520 | 6219116 |  |
|  High Income Fund | 7701758 |  | 7012938 |  |  |
|  Dolan McEniry Corporate Bond Fund | 8714388 |  | 11405926 |  |  |
|  APA Enhanced Income Municipal Fund | 302432 |  |  |  |  |
|  DBi Managed Futures Strategy ETF (Consolidated) | 15819768 |  | 63321703 |  |  |
|  Berkshire Dividend Growth ETF | 83000 |  | 114804 | 13564 |  |

---

The Funds did not have any unrecognized tax benefits at December 31, 2024, nor were there any increases or decreases in unrecognized tax benefits for the year ended December 31, 2024. The Funds are subject to examination by the U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

#### Note 10 – Line of Credit
The Trust has an unsecured, uncommitted $75,000,000 line of credit with the Custodian, for the Global Select Fund, International Fund, Small Company Fund, High Income Fund, and Dolan McEniry Corporate Bond Fund (the "Five Funds") expiring on April 26, 2026. Under this agreement, borrowing interest rate is equal to the sum of applicable margin of 1.00%, and applicable rate of 0.10%, plus the higher of (i) the Federal Funds Effective Rate and (ii) Overnight Bank Funding Rate. There is no annual commitment fee on the uncommitted line of credit. There was $25,000 annual administrative fee charged at the May 1, 2025 renewal.

Amounts outstanding to the Five Funds under the Facility at no time shall exceed in the aggregate at any time the least of (a) $75,000,000; (b) 10% of the value of the total assets of each Fund less such Fund's total liabilities not represented by senior securities less the value of any assets of the Fund pledged to, or otherwise segregated for the benefit of a party other than the Custodian and in connection with a liability not reflected in the calculation of the Fund's total liabilities.

For the six months ended June 30, 2025, the Funds had borrowings under the Agreements as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Interest<br>expense** | **Average<br>borrowing<br>amount\*** | **Average<br>borrowing<br>rate\*** | **Maximum<br>borrowing<br>amount** | **Outstanding<br>balance\*\*** |
|  Global Select Fund | $3801 | $1200000 | 5.430% | $1200000 | $— |
|  International Fund | 710 | 1500000 | 5.680 | 1500000 |  |
|  Small Company Fund | 17665 | 1619718 | 5.530 | 4400000 |  |

---

\* Average borrowing amount and average borrowing rate for the period the line was drawn. 

\*\* Outstanding balance at June 30, 2025.

#### Note 11 – Principal Risks
Below are summaries of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund's net asset value, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read a Fund's prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

 <br> Notes to Financial Statements 91

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#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
• **Active Management Risk .** Each Fund is actively managed and may not meet its investment objective based on the portfolio managers' success or failure to implement investment strategies for the Fund. A Fund's investment strategy may fail to produce the intended results. There can be no assurance that a Fund will achieve its investment objective. A sub-advisor's judgments about the attractiveness, value and potential appreciation of particular securities may prove to be incorrect, and the sub-advisor may not anticipate actual market movements or the impact of economic conditions generally. No matter how well a portfolio manager evaluates market conditions, the securities a portfolio manager chooses may fail to produce the intended result, and you could lose money on your investment in a Fund.

• **Asset-Backed Securities Risk.** This is the risk that the impairment of the value of the collateral underlying a security in which the High Income Fund invest, such as the non-payment of loans, will result in a reduction in the value of the security. The value of these securities may also fluctuate in response to the market's perception of the value of issuers or collateral.

• **Below Investment-Grade Fixed Income Securities Risk.** This is the risk of investing in below investment-grade fixed income securities (also known as "junk bonds"), which may be greater than that of higher rated fixed income securities. These securities are rated Ba1 through C by Moody's Investors Service ("Moody's") or BB+ through D by Standard & Poor's Rating Group ("S&P") (or comparably rated by another nationally recognized statistical rating organization), or, if not rated by Moody's or S&P, are considered by the sub-advisors to be of similar quality. These securities have greater risk of default than higher rated securities. The market value of these securities is more sensitive to corporate developments and economic conditions and can be volatile. Market conditions can diminish liquidity and make accurate valuations difficult to obtain.

• **Collateral Risk.** If the High Income Fund and DBi Managed Futures Strategy ETF's financial instruments are secured by collateral, the issuer may have difficulty liquidating the collateral and/or the Fund may have difficulty enforcing its rights under the terms of the securities if an issuer defaults. Collateral may be insufficient or the Fund's right to the collateral may be set aside by a court. Collateral will generally consist of assets that may not be readily liquidated, including for example, equipment, inventory, work in the process of manufacture, real property and payments to become due under contracts or other receivable obligations. There is no assurance that the liquidation of those assets would satisfy an issuer's obligations under a financial instrument. Non-affiliates and affiliates of issuers of financial instruments may provide collateral in the form of secured and unsecured guarantees and/or security interests in assets that they own, which may also be insufficient to satisfy an issuer's obligations under a financial instrument.

• **Collateralized Loan Obligations and Collateralized Debt Obligations Risk.** Collateralized loan obligations ("CLOs") bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or "tranches" that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. The High Income Fund's investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, the disappearance of a subordinate tranche, or market anticipation of defaults and investor aversion to CLO securities as a class.

Collateralized debt obligations ("CDOs") are structured similarly to CLOs and bear the same risks as CLOs including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than loans including securities (such as other asset-backed securities), synthetic instruments or bonds and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. For example, CDOs that obtain their exposure through synthetic investments entail the risks associated with derivative instruments.

• **Commodity Risk.** Exposure to the commodities markets (including financial futures markets) may subject the DBi Managed Futures Strategy ETF, through its investment in a wholly-owned subsidiary (the "Subsidiary"), which is organized under the laws of the Cayman Islands and is advised by its respective sub-advisor, to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including changes in interest rates, supply and demand relationships and balances of payments and trade; weather and natural disasters; governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies, public health crises and trade or price wars among commodity producers or buyers. The commodity markets are subject to temporary distortions and other disruptions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

• **Consumer Staples Sector Risk.** Certain of the Funds, through the implementation of their respective investment strategies, may from time to time invest a significant portion of their assets in the consumer staples sector, which includes, for example, the food and staples retailing industry, the food, beverage and tobacco industry and the household and personal products industry. This sector can be significantly affected by, among other factors, the regulation of various product components and production methods, marketing campaigns and changes in the global economy, consumer spending and consumer demand. Tobacco companies, in particular, may be

 <br> 92 Litman Gregory Funds Trust

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#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
adversely affected by new laws, regulations and litigations. Companies in the consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

• **Convertible Securities Risk.** This is the risk that the market value of convertible securities may fluctuate due to changes in, among other things, interest rates; other general economic conditions; industry fundamentals; market sentiment; the issuer's operating results, financial statements, and credit ratings; and the market value of the underlying common or preferred stock.

• **Corporate Debt Obligations Risk**. Corporate debt obligations are subject to the risk of an issuer's inability to meet principal and interest payments on the obligations. Therefore, the High Income Fund, and the Dolan McEniry Corporate Bond Fund may be indirectly exposed to such risks associated with corporate debt obligations.

• **Country/Regional Risk.** World events – such as political upheaval, financial troubles, or natural disasters – may adversely affect the value of securities issued by companies in foreign countries or regions. Because each of the Global Select Fund and International Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that area. This risk is heightened in emerging markets.

• **Currency Risk**. This is the risk that investing in foreign currencies may expose the Fund to fluctuations in currency exchange rates and that such fluctuations in the exchange rates may negatively affect an investment related to a currency or denominated in a foreign currency. All of the Funds may invest in foreign currencies for hedging purposes.

• **Cybersecurity Risk.** Information and technology systems relied upon by the Funds, the Advisor, the sub-advisors, the Funds' service providers (including, but not limited to, Fund accountants, custodians, transfer agents, administrators, distributors and other financial intermediaries) and/or the issuers of securities in which a Fund invests may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, security breaches, usage errors, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes. Although the Advisor has implemented measures to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, significant investment may be required to fix or replace them. The failure of these systems and/or of disaster recovery plans could cause significant interruptions in the operations of the Funds, the Advisor, the sub-advisors, the Funds' service providers and/or issuers of securities in which a Fund invests and may result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to investors (and the beneficial owners of investors). Such a failure could also harm the reputation of the Funds, the Advisor, the sub-advisors, the Funds' service providers and/or issuers of securities in which a Fund invests, subject such entities and their respective affiliates to legal claims or otherwise affect their business and financial performance.

• **Derivatives Risk**. This is the risk that an investment in derivatives may not correlate completely to the performance of the underlying securities and may be volatile and that the insolvency of the counterparty to a derivative instrument could cause the Fund to lose all or substantially all of its investment in the derivative instrument, as well as the benefits derived therefrom.

• **Options Risk .** This is the risk that an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves and may be subject to a complete loss of the amounts paid as premiums to purchase the options.

• **Futures Contracts Risk .** This is the risk that an investment in futures contracts may be subject to losses that exceed the amount of the premiums paid and may subject the Fund's net asset value to greater volatility.

• **P-Notes Risk .** This is the risk that the performance results of P-Notes will not replicate exactly the performance of the issuers or markets that the P-Notes seek to replicate. Investments in P-Notes involve risks normally associated with a direct investment in the underlying securities as well as additional risks, such as counterparty risk.

• **Swaps Risk.** Risks inherent in the use of swaps include: (1) swap contracts may not be assigned without the consent of the counterparty; (2) potential default of the counterparty to the swap; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out the swap transaction at a time that otherwise would be favorable for it to do so.

• **Dividend Paying Securities Risk**. The Fund's emphasis on dividend-paying securities could cause the Fund to underperform funds that invest without consideration of a company's track record of paying dividends. Stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. In addition, issuers of dividend-paying stocks typically have discretion to defer or stop paying dividends. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund's ability to generate income may be adversely affected.

 <br> Notes to Financial Statements 93

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
• **Emerging Markets Risk**. A Fund may invest a portion of its assets in emerging market countries. Emerging market countries are those with immature economic and political structures, and investing in emerging markets entails greater risk than in developed markets. Such risks could include those related to government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government, and volatile markets.

• **Equity Securities Risk.** This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions. This risk is greater for small- and medium-sized companies, which tend to be more vulnerable to adverse developments than larger companies.

• **ETF Risk .** The DBi Managed Futures Strategy ETF and the Berkshire Dividend Growth ETF are each an ETF, and, as a result of an ETF's structure, each is exposed to the following risks:

• **Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk.** The Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund ("Shares") may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

• **Cash Redemption Risk .** The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

• **Costs of Buying or Selling Shares .** Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

• **Shares May Trade at Prices Other Than NAV.** As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund's portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

• **Trading .** Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares.

• **European Investment Risk.** Each of the Global Select Fund and International Fund may invest a significant portion of its assets in issuers based in Western Europe and the United Kingdom ("UK"). The economies of countries in Europe are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Efforts by the member countries of the European Union ("EU") to continue to unify their economic and monetary policies may increase the potential for similarities in the movements of European markets and reduce the potential investment benefits of diversification within the region. However, the substance of these policies may not address the needs of all European economies. European financial markets have in recent years experienced increased volatility due to concerns with some countries' high levels of sovereign debt, budget deficits and unemployment. Markets have also been affected by the withdrawal of the UK from the EU (an event commonly known as "Brexit"). On January 31, 2020, the UK officially withdrew from the EU. While the long-term consequences of Brexit remain unclear, Brexit has already resulted in periods of volatility in European and global financial markets. There remains significant market uncertainty regarding Brexit's ramifications, and the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict. The U.K. and Europe may be less stable than they have been in recent years, and investments in the U.K. and the EU may be difficult to value, or subject to greater or more frequent volatility. In the longer term, there is likely to be a period of significant political, regulatory and commercial uncertainty as the U.K. seeks to negotiate the terms of its future trading relationships. The U.K. and European

 <br> 94 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
economies and the broader global economy could be significantly impacted, which could potentially have an adverse effect on the value of a Fund's investments. Brexit may also cause additional member states to contemplate departing from the EU, which would likely perpetuate political and economic instability in the region and cause additional market disruption in global financial markets.

• **Financial Sector Risk.** A Fund may invest a portion of its assets in the financial services sector and, therefore, the performance of the Fund could be negatively impacted by events affecting this sector, including changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.

• **Fixed Income Securities Risk .** Interest rates may go up resulting in a decrease in value of the securities held by a Fund. Fixed income securities held by a Fund are also subject to interest rate risk, credit risk, call risk and liquidity risk, which are more fully described below.

• **Credit Risk .** Credit risk is the risk that an issuer will not make timely payments of principal and interest. A credit rating assigned to a particular debt security is essentially an opinion as to the credit quality of an issuer and may prove to be inaccurate. There is also the risk that a bond issuer may "call," or repay, its high yielding bonds before their maturity dates.

• **Interest Rate Risk .** Interest rates may go up resulting in a decrease in the value of the securities held by a Fund. Interest rates have been historically low, so a Fund faces a heightened risk that interest rates may rise. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment.

• **Call Risk .** During periods of declining interest rates, a bond issuer may "call" or repay its high yielding bonds before their maturity dates.

• **Liquidity Risk .** Certain securities may be difficult or impossible to sell at the time and the price that a Fund would like. Trading opportunities are more limited for fixed income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. The values of these securities may fluctuate more sharply than those of other securities, and a Fund may experience some difficulty in closing out positions in these securities at prevailing market prices.

• **Foreign Investment and Emerging Markets Risks.** This is the risk that an investment in foreign (non-U.S.) securities may cause the Funds to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to factors such as currency conversion rate fluctuations, currency blockages, political and economic instability, differences in financial reporting, accounting and auditing standards, nationalization, expropriation or confiscatory taxation, and smaller and less-strict regulation of securities markets. These risks are greater in emerging markets.

• **Forward Contracts Risk .** Forward contracts involve an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract as agreed by the parties in an amount and at a price set at the time of the contract. At the maturity of a forward contract, a fund may either accept or make delivery of the currency specified in the contract or, at or prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. A Fund may invest in non-deliverable forwards, which are cash-settled, short-term forward contracts on foreign currencies that are non-convertible and that may be thinly traded or illiquid. The use of forward contracts involves various risks, including the risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations.

• **General Market Risk; Recent Market Events.** The value of a Fund's shares will fluctuate based on the performance of the Fund's investments and other factors affecting the securities markets generally. Certain investments selected for a Fund's portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of a Fund's investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.

• **Geopolitical Events Risk .** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, territorial invasions and global economic sanctions implemented in response, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets.

• **Growth Investing Risk .** Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock's issuing company.

 <br> Notes to Financial Statements 95

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#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
• **Healthcare Sector Risk.** A Fund may invest a portion of its assets in the healthcare sector. The profitability of companies in the healthcare sector may be adversely affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company's patent may adversely affect that company's profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.

• **High-Yield Fixed Income Securities Risk.** The fixed income securities held by a Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. Such securities are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities.

• **Industrial Sector Risk.** A Fund may invest a portion of its assets in the industrial sector. Companies in the industrial sector could be affected by, among other things, government regulation, world events and global economic conditions, insurance costs, and labor relations issues.

• **Inflation Risk .** At any time, the DBi Managed Futures Strategy ETF may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

• **Investment in Investment Companies Risk.** This is the risk that investing in other investment companies, including ETFs, CEFs, BDCs, unit investment trusts and open-end funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the High Income Fund and its shareholders will incur its pro rata share of the underlying vehicles' expenses, which will reduce the Fund's performance. In addition, investments in an ETF are subject to, among other risks, the risk that the ETF's shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading of the ETF's shares. BDCs may carry risks similar to those of a private equity or venture capital fund. BDC company securities are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to capital markets. Shares of CEFs also frequently trade at a discount to their net asset value for those and other reasons.

• **Investment Selection Risk.** The specific investments held in the Fund's investment portfolio may underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager's choice of securities.

• **Investments in Loan Risk.** Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. The High Income Fund's investments in loans can also be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of the collateral for the loan may be insufficient or unavailable to cover the borrower's obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the issuer of the participations. Transactions in loans are often subject to long settlement periods, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. In addition, many banks have been weakened by the recent financial crisis, and it may be difficult for the Fund to obtain an accurate picture of a lending bank's financial condition.

• **Large Capitalization Investing Risk .** The securities of large-capitalization companies may underperform securities of smaller companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

• **Large Shareholder Purchase and Redemption Risk.** This is the risk that a Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

 <br> 96 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
• **Leverage Risk .** Leverage may result from certain transactions, including the use of derivatives and borrowing, particularly with respect to the High Income Fund. Although leverage creates an opportunity for increased income and gain, it also creates certain risks. For example, the use of leverage may cause the effect of an increase or decrease in the value of a Fund's portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used. Under normal circumstances, the High Income Fund may each borrow amounts up to one third of the value of its total assets except that it may exceed this limit to satisfy redemption requests or for other temporary purposes.

• **Liquidity and Valuation Risk**. It may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price, or the price at which it has been valued by iM Global for purposes of the Fund's net asset value, causing the Fund to be less liquid and unable to realize what iM Global believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. These risks may be heightened for fixed-income instruments because of the near historically low interest rate environment as of the date of this prospectus. Based on its investment strategies, a significant portion of the Fund's investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks.

• **Managed Futures Strategy Risk.** In seeking to achieve its investment objective, the DBi Managed Futures Strategy ETF will utilize various investment strategies that involve the use of complex investment techniques, and there is no guarantee that these strategies will succeed. The use of such strategies and techniques may subject the Fund to greater volatility and loss. There can be no assurance that utilizing a certain approach or model will achieve a particular level of return or reduce volatility and loss.

• **Management Risk.** A Fund that is actively managed may not meet its investment objective based on the portfolio managers' success or failure to implement investment strategies for the Fund.

• **Market Risk.** The value of a Fund's shares will fluctuate based on the performance of the Fund's investments and other factors affecting the securities markets generally. Certain investments selected for a Fund's portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of a Fund's investment may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.

• **Mid-Sized Companies Risk.** Securities of companies with mid-sized market capitalizations are generally more volatile and less liquid than the securities of large-capitalization companies. Mid-sized companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management. Mid-sized companies may have relatively short operating histories or may be newer public companies. Some of these companies have more aggressive capital structures, including higher debt levels, than large-cap companies, or are involved in rapidly growing or changing industries and/or new technologies, which pose additional risks.

• **Models and Data Risk**. This is the risk that one or all of the proprietary systematic and quantitative models may fail to identify profitable opportunities at any time. Furthermore, the models may incorrectly identify opportunities and these misidentified opportunities may lead to substantial losses for the Fund. Models may be predictive in nature and such models may result in an incorrect assessment of future events. Data used in the construction of models may prove to be inaccurate or stale, which may result in losses for the DBi Managed Futures Strategy ETF.

• **Mortgage-Backed Securities Risk.** This is the risk of investing in mortgaged-backed securities, which includes interest rate risk, prepayment risk and the risk of defaults on the mortgage loans underlying these securities.

• **Municipal Market Risk.** Factors unique to the municipal bond market may negatively affect the value of a Fund's investment in municipal bonds. These factors include political or legislative changes, and uncertainties related to the tax status of the securities and the rights of investors in the securities. A Fund may invest in a group of municipal obligations that are related in such a way that an economic, business, or political development affecting one would also affect the others. Some municipal obligations carry additional risk, such as those that are tied only to a specific stream of revenues. In addition, the municipal bond market, or portions thereof, may experience substantial volatility or become distressed, particularly during recessions or similar periods of economic stress, and individual bonds may go into default, which would lead to heightened risks of investing in municipal bonds generally. Actual or perceived changes in the financial health of the municipal market as a whole or in part may affect the valuation of debt securities held by a Fund.

• **Multi-Style Management Risk.** Because portions of a Fund's assets are managed by different portfolio managers using different styles, the Fund could experience overlapping security transactions. Certain portfolio managers may be purchasing securities at the same time other portfolio managers may be selling those same securities, which may lead to higher transaction expenses compared to a Fund using a single investment management style.

 <br> Notes to Financial Statements 97

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
• **New Fund Risk .** A Fund that is newly formed and has limited operating history for investors to evaluate. Its performance may not represent how the Fund is expected to or may perform in the long term. In addition, new funds may not attract sufficient assets to achieve investment and trading efficiencies.

• **Operational Risk.** Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside an Advisor's or Sub-Advisor's control, including instances at third parties. A Fund, its Advisor and Sub-Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

• **Portfolio Turnover Risk.** This is the risk that a Fund may experience high portfolio turnover rates as a result of its investment strategies. High portfolio turnover rates may indicate higher transaction costs and may result in higher taxes when shares of a Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which may result in adverse tax consequences to a Fund's shareholders as compared to shares in investment companies that hold investments for a longer period.

