# EDGAR Filing Document

**Accession Number:** 0001020425
**File Stem:** 0001193125-26-100256
**Filing Date:** 2026-3
**Character Count:** 741991
**Document Hash:** 691cf73de2615cf3f8a91e6a96fb73c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-100256.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001193125-26-100256

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07763
- **FILM NUMBER:** 26739928

**BUSINESS ADDRESS:**
- **STREET 1:** 2301 ROSECRANS AVENUE
- **STREET 2:** SUITE 2150
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** (925) 254-8999

**MAIL ADDRESS:**
- **STREET 1:** 2301 ROSECRANS AVENUE
- **STREET 2:** SUITE 2150
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

**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 Low Duration 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-CSR

### 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)

#### John M. Coughlan

#### 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: December 31, 2025

------

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

# Institutional:

# APAMX

# iMGP APA Enhanced Income Municipal Fund
![Image](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about iMGP APA Enhanced Income Municipal Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
* The Fund gained 4.86% over the full year, modestly lagging the 5.18% gain for the Bloomberg 1-15 Yr Municipal Bond Index.

* The Fund ended the period with a yield to worst of 4.3%.

* Full-year performance masks the range of challenges municipal bonds navigated in 2025. Early in the year, renewed threats to the tax exemption emerged, tariff-related concerns drove sharp volatility in April, and persistent supply pressures weighed on select parts of the curve.

## 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](g102920g17f84.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 | $9956 |
| **7/31/2025** | $9991 | $10059 | $9935 |
| **8/31/2025** | $10097 | $10143 | $10016 |
| **9/30/2025** | $10326 | $10294 | $10216 |
| **10/31/2025** | $10429 | $10383 | $10319 |
| **11/30/2025** | $10467 | $10411 | $10346 |
| **12/31/2025** | $10498 | $10439 | $10366 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 12/16/2024** |
| **Institutional** | 4.86% | 4.75% |
| **Bloomberg 1-15 Year Municipal Bond Index** | 5.18% | 4.22% |
| **Morningstar Muni National Intermediate Category** | 4.35% | 3.54% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $18101102 |
| # of Fund Holdings | 81 |
| Fund Turnover Rate | 205% |
| Total Advisory Fees Paid | $0 |

---

**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 | 15.3% |
| Georgia | 13.7% |
| Florida | 10.2% |
| Ohio | 7.1% |
| Illinois | 6.1% |
| New York | 6.0% |
| Massachusetts | 4.4% |
| California | 4.0% |
| Washington | 3.9% |
| Pennsylvania | 3.8% |

---

### Credit Rating
![Group By Country Chart](g102920g44g61.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 3.5% |
| AA | 41.1% |
| A | 43.7% |
| BBB | 8.1% |
| Not Rated | 3.6% |

---

### Maturity
![Group By Industry Chart](g102920g94t52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 4.6% |
| Greater than 10 Years | 70.2% |
| 5 to 10 Years | 17.5% |
| 3 to 5 Years | 1.9% |
| 1 to 3 Years | 5.8% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

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](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about iMGP Dolan McEniry Corporate Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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 | $64 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
* The Fund gained 7.39% versus the Bloomberg U.S. Intermediate Credit benchmark return of 7.88%. 

* The Fund's performance was driven by security selection in high yield and investment grade sectors. 

* The yield curve positioning and duration had a minimal effect on relative performance versus the benchmark. 

* As of year-end, the Fund had a 14 basis point yield premium and similar duration versus the Bloomberg U.S Intermediate Credit.

## 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](g102920g16c61.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 |
| **7/31/2025** | $12347 | $11278 | $12362 |
| **8/31/2025** | $12455 | $11413 | $12509 |
| **9/30/2025** | $12538 | $11538 | $12595 |
| **10/31/2025** | $12583 | $11610 | $12645 |
| **11/30/2025** | $12667 | $11682 | $12732 |
| **12/31/2025** | $12713 | $11665 | $12755 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/28/2018** |
| **Institutional** | 7.39% | 1.77% | 3.36% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | (0.36%) | 2.14% |
| **Bloomberg US Interm Credit Index** | 7.88% | 1.54% | 3.41% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $487408831 |
| # of Fund Holdings | 73 |
| Fund Turnover Rate | 15% |
| Total Advisory Fees Paid | $1312558 |

---

**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 | 21.8% |
| Industrial | 18.0% |
| Consumer, Cyclical | 16.3% |
| Technology | 13.3% |
| Communications | 10.4% |
| Financial | 8.1% |
| Government | 5.1% |
| Basic Materials | 2.5% |
| Cash & Other Short-Term Investments | 4.5% |

---

### Credit Rating
![Group By Country Chart](g102920g92v85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 5.3% |
| A | 7.3% |
| BBB | 69.0% |
| BB | 16.3% |
| B | 2.1% |

---

### Maturity
![Group By Industry Chart](g102920g74a20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 4.5% |
| 5 to 10 Years | 41.0% |
| 3 to 5 Years | 30.3% |
| 1 to 3 Years | 19.2% |
| 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://www.imgp.com/us/resources/tailored-shareholder-reports/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# Institutional:

# MAHIX

# iMPG Low Duration Income Fund

#### (formerly, iMGP High Income Fund)
![Image](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about iMPG Low Duration Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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 | $106 | 1.02% |

---

## How did the Fund perform last year and what affected its performance?
* The Fund gained 6.94% for the full year. The Fund underperformed its primary benchmark, the Bloomberg US Aggregate Bond Index, which gained 7.30% on the year. It outpaced its secondary benchmark, the Bloomberg US Aggregate 1-3 Year Index (+5.39%).

* All sub-advisors had positive returns last year--with two sub-advisors realizing double-digit returns.

## 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](g102920g60s79.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 | $10000 | $10000 |
| **10/31/2018** | $9869 | $9921 | $10011 | $9941 |
| **11/30/2018** | $9901 | $9980 | $10040 | $9900 |
| **12/31/2018** | $9692 | $10164 | $10118 | $9833 |
| **1/31/2019** | $9960 | $10271 | $10158 | $10009 |
| **2/28/2019** | $10014 | $10266 | $10174 | $10075 |
| **3/31/2019** | $10092 | $10463 | $10241 | $10110 |
| **4/30/2019** | $10172 | $10465 | $10264 | $10188 |
| **5/31/2019** | $10125 | $10651 | $10336 | $10164 |
| **6/30/2019** | $10245 | $10785 | $10393 | $10266 |
| **7/31/2019** | $10296 | $10809 | $10390 | $10310 |
| **8/31/2019** | $10288 | $11089 | $10471 | $10283 |
| **9/30/2019** | $10355 | $11030 | $10467 | $10317 |
| **10/31/2019** | $10382 | $11063 | $10502 | $10346 |
| **11/30/2019** | $10416 | $11057 | $10502 | $10374 |
| **12/31/2019** | $10504 | $11049 | $10527 | $10494 |
| **1/31/2020** | $10562 | $11262 | $10586 | $10519 |
| **2/29/2020** | $10306 | $11465 | $10672 | $10450 |
| **3/31/2020** | $9055 | $11397 | $10715 | $9694 |
| **4/30/2020** | $9484 | $11600 | $10774 | $9883 |
| **5/31/2020** | $9774 | $11654 | $10794 | $10093 |
| **6/30/2020** | $9973 | $11727 | $10809 | $10223 |
| **7/31/2020** | $10204 | $11903 | $10825 | $10411 |
| **8/31/2020** | $10399 | $11806 | $10827 | $10483 |
| **9/30/2020** | $10418 | $11800 | $10826 | $10455 |
| **10/31/2020** | $10370 | $11747 | $10826 | $10472 |
| **11/30/2020** | $10910 | $11863 | $10837 | $10701 |
| **12/31/2020** | $11094 | $11879 | $10851 | $10838 |
| **1/31/2021** | $11147 | $11794 | $10855 | $10868 |
| **2/28/2021** | $11259 | $11623 | $10848 | $10890 |
| **3/31/2021** | $11330 | $11478 | $10843 | $10886 |
| **4/30/2021** | $11427 | $11569 | $10851 | $10958 |
| **5/31/2021** | $11488 | $11607 | $10864 | $10996 |
| **6/30/2021** | $11576 | $11688 | $10848 | $11035 |
| **7/31/2021** | $11619 | $11819 | $10867 | $11033 |
| **8/31/2021** | $11671 | $11797 | $10867 | $11064 |
| **9/30/2021** | $11682 | $11694 | $10858 | $11028 |
| **10/31/2021** | $11727 | $11691 | $10822 | $11018 |
| **11/30/2021** | $11700 | $11726 | $10813 | $10945 |
| **12/31/2021** | $11806 | $11696 | $10797 | $11004 |
| **1/31/2022** | $11634 | $11444 | $10720 | $10906 |
| **2/28/2022** | $11545 | $11316 | $10672 | $10800 |
| **3/31/2022** | $11519 | $11002 | $10527 | $10723 |
| **4/30/2022** | $11308 | $10584 | $10468 | $10574 |
| **5/31/2022** | $11207 | $10652 | $10532 | $10532 |
| **6/30/2022** | $10879 | $10485 | $10460 | $10268 |
| **7/31/2022** | $11173 | $10742 | $10515 | $10436 |
| **8/31/2022** | $11094 | $10438 | $10431 | $10370 |
| **9/30/2022** | $10734 | $9987 | $10303 | $10127 |
| **10/31/2022** | $10788 | $9858 | $10289 | $10141 |
| **11/30/2022** | $10997 | $10220 | $10375 | $10318 |
| **12/31/2022** | $10997 | $10174 | $10395 | $10302 |
| **1/31/2023** | $11342 | $10487 | $10480 | $10526 |
| **2/28/2023** | $11318 | $10216 | $10402 | $10439 |
| **3/31/2023** | $11349 | $10475 | $10552 | $10460 |
| **4/30/2023** | $11456 | $10539 | $10588 | $10505 |
| **5/31/2023** | $11484 | $10424 | $10557 | $10473 |
| **6/30/2023** | $11588 | $10387 | $10514 | $10556 |
| **7/31/2023** | $11726 | $10380 | $10559 | $10657 |
| **8/31/2023** | $11820 | $10313 | $10598 | $10643 |
| **9/30/2023** | $11765 | $10051 | $10592 | $10572 |
| **10/31/2023** | $11733 | $9893 | $10626 | $10516 |
| **11/30/2023** | $12038 | $10341 | $10749 | $10770 |
| **12/31/2023** | $12352 | $10737 | $10878 | $11004 |
| **1/31/2024** | $12427 | $10707 | $10922 | $11050 |
| **2/29/2024** | $12485 | $10556 | $10884 | $11084 |
| **3/31/2024** | $12631 | $10653 | $10928 | $11198 |
| **4/30/2024** | $12616 | $10384 | $10891 | $11147 |
| **5/31/2024** | $12776 | $10560 | $10970 | $11258 |
| **6/30/2024** | $12876 | $10660 | $11032 | $11300 |
| **7/31/2024** | $13022 | $10909 | $11162 | $11442 |
| **8/31/2024** | $13155 | $11066 | $11264 | $11537 |
| **9/30/2024** | $13302 | $11214 | $11358 | $11641 |
| **10/31/2024** | $13284 | $10936 | $11292 | $11585 |
| **11/30/2024** | $13441 | $11052 | $11331 | $11696 |
| **12/31/2024** | $13444 | $10871 | $11356 | $11658 |
| **1/31/2025** | $13555 | $10929 | $11407 | $11775 |
| **2/28/2025** | $13664 | $11169 | $11488 | $11853 |
| **3/31/2025** | $13616 | $11173 | $11541 | $11803 |
| **4/30/2025** | $13574 | $11217 | $11627 | $11760 |
| **5/31/2025** | $13690 | $11137 | $11613 | $11861 |
| **6/30/2025** | $13902 | $11308 | $11687 | $12001 |
| **7/31/2025** | $13930 | $11278 | $11686 | $12035 |
| **8/31/2025** | $14070 | $11413 | $11789 | $12143 |
| **9/30/2025** | $14198 | $11538 | $11828 | $12218 |
| **10/31/2025** | $14258 | $11610 | $11868 | $12246 |
| **11/30/2025** | $14381 | $11682 | $11924 | $12292 |
| **12/31/2025** | $14435 | $11665 | $11968 | $12319 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 9/28/2018** |
| **Institutional** | 6.94% | 5.34% | 5.14% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | (0.36%) | 2.14% |
| **ICE BofA US High Yield Index** | 5.39% | 1.98% | 2.51% |
| **Morningstar Nontraditional Bond Category** | 5.66% | 2.62% | 2.89% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $315184117 |
| # of Fund Holdings | 1008 |
| Fund Turnover Rate | 97% |
| Total Advisory Fees Paid | $2055258 |

---

**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 | 41.9% |
| Bank Loans | 19.8% |
| Asset-Backed Securities | 17.3% |
| Mortgage-Backed Securities | 12.0% |
| Short-Term Investments | 4.8% |
| Government Securities & Agency Issue | 4.5% |
| Other | -0.3% |

---

### Credit Rating
![Group By Country Chart](g102920g15a34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| AAA | 5.1% |
| AA | 1.9% |
| A | 9.9% |
| BBB | 26.7% |
| BB | 23.4% |
| B | 20.1% |
| Below B | 2.0% |
| Not Rated | 10.9% |

---

### Maturity
![Group By Industry Chart](g102920g84j28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 4.0% |
| Greater than 10 Years | 31.0% |
| 5 to 10 Years | 29.1% |
| 3 to 5 Years | 17.2% |
| 1 to 3 Years | 14.1% |
| Less than 1 Year | 4.6% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# Institutional:

# PFSVX

# iMGP Small Company Fund
![Image](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about iMGP Small Company Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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 | $121 | 1.21% |

---

## How did the Fund perform last year and what affected its performance?
* The Fund was flat for the full year (+0.01%), compared to 12.81% for the Russell 2000 benchmark and 7.74% for the Morningstar Small Blend peer group. 

* Negative stock selection drove the Fund's underperformance, while sector allocation was a positive on the year.

* The largest detractors came from within the health care and technology sectors.

## 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](g102920g27j38.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 |
| **7/31/2025** | $17970 | $15969 | $17007 |
| **8/31/2025** | $18870 | $17110 | $18052 |
| **9/30/2025** | $18535 | $17642 | $18183 |
| **10/31/2025** | $18471 | $17961 | $18075 |
| **11/30/2025** | $18767 | $18134 | $18445 |
| **12/31/2025** | $18782 | $18029 | $18445 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 7/31/2020** |
| **Institutional** | 0.01% | 8.12% | 12.33% |
| **Russell 2000 Index** | 12.81% | 6.09% | 11.49% |
| **Morningstar US Small Blend Category** | 7.74% | 7.42% | 11.91% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56914074 |
| # of Fund Holdings | 67 |
| Fund Turnover Rate | 98% |
| Total Advisory Fees Paid | $242603 |

---

**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

---

| | |
|:---|:---|
| Perimeter Solutions, Inc. | 4.5% |
| Valmont Industries, Inc. | 2.9% |
| RBC Bearings, Inc. | 2.7% |
| Repligen Corp. | 2.5% |
| Onto Innovation, Inc. | 2.4% |
| Ingevity Corp. | 2.4% |
| Hayward Holdings, Inc. | 2.2% |
| Novanta, Inc. | 2.2% |
| Medpace Holdings, Inc. | 2.2% |
| Hamilton Lane, Inc., Class A | 2.1% |

---

### Region Weighting
![Group By Country Chart](g102920g60k01.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 97.4% |
| Asia | 1.1% |
| Cash & Other Short-Term Investments | 1.5% |

---

### Sector Weighting
![Group By Industry Chart](g102920g64s35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 1.5% |
| Energy | 0.8% |
| Real Estate | 2.6% |
| Consumer Discretionary | 6.8% |
| Health Care | 10.2% |
| Materials | 13.6% |
| Financials | 14.8% |
| Information Technology | 22.6% |
| Industrials | 27.1% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

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](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about Polen Capital China Growth ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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** |
| Polen Capital China Growth ETF | $111 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
* For the calendar year 2025, the Polen Capital China Growth ETF returned 21.83% (NAV).

* The MSCI China All Shares Index gained 28.94% over the same period.

* During the fourth quarter, underperformance was primarily driven by our stock selection in Communication Services and Information Technology sectors.

## 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](g102920g34d43.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 |
| **7/31/2025** | $13242 | $13525 | $13019 |
| **8/31/2025** | $13955 | $14497 | $14151 |
| **9/30/2025** | $14747 | $15572 | $15149 |
| **10/31/2025** | $14067 | $15195 | $14757 |
| **11/30/2025** | $13696 | $14829 | $14341 |
| **12/31/2025** | $13645 | $14913 | $14430 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 3/14/2024** |
| **ETF** | 21.83% | 18.85% |
| **MSCI China All Shares Index** | 28.94% | 24.88% |
| **Morningstar China Region Category** | 30.46% | 22.54% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1636558 |
| # of Fund Holdings | 32 |
| Fund Turnover Rate | 35% |
| Total Advisory Fees Paid | $15918 |

---

**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. | 12.7% |
| Alibaba Group Holding Ltd. | 7.3% |
| Hong Kong Exchanges & Clearing Ltd. | 6.7% |
| AIA Group Ltd. | 6.4% |
| Contemporary Amperex Technology Co. Ltd., Class A | 5.8% |
| Trip.com Group Ltd. | 5.0% |
| NetEase, Inc. | 4.2% |
| Ping An Insurance Group Co. of China Ltd., Class H | 4.1% |
| Xiaomi Corp., Class B | 3.8% |
| Tencent Music Entertainment Group - ADR | 3.4% |

---

### Region Weighting
![Group By Country Chart](g102920g95j40.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asia | 98.6% |
| Cash & Other Short-Term Investments | 1.4% |

---

### Sector Weighting
![Group By Industry Chart](g102920g44y95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 1.4% |
| Materials | 2.1% |
| Consumer Staples | 2.2% |
| Health Care | 6.6% |
| Real Estate | 8.1% |
| Information Technology | 9.4% |
| Industrials | 11.4% |
| Financials | 17.2% |
| Consumer Discretionary | 20.1% |
| Communication Services | 21.5% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

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](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about Polen Capital Emerging Markets ex-China Growth ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/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 last year?
(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** |
| Polen Capital Emerging Markets ex-China Growth ETF | $106 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
* For the calendar year 2025, the Polen Capital Emerging Markets ex-China Growth ETF returned 12.91% (NAV).

* The MSCI Emerging Markets ex-China Index gained 34.61% over the same period.

* In the fourth quarter, relative underperformance was due to security selection, although sector and country allocation were detractors as well.

## 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](g102920g27r75.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 |
| **7/31/2025** | $10489 | $11100 | $11592 |
| **8/31/2025** | $11163 | $11075 | $11888 |
| **9/30/2025** | $11082 | $11741 | $12541 |
| **10/31/2025** | $11164 | $12657 | $12992 |
| **11/30/2025** | $10868 | $12360 | $12804 |
| **12/31/2025** | $11327 | $12941 | $13133 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 9/11/2024** |
| **ETF** | 12.91% | 10.07% |
| **MSCI Emerging Markets ex China Index** | 34.61% | 21.83% |
| **Morningstar Diversified Emerging Markets Category** | 30.19% | 23.06% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2820067 |
| # of Fund Holdings | 35 |
| Fund Turnover Rate | 43% |
| Total Advisory Fees Paid | $26327 |

---

**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. | 11.4% |
| Samsung Electronics Co. Ltd. | 5.7% |
| Accton Technology Corp. | 4.6% |
| Raia Drogasil SA | 4.0% |
| Dlocal Ltd. | 3.6% |
| MercadoLibre, Inc. | 3.4% |
| Mobile World Investment Corp. | 3.3% |
| MediaTek, Inc. | 3.2% |
| WEG SA | 3.2% |
| SK Square Co. Ltd. | 3.2% |

---

### Region Weighting
![Group By Country Chart](g102920g08a42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asia | 66.1% |
| South America | 19.4% |
| Africa | 7.7% |
| Europe | 6.2% |
| Cash & Other Short-Term Investments | 0.6% |

---

## 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.

At the recommendation of iM Global Partner Fund Management, LLC, the Fund's investment adviser, the Board of Trustees of the Fund approved the liquidation and termination of the Fund. The Fund will create and redeem creation units through March 16, 2026, which will also be the last day of trading of the Fund's shares on the NYSE Arca.

### Sector Weighting
![Group By Industry Chart](g102920g86a33.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 0.6% |
| Health Care | 2.7% |
| Communication Services | 4.7% |
| Consumer Staples | 6.3% |
| Financials | 14.5% |
| Industrials | 16.7% |
| Consumer Discretionary | 18.8% |
| Information Technology | 35.7% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

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](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about Polen Capital International Growth ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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** |
| Polen Capital International Growth ETF | $85 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
* For the calendar year 2025, the Polen Capital International Growth ETF returned 0.04% (NAV).

* The ETF underperformed largely due to weaker stock selection in Technology, Financials, Consumer Discretionary, and Industrials.

* Sector positioning—a residual of bottom-up stock selection—was a modest tailwind to performance, driven by the overweight to Tech and the zero exposure to Consumer Staples.

## 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](g102920g18e44.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 |
| **7/31/2025** | $9439 | $11924 | $11138 |
| **8/31/2025** | $9297 | $12337 | $11394 |
| **9/30/2025** | $9416 | $12782 | $11704 |
| **10/31/2025** | $9579 | $13040 | $11808 |
| **11/30/2025** | $9132 | $13037 | $11614 |
| **12/31/2025** | $9203 | $13428 | $11786 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 3/14/2024** |
| **ETF** | 0.04% | (4.51%) |
| **MSCI ACWI Ex USA Index** | 32.39% | 17.80% |
| **Morningstar Foreign Large Growth Category** | 19.45% | 9.68% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $26191115 |
| # of Fund Holdings | 30 |
| Fund Turnover Rate | 36% |
| Total Advisory Fees Paid | $231113 |

---

**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

---

| | |
|:---|:---|
| Sage Group PLC | 7.0% |
| SAP SE | 6.8% |
| ASML Holding NV | 6.1% |
| MercadoLibre, Inc. | 6.1% |
| Shopify, Inc., Class A | 5.4% |
| ICON PLC | 5.1% |
| HDFC Bank Ltd. - ADR | 4.9% |
| Tokyo Electron Ltd. | 4.6% |
| Schneider Electric SE | 4.0% |
| Monday.com Ltd. | 3.7% |

---

### Region Weighting
![Group By Country Chart](g102920g29o59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 38.3% |
| North America | 29.5% |
| Asia | 21.4% |
| South America | 9.4% |
| Cash & Other Short-Term Investments | 1.4% |

---

### Sector Weighting
![Group By Industry Chart](g102920g91g26.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 1.4% |
| Communication Services | 6.1% |
| Industrials | 6.9% |
| Health Care | 9.9% |
| Consumer Discretionary | 16.2% |
| Financials | 19.9% |
| Information Technology | 39.6% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

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](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about iMGP Berkshire Dividend Growth ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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** |
| iMGP Berkshire Dividend Growth ETF | $59 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
* For the calendar year 2025, the Berkshire Dividend Growth ETF gained 14.13% (NAV).

* Solid selection within financials and materials contributed positively to returns.

* Underperformance of industrial stocks and underweight to communication services stocks hurt relative 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](g102920g15t60.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** | $11647 | $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 |
| **7/31/2025** | $12580 | $14821 | $13060 | $13041 |
| **8/31/2025** | $12971 | $15133 | $13526 | $13457 |
| **9/30/2025** | $13165 | $15658 | $13716 | $13658 |
| **10/31/2025** | $13149 | $15995 | $13692 | $13718 |
| **11/30/2025** | $13282 | $16034 | $14030 | $14082 |
| **12/31/2025** | $13292 | $16035 | $14150 | $14178 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 6/29/2023** |
| **ETF** | 14.13% | 12.02% |
| **Russell 1000 Index** | 17.37% | 20.72% |
| **Morningstar US Large Value Category** | 14.90% | 14.81% |
| **Russell 1000 Value Index** | 15.91% | 14.94% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $8649884 |
| # of Fund Holdings | 37 |
| Fund Turnover Rate | 30% |
| Total Advisory Fees Paid | $48224 |

---

**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. | 4.8% |
| AbbVie, Inc. | 4.4% |
| Apple, Inc. | 4.3% |
| Microsoft Corp. | 4.1% |
| Bank of America Corp. | 3.7% |
| Cisco Systems, Inc. | 3.7% |
| iShares Russell 1000 Value ETF | 3.6% |
| Norfolk Southern Corp. | 3.1% |
| Waste Management, Inc. | 2.9% |
| PPL Corp. | 2.9% |

---

### Region Weighting
![Group By Country Chart](g102920g38e05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 86.4% |
| Europe | 2.8% |
| Cash & Other Short-Term Investments | 10.8% |

---

### Sector Weighting
![Group By Industry Chart](g102920g30m09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 10.8% |
| Exchange-Traded Funds | 8.7% |
| Materials | 0.5% |
| Real Estate | 1.3% |
| Energy | 2.3% |
| Utilities | 2.9% |
| Consumer Staples | 3.3% |
| Consumer Discretionary | 6.9% |
| Health Care | 9.9% |
| Industrials | 16.0% |
| Financials | 18.4% |
| Information Technology | 19.0% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# ETF:

# DBMF

#### Principal Listing Exchange: NYSE Arca

# iMGP DBi Managed Futures Strategy ETF
![Image](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about iMGP DBi Managed Futures Strategy ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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** |
| iMGP DBi Managed Futures Strategy ETF | $91 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
* The Fund gained 13.85% using NAV during the full year.

* The majority of gains for the year came from positions in the Japanese yen and gold. 

* Equity exposure also added to performance during the year.

* Whipsawing exposure to the interest rate curve detracted from 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](g102920g56m53.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 | $13447 |
| **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 | $12232 |
| **6/30/2025** | $14890 | $10775 | $11455 | $12350 |
| **7/31/2025** | $14799 | $10746 | $11441 | $12372 |
| **8/31/2025** | $15018 | $10875 | $11693 | $12521 |
| **9/30/2025** | $15849 | $10993 | $12122 | $13007 |
| **10/31/2025** | $16454 | $11062 | $12263 | $13163 |
| **11/30/2025** | $16807 | $11131 | $12370 | $13194 |
| **12/31/2025** | $16977 | $11114 | $12592 | $13353 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception 5/7/2019** |
| **ETF** | 13.85% | 8.52% | 8.28% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | (0.36%) | 1.60% |
| **Morningstar Systematic Trend Category** | 3.58% | 3.90% | 3.55% |
| **SG CTA Index** | (0.11%) | 4.73% | 4.44% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2098103649 |
| # of Fund Holdings | 12 |
| Fund Turnover Rate | 0% |
| Total Advisory Fees Paid | $12087279 |

---

**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.

### Fund Holdings

---

| | |
|:---|:---|
| JPN YEN CURR FUT MAR 26 | (62.2%) |
| WTI CRUDEFUTURE MAR 26 | (0.4%) |
| US LONG BOND(CBT) MAR 26 | 1.6% |
| MSCI EMGMKT MAR 26 | 8.0% |
| S+P500 EMINI FUT MAR 26 | 10.9% |
| MSCI EAFEMAR26 | 16.8% |
| GOLD 100 OZ FUTR FEB 26 | 19.3% |
| US 10YR NOTE (CBT)MAR 26 | 22.0% |
| US 2YR NOTE (CBT) MAR 26 | 51.4% |
| TREASURY BILL | 76.8% |
| EURO FX CURR FUT MAR 26 | 78.2% |

---

### Asset Class Exposure
![Group By Asset Type Chart](g102920g16c47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Emerging Market Equities | 8.0% |
| US Equities | 10.9% |
| Currencies | 16.1% |
| International Developed Equities | 16.8% |
| Commodities | 19.0% |
| Fixed Income | 75.0% |
| Treasury Bill | 76.7% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# Institutional:

# MSEFX

# iMGP Global Select Fund
![Image](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about iMGP Global Select Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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 | $101 | 0.98% |

---

## How did the Fund perform last year and what affected its performance?
* The Fund gained 5.15% during the full year.

* The Fund's underperformance was mainly due to security selection.

* Selection within the industrials sector had the largest negative impact on returns. 

* The Fund's overweight and selection effect in health care stocks hurt relative performance during the year. 

* Selection and allocation within the consumer discretionary and utilities were positive for the Fund, however, not enough to offset negative impacts in other sectors.

## 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](g102920g22p00.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional** | **MSCI World Index** | **Morningstar Global Large-Stock Blend Category** | **MSCI All Country World Index** |
| **12/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **1/31/2016** | $9291 | $9402 | $9491 | $9397 |
| **2/29/2016** | $9254 | $9332 | $9444 | $9332 |
| **3/31/2016** | $9988 | $9965 | $10063 | $10024 |
| **4/30/2016** | $10255 | $10123 | $10201 | $10172 |
| **5/31/2016** | $10404 | $10180 | $10256 | $10185 |
| **6/30/2016** | $10124 | $10066 | $10207 | $10123 |
| **7/31/2016** | $10566 | $10491 | $10618 | $10559 |
| **8/31/2016** | $10734 | $10499 | $10623 | $10595 |
| **9/30/2016** | $10784 | $10555 | $10692 | $10660 |
| **10/31/2016** | $10609 | $10351 | $10433 | $10479 |
| **11/30/2016** | $11194 | $10500 | $10518 | $10558 |
| **12/31/2016** | $11198 | $10751 | $10694 | $10786 |
| **1/31/2017** | $11580 | $11011 | $10986 | $11081 |
| **2/28/2017** | $11751 | $11316 | $11258 | $11392 |
| **3/31/2017** | $11718 | $11437 | $11397 | $11532 |
| **4/30/2017** | $11849 | $11606 | $11592 | $11711 |
| **5/31/2017** | $11909 | $11851 | $11845 | $11970 |
| **6/30/2017** | $12080 | $11897 | $11900 | $12024 |
| **7/31/2017** | $12448 | $12182 | $12173 | $12360 |
| **8/31/2017** | $12435 | $12199 | $12202 | $12408 |
| **9/30/2017** | $12830 | $12473 | $12431 | $12647 |
| **10/31/2017** | $13126 | $12708 | $12655 | $12910 |
| **11/30/2017** | $13343 | $12984 | $12893 | $13160 |
| **12/31/2017** | $13567 | $13159 | $13077 | $13372 |
| **1/31/2018** | $14490 | $13854 | $13712 | $14127 |
| **2/28/2018** | $14028 | $13280 | $13109 | $13533 |
| **3/31/2018** | $13737 | $12991 | $12932 | $13244 |
| **4/30/2018** | $13751 | $13140 | $13007 | $13370 |
| **5/31/2018** | $13943 | $13222 | $13068 | $13387 |
| **6/30/2018** | $13936 | $13216 | $13002 | $13314 |
| **7/31/2018** | $14341 | $13629 | $13382 | $13716 |
| **8/31/2018** | $14625 | $13797 | $13442 | $13824 |
| **9/30/2018** | $14533 | $13874 | $13462 | $13884 |
| **10/31/2018** | $13141 | $12856 | $12466 | $12843 |
| **11/30/2018** | $13446 | $13002 | $12674 | $13031 |
| **12/31/2018** | $12222 | $12013 | $11758 | $12113 |
| **1/31/2019** | $13597 | $12948 | $12667 | $13070 |
| **2/28/2019** | $13906 | $13337 | $13010 | $13419 |
| **3/31/2019** | $13939 | $13512 | $13158 | $13588 |
| **4/30/2019** | $14728 | $13991 | $13582 | $14047 |
| **5/31/2019** | $13654 | $13184 | $12810 | $13214 |
| **6/30/2019** | $14557 | $14053 | $13613 | $14079 |
| **7/31/2019** | $14630 | $14122 | $13620 | $14120 |
| **8/31/2019** | $14012 | $13833 | $13389 | $13785 |
| **9/30/2019** | $14158 | $14128 | $13648 | $14075 |
| **10/31/2019** | $14459 | $14487 | $13948 | $14460 |
| **11/30/2019** | $15127 | $14891 | $14272 | $14813 |
| **12/31/2019** | $15589 | $15337 | $14732 | $15335 |
| **1/31/2020** | $15393 | $15244 | $14526 | $15166 |
| **2/29/2020** | $14230 | $13955 | $13436 | $13941 |
| **3/31/2020** | $11752 | $12108 | $11563 | $12059 |
| **4/30/2020** | $13342 | $13431 | $12712 | $13350 |
| **5/31/2020** | $14132 | $14080 | $13286 | $13931 |
| **6/30/2020** | $14416 | $14452 | $13615 | $14376 |
| **7/31/2020** | $15056 | $15144 | $14292 | $15137 |
| **8/31/2020** | $16015 | $16156 | $15057 | $16063 |
| **9/30/2020** | $15500 | $15598 | $14664 | $15545 |
| **10/31/2020** | $15704 | $15120 | $14292 | $15167 |
| **11/30/2020** | $17721 | $17053 | $15984 | $17037 |
| **12/31/2020** | $18631 | $17776 | $16734 | $17828 |
| **1/31/2021** | $18531 | $17599 | $16640 | $17747 |
| **2/28/2021** | $19752 | $18050 | $17068 | $18158 |
| **3/31/2021** | $20242 | $18651 | $17608 | $18643 |
| **4/30/2021** | $21593 | $19519 | $18312 | $19458 |
| **5/31/2021** | $21653 | $19800 | $18639 | $19761 |
| **6/30/2021** | $21723 | $20095 | $18759 | $20021 |
| **7/31/2021** | $21813 | $20455 | $18903 | $20159 |
| **8/31/2021** | $22214 | $20964 | $19282 | $20664 |
| **9/30/2021** | $21573 | $20094 | $18441 | $19810 |
| **10/31/2021** | $22524 | $21232 | $19369 | $20821 |
| **11/30/2021** | $21223 | $20767 | $18840 | $20320 |
| **12/31/2021** | $21938 | $21654 | $19571 | $21133 |
| **1/31/2022** | $20585 | $20508 | $18564 | $20095 |
| **2/28/2022** | $20118 | $19990 | $18089 | $19576 |
| **3/31/2022** | $19779 | $20538 | $18371 | $20000 |
| **4/30/2022** | $17702 | $18832 | $17071 | $18399 |
| **5/31/2022** | $17679 | $18846 | $17191 | $18420 |
| **6/30/2022** | $15987 | $17214 | $15816 | $16868 |
| **7/31/2022** | $17235 | $18581 | $16877 | $18046 |
| **8/31/2022** | $16419 | $17804 | $16196 | $17381 |
| **9/30/2022** | $14493 | $16149 | $14725 | $15717 |
| **10/31/2022** | $15310 | $17308 | $15665 | $16666 |
| **11/30/2022** | $16722 | $18512 | $16956 | $17958 |
| **12/31/2022** | $16339 | $17726 | $16272 | $17252 |
| **1/31/2023** | $17577 | $18980 | $17396 | $18488 |
| **2/28/2023** | $17027 | $18524 | $16875 | $17958 |
| **3/31/2023** | $17500 | $19096 | $17306 | $18512 |
| **4/30/2023** | $17913 | $19431 | $17547 | $18778 |
| **5/31/2023** | $17302 | $19237 | $17204 | $18577 |
| **6/30/2023** | $18295 | $20400 | $18144 | $19656 |
| **7/31/2023** | $18861 | $21085 | $18671 | $20375 |
| **8/31/2023** | $18096 | $20582 | $18118 | $19806 |
| **9/30/2023** | $17256 | $19694 | $17348 | $18987 |
| **10/31/2023** | $16721 | $19123 | $16818 | $18416 |
| **11/30/2023** | $18265 | $20915 | $18244 | $20116 |
| **12/31/2023** | $19159 | $21942 | $19170 | $21082 |
| **1/31/2024** | $18920 | $22205 | $19142 | $21206 |
| **2/29/2024** | $19429 | $23147 | $19884 | $22116 |
| **3/31/2024** | $19748 | $23891 | $20508 | $22810 |
| **4/30/2024** | $18857 | $23003 | $19780 | $22057 |
| **5/31/2024** | $19095 | $24030 | $20612 | $22953 |
| **6/30/2024** | $18936 | $24519 | $20747 | $23464 |
| **7/31/2024** | $19907 | $24952 | $21217 | $23843 |
| **8/31/2024** | $20336 | $25611 | $21725 | $24448 |
| **9/30/2024** | $20575 | $26080 | $22116 | $25016 |
| **10/31/2024** | $19764 | $25563 | $21548 | $24455 |
| **11/30/2024** | $20782 | $26736 | $22277 | $25369 |
| **12/31/2024** | $19797 | $26039 | $21550 | $24769 |
| **1/31/2025** | $20548 | $26958 | $22303 | $25600 |
| **2/28/2025** | $20326 | $26764 | $22222 | $25446 |
| **3/31/2025** | $19677 | $25572 | $21472 | $24441 |
| **4/30/2025** | $19370 | $25800 | $21617 | $24669 |
| **5/31/2025** | $20155 | $27327 | $22791 | $26087 |
| **6/30/2025** | $20445 | $28506 | $23704 | $27258 |
| **7/31/2025** | $20275 | $28873 | $23798 | $27628 |
| **8/31/2025** | $20633 | $29626 | $24365 | $28310 |
| **9/30/2025** | $20906 | $30578 | $25058 | $29336 |
| **10/31/2025** | $20872 | $31191 | $25355 | $29992 |
| **11/30/2025** | $20701 | $31279 | $25449 | $29989 |
| **12/31/2025** | $20817 | $31532 | $25662 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| **Institutional** | 5.15% | 2.24% | 7.61% |
| **MSCI World Index** | 21.09% | 12.15% | 12.17% |
| **Morningstar Global Large-Stock Blend Category** | 19.16% | 8.84% | 9.85% |
| **MSCI All Country World Index** | 22.34% | 11.19% | 11.72% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $85461073 |
| # of Fund Holdings | 34 |
| Fund Turnover Rate | 81% |
| Total Advisory Fees Paid | $498799 |

---

**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

---

| | |
|:---|:---|
| Microsoft Corp. | 6.8% |
| Samsung Electronics Co. Ltd., Class (Preference Shares) | 5.2% |
| Visa, Inc., Class A | 4.8% |
| Zoetis, Inc. | 4.4% |
| Amazon.com, Inc. | 4.2% |
| Shopify, Inc., Class A | 3.8% |
| McKesson Corp. | 3.6% |
| Franco-Nevada Corp. | 3.6% |
| Brookfield Corp. | 3.5% |
| Chubb Ltd. | 3.3% |

---

### Region Weighting
![Group By Country Chart](g102920g68b80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 81.3% |
| Europe | 9.5% |
| Asia | 7.9% |
| Cash & Other Short-Term Investments | 1.3% |

---

### Sector Weighting
![Group By Industry Chart](g102920g38a29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 1.3% |
| Real Estate | 1.9% |
| Consumer Staples | 2.3% |
| Energy | 2.8% |
| Materials | 3.6% |
| Consumer Discretionary | 4.2% |
| Industrials | 4.8% |
| Communication Services | 6.0% |
| Health Care | 22.7% |
| Information Technology | 24.9% |
| Financials | 25.5% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Phone: 323-372-1960

Email: team@imgpfunds.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

# Institutional:

# MSILX

# iMGP International Fund
![Image](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about iMGP International Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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 | $144 | 1.25% |

---

## How did the Fund perform last year and what affected its performance?
* The Fund gained 30.21% during the full year compared to a 31.22% gain for the MSCI EAFE Index.