• **Prepayment and Extension Risk.** In times of declining interest rates, a Fund's higher yielding securities will be prepaid, and the Fund will have to replace them with securities having a lower yield. Rising interest rates could extend the life of securities with lower payment rates. This is known as extension risk and may increase a Fund's sensitivity to rising rates and its potential for price declines.

• **Public Health Emergency Risk.** This is the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus ("COVID-19"), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. Containment efforts and related restrictive actions by governments and businesses have significantly diminished and disrupted global economic activity across many industries. Less developed countries and their health systems may be more vulnerable to these impacts. The ultimate impact of COVID-19 or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in a Fund could be significant and prolonged.

• **Regulatory Risk.** Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by a Fund or that could adversely impact the Fund's performance.

• **Sector Concentration Risk**. A Fund may concentrate its investments in a narrow segment of the total market. At June 30, 2025, Small Company Fund has 26.7% of net assets invested in the Industrials sector of the stock market. Because of this, the Fund is subject to certain additional risks as compared to investing in a more diversified portfolio of investments.

• **Sector Weightings Risk.** To the extent that a Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector. By focusing its investments in a particular sector, a Fund may face more risks than if it were diversified broadly over numerous sectors.

• **Securities Lending Risk .** Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. As a result, the value of a Fund's shares may fall. The value of Fund shares could also fall if a loan is called and the Fund is required to liquidate reinvested collateral at a loss or if the Fund is unable to reinvest cash collateral at rates which exceed the costs involved.

• **Short Position Risk .** A Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the ability to accurately anticipate the future value of a security or instrument. A Fund's losses are potentially unlimited in a short position transaction.

• **Smaller Companies Risk**. A Fund may invest a portion of its assets in the securities of small- and mid-sized companies. Securities of small and mid-cap companies are generally more volatile and less liquid than the securities of large-cap companies. This is because smaller companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management.

• **Special Situations Risk.** Investments in special situations (undervalued equities, merger arbitrage situations, distressed companies, etc.) may involve greater risks when compared to other investments a Fund may make due to a variety of factors. For example, mergers, acquisitions, reorganizations, liquidations or recapitalizations may fail or not be completed on the terms originally contemplated, and expected developments may not occur in a timely manner, if at all.

 <br> 98 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
• **Subsidiary Risk.** By investing in the Subsidiary, the DBi Managed Futures Strategy ETF is indirectly exposed to the risks associated with the Subsidiary's investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in the Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund.

• **Tax Risk .** The federal income tax treatment of the DBi Managed Futures Strategy ETF's income from the Subsidiary may be negatively affected by future legislation, Treasury Regulations (proposed or final), and/or other Internal Revenue Service ("IRS") guidance or authorities that could affect the character, timing of recognition, and/or amount of each Fund's investment company taxable income and/ or net capital gains and, therefore, the distributions it makes. If a Fund failed the source of income test for any taxable year but was eligible to and did cure the failure, it could incur potentially significant additional federal income tax expenses. If, on the other hand, a Fund failed to qualify as a RIC for any taxable year and was ineligible to or otherwise did not cure the failure, it would be subject to federal income tax at the fund-level on its taxable income at the regular corporate tax rate (without reduction for distributions to shareholders), with the consequence that its income available for distribution to shareholders would be reduced and distributions from its current or accumulated earnings and profits would generally be taxable to its shareholders as dividend income.

Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or the Subsidiary or the Alternative Subsidiary to operate as described in the Prospectus and the Statement of Additional Information ("SAI") and could adversely affect each Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary or the Alternative Subsidiary. If Cayman Islands law changes such that the Subsidiary or the Alternative Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

• **TBAs and Dollar Rolls Risk.** TBA ("to-be-announced") and dollar roll transactions present special risks to the High Income Fund. Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. TBAs and other forward settling securities involve leverage because they can provide investment exposure in an amount exceeding the fund's initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. While dollar roll transactions involve the simultaneous purchase and sale of substantially similar TBA securities with different settlement dates, these transactions do not require the purchase and sale of identical securities so the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer.

• **Technology Investment Risk.** A Fund may invest a portion of its assets in the technology sector, which is a very volatile segment of the market. The nature of technology is that it is rapidly changing. Therefore, products or services that may initially look promising may subsequently fail or become obsolete. In addition, many technology companies are younger, smaller and unseasoned companies which may not have established products, an experienced management team, or earnings history.

• **Unfavorable Tax Treatment Risk .** Various types of investments in which the High Income Fund may invest, including derivatives, mortgage related securities, and REITs, may cause the returns of those Funds to be in the form of net investment income or short-term capital gains, some of which may be distributed to shareholders and taxed at ordinary income tax rates. Therefore, shareholders may have a greater need to pay regular taxes than compared to other investment strategies that hold investments longer. Due to this investment strategy, it may be preferable for certain shareholders to invest in the High Income Fund through pre-tax or tax-deferred accounts as compared to investment through currently taxable accounts. Potential shareholders are encouraged to consult their tax advisors in this regard.

• **U.S. Government and U.S. Agency Obligations Risk .** Securities issued by U.S. Government agencies and instrumentalities have different levels of U.S. Government credit support. Some are backed by the full faith and credit of the U.S. Government, while others are supported by only the discretionary authority of the U.S. Government or only by the credit of the agency or instrumentality. No assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored instrumentalities because they are not obligated to do so by law. Guarantees of timely prepayment of principal and interest do not assure that the market prices and yields of the securities are guaranteed nor do they guarantee the NAV or performance of a Fund, which will vary with changes in interest rates, the sub-advisor's performance and other market conditions.

• **U.S. Trade Policy Risk .** In the U.S., the Trump administration recently enacted and proposed to enact significant new tariffs on imports from certain countries. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and,

 <br> Notes to Financial Statements 99

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)
in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict a portfolio company's access to suppliers or customers and have a material adverse effect on its business, financial condition or operations, which in turn could negatively impact a Fund.

• **Value Stock Risk.** Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the manager, undervalued. The value of a security believed by a manager to be undervalued may never reach what is believed to be its full (intrinsic) value, or such security's value may decrease.

#### Note 12 – New Accounting Pronouncement
In this reporting period, the Funds adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The Funds' Advisor acts as the Funds' CODM. The CODM has determined that the Funds have a single operating segment because the CODM monitors the operating results of the Funds as a whole and evaluates performance in accordance with the Funds' principal investment strategies disclosed in their prospectus. The CODM uses these measures to assess Funds performance and allocate resources effectively. The Funds' total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Funds performance and to make resource allocation decisions for the Funds' single segment are consistent with that presented within the Funds' financial statements.

#### Note 13 – Fund Reorganizations
As of the close of business on April 17, 2025, pursuant to Agreements and Plans of Reorganization previously approved by the Funds' Board of Trustees, all of the assets, subject to the liabilities, of the iMGP Alternative Strategies Fund (the "Alternative Strategies Fund") were transferred to the High Income Fund. The Board determined that the reorganizations were in the best interest of the Alternative Strategies Fund's shareholders, and did not dilute the interests of existing shareholders. The High income Fund has substantially the same investment objective and strategy as the Alternative Strategies Fund. Shareholders of the Institutional Class shares of the Alternative Strategies Fund received 1.0861 Institutional Class shares of the High Income Fund, which is equivalent in net asset value to the value of their shares of the Alternative Strategies Fund. The reorganizations qualified as a tax-free reorganization to the iMGP Funds' shareholders. For financial reporting purposes, the acquiring fund is deemed to be the accounting survivor and as a result, the financial statements and financial highlights do not reflect the operations of the acquired fund. The assets received and shares issued by the High Income Fund were recorded at fair value; however, the cost basis of the investments received from the Alternative Strategies Fund were carried forward to align ongoing reporting of the High Income Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The costs of the Reorganization were shared equally by the Alternative Strategies Fund and the High Income Fund. Information with respect to the net assets and other relevant operating data for the acquired fund on the merger date are included below:

---

| | |
|:---|:---|
| **Acquired Fund** | **Alternative Strategies<br>Fund** |
|  Net Assets | $318986317 |
|  Shares Outstanding | 30118343 |
|  Net Asset Value | $10.59 |
|  Investments at fair value | $163503238 |
|  Unrealized appreciation/(depreciation) | $(40553210) |
|  Undistributed net investment income (loss) | $13810868 |
|  Accumulated net realized gain (loss) | $(103408671) |
|  Tax capital loss carryforward | $(93758931) |

---

---

| | |
|:---|:---|
| **Acquiring Fund** | **High Income Fund** |
|  Net Assets immediately prior to merger | $154891642 |
|  Net Assets immediately after merger | $473878344 |
|  Fund Shares issued in exchange for acquired Fund | 32710513 |
|  Exchange rate for shares issued | 1.0861 |

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 <br> 100 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
Assuming the acquisitions had been completed on January 1, 2025, the beginning of the annual reporting period of the Funds, the High Income Fund's pro forma results of operations for the period ended June 30, 2025, are as follows:

---

| | |
|:---|:---|
| **Acquiring Fund** | **High Income Fund** |
|  Net investment income | $12115838 |
|  Net realized and unrealized gain (loss) on investments, purchased options, unfunded loan commitment, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts | 4199658 |
|  Total increase from operations | $16315496 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was

completed, it is not practicable to separate the amounts of revenue and earnings of the Alternative Strategies Fund that have been included in the High Income Fund's Statement of Operations since April 17, 2025.

#### Note 14 – Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events that require recognition or disclosure in the financial statements.

 <br> Notes to Financial Statements 101

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### Litman Gregory Funds Trust

#### SUPPLEMENTAL INFORMATION – (Unaudited)

#### Shareholder Meeting Results
A Special Meeting of Shareholders of the Trust (the "Shareholder Meeting") was held on January 21, 2025. The purpose of the Shareholder Meeting was to ask shareholders to approve a change in the iMGP High Income Fund's primary investment objective. The results of the votes of the Shareholder Meeting are as set forth below.

---

| | | |
|:---|:---|:---|
| **Votes Cast**<br> **"For"** | **Votes Cast**<br> **"Against"** | **Votes Cast**<br> **"Abstain"** |
|  9,152,898 | 18326 | 6833 |

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 <br> 102 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### OTHER INFORMATION – (Unaudited)

#### Board Consideration of Investment Sub-Advisory Agreement with Zadig Asset Management
At a meeting held on March 12, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board"), including the trustees of the Trust who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), unanimously approved a new investment sub-advisory agreement by and between iM Global Partner Fund Management, LLC (the "Advisor" or iM Global") and Zadig Asset Management ("Zadig") (the "Zadig Sub-Advisory Agreement) pursuant to which Zadig will serve as a sub-advisor to the iMGP International Fund (the "Fund") and manage a portion of the Fund's assets.

At the Meeting, the Board, including the Independent Trustees, unanimously approved the hiring of Zadig as a sub-advisor to the Fund and the New Zadig Sub-Advisory Agreement. In determining whether to approve the New Zadig Sub-Advisory Agreement, the Board and the Independent Trustees considered the materials prepared by the Advisor and received in advance of and at the Meeting and other information, which included, without limitation: (i) confirmation that the standard form of the sub-advisory agreement used by the Fund would be used in substantially that form for the New Zadig Sub-Advisory Agreement; (ii) information regarding the process the Advisor undertook in recommending Zadig for Board approval; (iii) information regarding the nature, extent and quality of the services that Zadig is expected to provide to the Fund; (iv) information regarding Zadig's reputation, investment management business, personnel, and operations; (v) information regarding Zadig's brokerage and trading policies and practices; (vi) information regarding the level of sub-advisory fees to be charged by Zadig; (vii) information regarding Zadig's compliance program; (viii) information regarding Zadig's historical performance returns managing its various strategies, including management's discussions regarding Zadig's performance with respect to its strategies that correspond to those of the International Fund, namely the Memnon European strategy; and (ix) information regarding Zadig's financial condition. The Board also considered the substance of its discussions with representatives of the Advisor at the Meeting. In particular, the Board and the Independent Trustees focused on the following:

1. The Nature, Extent and Quality of Services Expected to be Provided

The Board reviewed the services expected to be provided to the International Fund by Zadig. The Board considered Zadig's investment experience, philosophy and process. It was noted that Zadig aims to construct concentrated portfolios that are diversified across sectors, style-agnostic, and constantly evolving, seeking to outperform the market regardless of the environment or events by actively trading the portfolio looking for stocks with mispricing and potential catalysts for outperformance. The Board also considered the due diligence process undertaken by the Advisor and the Advisor's favorable assessment of the nature and quality of the investment sub-advisory services expected to be provided to the International Fund by Zadig.

In light of the foregoing, the Board, including the Independent Trustees, concluded that the services expected to be provided by Zadig would be satisfactory and would have the potential to benefit the International Fund.

2. Investment Performance of Zadig

The Board considered Zadig's performance record among its various strategies, including management's discussions regarding Zadig's performance with respect to its strategies that correspond to those of the International Fund, namely the Memnon European strategy. The Advisor's conviction in the Memnon European strategy was noted, as well as the factors that the Advisor considered in connection with its recommendation to approve Zadig as a sub-advisor to the International Fund.

3. Cost of the Services to be Provided and Profits to be Realized from the Relationship with the International Fund

The Board considered the proposed sub-advisory fees payable to Zadig under the New Zadig Sub-Advisory Agreement, noting that such fees would be paid by the Advisor, and not the International Fund, and, thus, would not directly impact the fees to be paid by the International Fund. The Board considered that the proposed sub-advisory fees to be paid to Zadig by the Advisor under the New Zadig Sub-Advisory Agreement had been negotiated at arm's length and fairly reflected the services to be provided by the Advisor and Zadig, respectively. Given the arm's-length nature of the arrangement, the Board concluded that the proposed sub-advisory fees payable to Zadig by the Advisor under the New Zadig Sub-Advisory Agreement are reasonable and appropriate. The Board noted that a detailed analysis of profitability in general was more appropriate in the context of the Board's consideration of the advisory agreement with the Advisor. Accordingly, considerations of Zadig's profitability were not directly relevant to the Board's determination to approve the New Zadig Sub-Advisory Agreement.

It was also noted that iM Square Holding 6 LLC ("iM Square"), an affiliate of the Advisor's parent company, has less than a 20% ownership interest in Zadig. It was further noted that the Advisor is not affiliated with Zadig under the relevant provisions of the 1940 Act. The Board and Trust counsel reviewed the due diligence process employed by the Advisor in connection with its recommendation to hire Zadig as a sub-advisor to the International Fund, noting that the Advisor engaged in a robust due diligence and selection process, consistent with the process it has historically employed in analyzing and recommending sub-advisors to the Board.

In addition to looking at the factors above, the Board reviewed the non-controlling nature and structure of iM Square's investment in Zadig and noted that iM Square's minority interest in Zadig did not constitute "control" over Zadig. The Board discussed the strong partnerships of the Advisor's parent company, iM Global Partner, with investment advisors, in this case through iM Square's partial ownership stake in

 <br> Other Information 103

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### Litman Gregory Funds Trust

#### OTHER INFORMATION – (Unaudited) – (Continued)
Zadig, that could enable the Advisor to bring the best nonproprietary capabilities of the parent company's partners to the International Fund and other Funds in the Trust. The Board noted that iM Global Partner's relationship with these partners may enable the Advisor to have greater insight into the partners' nonproprietary compliance and business platform than is generally possible with third-party sub-advisors, aiding the ongoing monitoring of sub-advisors.

The Board noted that iM Global Partner's relationship with these partners provided a potential benefit in areas of nonproprietary best practices, use of new technologies, and access to business platforms.

Based on such review, the Board, including the Independent Trustees, concluded that the proposed sub-advisory fee payable to Zadig would be reasonable in relation to the services expected to be provided to the International Fund.

4. The Extent to Which Economies of Scale Would be Realized as the International Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale

The Board considered the extent to which economies of scale would be realized as the International Fund grows and whether fee levels reflect these economies of scale for the benefit of shareholders. The Board recognized that this consideration is less relevant with respect to the proposed sub-advisory fee because the Advisor will pay Zadig out of its advisory fees received from the International Fund and noted that the Board considered economies of scale for the International Fund in connection with the renewal of the Advisor's advisory agreement with the International Fund during the Annual 15(c) Process.

5. Fall-Out Benefits

The Board considered that there may be financial benefits that Zadig derives from its relationship with the Advisor and the International Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board did not view this consideration as having a material effect on its overall view of the reasonableness of the proposed sub-advisory fee to Zadig.

#### Conclusion
The Independent Trustees did not identify any single factor discussed previously as all-important or controlling. The Board, including a majority of the Independent Trustees, concluded that the terms of the New Zadig Sub-Advisory Agreement were fair and reasonable, and that the fees are reasonable in light of the services expected to be provided to the International Fund. Based on its discussion and such other matters as were deemed relevant, the Board, including the Independent Trustees, concluded that the New Zadig Sub-Advisory Agreement was in the best interest of the International Fund and its shareholders and does not involve a conflict of interest from which the Advisor or a sub-advisor affiliated with the Advisor's parent company derives an inappropriate advantage.

 <br> 104 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### OTHER INFORMATION – (Unaudited) – (Continued)

#### Board Consideration of Investment Sub-Advisory Agreement with Dolan for the iMGP Dolan McEniry Fixed Income Fund
At a meeting held on March 12, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board"), including the trustees of the Trust who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), unanimously approved a new investment sub-advisory agreement by and between iM Global Partner Fund Management, LLC (the "Advisor" or iM Global") and Dolan McEniry Capital Management, LLC ("Dolan") (the "New Dolan Sub-Advisory Agreement) pursuant to which Dolan will serve as the sub-advisor to the iMGP Dolan McEniry Fixed Income Fund (the "Fund") and manage the Fund's assets.

At the Meeting, the Board, including the Independent Trustees, unanimously approved the hiring of Dolan as the sub-advisor to the Fund and the New Dolan Sub-Advisory Agreement. In determining whether to approve the New Dolan Sub-Advisory Agreement, the Board and the Independent Trustees considered the materials prepared by the Advisor and received in advance of and at the Meeting and other information, which included, without limitation: (i) confirmation that the standard form of the sub-advisory agreement used by the Fund would be used in substantially that form for the New Dolan Sub-Advisory Agreement; (ii) information regarding the process the Advisor undertook in recommending Dolan for Board approval; (iii) information regarding the nature, extent and quality of the services that Dolan is expected to provide to the Fund; (iv) information regarding Dolan's reputation, investment management business, personnel, and operations; (v) information regarding Dolan's brokerage and trading policies and practices; (vi) information regarding the level of sub-advisory fees to be charged by Dolan; (vii) information regarding Dolan's compliance program; (viii) information regarding Dolan's historical performance returns managing its various strategies, including another iMGP Fund managed by Dolan; and (ix) information regarding Dolan's financial condition. The Board also considered the substance of its discussions with representatives of the Advisor at the Meeting. In particular, the Board and the Independent Trustees focused on the following:

1. The Nature, Extent and Quality of Services Expected to be Provided

The Board noted that the nature and extent of services to be provided by the Advisor to the Fund are substantially similar to the services provided by the Advisor to the Dolan McEniry Corporate Bond Fund and the other existing Funds. The Board also noted the high level of Sub-Advisor due diligence the Advisor undertakes for both the existing Funds and the Fund and the high quality of non-advisory management services the Advisor provides for the Dolan McEniry Corporate Bond Fund and the other existing Funds.

The Board reviewed the services expected to be provided to the Fund by Dolan McEniry. The Board considered Dolan McEniry's investment experience, philosophy and process. It was noted that the investment objective of the Fund is to seek maximum real returns consistent with preservation of capital and prudent investment management and that Dolan McEniry seeks to provide sophisticated investment managers with a pool of privately-issued fixed income securities issued pursuant to Rule 144-A for inclusion in separately managed accounts. The Board also considered the extensive due diligence process undertaken by the Advisor and the Advisor's favorable assessment of the nature and quality of the investment sub-advisory services expected to be provided to the Fund by Dolan McEniry. The Board further noted its familiarity with Dolan McEniry as a Sub-Advisor to the Dolan McEniry Corporate Bond Fund.

In light of the foregoing, the Board, including the Independent Trustees, concluded that the services expected to be provided by the Advisor and Dolan McEniry would be satisfactory and would have the potential to benefit the Fund.

2. Investment Performance of Dolan McEniry

The Board considered the investment results the Advisor has achieved for the existing Funds, including the performance of the Dolan McEniry Corporate Bond Fund that is managed by Dolan McEniry. The Board also considered the Advisor's conviction in the proposed investment strategy of the Fund, as well as the factors that the Advisor considered in connection with its recommendation to approve Dolan McEniry as the sub-advisor to the Fund.