* The Fund benefited from security selection but sector allocation offset the benefit.

* Strong returns of industrials positions were the main contributor.

* An overweight to technology stocks and underweight to financials hurt relative returns from a sector 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](g102920g14b99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **MSCI EAFE Index** | **Morningstar Foreign Large Blend Category** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9256 | $9277 | $9415 |
| **2/29/2016** | $9051 | $9107 | $9176 |
| **3/31/2016** | $9603 | $9699 | $9806 |
| **4/30/2016** | $9560 | $9980 | $9965 |
| **5/31/2016** | $9554 | $9890 | $9957 |
| **6/30/2016** | $8977 | $9558 | $9702 |
| **7/31/2016** | $9392 | $10042 | $10116 |
| **8/31/2016** | $9454 | $10049 | $10167 |
| **9/30/2016** | $9659 | $10173 | $10301 |
| **10/31/2016** | $9473 | $9965 | $10075 |
| **11/30/2016** | $9293 | $9766 | $9855 |
| **12/31/2016** | $9539 | $10100 | $10067 |
| **1/31/2017** | $9829 | $10393 | $10408 |
| **2/28/2017** | $10010 | $10542 | $10534 |
| **3/31/2017** | $10320 | $10832 | $10848 |
| **4/30/2017** | $10662 | $11107 | $11141 |
| **5/31/2017** | $11056 | $11515 | $11519 |
| **6/30/2017** | $10953 | $11495 | $11528 |
| **7/31/2017** | $11392 | $11826 | $11873 |
| **8/31/2017** | $11179 | $11822 | $11901 |
| **9/30/2017** | $11483 | $12116 | $12145 |
| **10/31/2017** | $11437 | $12300 | $12342 |
| **11/30/2017** | $11424 | $12429 | $12431 |
| **12/31/2017** | $11791 | $12628 | $12626 |
| **1/31/2018** | $12483 | $13262 | $13251 |
| **2/28/2018** | $11811 | $12663 | $12621 |
| **3/31/2018** | $11658 | $12435 | $12519 |
| **4/30/2018** | $11825 | $12719 | $12672 |
| **5/31/2018** | $11731 | $12433 | $12466 |
| **6/30/2018** | $11612 | $12281 | $12252 |
| **7/31/2018** | $11751 | $12584 | $12535 |
| **8/31/2018** | $11352 | $12341 | $12291 |
| **9/30/2018** | $11266 | $12448 | $12349 |
| **10/31/2018** | $10268 | $11457 | $11334 |
| **11/30/2018** | $10188 | $11442 | $11364 |
| **12/31/2018** | $9338 | $10887 | $10784 |
| **1/31/2019** | $10243 | $11602 | $11552 |
| **2/28/2019** | $10671 | $11898 | $11806 |
| **3/31/2019** | $10799 | $11973 | $11889 |
| **4/30/2019** | $11388 | $12310 | $12216 |
| **5/31/2019** | $10363 | $11719 | $11580 |
| **6/30/2019** | $11026 | $12414 | $12241 |
| **7/31/2019** | $10966 | $12256 | $12029 |
| **8/31/2019** | $10705 | $11939 | $11776 |
| **9/30/2019** | $11006 | $12281 | $12085 |
| **10/31/2019** | $11448 | $12722 | $12489 |
| **11/30/2019** | $11649 | $12866 | $12646 |
| **12/31/2019** | $12182 | $13284 | $13098 |
| **1/31/2020** | $11374 | $13006 | $12755 |
| **2/29/2020** | $10360 | $11831 | $11791 |
| **3/31/2020** | $8172 | $10252 | $10030 |
| **4/30/2020** | $8841 | $10914 | $10745 |
| **5/31/2020** | $9152 | $11389 | $11249 |
| **6/30/2020** | $9401 | $11777 | $11655 |
| **7/31/2020** | $9815 | $12051 | $12028 |
| **8/31/2020** | $10443 | $12671 | $12586 |
| **9/30/2020** | $10077 | $12342 | $12331 |
| **10/31/2020** | $9815 | $11849 | $11931 |
| **11/30/2020** | $11989 | $13686 | $13562 |
| **12/31/2020** | $12794 | $14322 | $14264 |
| **1/31/2021** | $12413 | $14169 | $14143 |
| **2/28/2021** | $13211 | $14487 | $14462 |
| **3/31/2021** | $13507 | $14820 | $14799 |
| **4/30/2021** | $13910 | $15266 | $15224 |
| **5/31/2021** | $14390 | $15764 | $15731 |
| **6/30/2021** | $13903 | $15587 | $15559 |
| **7/31/2021** | $13818 | $15704 | $15561 |
| **8/31/2021** | $14051 | $15981 | $15822 |
| **9/30/2021** | $13825 | $15517 | $15265 |
| **10/31/2021** | $14517 | $15899 | $15685 |
| **11/30/2021** | $13408 | $15159 | $14991 |
| **12/31/2021** | $14298 | $15935 | $15660 |
| **1/31/2022** | $13689 | $15165 | $15076 |
| **2/28/2022** | $13066 | $14897 | $14609 |
| **3/31/2022** | $12765 | $14993 | $14558 |
| **4/30/2022** | $11907 | $14023 | $13656 |
| **5/31/2022** | $12208 | $14128 | $13849 |
| **6/30/2022** | $11086 | $12817 | $12642 |
| **7/31/2022** | $11607 | $13456 | $13205 |
| **8/31/2022** | $10844 | $12817 | $12534 |
| **9/30/2022** | $9598 | $11618 | $11366 |
| **10/31/2022** | $10309 | $12242 | $11913 |
| **11/30/2022** | $11504 | $13621 | $13407 |
| **12/31/2022** | $11212 | $13632 | $13183 |
| **1/31/2023** | $12433 | $14736 | $14276 |
| **2/28/2023** | $12211 | $14429 | $13852 |
| **3/31/2023** | $12603 | $14786 | $14210 |
| **4/30/2023** | $12780 | $15204 | $14533 |
| **5/31/2023** | $12300 | $14560 | $14006 |
| **6/30/2023** | $12987 | $15223 | $14623 |
| **7/31/2023** | $13239 | $15715 | $15050 |
| **8/31/2023** | $12729 | $15113 | $14480 |
| **9/30/2023** | $12137 | $14597 | $13967 |
| **10/31/2023** | $11235 | $14005 | $13484 |
| **11/30/2023** | $12544 | $15305 | $14599 |
| **12/31/2023** | $13163 | $16118 | $15333 |
| **1/31/2024** | $13014 | $16211 | $15220 |
| **2/29/2024** | $13582 | $16508 | $15638 |
| **3/31/2024** | $14045 | $17051 | $16139 |
| **4/30/2024** | $13365 | $16614 | $15724 |
| **5/31/2024** | $13821 | $17258 | $16429 |
| **6/30/2024** | $13604 | $16979 | $16163 |
| **7/31/2024** | $13806 | $17477 | $16630 |
| **8/31/2024** | $14194 | $18046 | $17125 |
| **9/30/2024** | $14142 | $18212 | $17340 |
| **10/31/2024** | $13343 | $17222 | $16509 |
| **11/30/2024** | $13335 | $17124 | $16504 |
| **12/31/2024** | $13088 | $16735 | $16066 |
| **1/31/2025** | $13973 | $17614 | $16760 |
| **2/28/2025** | $14252 | $17956 | $17136 |
| **3/31/2025** | $13632 | $17883 | $17109 |
| **4/30/2025** | $14237 | $18702 | $17699 |
| **5/31/2025** | $15144 | $19558 | $18544 |
| **6/30/2025** | $15772 | $19989 | $19089 |
| **7/31/2025** | $15583 | $19708 | $18760 |
| **8/31/2025** | $15901 | $20549 | $19467 |
| **9/30/2025** | $16339 | $20942 | $20013 |
| **10/31/2025** | $16543 | $21188 | $20208 |
| **11/30/2025** | $16634 | $21320 | $20359 |
| **12/31/2025** | $17042 | $21959 | $20886 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| **Institutional** | 30.21% | 5.90% | 5.48% |
| **MSCI EAFE Index** | 31.22% | 8.92% | 8.18% |
| **Morningstar Foreign Large Blend Category** | 30.11% | 7.95% | 7.67% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $124939834 |
| # of Fund Holdings | 70 |
| Fund Turnover Rate | 99% |
| Total Advisory Fees Paid | $1435819 |

---

**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 | 6.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.0% |
| Societe Generale SA | 3.0% |
| SAP SE | 2.9% |
| Phoenix Financial Ltd. | 2.8% |
| Shopify, Inc., Class A | 2.6% |
| MercadoLibre, Inc. | 2.5% |
| Sage Group PLC | 2.4% |
| Compass Group PLC | 2.1% |
| ICON PLC | 2.1% |

---

### Region Weighting
![Group By Country Chart](g102920g40d43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 61.3% |
| Asia | 16.4% |
| North America | 12.7% |
| South America | 4.5% |
| Africa | 1.3% |
| Oceania | 0.7% |
| Cash & Other Short-Term Investments | 3.1% |

---

### Sector Weighting
![Group By Industry Chart](g102920g16f54.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 3.1% |
| Energy | 1.2% |
| Utilities | 1.9% |
| Communication Services | 4.0% |
| Materials | 4.6% |
| Consumer Staples | 8.2% |
| Industrials | 11.3% |
| Health Care | 11.9% |
| Consumer Discretionary | 13.5% |
| Financials | 18.4% |
| Information Technology | 21.9% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

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](g102920g55w67.jpg)

#### Annual Shareholder Report December 31, 2025

## Fund Overview
This Annual Shareholder Report contains important information about Polen Capital Global Growth ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at 323-372-1960.

## What were the Fund costs for last year?
(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** |
| Polen Capital Global Growth ETF | $86 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
* For the calendar year 2025, the Polen Capital Global Growth ETF returned 1.53% (NAV).

* The ETF underperformed the Index for the period driven by a combination of stock selection and relative sector positioning—a residual of bottom-up stock selection.

* In terms of sector selection, Technology weighed the most on relative performance as the AI narrative definitively favored Semis ("AI winners") over Software and Services ("AI losers").

## 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](g102920g09t26.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 |
| **7/31/2025** | $12145 | $13987 | $13572 |
| **8/31/2025** | $12210 | $14332 | $13773 |
| **9/30/2025** | $12307 | $14852 | $14193 |
| **10/31/2025** | $12458 | $15184 | $14412 |
| **11/30/2025** | $12054 | $15182 | $14168 |
| **12/31/2025** | $11955 | $15341 | $14213 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 8/29/2023** |
| **ETF** | 1.53% | 7.93% |
| **MSCI All Country World Index** | 22.34% | 20.06% |
| **Morningstar Global Large-Stock Growth** | 15.87% | 16.28% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $186205140 |
| # of Fund Holdings | 31 |
| Fund Turnover Rate | 57% |
| Total Advisory Fees Paid | $1505391 |

---

**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

---

| | |
|:---|:---|
| Microsoft Corp. | 6.3% |
| Alphabet, Inc., Class C | 6.2% |
| Amazon.com, Inc. | 5.9% |
| NVIDIA Corp. | 5.8% |
| MasterCard, Inc., Class A | 4.8% |
| Visa, Inc., Class A | 4.7% |
| Aon PLC, Class A | 4.6% |
| Eli Lilly & Co. | 4.4% |
| Shopify, Inc., Class A | 4.2% |
| MSCI, Inc. | 3.8% |

---

### Region Weighting
![Group By Country Chart](g102920g72y74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 78.9% |
| Europe | 9.9% |
| Asia | 6.6% |
| South America | 2.8% |
| Cash & Other Short-Term Investments | 1.8% |

---

### Sector Weighting
![Group By Industry Chart](g102920g44w06.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Other Short-Term Investments | 1.8% |
| Consumer Staples | 2.0% |
| Real Estate | 2.2% |
| Industrials | 3.2% |
| Consumer Discretionary | 10.5% |
| Communication Services | 11.5% |
| Health Care | 14.9% |
| Financials | 21.0% |
| Information Technology | 32.9% |

---

#### Additional Information
Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

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.
(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer.

(b) No disclosures are required by this Item 2(b).

(c) The registrant has not made any amendments to its code of ethics during the period covered by this report.

(d) The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

(e) Not applicable.

(f) The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-800-960-0188.

#### Item 3. Audit Committee Financial Expert.
(a)(1) The registrant's board of trustees (the "board") has determined that the registrant has two members serving on its audit committee that possess the attributes identified in Form N-CSR to each qualify as an "audit committee financial expert."

(a)(2) Harold M. Shefrin, the Chairman of the board's audit committee and Pamela Yang, a member of the board's audit committee, are the "audit committee financial experts" and Mr. Shefrin and Ms. Yang have been deemed to be "independent" as that term is defined in Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
The firm of Cohen & Company, Ltd. ("Cohen") serves as the independent registered public accounting firm for the registrant and has been engaged to perform audit services, audit-related services, tax services and other services to the registrant.

(a) Audit Fees

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed for professional services rendered by Cohen for the audit of the registrant's annual financial statements or services that are normally provided by Cohen in connection with statutory and regulatory filings or engagements were $241,000 and $300,000, respectively.

------

(b) Audit-Related Fees

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed for assurance and related services rendered by Cohen that are reasonably related to the performance of the audit or review of the registrant's financial statements and that are not reported under Audit Fees above were $0 and $0, respectively.

(c) Tax Fees

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed for tax compliance, tax advice, and tax planning services, consisting of review of federal tax forms, preparation of tax returns and review of excise dividend calculations, rendered by Cohen were $59,000 and $66,000, respectively.

(d) All Other Fees

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed by Cohen for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were $0 and $12,000, respectively, consisting of costs associated with the pricing of certain debt instruments and credit default swaps held by a series of the registrant.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) None of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate non-audit fees billed by Cohen for services rendered to the registrant and to the registrant's investment adviser (and any other controlling entity, etc. — not sub-adviser) were $0 and $4,500 (registrant), respectively, consisting of review of the registrant's semi-annual shareholder report.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committees of Listed Registrants.
(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The registrant's audit committee members are Harold M. Shefrin, Ph.D., Jonathan W. DePriest, Craig B. Wainscott, and Pamela Yang.

(b) Not applicable.

------

#### 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](g103503imgpfundslogo.jpg)

![LOGO](g103503g74m89.jpg)

![LOGO](g103503g07u32.jpg)

### Certain Form N-CSR Information

#### iMGP Global Select Fund

#### iMGP International Fund

#### iMGP Small Company Fund
**iMGP Low Duration Income Fund** *(formerly, 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

#### December 31, 2025

------

 <br> ii Litman Gregory Funds Trust

------

![LOGO](g103503building.jpg)

### Contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP Global Select Fund Schedule of Investments](#toc103503_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP International Fund Schedule of Investments](#toc103503_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP Small Company Fund Schedule of Investments](#toc103503_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP Low Duration Income Fund Schedule of Investments](#toc103503_4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP Dolan McEniry Corporate Bond Fund Schedule of Investments](#toc103503_5) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP APA Enhanced Income Municipal Fund Schedule of Investments](#toc103503_6) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP DBi Managed Futures Strategy ETF Consolidated Schedule of Investments](#toc103503_7) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP Berkshire Dividend Growth ETF Schedule of Investments](#toc103503_8) | 44 |
|  [Statements of Assets and Liabilities](#toc103503_9) | 45 |
|  [Statements of Operations](#toc103503_10) | 48 |
|  [Statements of Changes in Net Assets](#toc103503_11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Global Select Fund](#toc103503_12) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [International Fund](#toc103503_13) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Small Company Fund](#toc103503_14) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Low Duration Income Fund](#toc103503_15) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dolan McEniry Corporate Bond Fund](#toc103503_16) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP APA Enhanced Income Municipal Fund](#toc103503_17) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; [DBi Managed Futures Strategy ETF (Consolidated)](#toc103503_18) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Berkshire Dividend Growth ETF](#toc103503_19) | 55 |
|  [Financial Highlights](#toc103503_20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Global Select Fund](#toc103503_21) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; [International Fund](#toc103503_22) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Small Company Fund](#toc103503_23) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Low Duration Income Fund](#toc103503_24) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dolan McEniry Corporate Bond Fund](#toc103503_25) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [iMGP APA Enhanced Income Municipal Fund](#toc103503_26) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; [DBi Managed Futures Strategy ETF (Consolidated)](#toc103503_27) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Berkshire Dividend Growth ETF](#toc103503_28) | 63 |
|  [Notes to Financial Statements](#toc103503_29) | 64 |
|  [Report of Independent Registered Public Accounting Firm](#toc103503_30) | 95 |
|  [Tax Information (Unaudited)](#toc103503_31) | 97 |

---

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 December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 93.5%** | **COMMON STOCKS: 93.5%** | **COMMON STOCKS: 93.5%** |
| **Canada: 11.0%** | **Canada: 11.0%** | **Canada: 11.0%** |
| 65610 | Brookfield Corp.<sup>(a)</sup> | $3010843 |
| 14805 | Franco-Nevada Corp. | 3068781 |
| 20359 | Shopify, Inc. - Class A\* | 3277188 |
|  |  | 9356812 |
| **Germany: 2.4%** | **Germany: 2.4%** | **Germany: 2.4%** |
| 8463 | SAP SE | 2069017 |
| **Netherlands: 4.5%** | **Netherlands: 4.5%** | **Netherlands: 4.5%** |
| 1172 | Adyen NV\*<sup>(b)</sup> | 1890935 |
| 25400 | Heineken NV | 1951990 |
|  |  | 3842925 |
| **Taiwan: 2.7%** | **Taiwan: 2.7%** | **Taiwan: 2.7%** |
| 7551 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 2294673 |
| **United Kingdom: 2.6%** | **United Kingdom: 2.6%** | **United Kingdom: 2.6%** |
| 68443 | Smith & Nephew PLC - ADR<sup>(a)</sup> | 2245615 |
| **United States: 70.3%** | **United States: 70.3%** | **United States: 70.3%** |
| 17559 | Abbott Laboratories | 2199967 |
| 8310 | Alphabet, Inc. - Class A | 2601030 |
| 15386 | Amazon.com, Inc.\* | 3551397 |
| 4959 | Aon PLC - Class A | 1749932 |
| 2 | Berkshire Hathaway, Inc. - Class A\* | 1509600 |
| 2319 | Berkshire Hathaway, Inc. - Class B\* | 1165645 |
| 4009 | Broadcom, Inc. | 1387515 |
| 9135 | Chubb Ltd. | 2851216 |
| 9860 | CME Group, Inc. | 2692569 |
| 24080 | CoStar Group, Inc.\* | 1619139 |
| 2442 | Eli Lilly & Co. | 2624369 |
| 259750 | Haleon PLC - ADR<sup>(a)</sup> | 2626072 |
| 1315 | Markel Group, Inc.\* | 2826790 |
| 3780 | McKesson Corp. | 3100696 |
| 12080 | Microsoft Corp. | 5842130 |
| 20235 | Novartis AG - ADR<sup>(a)</sup> | 2789799 |
| 58850 | Occidental Petroleum Corp. | 2419912 |
| 10345 | Oracle Corp. | 2016344 |
| 9696 | Paycom Software, Inc. | 1545155 |
| 10960 | Union Pacific Corp. | 2535267 |
| 11782 | Visa, Inc. - Class A | 4132065 |
| 22500 | Walt Disney Co. | 2559825 |
| 29934 | Zoetis, Inc. | 3766295 |
|  |  | 60112729 |
| **TOTAL COMMON STOCKS**<br> (Cost $64,915,069) | **TOTAL COMMON STOCKS**<br> (Cost $64,915,069) | 79921771 |
| **PREFERRED STOCKS: 5.2%** | **PREFERRED STOCKS: 5.2%** | **PREFERRED STOCKS: 5.2%** |
| **South Korea: 5.2%** | **South Korea: 5.2%** | **South Korea: 5.2%** |
| 71365 | Samsung Electronics Co. Ltd. - (Preference Shares) | 4418977 |
| **TOTAL PREFERRED STOCKS**<br> (Cost $2,860,136) | **TOTAL PREFERRED STOCKS**<br> (Cost $2,860,136) | 4418977 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 6.6%**  | **SHORT-TERM INVESTMENTS: 6.6%**  | **SHORT-TERM INVESTMENTS: 6.6%**  |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 5.6%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 5.6%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 5.6%** |
| 4800211 | State Street Navigator Securities Lending Government Money Market Portfolio,<br>3.830%<sup>(c)(d)</sup> | $4800211 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $4,800,211) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $4,800,211) | 4800211 |
| **Principal<br>Amount** |  |  |
| **REPURCHASE AGREEMENTS: 1.0%**  | **REPURCHASE AGREEMENTS: 1.0%**  | **REPURCHASE AGREEMENTS: 1.0%**  |
| $869087 | Fixed Income Clearing Corp. 1.060%, 12/31/2025, due 01/02/2026 [collateral: par value $869,400, U.S. Treasury Notes, 4.125%, due 05/31/2032, value $886,824]<br>(proceeds $869,138) | 869087 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $869,087) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $869,087) | 869087 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $5,669,298) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $5,669,298) | 5669298 |
| **TOTAL INVESTMENTS**<br> (Cost: $73,444,503): 105.3%  | **TOTAL INVESTMENTS**<br> (Cost: $73,444,503): 105.3%  | 90010046 |
| Liabilities in Excess of Other Assets: (5.3)% | Liabilities in Excess of Other Assets: (5.3)% | (4548973) |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**85461073** |

---

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 December 31, 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 December 31, 2025 (Continued)

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

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
| Pharmaceuticals | 13.9% |
| Software | 11.6% |
| Financial Services | 10.2% |
| Insurance | 8.6% |
| Capital Markets | 6.6% |
| Health Care Equipment & Supplies | 5.2% |
| Technology Hardware, Storage & Peripherals | 5.2% |
| Semiconductors & Semiconductor Equipment | 4.3% |
| Broadline Retail | 4.2% |
| IT Services | 3.9% |
| Health Care Providers & Services | 3.6% |
| Metals & Mining | 3.6% |
| Interactive Media & Services | 3.0% |
| Entertainment | 3.0% |
| Ground Transportation | 3.0% |
| Oil, Gas & Consumable Fuels | 2.8% |
| Beverages | 2.3% |
| Real Estate Management & Development | 1.9% |
| Professional Services | 1.8% |
| Short-Term Investments | 6.6% |
| Total Investments | 105.3% |
| Liabilities in Excess of Other Assets | (5.3)% |
| 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 December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 96.9%**  | **COMMON STOCKS: 96.9%**  | **COMMON STOCKS: 96.9%**  |
| **Australia: 0.7%** | **Australia: 0.7%** | **Australia: 0.7%** |
| 169000 | Glencore PLC\* | $916962 |
| **Austria: 1.5%** | **Austria: 1.5%** | **Austria: 1.5%** |
| 15639 | Erste Group Bank AG | 1878642 |
| **Brazil: 4.5%** | **Brazil: 4.5%** | **Brazil: 4.5%** |
| 1577 | MercadoLibre, Inc.\* | 3176488 |
| 148814 | NU Holdings Ltd. - Class A\* | 2491146 |
|  |  | 5667634 |
| **Canada: 4.0%** | **Canada: 4.0%** | **Canada: 4.0%** |
| 22046 | Canadian Pacific Kansas City Ltd. | 1624374 |
| 20544 | Shopify, Inc. - Class A\* | 3306968 |
|  |  | 4931342 |
| **China: 1.4%** | **China: 1.4%** | **China: 1.4%** |
| 6431 | Prosus NV | 396594 |
| 17696 | Tencent Holdings Ltd. - ADR | 1354629 |
|  |  | 1751223 |
| **Denmark: 0.5%** | **Denmark: 0.5%** | **Denmark: 0.5%** |
| 17680 | ISS AS | 603013 |
| **France: 10.2%** | **France: 10.2%** | **France: 10.2%** |
| 12257 | BNP Paribas SA | 1158050 |
| 6150 | Capgemini SE | 1016958 |
| 91742 | Carrefour SA | 1527953 |
| 18237 | Cie de Saint-Gobain SA | 1848458 |
| 2764 | Kering SA | 973817 |
| 7734 | Pernod Ricard SA | 661086 |
| 18153 | Publicis Groupe SA | 1880330 |
| 46133 | Societe Generale SA | 3711145 |
|  |  | 12777797 |
| **Germany: 13.1%** | **Germany: 13.1%** | **Germany: 13.1%** |
| 6530 | Adidas AG | 1283454 |
| 1165 | Allianz SE | 533530 |
| 28313 | Aumovio SE\* | 1424561 |
| 25961 | Bayer AG | 1118170 |
| 10055 | Bayerische Motoren Werke AG | 1097696 |
| 26353 | Birkenstock Holding PLC\* | 1077838 |
| 18416 | Continental AG | 1467904 |
| 52677 | Daimler Truck Holding AG | 2306326 |
| 9175 | Fresenius SE & Co. KGaA | 527262 |
| 13417 | Merck KGaA | 1922942 |
| 14789 | SAP SE | 3613007 |
|  |  | 16372690 |
| **India: 1.2%** | **India: 1.2%** | **India: 1.2%** |
| 40331 | HDFC Bank Ltd. - ADR | 1473695 |
| **Indonesia: 0.9%** | **Indonesia: 0.9%** | **Indonesia: 0.9%** |
| 3525500 | Bank Mandiri Persero Tbk. PT | 1078129 |
| **Ireland: 1.6%** | **Ireland: 1.6%** | **Ireland: 1.6%** |
| 21310 | Kerry Group PLC - Class A | 1950422 |
| **Israel: 3.0%** | **Israel: 3.0%** | **Israel: 3.0%** |
| 6466 | Meitav Investment House Ltd. | 234682 |
| 83503 | Phoenix Financial Ltd. | 3455298 |
|  |  | 3689980 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Italy: 5.7%** | **Italy: 5.7%** | **Italy: 5.7%** |
| 189458 | Banca Monte dei Paschi di Siena SpA | $2013815 |
| 66376 | Carel Industries SpA<sup>(a)</sup> | 1908484 |
| 128007 | Davide Campari-Milano NV<sup>(b)</sup> | 829849 |
| 7960 | Prysmian SpA | 792491 |
| 46695 | Ryanair Holdings PLC | 1619136 |
|  |  | 7163775 |
| **Japan: 4.5%** | **Japan: 4.5%** | **Japan: 4.5%** |
| 72600 | Asahi Group Holdings Ltd. | 758599 |
| 29700 | BayCurrent, Inc.<sup>(b)</sup> | 1228263 |
| 55400 | Nippon Sanso Holdings Corp. | 1652433 |
| 9149 | Tokyo Electron Ltd. | 2007038 |
|  |  | 5646333 |
| **Netherlands: 9.0%** | **Netherlands: 9.0%** | **Netherlands: 9.0%** |
| 766 | Adyen NV\*<sup>(a)</sup> | 1227144 |
| 7153 | ASML Holding NV | 7634248 |
| 56441 | Koninklijke Philips NV | 1525235 |
| 54000 | Magnum Ice Cream Co. NV\* | 862759 |
|  |  | 11249386 |
| **Poland: 0.8%** | **Poland: 0.8%** | **Poland: 0.8%** |
| 85586 | InPost SA\*<sup>(b)</sup> | 1046716 |
| **Singapore: 1.5%** | **Singapore: 1.5%** | **Singapore: 1.5%** |
| 69840 | STMicroelectronics NV | 1807196 |
| **South Africa: 1.3%** | **South Africa: 1.3%** | **South Africa: 1.3%** |
| 39796 | Anglo American PLC | 1635771 |
| **Spain: 0.9%** | **Spain: 0.9%** | **Spain: 0.9%** |
| 65906 | Puig Brands SA - Class B | 1146837 |
| **Switzerland: 6.1%** | **Switzerland: 6.1%** | **Switzerland: 6.1%** |
| 27323 | Bachem Holding AG | 2047634 |
| 10904 | Cie Financiere Richemont SA - Class A | 2348220 |
| 14550 | Julius Baer Group Ltd. | 1135064 |
| 21188 | On Holding AG - Class A\* | 984818 |
| 15400 | Sandoz Group AG | 1119970 |
|  |  | 7635706 |
| **Taiwan: 4.0%** | **Taiwan: 4.0%** | **Taiwan: 4.0%** |
| 102000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 4983045 |
| **United Kingdom: 11.8%** | **United Kingdom: 11.8%** | **United Kingdom: 11.8%** |
| 13088 | AstraZeneca PLC | 2404533 |
| 84114 | Compass Group PLC | 2669237 |
| 39365 | Diageo PLC | 845779 |
| 145000 | Informa PLC | 1715563 |
| 153516 | National Grid PLC | 2359797 |
| 21416 | Reckitt Benckiser Group PLC | 1729426 |
| 207888 | Sage Group PLC | 3019448 |
|  |  | 14743783 |
| **United States: 8.7%** | **United States: 8.7%** | **United States: 8.7%** |
| 7254 | Aon PLC - Class A | 2559792 |
| 124843 | CNH Industrial NV | 1151052 |
| 14484 | ICON PLC\* | 2639275 |
| 16000 | Sanofi SA | 1549907 |
| 40605 | Shell PLC | 1487776 |
| 24755 | Titan SA | 1522584 |
|  |  | 10910386 |
| **TOTAL COMMON STOCKS**<br>(Cost $97,092,287) | **TOTAL COMMON STOCKS**<br>(Cost $97,092,287) | 121060463 |

---

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 December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 2.1%**  | **SHORT-TERM INVESTMENTS: 2.1%**  | **SHORT-TERM INVESTMENTS: 2.1%**  |
| **REPURCHASE AGREEMENTS: 2.1%** | **REPURCHASE AGREEMENTS: 2.1%** | **REPURCHASE AGREEMENTS: 2.1%** |
| $2687365 | Fixed Income Clearing Corp. 1.060%, 12/31/2025, due 01/02/2026 [collateral: par value $2,688,300, U.S. Treasury Notes, 4.125%, due 05/31/2032, value $2,742,143]<br>(proceeds $2,687,524) | $2687365 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,687,365) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,687,365) | 2687365 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $2,687,365) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $2,687,365) | 2687365 |
| **TOTAL INVESTMENTS**<br> (Cost: $99,779,652): 99.0%  | **TOTAL INVESTMENTS**<br> (Cost: $99,779,652): 99.0%  | 123747828 |
| Other Assets in Excess of Liabilities: 1.0% | Other Assets in Excess of Liabilities: 1.0% | 1192006 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**124939834** |

---

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 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.