Based on such review, the Board, including the Independent Trustees, concluded that the Fund has the potential to achieve acceptable performance.

3. Cost of the Services to be Provided and Profits to be Realized from the Relationship with the Fund

The Board reviewed the proposed management fee rate for the Fund. It was noted that there will be no management fee retained by the Advisor and that operating expenses will be limited to a to be determined high single-digit/low double-digit maximum operating expense ratio, with all expenses in excess of the established maximum absorbed by the Advisor and the Sub-Advisor. The Board noted that Dolan McEniry will be paid a sub-advisory fee of 0.26% on the assets of the Fund, which is the lowest rate paid to any fixed income sub-advisor by the Trust. The Board further considered that a majority of that sub-advisory fee will be waived to subsidize the Fund's operating expenses for the benefit of shareholders. The Board took into account management's discussion regarding the proposed lower fees as compared to other Funds in the Trust, including that the Fund will have a limited shareholder base from SMAs and will be less difficult to manage in terms of inflows and outflows.

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#### OTHER INFORMATION – (Unaudited) – (Continued)
The Board also considered the costs of services to be provided and profits to be realized by the Advisor and its affiliates from their relationship with the Fund, noting the difficulty in evaluating an investment adviser's projected profitability with respect to a fund that is not yet operational. The Board took into account its review of the Advisor's profitability with respect to the existing Funds during the Annual 15(c) Process but noted that the Advisor is not charging a management fee to the Fund.

The Board noted that the proposed sub-advisory fees to be paid to Dolan McEniry by the Advisor under the New Dolan McEniry Sub-Advisory Agreement had been negotiated at arm's length and fairly reflect the services provided by the Advisor and Dolan McEniry, respectively. Given the arm's-length nature of the arrangement, the Board concluded that the proposed sub-advisory fees payable to Dolan McEniry by the Advisor under the New Dolan McEniry Sub-Advisory Agreement are reasonable and appropriate. The Board noted that a detailed analysis of profitability in general was more appropriate in the context of the Board's consideration of the Advisory Agreement with the Advisor. Accordingly, considerations of profitability with respect to approval of the New Dolan McEniry Sub-Advisory Agreement were not relevant to the Board's determination to approve the New Dolan McEniry Sub-Advisory Agreement.

It was also noted that iM Square Holding 2 LLC ("iM Square 2"), an affiliate of the Advisor's parent company, has a 45% ownership interest in Dolan McEniry. It was further noted that the Advisor is not affiliated with Dolan McEniry under the relevant provisions of the 1940 Act. The Board and Trust counsel reviewed the due diligence process employed by the Advisor in connection with its recommendation to hire Dolan McEniry as a sub-advisor to the Fund, noting that the Advisor engaged in a robust due diligence and selection process, consistent with the process it has historically employed in analyzing and recommending sub-advisors to the Board.

In addition to looking at the factors above, the Board reviewed the non-controlling nature and structure of iM Square 2's investment in Dolan McEniry and noted that iM Square 2's minority interest in Dolan McEniry did not constitute "control" over Dolan McEniry. The Board discussed the strong partnerships of the Advisor's parent company, iM Global Partner, with investment advisors, in this case through iM Square 2's partial ownership stake in Dolan McEniry, that could enable the Advisor to bring the best nonproprietary capabilities of the parent company's partners to the Fund and other Funds in the Trust.

The Board noted that iM Global Partner's relationship with these partners provided a potential benefit in areas of nonproprietary best practices, use of new technologies, and access to business platforms.

Based on such review, the Board, including a majority of the Independent Trustees, concluded that the proposed management fee payable to the Advisor, which is expected to be zero, and the proposed sub-advisory fee payable to Dolan McEniry would be reasonable in relation to the services expected to be provided to the Fund.

4. The Extent to Which Economies of Scale Would be Realized as the Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of shareholders. The Board noted that the Fund and its shareholders will benefit from the Advisor's continued efforts to invest in its advisory organization to ensure strong research, analytic, compliance and marketing capabilities, noting that these endeavors are a means by which the Advisor is sharing economies of scale with the Fund through reinvestment in products and services that are designed to benefit the Fund and its shareholders. Based on these considerations, the Board was satisfied about the extent to which economies of scale will be shared with the Fund and its shareholders.

5. Fall-Out Benefits

The Board considered that there may be financial benefits that the Advisor, Dolan McEniry and their affiliates derive from their relationship with the Fund, including, with respect to Dolan McEniry, any soft dollar commission benefits that may be generated through portfolio transactions. The Board did not view this consideration as having a material effect on its overall view of the reasonableness of the proposed advisory and sub-advisory fees for the Fund. The Board concluded that any potential benefits to be derived by the Advisor and Dolan McEniry were consistent with the services proposed to be provided by the Advisor and Dolan McEniry to the Fund.

#### Conclusion
The Independent Trustees did not identify any single factor discussed previously as all-important or controlling. The Board, including a majority of the Independent Trustees, concluded that the terms of the New Dolan McEniry Advisory Agreements were fair and reasonable, and that the fees are reasonable in light of the services expected to be provided to the Fund. Based on its discussion and such other matters as were deemed relevant, the Board, including the Independent Trustees, concluded that each of the Advisory Agreement and the New Dolan McEniry Sub-Advisory Agreement was in the best interest of the Fund and its shareholders and does not involve a conflict of interest from which the Advisor or Dolan McEniry derives an inappropriate advantage.

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#### OTHER INFORMATION – (Unaudited) – (Continued)

#### Board Consideration of Investment Sub-Advisory Agreement with D.F. Dent and Company Inc.
At a meeting held on June 4, 2025 (the "Meeting"), the Board of Trustees of the Trust (the "Board"), including the trustees of the Trust who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), unanimously approved a new investment sub-advisory agreement by and between iM Global Partner Fund Management, LLC (the "Advisor" or iM Global") and D.F. Dent and Company Inc. ("D.F. Dent") (the "New D.F. Dent Sub-Advisory Agreement) pursuant to which D.F. Dent will serve as a sub-advisor to the iMGP Small Company Fund (the "Fund") and manage a portion of the Fund's assets.

At the Meeting, the Board, including the Independent Trustees, unanimously approved the hiring of D.F. Dent as a sub-advisor to the Fund and the New D.F. Dent Sub-Advisory Agreement. In determining whether to approve the New D.F. Dent Sub-Advisory Agreement, the Board and the Independent Trustees considered the materials prepared by the Advisor and received in advance of and at the Meeting and other information, which included, without limitation: (i) confirmation that the standard form of the sub-advisory agreement used by the Fund would be used in substantially that form for the New D. F. Dent Sub-Advisory Agreement; (ii) information regarding the process the Advisor undertook in recommending D.F. Dent for Board approval; (iii) information regarding the nature, extent and quality of the services that D.F. Dent is expected to provide to the Fund; (iv) information regarding D.F. Dent's reputation, investment management business, personnel, and operations; (v) information regarding D.F. Dent's brokerage and trading policies and practices; (vi) information regarding the level of sub-advisory fees to be charged by D.F. Dent; (vii) information regarding D.F. Dent's compliance program; (viii) information regarding D.F. Dent's historical performance returns managing its various strategies, including the small cap growth strategy that corresponds to the Fund; and (ix) information regarding D.F. Dent's financial condition. The Board also considered the substance of its discussions with representatives of the Advisor at the Meeting. In particular, the Board and the Independent Trustees focused on the following:

1. The Nature, Extent and Quality of Services Expected to be Provided

The Board reviewed the services expected to be provided to the Small Company Fund by D.F. Dent. The Board considered D.F. Dent's investment experience, philosophy and process. It was noted that D.F. Dent looks for companies that are financially strong and have sustainable growth models and prioritizes companies led by management teams it believes to be talented and ethical, as such leadership can support long-term investment success. The Board also considered the due diligence process undertaken by the Advisor and the Advisor's favorable assessment of the nature and quality of the investment sub-advisory services expected to be provided to the Small Company Fund by D.F. Dent.

In light of the foregoing, the Board, including the Independent Trustees, concluded that the services expected to be provided by D.F. Dent would have the potential to benefit the Small Company Fund.

2. Investment Performance of D.F. Dent

The Board considered D.F. Dent's performance record with respect to its strategy that corresponds to that of the Small Company Fund. The Advisor's conviction in D.F. Dent's small cap growth strategy was noted, as well as the factors that the Advisor considered in connection with its recommendation to approve D.F. Dent as a sub-advisor to the Small Company Fund.

3. Cost of the Services to be Provided and Profits to be Realized from the Relationship with the Small Company Fund

The Board considered the proposed sub-advisory fees payable to D.F. Dent under the Sub-Advisory Agreement, noting that such fees would be paid by the Advisor, and not the Small Company Fund, and, thus, would not directly impact the fees to be paid by the Small Company Fund. The Board considered that the proposed sub-advisory fees to be paid to D.F. Dent by the Advisor under the Sub-Advisory Agreement had been negotiated at arm's length and fairly reflected the services to be provided by the Advisor and D.F. Dent, respectively. Given the arm's-length nature of the arrangement, the Board concluded that the proposed sub-advisory fees payable to D.F. Dent by the Advisor under the Sub-Advisory Agreement are reasonable and appropriate. The Board noted that a detailed analysis of profitability in general was more appropriate in the context of the Board's consideration of the advisory agreement with the Advisor. Accordingly, considerations of D.F. Dent's profitability were not directly relevant to the Board's determination to approve the Sub-Advisory Agreement.

4. The Extent to Which Economies of Scale Would be Realized as the Small Company Fund Grows and Whether Fee Levels Would Reflect Such Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Small Company Fund grows and whether fee levels reflect these economies of scale for the benefit of shareholders. The Board recognized that this consideration is less relevant with respect to the proposed sub-advisory fee because the Advisor will pay D.F. Dent out of its advisory fees received from the Small Company Fund and noted that the Board considered economies of scale for the Small Company Fund in connection with the renewal of the Advisor's advisory agreement with the Small Company Fund during the Annual 15(c) Process.

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#### OTHER INFORMATION – (Unaudited) – (Continued)
5. Fall-Out Benefits

The Board considered that there may be financial benefits that D.F. Dent derives from its relationship with the Advisor and the Small Company Fund, including soft dollar commission benefits generated through Fund portfolio transactions. The Board did not view this consideration as having a material effect on its overall view of the reasonableness of the proposed sub-advisory fee to D.F. Dent.

#### Conclusion
The Independent Trustees did not identify any single factor discussed previously as all-important or controlling. The Board, including a majority of the Independent Trustees, concluded that the terms of the Sub-Advisory Agreement were fair and reasonable, and that the fees are reasonable in light of the services expected to be provided to the Small Company Fund. Based on its discussion and such other matters as were deemed relevant, the Board, including the Independent Trustees, concluded that the Sub-Advisory Agreement was in the best interest of the Small Company Fund and its shareholders and does not involve a conflict of interest from which the Advisor or a sub-advisor affiliated with the Advisor's parent company derives an inappropriate advantage.

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#### OTHER INFORMATION – (Unaudited) – (Continued)

#### Board Consideration of and Continuation and Renewal of Advisory Agreements for the iMGP Funds
At an in-person meeting held on June 4, 2025 (the "Meeting"), the Board of Trustees (the "Board") of the Litman Gregory Funds Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), considered and approved for an additional one-year term through June 30, 2026 (i) the Unified Investment Advisory Agreement (the "Investment Advisory Agreement") between the Trust and iM Global Partner Fund Management, LLC (the "Advisor") with respect to the iMGP Global Select Fund (the "Global Select Fund"), the iMGP International Fund (the "International Fund"), the iMGP Small Company Fund (the "Small Company Fund"), the iMGP High Income Fund (the "High Income Fund"), and the Dolan McEniry Corporate Bond Fund (the "Corporate Bond Fund"); (ii) the Amended and Restated Investment Advisory Agreement (the "ETF Advisory Agreement") between the Trust and the Advisor with respect to the DBi Managed Futures Strategy ETF (the "Managed Futures ETF") and the iMGP Berkshire Dividend Growth ETF (the "Berkshire Dividend Growth ETF") (each of the Global Select Fund, the International Fund, the Small Company Fund, the High Income Fund, the Corporate Bond Fund, the Managed Futures ETF, and the Berkshire Dividend Growth ETF, a "Fund," and collectively, the "Funds"), and (iii) the investment sub-advisory agreements (the "Investment Sub-Advisory Agreements," and collectively with the Investment Advisory Agreement and the ETF Advisory Agreement, the "Advisory Agreements") between the Advisor and (a) each of Polen Capital Management, LLC ("Polen Capital") and Scharf Investments, LLC with respect to the Global Select Fund; (b) each of Harris, Lazard Asset Management LLC, Lazard Asset Management LLC, and Polen Capital Management, LLC with respect to the International Fund; (c) Segall Bryant & Hamill, LLC with respect to the Small Company Fund; (d) each of Brown Brothers Harriman & Co., Guggenheim Partners Investment Management, LLC and Neuberger Berman Investment Advisers LLC with respect to the High Income Fund; (e) Dynamic Beta investments, LLC ("DBi") with respect to the Managed Futures ETF; (f) Dolan McEniry Capital Management, LLC with respect to the Corporate Bond Fund; and (g) Berkshire Asset Management, LLC with respect to the Berkshire Dividend Growth ETF (each of the foregoing sub-advisors, a "Sub-Advisor," and collectively, the "Sub-Advisors"). The Board, including the Independent Trustees, also approved the continuation for an additional one-year term through April 30, 2027 of (i) the Restated Contractual Advisory Fee Waiver Agreement between the Trust, on behalf of the Global Select Fund, the International Fund, the High Income Fund, and the Small Company Fund, and the Advisor (the "Fee Waiver Agreement") and (ii) the Operating Expenses Limitation Agreement between the Trust, on behalf of the Global Select Fund, the High Income Fund, the Small Company Fund, and the Corporate Bond Fund, and the Advisor (the "Operating Expenses Limitation Agreements" and collectively with the Fee Waiver Agreement and the Advisory Agreements, the "Agreements").

Prior to the Meeting, the Independent Trustees had requested detailed information from the Advisor regarding the Funds. The materials provided by the Advisor were extensive, including advisory fee and expense comparisons, performance comparisons, Advisor profitability information, and a summary of compliance programs of the Sub-Advisors. In addition, the Independent Trustees discussed the renewal of the Agreements with representatives of the Advisor and were advised by independent counsel on these and other relevant matters.

The Trustees, including the Independent Trustees, also noted that they had received extensive information about, and presentations from, various members of senior management at the Advisor regarding the Funds throughout the year, including, without limitation, information on and/or discussion of the Funds' and each Sub-Advisor's investment results; portfolio composition; portfolio trading practices; shareholder services; advisory fees and expense comparisons; the Advisor's financial condition and profitability; compliance monitoring by the Advisor; the personnel at the Advisor and the Sub-Advisors providing investment management, compliance and other services to the Funds; and the Advisor's process for selecting Sub-Advisors for the Funds as well as the Advisor's ongoing oversight of the Sub-Advisors.

The information provided to the Board at the Meeting, together with the information provided to the Board throughout the year, formed the primary (but not exclusive) basis for the Board's determinations. The Board did not identify any single issue or particular datum point that, in isolation, would be a controlling factor in its decision to approve or renew the Agreements. Rather, the Board considered the total mix of information provided. The following summary describes the key factors considered by the Independent Trustees (as well as the Board).

1. Nature, extent and quality of services

The Independent Trustees considered the depth and quality of the Advisor's investment management process, including its sophisticated monitoring and oversight of the Sub-Advisors; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel involved in the day-to-day operations of the Funds; and the overall financial strength and stability of its organization. The Independent Trustees also considered that the Advisor provided personnel to serve as officers of the Trust, including the Trust's CCO, and that the services of the CCO were provided at a reasonable allocated cost to the Trust. The Independent Trustees discussed the high level of sub-advisor due diligence continually being undertaken by the Advisor. The Independent Trustees also noted the high quality of the non-advisory management services provided by the Advisor, such as responsiveness to shareholder inquiries and requests of the Board, as well as the preparation of high quality shareholder communications and the development of targeted marketing programs for the Funds. In addition, the Independent Trustees noted that, because the Litman Gregory Wealth Management, an affiliate of the Advisor, is a significant shareholder in certain Funds, the Advisor has an additional incentive to ensure that the Funds perform well for the shareholders. The Independent Trustees also noted that the members of senior management of the Advisor as well as many of the Independent Trustees themselves have made significant investments in certain of the Funds.

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#### OTHER INFORMATION – (Unaudited) – (Continued)
The Independent Trustees, based on guidance and information provided by the Trust's CCO, also considered the Advisor's policies, procedures and systems to ensure compliance with applicable laws and regulations and its adherence to and continual enhancement of those programs; its efforts to keep the Board informed; and its attention dedicated to matters that may involve potential conflicts of interest with a Fund. The Independent Trustees considered the extent and effectiveness of the Advisor's compliance operations and the Advisor's oversight of the Sub-Advisors' and other service providers' compliance operations.

The Independent Trustees then reviewed various materials relating to the Sub-Advisors, including copies of each Investment Sub-Advisory Agreement; copies of the Form ADV for each Sub-Advisor; information on assets of the Funds managed and fees charged by each Sub-Advisor, as well as the fee levels of other funds managed by each Sub-Advisor; a summary of the compliance programs of the Sub-Advisors; and an oral report by the CCO on each Sub-Advisor's commitment to compliance. The Independent Trustees also considered the Advisor's lengthy and extensive due diligence process for selecting and monitoring each Sub-Advisor and the value of goodwill between the Advisor and each Sub-Advisor.

The Independent Trustees concluded that the nature, overall quality, and extent of the services provided and to be provided by the Advisor and the Sub-Advisors are fully satisfactory.

2. Investment results

The Independent Trustees reviewed the short-term and long-term performance of each Fund on both an absolute basis and in comparison to peer funds and benchmark indices over various periods ended March 31, 2025. They also considered information regarding the selection, and discussed the appropriateness, of such peer funds and benchmark indices. The Independent Trustees considered the overall performance of the Funds as well as the performance of each Sub-Advisor within each Fund as compared to each Sub-Advisor's own comparable mutual fund(s) or private fund(s) (if applicable). The Independent Trustees focused on longer-term performance, which they believe is more important than short, isolated periods for purposes of evaluating each Fund's success in meeting its investment objective.

In particular, the Independent Trustees relied upon, among other information, the FUSE Report. The Independent Trustees noted that FUSE, and not the Advisor, selected the peer funds used in the FUSE Report and that the Advisor had supplemented the FUSE Report with additional performance comparisons.

For the Global Select Fund, the Independent Trustees compared its investment results for its Institutional shares to the MSCI ACWI Index and the Fund's FUSE Peer Group. The Independent Trustees noted that the Global Select Fund underperformed its benchmark index for the one-, three-, five- and ten-year periods. The Independent Trustees further noted that the Global Select Fund performed below the median of its peer group for the one-, three-, five- and ten-year periods and the period since inception. The Independent Trustees took account of management's discussion of the Fund's performance, including that the Advisor had terminated two sub-advisors to the Fund in April 2025 due to underperformance.

For the International Fund, the Independent Trustees compared its investment results for its Institutional shares to the MSCI EAFE Index (the "International Market Benchmark") and the Fund's FUSE Peer Group. The Independent Trustees noted that the International Fund outperformed the benchmark for the period since inception but underperformed the International Market Benchmark for the one-, three-, five- and ten-year periods. The Independent Trustees further considered that the International Fund performed above the median of its peer group for the period since inception but below that median for the one-, three-, five- and ten-year periods. The Independent Trustees took account of management's discussion of the Fund's performance, including that the Advisor had added a Sub-Advisor to the Fund in April 2025 in an effort to improve performance.

For the High Income Fund, the Independent Trustees compared its investment results for its Institutional shares to the ICE BofA U.S. High Yield Index and the Fund's FUSE Peer Group. The Independent Trustees noted that the High Income Fund outperformed the benchmark and the median of its peer group for the one-, three- and five-year periods and the period since inception.

For the Small Company Fund, the Independent Trustees compared its investment results for its Institutional shares to the Russell 2000 Index and the Fund's FUSE Peer Group. The Independent Trustees noted that the Small Company Fund outperformed its benchmark index for the three-year period and the period since inception but underperformed that benchmark for the one-year period. The Independent Trustees further noted that the Small Company Fund performed above the median of its peer group for the three-year period and the period since inception and at the median for the one-year period. The Independent Trustees considered that management had recommended, and the Board had determined to approve, the replacement of one sub-advisor to the Fund.

For the Dolan McEniry Corporate Bond Fund, the Independent Trustees compared its investment results for its Institutional shares to the Bloomberg U.S. Intermediate Credit Index and the Fund's FUSE Peer Group. The Independent Trustees noted that the Dolan McEniry Corporate Bond Fund outperformed the benchmark for the three- and five-year periods and the period since inception but underperformed that benchmark for the one-year period. The Independent Trustees further noted that the Dolan McEniry Corporate Bond Fund performed above the median of its peer group for the three- and five-year periods and the period since inception and below that median for the one-year period.

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#### OTHER INFORMATION – (Unaudited) – (Continued)
For the iMGP Berkshire Dividend Growth ETF, the Independent Trustees compared its investment results to the Russell 1000 Value Index and the Fund's FUSE Peer Group. The Independent Trustees noted that the iMGP Berkshire Dividend Growth ETF underperformed its benchmark and the median of its peer group for the one-year period and the period since inception. The Independent Trustees took account of management's discussion of the Fund's performance.

For the iMGP DBi Managed Futures Strategy ETF (the "DBi Managed Futures Strategy ETF"), the Independent Trustees compared its investment results to the SG CTA Index and the Fund's FUSE Peer Group. The Independent Trustees noted that the DBi Managed Futures Strategy ETF outperformed the benchmark for the one-, three- and five-year periods and the period since inception. The Independent Trustees further noted that the DBi Managed Futures Strategy ETF performed above the median of its peer group for the five-year period and the period since inception and below that median for the one- and three-year periods. The Independent Trustees took account of management's discussion of the Fund's performance.

The Independent Trustees noted that the performance of the Sub-Advisors varies over time and noted and acknowledged the Advisor's detailed monitoring of the Sub-Advisors' investment results, and interactions with Sub-Advisors, particularly those Sub-Advisors that were experiencing periods of underperformance. The Independent Trustees noted and considered the comments by the Advisor with respect to underperforming Sub-Advisors, discussions at Board meetings throughout the year regarding the potential sources of underperformance and actions taken by the Advisor in response to underperformance by certain Sub-Advisors. The Independent Trustees considered the Advisor's process for terminating Sub-Advisors and noted the Advisor's continued willingness to terminate Sub-Advisors if the Advisor determined that the termination would be in the best interest of a Fund and its shareholders. The Independent Trustees also noted and considered the Advisor's ability to attract and retain high-quality investment managers to serve as Sub-Advisors to the Funds, as well as the Advisor's extensive screening process before hiring a Sub-Advisor.

The Trustees noted the difficulty of fairly benchmarking the Funds in terms of performance. Ultimately, the Independent Trustees concluded that the Funds' overall performance records were satisfactory taking into account the Advisor's explanation for the periods of underperformance, but the Independent Trustees noted that they will remain attentive to the Advisor's monitoring of Sub-Advisors and Funds experiencing on-going underperformance. The Independent Trustees further concluded that the Advisor was applying appropriate discipline and oversight to ensure that each Fund adhered to its stated investment objective and strategies, and the performance and services of the Sub-Advisors supported the decision to renew the Advisory Agreements.

3. Advisory fees and total expenses

The Independent Trustees reviewed the net and gross advisory fees and total expenses of each Fund and compared them with the gross advisory fees and total expenses of funds in the FUSE Report for each Fund, noting that a Fund's gross advisory fee is the actual advisory fee as reported in the Fund's most recent annual report. The Independent Trustees noted that the FUSE Peer Group for each Fund was selected independently by FUSE using a selection methodology designed to identify those funds most comparable to each Fund. The Independent Trustees further noted that in selecting the FUSE Peer Group for each Fund, FUSE considered various screening criteria, including, without limitation, fund type, category as determined by FUSE, load/sales charge type, average net assets, and fund attributes. The Independent Trustees then discussed various areas in which the Funds are different from the funds included in the FUSE Peer Groups, such as distribution channels and investment strategies or approaches.

The Independent Trustees noted that the components of a Fund's total expense ratio in the FUSE Report included non-operating costs, including acquired fund fees and interest expense, as applicable.

The Independent Trustees noted that both the total expenses and advisory fee of the Global Select Fund were above the medians of the Fund's FUSE Peer Group. The Independent Trustees took account of management's discussion of the Fund's fees and expenses including that with multiple Sub-Advisors, the Fund's costs reflect the additional expenses of multi-manager asset allocation and administration.

The Independent Trustees noted that both the total expenses and advisory fee of the International Fund were above the medians of the Fund's FUSE Peer Group. The Independent Trustees took account of management's discussion of the Fund's fees and expenses including that with multiple Sub-Advisors, the Fund's costs reflect the additional expenses of multi-manager asset allocation and administration.

The Independent Trustees noted that both the total expenses and the advisory fee of the High Income Fund were above the medians of the Fund's FUSE Peer Group. The Independent Trustees took account of management's discussion of the Fund's fees and expenses including that with multiple Sub-Advisors, the Fund's costs reflect the additional expenses of multi-manager asset allocation and administration. The Independent Trustees also noted that the net advisory fee of the High Income Fund, meaning the Fund's gross advisory fee minus fee waivers, was below the median of the peer group.

The Independent Trustees noted that the total expenses of the Small Company Fund were above the median of the FUSE Peer Group. The Independent Trustees further noted that the Fund's advisory fee was below the average of the Fund's FUSE Peer Group. The Independent Trustees took account of management's discussion of the Fund's expenses including that with multiple Sub-Advisors, the Fund's costs reflect the additional expenses of multi-manager asset allocation and administration.

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#### OTHER INFORMATION – (Unaudited) – (Continued)
The Independent Trustees noted that both the total expenses and the advisory fee of the Dolan McEniry Corporate Bond Fund were slightly above the medians of the Fund's FUSE Peer Group. The Independent Trustees further noted that the net advisory fee for the Fund was in line with the median of the peer group. The Independent Trustees took account of management's discussion of the Fund's fees and expenses and noted that the Advisor had reduced the Fund's advisory fee by 8 basis points in September 2024.

The Independent Trustees noted that both the total expenses and the advisory fee of the iMGP Berkshire Dividend Growth ETF were slightly above the average of the Fund's FUSE Peer Group. The Independent Trustees took account of management's discussion of the Fund's fees and expenses.

The Independent Trustees noted that both the total expenses and the advisory fee for the DBi Managed Futures Strategy ETF were slightly above the average of the Fund's FUSE Peer Group. The Independent Trustees took account of management's discussion of the Fund's fees and expenses.

For each Fund with higher than average total expenses, the Independent Trustees reviewed the categories of expenses contributing to the higher expense ratios of those Funds. The Independent Trustees also agreed that the use of a multi-manager structure is a primary contributor to the relatively higher advisory fees for certain Funds, and noted that the higher advisory fees allow shareholders of the Funds to have access to Sub-Advisors to which they otherwise might not have access and that the higher fees are not unreasonable given the long-term performance results of certain Funds and potential performance results for currently underperforming Funds.

The Independent Trustees also noted the Advisor's continued willingness to waive fees or reimburse operating expenses to maintain a competitive fee structure for each Fund and to pass through savings from fee breakpoints in any Sub-Advisor's fee schedule to the applicable Fund's shareholders. The Independent Trustees further took into account the Fee Waiver Agreement with respect to the Global Select Fund, the International Fund, the High Income Fund, and the Small Company Fund, as most recently amended December 15, 2024. The Independent Trustees also took into account the Operating Expenses Limitation Agreements with respect to the Dolan McEniry Corporate Bond Fund, Global Select Fund, High Income Fund, and Small Company Fund, pursuant to which the Advisor has separately agreed to limit those Funds' operating expenses for the period through April 30, 2027.

The Independent Trustees noted that the sub-advisory fees payable to the Sub-Advisors are separately negotiated with the Advisor and are paid out of the advisory fees the Advisor receives from the Funds. The Independent Trustees also noted that the fees charged by the Sub-Advisors are discounted relative to the fees the Sub-Advisors charge to their own funds and separately managed accounts, and that the Advisor from time to time attempts to renegotiate lower fees with the Sub-Advisors. Given the existence of arm's-length bargaining between the Advisor and each Sub-Advisor, even with respect to certain Sub-Advisors that have some degree of joint interest or remote affiliation with the Advisor due to a minority interest of an affiliate of the Advisor in those Sub-Advisors, the Independent Trustees did not engage in an extensive discussion of sub-advisory fees and expenses.

The Independent Trustees further noted the Advisor's efforts to reduce Fund expenses, including the renegotiation of the Trust's custodial, transfer agency and administrative fees, which resulted in savings to the Funds.

Based on such review, the Independent Trustees concluded that the advisory fees and the total expenses of the Funds are reasonable in relation to the services the Funds receive from the Advisor and the Sub-Advisors.

4. The Advisor's financial information

The Independent Trustees reviewed information regarding the Advisor's costs of managing the Funds and information regarding the profitability of the Advisor. The Independent Trustees also considered the extent to which economies of scale may be realized as each Fund grows and whether advisory fee levels reflect economies of scale if the Funds grow in size. The Independent Trustees also noted that the Advisor had voluntarily forgone profits to subsidize the Funds when they were at lower asset levels.

*The Advisor's Costs and Profitability.* The Independent Trustees noted that the Advisor appeared to be providing products that are competitively priced with other funds, especially funds with multiple sub-advisors. The Independent Trustees reviewed the total advisory fees, the amounts paid by the Advisor to the various Sub-Advisors, the general cost of the services provided by the Advisor and the Advisor's retained portion of the total advisory fee. The Independent Trustees took note of information provided on advisory fees waived by the Advisor, noting that the Advisor had waived substantial advisory fees otherwise payable under the Investment Advisory Agreement over the most recent year, and that the Advisor follows a policy of not charging advisory fees on unallocated cash.

The Independent Trustees also noted that the Advisor to date had not sought recoupment of any advisory fees waived under the Fee Waiver Agreement. The Independent Trustees also considered the Advisor's continued willingness to invest in staff dedicated to the Funds, including new hires when needed. The Independent Trustees received information that assured them that the Advisor and its parent company were financially sound and able to honor the Advisor's sponsorship commitments to the Funds and that the Advisor's expected profits under the Advisory Agreement are in the range of reasonableness for the mutual fund management industry. The Independent Trustees did not engage in an analysis of Fund-by-Fund profitability given the integrated nature of the Advisor's management of the Funds.

 <br> 112 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### OTHER INFORMATION – (Unaudited) – (Continued)
The Independent Trustees did not engage in an extended analysis of Sub-Advisor profitability given the arm's-length nature of the bargaining between the Advisor and each Sub-Advisor, even with respect to those Sub-Advisors that have some degree of joint interest or remote affiliation with the Advisor as discussed above, and the difficulty in interpreting profitability information with respect to each Sub-Advisor due to, among other factors, the use of disparate accounting conventions, disparate ownership structures, and the fact that many Sub-Advisors managed only a portion of each Fund. The Independent Trustees also reviewed information regarding the structure and manner in which the Advisor's and the Sub-Advisors' investment professionals are compensated and how the compensation structures are designed to attract and retain high caliber personnel and to promote the long-term performance of the Funds.

*Economies of Scale.* The Independent Trustees noted that the Advisor has continued to take steps to reduce expenses of the Funds, including agreeing to amendments to the breakpoints in its fee schedules to provide for higher fee waivers, negotiating favorable terms with service providers and providing certain support services to the Funds on a cost-only basis, which represents a sharing of economies of scale. In addition, the Independent Trustees took note of the investments in the Funds made by other accounts managed by affiliates of the Advisor, which help reduce costs for the Funds by increasing the asset base of the Funds. The Independent Trustees also took favorable note of the Advisor's efforts to invest in its advisory organization to ensure strong research, analytic, compliance and marketing capabilities.

*Ancillary Benefits*. The Independent Trustees considered other actual and potential financial benefits to the Advisor, noting that the Advisor does not have any direct affiliates that have a relationship with the Funds. The Independent Trustees are, however, aware that the Advisor's parent company, iM Global, benefits from having certain Sub-Advisors that are affiliates of that parent company, which could be viewed as providing an indirect benefit to the Advisor and creating a conflict of interest for the Advisor. The consensus of the Independent Trustees is that they would remain attentive to those potential indirect benefits and conflicts of interest.

5. Conclusions

Based on their review, including their non-exclusive consideration of each of the factors referred to above, the Independent Trustees as well as the Board concluded that the Agreements are fair and reasonable to each Fund and its shareholders, that each Fund's shareholders received or would receive reasonable value in return for the advisory fees and other amounts paid to the Advisor, and that the renewal or approval, as applicable, of the Agreements would be in the best interests of each Fund and its shareholders. Each of the factors discussed above supported such approval.

 <br> Other Information 113

------

#### Advisor:
iM Global Partner Fund Management, LLC

2301 Rosecrans Avenue, Suite 2150

El Segundo, CA 90245

#### Distributor:
ALPS Distributors, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

#### Transfer Agent:
SS&C Global Investor & Distribution Solutions, Inc.

P.O. Box 219922

Kansas City, MO 64121-9922

#### 1-800-960-0188
For Overnight Delivery:

iMGP Funds

C/O SS&C Global Investor & Distribution Solutions, Inc.

330 W. 9th Street

Kansas City, MO 64105

Transfer Agent (for iMGP DBi Managed Futures Strategy ETF, and iMGP Berkshire Dividend Growth ETF)

State Street Bank and Trust

1 Congress Building

One Congress Street, Suite 1

Boston, MA 02114-2016

1-800-960-0188

#### Investment Professionals:
Registered Investment Advisors, broker/dealers, and other investment professionals may contact Fund Services at **1-925-254-8999**.

#### Prospectus:
To request a current prospectus, statement of additional information, or an IRA application, call **1-800-960-0188**.

#### Shareholder Inquiries:
To request action on your existing account of Non-ETFs, contact the Transfer agent, SS&C Global Investor & Distribution Solutions, Inc., at **1-800-960-0188**, from 9:00 a.m. to 6:00 p.m. eastern time, Monday through Friday.

#### 24-Hour Automated Information:
For Non-ETFs: For access to automated reporting of daily prices, account balances and transaction activity, call

1-800-960-0188, 24 hours a day, seven days a week. Please have your Fund number (see below) and account number ready in order to access your account information.

#### Information:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Symbol** | **CUSIP** | **Fund Number** |
|  Global Select Fund | MSEFX | 53700T108 | 305 |
|  International Fund | MSILX | 53700T207 | 306 |
|  Small Company Fund | PFSVX | 53700T850 | 2965 |
|  High Income Fund | MAHIX | 53700T876 | 1478 |
|  Dolan McEniry Corporate Bond Fund | IDMIX | 53700T777 | 2967 |
|  APA Enhanced Income Municipal Fund | APAMX | 53700T678 | 2969 |
|  DBi Managed Futures Strategy ETF | DBMF | 53700T827 |  |
|  Berkshire Dividend Growth ETF | BDVG | 53700T751 |  |

---

#### Website:
www.imgpfunds.com

------

![LOGO](g728384g01b01.jpg)

Polen Capital China Growth ETF

Polen Capital Emerging Markets ex-China Growth ETF

Polen Capital Global Growth ETF

Polen Capital International Growth ETF

### Certain Form N-CSR Information

#### June 30, 2025

------

 <br> ii Litman Gregory Funds Trust

------

### Contents

---

| | |
|:---|:---|
|  [Polen Capital China Growth ETF Schedule of Investments](#toc728384_1) | 2 |
|  [Polen Capital Emerging Markets ex-China Growth ETF Schedule of Investments](#toc728384_2) | 3 |
|  [Polen Capital Global Growth ETF Schedule of Investments](#toc728384_3) | 5 |
|  [Polen Capital International Growth ETF Schedule of Investments](#toc728384_4) | 7 |
|  [Statements of Assets and Liabilities](#toc728384_5) | 9 |
|  [Statements of Operations](#toc728384_6) | 11 |
|  Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital China Growth ETF](#toc728384_7) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital Emerging Markets ex-China Growth ETF](#toc728384_8) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital Global Growth ETF](#toc728384_9) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital International Growth ETF](#toc728384_10) | 13 |
|  Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital China Growth ETF](#toc728384_11) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital Emerging Markets ex-China Growth ETF](#toc728384_12) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital Global Growth ETF](#toc728384_13) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital International Growth ETF](#toc728384_14) | 17 |
|  [Notes to Financial Statements](#toc728384_15) | 18 |
|  [Statement Regarding Basis for Approval of Investment Advisory Contract](#toc728384_17) | 31 |

---

iM Global Partner Fund Management, LLC has ultimate responsibility for the funds' performance due to its responsibility to oversee its investment managers and recommend their hiring, termination and replacement.

 <br> **Table of Contents** 1

------

### Polen Capital China Growth ETF

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 95.3%**  | **COMMON STOCKS: 95.3%**  | **COMMON STOCKS: 95.3%**  |
| **Communication Services: 23.3%** | **Communication Services: 23.3%** | **Communication Services: 23.3%** |
| 11000 | Kingsoft Corp. Ltd. | $57312 |
| 2900 | NetEase, Inc. | 77950 |
| 2700 | Tencent Holdings Ltd. | 173007 |
| 3199 | Tencent Music Entertainment Group - ADR | 62349 |
|  |  | 370618 |
| **Consumer Discretionary: 18.6%** | **Consumer Discretionary: 18.6%** | **Consumer Discretionary: 18.6%** |
| 4200 | ANTA Sports Products Ltd. | 50561 |
| 4000 | BYD Co. Ltd. - Class H | 62421 |
| 15200 | Haier Smart Home Co. Ltd. - Class H | 43470 |
| 2900 | Meituan - Class B\*<sup>(a)</sup> | 46289 |
| 1350 | Trip.com Group Ltd. | 78421 |
| 2100 | Zhejiang Supor Co. Ltd. - Class A | 15354 |
|  |  | 296516 |
| **Consumer Staples: 2.1%** | **Consumer Staples: 2.1%** | **Consumer Staples: 2.1%** |
| 9800 | By-health Co. Ltd. - Class A | 15373 |
| 4800 | Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | 18676 |
|  |  | 34049 |
| **Financials: 19.3%** | **Financials: 19.3%** | **Financials: 19.3%** |
| 10200 | AIA Group Ltd. | 91476 |
| 3100 | Hong Kong Exchanges & Clearing Ltd. | 165387 |
| 8000 | Ping An Insurance Group Co. of China Ltd. - Class H | 50803 |
|  |  | 307666 |
| **Health Care: 4.6%** | **Health Care: 4.6%** | **Health Care: 4.6%** |
| 58000 | AK Medical Holdings Ltd.<sup>(a)</sup> | 44258 |
| 8600 | Hygeia Healthcare Holdings Co. Ltd.\*<sup>(a)</sup> | 16718 |
| 5200 | Sinopharm Group Co. Ltd. - Class H | 12175 |
|  |  | 73151 |
| **Industrials: 9.3%** | **Industrials: 9.3%** | **Industrials: 9.3%** |
| 1800 | Contemporary Amperex Technology Co. Ltd. - Class A | 63359 |
| 8300 | Hefei Meiya Optoelectronic Technology, Inc. - Class A | 19541 |
| 3300 | Shenzhen Inovance Technology Co. Ltd. - Class A | 29737 |
| 11000 | SITC International Holdings Co. Ltd. | 35242 |
|  |  | 147879 |
| **Information Technology: 5.8%** | **Information Technology: 5.8%** | **Information Technology: 5.8%** |
| 6000 | Sino Wealth Electronic Ltd. - Class A\* | 20280 |
| 9400 | Xiaomi Corp. - Class B\*<sup>(a)</sup> | 71788 |
|  |  | 92068 |
| **Materials: 2.4%** | **Materials: 2.4%** | **Materials: 2.4%** |
| 16000 | Shandong Sinocera Functional Material Co. Ltd. - Class A | 38741 |
| **Real Estate: 9.2%** | **Real Estate: 9.2%** | **Real Estate: 9.2%** |
| 10600 | China Resources Mixc Lifestyle Services Ltd.<sup>(a)</sup> | 51245 |
| 8000 | KE Holdings, Inc. - Class A | 48306 |
| 8900 | Link REIT - REIT | 47505 |
|  |  | 147056 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Utilities: 0.7%** | **Utilities: 0.7%** | **Utilities: 0.7%** |
| 4000 | China Resources Gas Group Ltd. | $10216 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,208,726) | **TOTAL COMMON STOCKS**<br> (Cost $1,208,726) | 1517960 |
| **TOTAL INVESTMENTS<sup>(b)</sup>**<br> (Cost: $1,208,726): 95.3%  | **TOTAL INVESTMENTS<sup>(b)</sup>**<br> (Cost: $1,208,726): 95.3%  | 1517960 |
| Other Assets in Excess of Liabilities: 4.7% | Other Assets in Excess of Liabilities: 4.7% | 74325 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**1592285** |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

\* Non-Income Producing Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For additional information on China risk, see Notes 8.