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

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
| Semiconductors & Semiconductor Equipment | 13.2% |
| Banks | 11.1% |
| Pharmaceuticals | 6.4% |
| Textiles, Apparel & Luxury Goods | 5.4% |
| Software | 5.3% |
| Insurance | 5.3% |
| Life Sciences Tools & Services | 3.7% |
| IT Services | 3.5% |
| Building Products | 3.0% |
| Media | 2.9% |
| Broadline Retail | 2.8% |
| Machinery | 2.8% |
| Beverages | 2.5% |
| Automobile Components | 2.3% |
| Food Products | 2.3% |
| Hotels, Restaurants & Leisure | 2.1% |
| Metals & Mining | 2.0% |
| Multi-Utilities | 1.9% |
| Household Products | 1.4% |
| Chemicals | 1.3% |
| Ground Transportation | 1.3% |
| Passenger Airlines | 1.3% |
| Consumer Staples Distribution & Retail | 1.2% |
| Health Care Equipment & Supplies | 1.2% |
| Construction Materials | 1.2% |
| Oil, Gas & Consumable Fuels | 1.2% |
| Capital Markets | 1.1% |
| Interactive Media & Services | 1.1% |
| Professional Services | 1.0% |
| Financial Services | 1.0% |
| Personal Care Products | 0.9% |
| Automobiles | 0.9% |
| Air Freight & Logistics | 0.8% |
| Electrical Equipment | 0.6% |
| Commercial Services & Supplies | 0.5% |
| Health Care Providers & Services | 0.4% |
| Short-Term Investments | 2.1% |
| Total Investments | 99.0% |
| Other Assets in Excess of Liabilities | 1.0% |
| Net Assets | 100.0% |

---

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

 <br> 4 Litman Gregory Funds Trust

------

### iMGP Small Company Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 98.5%**  | **COMMON STOCKS: 98.5%**  | **COMMON STOCKS: 98.5%**  |
| **Consumer Discretionary: 6.8%** | **Consumer Discretionary: 6.8%** | **Consumer Discretionary: 6.8%** |
| 13411 | Advance Auto Parts, Inc.<sup>(a)</sup> | $527052 |
| 13729 | Capri Holdings Ltd.\* | 334988 |
| 10950 | Floor & Decor Holdings, Inc. - Class A\* | 666746 |
| 15728 | Gentherm, Inc.\* | 572027 |
| 42890 | Goodyear Tire & Rubber Co.\* | 375716 |
| 11368 | Papa John's International, Inc.<sup>(a)</sup> | 437554 |
| 54232 | VF Corp. | 980515 |
|  |  | 3894598 |
| **Energy: 0.8%** | **Energy: 0.8%** | **Energy: 0.8%** |
| 52736 | Crescent Energy Co. - Class A | 442455 |
| **Financials: 14.8%** | **Financials: 14.8%** | **Financials: 14.8%** |
| 30949 | Columbia Banking System, Inc. | 865025 |
| 16468 | Glacier Bancorp, Inc.<sup>(a)</sup> | 725415 |
| 10845 | Goosehead Insurance, Inc. - Class A | 798734 |
| 8840 | Hamilton Lane, Inc. - Class A | 1187301 |
| 2261 | Kinsale Capital Group, Inc. | 884322 |
| 20270 | National Bank Holdings Corp. - Class A | 770463 |
| 26662 | Seacoast Banking Corp. of Florida | 837720 |
| 9066 | Southstate Bank Corp. | 853201 |
| 10178 | Texas Capital Bancshares, Inc.\* | 921516 |
| 18199 | WesBanco, Inc. | 604935 |
|  |  | 8448632 |
| **Health Care: 10.2%** | **Health Care: 10.2%** | **Health Care: 10.2%** |
| 62817 | AdaptHealth Corp.\* | 625657 |
| 16814 | Bio-Techne Corp. | 988831 |
| 4559 | ICU Medical, Inc.\* | 650433 |
| 3582 | Masimo Corp.\* | 465875 |
| 2210 | Medpace Holdings, Inc.\* | 1241246 |
| 12581 | QuidelOrtho Corp.\* | 359313 |
| 8839 | Repligen Corp.\* | 1448359 |
|  |  | 5779714 |
| **Industrials: 27.1%<sup>(b)</sup>** | **Industrials: 27.1%<sup>(b)</sup>** | **Industrials: 27.1%<sup>(b)</sup>** |
| 15727 | Apogee Enterprises, Inc. | 572620 |
| 3836 | Applied Industrial Technologies, Inc. | 984970 |
| 7054 | AZZ, Inc. | 756048 |
| 10014 | Casella Waste Systems, Inc. - Class A\* | 980771 |
| 19810 | Core & Main, Inc. - Class A\* | 1029526 |
| 3272 | CSW Industrials, Inc. | 960430 |
| 4604 | EnerSys | 675637 |
| 7338 | Federal Signal Corp. | 796833 |
| 11569 | Gibraltar Industries, Inc.\* | 571971 |
| 82342 | Hayward Holdings, Inc.\* | 1272184 |
| 3748 | HEICO Corp. - Class A | 946108 |
| 8817 | Mercury Systems, Inc.\* | 643729 |
| 34970 | Quanex Building Products Corp. | 537839 |
| 3477 | RBC Bearings, Inc.\* | 1559191 |
| 13283 | REV Group, Inc. | 807739 |
| 8066 | Timken Co. | 678593 |
| 4147 | Valmont Industries, Inc. | 1668421 |
|  |  | 15442610 |
| **Information Technology: 22.6%** | **Information Technology: 22.6%** | **Information Technology: 22.6%** |
| 7905 | Agilysys, Inc.\* | 939430 |
| 22912 | Allegro MicroSystems, Inc.\* | 604419 |
| 9422 | Amkor Technology, Inc.<sup>(a)</sup> | 371981 |
| 4368 | Appfolio, Inc. - Class A\* | 1016215 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Information Technology (continued)** | **Information Technology (continued)** | **Information Technology (continued)** |
| 5780 | Badger Meter, Inc. | $1008090 |
| 6153 | Belden, Inc. | 717132 |
| 10652 | Descartes Systems Group, Inc.\* | 933754 |
| 4047 | Guidewire Software, Inc.\* | 813487 |
| 5166 | IPG Photonics Corp.\* | 369886 |
| 3563 | Littelfuse, Inc. | 901154 |
| 6061 | Manhattan Associates, Inc.\* | 1050432 |
| 10541 | Novanta, Inc.\* | 1254274 |
| 8619 | Onto Innovation, Inc.\* | 1360595 |
| 13062 | Procore Technologies, Inc.\* | 950130 |
| 7853 | Synaptics, Inc.\* | 581279 |
|  |  | 12872258 |
| **Materials: 13.6%** | **Materials: 13.6%** | **Materials: 13.6%** |
| 5260 | Eagle Materials, Inc. | 1087137 |
| 21294 | Element Solutions, Inc. | 532137 |
| 22763 | Ingevity Corp.\* | 1347114 |
| 7555 | MP Materials Corp.\*<sup>(a)</sup> | 381679 |
| 77533 | O-I Glass, Inc.\* | 1144387 |
| 92101 | Perimeter Solutions, Inc.\* | 2535540 |
| 17232 | Silgan Holdings, Inc.<sup>(a)</sup> | 695656 |
|  |  | 7723650 |
| **Real Estate: 2.6%** | **Real Estate: 2.6%** | **Real Estate: 2.6%** |
| 14316 | Landbridge Co. LLC - Class A | 701341 |
| 20397 | STAG Industrial, Inc. - REIT | 749793 |
|  |  | 1451134 |
| **TOTAL COMMON STOCKS**<br>(Cost $50,306,654) | **TOTAL COMMON STOCKS**<br>(Cost $50,306,654) | 56055051 |
| **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 0.8%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 0.8%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 0.8%** |
| 480452 | State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(c)(d)</sup> | 480452 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $480,452) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $480,452) | 480452 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $480,452) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $480,452) | 480452 |
| **TOTAL INVESTMENTS**<br> (Cost: $50,787,106): 99.3%  | **TOTAL INVESTMENTS**<br> (Cost: $50,787,106): 99.3%  | 56535503 |
| Other Assets in Excess of Liabilities: 0.7% | Other Assets in Excess of Liabilities: 0.7% | 378571 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**56914074** |

---

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) Security, or portion thereof, is out on loan.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate disclosed is the 7 day net yield as of December 31, 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 5

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

---

| | | |
|:---|:---|:---|
| **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\* | $6125 |
| 801 | Xplornet Communications, Inc.\* | 2070 |
|  |  | 8195 |
| **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| 1 | Accuride Corp.\* | 0 |
| 21482 | Accuride Corp.\* | 2 |
| 283 | WW International, Inc.\* | 8268 |
|  |  | 8270 |
| **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** |
| 30089 | Moran Foods LLC\* | 858 |
| **Financials: 0.0%** | **Financials: 0.0%** | **Financials: 0.0%** |
| 17500 | Sound Holdings FP\*<sup>(a)</sup> | 0 |
| **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 268 | Mallinckrodt PLC\* | 27319 |
| **Industrials: 0.2%** | **Industrials: 0.2%** | **Industrials: 0.2%** |
| 1 | Hornbeck Offshore Services, Inc.\* | 48 |
| 905 | Luxco Co. Ltd.\* | 15914 |
| 32677 | Mcdermott International Ltd.\* | 490149 |
| 440 | McDermott International, Inc.\* | 6598 |
|  |  | 512709 |
| **Information Technology: 0.0%** | **Information Technology: 0.0%** | **Information Technology: 0.0%** |
| 6102 | Riverbed Technology, Inc.\* | 793 |
| **Materials: 0.0%** | **Materials: 0.0%** | **Materials: 0.0%** |
| 563 | Yak Blocker 2 LLC\*<sup>(a)</sup> | 482 |
| 609 | Yak Blocker 2 LLC\*<sup>(a)</sup> | 521 |
|  |  | 1003 |
| **Real Estate: 0.0%** | **Real Estate: 0.0%** | **Real Estate: 0.0%** |
| 912436 | CFLD Cayman Investment Trust\* | 4570 |
| 142737 | Kaisa Group Holdings Ltd.\* | 1779 |
| 256164 | Yuzhou Group Holdings Co. Ltd.\* | 3455 |
|  |  | 9804 |
| **Special Purpose Acquisition Companies: 0.0%** | **Special Purpose Acquisition Companies: 0.0%** | **Special Purpose Acquisition Companies: 0.0%** |
| 6266 | Pershing Square Tontine Holdings Ltd.\* | 0 |
| 294 | Stichting Administratiekantoor\* | 0 |
| 800 | Stichting Administratiekantoor\* | 0 |
|  |  | 0 |
| **TOTAL COMMON STOCKS**<br> (Cost $786,195) | **TOTAL COMMON STOCKS**<br> (Cost $786,195) | 568951 |
| **RIGHTS/WARRANTS: 0.1%** | **RIGHTS/WARRANTS: 0.1%** | **RIGHTS/WARRANTS: 0.1%** |
| 22138 | ABIOMED, Inc., CVR<br> (Expiration date 12/31/99)\* | 35421 |
| 47716 | Albireo Pharma, Inc., CVR<br> (Expiration date 12/31/99)\* | 134320 |
| 213778 | Concert Pharmaceuticals, Inc., CVR<br> (Expiration date 12/31/99)\* | 103490 |
| 11 | Hornbeck Offshore Services, Inc.<br> (Expiration date 04/09/30)\* | 550 |
| 389 | Hornbeck Offshore Services, Inc.<br> (Expiration date 04/09/30)\* | 7002 |
| 4247 | MariaDB PLC<br> (Expiration date 12/16/27)\* | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
| 1566 | Pershing Square Holdings Ltd.<br> (Expiration date 09/23/33)\* | $| 0 |
| 124401 | Resolute Forest Products, Inc., CVR<br> (Expiration date 12/31/99)\* |  | 182310 |
| 1039 | Ross Acquisition Corp. II<br> (Expiration date 02/12/26)\* |  | 0 |
| **TOTAL RIGHTS/WARRANTS**<br> (Cost $554,144) | **TOTAL RIGHTS/WARRANTS**<br> (Cost $554,144) |  | 463093 |
| **PREFERRED STOCKS: 1.1%**  | **PREFERRED STOCKS: 1.1%**  | **PREFERRED STOCKS: 1.1%**  | **PREFERRED STOCKS: 1.1%**  |
| **Financials: 0.9%** | **Financials: 0.9%** | **Financials: 0.9%** | **Financials: 0.9%** |
|  | American National Group, Inc. |  |  |
| 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/2030<sup>(b)</sup> |  | 75030 |
|  | CION Investment Corp. |  |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 12/30/2029<sup>(c)</sup> |  | 503400 |
|  | CNO Financial Group, Inc. |  |  |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/25/2060 |  | 38000 |
|  | Crescent Capital BDC, Inc. |  |  |
| 8900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/25/2026 |  | 222945 |
|  | Eagle Point Credit Co., Inc. |  |  |
| 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 01/31/2029<sup>(c)</sup> |  | 764800 |
|  | Oxford Lane Capital Corp. |  |  |
| 23400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/31/2027 |  | 570726 |
|  | Selective Insurance Group, Inc. - Series B |  |  |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 01/30/2026<sup>(b)</sup> |  | 33440 |
|  | Trinity Capital, Inc. |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 03/30/2029 |  | 630000 |
|  |  |  | 2838341 |
| **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
|  | Mallinckrodt PLC |  |  |
| 12211152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%,\* |  | 12 |
| **Industrials: 0.0%** | **Industrials: 0.0%** | **Industrials: 0.0%** | **Industrials: 0.0%** |
|  | Element Commercial Aviation |  |  |
| 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%,<sup>(a)</sup>\* |  | 0 |
| **Utilities: 0.2%** | **Utilities: 0.2%** | **Utilities: 0.2%** | **Utilities: 0.2%** |
|  | NextEra Energy Capital Holdings, Inc. - Series U |  |  |
| 20100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/2085 |  | 508932 |
| **TOTAL PREFERRED STOCKS**<br> (Cost $5,113,685) | **TOTAL PREFERRED STOCKS**<br> (Cost $5,113,685) |  | 3347285 |
| **Principal<br>Amount^** |  |  |  |
| **ASSET-BACKED SECURITIES: 17.3%**  | **ASSET-BACKED SECURITIES: 17.3%**  | **ASSET-BACKED SECURITIES: 17.3%**  | **ASSET-BACKED SECURITIES: 17.3%**  |
| **Commercial MBS: 0.2%** | **Commercial MBS: 0.2%** | **Commercial MBS: 0.2%** | **Commercial MBS: 0.2%** |
|  | 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> |  | 596055 |
| **Home Equity ABS: 0.8%** | **Home Equity ABS: 0.8%** | **Home Equity ABS: 0.8%** | **Home Equity ABS: 0.8%** |
|  | Carrington Mortgage Loan Trust |  |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-NC3-M5 <br>4.896%, 06/25/2035<sup>(e)</sup> <br>1 mo. USD Term SOFR + 1.164% |  | 286339 |
|  | 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> |  | 103775 |

---

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

 <br> 6 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (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)** |
|  | FIGRE Trust |  |  |
| $64427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE1-B <br>6.506%, 03/25/2054<sup>(d)(g)</sup> | $| 66125 |
| 99878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE2-C <br>6.720%, 05/25/2054<sup>(d)(g)</sup> |  | 102701 |
| 104038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE3-C <br>6.229%, 07/25/2054<sup>(d)(g)</sup> |  | 105991 |
| 120750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE1-C <br>6.029%, 01/25/2055<sup>(d)(g)</sup> |  | 122358 |
|  | GSAA Home Equity Trust |  |  |
| 507631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-10-AF5 <br>6.948%, 06/25/2036<sup>(f)</sup> |  | 111246 |
|  | Long Beach Mortgage Loan Trust |  |  |
| 3031931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-9-2A2 <br>4.066%, 10/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.334% |  | 943243 |
|  | Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| 244870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE8-A2D <br>4.066%, 10/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.334% |  | 107976 |
| 328046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE4-A2C <br>4.076%, 02/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.344% |  | 104665 |
|  | Saluda Grade Alternative Mortgage Trust |  |  |
| 64693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FIG4-B <br>7.115%, 11/25/2053<sup>(d)(g)</sup> |  | 66945 |
|  | Vista Point Securitization Trust |  |  |
| 289734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES1-A1 <br>6.676%, 05/25/2054<sup>(d)(f)</sup> |  | 293498 |
|  |  |  | 2414862 |
| **Other ABS: 16.3%** | **Other ABS: 16.3%** | **Other ABS: 16.3%** | **Other ABS: 16.3%** |
|  | 720 East CLO V Ltd. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-C <br>6.084%, 07/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% |  | 250771 |
|  | AASET |  |  |
| 229232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A1 <br>6.261%, 05/16/2049<sup>(d)</sup> |  | 236050 |
|  | AASET Ltd. |  |  |
| 227925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-A <br>5.930%, 09/16/2049<sup>(d)</sup> |  | 231744 |
|  | AASET Trust |  |  |
| 42796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2-B <br>4.458%, 10/16/2039<sup>(d)</sup> |  | 42250 |
| 53062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.335%, 01/16/2040<sup>(d)</sup> |  | 52157 |
|  | Aaset Trust |  |  |
| 170179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A <br>2.950%, 11/16/2041<sup>(d)</sup> |  | 164028 |
|  | AASET Trust |  |  |
| 325707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A-B <br>3.538%, 01/15/2047<sup>(d)</sup> |  | 311065 |
| 234448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>5.943%, 02/16/2050<sup>(d)</sup> |  | 239427 |
|  | ABPCI Direct Lending Fund ABS I Ltd. |  |  |
| 67567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.935%, 12/29/2030<sup>(d)</sup> |  | 67031 |

---

---

| | | |
|:---|:---|:---|
| **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-BR <br>7.388%, 02/01/2036<sup>(d)</sup> | $248891 |
|  | ABPCI Direct Lending Fund CLO XV Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-15A-C <br>8.038%, 10/30/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.200% | 251087 |
|  | 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> | 285048 |
|  | 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> | 147350 |
|  | 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> | 102728 |
|  | AMSR Trust |  |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1-G <br>4.612%, 06/17/2038<sup>(d)</sup> | 2396801 |
|  | 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> | 225876 |
|  | Apidos CLO XXIV Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-24A-DR <br>9.946%, 10/20/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.062% | 1005244 |
|  | Aquila Funding |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.400%, 12/15/2041 | 259314 |
|  | ARES Direct Lending CLO 2 LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-D <br>7.784%, 10/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.900% | 100655 |
|  | Ares Finance Co. LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 10/15/2036<sup>(g)(h)</sup> | 806825 |
|  | Ares LXXVII CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-77A-SUB <br>0.337%, 07/15/2038<sup>(d)(g)(i)</sup> | 487783 |
|  | 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)(g)(i)</sup> | 163926 |
|  | Ballyrock CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-DR <br>10.916%, 07/15/2032<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 7.012% | 251185 |
|  | Bayard Park CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-SUB <br>1.502%, 07/24/2038<sup>(d)(g)(i)</sup> | 174854 |
|  | BCRED CLO LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-C <br>5.884%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 249597 |
|  | 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> | 101590 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-C <br>8.898%, 05/20/2053<sup>(d)</sup> | 1021982 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>6.043%, 11/20/2054<sup>(d)</sup> | 50960 |
|  | Brant Point CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7A-SUB <br>1.347%, 07/25/2038<sup>(d)(g)(i)</sup> | 372442 |

---

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

 <br> Schedule of Investments 7

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (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)** |
|  | Business Jet Securities LLC |  |
| $168235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A-B <br>5.192%, 06/15/2037<sup>(d)</sup> | $168149 |
| 347738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>6.924%, 05/15/2039<sup>(d)</sup> | 360238 |
|  | Buttermilk Park CLO Ltd. |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-E <br>9.916%, 10/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 740473 |
|  | Canyon Capital CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A-ER <br>9.916%, 07/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 966364 |
|  | Carlyle Global Market Strategies CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2RA-D <br>9.463%, 05/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.612% | 503200 |
|  | 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> | 183901 |
|  | CARS-DB7 LP |  |
| 97750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-A2 <br>6.500%, 09/15/2053<sup>(d)</sup> | 98619 |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B <br>7.750%, 09/15/2053<sup>(d)</sup> | 322534 |
|  | Carval CLO X-C Ltd. |  |
| 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-B <br>5.684%, 07/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.800% | 285675 |
|  | Castlelake Aircraft Securitization Trust |  |
| 25695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1-A <br>4.125%, 06/15/2043<sup>(d)</sup> | 25440 |
|  | Castlelake Aircraft Structured Trust |  |
| 233660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>5.783%, 02/15/2050<sup>(d)</sup> | 237785 |
|  | Cerberus Loan Funding 50 LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-C <br>6.505%, 07/15/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | 505493 |
|  | Cerberus Loan Funding 52 LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-C <br>6.167%, 10/15/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% | 248534 |
|  | Cerberus Loan Funding XLIV LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A-C <br>8.105%, 01/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.200% | 251495 |
|  | Cerberus Loan Funding XLV LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-C <br>7.055%, 04/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.150% | 250965 |
|  | Cerberus Loan Funding XLVI LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-C <br>6.955%, 07/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.050% | 251420 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Cerberus Loan Funding XLVII LLC |  |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A-D <br>8.255%, 07/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.350% | $250802 |
|  | Chenango Park CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-D <br>9.966%, 04/15/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.062% | 495626 |
|  | 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> | 285876 |
|  | 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> | 348354 |
|  | Dryden 40 Senior Loan Fund CLO |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40A-ER <br>9.863%, 08/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 886574 |
|  | Dryden 55 CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-55A-F <br>11.366%, 04/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 7.462% | 395534 |
|  | Dryden 87 CLO Ltd. |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-87A-SUB <br>0.548%, 08/20/2038<sup>(d)(g)(i)</sup> | 102863 |
|  | Elm Trust |  |
| 6735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A-B <br>3.866%, 10/20/2029<sup>(d)</sup> | 6724 |
|  | Falcon Aerospace Ltd. |  |
| 20574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1-B <br>6.300%, 02/15/2042<sup>(d)</sup> | 20575 |
|  | First Franklin Mortgage Loan Trust |  |
| 389055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF16-2A4 <br>4.266%, 12/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.534% | 158517 |
|  | Five Guys Holdings, Inc. |  |
| 198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-A2 <br>7.549%, 01/26/2054<sup>(d)</sup> | 203911 |
|  | Fortress Credit BSL XV Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A-CR <br>6.484%, 10/18/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | 250391 |
|  | Fortress Credit Opportunities IX CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-9A-A2TR <br>5.966%, 10/15/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.062% | 250462 |
|  | GAIA Aviation Ltd. |  |
| 144138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.967%, 12/15/2044<sup>(d)(f)</sup> | 142870 |
| 144422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-B <br>5.193%, 12/15/2044<sup>(d)(f)</sup> | 142465 |
|  | GoldenTree Loan Management U.S. CLO 9 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A-CR <br>6.284%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.400% | 251465 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A-DR <br>7.234%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.350% | 251218 |

---

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

 <br> 8 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (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)** |
|  | 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> | $50371 |
|  | Golub Capital Partners CLO 16M-R3 Ltd. |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-16A-CR3 <br>6.465%, 08/09/2039<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | 1101361 |
|  | Golub Capital Partners CLO 46M Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-46A-CR <br>6.934%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.050% | 251035 |
|  | Golub Capital Partners CLO 69M |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-69A-DR <br>6.920%, 11/09/2038<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.050% | 751810 |
|  | Golub Capital Partners CLO 74 B Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-74A-B <br>5.708%, 07/25/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.850% | 250706 |
|  | HarbourVest Structured Solution IV |  |
| 378299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.222%, 09/15/2030<sup>(g)</sup> <br>3 mo. USD Term SOFR + 2.550% | 375673 |
|  | Highbridge Loan Management CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A-DR <br>10.746%, 10/20/2029<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.862% | 502232 |
|  | 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> | 738894 |
|  | 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)</sup> <br>3 mo. USD Term SOFR + 2.800% | 500647 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-D <br>8.260%, 07/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 500806 |
|  | Jamestown CLO XVIII Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A-DR <br>7.608%, 07/25/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 500962 |
|  | Kestrel Aircraft Funding Ltd. |  |
| 78396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-A <br>4.250%, 12/15/2038<sup>(d)</sup> | 78443 |
|  | LCM 35 Ltd. |  |
| 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 35A-SUB <br>1.752%, 10/15/2034<sup>(d)(g)(i)</sup> | 54105 |
|  | LCM 37 Ltd. |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37A-SUB <br>2.028%, 04/15/2034<sup>(d)(g)(i)</sup> | 27981 |
|  | LCM CLO 26 Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26A-E <br>9.446%, 01/20/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.562% | 297447 |
|  | LCM CLO XVII LP |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17A-ER <br>10.166%, 10/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.262% | 581655 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | LCM Loan Income Fund I Income Note Issuer CLO Ltd. |  |
| $500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A-E <br>9.755%, 07/16/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.862% | $312454 |
|  | Lunar Structured Aircraft Portfolio Notes |  |
| 166777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-B <br>3.432%, 10/15/2046<sup>(d)</sup> | 159617 |
|  | MACH 1 Cayman Ltd. |  |
| 39187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.474%, 10/15/2039<sup>(d)</sup> | 38861 |
|  | Madison Park Funding LIX Ltd. |  |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A-CR <br>6.134%, 04/18/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.250% | 305815 |
|  | Madison Park Funding LVIII Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-58A-D <br>7.508%, 04/25/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.650% | 251453 |
|  | MAPS Trust |  |
| 171311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A <br>2.521%, 06/15/2046<sup>(d)</sup> | 164316 |
|  | Milos CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A-ER <br>10.296%, 10/20/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.412% | 495926 |
|  | Monroe Capital ABS Funding Ltd. |  |
| 69467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A2 <br>2.815%, 04/22/2031<sup>(d)</sup> | 69147 |
|  | Monroe Capital Income Plus ABS Funding LLC |  |
| 107378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A-B <br>5.150%, 04/30/2032<sup>(d)</sup> | 105143 |
|  | Nassau CFO LLC |  |
| 59561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.980%, 08/15/2034<sup>(d)</sup> | 54799 |
|  | Navigator Aircraft ABS Ltd. |  |
| 337011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-B <br>3.571%, 11/15/2046<sup>(d)(f)</sup> | 323863 |
|  | Neuberger Berman Loan Advisers CLO 26 Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-26A-INC <br>0.370%, 10/18/2038<sup>(d)(g)(i)</sup> | 352646 |
|  | Neuberger Berman Loan Advisers CLO 44 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44A-SUB <br>0.974%, 10/16/2035<sup>(d)(g)(i)</sup> | 139980 |
|  | Neuberger Berman Loan Advisers CLO 60 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-60A-SUB <br>0.779%, 04/22/2039<sup>(d)(g)(i)</sup> | 201758 |
|  | Obsidian Issuer LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>6.933%, 05/15/2055<sup>(d)</sup> | 503853 |
|  | Octagon 74 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A-SUB <br>1.341%, 04/22/2038<sup>(d)(g)(i)</sup> | 169550 |
|  | Octagon 78 Ltd. |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-SUB <br>1.173%, 10/20/2038<sup>(d)(g)(i)</sup> | 268660 |

---

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

 <br> Schedule of Investments 9

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (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)** |
|  | Octagon Investment Partners CLO 40 Ltd. |  |
| $500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-ER <br>11.146%, 01/20/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 7.262% | $453845 |
|  | Octagon Investment Partners CLO XVI Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A-ER <br>9.893%, 07/17/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 883150 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A-SUB <br>10.619%, 07/17/2030<sup>(d)(g)(i)</sup> | 225 |
|  | OHA Credit Partners VII Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-7A-ER4 <br>8.389%, 02/20/2038<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.500% | 249099 |
|  | OHA Credit Partners XI Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-11A-CR2 <br>6.084%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% | 251092 |
|  | 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> | 543946 |
|  | 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> | 342385 |
|  | Onyx II ABS |  |
| 688982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.272%, 06/15/2030 <br>3 mo. USD Term SOFR + 2.600% | 688679 |
|  | Owl Rock CLO I LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-C <br>8.139%, 02/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | 251316 |
|  | Owl Rock CLO III Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A-BR <br>6.234%, 04/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.350% | 250532 |
|  | Owl Rock CLO IX LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9A-CR <br>6.177%, 11/22/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.300% | 247162 |
|  | Owl Rock CLO VIII LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8A-CR <br>6.265%, 04/24/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.400% | 250795 |
|  | Owl Rock CLO XVI LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A-C <br>7.184%, 04/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.300% | 250658 |
|  | OWL Rock CLO XXI LLC |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21A-C <br>6.265%, 07/24/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.400% | 350638 |
|  | 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> | 403606 |
| 1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A-B <br>7.194%, 08/14/2034<sup>(d)</sup> | 1825677 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Oxford Finance Funding Trust |  |
| $157773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B <br>7.879%, 02/15/2031<sup>(d)</sup> | $160267 |
|  | Palmer Square BDC CLO 1 Ltd. |  |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A-B1 <br>6.055%, 07/15/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.150% | 311474 |
|  | 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)(h)(i)</sup> | 11902 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A-SUB <br>0.000%, 07/20/2029<sup>(d)(g)(h)(i)</sup> | 28156 |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A-SUB <br>0.000%, 08/08/2032<sup>(d)(g)(h)(i)</sup> | 383330 |
|  | ReadyCap Lending Small Business Loan Trust |  |
| 10822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2-A <br>6.250%, 12/27/2044<sup>(d)(e)</sup> <br>U.S. (Fed) Prime Rate - 0.500% | 10815 |
|  | 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)(h)(i)</sup> | 238491 |
|  | 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)(h)(i)</sup> | 226453 |
|  | 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> | 151778 |
|  | RR 39 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-39A-SUB <br>0.813%, 04/15/2038<sup>(d)(g)(i)</sup> | 206633 |
|  | RR CLO 2 Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A-DR <br>9.966%, 04/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.062% | 490932 |
|  | SERVPRO Master Issuer LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A2 <br>5.525%, 10/25/2055<sup>(d)</sup> | 499832 |
|  | Slam Ltd. |  |
| 182759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>3.422%, 06/15/2046<sup>(d)</sup> | 175196 |
| 1061515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>5.807%, 05/15/2050<sup>(d)</sup> | 1091362 |
|  | Sonic Capital LLC |  |
| 189333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-A2I <br>3.845%, 01/20/2050<sup>(d)</sup> | 187486 |
| 47333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-A2II <br>4.336%, 01/20/2050<sup>(d)</sup> | 45863 |
|  | Sound Point CLO XXXII Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A-E <br>10.820%, 10/25/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.962% | 443292 |
|  | Sprite Ltd. |  |
| 76501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-A <br>3.750%, 11/15/2046<sup>(d)</sup> | 74916 |
|  | SSI ABS Issuer LLC |  |
| 194114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1-A <br>6.150%, 07/25/2065<sup>(d)</sup> | 197189 |
|  | Start Ltd. |  |
| 56143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1-A <br>4.089%, 05/15/2043<sup>(d)</sup> | 56239 |

---

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

 <br> 10 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (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)** |
|  | Steiv |  |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.820%, 12/31/2046 | $250000 |
|  | Stream Innovations Issuer Trust |  |
| 63832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A <br>6.270%, 07/15/2044<sup>(d)</sup> | 66444 |
|  | Subway Funding LLC |  |
| 148500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A23 <br>6.505%, 07/30/2054<sup>(d)</sup> | 153917 |
| 49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A-A23 <br>5.914%, 07/30/2054<sup>(d)</sup> | 49341 |
|  | Sunbird Engine Finance LLC |  |
| 78042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.703%, 02/15/2045<sup>(d)</sup> | 77548 |
|  | 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> | 101055 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-A2 <br>5.436%, 06/25/2054<sup>(d)</sup> | 50181 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A2 <br>5.036%, 03/25/2055<sup>(d)</sup> | 98544 |
|  | Symphony CLO 41 Ltd. |  |
| 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41A-SUB <br>1.324%, 07/20/2037<sup>(d)(g)(i)</sup> | 237967 |
|  | 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)(g)(i)</sup> | 195126 |
|  | Symphony CLO XXXI Ltd. |  |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-31A-SUB <br>0.309%, 04/22/2050<sup>(d)(g)(i)</sup> | 281752 |
|  | Textainer Marine Containers VII Ltd. |  |
| 137742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>2.520%, 02/20/2046<sup>(d)</sup> | 129451 |
|  | THL Credit Wind River CLO Ltd. |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A-INC <br>5.698%, 01/15/2031<sup>(d)(i)</sup> | 300 |
|  | Thrust Engine Leasing DAC |  |
| 366806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>6.121%, 07/15/2040<sup>(d)</sup> | 366948 |
|  | TICP CLO VII Ltd. |  |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-7A-CR <br>6.316%, 04/15/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.412% | 280516 |
|  | 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> | 246539 |
|  | 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> | 244802 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-F <br>8.871%, 05/15/2054<sup>(d)</sup> | 103611 |
|  | VCP RRL ABS I Ltd. |  |
| 31070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-C <br>5.425%, 10/20/2031<sup>(d)</sup> | 28915 |
|  | Venture XIII CLO Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13A-SUB <br>4.548%, 09/10/2029<sup>(d)(g)(i)</sup> | 38 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | VOLT XCIV LLC |  |  |
| $239154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL3-A2 <br>8.949%, 02/27/2051<sup>(d)(f)</sup> | $| 239397 |
|  | Voya CLO Ltd. |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A-E <br>9.416%, 07/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.512% |  | 479843 |
|  | Wellfleet CLO Ltd. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>5.934%, 07/18/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.050% |  | 251609 |
|  | Willis Engine Structured Trust V |  |  |
| 174017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A-A <br>3.228%, 03/15/2045<sup>(d)</sup> |  | 168474 |
|  | Willis Engine Structured Trust VII |  |  |
| 137681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A-A <br>8.000%, 10/15/2048<sup>(d)</sup> |  | 141614 |
|  | Wind River CLO Ltd. |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A-E <br>10.576%, 07/20/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.692% |  | 483674 |
|  | Wise CLO Ltd. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-C <br>6.105%, 07/15/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% |  | 251173 |
|  | Wonder Lake Park CLO Ltd. |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-SUB <br>1.276%, 07/24/2038<sup>(d)(g)(i)</sup> |  | 380000 |
|  | 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> |  | 3216094 |
|  |  |  | 51434426 |
| **WL Collateral CMO: 0.0%** | **WL Collateral CMO: 0.0%** | **WL Collateral CMO: 0.0%** | **WL Collateral CMO: 0.0%** |
|  | FIGRE Trust |  |  |
| 119240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE6-C <br>5.974%, 12/25/2054<sup>(d)(g)</sup> |  | 120465 |
| **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $61,374,994) | **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $61,374,994) |  | 54565808 |
| **BANK LOANS: 19.8%** | **BANK LOANS: 19.8%** | **BANK LOANS: 19.8%** | **BANK LOANS: 19.8%** |
| **Basic Materials: 1.8%** | **Basic Materials: 1.8%** | **Basic Materials: 1.8%** | **Basic Materials: 1.8%** |
|  | AAP Buyer, Inc. |  |  |
| 89100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.466%, 09/09/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 89574 |
|  | Arsenal AIC Parent LLC |  |  |
| 261081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.466%, 08/19/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 262142 |
|  | Discovery Purchaser Corp. |  |  |
| 238205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.607%, 10/04/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 229485 |
|  | GEON Performance Solutions LLC |  |  |
| 3306828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.184%, 08/18/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% |  | 2633062 |
|  | Nouryon Finance BV |  |  |
| 2168414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.036%, 04/03/2028<sup>(e)</sup> <br>6 mo. USD Term SOFR + 3.250% |  | 2172935 |
|  | Power Services Holding Co. |  |  |
| 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/22/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.750% |  | 508 |

---

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

 <br> Schedule of Investments 11

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Basic Materials (continued)** | **Basic Materials (continued)** | **Basic Materials (continued)** | **Basic Materials (continued)** |
|  | Power Services Holding Co. (Continued) |  |  |
| $72548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.581%-8.764%, 11/22/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750%, 3 mo. USD Term SOFR + 4.750% | $| 72398 |
|  | SCIL IV LLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.799%, 11/08/2032<sup>(e)</sup> <br>6 mo. USD Term SOFR + 4.000% |  | 100344 |
|  |  |  | 5560448 |
| **Communications: 3.2%** | **Communications: 3.2%** | **Communications: 3.2%** | **Communications: 3.2%** |
|  | Cengage Learning, Inc. |  |  |
| 109692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.227%-7.322%, 03/24/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 3.500% |  | 110272 |
|  | Connect Finco SARL |  |  |
| 3260374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.216%, 09/27/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% |  | 3259917 |
|  | Cyxtera DC Holdings, Inc. |  |  |
| 132288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 01/16/2026<sup>(j)</sup> |  | 728 |
|  | Eagle Broadband Investments LLC |  |  |
| 2421749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.934%, 11/12/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 2306716 |
|  | Firstdigital Communications LLC |  |  |
| 48906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.331%, 12/17/2026<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% |  | 48133 |
|  | Iridium Satellite LLC |  |  |
| 1968435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.966%, 09/20/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% |  | 1922787 |
|  | Level 3 Financing, Inc. |  |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.966%, 03/29/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 20082 |
|  | Midcontinent Communications |  |  |
| 849250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.230%, 08/16/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% |  | 848723 |
|  | Speedster Bidco GmbH |  |  |
| 148878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.240%, 12/10/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 149436 |
|  | Sunrise Financing Partnership |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.691%, 02/15/2032<sup>(e)</sup> <br>6 mo. USD Term SOFR + 2.500% |  | 150721 |
|  | TripAdvisor, Inc. |  |  |
| 98997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.466%, 07/08/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 95842 |
|  | Versant Media Group, Inc. |  |  |
| 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 10/23/2030<sup>(k)</sup> |  | 1231925 |
|  | Xplornet Communications, Inc. |  |  |
| 4117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.331%, 10/24/2029<sup>(e)(l)</sup> <br>1 mo. USD Term SOFR + 5.000% Cash, 3.500% PIK |  | 3865 |
| 14239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 10/24/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 1.500% |  | 8935 |
|  |  |  | 10158082 |
| **Consumer, Cyclical: 2.8%** | **Consumer, Cyclical: 2.8%** | **Consumer, Cyclical: 2.8%** | **Consumer, Cyclical: 2.8%** |
|  | ABG Intermediate Holdings 2 LLC |  |  |
| 135781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.966%, 12/21/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% |  | 136155 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | Accuride Intermediate Co., Inc. |  |
| $16031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.238%, 03/07/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% | $30050 |
|  | Allen Media LLC |  |
| 499438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.322%, 02/10/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.500% | 353405 |
|  | American Airlines, Inc. |  |
| 1455057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.134%, 04/20/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.250% | 1460331 |
|  | Arcis Golf LLC |  |
| 546144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.466%, 11/24/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% | 549047 |
|  | Beach Acquisition Bidco LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.922%, 09/12/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 100938 |
|  | Bulldog Purchaser, Inc. |  |
| 546114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.686%, 06/27/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 550267 |
|  | Caesars Entertainment, Inc. |  |
| 97305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.966%, 02/06/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 96794 |
| 98497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.966%, 02/06/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 97758 |
|  | EG America LLC |  |
| 98754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.322%, 02/07/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% | 99258 |
|  | Epic Creations, Inc. |  |
| 214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.727%, 07/31/2025<sup>(e)</sup> <br>1 mo. USD Term SOFR + 10.000% | 215 |
|  | FR Refuel LLC |  |
| 86496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.581%, 11/08/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750% | 86171 |
|  | Gibson Brands, Inc. |  |
| 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.850%, 08/11/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.000% | 87640 |
|  | Gloves Buyer, Inc. |  |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.716%, 05/21/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 343922 |
|  | Great Outdoors Group LLC |  |
| 2105181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.966%, 01/23/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% | 2120181 |
|  | Hunter Douglas, Inc. |  |
| 446244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.672%, 01/20/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 449272 |
|  | Laseraway Intermediate Holdings II LLC |  |
| 89800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.893%, 10/14/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.750% | 89463 |
|  | Pacific Bells LLC |  |
| 257278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.422%, 11/13/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 258618 |
|  | Park River Holdings, Inc. |  |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.485%, 03/15/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% | 281998 |
|  | PCI Gaming Authority |  |
| 147873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.716%, 07/18/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% | 148325 |
|  | Peer Holding III BV |  |
| 99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.172%, 07/01/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.500% | 99546 |
|  | PetSmart, Inc. |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.734%, 08/18/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 24930 |

---

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

 <br> 12 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (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)** |
|  | QSRP Finco BV |  |  |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.069%, 06/19/2031<sup>(e)</sup> <br>6 mo. EURIBOR + 4.000% | $| 586014 |
|  | Recess Holdings, Inc. |  |  |
| 98257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.615%, 02/20/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 99010 |
|  | SGH2 LLC |  |  |
| 149625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.172%, 08/18/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 150373 |
|  | Tacala LLC |  |  |
| 49129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.716%, 01/31/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 49529 |
|  | Topgolf Callaway Brands Corp. |  |  |
| 24801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.716%, 03/18/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 24902 |
|  | Vista Management Holding, Inc. |  |  |
| 173250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.735%, 04/01/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 175163 |
|  | White Cap Buyer LLC |  |  |
| 247748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.966%, 10/19/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 249038 |
|  |  |  | 8798313 |
| **Consumer, Non-cyclical: 4.2%** | **Consumer, Non-cyclical: 4.2%** | **Consumer, Non-cyclical: 4.2%** | **Consumer, Non-cyclical: 4.2%** |
|  | AAG U.S. GSI Bidco, Inc. |  |  |
| 2163650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.672%, 10/31/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% |  | 2175831 |
|  | Albion Financing 3 SARL |  |  |
| 98507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.869%, 05/21/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 99323 |
|  | American Auto Auction Group LLC |  |  |
| 545875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.172%, 05/28/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 537591 |
|  | Amspec Parent LLC |  |  |
| 45745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.172%, 12/22/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 45974 |
| 301700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.172%, 12/22/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 303208 |
|  | Bausch Health Cos., Inc. |  |  |
| 19900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.966%, 10/08/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 6.250% |  | 19487 |
|  | Blue Ribbon LLC |  |  |
| 199904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.131%, 05/08/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 6.000% |  | 130937 |
|  | CCRR Parent, Inc. |  |  |
| 297142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.334%, 03/06/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% |  | 87285 |
|  | Chef's Warehouse Leasing Co. LLC |  |  |
| 82083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.716%, 08/23/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 82733 |
|  | Citrin Cooperman Advisors LLC |  |  |
| 9091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.672%, 04/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 9129 |
| 140182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.672%, 04/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 140766 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Congruex Group LLC |  |
| $47031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.490%, 05/03/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 1.500% | $38683 |
|  | Dermatology Intermediate Holdings III, Inc. |  |
| 97475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.090%, 03/30/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | 94328 |
|  | EyeCare Partners LLC |  |
| 361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.580%, 11/30/2028<sup>(e)(l)</sup> <br>3 mo. USD Term SOFR + 1.000% Cash, 3.610% PIK | 166 |
|  | Florida Food Products LLC |  |
| 21729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.434%, 10/15/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.500% | 21638 |
| 55621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.049%, 10/15/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% | 44497 |
|  | Fugue Finance BV |  |
| 148381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.572%, 01/09/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% | 149086 |
|  | Imagefirst Holdings LLC |  |
| 149250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.733%, 03/12/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 149624 |
|  | Inception Holdco SARL |  |
| 547628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.922%, 04/18/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 552934 |
|  | Jazz Financing Lux SARL |  |
| 2173549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.966%, 05/05/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 2185471 |
|  | MB2 Dental Solutions LLC |  |
| 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.221%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500% | 1575 |
| 13733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.216%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500% | 13733 |
| 17292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.172%-9.272%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500%, 3 mo. USD Term SOFR + 5.500%, | 17292 |
| 94835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.216%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500% | 94642 |
|  | Moran Foods LLC |  |
| 13119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.023%, 06/30/2026<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 7 |
| 5688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.022%, 06/30/2026<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% | 303 |
| 12145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.022%, 06/30/2026<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% | 6601 |
|  | MPH Acquisition Holdings LLC |  |
| 78561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.590%, 12/31/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 78876 |
| 651224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.702%, 12/31/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.600% | 613779 |
|  | NFM & J LP |  |
| 47724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.690%, 11/30/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.750% | 47119 |
| 48514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.672%-9.691%, 11/30/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.750% | 47899 |
|  | PABST Financing Newco LLC |  |
| 78931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.865%, 05/08/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 8.000% | 78142 |
|  | Pacific Dental Services LLC |  |
| 197997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.236%, 03/15/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 198993 |

---

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

 <br> Schedule of Investments 13

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Priority Holdings LLC |  |  |
| $1238014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.466%, 07/30/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.750% | $| 1219753 |
|  | ScribeAmerica Intermediate Holdco LLC |  |  |
| 46946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.250%, 01/12/2026<sup>(e)</sup> <br>U.S. (Fed) Prime Rate - 5.500% |  | 35209 |
|  | Secretariat Advisors LLC |  |  |
| 88578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.672%, 02/28/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 88938 |
|  | Sotera Health Holdings LLC |  |  |
| 2095366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.340%, 05/30/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.500% |  | 2109783 |
|  | System One Holdings LLC |  |  |
| 1120745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.216%, 03/02/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% |  | 1124247 |
|  | TMF Group Holding BV |  |  |
| 168300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.687%, 05/03/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% |  | 169633 |
|  | Vacation Rental Brands LLC |  |  |
| 83125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.922%, 05/06/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.250% |  | 82320 |
|  | Women's Care Enterprises LLC |  |  |
| 187901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.440%, 01/15/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 176392 |
|  | WW International, Inc. |  |  |
| 28739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.489%, 06/24/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 6.800% |  | 25455 |
|  |  |  | 13099382 |
| **Energy: 0.8%** | **Energy: 0.8%** | **Energy: 0.8%** | **Energy: 0.8%** |
|  | GIP Pilot Acquisition Partners LP |  |  |
| 48300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.936%, 10/04/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% |  | 48473 |
|  | Hilcorp Energy I LP |  |  |
| 2039588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.736%, 02/11/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% |  | 2045971 |
|  | Lealand Finance Co. BV |  |  |
| 30659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.831%, 12/31/2027<sup>(e)(l)</sup> <br>1 mo. USD Term SOFR + 4.000% |  | 23965 |
|  | Liquid Tech Solutions LLC |  |  |
| 181424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.238%, 10/12/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 182293 |
|  | Par Petroleum LLC |  |  |
| 182934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.955%, 02/28/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 183887 |
|  | Venture Global Calcasieu Pass LLC |  |  |
| 14718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.691%, 08/19/2026<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.875% |  | 14723 |
|  |  |  | 2499312 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Financial: 2.3%** | **Financial: 2.3%** | **Financial: 2.3%** |
|  | AmWINS Group, Inc. |  |
| $148500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.966%, 01/30/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | $149095 |
|  | AqGen Island Holdings, Inc. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.716%, 11/24/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 50010 |
|  | Ardonagh Midco 3 PLC |  |
| 148878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.422%-6.950%, 02/15/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750%, 6 mo. USD Term SOFR + 2.750% | 148847 |
|  | Aretec Group, Inc. |  |
| 422884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.716%, 08/09/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 425036 |
|  | Asurion LLC |  |
| 74187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.966%, 09/19/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% | 74291 |
| 97494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.066%, 08/19/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% | 97785 |
| 398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.966%, 09/19/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% | 398342 |
|  | Blackhawk Network Holdings, Inc. |  |
| 158251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.672%, 03/12/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 159203 |
|  | Capstone Acquisition Holdings, Inc. |  |
| 12045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.316%, 11/13/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% | 0 |
| 136200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.316%, 11/13/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% | 135617 |
|  | Cfc Bidco 2022 Ltd. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.735%, 07/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 536938 |
|  | Chrysaor Bidco SARL |  |
| 99303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.144%, 10/30/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 100123 |
|  | Cliffwater LLC |  |
| 138950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.471%, 04/22/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750% | 138950 |
|  | Eisner Advisory Group LLC |  |
| 98014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.716%, 02/28/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 98826 |
|  | Fiserv Investment Solutions, Inc. |  |
| 97927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.889%, 02/18/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 97046 |
|  | Focus Financial Partners LLC |  |
| 49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.216%, 09/15/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 49639 |
|  | HV Eight LLC |  |
| 354,882 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.516%, 11/22/2027<sup>(e)</sup> <br>3 mo. EURIBOR + 3.500% | 415254 |
|  | IMC Financing LLC |  |
| 547250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.234%, 06/18/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% | 552383 |
|  | LendingTree, Inc. |  |
| 2621630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.216%, 08/21/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% | 2621630 |
|  | Orion U.S. Finco, Inc. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.427%, 10/08/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% | 553223 |
|  | PMH Newco LP |  |
| 228899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.896%, 10/02/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | 228751 |

---

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

 <br> 14 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | PMH SPV C LLC |  |  |
| $60167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.096%, 10/02/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.150% | $| 60160 |
|  | Saphilux SARL |  |  |
| 297507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.730%-6.910%, 07/18/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000%, 6 mo. USD Term SOFR + 3.000% |  | 299833 |
|  |  |  | 7390982 |
| **Industrial: 1.9%** | **Industrial: 1.9%** | **Industrial: 1.9%** | **Industrial: 1.9%** |
|  | API Holdings III LLC |  |  |
| 8161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.672%, 03/25/2027<sup>(e)(l)</sup> <br>3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK |  | 8324 |
| 111739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.672%, 05/10/2027<sup>(e)(l)</sup> <br>3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK |  | 101124 |
|  | Azuria Water Solutions, Inc. |  |  |
| 231869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.716%, 05/17/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 233359 |
|  | Bettcher Industries, Inc. |  |  |
| 147700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.672%, 12/14/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 149293 |
|  | Climater Bidco II SAS |  |  |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.769%, 03/19/2032<sup>(e)</sup> <br>3 mo. EURIBOR + 3.750% |  | 590367 |
|  | Cobham Ultra SeniorCo SARL |  |  |
| 575661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.370%, 08/03/2029<sup>(e)</sup> <br>6 mo. USD Term SOFR + 3.750% |  | 578179 |
|  | Cube Industrials Buyer, Inc. |  |  |
| 148877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.912%, 10/17/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 148939 |
|  | Engineered Machinery Holdings, Inc. |  |  |
| 24355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.922%, 11/26/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 24540 |
| 173553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.922%, 11/26/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 174876 |
|  | GrafTech Finance, Inc. |  |  |
| 42667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.858%, 12/21/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 6.000% |  | 43574 |
|  | Holding Socotec |  |  |
| 49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.910%, 06/02/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 49956 |
|  | Ilpea Parent, Inc. |  |  |
| 462200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.720%, 06/22/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% |  | 462202 |
|  | KKR Apple Bidco LLC |  |  |
| 148500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.216%, 09/23/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% |  | 149433 |
|  | Knife River Holdco |  |  |
| 198500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.738%, 03/08/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% |  | 199741 |
|  | Mannington Mills, Inc. |  |  |
| 93306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.422%, 03/25/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.750% |  | 92839 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
|  | Michael Baker International LLC |  |  |
| $396128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.840%, 12/01/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | $| 397530 |
|  | MV Holding GmbH |  |  |
| 179101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.721%, 03/17/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% |  | 180072 |
|  | NA Rail HoldCo LLC |  |  |
| 149250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.738%, 03/08/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 150743 |
|  | Newly Weds Foods, Inc. |  |  |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.984%, 03/15/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% |  | 99790 |
|  | Owens-Illinois, Inc. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.838%, 09/30/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 252461 |
|  | Pelican Products, Inc. |  |  |
| 97462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.184%, 12/29/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% |  | 88487 |
|  | Quikrete Holdings, Inc. |  |  |
| 69475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.966%, 02/10/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% |  | 69768 |
| 96400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.966%, 04/14/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% |  | 96787 |
|  | Roper Industrial Products Investment Co. LLC |  |  |
| 535940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.422%, 11/22/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% |  | 539791 |
|  | Student Transportation of America Holdings, Inc. |  |  |
| 547250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.939%, 06/24/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 549532 |
|  | Tidal Waste & Recycling Holdings LLC |  |  |
| 516101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.422%, 10/24/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% |  | 520681 |
|  |  |  | 5952388 |
| **Technology: 1.7%** | **Technology: 1.7%** | **Technology: 1.7%** | **Technology: 1.7%** |
|  | Apttus Corp. |  |  |
| 127119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.340%, 05/08/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 127119 |
|  | AthenaHealth Group, Inc. |  |  |
| 2305964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.466%, 02/15/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 2313170 |
|  | Boxer Parent Co., Inc. |  |  |
| 99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.822%, 07/30/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 99109 |
|  | Central Parent, Inc. |  |  |
| 607658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.922%, 07/06/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 516686 |
|  | CoreLogic, Inc. |  |  |
| 545725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.331%, 06/02/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% |  | 546964 |
|  | Curriculum Associates LLC |  |  |
| 74531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.455%, 05/07/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.750% |  | 74531 |
| 125158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.466%, 05/07/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750% |  | 124592 |
|  | Cvent, Inc. |  |  |
| 99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.422%, 06/17/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% |  | 99066 |

---

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

 <br> Schedule of Investments 15

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (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)** |
|  | Darktrace PLC |  |  |
| $278897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.185%, 10/09/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | $| 280268 |
|  | Dayforce, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 08/20/2032<sup>(k)</sup> |  | 199644 |
|  | Finastra USA, Inc. |  |  |
| 24882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.973%, 09/13/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% |  | 25069 |
|  | HIG Operations Holdings, Inc. |  |  |
| 141494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.236%, 06/11/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 140794 |
|  | Kaseya, Inc. |  |  |
| 99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.716%, 03/20/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 99454 |
|  | Modena Buyer LLC |  |  |
| 173623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.090%, 07/01/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% |  | 173067 |
|  | Planview Parent, Inc. |  |  |
| 148425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.172%, 12/17/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 142836 |
|  | PushPay USA, Inc. |  |  |
| 99001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.622%, 08/15/2031<sup>(e)</sup> <br>6 mo. USD Term SOFR + 3.750% |  | 99063 |
|  | Sitecore Holding III AS |  |  |
| 142340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.028%, 03/12/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.000% |  | 141830 |
|  | Zuora, Inc. |  |  |
| 149625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.216%, 02/14/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% |  | 149317 |
|  |  |  | 5352579 |
| **Utilities: 1.1%** | **Utilities: 1.1%** | **Utilities: 1.1%** | **Utilities: 1.1%** |
|  | Eastern Power LLC |  |  |
| 3328775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.966%, 04/03/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.250% |  | 3356853 |
|  | PowerGrid Services LLC |  |  |
| 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.422%, 07/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.750% |  | 2055 |
| 174998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.422%, 07/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.750% |  | 174998 |
|  |  |  | 3533906 |
| **TOTAL BANK LOANS**<br>(Cost $63,244,091) | **TOTAL BANK LOANS**<br>(Cost $63,244,091) |  | 62345392 |
| **CONVERTIBLE BONDS: 0.2%**  | **CONVERTIBLE BONDS: 0.2%**  | **CONVERTIBLE BONDS: 0.2%**  | **CONVERTIBLE BONDS: 0.2%**  |
| **Energy: 0.2%** | **Energy: 0.2%** | **Energy: 0.2%** | **Energy: 0.2%** |
|  | XPLR Infrastructure LP |  |  |
| 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/15/2026<sup>(c)(d)</sup> |  | 600118 |
| **Financial: 0.0%** | **Financial: 0.0%** | **Financial: 0.0%** | **Financial: 0.0%** |
|  | Kaisa Group Holdings Ltd. |  |  |
| 115151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2026<sup>(d)(h)</sup> |  | 1439 |
| 143942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2027<sup>(d)(h)</sup> |  | 1080 |
| 230303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2028<sup>(d)(h)</sup> |  | 1439 |
| 230303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2029<sup>(d)(h)</sup> |  | 1439 |
| 287878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2030<sup>(d)(h)</sup> |  | 1072 |
| 287878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2031<sup>(d)(h)</sup> |  | 1080 |
| 543104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2032<sup>(d)(h)</sup> |  | 5431 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Shimao Group Holdings Ltd. |  |  |
| $951317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/21/2026<sup>(d)(h)</sup> | $| 31394 |
|  |  |  | 44374 |
| **TOTAL CONVERTIBLE BONDS**<br> (Cost $3,087,393) | **TOTAL CONVERTIBLE BONDS**<br> (Cost $3,087,393) |  | 644492 |
| **CORPORATE BONDS: 41.9%**  | **CORPORATE BONDS: 41.9%**  | **CORPORATE BONDS: 41.9%**  | **CORPORATE BONDS: 41.9%**  |
| **Basic Materials: 1.9%** | **Basic Materials: 1.9%** | **Basic Materials: 1.9%** | **Basic Materials: 1.9%** |
|  | AITX FinCo LLC |  |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/23/2035 |  | 397088 |
|  | Arsenal AIC Parent LLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/01/2030<sup>(d)</sup> |  | 106241 |
|  | Compass Minerals International, Inc. |  |  |
| 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 07/01/2030<sup>(d)</sup> |  | 162333 |
|  | Dow Chemical Co. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 05/15/2053<sup>(c)</sup> |  | 102981 |
|  | Methanex U.S. Operations, Inc. |  |  |
| 2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/2032<sup>(d)</sup> |  | 2096652 |
|  | Minerals Technologies, Inc. |  |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2028<sup>(d)</sup> |  | 163965 |
|  | Olin Corp. |  |  |
| 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2033<sup>(d)</sup> |  | 2782413 |
|  | 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> |  | 123698 |
|  | Unigel Luxembourg SA |  |  |
| 250035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/31/2028<sup>(l)</sup> <br>Cash 11.000% + PIK Rate 12.000% |  | 17502 |
| 58147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/31/2028<sup>(d)(l)</sup> <br>Cash 11.000% + PIK Rate 12.000% |  | 4070 |
|  |  |  | 5956943 |
| **Communications: 2.4%** | **Communications: 2.4%** | **Communications: 2.4%** | **Communications: 2.4%** |
|  | Altice France SA |  |  |
| 154020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 07/15/2032<sup>(d)</sup> |  | 147797 |
|  | AMC Networks, Inc. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 01/15/2029<sup>(d)</sup> |  | 52470 |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/2029 |  | 3558 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 07/15/2032<sup>(c)(d)</sup> |  | 552828 |
|  | 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% |  | 207162 |
|  | British Telecommunications PLC |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/23/2081<sup>(d)(g)</sup> <br>5 yr. CMT + 3.493% |  | 193617 |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/01/2031<sup>(d)</sup> |  | 1281503 |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/2050 |  | 11319 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/2051 |  | 38065 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/2053 |  | 31808 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.834%, 10/23/2055 |  | 67578 |
| 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 12/01/2061 |  | 243236 |
|  | 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> |  | 307977 |

---

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

 <br> 16 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Communications (continued)** | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
|  | Cox Communications, Inc. |  |  |
| $85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 10/01/2050<sup>(d)</sup> | $| 47579 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 12/15/2053<sup>(d)</sup> |  | 42973 |
|  | CSC Holdings LLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 01/31/2029<sup>(d)</sup> |  | 74383 |
|  | iHeartCommunications, Inc. |  |  |
| 104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 08/15/2030<sup>(d)</sup> |  | 91093 |
|  | McGraw-Hill Education, Inc. |  |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 08/01/2029<sup>(d)</sup> |  | 40458 |
|  | Paramount Global |  |  |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/30/2036 |  | 256759 |
| 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/15/2040 |  | 10473 |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/2043 |  | 240835 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/01/2043 |  | 74376 |
| 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/2044 |  | 20525 |
| 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/15/2044 |  | 20178 |
|  | QTS Good News Facility |  |  |
| 478356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.050%, 10/09/2028<sup>(g)</sup> |  | 478164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 mo. USD Term SOFR + 3.000% |  |  |
| 248783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 10/09/2026<sup>(g)</sup> |  | 248783 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 mo. USD Term SOFR + 2.750% |  |  |
|  | Rakuten Group, Inc. |  |  |
| 477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 04/15/2029<sup>(d)</sup> |  | 533655 |
|  | 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% |  | 157036 |
|  | Sunrise FinCo I BV |  |  |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/15/2031<sup>(d)</sup> |  | 428985 |
|  | TEGNA, Inc. |  |  |
| 615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/2028 |  | 609167 |
|  | TELUS Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/2055<sup>(c)(g)</sup> <br>5 yr. CMT + 2.769% |  | 204219 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.709% |  | 208277 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/09/2056<sup>(g)</sup> <br>5 yr. CMT + 2.694% |  | 100254 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 06/09/2056<sup>(g)</sup> <br>5 yr. CMT + 2.515% |  | 99992 |
|  | Time Warner Cable LLC |  |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 05/01/2037 |  | 20455 |
|  | Virgin Media Finance PLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/2030<sup>(d)</sup> |  | 88222 |
|  | Vmed O2 U.K. Financing I PLC |  |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 01/15/2033<sup>(d)</sup> |  | 397169 |
|  | 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% |  | 78539 |
|  |  |  | 7711467 |
| **Consumer, Cyclical: 5.1%** | **Consumer, Cyclical: 5.1%** | **Consumer, Cyclical: 5.1%** | **Consumer, Cyclical: 5.1%** |
|  | Air Canada |  |  |
| 100,000 (CAD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/15/2029<sup>(d)</sup> |  | 72961 |
|  | Allison Transmission, Inc. |  |  |
| 1024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 01/30/2031<sup>(c)(d)</sup> |  | 964922 |
|  | Beach Acquisition Bidco LLC |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/15/2032<sup>(d)</sup> |  | 119745 |
|  | Boots Group Finco LP |  |  |
| 200,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 08/31/2032<sup>(d)</sup> |  | 242907 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | Choice Hotels International, Inc. |  |
| $545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 08/01/2034<sup>(c)</sup> | $556757 |
|  | Clarios Global LP/Clarios U.S. Finance Co. |  |
| 300,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/2031<sup>(d)</sup> | 357860 |
|  | Crocs, Inc. |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2031<sup>(d)</sup> | 125384 |
|  | Deuce Finco PLC |  |
| 400,000 (GBP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/20/2031<sup>(d)</sup> | 544097 |
|  | Essendi SA |  |
| 200,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/15/2030<sup>(d)</sup> | 241840 |
| 200,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/15/2032<sup>(d)</sup> | 241342 |
|  | Ford Motor Credit Co. LLC |  |
| 1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 05/03/2029 | 1764556 |
|  | JB Poindexter & Co., Inc. |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 12/15/2031<sup>(d)</sup> | 31462 |
|  | JetBlue Airways Corp./JetBlue Loyalty LP |  |
| 2655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 09/20/2031<sup>(d)</sup> | 2677133 |
|  | Lightning eMotors, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/01/2037 | 95807 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1-A <br>5.500%, 03/01/2037 | 189522 |
|  | Macy's Retail Holdings LLC |  |
| 741000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/15/2030<sup>(d)</sup> | 748603 |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 08/01/2033<sup>(d)</sup> | 477552 |
|  | Motel One GmbH/Muenchen |  |
| 90,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 04/02/2031<sup>(d)</sup> | 112961 |
|  | NCL Corp. Ltd. |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/01/2032<sup>(c)(d)</sup> | 138312 |
|  | New Flyer Holdings, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 07/01/2030<sup>(d)</sup> | 107979 |
|  | Newell Brands, Inc. |  |
| 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 06/01/2028<sup>(d)</sup> | 1244053 |
|  | Nordstrom, Inc. |  |
| 2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/01/2030 | 2379144 |
|  | Penn Entertainment, Inc. |  |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/2029<sup>(c)(d)</sup> | 167583 |
|  | Phinia, Inc. |  |
| 86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/2032<sup>(d)</sup> | 89372 |
|  | Quicktop Holdco AB |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.535%, 03/21/2030<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 4.500% | 120757 |
|  | QXO Building Products, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/30/2032<sup>(d)</sup> | 209044 |
|  | 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> | 88947 |
|  | 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>(c)(d)</sup> | 126125 |
|  | 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> | 39465 |
|  | Superior Plus LP/Superior General Partner, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/2029<sup>(d)</sup> | 97684 |
|  | Thunderbird 1 A Funded |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1-A <br>5.500%, 03/01/2037 | 189522 |
|  | Thunderbird Entertainment Group, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/01/2037 | 95807 |

---

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

 <br> Schedule of Investments 17

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | TVL Finance PLC |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.768%, 06/30/2030<sup>(e)</sup> <br>3 mo. EURIBOR + 3.750% | $| 117202 |
|  | United Airlines Pass-Through Trust |  |  |
| 116816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2-B <br>3.500%, 11/01/2029 |  | 114156 |
|  | Velocity Vehicle Group LLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/01/2029<sup>(d)</sup> |  | 95098 |
|  | Wabash National Corp. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/2028<sup>(d)</sup> |  | 93645 |
|  | Whirlpool Corp. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/2046 |  | 75199 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 05/15/2050 |  | 36811 |
|  | William Carter Co. |  |  |
| 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 02/15/2031<sup>(d)</sup> |  | 843664 |
|  | Wolverine World Wide, Inc. |  |  |
| 74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/15/2029<sup>(d)</sup> |  | 68516 |
|  |  |  | 16103496 |
| **Consumer, Non-cyclical: 2.2%** | **Consumer, Non-cyclical: 2.2%** | **Consumer, Non-cyclical: 2.2%** | **Consumer, Non-cyclical: 2.2%** |
|  | Acadia Healthcare Co., Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/15/2033<sup>(c)(d)</sup> |  | 202249 |
|  | Altria Group, Inc. |  |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 05/06/2050 |  | 8071 |
|  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 01/15/2030<sup>(d)</sup> |  | 990822 |
|  | Bausch Health Cos., Inc. |  |  |
| 885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2028<sup>(c)(d)</sup> |  | 792739 |
|  | 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> |  | 111207 |
|  | Becle SAB de CV |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/14/2031<sup>(d)</sup> |  | 174966 |
|  | Carriage Services, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/2029<sup>(d)</sup> |  | 96727 |
|  | CPI CG, Inc. |  |  |
| 349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 07/15/2029<sup>(d)</sup> |  | 371416 |
|  | 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% |  | 52485 |
|  | DaVita, Inc. |  |  |
| 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/2031<sup>(d)</sup> |  | 379693 |
|  | Herc Holdings, Inc. |  |  |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/2033<sup>(d)</sup> |  | 244512 |
|  | Hertz Corp. |  |  |
| 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.625%, 07/15/2029<sup>(d)</sup> |  | 18166 |
|  | Hologic, Inc. |  |  |
| 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/15/2029<sup>(d)</sup> |  | 611556 |
|  | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/02/2052 |  | 77795 |
|  | Nidda Healthcare Holding GmbH |  |  |
| 450,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.276%, 10/15/2032<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.250% |  | 533652 |
|  | Perrigo Finance Unlimited Co. |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/30/2032 |  | 119701 |
|  | Post Holdings, Inc. |  |  |
| 957000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2031<sup>(d)</sup> |  | 906861 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | 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> | $| 194816 |
|  | Sotheby's/Bidfair Holdings, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/2029<sup>(d)</sup> |  | 187079 |
|  | Surgery Center Holdings, Inc. |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/15/2032<sup>(d)</sup> |  | 152089 |
|  | TriNet Group, Inc. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/15/2031<sup>(d)</sup> |  | 51741 |
|  | Valvoline, Inc. |  |  |
| 556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 06/15/2031<sup>(d)</sup> |  | 511363 |
|  |  |  | 6789706 |
| **Energy: 2.7%** | **Energy: 2.7%** | **Energy: 2.7%** | **Energy: 2.7%** |
|  | BP Capital Markets PLC |  |  |
| 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/22/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 4.398% |  | 209083 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/18/2035<sup>(b)(g)</sup> <br>5 yr. CMT + 1.924% |  | 51592 |
|  | Crescent Energy Finance LLC |  |  |
| 2270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/01/2032<sup>(d)</sup> |  | 2202347 |
|  | CTL AZ Battery Property |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.730%, 02/20/2046 |  | 98804 |
|  | CVR Energy, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 01/15/2029<sup>(d)</sup> |  | 102857 |
|  | Global Partners LP/GLP Finance Corp. |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 01/15/2029 |  | 25417 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 07/01/2033<sup>(d)</sup> |  | 563517 |
|  | Helmerich & Payne, Inc. |  |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/2034<sup>(c)</sup> |  | 271382 |
|  | Hess Midstream Operations LP |  |  |
| 2050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/2028<sup>(d)</sup> |  | 2093632 |
|  | HF Sinclair Corp. |  |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/2035 |  | 62739 |
|  | ITT Holdings LLC |  |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/2029<sup>(d)</sup> |  | 120065 |
|  | Kinetik Holdings LP |  |  |
| 94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 12/15/2028<sup>(d)</sup> |  | 96853 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2030<sup>(d)</sup> |  | 100944 |
|  | ONEOK, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.150%, 01/15/2051 |  | 110689 |
|  | Phillips 66 Co. |  |  |
| 37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.875%, 03/15/2056<sup>(g)</sup> <br>5 yr. CMT + 2.283% |  | 36623 |
| 37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>6.200%, 03/15/2056<sup>(g)</sup> <br>5 yr. CMT + 2.166% |  | 36868 |
|  | Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 06/15/2044 |  | 42714 |
|  | Rockies Express Pipeline LLC |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2040<sup>(d)</sup> |  | 51719 |
|  | Sunoco LP |  |  |
| 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 05/01/2029<sup>(d)</sup> |  | 1048614 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/01/2030<sup>(d)</sup> |  | 97180 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 05/01/2032<sup>(c)(d)</sup> |  | 52900 |
|  | TransMontaigne Partners LLC |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 06/15/2030<sup>(d)</sup> |  | 25253 |
|  | Venture Global Calcasieu Pass LLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2029<sup>(d)</sup> |  | 93806 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2031<sup>(d)</sup> |  | 68213 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/2033<sup>(d)</sup> |  | 102968 |

---

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

 <br> 18 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
|  | Venture Global LNG, Inc. |  |  |
| $50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 02/01/2029<sup>(d)</sup> | $| 51859 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/30/2029<sup>(b)(c)(d)(g)</sup> <br>5 yr. CMT + 5.440% |  | 39523 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(d)</sup> |  | 51685 |
|  | Venture Global Plaquemines LNG LLC |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/01/2033<sup>(d)</sup> |  | 540528 |
|  |  |  | 8450374 |
| **Financial: 20.9%** | **Financial: 20.9%** | **Financial: 20.9%** | **Financial: 20.9%** |
|  | Aegon Ltd. |  |  |
| 685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/11/2048<sup>(g)</sup> <br>6 mo. USD LIBOR + 3.540% |  | 694224 |
|  | 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> |  | 103817 |
|  | Allianz SE |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 10/30/2033<sup>(b)(d)(g)</sup> <br>5 yr. CMT + 2.317% |  | 208331 |
|  | Alpha Holding SA de CV |  |  |
| 565639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 02/10/2025<sup>(d)(j)</sup> |  | 4242 |
|  | American Coastal Insurance Corp. |  |  |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 12/15/2027 |  | 256258 |
|  | American National Group, Inc. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/01/2055<sup>(g)</sup> <br>5 yr. CMT + 3.183% |  | 251329 |
|  | Americo Life, Inc. |  |  |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 04/15/2031<sup>(d)</sup> |  | 589578 |
|  | AmFam Holdings, Inc. |  |  |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.805%, 03/11/2031<sup>(d)</sup> |  | 140922 |
|  | AP Grange Holdings |  |  |
| 394551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/20/2045 |  | 417238 |
|  | Arbor Realty SR, Inc. |  |  |
| 835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 07/15/2030<sup>(d)</sup> |  | 795330 |
| 685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB <br>8.500%, 10/15/2027<sup>(d)</sup> |  | 686580 |
|  | Ardonagh Finco Ltd. |  |  |
| 350,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 02/15/2031<sup>(d)</sup> |  | 424987 |
|  | 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% |  | 1519024 |
|  | 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% |  | 2760192 |
|  | Bank of America Corp. |  |  |
| 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% |  | 417106 |
| 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% |  | 2375344 |
| 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% |  | 253916 |
|  | Belrose Funding Trust II |  |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.792%, 05/15/2055<sup>(d)</sup> |  | 575730 |
|  | Blue Owl Finance LLC |  |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/18/2034 |  | 568312 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Blue Owl Technology Finance Corp. |  |
| $2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/04/2029<sup>(c)</sup> | $2190387 |
|  | Bowhead Specialty Holdings, Inc. |  |
| 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 12/01/2030 | 797993 |
|  | Brazilian Merchant Voucher Receivables Ltd. |  |
| 83378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.180%, 04/07/2028<sup>(a)(g)</sup> | 83515 |
|  | Bread Financial Holdings, Inc. |  |
| 995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/2031<sup>(d)</sup> | 1031418 |
|  | Ceamer Finance II LLC |  |
| 191986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.920%, 11/15/2037 | 199592 |
|  | Ceamer Finance III LLC |  |
| 81186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.790%, 11/15/2039 | 83701 |
|  | 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% | 93445 |
|  | Citadel LP |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/23/2030<sup>(d)</sup> | 31386 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/23/2032<sup>(d)</sup> | 26591 |
|  | Citadel Securities Global Holdings LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 06/18/2035<sup>(d)</sup> | 263790 |
|  | 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% | 509485 |
| 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% | 103163 |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH <br>6.625%, 02/15/2031<sup>(b)(g)</sup> <br>5 yr. CMT + 3.001% | 274160 |
| 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% | 150048 |
|  | CNO Financial Group, Inc. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 06/15/2034 | 53012 |
|  | Comerica Bank |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.332%, 08/25/2033<sup>(g)</sup> <br>1 day USD SOFR + 2.610% | 2268597 |
|  | Compeer Financial ACA |  |
| 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB <br>7.875%, 02/15/2031<sup>(b)(d)(g)</sup> <br>5 yr. CMT + 4.155% | 1429968 |
|  | Corebridge Financial, Inc. |  |
| 169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/01/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 3.181% | 173987 |
| 2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2052<sup>(g)</sup> <br>5 yr. CMT + 3.846% | 2146669 |
|  | Cushman & Wakefield U.S. Borrower LLC |  |
| 71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/2028<sup>(d)</sup> | 71418 |
|  | 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% | 209761 |
|  | DaVinciRe Holdings Ltd. |  |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/15/2035<sup>(d)</sup> | 826087 |
|  | Doctors Co. An Interinsurance Exchange |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/18/2032<sup>(d)</sup> | 315405 |
|  | Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance |  |
| 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 09/17/2030<sup>(d)</sup> | 1074844 |

---

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

 <br> Schedule of Investments 19

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Dyal Capital Partners III |  |
| $132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>6.550%, 06/15/2044 | $136849 |
|  | Dyal Capital Partners LP |  |
| 168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 06/15/2044 | 174186 |
|  | Encore Capital Group, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 05/15/2030<sup>(d)</sup> | 214915 |
|  | 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% | 938363 |
|  | Enstar Group Ltd. |  |
| 214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 09/01/2031 | 192789 |
| 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/01/2045<sup>(d)(g)</sup> <br>5 yr. CMT + 3.186% | 569180 |
|  | EQT AB |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 05/08/2035<sup>(d)</sup> | 566460 |
|  | 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% | 523339 |
|  | Fairfax India Holdings Corp. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/26/2028<sup>(d)</sup> | 307687 |
|  | 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% | 61973 |
|  | 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% | 1151319 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 06/15/2055<sup>(g)</sup> <br>5 yr. CMT + 4.280% | 596364 |
|  | Focus Financial Partners LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/15/2031<sup>(d)</sup> | 515117 |
|  | Fortitude Group Holdings LLC |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/2030<sup>(d)</sup> | 52149 |
|  | FS KKR Capital Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 07/15/2027 | 96610 |
| 510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/2028 | 470954 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 01/15/2029 | 124375 |
|  | Galaxy Bidco Ltd. |  |
| 150,000 (GBP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 12/19/2029<sup>(d)</sup> | 212552 |
|  | Global Atlantic Fin Co. |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 06/15/2031<sup>(d)</sup> | 122360 |
| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 10/15/2054<sup>(d)(g)</sup> <br>5 yr. CMT + 3.608% | 1515696 |
| 465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 03/01/2056<sup>(d)(g)</sup> <br>5 yr. CMT + 3.550% | 467963 |
|  | 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% | 104394 |
| 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% | 98909 |
| 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% | 953281 |
|  | Golub Capital BDC, Inc. |  |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/15/2029 | 163797 |
|  | Golub Capital Private Credit Fund |  |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/12/2029 | 1033762 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | HA Sustainable Infrastructure Capital, Inc. |  |
| $1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/01/2034 | $1357637 |
| 935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 07/15/2035 | 980941 |
|  | HAT Holdings I LLC/HAT Holdings II LLC |  |
| 930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 06/15/2026<sup>(d)</sup> | 924281 |
|  | Hunt Cos., Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/15/2029<sup>(d)</sup> | 98080 |
|  | Insured Lending 1 Ltd. |  |
| 850,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/04/2032<sup>(d)</sup> | 1015349 |
|  | Iron Mountain, Inc. |  |
| 378000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/2031<sup>(d)</sup> | 360690 |
|  | Jane Street Group/JSG Finance, Inc. |  |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/30/2031<sup>(d)</sup> | 283865 |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/01/2033<sup>(d)</sup> | 600562 |
|  | Jefferies Finance LLC/JFIN Co-Issuer Corp. |  |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/2028<sup>(d)</sup> | 578034 |
|  | Jefferies Financial Group, Inc. |  |
| 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 04/14/2034 | 280340 |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/2036 | 297522 |
|  | 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% | 400168 |
|  | Kaisa Group Holdings Ltd. |  |
| 193652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 12/28/2028<sup>(d)(l)</sup> <br>Cash 5.250% + PIK Rate 6.250% | 4067 |
| 132467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 12/28/2028<sup>(d)(l)</sup> <br>Cash 6.721% + PIK Rate 7.721% | 3312 |
| 324190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/28/2029<sup>(d)(l)</sup> <br>Cash 5.500% + PIK Rate 6.500% | 6327 |
| 390752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 12/28/2030<sup>(d)(l)</sup> <br>Cash 5.750% + PIK Rate 6.750% | 6447 |
| 588716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/28/2031<sup>(d)(l)</sup> <br>Cash 6.000% + PIK Rate 7.000% | 10303 |
| 554036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 12/28/2032<sup>(d)(l)</sup> <br>Cash 6.250% + PIK Rate 7.250% | 8842 |
|  | Kane Bidco Ltd. |  |
| 250,000 (GBP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 07/15/2031<sup>(d)</sup> | 343929 |
|  | Kennedy-Wilson, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/2030 | 94507 |
| 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/2031 | 52858 |
|  | KKR Core Holdings Co. LLC |  |
| 83668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/12/2031 | 77263 |
|  | Kuvare U.S. Holdings, Inc. |  |
| 41000 | &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% | 41200 |
|  | Liberty Mutual Group, Inc. |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/01/2061<sup>(d)</sup> | 147218 |
|  | Lvnv Funding LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 11/05/2028 | 104963 |
|  | Main Street Capital Corp. |  |
| 985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 03/01/2029 | 1029364 |
|  | 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% | 207621 |
|  | MG Azalea LP |  |
| 1111868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 06/24/2032 | 1119515 |