The accompanying notes are an integral part of these financial statements.

 <br> 2 Litman Gregory Funds Trust

------

### Polen Capital Emerging Markets ex-China Growth ETF

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 97.9%**  | **COMMON STOCKS: 97.9%**  | **COMMON STOCKS: 97.9%**  |
| **Brazil: 15.1%** | **Brazil: 15.1%** | **Brazil: 15.1%** |
| 50 | MercadoLibre, Inc.\* | $130681 |
| 6045 | NU Holdings Ltd. - Class A\* | 82937 |
| 16900 | TOTVS SA | 131383 |
| 8060 | WEG SA | 63506 |
|  |  | 408507 |
| **Cambodia: 2.9%** | **Cambodia: 2.9%** | **Cambodia: 2.9%** |
| 172424 | NagaCorp Ltd.\* | 78195 |
| **India: 11.2%** | **India: 11.2%** | **India: 11.2%** |
| 622 | Bajaj Auto Ltd. | 60706 |
| 7127 | HDFC Bank Ltd. | 166208 |
| 3983 | Infosys Ltd. | 74468 |
|  |  | 301382 |
| **Indonesia: 4.4%** | **Indonesia: 4.4%** | **Indonesia: 4.4%** |
| 137700 | Bank Central Asia Tbk. PT | 73579 |
| 154500 | Bank Mandiri Persero Tbk. PT | 46440 |
|  |  | 120019 |
| **Italy: 2.5%** | **Italy: 2.5%** | **Italy: 2.5%** |
| 4467 | Wizz Air Holdings PLC\*<sup>(a)</sup> | 66808 |
| **Japan: 3.4%** | **Japan: 3.4%** | **Japan: 3.4%** |
| 4630 | Nexon Co. Ltd. | 93438 |
| **Mexico: 4.3%** | **Mexico: 4.3%** | **Mexico: 4.3%** |
| 5527 | Fomento Economico Mexicano SAB de CV - UNIT | 56640 |
| 17897 | Wal-Mart de Mexico SAB de CV | 58982 |
|  |  | 115622 |
| **Poland: 8.5%** | **Poland: 8.5%** | **Poland: 8.5%** |
| 665 | Dino Polska SA\*<sup>(a)</sup> | 97021 |
| 8060 | InPost SA\* | 133756 |
|  |  | 230777 |
| **Singapore: 2.9%** | **Singapore: 2.9%** | **Singapore: 2.9%** |
| 138600 | Genting Singapore Ltd. | 77893 |
| **South Africa: 10.4%** | **South Africa: 10.4%** | **South Africa: 10.4%** |
| 5912 | Discovery Ltd. | 71670 |
| 3044 | Karooooo Ltd. | 149095 |
| 4822 | Mr. Price Group Ltd. | 60260 |
|  |  | 281025 |
| **South Korea: 2.7%** | **South Korea: 2.7%** | **South Korea: 2.7%** |
| 250 | Hugel, Inc.\* | 71873 |
| **Taiwan: 15.1%** | **Taiwan: 15.1%** | **Taiwan: 15.1%** |
| 2912 | Accton Technology Corp. | 72770 |
| 13000 | E Ink Holdings, Inc. | 98350 |
| 6500 | Taiwan Semiconductor Manufacturing Co. Ltd. | 235862 |
|  |  | 406982 |
| **United Arab Emirates: 3.1%** | **United Arab Emirates: 3.1%** | **United Arab Emirates: 3.1%** |
| 51024 | Salik Co. PJSC | 84048 |
| **Uruguay: 3.7%** | **Uruguay: 3.7%** | **Uruguay: 3.7%** |
| 8738 | Dlocal Ltd. | 99089 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Vietnam: 7.7%** | **Vietnam: 7.7%** | **Vietnam: 7.7%** |
| 18400 | FPT Corp. | $83263 |
| 27900 | Mobile World Investment Corp.\* | 69962 |
| 17300 | Phu Nhuan Jewelry JSC | 55039 |
|  |  | 208264 |
| **TOTAL COMMON STOCKS**<br> (Cost $2,527,859) | **TOTAL COMMON STOCKS**<br> (Cost $2,527,859) | 2643922 |
| **TOTAL INVESTMENTS**<br> (Cost: $2,527,859): 97.9%  | **TOTAL INVESTMENTS**<br> (Cost: $2,527,859): 97.9%  | 2643922 |
| Other Assets in Excess of Liabilities: 2.1% | Other Assets in Excess of Liabilities: 2.1% | 56603 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**2700525** |

---

Percentages are stated as a percent of net assets.

PJSC Public Joint-Stock Company

\* Non-Income Producing Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 3

------

### Polen Capital Emerging Markets ex-China Growth ETF

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)
The following is a table displaying the investments of the fund by industry.

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Banks | 13.7% |
|  Software | 10.4% |
|  Semiconductors & Semiconductor Equipment | 8.7% |
|  IT Services | 5.9% |
|  Hotels, Restaurants & Leisure | 5.8% |
|  Consumer Staples Distribution & Retail | 5.8% |
|  Air Freight & Logistics | 4.9% |
|  Broadline Retail | 4.8% |
|  Specialty Retail | 4.8% |
|  Financial Services | 3.7% |
|  Electronic Equipment, Instruments & Components | 3.7% |
|  Entertainment | 3.4% |
|  Transportation Infrastructure | 3.1% |
|  Communications Equipment | 2.7% |
|  Biotechnology | 2.7% |
|  Insurance | 2.7% |
|  Passenger Airlines | 2.5% |
|  Electrical Equipment | 2.3% |
|  Automobiles | 2.2% |
|  Beverages | 2.1% |
|  Textiles, Apparel & Luxury Goods | 2.0% |
|  Total Investments | 97.9% |
|  Other Assets in Excess of Liabilities | 2.1% |
|  Net Assets | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

 <br> 4 Litman Gregory Funds Trust

------

### Polen Capital Global Growth ETF

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| <br> **Shares** |  | **Value** |
| **COMMON STOCKS: 96.6%**  | **COMMON STOCKS: 96.6%**  | **COMMON STOCKS: 96.6%**  |
| **Brazil: 2.6%** | **Brazil: 2.6%** | **Brazil: 2.6%** |
| 1764 | MercadoLibre, Inc.\* | $4610443 |
| **Canada: 5.6%** | **Canada: 5.6%** | **Canada: 5.6%** |
| 87261 | Shopify, Inc. - Class A\* | 10065556 |
| **France: 1.1%** | **France: 1.1%** | **France: 1.1%** |
| 4706 | L'Oreal SA | 2011111 |
| **Germany: 5.1%** | **Germany: 5.1%** | **Germany: 5.1%** |
| 24907 | SAP SE | 7567483 |
| 31173 | Siemens Healthineers AG<sup>(a)</sup> | 1726587 |
|  |  | 9294070 |
| **Ireland: 0.9%** | **Ireland: 0.9%** | **Ireland: 0.9%** |
| 5491 | Accenture PLC - Class A | 1641205 |
| **Netherlands: 3.6%** | **Netherlands: 3.6%** | **Netherlands: 3.6%** |
| 3528 | Adyen NV\*<sup>(a)</sup> | 6470911 |
| **United Kingdom: 1.0%** | **United Kingdom: 1.0%** | **United Kingdom: 1.0%** |
| 108266 | Sage Group PLC | 1857640 |
| **United States: 76.7%** | **United States: 76.7%** | **United States: 76.7%** |
| 54711 | Abbott Laboratories | 7441243 |
| 13916 | Adobe, Inc.\* | 5383822 |
| 25100 | Airbnb, Inc. - Class A\* | 3321734 |
| 27463 | Alphabet, Inc. - Class C | 4871662 |
| 64938 | Amazon.com, Inc.\* | 14246748 |
| 23518 | Aon PLC - Class A | 8390282 |
| 5295 | Automatic Data Processing, Inc. | 1632978 |
| 60006 | CoStar Group, Inc.\* | 4824482 |
| 5764 | Eli Lilly & Co. | 4493211 |
| 19803 | ICON PLC\* | 2880346 |
| 3923 | IDEXX Laboratories, Inc.\* | 2104062 |
| 15099 | MasterCard, Inc. - Class A | 8484732 |
| 20004 | Microsoft Corp. | 9950190 |
| 11963 | MSCI, Inc. | 6899541 |
| 58658 | Oracle Corp. | 12824398 |
| 37262 | Paycom Software, Inc. | 8622427 |
| 2551 | ServiceNow, Inc.\* | 2622632 |
| 39211 | Starbucks Corp. | 3592904 |
| 7827 | Thermo Fisher Scientific, Inc. | 3173535 |
| 24119 | Visa, Inc. - Class A | 8563451 |
| 10772 | Willis Towers Watson PLC | 3301618 |
| 21160 | Workday, Inc. - Class A\* | 5078400 |
| 37472 | Zoetis, Inc. | 5843758 |
|  |  | 138548156 |
| **TOTAL COMMON STOCKS**<br> (Cost $168,221,388) | **TOTAL COMMON STOCKS**<br> (Cost $168,221,388) | 174499092 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 3.4%**  | **SHORT-TERM INVESTMENTS: 3.4%**  | **SHORT-TERM INVESTMENTS: 3.4%**  |
| **REPURCHASE AGREEMENTS: 3.4%**  | **REPURCHASE AGREEMENTS: 3.4%**  | **REPURCHASE AGREEMENTS: 3.4%**  |
| $6132000 | Fixed Income Clearing Corp. 1.360%, 6/30/2025, due 07/01/2025 [collateral: par value $6,241,200, U.S. Treasury Note, 3.375%, due 09/15/2027, value $6,255,261] (proceeds $6,132,232) | $6132000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $6,132,000) | **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $6,132,000) | 6132000 |
| **TOTAL INVESTMENTS**<br> (Cost: $174,353,388): 100.0%  | **TOTAL INVESTMENTS**<br> (Cost: $174,353,388): 100.0%  | 180631092 |
| Liabilities in Excess of Other Assets: (0.0)% | Liabilities in Excess of Other Assets: (0.0)% | (33027) |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**180598065** |

---

Percentages are stated as a percent of net assets.

\* Non-Income Producing Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 5

------

### Polen Capital Global Growth ETF

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)
The following is a table displaying the investments of the fund by industry.

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Software<sup>(a)</sup> | 25.1% |
|  Financial Services | 13.0% |
|  Broadline Retail | 10.5% |
|  IT Services | 6.5% |
|  Insurance | 6.4% |
|  Health Care Equipment & Supplies | 6.2% |
|  Pharmaceuticals | 5.7% |
|  Professional Services | 5.7% |
|  Hotels, Restaurants & Leisure | 3.8% |
|  Capital Markets | 3.8% |
|  Life Sciences Tools & Services | 3.4% |
|  Interactive Media & Services | 2.7% |
|  Real Estate Management & Development | 2.7% |
|  Personal Care Products | 1.1% |
|  Short-Term Investments | 3.4% |
|  Total Investments | 100.0% |
|  Liabilities in Excess of Other Assets | (0.0)% |
|  Net Assets | 100.0% |

---

(a) For additional information on portfolio concentration, see Note 8.

The accompanying notes are an integral part of these financial statements.

 <br> 6 Litman Gregory Funds Trust

------

### Polen Capital International Growth ETF

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 96.5%**  | **COMMON STOCKS: 96.5%**  | **COMMON STOCKS: 96.5%**  |
| **Brazil: 8.7%** | **Brazil: 8.7%** | **Brazil: 8.7%** |
| 664 | MercadoLibre, Inc.\* | $1735451 |
| 52974 | NU Holdings Ltd. - Class A\* | 726803 |
|  |  | 2462254 |
| **Canada: 4.2%** | **Canada: 4.2%** | **Canada: 4.2%** |
| 10230 | Shopify, Inc. - Class A\* | 1180030 |
| **France: 5.0%** | **France: 5.0%** | **France: 5.0%** |
| 18220 | Dassault Systemes SE | 658975 |
| 7884 | Teleperformance SE<sup>(a)</sup> | 763853 |
|  |  | 1422828 |
| **Germany: 13.5%** | **Germany: 13.5%** | **Germany: 13.5%** |
| 4388 | Adidas AG | 1022304 |
| 7450 | SAP SE | 2263530 |
| 10176 | Siemens Healthineers AG<sup>(b)</sup> | 563621 |
|  |  | 3849455 |
| **India: 8.4%** | **India: 8.4%** | **India: 8.4%** |
| 18551 | HDFC Bank Ltd. - ADR | 1422305 |
| 15991 | ICICI Bank Ltd. - ADR | 537937 |
| 4390 | MakeMyTrip Ltd.\* | 430308 |
|  |  | 2390550 |
| **Japan: 3.7%** | **Japan: 3.7%** | **Japan: 3.7%** |
| 5530 | Tokyo Electron Ltd. | 1061551 |
| **Netherlands: 8.2%** | **Netherlands: 8.2%** | **Netherlands: 8.2%** |
| 622 | Adyen NV\*<sup>(b)</sup> | 1140847 |
| 1503 | ASML Holding NV | 1198644 |
|  |  | 2339491 |
| **Poland: 3.0%** | **Poland: 3.0%** | **Poland: 3.0%** |
| 51262 | InPost SA\* | 850692 |
| **Singapore: 2.0%** | **Singapore: 2.0%** | **Singapore: 2.0%** |
| 3551 | Sea Ltd. - ADR\* | 567947 |
| **Spain: 1.5%** | **Spain: 1.5%** | **Spain: 1.5%** |
| 5217 | Amadeus IT Group SA | 438898 |
| **Switzerland: 4.4%** | **Switzerland: 4.4%** | **Switzerland: 4.4%** |
| 793 | Lonza Group AG | 564324 |
| 13322 | On Holding AG - Class A\* | 693410 |
|  |  | 1257734 |
| **United Kingdom: 7.7%** | **United Kingdom: 7.7%** | **United Kingdom: 7.7%** |
| 126868 | Sage Group PLC | 2176815 |
| **United States: 26.2%** | **United States: 26.2%** | **United States: 26.2%** |
| 5418 | Aon PLC - Class A | 1932926 |
| 7196 | Globant SA\* | 653685 |
| 5711 | ICON PLC\* | 830665 |
| 6334 | Medtronic PLC | 552135 |
| 2575 | Monday.com Ltd.\* | 809786 |
| 3826 | Schneider Electric SE | 1016779 |
| 660 | Spotify Technology SA\* | 506444 |
| 3793 | Willis Towers Watson PLC | 1162554 |
|  |  | 7464974 |
| **TOTAL COMMON STOCKS**<br>(Cost $27,436,041) | **TOTAL COMMON STOCKS**<br>(Cost $27,436,041) | 27463219 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 4.9%**  | **SHORT-TERM INVESTMENTS: 4.9%**  | **SHORT-TERM INVESTMENTS: 4.9%**  |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 2.5%**  | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 2.5%**  | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 2.5%**  |
| 713757 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.350%<sup>(c)(d)</sup> | $713757 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br> (Cost $713,757) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br> (Cost $713,757) | 713757 |
| **Principal<br>Amount** |  |  |
| **REPURCHASE AGREEMENTS: 2.4%** | **REPURCHASE AGREEMENTS: 2.4%** | **REPURCHASE AGREEMENTS: 2.4%** |
| $667000 | Fixed Income Clearing Corp. 1.360%, 6/30/2025, due 07/01/2025 [collateral: par value $678,900, U.S. Treasury Note, 3.375%, due 09/15/2027, value $680,451] (proceeds $667,025) | 667000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $667,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $667,000) | 667000 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $1,380,757) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $1,380,757) | 1380757 |
| **TOTAL INVESTMENTS**<br> (Cost: $28,816,798): 101.4%  | **TOTAL INVESTMENTS**<br> (Cost: $28,816,798): 101.4%  | 28843976 |
| Liabilities in Excess of Other Assets: (1.4)% | Liabilities in Excess of Other Assets: (1.4)% | (394257) |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**28449719** |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

\* Non-Income Producing Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Security, or portion thereof, is out on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate disclosed is the 7 day net yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents security purchased with cash collateral received for securities on loan.

The accompanying notes are an integral part of these financial statements.

 <br> Schedule of Investments 7

------

### Polen Capital International Growth ETF

#### SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2025 (Unaudited) (Continued)
The following is a table displaying the investments of the fund by industry.

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Software | 20.7% |
|  Insurance | 10.9% |
|  Banks | 9.5% |
|  Semiconductors & Semiconductor Equipment | 7.9% |
|  IT Services | 6.5% |
|  Broadline Retail | 6.1% |
|  Textiles, Apparel & Luxury Goods | 6.0% |
|  Life Sciences Tools & Services | 4.9% |
|  Financial Services | 4.0% |
|  Health Care Equipment & Supplies | 3.9% |
|  Entertainment | 3.8% |
|  Electrical Equipment | 3.6% |
|  Hotels, Restaurants & Leisure | 3.0% |
|  Air Freight & Logistics | 3.0% |
|  Professional Services | 2.7% |
|  Short-Term Investments | 4.9% |
|  Total Investments | 101.4% |
|  Liabilities in Excess of Other Assets | (1.4)% |
|  Net Assets | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

 <br> 8 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2025 – (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Polen Capital<br>China Growth<br>ETF** | **Polen Capital<br>Emerging Markets<br>ex-China Growth<br>ETF** | **Polen Capital<br>Global Growth<br>ETF** | **Polen Capital<br>International<br>Growth ETF** |
|  **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at cost | $1208726 | $2527859 | $168221388 | $28149798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at cost |  |  | 6132000 | 667000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at cost | $1208726 | $2527859 | $174353388 | $28816798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value<sup>1</sup> | $1517960 | $2643922 | $174499092 | $28176976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at value |  |  | 6132000 | 667000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at value | $1517960 | $2643922 | $180631092 | $28843976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 78059 | 15908 | 327 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, denominated in foreign currency<br>(cost of $1,605, $33,299, $51 and $238, respectively) | 1670 | 33128 | 52 | 245 |
|  **Receivables:** | **Receivables:** | **Receivables:** | **Receivables:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold |  |  |  | 299439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 7653 | 5535 | 21557 | 10461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 26 | 53278 | 21662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory reimbursement |  | 3070 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1605342 | 2701589 | 180706306 | 29176590 |
|  **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |  |
|  **Payables:** | **Payables:** | **Payables:** | **Payables:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 12722 |  | 108241 | 12721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased |  |  |  | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for cash collateral from securities loaned (See Note 2) |  |  |  | 713757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | 335 | 1064 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 13057 | 1064 | 108241 | 726871 |
|  **NET ASSETS** | $1592285 | $2700525 | $180598065 | $28449719 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Statements of Assets and Liabilities 9

------

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2025 – (Unaudited) (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Polen Capital<br>China Growth<br>ETF** | **Polen Capital<br>Emerging Markets<br>ex-China Growth<br>ETF** | **Polen Capital<br>Global Growth<br>ETF** | **Polen Capital<br>International<br>Growth ETF** |
|  Net Assets | $1592285 | $2700525 | $180598065 | $28449719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value) | 125000 | 250000 | 15075000 | 2890000 |
|  **Net asset value, offering price and redemption price per share** | $12.74 | $10.80 | $11.98 | $9.84 |
|  **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $1282418 | $2614495 | $171227418 | $28503641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated distributable earnings (deficit) | 309867 | 86030 | 9370647 | (53922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1592285 | $2700525 | $180598065 | $28449719 |

---

<sup>1</sup> Includes $687,760 of securities on loan in Polen Capital International Growth ETF. 

The accompanying notes are an integral part of these financial statements.

 <br> 10 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2025 – (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Polen Capital**<br> **China Growth**<br> **ETF** | **Polen Capital**<br> **Emerging Markets<br>ex-China Growth<br>ETF** | **Polen Capital**<br> **Global Growth**<br> **ETF** | **Polen Capital<br>International<br>Growth ETF** |
|  **INVESTMENT INCOME:** | **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign taxes withheld of $861, $3,124, $37,605 and $21,079, respectively) | $22140 | $21841 | $684892 | $200430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 178 |  | 34262 | 7898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (See Note 2) |  |  | 294 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 22318 | 21841 | 719448 | 208520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 7343 | 12521 | 700216 | 115482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7343 | 12521 | 700216 | 115482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7343 | 12521 | 700216 | 115482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 14975 | 9320 | 19232 | 93038 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 29367 | (29478) | (9881220) | (915421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (106) | (560) | (33362) | 3345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  |  | 14127429 | 1866336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 29261 | (30038) | 4212847 | 954260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 174510 | 214190 | (372612) | 930728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (270) | 14 | 5454 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 174240 | 214204 | (367158) | 932781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss) on investments and foreign currency transactions** | 203501 | 184166 | 3845689 | 1887041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | $218476 | $193486 | $3864921 | $1980079 |

---

The accompanying notes are an integral part of these financial statements.