---

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

 <br> 20 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | MidCap Funding XLVI Trust |  |
| $450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.849%, 05/07/2028<sup>(g)</sup> | $450000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 mo. USD Term SOFR + 2.500% |  |
|  | 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% | 1046849 |
|  | Nassau Cos., of New York |  |
| 254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 07/15/2030<sup>(d)</sup> | 242719 |
|  | 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% | 431002 |
|  | Oaktree Specialty Lending Corp. |  |
| 81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 02/15/2029<sup>(c)</sup> | 83565 |
|  | Oaktree Strategic Credit Fund |  |
| 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/23/2029<sup>(c)</sup> | 654996 |
|  | Obra Longevity Fund LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>8.478%, 06/30/2039 | 265357 |
|  | OFS Capital Corp. |  |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/10/2026 | 79784 |
|  | Omnis Funding Trust |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.722%, 05/15/2055<sup>(d)</sup> | 261029 |
|  | OneMain Finance Corp. |  |
| 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/15/2029 | 49769 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/15/2033 | 406204 |
|  | 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)(j)</sup> | 22000 |
|  | 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> | 1063832 |
|  | 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% | 274169 |
|  | PennyMac Financial Services, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/15/2034<sup>(d)</sup> | 155166 |
|  | 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% | 2408609 |
|  | Prospect Capital Corp. |  |
| 154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.437%, 10/15/2028<sup>(c)</sup> | 136538 |
|  | 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% | 233410 |
|  | 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% | 923753 |
|  | Sculptor Alternative Solutions LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/15/2037<sup>(d)</sup> | 455550 |
|  | Sherwood Financing PLC |  |
| 130,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.600%, 12/15/2029<sup>(e)</sup> <br>3 mo. EURIBOR + 5.500% | 148114 |
|  | Shimao Group Holdings Ltd. |  |
| 9400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/21/2031<sup>(d)(l)</sup> <br>Cash 5.000% + PIK Rate 6.000% | 334 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | SiriusPoint Ltd. |  |
| $70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 04/05/2029<sup>(c)</sup> | $74171 |
|  | Starwood Property Trust, Inc. |  |
| 1035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2027<sup>(d)</sup> | 1029214 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/2030<sup>(c)(d)</sup> | 52341 |
|  | 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% | 51839 |
|  | Stewart Information Services Corp. |  |
| 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/2031 | 372596 |
|  | Stonebriar ABF Issuer LLC |  |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 12/15/2030<sup>(d)</sup> | 1285037 |
|  | Strategic Credit Opportunities |  |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>4.250%, 04/01/2026 | 344083 |
|  | Terminal Investment Ltd. Holding SA |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.630%, 07/09/2032 | 405267 |
|  | 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% | 52752 |
|  | Trinity Capital, Inc. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/24/2026 | 315766 |
|  | 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% | 904152 |
|  | Unigel Netherlands Holding Corp. BV |  |
| 295656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, 12/31/2044<sup>(l)</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> | 596493 |
|  | Universal Insurance Holdings, Inc. |  |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/30/2026 | 340553 |
|  | VFH Parent LLC/Valor Co-Issuer, Inc. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/15/2031<sup>(d)</sup> | 577443 |
|  | Walker & Dunlop, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2033<sup>(d)</sup> | 103045 |
|  | Wells Fargo & Co. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 09/15/2028<sup>(b)(c)(g)</sup> <br>5 yr. CMT + 3.606% | 106737 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 09/15/2029<sup>(b)(g)</sup> <br>5 yr. CMT + 2.767% | 104907 |
|  | 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% | 164451 |
|  | Yuzhou Group Holdings Co. Ltd. |  |
| 275287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/30/2027<sup>(l)</sup> <br>Cash 6.000% + PIK Rate 7.000% | 27825 |
| 226603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/30/2028<sup>(l)</sup> <br>PIK Rate 4.000% | 6515 |
| 394586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/30/2029<sup>(l)</sup> <br>Cash 4.500% + PIK Rate 4.500% | 9865 |
| 526675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/30/2030<sup>(l)</sup> <br>Cash 5.000% + PIK Rate 5.000% | 13167 |
| 738805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/2031<sup>(l)</sup> <br>Cash 5.500% + PIK Rate 5.500% | 10971 |
| 232737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 06/30/2034<sup>(l)</sup> | 1396 |
|  |  | 66004374 |

---

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

 <br> Schedule of Investments 21

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Industrial: 1.9%** | **Industrial: 1.9%** | **Industrial: 1.9%** |
|  | Amsted Industries, Inc. |  |
| $59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/15/2033<sup>(d)</sup> | $61002 |
|  | Biffa Group Holdings Ltd. |  |
| 150,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/2031<sup>(d)</sup> | 175941 |
| 100,000 (GBP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.380%, 06/15/2031<sup>(d)</sup> | 135945 |
|  | Boeing Co. |  |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/2050 | 301772 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.858%, 05/01/2054 | 152383 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 05/01/2060 | 9857 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.008%, 05/01/2064 | 91537 |
|  | Builders FirstSource, Inc. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/2035<sup>(d)</sup> | 575720 |
|  | CML Fontainebleau Vegas |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 01/31/2026<sup>(i)</sup> | 262500 |
|  | FedEx Corp. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/2045 | 43465 |
|  | GrafTech Finance, Inc. |  |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/23/2029<sup>(d)</sup> | 78487 |
|  | GrafTech Global Enterprises, Inc. |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 12/23/2029<sup>(d)</sup> | 26250 |
|  | Graphic Packaging International LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/2032<sup>(c)(d)</sup> | 101988 |
|  | Great Lakes Dredge & Dock Corp. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/2029<sup>(d)</sup> | 196128 |
|  | Hillenbrand, Inc. |  |
| 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 02/15/2029<sup>(c)</sup> | 1305595 |
|  | Masterbrand, Inc. |  |
| 1645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/15/2032<sup>(d)</sup> | 1706386 |
|  | Mauser Packaging Solutions Holding Co. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2030<sup>(d)</sup> | 99793 |
|  | 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> | 102582 |
|  | Quikrete Holdings, Inc. |  |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/01/2033<sup>(d)</sup> | 94048 |
|  | Standard Building Solutions, Inc. |  |
| 121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/2032<sup>(d)</sup> | 124653 |
|  | Textron Financial Corp. |  |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.848%, 02/15/2067<sup>(d)(g)</sup> <br>3 mo. USD Term SOFR + 1.997% | 167231 |
|  | Waste Pro USA, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/2033<sup>(d)</sup> | 154835 |
|  |  | 5968098 |
| **Technology: 1.5%** | **Technology: 1.5%** | **Technology: 1.5%** |
|  | ams-OSRAM AG |  |
| 770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.250%, 03/30/2029<sup>(d)</sup> | 821702 |
|  | Capstone Borrower, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/15/2030<sup>(d)</sup> | 154631 |
|  | Cloud Software Group, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/31/2029<sup>(d)</sup> | 101375 |
|  | CoreWeave, Inc. |  |
| 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 06/01/2030<sup>(d)</sup> | 1284515 |
| 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 02/01/2031<sup>(d)</sup> | 926948 |
|  | Dye & Durham Ltd. |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/15/2029<sup>(c)(d)</sup> | 37756 |
|  | Foundry JV Holdco LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/25/2034<sup>(d)</sup> | 205933 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Technology (continued)** | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
|  | KBR, Inc. |  |  |
| $225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/30/2028<sup>(d)</sup> | $| 221698 |
|  | Oracle Corp. |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 09/26/2032 |  | 24262 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/26/2035 |  | 144105 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/26/2045 |  | 45300 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 09/26/2055<sup>(c)</sup> |  | 44520 |
|  | TeamSystem SpA |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 07/31/2031<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.500% |  | 118496 |
| 400,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.276%, 07/01/2032<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.250% |  | 472645 |
|  | 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>(c)(d)</sup> |  | 192350 |
|  |  |  | 4796267 |
| **Utilities: 3.3%** | **Utilities: 3.3%** | **Utilities: 3.3%** | **Utilities: 3.3%** |
|  | Alexander Funding Trust II |  |  |
| 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.467%, 07/31/2028<sup>(d)</sup> |  | 1131074 |
|  | American Electric Power Co., Inc. |  |  |
| 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C <br>5.800%, 03/15/2056<sup>(g)</sup> <br>5 yr. CMT + 2.128% |  | 153947 |
| 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>6.050%, 03/15/2056<sup>(g)</sup> <br>5 yr. CMT + 1.940% |  | 152367 |
|  | Atlantica Sustainable Infrastructure Ltd. |  |  |
| 1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/2028<sup>(d)</sup> |  | 1724589 |
|  | 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% |  | 61736 |
|  | ContourGlobal Power Holdings SA |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/28/2030<sup>(d)</sup> |  | 120562 |
|  | Edison International |  |  |
| 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 06/15/2054<sup>(g)</sup> <br>5 yr. CMT + 3.658% |  | 1291937 |
|  | 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% |  | 1121521 |
| 58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.053% |  | 59908 |
|  | PacifiCorp |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/15/2055<sup>(c)(g)</sup> <br>5 yr. CMT + 3.319% |  | 152990 |
|  | Southern Co. |  |  |
| 2074000 | &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% |  | 2051669 |
|  | Spire, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 06/01/2056<sup>(g)</sup> <br>5 yr. CMT + 2.327% |  | 199900 |
|  | Terraform Global Operating LP |  |  |
| 103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/01/2026<sup>(d)</sup> |  | 102633 |
|  | XPLR Infrastructure Operating Partners LP |  |  |
| 1905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/2031<sup>(d)</sup> |  | 2003144 |
|  |  |  | 10327977 |
| **TOTAL CORPORATE BONDS**<br> (Cost $133,349,158) | **TOTAL CORPORATE BONDS**<br> (Cost $133,349,158) |  | 132108702 |

---

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

 <br> 22 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **GOVERNMENT SECURITIES & AGENCY ISSUE: 4.5%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 4.5%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 4.5%**  |
|  | U.S. Treasury Bonds |  |
| $1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/15/2041 | $948910 |
|  | U.S. Treasury Notes |  |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/2026<sup>(m)</sup> | 1903658 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/2026<sup>(m)</sup> | 1905496 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/15/2026<sup>(m)</sup> | 1914010 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/2026<sup>(m)</sup> | 1915110 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/15/2027<sup>(m)</sup> | 1916477 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/2027<sup>(m)</sup> | 1930764 |
| 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 09/15/2027<sup>(m)</sup> | 1647325 |
| **TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE**<br> (Cost $14,083,565) | **TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE**<br> (Cost $14,083,565) | 14081750 |
| **LIMITED PARTNERSHIPS: 0.0%**  | **LIMITED PARTNERSHIPS: 0.0%**  | **LIMITED PARTNERSHIPS: 0.0%**  |
| 1300000 | U.S. Farming Realty Trust LP\*<sup>(a)</sup> | 51925 |
| **TOTAL LIMITED PARTNERSHIPS**<br> (Cost $0) | **TOTAL LIMITED PARTNERSHIPS**<br> (Cost $0) | 51925 |
| **MORTGAGE-BACKED SECURITIES: 12.0%**  | **MORTGAGE-BACKED SECURITIES: 12.0%**  | **MORTGAGE-BACKED SECURITIES: 12.0%**  |
|  | ACRE Commercial Mortgage Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4-D <br>6.949%, 12/18/2037<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.214% | 239417 |
|  | ACREC LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL3-C <br>6.026%, 08/18/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.291% | 149569 |
|  | Alternative Loan Trust |  |
| 44079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-22CB-1A1 <br>5.750%, 12/25/2033 | 44956 |
| 170961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13CB-A4 <br>2.234%, 07/25/2034<sup>(i)(n)</sup> | 128863 |
| 26416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16CB-1A1 <br>5.500%, 07/25/2034 | 26255 |
| 22681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16CB-3A1 <br>5.500%, 08/25/2034 | 22546 |
| 19440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-J10-2CB1 <br>6.000%, 09/25/2034 | 19792 |
| 279065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-31CB-A7 <br>6.000%, 11/25/2036 | 151545 |
| 164673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB-2A1 <br>4.296%, 08/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.564% | 50649 |
| 47685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB-2A2 <br>22.532%, 08/25/2037<sup>(e)</sup> <br>-8.333\*1 mo. USD Term SOFR + 53.629% | 65203 |
| 329698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB-4A2 <br>16.523%, 08/25/2037<sup>(e)</sup> <br>-6\*1 mo. USD Term SOFR + 38.913% | 422191 |
| 312539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-19-1A34 <br>6.000%, 08/25/2037 | 142470 |
| 870417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20-A12 <br>6.250%, 08/25/2047 | 461967 |
| 87923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA4-A1 <br>4.186%, 05/25/2047<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.454% | 80639 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| $91754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA7-A1A <br>4.206%, 05/25/2047<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.474% | $85444 |
|  | American Home Mortgage Investment Trust |  |
| 143871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1-11A1 <br>4.126%, 03/25/2046<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.394% | 131002 |
|  | Arbor Realty Commercial Real Estate Notes Ltd. |  |
| 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1-C <br>6.284%, 01/15/2037<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 2.300% | 420635 |
|  | Atrium Hotel Portfolio Trust |  |
| 860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATRM-D <br>7.050%, 08/15/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.300% | 861689 |
|  | BAHA Trust |  |
| 870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR-C <br>7.516%, 12/10/2041<sup>(d)(g)</sup> | 913868 |
|  | Banc of America Alternative Loan Trust |  |
| 19083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8-1CB1 <br>5.500%, 10/25/2033 | 19315 |
|  | Banc of America Funding Trust |  |
| 14524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7-3A1 <br>5.750%, 11/25/2035 | 14832 |
| 161741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-B-7A1 <br>4.449%, 03/20/2036<sup>(g)</sup> | 142044 |
| 12594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4-5A1 <br>5.500%, 11/25/2034 | 11111 |
|  | Banc of America Mortgage Trust |  |
| 5028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A-2A1 <br>5.103%, 02/25/2035<sup>(g)</sup> | 4905 |
|  | BCAP LLC Trust |  |
| 249164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AA2-A1 <br>4.186%, 01/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.454% | 235515 |
| 114715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-RR6-6A2 <br>5.750%, 07/26/2037<sup>(d)(g)</sup> | 50663 |
| 1574184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-R11-2A4 <br>5.500%, 12/26/2035<sup>(d)</sup> | 903792 |
|  | BDS LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL14-C <br>5.624%, 10/17/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.893% | 150148 |
|  | Bear Stearns Asset-Backed Securities I Trust |  |
| 267662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AC1-1A1 <br>6.250%, 02/25/2036<sup>(f)</sup> | 120059 |
|  | 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> | 440764 |
|  | BSPRT Issuer LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL11-C <br>6.394%, 07/15/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.644% | 99885 |
|  | BX Commercial Mortgage Trust |  |
| 93620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC-C <br>6.340%, 08/15/2041<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.590% | 94494 |

---

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

 <br> Schedule of Investments 23

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | BX Trust |  |
| $150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4-D <br>6.190%, 06/15/2041<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.440% | $149961 |
|  | BXHPP Trust |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM-C <br>4.965%, 08/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.214% | 187698 |
|  | BXMT Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FL2-D <br>6.050%, 02/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.314% | 246546 |
|  | Capmark Military Housing Trust |  |
| 88526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AET2-A <br>6.063%, 10/10/2052<sup>(d)</sup> | 86268 |
|  | CD Mortgage Trust |  |
| 763520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4-XA <br>1.214%, 05/10/2050<sup>(g)(o)</sup> | 7541 |
|  | 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> | 97180 |
|  | CG-CCRE Commercial Mortgage Trust |  |
| 96080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-FL2-COL1 <br>7.365%, 11/15/2031<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.614% | 26861 |
| 187584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-FL2-COL2 <br>8.365%, 11/15/2031<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 4.614% | 6800 |
|  | Chase Mortgage Finance Trust |  |
| 1244448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3-1A15 <br>6.000%, 05/25/2037 | 509332 |
|  | CIM Trust |  |
| 92359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R1-A1 <br>5.000%, 02/25/2099<sup>(d)(f)</sup> | 92147 |
|  | CitiMortgage Alternative Loan Trust |  |
| 113155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A5-1A13 <br>4.296%, 10/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.564% | 88462 |
| 1011960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A6-1A5 <br>6.000%, 06/25/2037 | 934120 |
|  | COLT Mortgage Loan Trust |  |
| 120427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3-A3 <br>5.707%, 03/25/2070<sup>(d)(f)</sup> | 121013 |
|  | COMM Mortgage Trust |  |
| 435016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR3-B <br>3.922%, 10/15/2045<sup>(d)</sup> | 419134 |
|  | Countrywide Home Loan Mortgage Pass-Through Trust |  |
| 2710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HYB4-2A1 <br>5.209%, 09/20/2034<sup>(g)</sup> | 2629 |
| 114907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10-A5 <br>6.000%, 07/25/2037 | 50652 |
|  | Credit Suisse First Boston Mortgage Securities Corp. |  |
| 855514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11-7A1 <br>6.000%, 12/25/2035 | 415403 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
|  | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |  |
| $23495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-27-4A4 <br>5.750%, 11/25/2033 | $24242 |
| 2259346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10-10A3 <br>6.000%, 11/25/2035 | 483431 |
|  | Credit Suisse Mortgage-Backed Trust |  |
| 593197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6-1A10 <br>6.000%, 07/25/2036 | 259124 |
| 587821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1-4A1 <br>6.500%, 02/25/2022 | 39214 |
| 21865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2-2A5 <br>5.000%, 03/25/2037 | 16572 |
|  | CSMC Trust |  |
| 85409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL4-A1 <br>4.150%, 12/27/2060<sup>(d)(g)</sup> | 85143 |
|  | Deutsche Mortgage & Asset Receiving Corp. |  |
| 1333528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-RS1-1A2 <br>6.500%, 07/27/2037<sup>(d)(g)</sup> | 1095801 |
|  | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |  |
| 55717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-PR1-3A1 <br>6.714%, 04/15/2036<sup>(d)(e)</sup> <br>-1.4\*1 mo. USD Term SOFR + 11.964% | 51579 |
|  | DSLA Mortgage Loan Trust |  |
| 82807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5-2A1A <br>4.506%, 09/19/2045<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.774% | 43620 |
|  | Easy Street Mortgage Loan Trust |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL2-A1 <br>5.606%, 10/25/2040<sup>(d)(f)</sup> | 503402 |
|  | Federal Home Loan Mortgage Corp. |  |
| 124907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/2055 | 128397 |
|  | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |  |
| 1347100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R1-XA2 <br>0.700%, 10/25/2052<sup>(d)(g)(o)</sup> | 77420 |
|  | Federal National Mortgage Association |  |
| 478194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/2055<sup>(m)</sup> | 491929 |
| 39111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/01/2055 | 40234 |
|  | Federal National Mortgage Association REMICS |  |
| 18465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M7-X <br>0.328%, 04/25/2029<sup>(g)(o)</sup> | 180 |
|  | First Horizon Alternative Mortgage Securities Trust |  |
| 202406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA4-1A7 <br>6.000%, 08/25/2037 | 65328 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |
| 2608159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R1-XA1 <br>0.700%, 11/25/2055<sup>(d)(g)(o)</sup> | 157620 |
| 3977692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R1-XA3 <br>0.700%, 11/25/2052<sup>(d)(g)(o)</sup> | 193677 |
|  | FREMF Mortgage Trust |  |
| 3747222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-K170-D <br>2.411%, 02/25/2063<sup>(d)(i)(n)</sup> | 1659588 |
| 61049619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-K170-X2A <br>0.100%, 02/25/2063<sup>(d)(o)</sup> | 365474 |

---

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

 <br> 24 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | FREMF Mortgage Trust (Continued) |  |
| $13864625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-K170-X2B <br>0.100%, 02/25/2063<sup>(d)(o)</sup> | $85475 |
|  | FS Rialto Issuer LLC |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3-D <br>6.349%, 11/16/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.614% | 274596 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL10-C <br>5.878%, 08/19/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.146% | 98583 |
|  | GCAT Trust |  |
| 20351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL1-A1 <br>2.650%, 10/25/2068<sup>(d)(g)</sup> | 19914 |
| 73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM5-A3 <br>5.710%, 08/25/2067<sup>(d)(f)</sup> | 72818 |
| 102877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM2-A3 <br>6.598%, 11/25/2067<sup>(d)(f)</sup> | 102590 |
| 55481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM2-A3 <br>6.541%, 06/25/2059<sup>(d)(f)</sup> | 56182 |
| 248423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1-A3 <br>5.829%, 11/25/2069<sup>(d)(f)</sup> | 251099 |
|  | GS Mortgage Securities Corp. Trust |  |
| 207355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DUNE-E <br>6.520%, 12/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.764% | 198946 |
|  | GSR Mortgage Loan Trust |  |
| 24863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4F-6A1 <br>6.500%, 02/25/2035 | 24453 |
| 491784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9F-2A1 <br>6.000%, 01/25/2036 | 211029 |
| 33362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6-4A5 <br>5.109%, 09/25/2035<sup>(g)</sup> | 30186 |
|  | HarborView Mortgage Loan Trust |  |
| 141076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-11-2A2A <br>4.486%, 01/19/2035<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.754% | 112906 |
| 152631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12-2A2A <br>4.226%, 01/19/2038<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.494% | 136732 |
|  | HOMES Trust |  |
| 116066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AFC2-A3 <br>5.982%, 10/25/2059<sup>(d)(f)</sup> | 116976 |
|  | Imperial Fund Mortgage Trust |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3-B2 <br>4.124%, 11/25/2056<sup>(d)(g)</sup> | 1524493 |
|  | IndyMac INDX Mortgage Loan Trust |  |
| 91582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR7-A5 <br>5.066%, 09/25/2034<sup>(e)</sup> <br>1 mo. USD Term SOFR + 1.334% | 74500 |
| 157456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR11-A3 <br>3.662%, 08/25/2035<sup>(g)</sup> | 116207 |
| 736567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR5-2A1 <br>3.334%, 05/25/2037<sup>(g)</sup> | 593431 |
|  | JP Morgan Chase Commercial Mortgage Securities Trust |  |
| 103662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-LC9-C <br>3.571%, 12/15/2047<sup>(d)(g)</sup> | 100987 |
| 1216367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP2-XA <br>1.735%, 08/15/2049<sup>(g)(o)</sup> | 536 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| $683000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP-XG <br>0.500%, 07/15/2036<sup>(d)(g)(o)</sup> | $4768 |
| 219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-C <br>4.343%, 05/05/2032<sup>(d)</sup> | 217015 |
| 224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-D <br>4.452%, 05/05/2032<sup>(d)(g)</sup> | 221500 |
| 261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-E <br>4.452%, 05/05/2032<sup>(d)(g)</sup> | 257092 |
| 274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-F <br>4.452%, 05/05/2032<sup>(d)(g)</sup> | 269653 |
| 299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-G <br>4.452%, 05/05/2032<sup>(d)(g)</sup> | 289651 |
|  | JP Morgan Mortgage Trust |  |
| 138869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-S1-2A1 <br>6.000%, 09/25/2034 | 143749 |
| 4312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1-4A2 <br>6.186%, 07/25/2035<sup>(a)(g)</sup> | 4326 |
| 521154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3-1A97 <br>6.000%, 08/25/2037 | 215739 |
|  | JPMDB Commercial Mortgage Securities Trust |  |
| 169765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C5-XA <br>0.893%, 03/15/2050<sup>(g)(o)</sup> | 903 |
|  | KREF Ltd. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2-AS <br>5.150%, 02/15/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.414% | 99032 |
|  | Legacy Mortgage Asset Trust |  |
| 538963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS2-A1 <br>5.750%, 04/25/2061<sup>(d)(f)</sup> | 539552 |
| 161648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS3-A1 <br>5.750%, 07/25/2061<sup>(d)(f)</sup> | 161778 |
|  | Lehman Mortgage Trust |  |
| 450068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-2A3 <br>5.750%, 04/25/2036 | 454445 |
| 649315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1-1A2 <br>5.750%, 02/25/2037 | 660560 |
|  | Lehman XS Trust |  |
| 60257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2N-1A1 <br>4.366%, 02/25/2046<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.634% | 54964 |
|  | LoanCore Issuer LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8-C <br>5.877%, 08/17/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.141% | 99219 |
|  | LoanCore Issuer Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7-D <br>7.043%, 01/17/2037<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 3.100% | 199612 |
|  | LoanCore Issuer Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5-C <br>6.215%, 07/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.464% | 250172 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5-D <br>6.865%, 07/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.114% | 100104 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE6-D <br>6.715%, 11/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.964% | 100151 |
|  | LSTAR Securities Investment Ltd. |  |
| 98751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1-A <br>7.125%, 01/01/2029<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 4.100% | 100164 |

---

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

 <br> Schedule of Investments 25

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | Master Alternative Loan Trust |  |
| $9974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-9-4A1 <br>5.250%, 11/25/2033 | $10063 |
| 6992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5-1A1 <br>5.500%, 06/25/2034 | 7076 |
| 7958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5-2A1 <br>6.000%, 06/25/2034 | 8185 |
| 42983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8-2A1 <br>6.000%, 09/25/2034 | 43384 |
|  | Merrill Lynch Mortgage Investors Trust |  |
| 621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-2A <br>5.841%, 05/25/2036<sup>(g)</sup> | 611 |
|  | Metis Issuer 1 LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.892%, 05/15/2055 | 253679 |
|  | 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> | 258665 |
|  | Mill City Securities Ltd. |  |
| 129147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RS1-A1 <br>3.000%, 11/01/2069<sup>(d)(f)</sup> | 124578 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RS1-A2 <br>4.000%, 11/01/2069<sup>(d)(f)</sup> | 143999 |
| 69306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RS2-A1 <br>3.000%, 08/01/2069<sup>(d)(f)</sup> | 66836 |
|  | Morgan Stanley Mortgage Loan Trust |  |
| 194736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7-3A <br>5.061%, 06/25/2036<sup>(g)</sup> | 99329 |
| 222031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-13-6A1 <br>6.000%, 10/25/2037 | 117635 |
|  | New Residential Mortgage Loan Trust |  |
| 256459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3-A3 <br>5.985%, 05/25/2065<sup>(d)(f)</sup> | 260567 |
|  | NLT Trust |  |
| 440097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1-PT <br>7.466%, 10/25/2070<sup>(d)(g)</sup> | 464824 |
|  | OBX Trust |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3-M1 <br>6.845%, 12/25/2063<sup>(d)(g)</sup> | 505991 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4-M1 <br>6.622%, 01/25/2064<sup>(d)(g)</sup> | 151361 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5-M1 <br>6.513%, 01/25/2064<sup>(d)</sup> | 100935 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM6-M1 <br>6.924%, 02/25/2064<sup>(d)(g)</sup> | 152288 |
| 88250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM7-A3 <br>6.598%, 03/25/2064<sup>(d)(f)</sup> | 89235 |
|  | PFP Ltd. |  |
| 99553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11-B <br>6.268%, 09/17/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.490% | 99571 |
|  | Prime Mortgage Trust |  |
| 502758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-DR1-2A1 <br>5.500%, 05/25/2035<sup>(d)</sup> | 468216 |
|  | PRPM LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL2-A2 <br>3.500%, 05/25/2054<sup>(d)(f)</sup> | 481061 |
| 541219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2-A1 <br>6.469%, 05/25/2030<sup>(d)(f)</sup> | 542636 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
|  | Residential Accredit Loans, Inc. |  |
| $191873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS17-A5 <br>6.000%, 12/25/2036 | $161700 |
|  | Residential Accredit Loans, Inc. Trust |  |
| 371361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QO6-A1 <br>4.206%, 06/25/2046<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.474% | 76181 |
| 268427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS1-2A10 <br>6.000%, 01/25/2037 | 206287 |
|  | Residential Asset Securitization Trust |  |
| 227960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1-A8 <br>6.000%, 03/25/2037 | 69937 |
|  | Residential Funding Mtg Sec I Trust |  |
| 234001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S4-A5 <br>6.000%, 04/25/2036 | 188300 |
|  | Saluds Grade Alternative Mortgage Trust |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL1-A2 <br>5.657%, 10/25/2040<sup>(d)(f)</sup> | 200152 |
|  | Starwood Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2-C <br>5.949%, 04/18/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.214% | 199732 |
|  | Starwood Retail Property Trust |  |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-STAR-C <br>6.750%, 11/15/2027<sup>(a)(d)(e)</sup> | 251 |
| 980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-STAR-D <br>6.750%, 11/15/2027<sup>(a)(d)(e)</sup> | 755 |
| 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-STAR-E <br>6.750%, 11/15/2027<sup>(a)(d)(e)</sup> | 660 |
|  | Structured Adjustable Rate Mortgage Loan Trust |  |
| 400399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14-A1 <br>4.156%, 07/25/2035<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.424% | 233687 |
| 345805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-1-A2 <br>4.443%, 10/25/2037<sup>(g)</sup> | 277940 |
|  | Structured Asset Securities Corp. |  |
| 3945033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4-1A3 <br>2.404%, 03/28/2045<sup>(d)(e)(o)</sup> <br>-1\*1 mo. USD Term SOFR + 6.136% | 246963 |
|  | STWD Ltd. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3-D <br>6.734%, 11/15/2038<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 2.750% | 98637 |
|  | TRTX Issuer Ltd. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL6-B <br>5.781%, 09/18/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.046% | 150108 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL7-C <br>6.284%, 06/18/2043<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.200% | 150140 |
|  | Uniform Mortgage-Backed Security, TBA |  |
| 2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%<sup>(p)</sup> | 2506985 |
| 713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%<sup>(p)</sup> | 711220 |
| 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%<sup>(p)</sup> | 618385 |
| 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%<sup>(p)</sup> | 503025 |
|  | 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> | 1559883 |
| 128646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2-A3 <br>5.662%, 03/25/2070<sup>(d)(f)</sup> | 129466 |

---

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

 <br> 26 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | Vista Point Securitization Trust |  |  |
| $83143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES1-A1 <br>5.812%, 04/25/2055<sup>(d)(f)</sup> | $| 83816 |
|  | Washington Mutual Mortgage Pass-Through Certificates Trust |  |  |
| 778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5-1A5 <br>6.000%, 07/25/2036 |  | 626 |
| 347104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8-A6 <br>4.099%, 10/25/2036<sup>(f)</sup> |  | 113670 |
|  | Wells Fargo Alternative Loan Trust |  |  |
| 57436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-PA2-3A1 <br>4.196%, 06/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.464% |  | 41967 |
|  | Wells Fargo Commercial Mortgage Trust |  |  |
| 814253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1-XA <br>1.670%, 08/15/2049<sup>(g)(o)</sup> |  | 2533 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36-B <br>3.671%, 11/15/2059<sup>(g)</sup> |  | 128991 |
|  | Wells Fargo Mortgage-Backed Securities Trust |  |  |
| 31725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR19-A1 <br>6.290%, 12/25/2036<sup>(g)</sup> |  | 29630 |
| **TOTAL MORTGAGE-BACKED SECURITIES**<br>(Cost $45,591,280) | **TOTAL MORTGAGE-BACKED SECURITIES**<br>(Cost $45,591,280) |  | 37719089 |
| **MUNICIPAL BONDS: 0.0%**  | **MUNICIPAL BONDS: 0.0%**  | **MUNICIPAL BONDS: 0.0%**  | **MUNICIPAL BONDS: 0.0%**  |
| **Indiana: 0.0%** | **Indiana: 0.0%** | **Indiana: 0.0%** | **Indiana: 0.0%** |
|  | County of Knox |  |  |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.900%, 04/01/2034 |  | 5018 |
| **TOTAL MUNICIPAL BONDS**<br> (Cost $4,774) | **TOTAL MUNICIPAL BONDS**<br> (Cost $4,774) |  | 5018 |
| **Shares** |  |  |  |
| **SHORT-TERM INVESTMENTS: 4.8%** | **SHORT-TERM INVESTMENTS: 4.8%** | **SHORT-TERM INVESTMENTS: 4.8%** | **SHORT-TERM INVESTMENTS: 4.8%** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 1.4%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 1.4%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 1.4%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 1.4%** |
| 4484028 | State Street Navigator Securities Lending Government Money Market Portfolio, 3.830%<sup>(q)(r)</sup> |  | 4484028 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $4,484,028) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $4,484,028) |  | 4484028 |
| **MONEY MARKET FUNDS: 0.7%**  | **MONEY MARKET FUNDS: 0.7%**  | **MONEY MARKET FUNDS: 0.7%**  | **MONEY MARKET FUNDS: 0.7%**  |
| 2283460 | State Street Institutional Treasury Money Market Fund - Premier Class, 4.244%<sup>(q)</sup> |  | 2283460 |
| **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,283,460) | **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,283,460) |  | 2283460 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **REPURCHASE AGREEMENTS: 2.6%** | **REPURCHASE AGREEMENTS: 2.6%** | **REPURCHASE AGREEMENTS: 2.6%** |
| $8146864 | Fixed Income Clearing Corp. 1.060%, 12/31/2025, due 01/02/2026 [collateral: par value $8,238,000, U.S. Treasury Notes, 3.875%, due 05/31/2027, value $8,311,781] (proceeds $8,147,343) | $8146864 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $8,146,864) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $8,146,864) | 8146864 |
| **TREASURY BILLS: 0.1%**  | **TREASURY BILLS: 0.1%**  | **TREASURY BILLS: 0.1%**  |
|  | U.S. Treasury Bills |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.658%, 04/09/2026<sup>(i)(m)(s)</sup> | 346654 |
| **TOTAL TREASURY BILLS**<br> (Cost $346,479) | **TOTAL TREASURY BILLS**<br> (Cost $346,479) | 346654 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $15,260,831) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $15,260,831) | 15261006 |
| **TOTAL PURCHASED OPTIONS**<br> (Cost $208,642): 0.0% | **TOTAL PURCHASED OPTIONS**<br> (Cost $208,642): 0.0% | 72575 |
| **TOTAL INVESTMENTS**<br> (Cost: $342,658,752): 101.9%  | **TOTAL INVESTMENTS**<br> (Cost: $342,658,752): 101.9%  | 321235086 |
| Liabilities in Excess of Other Assets: (1.9)% | Liabilities in Excess of Other Assets: (1.9)% | (6050969) |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**315184117** |

---

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

\* 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 December 31, 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 December 31, 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 December 31, 2025.

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

 <br> Schedule of Investments 27

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Security is not accruing interest.

&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 currently in default and/or non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) 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;(l) Pay-in-kind security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Securities with an aggregate fair value of $8,223,215 have been pledged as collateral for options, credit default swaps, interest rate swaps and futures positions.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The rate disclosed is the 7 day net yield as of December 31, 2025.

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

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

#### CURRENCY ABBREVIATIONS:
CAD Canadian dollar

---

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

---

GBP British pound

**UNFUNDED LOAN COMMITMENTS**—At December 31, 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)** |
|  Azuria Water Solutions, Inc., 1.000%, 05/17/2028 | 20129 | 20259 | 130 |
|  Power Services Holding Co., 4.750%, 11/22/2028 | 26038 | 25973 | (65) |
|  GrafTech Finance, Inc., 9.858%, 12/21/2029 | 24381 | 24899 | 518 |
|  PowerGrid Services LLC, 0.500%, 07/01/2030 | 120000 | 111600 | (8400) |
|  MB2 Dental Solutions LLC, 9.221%, 02/13/2031 | 24243 | 23218 | (1025) |
|  Secretariat Advisors LLC, 4.000%, 02/28/2032 | 10753 | 10797 | 44 |
|  Cliffwater LLC, 0.375%, 04/22/2032 | 10000 | 9200 | (800) |
|  Vacation Rental Brands LLC, 8.922%, 05/06/2032 | 216667 | 214500 | (2167) |
|  Curriculum Associates, LLC, 8.455%, 05/07/2032 | 50311 | 50311 |  |
|  PowerGrid Services LLC, 8.422%, 07/01/2032 | 52063 | 52063 |  |
|  Liquid Tech Solutions LLC, 7.238%, 10/12/2032 | 18576 | 18665 | 89 |
|  Engineered Machinery Holdings, Inc., 6.922%, 11/26/2032 | 1059 | 1067 | 8 |
|  TOTAL |  | $562552 | $(11668) |

---

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

 <br> 28 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS at December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** |
|  EUR Put USD Call | Bank of America N.A. | $1.12 | 1/13/2026 | 1778000 | $1778000 | $10 | $9308 | $(9298) |
|  EUR Put USD Call | Bank of America N.A. | 1.12 | 1/14/2026 | 1556000 | 1556000 | 13 | 8521 | (8508) |
|  EUR Put USD Call | Bank of America N.A. | 1.12 | 1/14/2026 | 1556000 | 1556000 | 13 | 8596 | (8583) |
|  EUR Put USD Call | Bank of America N.A. | 1.12 | 1/16/2026 | 1989000 | 1989000 | 23 | 11173 | (11150) |
|  EUR Put USD Call | Goldman Sachs & Co. | 1.12 | 1/14/2026 | 881000 | 881000 | 7 | 5095 | (5088) |
|  USD Put JPY Call | Bank of America N.A. | 140.00 | 4/1/2026 | 33000 | 33000 | 27 | 868 | (841) |
|  USD Put JPY Call | Goldman Sachs & Co. | 140.00 | 4/1/2026 | 187000 | 187000 | 151 | 5105 | (4954) |
|  USD Put JPY Call | Goldman Sachs & Co. | 140.00 | 4/1/2026 | 150000 | 150000 | 121 | 3963 | (3842) |
|  USD Put JPY Call | Goldman Sachs & Co. | 123.50 | 5/20/2026 | 181000 | 181000 | 794 | 18133 | (17339) |
|  USD Put JPY Call | JPMorgan Chase Bank N.A. | 123.50 | 5/20/2026 | 45000 | 45000 | 197 | 4508 | (4311) |
|  Total |  |  |  |  |  | 1356 | 75270 | (73914) |
|  **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** |
|  **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** |
|  3-Month SOFR Futures | Bank of America N.A. | 97.50 | 9/11/2026 | 118 | 28569275 | 20650 | 43840 | (23190) |
|  3-Month SOFR Futures | Bank of America N.A. | 97.50 | 3/12/2027 | 84 | 20345850 | 28875 | 47266 | (18391) |
|  Total |  |  |  |  |  | 49525 | 91106 | (41581) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/Receive<br>Floating 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** |
|  USD - Secured Overnight<br>Financing Rate (SOFR)<br>strike @3.350%,<br>terminating 9/21/26 | Morgan Stanley & Co. | Pay | 9/21/2026 | 1079000 | $1079000 | 6066 | 9981 | (3915) |
|  USD - Secured Overnight<br>Financing Rate (SOFR)<br>strike @3.350%,<br>terminating 9/21/26 | Toronto-Dominion Bank | Pay | 9/21/2026 | 1079000 | 1079000 | 6066 | 11329 | (5263) |
|  USD - Secured Overnight<br>Financing Rate (SOFR)<br>strike @3.350%,<br>terminating 9/21/26 | BNP Paribas SA | Pay | 2/13/2026 | 1079000 | 1079000 | 9460 | 10769 | (1309) |
|  USD - Secured Overnight<br>Financing Rate (SOFR)<br>strike @3.350%,<br>terminating 9/21/26 | Barclays Bank Plc | Pay | 2/13/2026 | 1078000 | 1078000 | 102 | 10187 | (10085) |
|  Total |  |  |  |  |  | 21694 | 42266 | (20572) |
|  Total Purchased Options |  |  |  |  |  | $72575 | $208642 | $(136067) |

---

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

 <br> Schedule of Investments 29

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at December 31, 2025
At December 31, 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>December 31, 2025** | **Fund<br>Delivering** | **U.S. $ Value at<br>December 31, 2025** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  Barclays Bank Plc | 1/15/2026 | USD | $7520853 | EUR | $7498050 | $22803 | $— |
|  | 1/20/2026 | EUR | 43447 | USD | 43557 |  | (110) |
|  BNP Paribas SA | 1/15/2026 | EUR | 35218 | USD | 35255 |  | (37) |
|  Citibank N.A. | 1/15/2026 | USD | 135333 | GBP | 135793 |  | (460) |
|  Goldman Sachs & Co. | 1/15/2026 | EUR | 489539 | USD | 490548 |  | (1009) |
|  JPMorgan Chase Bank N.A. | 1/15/2026 | USD | 1115113 | GBP | 1117269 |  | (2156) |
|  Morgan Stanley & Co. | 1/15/2026 | EUR | 604587 | USD | 604285 | 302 |  |
|  | 1/15/2026 | EUR | 11740 | USD | 11766 |  | (26) |
|  | 1/15/2026 | USD | 75668 | CAD | 75878 |  | (210) |
|  | 1/15/2026 | USD | 176502 | EUR | 176093 | 409 |  |
|  | 1/20/2026 | USD | 43267 | EUR | 43447 |  | (180) |
|  |  |  | $10251267 |  | $10231941 | $23514 | $(4188) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at December 31, 2025 (a)** | **SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at December 31, 2025 (a)** | **SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at December 31, 2025 (a)** | **SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at December 31, 2025 (a)** | **SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at December 31, 2025 (a)** | **SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at December 31, 2025 (a)** |
| **Description** | **Number of<br>Contracts** | **Notional Amount** | **Notional Value** | **Expiration<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **<u>Futures Contracts – Long</u>** |  |  |  |  |  |
|  U.S. Treasury 10-Year Note Futures  | 10 | $1126353 | $1124375 | 3/20/2026 | $(1978) |
|  U.S. Treasury 2-Year Note Futures  | 56 | 11682128 | 11692187 | 3/31/2026 | 10059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Long |  |  |  |  | $8081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  |  | $8081 |

---

<sup>(a)</sup> Goldman Sachs & Co. is the counterparty for Open Futures Contracts held by the Fund at December 31, 2025.

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

 <br> 30 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SWAPS at December 31, 2025

#### 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 Value** | **Upfront<br>Payment<br>Made<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| $6195000 | 9/23/2031 | 1 Day SOFR + 0.000% | 3.465% | Annually | $(14075) | $(3454) | $(10621) |
| $3300000 | 4/23/2035 | 1 Day SOFR + 0.000% | 3.849 | Annually | (23101) | (43447) | 20346 |
| $2850000 | 5/09/2040 | 1 Day SOFR + 0.000% | 3.914 | Annually | 36734 | 291 | 36443 |
| $1500000 | 11/17/2045 | 1 Day SOFR + 0.000% | 4.021 | Annually | 30870 | 319 | 30551 |
|  |  |  |  |  | $30428 | $(46291) | $76719 |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity<br>Date** | **Fixed Deal<br>(Pay) Rate** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025** | **Notional<br>Amount** | **Periodic<br>Payment<br>Frequency** | **Fair 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** |
|  CDX North America High Yield Index<br>Series 45 V1 <br>1.000%, 12/20/2030 | 12/20/2030 | (5.000%) | 3.180% | $(2000000) | Quarterly | $(152810) | $(154602) | $1792 |
|  CDX North America Investment Grade Index<br>Series 45 V1 <br>1.000%, 12/20/2030 | 12/20/2030 | (1.000%) | 0.504% | (4000000) | Quarterly | (90660) | (91364) | 704 |
|  Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection |  |  | $(243470) | $(245966) | $2496 |
|  Total | Total | Total | Total |  |  | $(243470) | $(245966) | $2496 |

---

<sup>(1)</sup> For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. 

<sup>(2)</sup> For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period will serve as an indicator of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract. 

<sup>(3)</sup> For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the CDX North America HIgh Yield Index Series 45 and CDX North America Investment Grade Index Series 45. 

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

 <br> Schedule of Investments 31

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN SWAPS at December 31, 2025 (Continued)

#### OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity<br>Date** | **Counterparty** | **Fixed Deal<br>(Pay) Rate** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025** | **Notional<br>Amount** | **Periodic<br>Payment<br>Frequency** | **Fair 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<br>Series 43 5Y 25%-35% <br>5.000%, 12/20/2029 | 12/20/2029 | Morgan Stanley & Co. | (5.000%) | 0.884% | $(230000) | Quarterly | $(35259) | $(34690) | $(569) |
|  CDX North America Investment Grade Index<br>Series 43 5Y 15%-25% <br>5.000%, 12/20/2029 | 12/20/2029 | Morgan Stanley & Co. | (5.000%) | 2.417% | (230000) | Quarterly | (21798) | (14589) | (7209) |
|  Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection |  |  |  | $(57057) | $(49279) | $(7778) |
|  Total | Total | Total | Total |  |  |  | $(57057) | $(49279) | $(7778) |

---

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

 <br> 32 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair Value** | **Premiums<br>Received** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** | **EXCHANGE TRADED** |
|  **Call** |  |  |  |  |  |  |  |  |
|  3-Month SOFR Futures | Bank of America N.A. | $98.00 | 9/11/2026 | (118) | $(28569275) | $(11800) | $(21323) | $9523 |
|  3-Month SOFR Futures | Bank of America N.A. | 98.00 | 3/12/2027 | (84) | (20345850) | (15225) | (24266) | 9041 |
|  Total | Total |  |  |  |  | (27025) | (45589) | 18564 |
|  **INDEX OPTIONS** |  |  |  |  |  |  |  |  |
|  **Put** |  |  |  |  |  |  |  |  |
|  S&P 500 Index | UBS Securities LLC | 6650.00 | 1/9/2026 | (1) | (684550) | (610) | (5389) | 4779 |
|  S&P 500 Index | UBS Securities LLC | 6660.00 | 1/9/2026 | (3) | (2053650) | (1995) | (16067) | 14072 |
|  S&P 500 Index | UBS Securities LLC | 6680.00 | 1/9/2026 | (1) | (684550) | (800) | (4919) | 4119 |
|  S&P 500 Index | UBS Securities LLC | 6700.00 | 1/9/2026 | (11) | (7530050) | (10439) | (40998) | 30559 |
|  S&P 500 Index | UBS Securities LLC | 6545.00 | 1/16/2026 | (1) | (684550) | (895) | (5079) | 4184 |
|  S&P 500 Index | UBS Securities LLC | 6580.00 | 1/16/2026 | (1) | (684550) | (1050) | (4669) | 3619 |
|  S&P 500 Index | UBS Securities LLC | 6610.00 | 1/16/2026 | (4) | (2738200) | (5428) | (18126) | 12698 |
|  S&P 500 Index | UBS Securities LLC | 6630.00 | 1/16/2026 | (3) | (2053650) | (3510) | (14207) | 10697 |
|  S&P 500 Index | UBS Securities LLC | 6640.00 | 1/16/2026 | (2) | (1369100) | (3040) | (7298) | 4258 |
|  S&P 500 Index | UBS Securities LLC | 6650.00 | 1/16/2026 | (2) | (1369100) | (3404) | (10958) | 7554 |
|  S&P 500 Index | UBS Securities LLC | 6690.00 | 1/16/2026 | (3) | (2053650) | (6258) | (8767) | 2509 |
|  S&P 500 Index | UBS Securities LLC | 6690.00 | 1/23/2026 | (4) | (2738200) | (10400) | (15326) | 4926 |
|  S&P 500 Index | UBS Securities LLC | 6710.00 | 1/23/2026 | (4) | (2738200) | (13680) | (13256) | (424) |
|  S&P 500 Index | UBS Securities LLC | 6730.00 | 1/23/2026 | (1) | (5476400) | (30880) | (25222) | (5658) |
|  S&P 500 Index | UBS Securities LLC | 6690.00 | 1/30/2026 | (1) | (684550) | (4375) | (3679) | (696) |
|  S&P 500 Index | UBS Securities LLC | 6710.00 | 1/30/2026 | (2) | (1369100) | (9240) | (7978) | (1262) |
|  S&P 500 Index | UBS Securities LLC | 6715.00 | 1/30/2026 | (1) | (684550) | (5132) | (3839) | (1293) |
|  S&P 500 Index | UBS Securities LLC | 6730.00 | 1/30/2026 | (8) | (6845500) | (52320) | (41750) | (10570) |
|  Total | Total |  |  |  |  | (163456) | (247527) | 84071 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/Receive**<br> **Floating rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair 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** |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.640%, terminating 8/13/26 | BNP Paribas SA | Receive | 8/13/2026 | (1295000) | (1295000) | (1146) | (4209) | 3063 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.640%, terminating 8/13/26 | Morgan<br>Stanley & Co. | Receive | 8/13/2026 | (1295000) | (1295000) | (1720) | (4144) | 2424 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.685%, terminating 8/14/26 | BNP Paribas SA | Receive | 8/14/2026 | (1480000) | (1480000) | (1436) | (4736) | 3300 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.685%, terminating 8/14/26 | Toronto-<br>Dominion<br>Bank | Receive | 8/14/2026 | (1480000) | (1480000) | (2169) | (4802) | 2633 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26 | Barclays Bank<br>Plc | Receive | 8/19/2026 | (925000) | (925000) | (1464) | (2960) | 1496 |

---

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

 <br> Schedule of Investments 33

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at December 31, 2025 (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/Receive**<br> **Floating rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair Value** | **Premiums<br>Received** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26 | BNP Paribas SA | Receive | 8/19/2026 | (925000) | $(925000) | $(1464) | $(2960) | $1496 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26 | BNP Paribas SA | Receive | 9/21/2026 | (1079000) | (1079000) | (2095) | (3830) | 1735 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26 | Morgan<br>Stanley & Co. | Receive | 9/21/2026 | (1079000) | (1079000) | (3297) | (3520) | 223 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26 | Toronto-<br>Dominion<br>Bank | Receive | 9/21/2026 | (1079000) | (1079000) | (32) | (3237) | 3205 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26 | Barclays Bank<br>Plc | Receive | 9/21/2026 | (1078000) | (1078000) | (38) | (3773) | 3735 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.852%, terminating 2/13/26 | BNP Paribas SA | Receive | 2/13/2026 | (925000) | (925000) | (110) | (3515) | 3405 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.853%, terminating 2/13/26 | Morgan<br>Stanley & Co. | Receive | 2/13/2026 | (925000) | (925000) | (30) | (3515) | 3485 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.860%, terminating 2/13/26 | Morgan<br>Stanley & Co. | Receive | 2/13/2026 | (925000) | (925000) | (32) | (3515) | 3483 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.890%, terminating 2/20/26 | BNP Paribas SA | Receive | 2/20/2026 | (925000) | (925000) | (206) | (3182) | 2976 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.925%, terminating 2/19/26 | Barclays Bank<br>Plc | Receive | 2/19/2026 | (925000) | (925000) | (74) | (3238) | 3164 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.929%, terminating 2/19/26 | Toronto-<br>Dominion<br>Bank | Receive | 2/19/2026 | (925000) | (925000) | (75) | (3168) | 3093 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.940%, terminating 2/18/26 | BNP Paribas SA | Receive | 2/18/2026 | (925000) | (925000) | (75) | (3238) | 3163 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @2.940%, terminating 2/18/26 | Toronto-<br>Dominion<br>Bank | Receive | 2/18/2026 | (925000) | (925000) | (75) | (3191) | 3116 |

---

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

 <br> 34 Litman Gregory Funds Trust

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at December 31, 2025 (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/Receive**<br> **Floating rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair Value** | **Premiums<br>Received** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Put** |  |  |  |  |  |  |  |  |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.640%, terminating 8/13/26 | BNP Paribas SA | Pay | 8/13/2026 | (1295000) | $(1295000) | $(4136) | $(3885) | $(251) |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.640%, terminating 8/13/26 | Morgan<br>Stanley & Co. | Pay | 8/13/2026 | (1295000) | (1295000) | (2170) | (4014) | 1844 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.685%, terminating 8/14/26 | BNP Paribas SA | Pay | 8/14/2026 | (1480000) | (1480000) | (2191) | (4403) | 2212 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.685%, terminating 8/14/26 | Toronto-<br>Dominion<br>Bank | Pay | 8/14/2026 | (1480000) | (1480000) | (2191) | (4366) | 2175 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26 | Barclays Bank<br>Plc | Pay | 8/19/2026 | (925000) | (925000) | (2529) | (2706) | 177 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26 | BNP Paribas SA | Pay | 8/19/2026 | (925000) | (925000) | (1318) | (2682) | 1364 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.852%, terminating 2/13/26 | BNP Paribas SA | Pay | 2/13/2026 | (925000) | (925000) | (1537) | (3145) | 1608 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.853%, terminating 2/13/26 | Morgan<br>Stanley & Co. | Pay | 2/13/2026 | (925000) | (925000) | (1526) | (3145) | 1619 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.860%, terminating 2/13/26 | Morgan<br>Stanley & Co. | Pay | 2/13/2026 | (925000) | (925000) | (1449) | (3154) | 1705 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.890%, terminating 2/20/26 | BNP Paribas SA | Pay | 2/20/2026 | (925000) | (925000) | (252) | (2923) | 2671 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.925%, terminating 2/19/26 | Barclays Bank<br>Plc | Pay | 2/19/2026 | (925000) | (925000) | (1076) | (2844) | 1768 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.929%, terminating 2/19/26 | Toronto-<br>Dominion<br>Bank | Pay | 2/19/2026 | (925000) | (925000) | (174) | (2914) | 2740 |
|  USD - Secured Overnight Financing Rate (SOFR) strike @3.940%, terminating 2/18/26 | BNP Paribas SA | Pay | 2/18/2026 | (925000) | (925000) | (149) | (2914) | 2765 |

---

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

 <br> Schedule of Investments 35

------

### iMGP Low Duration Income Fund

#### SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at December 31, 2025 (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/Receive**<br> **Floating rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair Value** | **Premiums<br>Received** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  USD - Secured Overnight<br>Financing Rate (SOFR)<br>strike @3.940%,<br>terminating 2/18/26 | Toronto-<br>Dominion<br>Bank | Pay | 2/18/2026 | (925000) | $(925000) | $(922) | $(2961) | $2039 |
|  Total | Total | Total |  |  |  | (37158) | (110789) | 73631 |
|  Total Written Options | Total Written Options | Total Written Options |  |  |  | $(227639) | $(403905) | $176266 |

---

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

 <br> 36 Litman Gregory Funds Trust

------

### iMGP Dolan McEniry Corporate Bond Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS: 90.4%**  | **CORPORATE BONDS: 90.4%**  | **CORPORATE BONDS: 90.4%**  |
| **Basic Materials: 2.5%** | **Basic Materials: 2.5%** | **Basic Materials: 2.5%** |
|  | Olin Corp. |  |
| $8188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/01/2029 | $8238397 |
| 1199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/2030 | 1180025 |
|  | Steel Dynamics, Inc. |  |
| 2740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 04/15/2030 | 2652038 |
|  |  | 12070460 |
| **Communications: 10.4%** | **Communications: 10.4%** | **Communications: 10.4%** |
|  | AT&T, Inc. |  |
| 10698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 12/01/2033 | 9149884 |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 10325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/2032 | 9273732 |
|  | Expedia Group, Inc. |  |
| 7223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/2027 | 7281555 |
| 1217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/15/2028 | 1211667 |
|  | Motorola Solutions, Inc. |  |
| 7955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/01/2032<sup>(a)</sup> | 8384199 |
|  | Sirius XM Radio LLC |  |
| 7767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/2029<sup>(b)</sup> | 7835055 |
|  | Verizon Communications, Inc. |  |
| 7564000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 09/21/2028 | 7629964 |
|  |  | 50766056 |
| **Consumer, Cyclical: 16.3%** | **Consumer, Cyclical: 16.3%** | **Consumer, Cyclical: 16.3%** |
|  | Bath & Body Works, Inc. |  |
| 7364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/01/2030<sup>(b)</sup> | 7536723 |
| 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2035 | 2303911 |
|  | Bloomin' Brands, Inc./OSI Restaurant Partners LLC |  |
| 10806000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/15/2029<sup>(b)</sup> | 9860268 |
|  | Dick's Sporting Goods, Inc. |  |
| 8113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 01/15/2032 | 7469772 |
|  | Genuine Parts Co. |  |
| 6789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/2028 | 7190919 |
| 2186000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2033 | 2434357 |
|  | LKQ Corp. |  |
| 7810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/15/2033<sup>(a)</sup> | 8391140 |
|  | Lowe's Cos., Inc. |  |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/05/2029 | 7903945 |
|  | Marriott International, Inc. |  |
| 8110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/2030 | 8242344 |
|  | RB Global Holdings, Inc. |  |
| 9515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/15/2028<sup>(b)</sup> | 9742427 |
|  | Somnigroup International, Inc. |  |
| 8491000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/15/2029<sup>(b)</sup> | 8285052 |
|  |  | 79360858 |
| **Consumer, Non-cyclical: 21.8%** | **Consumer, Non-cyclical: 21.8%** | **Consumer, Non-cyclical: 21.8%** |
|  | Altria Group, Inc. |  |
| 7693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2033 | 8706452 |
|  | BAT Capital Corp. |  |
| 1386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.726%, 03/25/2031 | 1279677 |
| 7422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.421%, 08/02/2033 | 8210742 |
|  | Block Financial LLC |  |
| 7843000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/15/2028 | 7485955 |
| 1874000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2030 | 1807514 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Conagra Brands, Inc. |  |  |
| $7993000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/01/2028 | $| 8091436 |
| 1183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/2030 |  | 1198552 |
|  | DaVita, Inc. |  |  |
| 8153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2030<sup>(b)</sup> |  | 7932183 |
| 1727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 07/15/2033<sup>(b)</sup> |  | 1792061 |
|  | Global Payments, Inc. |  |  |
| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/2030 |  | 1463551 |
| 8351000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 08/15/2032 |  | 8512321 |
|  | HCA, Inc. |  |  |
| 7091000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/01/2026 |  | 7106810 |
| 2918000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/2030 |  | 2809996 |
|  | IQVIA, Inc. |  |  |
| 8187000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/2032<sup>(b)</sup> |  | 8564979 |
|  | Molson Coors Beverage Co. |  |  |
| 7435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/15/2026 |  | 7395754 |
|  | Philip Morris International, Inc. |  |  |
| 1993000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/2029 |  | 2097846 |
| 7024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2033 |  | 7361516 |
|  | Quanta Services, Inc. |  |  |
| 9677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/2030 |  | 9071822 |
|  | Tenet Healthcare Corp. |  |  |
| 5347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/01/2028 |  | 5374436 |
|  |  |  | 106263603 |
| **Financial: 8.1%** | **Financial: 8.1%** | **Financial: 8.1%** | **Financial: 8.1%** |
|  | American Tower Corp. |  |  |
| 7356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/2026 |  | 7319707 |
| 2002000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 01/15/2030 |  | 1903243 |
|  | Brown & Brown, Inc. |  |  |
| 8636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/23/2032 |  | 8860365 |
| 1261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 06/23/2035 |  | 1298908 |
|  | Crown Castle, Inc. |  |  |
| 6986000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 03/01/2034 |  | 7339610 |
| 2447000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/01/2034<sup>(a)</sup> |  | 2477873 |
|  | SBA Communications Corp. |  |  |
| 1582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 02/01/2029 |  | 1514803 |
|  | Willis North America, Inc. |  |  |
| 8555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 05/15/2033 |  | 8843288 |
|  |  |  | 39557797 |
| **Industrial: 18.0%** | **Industrial: 18.0%** | **Industrial: 18.0%** | **Industrial: 18.0%** |
|  | Allegion U.S. Holding Co., Inc. |  |  |
| 8038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.411%, 07/01/2032 |  | 8402450 |
|  | Carlisle Cos., Inc. |  |  |
| 7392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/01/2027 |  | 7359771 |
| 2171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/01/2030 |  | 2050876 |
|  | Eagle Materials, Inc. |  |  |
| 10371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/2031 |  | 9433541 |
|  | Flex Ltd. |  |  |
| 8594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/12/2030 |  | 8739052 |
| 1243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/15/2032 |  | 1269034 |
|  | Fortune Brands Innovations, Inc. |  |  |
| 3982000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 09/15/2029 |  | 3832307 |
| 5173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/2033 |  | 5487590 |
|  | Sealed Air Corp. |  |  |
| 8623000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/2032<sup>(b)</sup> |  | 8966652 |
|  | Teledyne Technologies, Inc. |  |  |
| 9487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/01/2031 |  | 8793495 |
|  | TransDigm, Inc. |  |  |
| 7482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2030<sup>(b)</sup> |  | 7833764 |

---

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

 <br> Schedule of Investments 37

------

### iMGP Dolan McEniry Corporate Bond Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
|  | Trimble, Inc. |  |
| $7881000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 03/15/2033 | $8502512 |
|  | Westinghouse Air Brake Technologies Corp. |  |
| 7282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 09/15/2028 | 7377111 |
|  |  | 88048155 |
| **Technology: 13.3%** | **Technology: 13.3%** | **Technology: 13.3%** |
|  | Broadcom, Inc. |  |
| 2808000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.459%, 09/15/2026 | 2800951 |
| 3617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/15/2030 | 3606839 |
| 1617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/2032 | 1598356 |
|  | CDW LLC/CDW Finance Corp. |  |
| 10795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.569%, 12/01/2031 | 10072091 |
|  | Fiserv, Inc. |  |
| 9384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/2029 | 9110266 |
|  | HP, Inc. |  |
| 7613000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/2033 | 7869509 |
|  | NetApp, Inc. |  |
| 8322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 03/17/2035 | 8752538 |
|  | Oracle Corp. |  |
| 10560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/01/2030 | 9763348 |
|  | Qorvo, Inc. |  |
| 10134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/2029 | 9998768 |
|  | Teledyne FLIR LLC |  |
| 1364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 08/01/2030 | 1263466 |
|  |  | 64836132 |
| **TOTAL CORPORATE BONDS**<br> (Cost $431,786,366) | **TOTAL CORPORATE BONDS**<br> (Cost $431,786,366) | 440903061 |
| **GOVERNMENT SECURITIES & AGENCY ISSUE: 5.1%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 5.1%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 5.1%**  |
|  | U.S. Treasury Notes |  |
| 24563000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/2027 | 24719877 |
| **TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE**<br> (Cost $24,613,387) | **TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE**<br> (Cost $24,613,387) | 24719877 |
| **Shares** |  |  |
| **SHORT-TERM INVESTMENTS: 0.2%** | **SHORT-TERM INVESTMENTS: 0.2%** | **SHORT-TERM INVESTMENTS: 0.2%** |
| **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 0.2%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 0.2%** | **INVESTMENT OF CASH COLLATERAL FOR SECURITIES<br>LOANED: 0.2%** |
| 917510 | State Street Navigator Securities Lending Government Money Market Portfolio, 3.830%<sup>(c)(d)</sup> | 917510 |
| **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $917,510) | **TOTAL INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED**<br>(Cost $917,510) | 917510 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $917,510) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $917,510) | 917510 |
| **TOTAL INVESTMENTS**<br> (Cost: $457,317,263): 95.7%  | **TOTAL INVESTMENTS**<br> (Cost: $457,317,263): 95.7%  | 466540448 |
| Other Assets in Excess of Liabilities: 4.3% | Other Assets in Excess of Liabilities: 4.3% | 20868383 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**487408831** |

---

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, 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 December 31, 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> 38 Litman Gregory Funds Trust

------

### iMGP APA Enhanced Income Municipal Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount^** |  | **Value** |
| **MUNICIPAL BONDS: 95.4%** | **MUNICIPAL BONDS: 95.4%** | **MUNICIPAL BONDS: 95.4%** |
| **Alabama: 2.0%** | **Alabama: 2.0%** | **Alabama: 2.0%** |
|  | Auburn University |  |
| $50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>4.000%, 06/01/2035 | $50107 |
|  | 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 | 10740 |
|  | Russell County Board of Education |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM) <br>3.000%, 12/01/2036 | 296557 |
|  |  | 357404 |
| **California: 4.0%** | **California: 4.0%** | **California: 4.0%** |
|  | California State Public Works Board |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 04/01/2043 | 110219 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 04/01/2044 | 109310 |
|  | Los Angeles Department of Water & Power |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 07/01/2039 | 51942 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 07/01/2043 | 159482 |
|  | 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 | 115000 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 07/01/2043 | 15837 |
|  | State of California |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/2029 | 165019 |
|  |  | 726809 |
| **Colorado: 0.8%** | **Colorado: 0.8%** | **Colorado: 0.8%** |
|  | Colorado Health Facilities Authority |  |
| 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 <br>5.000%, 08/01/2044 | 147167 |
| **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 | 82001 |
|  | South Central Connecticut Regional Water Authority |  |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 <br>3.000%, 08/01/2034 | 44491 |
|  |  | 126492 |
| **Florida: 10.2%** | **Florida: 10.2%** | **Florida: 10.2%** |
|  | Alachua County Health Facilities Authority |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 12/01/2044 | 50017 |
|  | Florida Municipal Loan Council |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG), Series D <br>5.000%, 10/01/2049 | 211044 |
|  | Miami-Dade County Educational Facilities Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.250%, 04/01/2043 | 217712 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
|  | North Broward Hospital District |  |  |
| $125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 01/01/2048 | $| 124867 |
|  | Orange County Health Facilities Authority |  |  |
| 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 10/01/2039 |  | 216901 |
|  | Palm Beach County Health Facilities Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/2032 |  | 202684 |
|  | St. Johns County School Board |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG), Series A <br>5.500%, 07/01/2049 |  | 107285 |
|  | UCF Stadium Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 03/01/2041 |  | 216796 |
|  | Volusia County Educational Facility Authority |  |  |
| 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/2054 |  | 402330 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 10/15/2049 |  | 101827 |
|  |  |  | 1851463 |
| **Georgia: 13.7%** | **Georgia: 13.7%** | **Georgia: 13.7%** | **Georgia: 13.7%** |
|  | City of Atlanta Department of Aviation |  |  |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.250%, 07/01/2044 |  | 201854 |
| 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.250%, 07/01/2045 |  | 363075 |
|  | Georgia Housing & Finance Authority |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA/FNMA/FHLMC), Series E <br>5.125%, 12/01/2045 |  | 258269 |
|  | Main Street Energy, Inc. |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 12/01/2032 |  | 1072944 |
|  | Main Street Natural Gas, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E <br>5.000%, 12/01/2032 |  | 215637 |
|  | Municipal Electric Authority of Georgia |  |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2037 |  | 365648 |
|  |  |  | 2477427 |
| **Illinois: 6.1%** | **Illinois: 6.1%** | **Illinois: 6.1%** | **Illinois: 6.1%** |
|  | Chicago Board of Education |  |  |
| 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG), Series A <br>5.000%, 12/01/2031 |  | 338783 |
|  | Chicago O'Hare International Airport |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2038 |  | 516391 |
|  | Illinois Finance Authority |  |  |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 08/15/2036 |  | 111892 |
|  | Regional Transportation Authority |  |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 06/01/2035 |  | 131096 |
|  |  |  | 1098162 |
| **Indiana: 3.8%** | **Indiana: 3.8%** | **Indiana: 3.8%** | **Indiana: 3.8%** |
|  | Concord Community Schools Building Corp. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ST INTERCEPT) <br>5.000%, 01/15/2044 |  | 266508 |
|  | Town of Upland |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/2037 |  | 203641 |

---

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

 <br> Schedule of Investments 39

------

### iMGP APA Enhanced Income Municipal Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** |
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
|  | Westfield-Washington Multi-School Building Corp. |  |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BAM), Series A <br>5.250%, 07/15/2043 | $| 218149 |
|  |  |  | 688298 |
| **Kansas: 1.2%** | **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 |  | 210656 |
| **Louisiana: 1.1%** | **Louisiana: 1.1%** | **Louisiana: 1.1%** | **Louisiana: 1.1%** |
|  | Louisiana Public Facilities Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 04/01/2045 |  | 205246 |
| **Maine: 2.6%** | **Maine: 2.6%** | **Maine: 2.6%** | **Maine: 2.6%** |
|  | Maine State Housing Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C <br>3.000%, 11/15/2036 |  | 461432 |
| **Massachusetts: 4.4%** | **Massachusetts: 4.4%** | **Massachusetts: 4.4%** | **Massachusetts: 4.4%** |
|  | Massachusetts Development Finance Agency |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/2027 |  | 253670 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/01/2038 |  | 271416 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2040 |  | 55533 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F <br>4.000%, 07/01/2043 |  | 46052 |
|  | Massachusetts Housing Finance Agency |  |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA/FNMA/FHLMC), Series 224 <br>4.350%, 12/01/2042 |  | 177244 |
|  |  |  | 803915 |
| **Michigan: 2.5%** | **Michigan: 2.5%** | **Michigan: 2.5%** | **Michigan: 2.5%** |
|  | Michigan Finance Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/2041 |  | 201795 |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series MI <br>5.000%, 12/01/2045 |  | 240493 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series MI <br>5.000%, 12/01/2045<sup>(a)</sup> |  | 10088 |
|  |  |  | 452376 |
| **New Hampshire: 1.1%** | **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 |  | 191088 |
| **New York: 6.0%** | **New York: 6.0%** | **New York: 6.0%** | **New York: 6.0%** |
|  | City of New York |  |  |
| 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 <br>5.000%, 08/01/2045 |  | 214870 |
|  | Metropolitan Transportation Authority |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A <br>5.000%, 11/15/2044 |  | 263445 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A <br>5.250%, 11/15/2045 |  | 213192 |
|  | TSASC, Inc. |  |  |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 06/01/2041 |  | 195492 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** | **Value** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** | **New York (continued)** |
|  | Westchester County Local Development Corp. |  |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2042 | $| 202289 |
|  |  |  | 1089288 |
| **Ohio: 7.1%** | **Ohio: 7.1%** | **Ohio: 7.1%** | **Ohio: 7.1%** |
|  | Columbus Metropolitan Housing Authority |  |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/2034 |  | 301051 |
|  | Columbus Regional Airport Authority |  |  |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 01/01/2043 |  | 193134 |
|  | Ohio Housing Finance Agency |  |  |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA/FNMA/FHLMC), Series C <br>4.100%, 09/01/2039 |  | 140744 |
|  | Port of Greater Cincinnati Development Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (FNMA COLL) <br>4.400%, 11/01/2040 |  | 503182 |
|  | State of Ohio |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/15/2046 |  | 150003 |
|  |  |  | 1288114 |
| **Pennsylvania: 3.8%** | **Pennsylvania: 3.8%** | **Pennsylvania: 3.8%** | **Pennsylvania: 3.8%** |
|  | Allegheny County Higher Education Building Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/2042 |  | 215263 |
|  | Allentown City School District |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG ST AID WITHHLDG) <br>5.000%, 06/01/2038 |  | 274195 |
|  | City of Lancaster |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM) <br>4.000%, 11/01/2038 |  | 101148 |
|  | Montgomery County Higher Education & Health Authority |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 09/01/2043 |  | 101460 |
|  |  |  | 692066 |
| **South Carolina: 2.2%** | **South Carolina: 2.2%** | **South Carolina: 2.2%** | **South Carolina: 2.2%** |
|  | South Carolina Jobs-Economic Development Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 05/01/2043 |  | 203258 |
|  | South Carolina Public Service Authority |  |  |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 12/01/2037 |  | 196244 |
|  |  |  | 399502 |
| **Texas: 15.3%** | **Texas: 15.3%** | **Texas: 15.3%** | **Texas: 15.3%** |
|  | Arlington Higher Education Finance Corp. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (PSF-GTD), Series A <br>4.250%, 12/01/2048 |  | 95389 |
|  | Brownsboro Independent School District |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>5.000%, 08/15/2041 |  | 105617 |
|  | Central Texas Regional Mobility Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C <br>5.000%, 01/01/2027 |  | 501471 |
|  | City of Bryan Waterworks & Sewer Revenue |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/2041 |  | 251465 |
|  | City of Odessa |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/2033 |  | 505573 |

---

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

 <br> 40 Litman Gregory Funds Trust

------

### iMGP APA Enhanced Income Municipal Fund

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
|  | FW Texas Street Public Facility Corp. |  |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/2038 | $265243 |
|  | Huffman Independent School District |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (PSF-GTD) <br>5.250%, 02/15/2049 | 32016 |
|  | Midland County Hospital District |  |
| 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BAM), Series A <br>4.125%, 05/15/2049 | 383362 |
|  | North Texas Tollway Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2027 | 300000 |
|  | Northwest Williamson County Municipal Utility District No. 2 |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>4.000%, 08/15/2044 | 91745 |
|  | State of Texas |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>3.300%, 10/01/2029 | 100032 |
|  | Texas Department of Housing & Community Affairs |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA), Series B <br>4.400%, 07/01/2038 | 138994 |
|  |  | 2770907 |
| **Vermont: 1.9%** | **Vermont: 1.9%** | **Vermont: 1.9%** |
|  | Vermont Educational & Health Buildings Financing Agency |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 12/01/2039 | 351131 |
| **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 | 176488 |
| **Washington: 3.9%** | **Washington: 3.9%** | **Washington: 3.9%** |
|  | City of Seattle Municipal Light & Power Revenue |  |
| 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2044 | 348409 |
|  | Pend Oreille County Public Utility District No. 1 Box Canyon |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/2039 | 102124 |
|  | University of Washington |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.250%, 12/01/2046 | 252220 |
|  |  | 702753 |
| **TOTAL MUNICIPAL BONDS**<br> (Cost $17,153,797) | **TOTAL MUNICIPAL BONDS**<br> (Cost $17,153,797) | 17268184 |
| **TOTAL INVESTMENTS**<br> (Cost: $17,153,797): 95.4%  | **TOTAL INVESTMENTS**<br> (Cost: $17,153,797): 95.4%  | 17268184 |
| Other Assets in Excess of Liabilities: 4.6% | Other Assets in Excess of Liabilities: 4.6% | 832918 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**18101102** |

---

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) Prerefunded

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

 <br> Schedule of Investments 41

------

### iMGP DBi Managed Futures Strategy ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 80.3%** | **SHORT-TERM INVESTMENTS: 80.3%** | **SHORT-TERM INVESTMENTS: 80.3%** |
| **REPURCHASE AGREEMENTS: 3.6%** | **REPURCHASE AGREEMENTS: 3.6%** | **REPURCHASE AGREEMENTS: 3.6%** |
| $75837486 | Fixed Income Clearing Corp. 1.060%, 12/31/2025, due 01/02/2026 [collateral: par value $76,684,800, U.S. Treasury Note, 3.875%, due 05/31/2027, value $77,370,538] (proceeds $75,841,952) | $75837486 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $75,837,486) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $75,837,486) | 75837486 |
| **TREASURY BILLS: 76.7%**  | **TREASURY BILLS: 76.7%**  | **TREASURY BILLS: 76.7%**  |
|  | U.S. Treasury Bills |  |
| 1613000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.453%, 01/29/2026<sup>(a)(b)(c)</sup> | 1608513693 |
| **TOTAL TREASURY BILLS**<br>(Cost $1,608,513,693) | **TOTAL TREASURY BILLS**<br>(Cost $1,608,513,693) | 1608513693 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,684,351,179) | **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,684,351,179) | 1684351179 |
| **TOTAL INVESTMENTS**<br>(Cost: $1,684,351,179): 80.3%  | **TOTAL INVESTMENTS**<br>(Cost: $1,684,351,179): 80.3%  | 1684351179 |
| Other Assets in Excess of Liabilities: 19.7% | Other Assets in Excess of Liabilities: 19.7% | 413752470 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**2098103649** |

---

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) The rate shown represents yield-to-maturity.