 <br> Statements of Operations 11

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Polen Capital China Growth ETF** | **Polen Capital China Growth ETF** | **Polen Capital Emerging Markets<br>ex-China Growth ETF** | **Polen Capital Emerging Markets<br>ex-China Growth ETF** |
|  | **Six Months Ended<br>June 30,**<br> **2025<sup>#</sup>** | **Period Ended<br>December 31,<br>2024\*** | **Six Months Ended<br>June 30,**<br> **2025<sup>#</sup>** | **Period Ended<br>December 31,**<br> **2024\*\*** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** | **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income after tax | $14975 | $22361 | $9320 | $1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 29261 | (39515) | (30038) | (8390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | 174240 | 135058 | 214204 | (98280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 218476 | 117904 | 193486 | (105635) |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  | (26513) |  | (2600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (26513) |  | (2600) |
|  **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  | 1781057 |  | 2615274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed |  | (498639) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from capital share transactions |  | 1282418 |  | 2615274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 218476 | 1373809 | 193486 | 2507039 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1373809 |  | 2507039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $1592285 | $1373809 | $2700525 | $2507039 |
|  **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold |  | 175000 |  | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (50000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions |  | 125000 |  | 250000 |

---

# Unaudited.

\* Commenced operations on March 14, 2024.

\*\* Commenced operations on September 11, 2024.

The accompanying notes are an integral part of these financial statements.

 <br> 12 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Polen Capital Global Growth ETF** | **Polen Capital Global Growth ETF** | **Polen Capital International Growth ETF** | **Polen Capital International Growth ETF** |
|  | **Six Months Ended<br>June 30,**<br> **2025<sup>#</sup>** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30,**<br> **2025<sup>#</sup>** | **Period Ended<br>December 31,<br>2024\*** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM:**<br> **OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM:**<br> **OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM:**<br> **OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM:**<br> **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $19232 | $(197118) | $93038 | $94816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 4212847 | 6876224 | 954260 | (1129978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | (367158) | 4601317 | 932781 | (904009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 3864921 | 11280423 | 1980079 | (1939171) |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  |  |  | (94830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (94830) |
|  **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 78923345 | 144077495 | 6273036 | 28617445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | (58808908) | (37075453) | (6386840) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | 20114437 | 107002042 | (113804) | 28617445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 23979358 | 118282465 | 1866275 | 26583444 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 156618707 | 38336242 | 26583444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $180598065 | $156618707 | $28449719 | $26583444 |
|  **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** | **CAPITAL TRANSACTIONS IN SHARES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 6745000 | 12875000 | 640000 | 2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4970000) | (3225000) | (650000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 1775000 | 9650000 | (10000) | 2900000 |

---

# Unaudited.

\* Commenced operations on March 14, 2024.

The accompanying notes are an integral part of these financial statements.

 <br> Statements of Changes in Net Assets 13

------

Polen Capital China Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30,**<br> **2025<sup>#</sup>** |  | **Period Ended<br>December 31,<br>2024\*\*** |
|  Net asset value, beginning of period | $10.99 |  | $10.00 |
|  **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.12 |  | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency | 1.63 |  | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 1.75 |  | 1.20 |
|  **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.21) |
|  **Net asset value, end of period** | $12.74 |  | $10.99 |
|  **Market price, end of period** | $12.79 |  | $10.87 |
|  Net asset value total return | 15.90 | %<sup>+</sup> | 12.00 |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $1592 |  | $1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including tax expense and before fees waived | 1.00 | %\* | 5.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including tax expense and after fees waived | 1.00 | %\* | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets including tax expense and fees waived | 2.04 | %\* | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 15.53 | %<sup>+</sup> | 41.06 |

---

# Unaudited.

+ Not annualized.

\* Annualized.

\*\* Commenced operations on March 14, 2024.

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> Ratio of total expenses to average net assets including tax expense after fees waived, and ratio of net investment income to average net assets including tax expense and fees waived includes a voluntary waiver of 4.65% and income tax expense of 4.65%. 

The accompanying notes are an integral part of these financial statements.

 <br> 14 Litman Gregory Funds Trust

------

Polen Capital Emerging Markets ex-China Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30,**<br> **2025<sup>#</sup>** |  | **Period Ended<br>December 31,<br>2024\*\*** |
|  Net asset value, beginning of period | $10.03 |  | $10.00 |
|  **Income from investment operations:** | **Income from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.04 |  | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency | 0.73 |  | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.77 |  | 0.04 |
|  **Less distributions:** | **Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.01) |
|  **Net asset value, end of period** | $10.80 |  | $10.03 |
|  **Market price, end of period** | $10.84 |  | $10.04 |
|  Net asset value total return | 7.72 | %<sup>+</sup> | 0.39 |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $2701 |  | $2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 1.00 | %\* | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 1.00 | %\* | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 0.74 | %\* | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 5.12 | %<sup>+</sup> | 7.03 |

---

# Unaudited.

+ Not annualized.

\* Annualized.

\*\* Commenced operations on September 11, 2024.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.01 per share.  |

---

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the Fund. 

The accompanying notes are an integral part of these financial statements.

 <br> Financial Highlights 15

------

Polen Capital Global Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30,**<br> **2025<sup>#</sup>** |  | **Year Ended**<br> **December 31,<br>2024** | **Period Ended**<br> **December 31,<br>2023\*\*** |
|  Net asset value, beginning of period | $11.78 |  | $10.50 | $10.00 |
|  **Income from investment operations:** | **Income from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> |  | <sup>^</sup> | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency | 0.20 |  | 1.30 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.20 |  | 1.28 | 0.50 |
|  **Less distributions:** | **Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  |  |  |
|  **Net asset value, end of period** | $11.98 |  | $11.78 | $10.50 |
|  **Market price, end of period** | $11.97 |  | $11.78 | $10.48 |
|  Net asset value total return | 1.73 | %<sup>+</sup> | 12.12%<sup>2</sup> | 5.03 |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $180598 |  | $156619 | $38336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 0.85 | %\* | 0.85% | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.85 | %\* | 0.85% | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | 0.02 | %\* | (0.18)% | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28.53 | %<sup>+,5</sup> | 17.61%<sup>4</sup> | 3.65 |

---

# Unaudited.

+ Not annualized.

\* Annualized.

\*\* Commenced operations on August 29, 2023.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.01 per share.  |

---

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> The total return does not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments. 

<sup>3</sup> Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 3.65% for the period ended December 31, 2023. 

<sup>4</sup> Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 49.86% for the year ended December 31, 2024. 

<sup>5</sup> Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 64.99% for the period ended June 30, 2025. 

The accompanying notes are an integral part of these financial statements.

 <br> 16 Litman Gregory Funds Trust

------

Polen Capital International Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br>June 30,**<br> **2025<sup>#</sup>** |  | **Period Ended**<br> **December 31,**<br> **2024\*\*** |
|  Net asset value, beginning of period | $9.17 |  | $10.00 |
|  **Income from investment operations:** | **Income from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.03 |  | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency | 0.64 |  | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.67 |  | (0.80) |
|  **Less distributions:** | **Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (0.03) |
|  **Net asset value, end of period** | $9.84 |  | $9.17 |
|  **Market price, end of period** | $9.86 |  | $9.13 |
|  Net asset value total return | 7.39 | %<sup>+</sup> | (8.01) |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $28450 |  | $26583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratios of total expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived | 0.85 | %\* | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.85 | %\* | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 0.68 | %\* | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20.98 | %<sup>+,3</sup> | 24.21 |

---

# Unaudited.

+ Not annualized.

\* Annualized.

\*\* Commenced operations on March 14, 2024.

<sup>1</sup> Calculated based on the average shares outstanding methodology.

<sup>2</sup> Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 24.21% for the period ended December 31, 2024. 

<sup>3</sup> Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 44.58% for the period ended June 30, 2025. 

The accompanying notes are an integral part of these financial statements.

 <br> Financial Highlights 17

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited)

#### Note 1 – Organization
Litman Gregory Funds Trust (the "Trust") was organized as a Delaware business trust on August 1, 1996, and is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. Effective August 1, 2011, The Masters' Select Funds Trust changed its name to the Litman Gregory Funds Trust. The Trust consists of twelve separate series. The Polen Capital China Growth ETF, Polen Capital Emerging Markets ex-China Growth ETF, Polen Capital Global Growth ETF and Polen Capital International Growth ETF (together the "Funds") are the only series included in this report.

The Polen Capital China Growth ETF seeks to achieve long-term growth of capital. The Polen Capital China Growth ETF is a non-diversified, actively-managed ETF that seeks to achieve its objective by investing in a portfolio of equity securities of Chinese companies that in the opinion of Polen Capital Management, LLC (the "Sub-Advisor"), have a sustainable competitive advantage. The Polen Capital China Growth ETF may also gain exposure to such issuers by investing in depositary receipts including Global Depositary Receipts, American Depositary Receipts and International Depositary Receipts or through variable interest entities. The Polen Capital China Growth ETF invests across the market capitalization spectrum in small, mid-and large capitalization companies. Shares of the Polen Capital China Growth ETF are listed and traded on the New York Stock Exchange Arca.

The Polen Capital Emerging Markets ex-China Growth ETF seeks to achieve long-term growth of capital. The Polen Capital Emerging Markets ex-China Growth ETF is a non-diversified, actively-managed ETF that seeks to achieve its objective by investing in a portfolio of common stocks of companies in emerging markets that in the opinion of Polen Capital Management, LLC, have a sustainable competitive advantage. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes), at the time of initial purchase, in equity or equity-related securities of issuers that are located in an emerging market country. Equity and equity-related securities include common and preferred stocks and warrants on common stock. Shares of the Polen Capital Emerging Markets ex-China Growth ETF are listed and traded on the New York Stock Exchange Arca.

The Polen Capital Global Growth ETF seeks to achieve long-term growth of capital. The Polen Capital Global Growth ETF is a non-diversified, actively-managed ETF that seeks to achieve its objective by investing in a focused portfolio of approximately 25 to 40 common stocks of large capitalization companies (meaning companies with market capitalizations greater than $10 billion at the time of purchase) that are located anywhere in the world, including companies in both developed and emerging markets, and, in the opinion of Polen Capital Management, LLC, have a sustainable competitive advantage. In addition, the Polen Capital Global Growth ETF may from time to time purchase common stocks, including the common stock of medium capitalization companies (meaning companies with market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), if, in the Sub-Advisor's opinion, the stock represents a particularly attractive investment opportunity. Shares of the Polen Capital Global Growth ETF are listed and traded on the New York Stock Exchange Arca.

The Polen Capital International Growth ETF seeks to achieve long-term growth of capital. The Polen Capital International Growth ETF is a non-diversified, actively-managed ETF that seeks to achieve its objective by investing in a focused portfolio of approximately 25 to 35 common stocks of large capitalization companies (meaning companies with market capitalizations greater than $10 billion at the time of purchase) including companies in both developed and emerging markets, and, in the opinion of Polen Capital Management, LLC, have a sustainable competitive advantage. In addition, the Polen Capital International Growth ETF may from time to time purchase common stocks, including the common stock of medium capitalization companies (meaning companies with market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), if, in the Sub-Advisor's opinion, the stock represents a particularly attractive investment opportunity. Shares of the Polen Capital International Growth ETF are listed and traded on the New York Stock Exchange Arca.

#### Note 2 – Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

---

| | |
|:---|:---|
| A | *Accounting Estimates*. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.  |

---

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services – Investment Companies*.

---

| | |
|:---|:---|
| B | *Security Valuation*. The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below. Investments in securities and derivatives traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day that the exchanges are open for trading. Securities listed on the NASDAQ Global Market, the NASDAQ Global Select Market and the NASDAQ Capital Market are valued using the NASDAQ Official Closing Price. Securities traded on an exchange for which there have been no sales are valued at the  |

---

 <br> 18 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
mean between the closing bid and asked prices. Debt securities maturing within 60 days or less are valued at amortized cost unless the Valuation Committee determines that amortized cost does not represent fair value. Securities for which market prices are not readily available or if a security's value has materially changed after the close of the security's primary market but before the close of trading on the New York Stock Exchange ("NYSE"), the securities are valued at fair value as determined in good faith by the Sub-Advisors that selected the security for the Funds' portfolio and iM Global Partner Fund Management, LLC (the "Advisor") in accordance with procedures approved by the Board of Trustees (the "Board"). In determining fair value, the Funds take into account all relevant factors and available information. Consequently, the price of the security used by a Fund to calculate its net asset value may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments and there is no single standard for determining the fair value of a security. As a result, different mutual funds could reasonably arrive at a different value for the same security. For securities that do not trade during NYSE hours, fair value determinations are based on analyses of market movements after the close of those securities' primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. Pricing services are used to obtain closing market prices and to compute certain fair value adjustments utilizing computerized pricing models. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine.

Investments in other funds are valued at their respective net asset values as determined by those funds in accordance with the 1940 Act.

The Funds are required to comply with U.S. Securities and Exchange Commission (the "SEC") regulations that govern valuation practices and the role of a fund's board with respect to the fair value of the investments of a registered investment company. Rule 2a-5 under the 1940 Act, among other things, establishes an updated regulatory framework for registered investment company fair valuation practices. The Funds' Board has designated the Advisor as each Fund's valuation designee to perform fair value functions in accordance with valuation policies and procedures adopted by iM Global Partner Fund Management, LLC, subject to the Board's oversight.

Debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Funds' pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at the close of the NYSE on the date that the values of the foreign debt securities are determined. Repurchase agreements are valued at cost, which approximates fair value.

Certain derivatives trade in the over-the-counter market. The Funds' pricing services use various techniques including industry standard option pricing models and proprietary discounted cash flow models to determine the fair value of those instruments. The Funds' net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available orwhich may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

C *Repurchase Agreements.* Each Fund may enter into repurchase agreements through which the Fund acquires a security (the "underlying security") from a seller, a well-established securities dealer or a bank that is a member of the Federal Reserve System. The bank or securities dealer agrees to repurchase the underlying security at the same price, plus a specified amount of interest, at a later date, generally for a period of less than one week. It is the Trust's policy that its Custodian takes possession of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities, including recorded interest, is sufficient to cover the value of the repurchase agreements. The Trust's policy states that the value of the collateral is at least 102% of the value of the repurchase agreement. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by a Fund may be delayed or limited. At June 30, 2025, the Funds' ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities. 

 <br> Notes to Financial Statements 19

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
At June 30, 2025, Polen Capital Global Growth ETF and Polen Capital International Growth ETF had investments in repurchase agreements with a gross value of $6,132,000 and $667,000, respectively, which are reflected as repurchase agreements on the Statements of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2025.

D *Securities Lending*. The Funds may make secured loans of their portfolio securities amounting to not more than one-third of their total assets. Securities loans are required to be collateralized by cash or securities in an amount equal to the securities loaned (marked to market daily). Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned security that are foreign, or 102% of the then current market value of any other loaned security. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the following business day. Funds participating in securities lending receive compensation for lending their securities and/or net investment income earned on the investment of cash collateral, net of fee rebates paid to the borrower and fees paid to the lending agent. Cash collateral received is invested in State Street Navigator Government Money Market Portfolio. The remaining contractual maturity of this investment is overnight and continuous. Should the borrower of the securities fail financially, each Fund has the right to repurchase the securities using the collateral in the open market. State Street Bank and Trust Company serves as the Funds' lending agent. 

A Fund that lends its portfolio securities bears certain risks, including the risk of delay in the recovery of loaned securities, possible impairment of the Fund's ability to vote the securities, the inability to invest proceeds from the sales of such securities and the loss of rights in the collateral should the borrower fail financially. A Fund also bears the risk that the value of investments made with collateral may decline and bears the risk of total loss with respect to the investment of collateral.

At June 30, 2025, securities on loan at value and collateral from securities on loan are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Value of securities<br>on loan** | **Cash**<br> **Collateral** | **Non-cash Collateral** | **Total**<br> **Collateral** |
|  Polen Capital International Growth ETF | $687760 | $713757 | $– $| 713757 |

---

The Trust's securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% or 105% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% or 105% due to end of day market movement. The next business day, additional collateral is obtained/received from the borrower to replenish/reestablish 102% or 105%.

---

| | |
|:---|:---|
| E | *Foreign Currency Translation*. The Funds' records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when each Fund's net asset value is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.  |

---

The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency transactions gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

---

| | |
|:---|:---|
| F | *Distributions to Shareholders.* Distributions paid to shareholders are recorded on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition – "temporary differences"), such amounts are reclassified within the capital accounts based on their federal tax-basis.  |

---

---

| | |
|:---|:---|
| G | *Income Taxes*. The Funds intend to comply with the requirements of Subchapter M of the Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Accordingly, no provisions for federal income taxes are required. The Funds have reviewed the tax positions, taken on federal income tax returns, for each of the three open tax years (as applicable) and as of June 30, 2025, and have determined that no provision for income tax is required in the Funds' financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statements of Operations. During the period ended June 30, 2025, the Funds did not incur any interest or penalties. Foreign securities held by the Funds may be subject to foreign taxation on dividend and interest income received. Foreign taxes, if any, net of any reclaims, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds' invest.  |

---

 <br> 20 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
Taxes on foreign interest and dividend income are generally withheld in accordance with the applicable country's tax treaty with the United States. The foreign withholding rates applicable to a Fund's investments in certain jurisdictions may be higher if a significant portion of the Fund is held by non-U.S. shareholders. Each Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based charges imposed by certain countries in which it invests. Taxes related to capital gains realized during the period ended June 30, 2025, if any, are reflected as part of net realized gain (loss) in the Statements of Operations.

Changes in tax liabilities related to capital gain taxes on unrealized investment gains, if any, are reflected as part of change in net unrealized appreciation (depreciation) in the Statements of Operations. Transaction-based charges are generally calculated as a percentage of the transaction amount.

The Funds may have previously filed for and/or may file for additional tax refunds with respect to certain taxes withheld by certain countries. Generally, the amount of such refunds that a Fund reasonably determines are collectible and free from significant contingencies are reflected in a Fund's net asset value and are reflected as foreign tax reclaims receivable in the Statements of Assets and Liabilities. In certain circumstances, a Fund's receipt of such refunds may cause the Fund and/or its shareholders to be liable for U.S. federal income taxes and interest charges.

Foreign taxes paid by each Fund may be treated, to the extent permissible by the Code (and other applicable U.S. federal tax guidance) and if that Fund so elects, as if paid by U.S. shareholders of that Fund.

---

| | |
|:---|:---|
| H | *Security Transactions, Dividend and Interest Income and Expenses.* Security transactions are accounted for on the trade date. Realized gains and losses on securities transactions are reported on an identified cost basis. Dividend income and, where applicable, related foreign tax withholding expenses are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Purchase discounts and premiums on fixed-income securities are accreted and amortized to maturity using the effective interest method and reflected within interest income on the Statements of Operations. Paydown gains and losses on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income in the Statements of Operations. Many expenses of the Trust can be directly attributed to a specific Fund. Each Fund is charged for expenses directly attributed to it. Expenses that cannot be directly attributed to a specific Fund are allocated among the Funds in the Trust in proportion to their respective net assets or other appropriate method.  |

---

I *Restricted Securities.* A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuers would typically bear the expense of all registrations at no cost to the Fund. Restricted securities are valued according to the guidelines and procedures adopted by the Funds' Board of Trustees. As of June 30, 2025, there were no restricted securities held in the Funds. 

---

| | |
|:---|:---|
| J | *Illiquid Securities*. Each Fund may not invest more than 15% of the value of its net assets in illiquid securities, including restricted securities that are not deemed to be liquid by the Sub-Advisors. The Advisor and the Sub-Advisors will monitor the amount of illiquid securities in a Fund's portfolio, under the supervision of the Board, to ensure compliance with a Fund's investment restrictions. In accordance with procedures approved by the Board, these securities may be valued using techniques other than market quotations, and the values established for these securities may be different than what would be produced through the use of another methodology or if they had been priced using market quotations. Illiquid securities and other portfolio securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a portfolio security is sold at a discount to its established value.  |

---

K *Indemnification Obligations .* Under the Trust's organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred or that would be covered by other parties.