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

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

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

 <br> 42 Litman Gregory Funds Trust

------

### iMGP DBi Managed Futures Strategy ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at December 31, 2025 (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>** |
|  Euro FX Currency Futures  | 11147 | $1636583769 | $1641395750 | 3/16/2026 | $4811981 |
|  Gold 100 Oz Futures<sup>(b)</sup> | 933 | 393332895 | 405024630 | 2/25/2026 | 11691735 |
|  MSCI EAFE Index Futures  | 2431 | 351909363 | 352750255 | 3/20/2026 | 840892 |
|  MSCI Emerging Market Index  | 2374 | 166235098 | 167533180 | 3/20/2026 | 1298082 |
|  S&P 500 E-Mini Index Futures  | 663 | 230382046 | 228486375 | 3/20/2026 | (1895671) |
|  U.S. Treasury 10-Year Note Futures  | 4109 | 466569841 | 462005687 | 3/20/2026 | (4564154) |
|  U.S. Treasury 2-Year Note Futures  | 5165 | 1079441396 | 1078395505 | 3/31/2026 | (1045891) |
|  U.S. Treasury Long Bond Futures  | 293 | 33951454 | 33868968 | 3/20/2026 | (82486) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Long | &nbsp;&nbsp;&nbsp;&nbsp; Total Long |  |  |  | $11054488 |
|  **<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  | (16261) | $(1313895663) | $(1304640356) | 3/16/2026 | $9255307 |
|  WTI Crude Futures<sup>(b)</sup> | (131) | (7573715) | (7495821) | 2/20/2026 | 77894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short |  |  |  |  | $9333201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | $20387689 |

---

<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 December 31, 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> Schedule of Investments 43

------

### iMGP Berkshire Dividend Growth ETF

#### SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 80.5%** | **COMMON STOCKS: 80.5%** | **COMMON STOCKS: 80.5%** |
| **Consumer Discretionary: 6.9%** | **Consumer Discretionary: 6.9%** | **Consumer Discretionary: 6.9%** |
| 1769 | Lennar Corp. - Class A | $181853 |
| 810 | Lowe's Cos., Inc. | 195340 |
| 729 | McDonald's Corp. | 222804 |
|  |  | 599997 |
| **Consumer Staples: 3.3%** | **Consumer Staples: 3.3%** | **Consumer Staples: 3.3%** |
| 394 | Hershey Co. | 71700 |
| 1924 | Walmart, Inc. | 214353 |
|  |  | 286053 |
| **Energy: 2.3%** | **Energy: 2.3%** | **Energy: 2.3%** |
| 7344 | Kinder Morgan, Inc. | 201887 |
| **Financials: 18.4%** | **Financials: 18.4%** | **Financials: 18.4%** |
| 5870 | Bank of America Corp. | 322850 |
| 2183 | Charles Schwab Corp. | 218103 |
| 675 | Chubb Ltd. | 210681 |
| 1285 | JPMorgan Chase & Co. | 414053 |
| 1143 | M&T Bank Corp. | 230292 |
| 920 | PNC Financial Services Group, Inc. | 192031 |
|  |  | 1588010 |
| **Health Care: 9.9%** | **Health Care: 9.9%** | **Health Care: 9.9%** |
| 1296 | Abbott Laboratories | 162376 |
| 1674 | AbbVie, Inc. | 382492 |
| 2120 | Bristol-Myers Squibb Co. | 114353 |
| 945 | Johnson & Johnson | 195568 |
|  |  | 854789 |
| **Industrials: 16.0%** | **Industrials: 16.0%** | **Industrials: 16.0%** |
| 2435 | A.O. Smith Corp. | 162853 |
| 351 | Deere & Co. | 163415 |
| 1674 | Emerson Electric Co. | 222173 |
| 522 | Honeywell International, Inc. | 101837 |
| 437 | Lockheed Martin Corp. | 211364 |
| 932 | Norfolk Southern Corp. | 269087 |
| 1161 | Waste Management, Inc. | 255083 |
|  |  | 1385812 |
| **Information Technology: 19.0%** | **Information Technology: 19.0%** | **Information Technology: 19.0%** |
| 1380 | Apple, Inc. | 375167 |
| 4104 | Cisco Systems, Inc. | 316131 |
| 1724 | Dell Technologies, Inc. - Class C | 217017 |
| 742 | Microsoft Corp. | 358846 |
| 820 | QUALCOMM, Inc. | 140261 |
| 1053 | TE Connectivity PLC | 239568 |
|  |  | 1646990 |
| **Materials: 0.5%** | **Materials: 0.5%** | **Materials: 0.5%** |
| 162 | Nucor Corp. | 26424 |
| 262 | Solstice Advanced Materials, Inc.\* | 12728 |
|  |  | 39152 |
| **Real Estate: 1.3%** | **Real Estate: 1.3%** | **Real Estate: 1.3%** |
| 1728 | WP Carey, Inc. - REIT | 111214 |
| **Utilities: 2.9%** | **Utilities: 2.9%** | **Utilities: 2.9%** |
| 7101 | PPL Corp. | 248677 |
| **TOTAL COMMON STOCKS**<br>(Cost $5,579,648) | **TOTAL COMMON STOCKS**<br>(Cost $5,579,648) | 6962581 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **EXCHANGE-TRADED FUNDS: 8.7%**  | **EXCHANGE-TRADED FUNDS: 8.7%**  | **EXCHANGE-TRADED FUNDS: 8.7%**  |
| 1500 | iShares Russell 1000 Value ETF | $315510 |
| 2000 | State Street SPDR Russell 1000 Yield Focus ETF | 227122 |
| 2250 | Vanguard Russell 1000 Value | 207675 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost $754,101) | **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost $754,101) | 750307 |
| **Principal<br>Amount** |  |  |
| **SHORT-TERM INVESTMENTS: 10.7%**  | **SHORT-TERM INVESTMENTS: 10.7%**  | **SHORT-TERM INVESTMENTS: 10.7%**  |
| **REPURCHASE AGREEMENTS: 10.7%** | **REPURCHASE AGREEMENTS: 10.7%** | **REPURCHASE AGREEMENTS: 10.7%** |
| $930803 | Fixed Income Clearing Corp. 1.060%, 12/31/2025, due 01/02/2026 [collateral: par value $941,300, U.S. Treasury Note, 3.875%, due 05/31/2027, value $949,815] (proceeds $930,858) | 930803 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $930,803) | **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $930,803) | 930803 |
| **TOTAL INVESTMENTS**<br> (Cost: $7,264,552): 99.9%  | **TOTAL INVESTMENTS**<br> (Cost: $7,264,552): 99.9%  | 8643691 |
| Other Assets in Excess of Liabilities: 0.1% | Other Assets in Excess of Liabilities: 0.1% | 6193 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**8649884** |

---

Percentages are stated as a percent of net assets.

ETF Exchange-Traded Fund

REIT Real Estate Investment Trust

\* Non-Income Producing Security.

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

 <br> 44 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Global<br>Select<br>Fund** | **International<br>Fund** | **<br>Small<br>Company<br>Fund** |
|  **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at cost | $72575416 | $97092287 | $50787106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at cost | 869087 | 2687365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at cost | $73444503 | $99779652 | $50787106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value<sup>1</sup> | $89140959 | $121060463 | $56535503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at value | 869087 | 2687365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at value | $90010046 | $123747828 | $56535503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 61782 | 47349 | 879489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, denominated in foreign currency (cost of $447,370, $591,226 and $0, respectively) | 459855 | 590138 |  |
|  **Receivables:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 76293 | 1304321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 49053 | 89953 | 19232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2 |  | 79432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold |  | 65714 |  |
| &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 | 10959 | 10209 | 7749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 90667990 | 125855539 | 57521405 |
|  **LIABILITIES:** |  |  |  |
|  **Payables:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 48389 | 98839 | 29559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased |  | 102257 |  |
| &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) | 4800211 |  | 480452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 222482 | 513753 | 23210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | 1274 | 5841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 3028 | 3080 | 3334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 18596 | 23443 | 16562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest |  | 5873 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 12857 | 12857 | 12857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 100080 | 149762 | 40102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 5206917 | 915705 | 607331 |
|  **NET ASSETS** | $85461073 | $124939834 | $56914074 |
|  **Institutional Class:** |  |  |  |
|  Net Assets | $85461073 | $124939834 | $56914074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value) | 7246301 | 5631193 | 4060677 |
|  **Net asset value, offering price and redemption price per share** | $11.79 | $22.19 | $14.02 |
|  **COMPONENTS OF NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $71032489 | $102565868 | $50919503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated distributable earnings (deficit) | 14428584 | 22373966 | 5994571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $85461073 | $124939834 | $56914074 |

---

<sup>1</sup> Includes $6,681,731, $1,803,318 and $2,246,355 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> Statements of Assets and Liabilities 45

------

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2025 – (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Low<br>Duration<br>Income Fund** | **Dolan<br>McEniry<br>Corporate<br>Bond Fund** | **APA Enhanced<br>Income<br>Municipal<br>Fund** |
|  **ASSETS:** | **ASSETS:** | **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at cost | $334511888 | $457317263 | $17153797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at cost | 8146864 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at cost | $342658752 | $457317263 | $17153797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value<sup>1</sup> | $313088222 | $466540448 | $17268184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at value | 8146864 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at value | $321235086 | $466540448 | $17268184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 4096919 | 15426783 | 1155806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, denominated in foreign currency (cost of $51,104, $0 and $0, respectively) | 51369 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at brokers for securities | 490515 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at brokers for swaps | 114426 |  |  |
|  **Receivables:** | **Receivables:** | **Receivables:** | **Receivables:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold | 6387127 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 3382046 | 5756016 | 213334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 59185 | 1921953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 272943 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory reimbursement |  |  | 33489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Receivables | 177713 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin - Centrally Cleared Swaps | 7571 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain on forward foreign currency exchange contracts | 23514 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 17808 | 20304 | 12879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 336316222 | 489665504 | 18683692 |
|  **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options (premium received, $403,905, $0 and $0, respectively) | 227639 |  |  |
|  **Payables:** | **Payables:** | **Payables:** | **Payables:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 59399 | 68727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities purchased | 10141501 |  | 501496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loans, par value | 953779 |  |  |
| &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) | 4484028 | 917510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 4753219 | 658091 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | 17 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 2727 | 3585 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 55292 | 38490 | 18793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable |  | 377933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit interest | 31484 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest for swap resets | 767 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin - Futures | 5922 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short dividend | 12090 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 12857 | 12857 | 12857 |
| &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 | 11668 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on forward foreign currency exchange contracts | 4188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on swaps | 7778 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 318471 | 179480 | 48735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 21132105 | 2256673 | 582590 |
|  **Commitments and Contingencies (See Note 7)** | **Commitments and Contingencies (See Note 7)** | **Commitments and Contingencies (See Note 7)** | **Commitments and Contingencies (See Note 7)** |
|  **NET ASSETS** | $315184117 | $487408831 | $18101102 |
|  **Institutional Class:** |  |  |  |
|  Net Assets | $315184117 | $487408831 | $18101102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value) | 31956773 | 48368412 | 1792733 |
|  **Net asset value, offering price and redemption price per share** | $9.86 | $10.08 | $10.10 |
|  **COMPONENTS OF NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $444143262 | $481229963 | $17917070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated distributable earnings (deficit) | (128959145) | 6178868 | 184032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $315184117 | $487408831 | $18101102 |

---

<sup>1</sup> Includes $5,469,599 and $2,804,154 of securities on loan in Low Duration Income Fund and Dolan McEniry Corporate Bond Fund, respectively. 

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

 <br> 46 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2025 – (Continued)

---

| | | |
|:---|:---|:---|
|  | **DBi Managed<br>Futures<br>Strategy ETF<br>(Consolidated)** | **Berkshire<br>Dividend<br>Growth<br>ETF** |
|  **ASSETS:** | **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at cost | $1608513693 | $6333749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at cost | 75837486 | 930803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at cost | $1684351179 | $7264552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value | $1608513693 | $7712888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at value | 75837486 | 930803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at value | $1684351179 | $8643691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 5682388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at brokers for futures | 365574777 |  |
|  **Receivables:** | **Receivables:** | **Receivables:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 52592438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 2233 | 6547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2108203015 | 8650238 |
|  **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
|  **Payables:** | **Payables:** | **Payables:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 1407665 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin - Futures | 8691701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 10099366 | 354 |
|  **NET ASSETS** | $2098103649 | $8649884 |
|  Net Assets | $2098103649 | $8649884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value) | 74800000 | 675000 |
|  **Net asset value, offering price and redemption price per share** | $28.05 | $12.81 |
|  **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** | **COMPONENTS OF NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $2125558303 | $7561236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated distributable earnings (deficit) | (27454654) | 1088648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $2098103649 | $8649884 |

---

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

 <br> Statements of Assets and Liabilities 47

------

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Global<br>Select<br>Fund** | **International<br>Fund** | **<br>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 $79,584, $403,535 and $0, respectively) | $1075327 | $2901755 | $467069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 38072 | 59540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (See Note 2) | 13096 | 31904 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1126495 | 2993199 | 468504 |
| &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 | 785811 | 1536088 | 388367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 96671 | 124887 | 57299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 25810 | 59904 | 15022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 24755 | 36793 | 19349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 51980 | 77440 | 39598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 52895 | 70361 | 41955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 49130 | 89372 | 41641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 36367 | 37471 | 33703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration expense | 29139 | 34101 | 27320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23728 | 37550 | 25144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend & interest expense | 3399 | 19028 | 31883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 12857 | 12857 | 12857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1192542 | 2135852 | 734138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: fees waived (see Note 3) | (287012) | (100269) | (145764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 905530 | 2035583 | 588374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 220965 | 957616 | (119870) |
|  **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 | (176165) | 29510040 | 1729927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (38591) | (148049) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (214756) | 29361991 | 1729927 |
| &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 | 4561109 | 12657176 | (2021171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 52723 | 163860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 4613832 | 12821036 | (2021171) |
| &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** | 4399076 | 42183027 | (291244) |
| &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** | $4620041 | $43140643 | $(411114) |

---

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

 <br> 48 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2025 – (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Low<br>Duration<br>Income<br>Fund** | **Dolan McEniry<br>Corporate Bond<br>Fund** | **<br>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 | $348343 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 21637732 | 21403260 | 688363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (See Note 2) | 67152 | 26618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 22053227 | 21429878 | 688363 |
| &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 | 2784226 | 1782392 | 77046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees - recouped (see Note 3) | 87599 | 6878 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 349857 | 675334 | 17458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 135296 | 44587 | 26038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 62611 | 53219 | 14347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 150311 | 195180 | 26714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 105404 | 130821 | 31942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 142871 | 39313 | 29588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 83041 | 48887 | 20317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration expense | 34066 | 60638 | 12640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 59297 | 37733 | 29775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend & interest expense | 147294 | 16836 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 12857 | 12857 | 12857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4154730 | 3104675 | 300649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: fees waived (see Note 3) | (816567) | (476712) | (198709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3338163 | 2627963 | 101940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 18715064 | 18801915 | 586423 |
|  **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 | (14105819) | (44245) | 150080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (320135) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 2276460 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (327842) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (5214) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (52771) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 889736 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (11645585) | (44245) | 150080 |
| &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 | 21392397 | 11465154 | 102175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (91483) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment | 4100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 276347 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (8884) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (45573) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 25896 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 66685 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 21619485 | 11465154 | 102175 |
| &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** | 9973900 | 11420909 | 252255 |
| &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** | $28688964 | $30222824 | $838678 |

---

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

 <br> Statements of Operations 49

------

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2025 – (Continued)

---

| | | |
|:---|:---|:---|
|  | **DBi Managed<br>Futures<br>Strategy ETF<br>(Consolidated)** | **Berkshire<br>Dividend<br>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 $3,333, respectively) | $— | $204784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 55628652 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (See Note 2) | 43616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 55672268 | 205506 |
| &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 | 12087279 | 48224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 12087279 | 48224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 12087279 | 48224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 43584989 | 157282 |
|  **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 | 82529 | (277570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 143400522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 330345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 143483051 | 52775 |
| &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 | (17122) | 947767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 16087216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 16070094 | 947767 |
| &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** | 159553145 | 1000542 |
| &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** | $203138134 | $1157824 |

---

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

 <br> 50 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<br>Global Select Fund** | **<br>Global Select Fund** | **International Fund** | **International Fund** |
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2025** | **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 | $220965 | $622436 | $957616 | $1714228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | (214756) | 8778611 | 29361991 | 11815873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | 4613832 | (5596689) | 12821036 | (11906795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 4620041 | 3804358 | 43140643 | 1623306 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (2838964) | (6982448) | (1947443) | (1811056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (38493) |  |  | (290953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2877457) | (6982448) | (1947443) | (2102009) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 514541 | 385603 | 2341651 | 12488372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2744576 | 6729679 | 1489140 | 1282996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (18173688) | (22907500) | (89244709) | (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 | (14914571) | (15792218) | (85413918) | (53269724) |
| &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** | (13171987) | (18970308) | (44220718) | (53748427) |
|  **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 98633060 | 117603368 | 169160552 | 222908979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | $85461073 | $98633060 | $124939834 | $169160552 |
|  **CAPITAL TRANSACTIONS IN SHARES** |  |  |  |  |
|  **Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 43767 | 31704 | 122362 | 698930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | 237010 | 565519 | 68153 | 72119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1536379) | (1861825) | (4331121) | (3649109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (1255602) | (1264602) | (4140606) | (2878060) |

---

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

 <br> Statements of Changes in Net Assets 51

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

---

| | | |
|:---|:---|:---|
|  | **<br>Small Company Fund** | **<br>Small Company Fund** |
|  | **Year Ended<br>December 31,<br>2025** | **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) | $(119870) | $58596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 1729927 | 9196624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (2021171) | (2228277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (411114) | 7026943 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2386329) | (7758636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2386329) | (7758636) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 23379415 | 5327186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2362491 | 7624573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (15292905) | (14752276) |
| &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 | 10449001 | (1800517) |
| &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** | 7651558 | (2532210) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 49262516 | 51794726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | $56914074 | $49262516 |
|  **CAPITAL TRANSACTIONS IN SHARES** |  |  |
|  **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 1631508 | 345063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | 167079 | 499317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1109671) | (950277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 688916 | (105897) |

---

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

 <br> 52 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<br>Low Duration Income Fund** | **<br>Low Duration Income Fund** | **Dolan McEniry Corporate Bond Fund** | **Dolan McEniry Corporate Bond Fund** |
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2025** | **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 | $18715064 | $6967166 | $18801915 | $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 | (11645585) | 1224684 | (44245) | 236110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments, purchased options, unfunded loan commitment, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts | 21619485 | 1578957 | 11465154 | (1565428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 28688964 | 9770807 | 30222824 | 10044135 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (24537953) | (7012938) | (18816984) | (11405926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (24537953) | (7012938) | (18816984) | (11405926) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 51137047 | 51443260 | 209701050 | 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;&nbsp;&nbsp; Institutional Class | 24434807 | 7011977 | 15289713 | 9406343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (222335382) | (14101916) | (98604339) | (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 | 172222789 | 44353321 | 126386424 | 146876318 |
| &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** | 176373800 | 47111190 | 137792264 | 145514527 |
|  **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 138810317 | 91699127 | 349616567 | 204102040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | $315184117 | $138810317 | $487408831 | $349616567 |
|  **CAPITAL TRANSACTIONS IN SHARES** |  |  |  |  |
|  **Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 5146230 | 5240230 | 21115064 | 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 | 2465958 | 714483 | 1533080 | 956713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (22394014) | (1433658) | (9933137) | (6387332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions | 17928687 | 4521055 | 12715007 | 14943470 |

---

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

 <br> Statements of Changes in Net Assets 53

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

---

| | | |
|:---|:---|:---|
|  | **<br>APA Enhanced Income Municipal Fund** | **<br>APA Enhanced Income Municipal Fund** |
|  | **Year Ended<br>December 31,<br>2025** | **Period Ended<br>December 31,<br>2024<sup>\*</sup>** |
|  **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 | $586423 | $3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 150080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 102175 | 12212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 838678 | 15229 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (666857) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (666857) |  |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 5115845 | 14697646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 666857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2459750) | (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 | 3322952 | 14591100 |
| &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** | 3494773 | 14606329 |
|  **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** | $18101102 | $14606329 |
|  **CAPITAL TRANSACTIONS IN SHARES** |  |  |
|  **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 514044 | 1470144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | 66947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (247750) | (10652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions | 333241 | 1459492 |

---

\* Commenced operations on December 16, 2024.

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

 <br> 54 Litman Gregory Funds Trust

------

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **DBi Managed Futures Strategy ETF<br>(Consolidated)** | **DBi Managed Futures Strategy ETF<br>(Consolidated)** | **Berkshire Dividend Growth ETF** | **Berkshire Dividend Growth ETF** |
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2025** | **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 | $43584989 | $37792884 | $157282 | $112012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures | 143483051 | (18426511) | 52775 | 3096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and futures | 16070094 | 15597358 | 947767 | 386937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 203138134 | 34963731 | 1157824 | 502045 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (107408960) | (63321703) | (159275) | (128368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (107408960) | (63321703) | (159275) | (128368) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1309293317 | 844259663 | 583768 | 7177055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | (563895473) | (243661670) | (1787860) |  |
| &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 | 745397844 | 600597993 | (1204092) | 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** | 841127018 | 572240021 | (205543) | 7550732 |
|  **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1256976631 | 684736610 | 8855427 | 1304695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of year** | $2098103649 | $1256976631 | $8649884 | $8855427 |
|  **CAPITAL TRANSACTIONS IN SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sold | 48550000 | 30325000 | 50000 | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (21825000) | (8825000) | (150000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 26725000 | 21500000 | (100000) | 650000 |

---

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

 <br> Statements of Changes in Net Assets 55

------

iMGP Global Select Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $11.60 | $12.04 | $10.69 | $18.80 | $18.62 |
|  **Income from investment operations:** | **Income from investment operations:** | **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 (loss)<sup>1</sup> | 0.03 | 0.07 | 0.05 | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized <br>appreciation/depreciation on investments and foreign currency | 0.56 | 0.35 | 1.79 | (4.78) | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.59 | 0.42 | 1.84 | (4.79) | 3.24 |
|  **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.03) | (0.15) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.37) | (0.71) | (0.44) | (3.32) | (3.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.40) | (0.86) | (0.49) | (3.32) | (3.06) |
|  **Net asset value, end of year** | $11.79 | $11.60 | $12.04 | $10.69 | $18.80 |
|  Total return | 5.15 | 3.33% | 17.26% | (25.52)% | 17.75% |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $85.5 | $98.6 | $117.6 | $119.7 | $260.7 |
| &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 | 1.29 | 1.28%<sup>5</sup> | 1.46%<sup>4</sup> | 1.50%<sup>3</sup> | 1.29%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.98 | 0.98%<sup>5,6</sup> | 1.01%<sup>4,6</sup> | 1.18%<sup>3,6</sup> | 1.16%<sup>2,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | 0.24 | 0.57%<sup>5</sup> | 0.41%<sup>4</sup> | (0.06)%<sup>3</sup> | (0.13)%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 81.15 | 81.79% | 55.74% | 108.86% | 27.74% |

---

---

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

---

<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> 56 Litman Gregory Funds Trust

------

iMGP International Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $17.31 | $17.62 | $15.16 | $19.50 | $18.12 |
|  **Income from investment operations:** | **Income from investment operations:** | **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 | 0.15 | 0.19 | 0.11 | 0.71<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized <br>appreciation/depreciation on investments and foreign currency | 5.10 | (0.25)<sup>3</sup> | 2.45 | (4.32) | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 5.22 | (0.10) | 2.64 | (4.21) | 2.10 |
|  **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.34) | (0.18) | (0.18) | (0.13) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.34) | (0.21) | (0.18) | (0.13) | (0.72) |
|  **Net asset value, end of year** | $22.19 | $17.31 | $17.62 | $15.16 | $19.50 |
|  Total return | 30.21% | (0.57)% | 17.40% | (21.58)% | 11.75% |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $124.9 | $169.2 | $222.9 | $205.6 | $339.7 |
| &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 | 1.31%<sup>5</sup> | 1.23%<sup>6</sup> | 1.29%<sup>4</sup> | 1.47%<sup>5</sup> | 1.28%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 1.25%<sup>5,7</sup> | 1.18%<sup>6,7</sup> | 1.07%<sup>4,7</sup> | 1.24%<sup>5,7</sup> | 1.05%<sup>4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 0.59%<sup>5</sup> | 0.84%<sup>6</sup> | 1.15%<sup>4</sup> | 0.68%<sup>5</sup> | 3.63%<sup>2,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 98.63% | 43.58% | 40.55% | 42.74% | 99.91% |

---

<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 0.00% 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 0.02% 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 57

------

iMGP Small Company Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $14.61 | $14.89 | $12.87 | $14.86 | $12.71 |
|  **Income from investment operations:** | **Income from investment operations:** | **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 (loss)<sup>1</sup> | (0.03) | 0.02 | 0.08 | 0.01 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized <br>appreciation/depreciation on investments | 0.04 | 2.21 | 3.10 | (2.00) | 2.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.01 | 2.23 | 3.18 | (1.99) | 2.49 |
|  **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.00) | (0.04) | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.60) | (2.47) | (1.05) |  | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.60) | (2.51) | (1.16) |  | (0.34) |
|  **Net asset value, end of year** | $14.02 | $14.61 | $14.89 | $12.87 | $14.86 |
|  Total return | 0.01 | 14.29% | 24.74% | (13.39)% | 19.66% |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $56.9 | $49.3 | $51.8 | $48.7 | $65.6 |
| &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 | 1.51 | 1.37%<sup>4</sup> | 1.43%<sup>3</sup> | 1.68%<sup>3</sup> | 1.48%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 1.21 | 1.17%<sup>4,6</sup> | 1.15%<sup>3</sup> | 1.15%<sup>3</sup> | 1.15%<sup>3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.25) | 0.11%<sup>4</sup> | 0.59%<sup>3</sup> | 0.11%<sup>3</sup> | (0.04)%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 98.36 | 148.82% | 56.46% | 35.50% | 45.15% |

---

---

| | |
|:---|:---|
| ^ | 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. 

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

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

<sup>5</sup> Includes Interest & Dividend expense of 0.07% 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> 58 Litman Gregory Funds Trust

------

iMGP Low Duration Income Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.90 | $9.65 | $9.16 | $10.27 | $10.21 |
|  **Income from investment operations:** | **Income from investment operations:** | **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> | 0.57 | 0.60 | 0.56 | 0.38 | 0.32<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized <br>appreciation/depreciation on investments, foreign currency, options, futures and swap contracts | 0.10 | 0.24 | 0.54 | (1.08) | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.67 | 0.84 | 1.10 | (0.70) | 0.65 |
|  **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.71) | (0.59) | (0.61) | (0.38) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.03) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.71) | (0.59) | (0.61) | (0.41) | (0.59) |
|  **Net asset value, end of year** | $9.86 | $9.90 | $9.65 | $9.16 | $10.27 |
|  Total return | 6.94% | 8.84%<sup>3</sup> | 12.32% | (6.85)% | 6.42% |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (millions) | $315.2 | $138.8 | $91.7 | $99.8 | $106.7 |
| &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 | 1.27%<sup>7</sup> | 1.35%<sup>6</sup> | 1.51%<sup>5</sup> | 1.41%<sup>4</sup> | 1.44%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 1.02%<sup>7,8</sup> | 0.98%<sup>6,8</sup> | 1.01%<sup>5,8</sup> | 0.99%<sup>4,8</sup> | 0.98%<sup>4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 5.71%<sup>7</sup> | 6.08%<sup>6</sup> | 5.98%<sup>5</sup> | 3.93%<sup>4</sup> | 3.11%<sup>2,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 97.16% | 29.76% | 38.78% | 49.41% | 72.02% |

---

<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 0.01% of average net assets. 

<sup>5</sup> Includes Interest & Dividend expense of 0.03% of average net assets. 

<sup>6</sup> Includes Interest & Dividend expense of 0.00% of average net assets. 

<sup>7</sup> Includes Interest & Dividend expense of 0.04% 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 59

------

iMGP Dolan McEniry Corporate Bond Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.81 | $9.86 | $9.54 | $10.62 | $10.92 |
|  **Income from investment operations:** | **Income from investment operations:** | **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> | 0.44 | 0.42 | 0.37 | 0.20 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized<br>appreciation/depreciation on investments | 0.27 | (0.05) | 0.32 | (1.05) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.71 | 0.37 | 0.69 | (0.85) | (0.09) |
|  **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.44) | (0.42) | (0.37) | (0.22) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.01) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.44) | (0.42) | (0.37) | (0.23) | (0.21) |
|  **Net asset value, end of year** | $10.08 | $9.81 | $9.86 | $9.54 | $10.62 |
|  Total return | 7.39% | 3.87% | 7.38% | (8.08)% | (0.86)% |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** | **Ratios/supplemental data:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (thousands) | $487409 | $349617 | $204102 | $95178 | $90827 |
| &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 | 0.73%<sup>3</sup> | 0.74%<sup>3</sup> | 0.83%<sup>3</sup> | 1.02% | 0.96%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.62%<sup>3</sup> | 0.68%<sup>3</sup> | 0.70%<sup>3</sup> | 0.70% | 0.70%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 4.43%<sup>3</sup> | 4.31%<sup>3</sup> | 3.87%<sup>3</sup> | 2.01% | 1.28%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 14.84% | 99.98% | 21.22% | 26.08%<sup>4</sup> | 32.65%<sup>4</sup> |

---

<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> 60 Litman Gregory Funds Trust

------

iMGP APA Enhanced Income Municipal Fund – Institutional Class

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **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> | 0.34 | 0.00 | <sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized <br>appreciation/depreciation on investments | 0.14 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.48 | 0.01 |  |
|  **Less distributions:** | **Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.34) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.39) |  |  |
|  **Net asset value, end of period** | $10.10 | $10.01 |  |
|  Total return | 4.86% | 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) | $18.1 | $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 | 1.76%<sup>3</sup> | 5.49 | %<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived | 0.60%<sup>3</sup> | 0.59 | %<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 3.43%<sup>3</sup> | 0.69 | %<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 205.09% | 0.00 | %<sup>+</sup> |

---

+ 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 61

------

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $26.15 | $25.77 | $29.05 | $25.42 | $25.58 |
|  **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.82 | 1.10 | 0.81 | (0.23) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and net change in unrealized <br>appreciation/depreciation on investments and futures contracts | 2.74 | 0.78<sup>2</sup> | (3.34) | 6.11<sup>2</sup> | 2.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 3.56 | 1.88 | (2.53) | 5.88 | 2.52 |
|  **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.66) | (1.50) | (0.69) | (1.06) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (1.18) | (1.18) |
| &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 | (1.66) | (1.50) | (0.75) | (2.25) | (2.68) |
|  **Net asset value, end of year** | $28.05 | $26.15 | $25.77 | $29.05 | $25.42 |
|  **Market price, end of year** | $28.06 | $26.16 | $25.76 | $29.11 | $25.80 |
|  Net asset value total return | 13.85% | 7.18% | (8.72)% | 23.07% | 9.80% |
|  **Ratios/supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of year (thousands) | $2098104 | $1256977 | $684737 | $951319 | $60379 |
| &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> |
| &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> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | 3.06% | 3.94% | 2.93% | (0.73)% | (0.93)%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

<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> 62 Litman Gregory Funds Trust

------

iMGP Berkshire Dividend Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Period Ended**<br> **December 31,**<br> **2023<sup>\*\*</sup>** |
|  | **2025** | **2024** | **Period Ended**<br> **December 31,**<br> **2023<sup>\*\*</sup>** |
|  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> | 0.22 | 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 | 1.38 | 0.97 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 1.60 | 1.18 | 0.46 |
|  **Less distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (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 | (0.22) | (0.19) | (0.10) |
|  **Net asset value, end of period** | $12.81 | $11.43 | $10.44 |
|  **Market price, end of period** | $12.81 | $11.47 | $10.44 |
|  Net asset value total return | 14.13% | 11.35% | 4.56 |
|  **Ratios/supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $8650 | $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 | 1.79% | 1.83% | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 29.62%<sup>4</sup> | 4.11%<sup>3</sup> | 0.02 |

---

+ 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 36.25% for the year ended December 31, 2025. 

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

 <br> Financial Highlights 63

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS

#### 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 Low Duration Income Fund (formerly 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 two experienced, high quality portfolio managers 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 Low Duration Income Fund ("Low Duration 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 Low Duration 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").

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| 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> 64 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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 

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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 12.8% of its total net assets invested in the Subsidiary as of December 31, 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 Low Duration 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 Low Duration 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 Low Duration 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 equity 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 December 31, 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 | $6681731 | $4800211 | $2088382 | $6888593 |
|  International Fund | 1803318 |  | 1895148 | 1895148 |
|  Small Company Fund | 2246355 | 480452 | 1837450 | 2317902 |
|  Low Duration Income Fund | 5469599 | 4484028 | 1094755 | 5578783 |
|  Dolan McEniry Corporate Bond Fund | 2804154 | 917510 | 1946680 | 2864190 |

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 <br> 66 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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 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 December 31, 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 Low Duration 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 Low Duration 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 

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
DBi Managed Futures Strategy ETF employs long and short positions in derivatives, primarily futures contracts, across the broad asset 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 year ended December 31, 2025, the Low Duration 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 year ended December 31, 2025, the Low Duration 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 year ended December 31, 2025, the Low Duration 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> 68 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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 69

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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.* DBi Managed Futures Strategy ETF has a tax year end of September 30, 2025. The remaining Funds in this report each has a tax year end of December 31, 2025. 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 December 31, 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 year ended December 31, 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.  |

---

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 year ended December 31, 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.