#### Note 3 – Investment Advisory and Other Agreements
The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement (the "Agreement") with Litman Gregory Fund Advisors, LLC. Effective October 1, 2021, Litman Gregory Fund Advisors, LLC has changed its name to iM Global Partner Fund Management, LLC and also subsequently referred to as "iM Global". Under the terms of the Agreement, each Fund pays a monthly investment advisory fee to the Advisor at the annual rate below of the respective Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Contractual<br>Management<br>Rate** |
|  Polen Capital China Growth ETF | 1.00% |
|  Polen Capital Emerging Markets ex-China Growth ETF | 1.00% |
|  Polen Capital Global Growth ETF | 0.85% |
|  Polen Capital International Growth ETF | 0.85% |

---

 <br> Notes to Financial Statements 21

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
The investment advisory fee covers ordinary operating expenses other than taxes, brokerage commissions and other transactional expenses, accrued deferred tax liability, acquired fund fees and expenses and extraordinary expenses.

The Advisor engages a sub-advisor to manage the Funds and pays the sub-advisor from its advisory fees.

State Street Bank and Trust Company ("State Street") serves as the Administrator, Transfer Agent, Custodian and Fund Accountant to the Funds.

The Funds' distributor is ALPS Distributors, Inc. (the "Distributor").

An employee of the Advisor serves as the Funds' Chief Compliance Officer ("CCO"). The CCO receives no compensation from the Funds for his services, however, the Funds in the Trust reimbursed the Advisor $80,362 for the six months ended June 30, 2025 for the services of the CCO.

During the six months ended June 30, 2025, each independent Trustee, within the meaning of the 1940 Act, was compensated by the Trust in the amount of $67,500. The Chairperson of the Board was compensated in the amount of $73,750.

Certain officers and Trustees of the Trust are also officers of the Advisor.

#### Note 4 – Distribution Plan
The Funds issue and redeem Shares at Net Asset Value ("NAV") only in Creation Units. Only Authorized Participants ("APs") may acquire Shares directly from the Funds, and only APs may tender their Shares for redemption directly to the Funds, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Individual Shares may be purchased and sold only on a national securities exchange through brokers. Shares will be listed for trading on NYSE Arca and because the Shares will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).

#### Note 5 – Investment Transactions
The cost of securities purchased and the proceeds from securities sold for the six months ended June 30, 2025, excluding short-term investments and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Polen Capital China Growth ETF | $219286 | $271499 |
|  Polen Capital Emerging Markets ex-China Growth ETF | 158025 | 126551 |
|  Polen Capital Global Growth ETF | 97915203 | 46248969 |
|  Polen Capital International Growth ETF | 11894116 | 5498596 |

---

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below:

---

| | | |
|:---|:---|:---|
| **Fund** | **In-Kind<br>Subscriptions** | **In-Kind<br>Redemptions** |
|  Polen Capital Global Growth ETF | $25579493 | $59108261 |
|  Polen Capital International Growth ETF |  | 6184080 |

---

#### Note 6 – Fair Value of Financial Investments
The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' investments and are summarized in the following fair value hierarchy:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, foreign exchange rates, and fair value estimates for foreign securities indices).

Level 3 – Significant unobservable inputs (including the Funds' own assumptions in determining fair value of investments).

Repurchase agreements are short-term investments, and are fair valued approximately at their principal amounts. Repurchase agreements are categorized as Level 2 of the fair value hierarchy.

 <br> 22 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
The following tables provide the fair value measurements of the Funds' assets and liabilities by level within the fair value hierarchy for the Funds as of June 30, 2025. These assets and liabilities are measured on a recurring basis.

#### Polen Capital China Growth ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Equity<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1517960 | $— | $— | $1517960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 1517960 |  |  | 1517960 |
|  Total Investments in Securities | $1517960 | $— | $— | $1517960 |

---

<sup>(a)</sup> See Fund's Schedule of Investments in Securities for sector classifications.

#### Polen Capital Emerging Markets ex-China Growth ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $408507 | $— | $— | $408507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 78195 |  |  | 78195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 301382 |  |  | 301382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 120019 |  |  | 120019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 66808 |  |  | 66808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 93438 |  |  | 93438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 115622 |  |  | 115622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 230777 |  |  | 230777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 77893 |  |  | 77893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 281025 |  |  | 281025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 71873 |  |  | 71873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 406982 |  |  | 406982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 84048 |  |  | 84048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 99089 |  |  | 99089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 208264 |  |  | 208264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 2643922 |  |  | 2643922 |
|  Total Investments in Securities | $2643922 | $— | $— | $2643922 |

---

#### Polen Capital Global Growth ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $4610443 | $— | $— | $4610443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 10065556 |  |  | 10065556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 2011111 |  |  | 2011111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 9294070 |  |  | 9294070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1641205 |  |  | 1641205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 6470911 |  |  | 6470911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1857640 |  |  | 1857640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 138548156 |  |  | 138548156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 174499092 |  |  | 174499092 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 6132000 |  | 6132000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments |  | 6132000 |  | 6132000 |
|  Total Investments in Securities | $174499092 | $6132000 | $— | $180631092 |

---

 <br> Notes to Financial Statements 23

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)

#### Polen Capital International Growth ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets for<br>identical assets** | **Level 2 -<br>Significant other<br>observable<br>inputs** | **Level 3 -<br>Significant<br>unobservable<br>inputs** | **Total** |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $2462254 | $— | $— | $2462254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1180030 |  |  | 1180030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 1422828 |  |  | 1422828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3849455 |  |  | 3849455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 2390550 |  |  | 2390550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 1061551 |  |  | 1061551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 2339491 |  |  | 2339491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 850692 |  |  | 850692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 567947 |  |  | 567947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 438898 |  |  | 438898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 1257734 |  |  | 1257734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 2176815 |  |  | 2176815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 7464974 |  |  | 7464974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 27463219 |  |  | 27463219 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 713757 |  |  | 713757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 667000 |  | 667000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 713757 | 667000 |  | 1380757 |
|  Total Investments in Securities | $28176976 | $667000 | $— | $28843976 |

---

#### Note 7 – Income Taxes and Distributions to Shareholders
As of December 31, 2024, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Polen Capital<br>China Growth<br>ETF** | **Polen Capital<br>Emerging Markets<br>ex-China Growth<br>ETF** | **Polen Capital<br>Global Growth<br>ETF** | **Polen Capital<br>International<br>Growth ETF** |
|  Tax cost of Investments | $1244129 | $2525864 | $150259998 | $27508795 |
|  Gross Tax Unrealized Appreciation | 189290 | 100363 | 14240659 | 1843245 |
|  Gross Tax Unrealized Depreciation | (67124) | (198490) | (7810860) | (2778444) |
|  Net Tax unrealized appreciation (depreciation) on investments | 122166 | (98127) | 6429799 | (935199) |
|  Net Tax unrealized appreciation (depreciation) on foreign currency | 334 | (153) | (991) | (459) |
|  Net Tax unrealized appreciation (depreciation) | 122500 | (98280) | 6428808 | (935658) |
|  Undistributed Ordinary Income | 9080 |  |  | 1189 |
|  Undistributed Long-Term Capital Gains |  |  |  |  |
|  Capital Loss Carry Forward | (40189) | (6401) | (923082) | (1099532) |
|  Late Year Ordinary Loss Deferral |  | (2775) |  |  |
|  Other Accumulated Gains |  |  |  |  |
|  Total accumulated gain/(loss) | $91391 | $(107456) | $5505726 | $(2034001) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to wash sales and tax adjustments on passive investment companies.

 <br> 24 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
The capital loss carry forwards for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Polen Capital<br>China Growth<br>ETF** | **Polen Capital<br>Emerging Markets<br>ex-China Growth<br>ETF** | **Polen Capital<br>Global Growth<br>ETF** | **Polen Capital<br>International<br>Growth ETF** |
|  Capital Loss Carryforwards |  |  |  |  |
|  Perpetual Short-Term | $(40189) | $(6401) | $(923082) | $(1099532) |
|  Perpetual Long-Term |  |  |  |  |
|  Total | $(40189) | $(6401) | $(923082) | $(1099532) |

---

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year (period) ended December 31, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Accumulated<br>Distributable**<br> **Earnings (Deficit)** | **Paid In<br>Capital** |
|  Polen Capital China Growth ETF\* | $— | $— |
|  Polen Capital Emerging Markets ex-China Growth ETF\* | 779 | (779) |
|  Polen Capital Global Growth ETF\* | (7805446) | 7805446 |
|  Polen Capital International Growth ETF\* |  |  |

---

\* The permanent differences primarily relate to distribution in excess, redemption-in-kinds, and net operating losses.

The tax composition of dividends for the six months ended June 30, 2025 and the year (period) ended December 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **2024** | **2024** | **2024** |
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** |
|  Polen Capital China Growth ETF | $— | $— | $— | $26513 | $— | $— |
|  Polen Capital Emerging Markets ex-China Growth ETF |  |  |  | 2600 |  |  |
|  Polen Capital Global Growth ETF |  |  |  |  |  |  |
|  Polen Capital International Growth ETF |  |  |  | 94830 |  |  |

---

The Funds did not have any unrecognized tax benefits at December 31, 2024, nor were there any increases or decreases in unrecognized tax benefits for the year (period) ended December 31, 2024. The Funds are subject to examination by the U.S. federal and state tax authorities for returns filed for the prior year, if any.

#### Note 8 – Principal Risks
Below are summaries of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund's net asset value, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read a Fund's prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

• **China Risk.** This is the risk that the value of the Polen Capital China Growth ETF's investments in China may decline due to nationalization, expropriation, and confiscation of assets and property. Losses may also occur due to new or expanded restrictions on foreign investments or repatriation of capital. Participants in the Chinese market are subject to less regulation and oversight than participants in the U.S. market. This may lead to trading volatility, difficulty in the settlement and recording of transactions, and uncertainty in interpreting and applying laws and regulations. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in the economies of any of China's key trading partners may adversely affect the securities of Chinese issuers. Regional conflict could also have an adverse effect on the Chinese economy.

• **Communications Sector Risk .** Companies in the communications sector may be affected by competitive pressures (including innovation by competitors and pricing competition), substantial capital requirements, government regulation, revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals and fluctuating demand due to changing consumer tastes and interests.

• **Consumer Discretionary Sector Risk .** The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, supply chains, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household

 <br> Notes to Financial Statements 25

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

• **Country/Regional Risk.** World events – such as political upheaval, financial troubles, or natural disasters – may adversely affect the value of securities issued by companies in foreign countries or regions. Because each Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that area. This risk is heightened in emerging markets.

• **Currency Risk .** This is the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

• **Cybersecurity Risk.** Information and technology systems relied upon by the Funds, the Advisor, the sub-advisors, the Funds' service providers (including, but not limited to, Fund accountants, custodians, transfer agents, administrators, distributors and other financial intermediaries) and/or the issuers of securities in which a Fund invests may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, security breaches, usage errors, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes. Although the Advisor has implemented measures to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, significant investment may be required to fix or replace them. The failure of these systems and/or of disaster recovery plans could cause significant interruptions in the operations of the Funds, the Advisor, the sub-advisors, the Funds' service providers and/or issuers of securities in which a Fund invests and may result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to investors (and the beneficial owners of investors). Such a failure could also harm the reputation of the Funds, the Advisor, the sub-advisors, the Funds' service providers and/or issuers of securities in which a Fund invests, subject such entities and their respective affiliates to legal claims or otherwise affect their business and financial performance.

• **Emerging Markets Risk**. A Fund may invest a portion of its assets in emerging market countries. Emerging market countries are those with immature economic and political structures, and investing in emerging markets entails greater risk than in developed markets. Such risks could include those related to government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government, and volatile markets.

• **Equity Securities Risk.** This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions. This risk is greater for small- and medium-sized companies, which tend to be more vulnerable to adverse developments than larger companies.

• **ESG Investing Risk.** Because a Fund may take into consideration the environmental, social and governance characteristics of portfolio companies in which it may invest, the Fund may select or exclude securities of certain issuers for reasons other than potential performance. The Fund's consideration of ESG characteristics in making its investment decisions may reduce or increase the Fund's exposure to certain issuers, industries, sectors, regions or countries or cause the Fund to forego certain investment opportunities which may lower the performance of the Fund as compared to funds that do not utilize these considerations. Consideration of ESG characteristics is qualitative and subjective by nature, and there is no guarantee that the criteria used by the Sub-Advisor or any judgment exercised by the Sub-Advisor will reflect the opinions of any particular investor. Although an investment by the Fund in a company may satisfy one or more ESG and sustainability factors in the view of the portfolio managers, there is no guarantee that such company actually promotes positive environmental, social or economic developments, and that same company may also fail to satisfy other ESG factors. In addition, the Sub-Advisor may utilize third party data to evaluate ESG factors which may be incomplete or inaccurate and cause the Sub-Advisor to incorrectly assess the ESG characteristics a security or issuer. Funds with ESG investment strategies are generally suited for long-term rather than short-term investors.

• **ETF Risk.** As a result of the Funds' ETF's structure, each is exposed to the following risks:

• **Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk.** The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund ("Shares") may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

• **Cash Redemption Risk.** The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute

 <br> 26 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

• **Costs of Buying or Selling Shares.** Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

• **Shares May Trade at Prices Other Than NAV.** As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund's portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

• **Trading.** Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares.

• **Europe Investing Risk .** The Polen Capital Global Growth ETF may invest a significant portion of its assets in issuers based in Western Europe and the United Kingdom ("UK"). The economies of countries in Europe are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Efforts by the member countries of the European Union ("EU") to continue to unify their economic and monetary policies may increase the potential for similarities in the movements of European markets and reduce the potential investment benefits of diversification within the region. However, the substance of these policies may not address the needs of all European economies. European financial markets have in recent years experienced increased volatility due to concerns with some countries' high levels of sovereign debt, budget deficits and unemployment. Markets have also been affected by the decision by the UK to withdraw from the EU (an event commonly known as "Brexit"). There continues to be uncertainty surrounding the ultimate impact of Brexit on the UK, the EU and the broader global economy. An exit by any member countries from the EU or the Economic and Monetary Union of the EU, or even the prospect of such an exit, could lead to increased volatility in European markets and negatively affect investments both in issuers in the exiting country and throughout Europe.

• **Financial Sector Risk.** The Fund may from time to time invest a significant portion of its assets in the financial sector. The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements.

• **Foreign Investment and Emerging Markets Risks.** This is the risk that an investment in foreign (non-U.S.) securities may cause the Funds to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to factors such as currency conversion rate fluctuations, currency blockages, political and economic instability, differences in financial reporting, accounting and auditing standards, nationalization, expropriation or confiscatory taxation, and smaller and less-strict regulation of securities markets. These risks are greater in emerging markets.

• **General Market Risk; Recent Market Events.** The value of a Fund's shares will fluctuate based on the performance of the Fund's investments and other factors affecting the securities markets generally. Certain investments selected for a Fund's portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of a Fund's investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, inflation, changes in interest rates, lack of liquidity in certain markets or adverse investor sentiment.

• **Geopolitical Events Risk.** The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasigovernmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

• **Growth Investing Risk.** Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock's issuing company.

 <br> Notes to Financial Statements 27

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
• **Investing Through Stock Connects Risk.** This is the risk that the Polen Capital China Growth ETF's investments in China A Shares and/or China B Shares through the Stock Connects may be subject to trading, clearance, settlement, and other procedures, which could pose risks to the Polen Capital China Growth ETF and which may restrict the Polen Capital China Growth ETF's ability to invest in or sell China A and/or China B Shares in a timely manner. Specifically, trading can be affected by market or bank closures, quota limits, and certain pre-delivery and pre-validation requirements, such that the Polen Capital China Growth ETF may not be able to purchase or dispose of its shares in a timely manner. In addition, the Polen Capital China Growth ETF's purchase of China A and/or China B Shares through the Stock Connects may only be subsequently sold through the Stock Connects and is not otherwise transferable. The Polen Capital China Growth ETF's shares will be registered in its custodian's name on the Hong Kong Central Clearing and Settlement System, which may limit the Polen Capital Management, LLC's ability to effectively manage the Polen Capital China Growth ETF's holdings, including the potential enforcement of equity owner rights.

• **Investment Selection Risk.** The specific investments held in the Fund's investment portfolio may underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager's choice of securities.

• **Japan Investing Risk .** The Japanese economy has only recently emerged from a prolonged economic downturn. Since the year 2000, Japan's economic growth rate has remained relatively low. The Japanese economy is characterized by an aging demographic, declining population, large government debt and highly regulated labor market. Economic growth in Japan is dependent on domestic consumption, deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth of the Japanese economy and adverse economic conditions in the U.S. or other trade partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan's economy may also be affected by economic, political or social instability in those countries (whether resulting from local or global events). Other factors, such as the occurrence of natural disasters and relations with neighboring countries (including China, South Korea, North Korea and Russia), may also negatively impact the Japanese economy.

• **Large Shareholder Purchase and Redemption Risk.** This is the risk that a Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

• **Large-Capitalization Investing Risk.** A Fund may invest in the securities of large-capitalization companies. As a result, the Fund's performance may be adversely affected if securities of these companies underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion.

• **Latin America Investing Risk .** The economies of Latin American countries have in the past experienced considerable difficulties, including high inflation rates, high interest rates, high unemployment, government overspending and political instability. Similar conditions in the present or future could impact the Fund's performance. Many Latin American countries are highly reliant on the exportation of commodities and their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. Investments in Latin American countries may be subject to currency risks, such as restrictions on the flow of money in and out of a country, extreme volatility relative to the U.S. dollar, and devaluation, all of which could decrease the value of the Fund's investments. Other Latin American investment risks may include inadequate investor protection, less developed regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, natural disasters, corruption and military activity. The governments of many Latin American countries may also exercise substantial influence over many aspects of the private sector, and any such exercise could have a significant effect on companies in which the Fund invests. Securities of companies in Latin American countries may be subject to significant price volatility, which could impact Fund performance.

• **Management Risk.** The Funds are actively-managed and may not meet its investment objective based on the portfolio managers' success or failure to implement investment strategies for a Fund.

• **Market Risk.** The value of a Fund's shares will fluctuate based on the performance of the Fund's investments and other factors affecting the securities markets generally. Certain investments selected for a Fund's portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of a Fund's investment may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.

• **Mid-Sized Companies Risk.** Securities of companies with mid-sized market capitalizations are generally more volatile and less liquid than the securities of large-capitalization companies. Mid-sized companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management. Mid-sized

 <br> 28 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
companies may have relatively short operating histories or may be newer public companies. Some of these companies have more aggressive capital structures, including higher debt levels, than large-cap companies, or are involved in rapidly growing or changing industries and/or new technologies, which pose additional risks.

• **New Fund Risk .** A Fund that is newly formed and has limited operating history for investors to evaluate. Its performance may not represent how the Fund is expected to or may perform in the long term. In addition, new funds may not attract sufficient assets to achieve investment and trading efficiencies.

• **Non-Diversified Fund Risk.** Because a Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

• **Operational Risk.** Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside an Advisor's or Sub-Advisor's control, including instances at third parties. A Fund, its Advisor and Sub-Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

• **Public Health Emergency Risk.** This is the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus ("COVID-19"), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. Containment efforts and related restrictive actions by governments and businesses have significantly diminished and disrupted global economic activity across many industries. Less developed countries and their health systems may be more vulnerable to these impacts. The ultimate impact of COVID-19 or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in a Fund could be significant and prolonged.

• **Regulatory Risk.** Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by a Fund or that could adversely impact the Fund's performance.

• **Sector Concentration Risk**. A Fund may concentrate its investments in a narrow segment of the total market. At June 30, 2025, the Polen Capital Global Growth Fund has 25.1% of its net assets invested in the Software industry of the stock market. Because of this, the Fund is subject to certain additional risks as compared to investing in a more diversified portfolio of investments.

• **Sector Weightings Risk.** To the extent that a Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector. By focusing its investments in a particular sector, a Fund may face more risks than if it were diversified broadly over numerous sectors.

• **Securities Lending Risk .** Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. As a result, the value of the Fund's shares may fall. The value of a Fund's shares could also fall if a loan is called and the Fund is required to liquidate reinvested collateral at a loss or if the Fund is unable to reinvest cash collateral at rates which exceed the costs involved.

• **Settlement Risk .** Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments. If a Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign taxes on income from sources in such countries.

• **Smaller Companies Risk**. A Fund may invest a portion of its assets in the securities of small- and mid-sized companies. Securities of small and mid-cap companies are generally more volatile and less liquid than the securities of large-cap companies. This is because smaller companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management.

• **Technology Investment Risk.** A Fund may invest a portion of its assets in the technology sector, which is a very volatile segment of the market. The nature of technology is that it is rapidly changing. Therefore, products or services that may initially look promising may subsequently fail or become obsolete. In addition, many technology companies are younger, smaller and unseasoned companies which may not have established products, an experienced management team, or earnings history.

• **U.S. Trade Policy Risk .** In the U.S., the Trump administration recently enacted and proposed to enact significant new tariffs on imports from certain countries. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and

 <br> Notes to Financial Statements 29

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Unaudited) (Continued)
tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict a portfolio company's access to suppliers or customers and have a material adverse effect on its business, financial condition or operations, which in turn could negatively impact a Fund.

• **Variable Interest Entity Risk.** The Polen Capital China Growth ETF may invest a substantial portion of its assets in certain operating companies in China through legal structures known as variable interest entities ("VIEs"). In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as the Polen Capital China Growth ETF) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership.

#### Note 9 – New Accounting Pronouncement
In this reporting period, the Funds adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The Funds' Advisor acts as the Funds' CODM. The CODM has determined that the Funds have a single operating segment because the CODM monitors the operating results of the Funds as a whole and evaluates performance in accordance with the Funds' principal investment strategies disclosed in their prospectus. The CODM uses these measures to assess Funds performance and allocate resources effectively. The Funds' total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Funds performance and to make resource allocation decisions for the Funds' single segment are consistent with that presented within the Funds' financial statements.

#### Note 10 - Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events that require recognition or disclosure in the financial statements.

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### Litman Gregory Funds Trust

#### OTHER INFORMATION – (Unaudited)

#### Board Consideration of and Continuation and Renewal of Advisory Agreements for the Polen Capital ETFs
At an in-person meeting held on June 4, 2025 (the "Meeting"), the Board of Trustees (the "Board") of the Litman Gregory Funds Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), considered and approved for an additional one-year term through June 30, 2026 (i) the Amended and Restated Investment Advisory Agreement (the "ETF Advisory Agreement") between the Trust and the Advisor with respect to the Polen Capital Global Growth ETF (the "Global Growth ETF"), the Polen Capital China Growth ETF (the "China Growth ETF"), the Polen Capital Emerging Markets Growth ex-China ETF (the "Emerging Markets Growth ex-China ETF") and the Polen Capital International Growth ETF (the "International Growth ETF") (each a "Fund," and collectively, the "Funds"), and (ii) the investment sub-advisory agreements (the "Investment Sub-Advisory Agreements," and collectively with the ETF Advisory Agreement, the "Advisory Agreements") between the Advisor and (a) Polen Capital with respect to the Global Growth ETF; (b) Polen Capital with respect to the China Growth ETF; (c) Polen Capital with respect to the Emerging Markets Growth ETF; and (d) Polen Capital with respect to the International Growth ETF. Because Polen Capital is the Sub-Advisor to each Fund, it is referred to in each instance as the Sub-Advisor.

Prior to the Meeting, the Independent Trustees had requested detailed information from the Advisor regarding the Funds. The materials provided by the Advisor were extensive, including advisory fee and expense comparisons, performance comparisons, Advisor profitability information, and a summary of compliance programs of the Sub-Advisor. In addition, the Independent Trustees discussed the renewal of the Agreements with representatives of the Advisor and were advised by independent counsel on these and other relevant matters.

The Trustees, including the Independent Trustees, also noted that they had received extensive information about, and presentations from, various members of senior management at the Advisor regarding the Funds throughout the year, including, without limitation, information on and/or discussion of the Funds' and the Sub-Advisor's investment results; portfolio composition; portfolio trading practices; shareholder services; advisory fees and expense comparisons; the Advisor's financial condition and profitability; compliance monitoring by the Advisor; the personnel at the Advisor and the Sub-Advisor providing investment management, compliance and other services to the Funds; and the Advisor's process for selecting the Sub-Advisor for the Funds as well as the Advisor's ongoing oversight of the Sub-Advisor.

The information provided to the Board at the Meeting, together with the information provided to the Board throughout the year, formed the primary (but not exclusive) basis for the Board's determinations. The Board did not identify any single issue or particular datum point that, in isolation, would be a controlling factor in its decision to approve or renew the Agreements. Rather, the Board considered the total mix of information provided. The following summary describes the key factors considered by the Independent Trustees (as well as the Board).

1. Nature, extent and quality of services

The Independent Trustees considered the depth and quality of the Advisor's investment management process, including its sophisticated monitoring and oversight of the Sub-Advisor; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel involved in the day-to-day operations of the Funds; and the overall financial strength and stability of its organization. The Independent Trustees also considered that the Advisor provided personnel to serve as officers of the Trust, including the Trust's CCO, and that the services of the CCO were provided at a reasonable allocated cost to the Trust. The Independent Trustees discussed the high level of sub-advisor due diligence continually being undertaken by the Advisor. The Independent Trustees also noted the high quality of the non-advisory management services provided by the Advisor, such as responsiveness to shareholder inquiries and requests of the Board, as well as the preparation of high quality shareholder communications and the development of targeted marketing programs for the Funds. In addition, the Independent Trustees noted that, because the Litman Gregory Wealth Management, an affiliate of the Advisor, is a significant shareholder in certain Funds, the Advisor has an additional incentive to ensure that the Funds perform well for the shareholders. The Independent Trustees also noted that the members of senior management of the Advisor as well as many of the Independent Trustees themselves have made significant investments in certain of the Funds.

The Independent Trustees, based on guidance and information provided by the Trust's CCO, also considered the Advisor's policies, procedures and systems to ensure compliance with applicable laws and regulations and its adherence to and continual enhancement of those programs; its efforts to keep the Board informed; and its attention dedicated to matters that may involve potential conflicts of interest with a Fund. The Independent Trustees considered the extent and effectiveness of the Advisor's compliance operations and the Advisor's oversight of the Sub-Advisor's and other service providers' compliance operations.

The Independent Trustees then reviewed various materials relating to the Sub-Advisor, including copies of the Investment Sub-Advisory Agreements; copies of the Form ADV for the Sub-Advisor; information on assets of the Funds managed and fees charged by the Sub-Advisor, as well as the fee levels of other funds managed by the Sub-Advisor; a summary of the compliance programs of the Sub-Advisor; and an oral report by the CCO on the Sub-Advisor's commitment to compliance. The Independent Trustees also considered the Advisor's lengthy and extensive due diligence process for selecting and monitoring the Sub-Advisor and the value of goodwill between the Advisor and the Sub-Advisor.

 <br> Other Information 31

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### Litman Gregory Funds Trust

#### OTHER INFORMATION – (Unaudited) – (Continued)
The Independent Trustees concluded that the nature, overall quality, and extent of the services provided and to be provided by the Advisor and the Sub-Advisor are fully satisfactory.

2. Investment results

The Independent Trustees reviewed the short-term and long-term performance of each Fund on both an absolute basis and in comparison to peer funds and benchmark indices over various periods ended March 31, 2025. They also considered information regarding the selection, and discussed the appropriateness, of such peer funds and benchmark indices. The Independent Trustees considered the overall performance of the Funds as well as the performance of the Sub-Advisor within each Fund as compared to the Sub-Advisor's own comparable mutual fund(s) or private fund(s) (if applicable). The Independent Trustees focused on longer-term performance, which they believe is more important than short, isolated periods for purposes of evaluating each Fund's success in meeting its investment objective.

In particular, the Independent Trustees relied upon, among other information, the FUSE Report. The Independent Trustees noted that FUSE, and not the Advisor, selected the peer funds used in the FUSE Report and that the Advisor had supplemented the FUSE Report with additional performance comparisons.

For the Global Growth ETF, the Independent Trustees compared its investment results to the MSCI ACWI Index and the Fund's FUSE Peer Group. The Independent Trustees noted that the Global Growth ETF underperformed the benchmark for the one-year period and the period since inception but performed above the median of its peer group for the same periods. The Independent Trustees took account of management's discussion of the Fund's performance.

For the International Growth ETF, the Independent Trustees compared its investment results to the MSCI ACWI ex-USA Growth Index and the Fund's FUSE Peer Group. The Independent Trustees noted that the International ETF underperformed the benchmark and the median of its peer group for the one-year period and the period since inception. The Independent Trustees took account of management's discussion of the Fund's performance.

For the China Growth ETF, the Independent Trustees compared its investment results to the MSCI All Shares Index and the Fund's FUSE Peer Group. The Independent Trustees noted that the China Growth ETF underperformed the benchmark but performed above the median of its peer group for the one-year period and the period since inception. The Independent Trustees took account of management's discussion of the Fund's performance.

The Independent Trustees noted that no performance information was provided for the Emerging Markets ex-China Growth ETF because the Fund had less than one year of performance history.

The Independent Trustees noted that the performance of the Sub-Advisor varies over time and noted and acknowledged the Advisor's detailed monitoring of the Sub-Advisor's investment results, and interactions with the Sub-Advisor, particularly if the Sub-Advisor was experiencing periods of underperformance. The Independent Trustees noted and considered the comments by the Advisor with respect to if the Sub-Advisor was underperforming, discussions at Board meetings throughout the year regarding the potential sources of underperformance and actions taken by the Advisor in response to underperformance by the Sub-Advisor. The Independent Trustees considered the Advisor's process for terminating the Sub-Advisor and noted the Advisor's continued willingness to terminate the Sub-Advisor if the Advisor determined that the termination would be in the best interest of a Fund and its shareholders. The Independent Trustees also noted and considered the Advisor's ability to attract and retain high-quality investment managers to serve as the Sub-Advisor to the Funds, as well as the Advisor's extensive screening process before hiring the Sub-Advisor.

The Trustees noted the difficulty of fairly benchmarking the Funds in terms of performance. Ultimately, the Independent Trustees concluded that the Funds' overall performance records were satisfactory taking into account the Advisor's explanation for the periods of underperformance, but the Independent Trustees noted that they will remain attentive to the Advisor's monitoring of the Sub-Advisor and Funds experiencing on-going underperformance. The Independent Trustees further concluded that the Advisor was applying appropriate discipline and oversight to ensure that each Fund adhered to its stated investment objective and strategies, and the performance and services of the Sub-Advisor supported the decision to renew the Advisory Agreements.

3. Advisory fees and total expenses

The Independent Trustees reviewed the net and gross advisory fees and total expenses of each Fund and compared them with the gross advisory fees and total expenses of funds in the FUSE Report for each Fund, noting that a Fund's gross advisory fee is the actual advisory fee as reported in the Fund's most recent annual report. The Independent Trustees noted that the FUSE Peer Group for each Fund was selected independently by FUSE using a selection methodology designed to identify those funds most comparable to each Fund. The Independent Trustees further noted that in selecting the FUSE Peer Group for each Fund, FUSE considered various screening criteria, including, without limitation, fund type, category as determined by FUSE, load/sales charge type, average net assets, and fund attributes. The Independent Trustees then discussed various areas in which the Funds are different from the funds included in the FUSE Peer Groups, such as distribution channels and investment strategies or approaches.

 <br> 32 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### OTHER INFORMATION – (Unaudited) – (Continued)
The Independent Trustees noted that the components of a Fund's total expense ratio in the FUSE Report included non-operating costs, including acquired fund fees and interest expense, as applicable.

The Independent Trustees noted that both the total expenses and the advisory fee of the Global Growth ETF were above the average of the Fund's FUSE Peer Group. The Independent Trustees took account of management's discussion of the Fund's fees and expenses.

The Independent Trustees noted that both the total expenses and the advisory fee of the International Growth ETF were above the average of the Fund's FUSE Peer Group. The Independent Trustees took account of management's discussion of the Fund's fees and expenses.

The Independent Trustees noted that both the total expenses and the advisory fee of the China Growth ETF were above the average of the Fund's FUSE Peer Group. The Independent Trustees took account of management's discussion of the Fund's fees and expenses.

The Independent Trustees noted that no comparative information on total expenses and advisory fees was provided for the Emerging Markets ex-China Growth ETF because the Fund had less than one year of performance history.

For each Fund with higher than average total expenses, the Independent Trustees reviewed the categories of expenses contributing to the higher expense ratios of those Funds. The Independent Trustees also agreed that the use of a multi-manager structure is a primary contributor to the relatively higher advisory fees for certain Funds, and noted that the higher advisory fees allow shareholders of the Funds to have access to the Sub-Advisor to which they otherwise might not have access and that the higher fees are not unreasonable given the long-term performance results of certain Funds and potential performance results for currently underperforming Funds.

The Independent Trustees also noted the Advisor's continued willingness to waive fees or reimburse operating expenses to maintain a competitive fee structure for each Fund and to pass through savings from fee breakpoints in the Sub-Advisor's fee schedule to the applicable Fund's shareholders.

The Independent Trustees noted that the sub-advisory fees payable to the Sub-Advisor are separately negotiated with the Advisor and are paid out of the advisory fees the Advisor receives from the Funds. The Independent Trustees also noted that the fees charged by the Sub-Advisor are discounted relative to the fees the Sub-Advisor charges to its own funds and separately managed accounts, and that the Advisor from time to time attempts to renegotiate lower fees with the Sub-Advisor. Given the existence of arm's-length bargaining between the Advisor and the Sub-Advisor, even with respect to if the Sub-Advisor has some degree of joint interest or remote affiliation with the Advisor due to a minority interest of an affiliate of the Advisor in the Sub-Advisor, the Independent Trustees did not engage in an extensive discussion of sub-advisory fees and expenses.

The Independent Trustees further noted the Advisor's efforts to reduce Fund expenses, including the renegotiation of the Trust's custodial, transfer agency and administrative fees, which resulted in savings to the Funds.

Based on such review, the Independent Trustees concluded that the advisory fees and the total expenses of the Funds are reasonable in relation to the services the Funds receive from the Advisor and the Sub-Advisor.

4. The Advisor's financial information

The Independent Trustees reviewed information regarding the Advisor's costs of managing the Funds and information regarding the profitability of the Advisor. The Independent Trustees also considered the extent to which economies of scale may be realized as each Fund grows and whether advisory fee levels reflect economies of scale if the Funds grow in size. The Independent Trustees also noted that the Advisor had voluntarily forgone profits to subsidize the Funds when they were at lower asset levels.

*The Advisor's Costs and Profitability.* The Independent Trustees noted that the Advisor appeared to be providing products that are competitively priced with other funds, especially funds with multiple sub-advisors. The Independent Trustees reviewed the total advisory fees, the amounts paid by the Advisor to the Sub-Advisor, the general cost of the services provided by the Advisor and the Advisor's retained portion of the total advisory fee. The Independent Trustees took note of information provided on advisory fees waived by the Advisor, noting that the Advisor had waived substantial advisory fees otherwise payable under the Investment Advisory Agreement over the most recent year, and that the Advisor follows a policy of not charging advisory fees on unallocated cash.

The Independent Trustees also considered the Advisor's continued willingness to invest in staff dedicated to the Funds, including new hires when needed. The Independent Trustees received information that assured them that the Advisor and its parent company were financially sound and able to honor the Advisor's sponsorship commitments to the Funds and that the Advisor's expected profits under the Advisory Agreement are in the range of reasonableness for the mutual fund management industry. The Independent Trustees did not engage in an analysis of Fund-by-Fund profitability given the integrated nature of the Advisor's management of the Funds.

The Independent Trustees did not engage in an extended analysis of Sub-Advisor profitability given the arm's-length nature of the bargaining between the Advisor and the Sub-Advisor, even with respect to if the Sub-Advisor has some degree of joint interest or remote affiliation with the Advisor as discussed above, and the difficulty in interpreting profitability information with respect to the Sub-Advisor due to, among other factors, the use of disparate accounting conventions, and disparate ownership structures. The Independent Trustees

 <br> Other Information 33

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### Litman Gregory Funds Trust

#### OTHER INFORMATION – (Unaudited) – (Continued)
also reviewed information regarding the structure and manner in which the Advisor's and the Sub-Advisor's investment professionals are compensated and how the compensation structures are designed to attract and retain high caliber personnel and to promote the long-term performance of the Funds.

*Economies of Scale.* The Independent Trustees noted that the Advisor has continued to take steps to reduce expenses of the Funds, including agreeing to amendments to the breakpoints in its fee schedules to provide for higher fee waivers, negotiating favorable terms with service providers and providing certain support services to the Funds on a cost-only basis, which represents a sharing of economies of scale. In addition, the Independent Trustees took note of the investments in the Funds made by other accounts managed by affiliates of the Advisor, which help reduce costs for the Funds by increasing the asset base of the Funds. The Independent Trustees also took favorable note of the Advisor's efforts to invest in its advisory organization to ensure strong research, analytic, compliance and marketing capabilities.

*Ancillary Benefits*. The Independent Trustees considered other actual and potential financial benefits to the Advisor, noting that the Advisor does not have any direct affiliates that have a relationship with the Funds. The Independent Trustees are, however, aware that the Advisor's parent company, iM Global, benefits from the Sub-Advisor being an affiliate of that parent company, which could be viewed as providing an indirect benefit to the Advisor and creating a conflict of interest for the Advisor. The consensus of the Independent Trustees is that they would remain attentive to those potential indirect benefits and conflicts of interest.

5. Conclusions

Based on their review, including their non-exclusive consideration of each of the factors referred to above, the Independent Trustees as well as the Board concluded that the Agreements are fair and reasonable to each Fund and its shareholders, that each Fund's shareholders received or would receive reasonable value in return for the advisory fees and other amounts paid to the Advisor, and that the renewal or approval, as applicable, of the Agreements would be in the best interests of each Fund and its shareholders. Each of the factors discussed above supported such approval.

 <br> 34 Litman Gregory Funds Trust

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#### Investment Adviser
iM Global Partner Fund Management, LLC

2301 Rosecrans Avenue, Suite 2150

El Segundo, CA 90245

#### Investment Sub-Advisor
Polen Capital Management, LLC

1825 NW Corporate Blvd. Suite 300

Boca Raton, FL 33431

#### Administrator
State Street Bank and Trust

1 Congress Building

One Congress Street, Suite 1,

Boston, MA 02114-2016

#### Transfer Agent
State Street Bank and Trust

1 Congress Building

One Congress Street, Suite 1,

Boston, MA 02114-2016

#### Principal Underwriter
ALPS Distributors, Inc.,

1290 Broadway, Suite 1100,

Denver, Colorado 80203

#### Custodian
State Street Bank and Trust

1 Congress Building

One Congress Street, Suite 1,

Boston, MA 02114-2016

#### Independent Registered Public Accounting Firm
Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800,

Cleveland, Ohio 44115

#### Legal Counsel
Paul Hastings LLP,

101 California Street, 48th Floor,

San Francisco, California 94111

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Proxy Disclosures for Open-end Management Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to open-end investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable to open-end investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to open-end investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees since the registrant last provided disclosure in response to this Item 15.

#### Item 16. Controls and Procedures
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the registrant.

------

#### Item 19. Exhibits
(a)(1) Code of Ethics – Not applicable for semi-annual reports.

(a)(2) Not applicable.

(a)(3) [Separate certifications required by Rule 30a-2(a) under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached](d80914dex99cert.htm).

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable to open-end investment companies.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

(b) [A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the 1934 Act, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.](d80914dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### LITMAN GREGORY FUNDS TRUST

---

| | |
|:---|:---|
| By: | /s/ Jeffrey K. Seeley |
|  | Jeffrey K. Seeley |
|  | Trustee and President |
| Date: | September 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jeffrey K. Seeley |
|  | Jeffrey K. Seeley |
|  | Trustee and President |
| Date: | September 5, 2025 |
| By: | /s/ John M. Coughlan |
|  | John M. Coughlan |
|  | Treasurer |
| Date: | September 5, 2025 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Jeffrey K. Seeley, certify that:

1. I have reviewed this report on Form N-CSR of Litman Gregory Funds
Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Jeffrey K. Seeley |
| | Jeffrey K. Seeley |
| | Trustee and President |

---

------

I, John M. Coughlan, certify that:

1. I have reviewed this report on Form N-CSR of Litman Gregory Funds
Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ John M. Coughlan |
|  | John M. Coughlan |
|  | Treasurer |

---

## Exhibit 99.906

Exhibit 19(b)

**SECTION 906 CERTIFICATION** 

I, Jeffrey K. Seeley, Trustee and President, and I, John M. Coughlan, Treasurer of Litman Gregory Funds Trust (the "Trust") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Form N-CSR filing for the Trust (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Jeffrey K. Seeley |
|  | Jeffrey K. Seeley |
|  | Trustee and President |
| Date: | September 5, 2025 |
| By: | /s/ John M. Coughlan |
|  | John M. Coughlan |
|  | Treasurer |
| Date: | September 5, 2025 |

---