---

| | |
|:---|:---|
| 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. For fixed-income securities, purchase discounts are accreted to maturity date and purchase premiums are amortized to maturity date or earliest call date, whichever is shorter, 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.  |

---

---

| | |
|:---|:---|
| U | *Restricted Cash.* At December 31, 2025, the Low Duration 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> 70 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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 December 31, 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. 

---

| | |
|:---|:---|
| Y | *Segment Reporting.* 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 standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. The Funds' Treasurer acts as the Funds' chief operating decision maker ("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.  |

---

 <br> Notes to Financial Statements 71

------

### Litman Gregory Funds Trust

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

#### 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% |  |  |  |  |  |  |  |  |  |
|  Low Duration 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.

Through April 30, 2027, the Advisor has contractually agreed to waive a portion of its advisory fees for the Global Select Fund, International Fund, Small Company Fund and Low Duration Income Fund, effectively reducing total advisory fees to the percentages noted in the table below, based on average daily net assets (the "Advisory Fee Waiver Agreement"). Additionally, the Advisor has voluntarily agreed to waive its management fee on the daily cash values of the Funds not allocated to Managers. Amounts waived, contractual and voluntary, for the year ended December 31, 2025 are disclosed in the table below. The Advisor has agreed not to seek recoupment of such waived fees under the Advisory Fee Waiver Agreement.

---

| | | |
|:---|:---|:---|
| **Fund** | **Reduced Advisory Fee**<br> **Percentage** | **Fees Waived** |
|  Global Select Fund | 0.80% | $42158 |
|  International Fund | 0.88% | 100269 |
|  Small Company Fund | 0.80% | 418 |
|  Low Duration Income Fund | 0.79% | 211953 |

---

Furthermore, through April 30, 2027, for each of the Global Select Fund, Low Duration Income Fund, Small Company Fund, Dolan McEniry Corporate Bond Fund, and APA Enhanced Income Municipal Fund, the Advisor has contractually agreed to waive a portion of its advisory fees and/or reimburse a portion of the 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 not to exceed the following expense limitation ratios relative to each Fund's average daily net assets (the "Expense Limitation Agreements"):

---

| | |
|:---|:---|
|  Global Select Fund | 0.98% |
|  Small Company Fund | 1.15% |
|  Low Duration Income Fund | 0.98% |
|  Dolan McEniry Corporate Bond Fund | 0.62% |
|  APA Enhanced Income Municipal Fund | 0.59% |

---

 <br> 72 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
During the year ended December 31, 2025, the amounts waived contractually pursuant to the Expense Limitation Agreements were as follows:

---

| | |
|:---|:---|
|  Global Select Fund | $244854.0 |
|  Small Company Fund | 145346.0 |
|  Low Duration Income Fund | 604614.0 |
|  Dolan McEniry Corporate Bond Fund | 476712.0 |
|  APA Enhanced Income Municipal Fund | 198709.0 |

---

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 waived its right to recoup any fees waived under the Expense Limitation Agreements for periods ending prior to December 31, 2024.

During the year ended December 31, 2025, the amounts of previously waived fees were recouped as follows:

---

| | |
|:---|:---|
|  Low Duration Income Fund | $87599.0 |
|  Dolan McEniry Corporate Bond Fund | 6878.0 |

---

At December 31, 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** | **Expired<br>December 31,<br>2028** |
|  Global Select Fund | $443589 | $198735 | $244854 |
|  Small Company Fund | 247355 | 102009 | 145346 |
|  Low Duration Income Fund | 849727 | 245113 | 604614 |
|  Dolan McEniry Corporate Bond Fund | 618478 | 141766 | 476712 |
|  APA Enhanced Income Municipal Fund | 220001 | 21292 | 198709 |

---

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 $157,500 for the year ended December 31, 2025 for the services of the CCO.

During the year ended December 31, 2025, each independent Trustee, within the meaning of the 1940 Act, was compensated by the Trust in the amount of $135,000. The Chairperson of the Board was compensated in the amount of $147,500.

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

#### 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).

 <br> Notes to Financial Statements 73

------

### Litman Gregory Funds Trust

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

#### Note 5 – Investment Transactions
The cost of securities purchased and the proceeds from securities sold for the year ended December 31, 2025, excluding short-term investments and in-kind transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **U.S. Gov't<br>Securities<br>Purchases** | **Other<br>Purchases** | **U.S. Gov't<br>Securities Sales** | **Other Sales** |
|  Global Select Fund | $— | $71484683 | $— | $89648432 |
|  International Fund |  | 153598328 |  | 238263672 |
|  Small Company Fund |  | 52119619 |  | 47523113 |
|  Low Duration Income Fund | 87985213 | 233577438 | 115902172 | 184863490 |
|  Dolan McEniry Corporate Bond Fund | 24627550 | 172616966 |  | 59954598 |
|  APA Enhanced Income Municipal Fund |  | 41030633 |  | 33048854 |
|  Berkshire Dividend Growth ETF |  | 2564435 |  | 3369752 |

---

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 | $1764433 |

---

During the year ended December 31, 2025, there were two purchase transactions made in accordance with the established procedures pursuant to Rule 10f-3 (the exemption of certain purchases of securities by a fund from an affiliated underwriter). The Low Duration Income Fund purchased two securities in the amount of $155,000 (par value) for each.

#### 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.

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.

 <br> 74 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
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 December 31, 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 | $9356812 | $— | $— | $9356812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2069017 |  |  | 2069017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 3842925 |  |  | 3842925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2294673 |  |  | 2294673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 2245615 |  |  | 2245615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 60112729 |  |  | 60112729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 4418977 |  |  | 4418977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 84340748 |  |  | 84340748 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 4800211 |  |  | 4800211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 869087 |  | 869087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 4800211 | 869087 |  | 5669298 |
|  Total Investments in Securities | $89140959 | $869087 | $— | $90010046 |

---

 <br> Notes to Financial Statements 75

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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 | $916962 | $— | $— | $916962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 1878642 |  |  | 1878642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 5667634 |  |  | 5667634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 4931342 |  |  | 4931342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 1751223 |  |  | 1751223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 603013 |  |  | 603013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 12777797 |  |  | 12777797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 16372690 |  |  | 16372690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1473695 |  |  | 1473695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 1078129 |  |  | 1078129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1950422 |  |  | 1950422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 3689980 |  |  | 3689980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 7163775 |  |  | 7163775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 5646333 |  |  | 5646333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 11249386 |  |  | 11249386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 1046716 |  |  | 1046716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1807196 |  |  | 1807196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 1635771 |  |  | 1635771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1146837 |  |  | 1146837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 7635706 |  |  | 7635706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 4983045 |  |  | 4983045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 14743783 |  |  | 14743783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 10910386 |  |  | 10910386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 121060463 |  |  | 121060463 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2687365 |  | 2687365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments |  | 2687365 |  | 2687365 |
|  Total Investments in Securities | $121060463 | $2687365 | $— | $123747828 |

---

#### 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 | $56055051 | $— | $— | $56055051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 56055051 |  |  | 56055051 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 480452 |  |  | 480452 |
|  Total Investments in Securities | $56535503 | $— | $— | $56535503 |

---

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

 <br> 76 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

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

#### Low Duration 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 | $510249 | $57699 | $1003 | \*\* | $568951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 3347285 |  |  |  | 3347285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Partnerships |  |  | 51925 | \*\* | 51925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 3857534 | 57699 | 52928 | \*\* | 3968161 |
|  Rights/Warrants |  | 463093 |  |  | 463093 |
|  Fixed Income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 54565808 |  |  | 54565808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 62345392 |  |  | 62345392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  | 644492 |  |  | 644492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 132025187 | 83515 | \*\* | 132108702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government Securities & Agency Issue |  | 14081750 |  |  | 14081750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 37713097 | 5992 | \*\* | 37719089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 5018 |  |  | 5018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Income |  | 301380744 | 89507 | \*\* | 301470251 |
|  Short-Term Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 4484028 |  |  |  | 4484028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2283460 |  |  |  | 2283460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 8146864 |  |  | 8146864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills |  | 346654 |  |  | 346654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 6767488 | 8493518 |  |  | 15261006 |
|  Purchased Options | 50881 | 21694 |  |  | 72575 |
|  Total Investments in Securities | $10675903 | $310416748 | $142435 | \*\* | $321235086 |
|  Unfunded Loan Commitments\*\*\* |  | (11668) |  |  | (11668) |
|  Other Financial Instruments\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $19326 | $— | $— |  | $19326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 8081 |  |  |  | 8081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - Interest Rate |  | 76719 |  |  | 76719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - Credit Default |  | (5282) |  |  | (5282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | (190481) | (37158) |  |  | (227639) |

---

<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 Low Duration Income Fund.

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

#### 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 | $— | $440903061 | $— | $440903061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government Securities & Agency Issue |  | 24719877 |  | 24719877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Income |  | 465622938 |  | 465622938 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 917510 |  |  | 917510 |
|  Total Investments in Securities | $917510 | $465622938 | $— | $466540448 |

---

 <br> Notes to Financial Statements 77

------

### Litman Gregory Funds Trust

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

#### 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 | $— | $17268184 | $— | $17268184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Income |  | 17268184 |  | 17268184 |
|  Total Investments in Securities | $— | $17268184 | $— | $17268184 |

---

#### 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; Repurchase Agreements | $— | $75837486 | $— | $75837486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills |  | 1608513693 |  | 1608513693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments |  | 1684351179 |  | 1684351179 |
|  Total Investments in Securities | $— | $1684351179 | $— | $1684351179 |
|  Other Financial Instruments\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | $20387689 | $— | $— | $20387689 |

---

\* 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 | $6962581 | $— | $— | $6962581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 750307 |  |  | 750307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 7712888 |  |  | 7712888 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 930803 |  | 930803 |
|  Total Investments in Securities | $7712888 | $930803 | $— | $8643691 |

---

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

#### 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 December 31, 2025, the Low Duration Income Fund had $227,140 outstanding bridge facility commitments.

 <br> 78 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

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

#### Note 8 – Other Derivative Information
At December 31, 2025, the Funds are invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration 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<br>foreign currency exchange contracts | $23514 | Unrealized loss on forward<br>foreign currency exchange contracts | $(4188) |
|  |  | Investments in securities<sup>(1)</sup> | 1356 | Written options |  |
|  Interest rate |  | Unrealized gain on<br>swap contracts\*\* | 87340 | Unrealized loss on swap contracts\*\* | (10621) |
|  |  | Unrealized gain on<br>futures contracts\* | 10059 | Unrealized loss on futures contracts\* | (1978) |
|  |  | Investments in securities<sup>(1)</sup> | 71219 | Written options | (64183) |
|  Credit |  | Unrealized gain on<br>swap contracts\*\* | 2496 | Unrealized loss on swap contracts\*\* | (7778) |
|  Equity |  | Investments in securities<sup>(1)</sup> |  | Written options | (163456) |
|  | Total |  | $195984 |  | $(252204) |
|  | \* 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\* | $14067288 | Unrealized loss on futures contracts\* | $— |
|  Commodity |  | Unrealized gain on futures contracts\* | 11769629 | Unrealized loss on futures contracts\* |  |
|  Interest rate |  | Unrealized gain on futures contracts\* |  | Unrealized loss on futures contracts\* | (5692531) |
|  Equity |  | Unrealized gain on futures contracts\* | 2138974 | Unrealized loss on futures contracts\* | (1895671) |
|  | Total |  | $27975891 |  | $(7588202) |
|  | \* 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> Notes to Financial Statements 79

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
For the year ended December 31, 2025, the effect of derivative contracts in the Funds' Statements of Operations were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration 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 | $(327842) | $(8884) | 5699478 <sup>(a)</sup> |
|  |  | Purchased option contracts | (67677) | (78503) | 6925667 <sup>(b)</sup> |
|  |  | Written option contracts | 12570 |  | 790000 <sup>(b)</sup> |
|  Interest rate |  | Swap contracts | 910118 | 74995 | 27168750 <sup>(b)(c)</sup> |
|  |  | Future contracts | (52771) | 25896 | 16897429 <sup>(b)</sup> |
|  |  | Purchased option contracts | (65158) | (56902) | 11625053 <sup>(b)</sup> |
|  |  | Written option contracts | 75554 | 91747 | 22655886 <sup>(b)</sup> |
|  Credit |  | Swap contracts | (30829) | (8310) | 2865385 <sup>(b)(c)</sup> |
|  Equity |  | Swap contracts | 10447 |  | 325000 <sup>(b)(c)</sup> |
|  |  | Purchased option contracts | (187300) | 43922 | 158 <sup>(d)</sup> |
|  |  | Written option contracts | 2188336 | 184600 | 217 <sup>(d)</sup> |
|  | Total |  | $2465448 | $268561 |  |

---

<sup>(a)</sup> Average notional values are based on the average of monthly end contract values for the year ended December 31, 2025.

<sup>(b)</sup> Average notional values are based on the average of monthly end notional balances for the year ended December 31, 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 year ended December 31, 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 | $18983755 | $1992275 | 1052286394 |
|  Commodity |  | Future contracts | 92005141 | 11560883 | 306892261 |
|  Interest rate |  | Future contracts | (42493273) | (7960134) | 1457365553 |
|  Equity |  | Future contracts | 74904899 | 10494192 | 725803272 |
|  | Total |  | $143400522 | $16087216 |  |

---

<sup>(a)</sup> Average notional values are based on the average of monthly end notional balances for the year ended December 31, 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 December 31, 2025, Global Select Fund, International Fund, Low Duration Income Fund, DBi Managed Futures Strategy ETF, and Bershire Dividend Growth ETF had investments in repurchase agreements with a gross value of $869,087, $2,687,365, $8,146,864, $75,837,486, and $930,803, 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 December 31, 2025.

For the year ended December 31, 2025, the Low Duration Income Fund had outstanding reverse repurchase agreement balance for 219 days. The average amount of borrowings was $8,215,142 and the average interest rate was 3.95% during the 219 day period.

As of December 31, 2025, the Low Duration Income Fund didn't have open reverse repurchase agreements.

 <br> 80 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
The following tables represent the disclosure for derivative instruments related to offsetting assets and liabilities for each of the Funds as of December 31, 2025:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration Income Fund** | **Low Duration 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 | $9460 | $— | $— | $— | $9460 | $— | $— | $(37) | $(16115) | $(16152) | $(6692) | $— | $(6692) |
|  Bank of America N.A. | 49611 |  |  |  | 49611 |  |  |  | (27025) | (27025) | 22586 |  | 22586 |
|  Barclays Bank Plc | 102 |  |  | 22803 | 22905 |  |  | (110) | (5181) | (5291) | 17614 |  | 17614 |
|  Citibank N.A. |  |  |  |  |  |  |  | (460) |  | (460) | (460) |  | (460) |
|  Goldman Sachs & Co. | 1073 | 10059 |  |  | 11132 | (1978) |  | (1009) |  | (2987) | 8145 |  | 8145 |
|  JPMorgan Chase Bank N.A. | 197 |  |  |  | 197 |  |  | (2156) |  | (2156) | (1959) |  | (1959) |
|  Morgan Stanley & Co. | 6066 |  |  | 711 | 6777 |  | (7778) | (416) | (10224) | (18418) | (11641) |  | (11641) |
|  Toronto-Dominion Bank | 6066 |  |  |  | 6066 |  |  |  | (5638) | (5638) | 428 |  | 428 |
|  UBS Securities LLC |  |  |  |  |  |  |  |  | (163456) | (163456) | (163456) |  | (163456) |
|  Total | $72575 | $10059 | $— | $23514 | $106148 | $(1978) | $(7778) | $(4188) | $(227639) | $(241583) | $(135435) | $— | $(135435) |

---

<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 Liabilites.

<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 Statement 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. | $— | $13975488 | $— | $— | $13975488 | $(3763228) | $— | $— | $— | $(3763228) | $10212260 | $— | $10212260 |
|  Societe Generale |  | 14000403 |  |  | 14000403 | (3824974) |  |  |  | (3824974) | 10175429 |  | 10175429 |
|  Total | $— | $27975891 | $— | $— | $27975891 | $(7588202) | $— | $— | $— | $(7588202) | $20387689 | $— | $20387689 |

---

<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 Liabilites.

<sup>(2)</sup> The actual collateral pledged (received) may be more than the amounts shown. 

 <br> Notes to Financial Statements 81

------

### Litman Gregory Funds Trust

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

#### Note 9 – Income Taxes and Distributions to Shareholders
As of December 31, 2025, 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 and derivatives | $73639920 | $102844825 | $51196605 |
|  Gross Tax Unrealized Appreciation | 18976616 | 26231213 | 7847498 |
|  Gross Tax Unrealized Depreciation | (2606490) | (5328210) | (2508600) |
|  Net Tax unrealized appreciation (depreciation) on investments and derivatives | 16370126 | 20903003 | 5338898 |
|  Net Tax unrealized appreciation (depreciation) on foreign currency | 13598 | 72185 |  |
|  Net Tax unrealized appreciation (depreciation) | 16383724 | 20975188 | 5338898 |
|  Undistributed Ordinary Income |  |  |  |
|  Undistributed Long-Term Capital Gains |  | 1398778 | 655673 |
|  Capital Loss Carry Forward | (1954653) |  |  |
|  Late Year Ordinary Loss Deferral | (487) |  |  |
|  Other Accumulated Gains |  |  |  |
|  Total accumulated gain/(loss) | $14428584 | $22373966 | $5994571 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Low Duration<br>Income Fund** | **Dolan McEniry<br>Corporate Bond<br>Fund** | **APA Enhanced<br>Income Municipal<br>Fund** |
|  Tax cost of Investments and derivatives | $344183202 | $457527015 | $17153797 |
|  Gross Tax Unrealized Appreciation | 8714353 | 9489392 | 184222 |
|  Gross Tax Unrealized Depreciation | (32036101) | (475959) | (69835) |
|  Net Tax unrealized appreciation (depreciation) on investments and derivatives | (23321748) | 9013433 | 114387 |
|  Net Tax unrealized appreciation (depreciation) on foreign currency | (103306) |  |  |
|  Net Tax unrealized appreciation (depreciation) | (23425054) | 9013433 | 114387 |
|  Tax Exempt Income |  |  | 7687 |
|  Undistributed Ordinary Income | 269209 | 20517 | 61958 |
|  Undistributed Long-Term Capital Gains | 1395575 |  |  |
|  Capital Loss Carry Forward | (107178910) | (2855082) |  |
|  Straddle Loss Deferral | (18485) |  |  |
|  Other Accumulated Gains | (1480) |  |  |
|  Total accumulated gain/(loss) | $(128959145) | $6178868 | $184032 |

---

 <br> 82 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

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

---

| | | |
|:---|:---|:---|
|  | **DBi Managed<br>Futures Strategy<br>ETF<br>(Consolidated)** | **Berkshire<br>Dividend Growth<br>ETF** |
|  Tax cost of Investments and derivatives | $1686707206 | $7264888 |
|  Gross Tax Unrealized Appreciation | 7619372 | 1391454 |
|  Gross Tax Unrealized Depreciation | (9279011) | (12651) |
|  Net Tax unrealized appreciation (depreciation) on investments and derivatives | (1659639) | 1378803 |
|  Net Tax unrealized appreciation (depreciation) on foreign currency |  |  |
|  Net Tax unrealized appreciation (depreciation) | (1659639) | 1378803 |
|  Undistributed Ordinary Income | 71680326 |  |
|  Undistributed Long-Term Capital Gains |  |  |
|  Capital Loss Carry Forward | (165564750) | (290155) |
|  Late Year Ordinary Loss Deferral |  |  |
|  Other Accumulated Gains | 68089409 |  |
|  Total accumulated gain/(loss) | $(27454654) | $1088648 |

---

\* Amounts disclosed are as of September 30, 2025. 

As of tax year end September 30, 2025, the components of accumulated earnings (losses) for income tax purposes for DBi Managed Futures Strategy ETF were as follows:

---

| | |
|:---|:---|
|  Net Tax unrealized appreciation (depreciation) | $(2357013) |
|  Undistributed Ordinary Income | 71680326 |
|  Undistributed Long-Term Capital Gains |  |
|  Capital Loss Carry Forward | (165564750) |
|  Late Year Ordinary Loss Deferral |  |
|  Other Accumulated Gains | 25086436 |
|  Total accumulated gain/(loss) | $(71155001) |

---

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, and REIT and Non REIT ROC basis adjustments.

For tax purposes, the Funds may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. As of December 31, 2025, Global Select Fund deferred $487 of specified late year ordinary losses.

For the year ended December 31, 2025, capital loss carry over used in current year was as follows:

---

| | |
|:---|:---|
| **Fund** | **Capital Loss<br>Carryover Utilized<br>Short-Term** |
|  International Fund | $24645822 |

---

The capital loss carry forwards for each Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global<br>Select Fund** | **Low Duration<br>Income Fund** | **Dolan McEniry<br>Corporate Bond<br>Fund** | **DBi Managed<br>Futures Strategy<br>ETF<br>(Consolidated)\*** | **Berkshire<br>Dividend Growth<br>ETF** |
|  Capital Loss Carryforwards |  |  |  |  |  |
|  Perpetual Short-Term | $(1954653) | $(36880883) | $(58716) | $(51279786) | $(3660) |
|  Perpetual Long-Term |  | (70298027) | (2796366) | (114284964) | (286495) |
|  Total | $(1954653) | $(107178910) | $(2855082) | $(165564750) | $(290155) |

---

\* Amounts disclosed are as of September 30, 2025. 

 <br> Notes to Financial Statements 83

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
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 ended December 31, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Accumulated<br>Distributable<br>Earnings (Deficit)** | **Paid In<br>Capital** |
|  Global Select Fund\* | $(6518) | $6518 |
|  International Fund\* | (5175) | 5175 |
|  Small Company Fund\* | (118933) | 118933 |
|  Low Duration Income Fund\* | (88415726) | 88415726 |
|  Dolan McEniry Corporate Bond Fund\* |  |  |
|  APA Enhanced Income Municipal Fund\* | (3018) | 3018 |
|  DBi Managed Futures Strategy ETF (Consolidated)\* | 16231981 | (16231981)\*\* |
|  Berkshire Dividend Growth ETF\* | (328644) | 328644 |

---

\* The permanent differences primarily relate to equalization adjustments, net operating losses, redemptions-in-kind and merger adjustments.

\*\* Amounts disclosed are as of September 30, 2025. 

The tax composition of dividends for the year ended December 31, 2025 and the year or period ended December 31, 2024 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Fund** | **Ordinary<br>Income** | **Tax<br>Exempt<br>Income** | **Long-Term<br>Capital<br>Gain** | **Return of<br>Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital<br>Gain** | **Return of<br>Capital** |
|  Global Select Fund | $270075 | $— | $2568889 | $38493 | $5246423 | $1736025 | $— |
|  International Fund | 1667355 |  | 280088 |  | 1811056 |  | 290953 |
|  Small Company Fund | 95171 |  | 2291158 |  | 1539520 | 6219116 |  |
|  Low Duration Income Fund | 19508208 \* |  |  |  | 7012938 |  |  |
|  Dolan McEniry Corporate Bond Fund | 18816984 |  |  |  | 11405926 |  |  |
|  APA Enhanced Income Municipal Fund | 89011 | 577846 |  |  |  |  |  |
|  DBi Managed Futures Strategy ETF (Consolidated) | 107408960 |  |  |  | 63321703 |  |  |
|  Berkshire Dividend Growth ETF | 159275 |  |  |  | 114804 | 13564 |  |

---

\* Income and capital gain distribution are determined in accordance with income tax regulations, which may differ from GAAP. This difference to the Statement of Changes in Net Assets arises primarily due to the deficiency dividend paid by the fund to cover the undistributed income of the target fund, iMGP Alternative Strategies Fund. 

The Funds did not have any unrecognized tax benefits at December 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year ended December 31, 2025. 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 $100,000,000 line of credit with the Custodian, for the Global Select Fund, International Fund, Small Company Fund, Low Duration Income Fund, Dolan McEniry Corporate Bond Fund, APA Enhanced Income Municipal Fund, Polen Capital China Growth ETF and Polen Capital Emerging Markets ex-China Growth ETF (the "Eight Funds") expiring on April 26, 2026. Polen Capital China Growth ETF and Polen Capital Emerging Markets ex-China Growth ETF are not included in this report. 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 a $50,000 annual administrative fee charged at the May 1, 2025 renewal.

Amounts outstanding to the Eight Funds under the Facility at no time shall exceed in the aggregate at any time the least of (a) $100,000,000; (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

 <br> 84 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
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 year ended December 31, 2025, the Funds had borrowings under the agreement 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 | 27608 | 3200000 | 5.418 | 3200000 |  |
|  Small Company Fund | 18795 | 1508434 | 5.380 | 4400000 |  |
|  Low Duration Income Fund | 79564 | 7484921 | 5.193 | 34000000 |  |

---

\* Average borrowing amount and average borrowing rate for the period the line was drawn. 

\*\* Outstanding balance at December 31, 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.

• **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 Low Duration Income Fund invests, 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 Low Duration 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 Low Duration 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

 <br> Notes to Financial Statements 85

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
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 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 Low Duration 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.

 <br> 86 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
• **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 iMGP Berkshire Dividend Growth 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.

• **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.

 <br> Notes to Financial Statements 87

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
• **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 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 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.

• **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.

• **Futures Contracts Risk .** Futures contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. There is an imperfect correlation between the change in market value of the futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts. Futures contracts pose the risk of a possible lack of a liquid secondary market, resulting in the potential inability to close a futures contract when desired. Futures contracts are also subject to risks related to possible market disruptions or other extraordinary events, including but not limited to, governmental intervention, and

 <br> 88 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
potentially unlimited losses caused by unanticipated market movements. Futures contracts are subject to the possibility that the counterparties to the contracts will default in the performance of their obligations. If the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its futures contracts, or close certain positions at a time when it may be disadvantageous to do so. The successful use of futures contracts draws upon the Sub-Advisor's skill and experience with respect to such instruments and is subject to special risk considerations.

• **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.

• **Government Securities and Agency Risk .** Direct obligations of the U.S. Government such as Treasury bills, notes and bonds are supported by its full faith and credit. Indirect obligations issued by Federal agencies and government-sponsored entities generally are not backed by the full faith and credit of the U.S. Treasury. Accordingly, while U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Some of these indirect obligations may be supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; still others are supported only by the credit of the instrumentality.

• **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.

• **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 Low Duration 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

 <br> Notes to Financial Statements 89

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
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 Low Duration 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.

• **Leverage Risk.** Leverage may result from certain transactions, including the use of derivatives and borrowing, particularly with respect to the Low Duration 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 Low Duration Income Fund may 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

 <br> 90 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

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

• **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.

 <br> Notes to Financial Statements 91

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
• **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 December 31, 2025, the Small Company Fund has 27.1% 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.

• **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 the 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.

• **TBAs and Dollar Rolls Risk.** TBA ("to-be-announced") and dollar roll transactions present special risks to the Low Duration 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.

 <br> 92 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
• **Unfavorable Tax Treatment Risk.** Various types of investments in which the Low Duration Income Fund may invest, including derivatives, mortgage related securities, and REITs, may cause the returns of the Fund 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 Low Duration 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, 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 December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Funds' income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on 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 (the "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 Low Duration Income Fund (formerly iMGP High Income Fund). The Board determined that the Reorganization was in the best interest of the Alternative Strategies Fund's shareholders, and did not dilute the interests of existing shareholders. The Low Duration income Fund has substantially the same investment objective and strategy as the Alternative Strategies Fund. Prior to the Reorganization, the Investor Class shares of the Alternative Strategies Fund were converted into Institutional Class shares at the close of business on February 28, 2025. 1,999,972 Investor Class shares were converted into 2,007,279 Institutional Class shares in the amount of $21,864,889. Shareholders of the Institutional Class shares of the Alternative Strategies Fund received 1.0861 Institutional Class shares of the Low Duration Income Fund in the Reorganization, which is equivalent in net asset value to the value of their shares of the Alternative Strategies Fund. The Reorganization qualified as a tax-free reorganization to the 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 Low Duration 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 Low Duration 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

 <br> Notes to Financial Statements 93

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### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
the Low Duration 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** | **Low Duration<br>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 |

---

Assuming the acquisitions had been completed on January 1, 2025, the beginning of the annual reporting period of the Funds, the Low Duration Income Fund's pro forma results of operations for the year ended December 31, 2025, are as follows:

---

| | |
|:---|:---|
| **Acquiring Fund** | **Low Duration<br>Income Fund** |
|  Net investment income | $23607918 |
|  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 | 5951462 |
|  Total increase from operations | $29559380 |

---

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 Low Duration 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> 94 Litman Gregory Funds Trust

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![LOGO](g103503g00z01.jpg)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of

Litman Gregory Funds Trust

<u>Opinion on the Financial Statements</u> 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments in securities, purchased options, forward foreign currency exchange contracts, futures contracts, swaps, and written options, of Litman Gregory Funds Trust comprising the Funds listed below (the "Funds") as of December 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of<br>Operations** | **Statements of<br>Changes in Net Assets** | **Financial Highlights** |
| iMGP Global Select Fund, iMGP International Fund, iMGP Small Company Fund, iMGP Low Duration Income Fund (formerly iMGP High Income Fund), iMGP Dolan McEniry Corporate Bond Fund, and iMGP DBi Managed Futures Strategy ETF\* | For the year ended<br> December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| iMGP Berkshire Dividend Growth ETF | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024 and for the period from June 29, 2023 (commencement of operations) through December 31, 2023 |
| iMGP APA Enhanced Income Municipal Fund | For the year ended December 31, 2025 | For the year ended December 31, 2025 and for the period from December 16, 2024 (commencement of operations) through December 31, 2024 | For the year ended December 31, 2025 and for the period from December 16, 2024 (commencement of operations) through December 31, 2024 |

---

\* The financial statements referred to above are Consolidated Financial Statements

<u>Basis for Opinion</u> 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, transfer agents, issuers, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g103503g00z03.jpg)

 <br> Report of Independent Registered Public Accounting Firm 95

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We have served as the auditor of one or more investment companies advised by iM Global Partner Fund Management, LLC since 2012.

![LOGO](g103503g00z02.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

 <br> 96 Litman Gregory Funds Trust

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### Litman Gregory Funds Trust

#### TAX INFORMATION – (Unaudited)
For the fiscal year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
|  Global Select Fund | 100.0% |
|  International Fund | 100.0% |
|  Small Company Fund | 100.0% |
|  Low Duration Income Fund | 0.84% |
|  Dolan McEniry Corporate Bond Fund | 0.0% |
|  APA Enhanced Income Municipal Fund | 0.0% |
|  DBi Managed Futures Strategy ETF (Consolidated) | 0.0% |
|  Berkshire Dividend Growth ETF | 100.0% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
|  Global Select Fund | 100.0% |
|  International Fund | 0.0% |
|  Small Company Fund | 100.0% |
|  Low Duration Income Fund | 0.82% |
|  Dolan McEniry Corporate Bond Fund | 0.0% |
|  APA Enhanced Income Municipal Fund | 0.0% |
|  DBi Managed Futures Strategy ETF (Consolidated) | 0.0% |
|  Berkshire Dividend Growth ETF | 100.0% |

---

Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
|  Global Select Fund | $2568889 |
|  International Fund | 280088 |
|  Small Company Fund | 2291158 |
|  Low Duration Income Fund |  |
|  Dolan McEniry Corporate Bond Fund |  |
|  APA Enhanced Income Municipal Fund |  |
|  DBi Managed Futures Strategy ETF (Consolidated) |  |
|  Berkshire Dividend Growth ETF |  |

---

#### Additional Information Applicable to Foreign Shareholders Only:
The percent of ordinary dividend distributions for the year ended December 31, 2025, which are designated as interest-related dividends under Internal Revenue Code Section 871 (k)(1)(C) is as follows:

---

| | |
|:---|:---|
|  Global Select Fund | 2.9% |
|  International Fund | 0.0% |
|  Small Company Fund | 0.0% |
|  Low Duration Income Fund | 53.0% |
|  Dolan McEniry Corporate Bond Fund | 97.9% |
|  APA Enhanced Income Municipal Fund | 100.0% |
|  DBi Managed Futures Strategy ETF (Consolidated) | 84.8% |
|  Berkshire Dividend Growth ETF | 0.35% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows (unaudited):

---

| | |
|:---|:---|
|  Global Select Fund | 100.00% |
|  International Fund | 0.00% |
|  Small Company Fund | 0.00% |
|  Low Duration Income Fund | 0.00% |
|  Dolan McEniry Corporate Bond Fund | 0.00% |
|  APA Enhanced Income Municipal Fund | 100.00% |
|  DBi Managed Futures Strategy ETF (Consolidated) | 0.00% |
|  Berkshire Dividend Growth ETF | 0.00% |

---

 <br> Tax Information 97

------

### Litman Gregory Funds Trust

#### TAX INFORMATION – (Unaudited) – (Continued)
For the year ended December 31, 2025, the International Fund earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable Foreign Taxes Paid** | **Per Share Amount** | **Portion of Ordinary Income Distribution<br>Derived from foreign Sourced Income** |
| International Fund | $349738 | $0.0621 | 10.58% |

---

 <br> 98 Litman Gregory Funds Trust

------

#### 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 |
|  Low Duration 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](g15421g01b01.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

#### December 31, 2025

------

 <br> ii Litman Gregory Funds Trust

------

### Contents

---

| | |
|:---|:---|
|  [Polen Capital China Growth ETF Schedule of Investments](#toc15421_1) | 2 |
|  [Polen Capital Emerging Markets ex-China Growth ETF Schedule of Investments](#toc15421_2) | 3 |
|  [Polen Capital Global Growth ETF Schedule of Investments](#toc15421_3) | 5 |
|  [Polen Capital International Growth ETF Schedule of Investments](#toc15421_4) | 7 |
|  [Statements of Assets and Liabilities](#toc15421_5) | 9 |
|  [Statements of Operations](#toc15421_6) | 10 |
|  Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital China Growth ETF](#toc15421_7) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital Emerging Markets ex-China Growth ETF](#toc15421_8) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital Global Growth ETF](#toc15421_9) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital International Growth ETF](#toc15421_10) | 12 |
|  Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital China Growth ETF](#toc15421_11) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital Emerging Markets ex-China Growth ETF](#toc15421_12) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital Global Growth ETF](#toc15421_13) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Polen Capital International Growth ETF](#toc15421_14) | 16 |
|  [Notes to Financial Statements](#toc15421_15) | 17 |
|  [Report of Independent Registered Public Accounting Firm](#toc15421_16) | 31 |
|  [Tax Information (Unaudited)](#toc15421_16a) | 32 |

---

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 December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 98.6%**  | **COMMON STOCKS: 98.6%**  | **COMMON STOCKS: 98.6%**  |
| **Communication Services: 21.5%** | **Communication Services: 21.5%** | **Communication Services: 21.5%** |
| 1100 | Baidu, Inc. - Class A<sup>\*</sup> | $18584 |
| 2500 | NetEase, Inc. | 68928 |
| 2700 | Tencent Holdings Ltd. | 207786 |
| 3199 | Tencent Music Entertainment Group - ADR | 56078 |
|  |  | 351376 |
| **Consumer Discretionary: 20.1%** | **Consumer Discretionary: 20.1%** | **Consumer Discretionary: 20.1%** |
| 6500 | Alibaba Group Holding Ltd. | 119252 |
| 4200 | ANTA Sports Products Ltd. | 43465 |
| 3000 | BYD Co. Ltd. - Class H | 36751 |
| 5400 | Haier Smart Home Co. Ltd. - Class H | 16845 |
| 1300 | Meituan - Class B<sup>\*(a)</sup> | 17253 |
| 1150 | Trip.com Group Ltd. | 81853 |
| 2100 | Zhejiang Supor Co. Ltd. - Class A | 13246 |
|  |  | 328665 |
| **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** | **Consumer Staples: 2.2%** |
| 9800 | By-health Co. Ltd. - Class A | 16842 |
| 4800 | Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | 19645 |
|  |  | 36487 |
| **Financials: 17.2%** | **Financials: 17.2%** | **Financials: 17.2%** |
| 10200 | AIA Group Ltd. | 104706 |
| 2100 | Hong Kong Exchanges & Clearing Ltd. | 109971 |
| 8000 | Ping An Insurance Group Co. of China Ltd. - Class H | 66962 |
|  |  | 281639 |
| **Health Care: 6.6%** | **Health Care: 6.6%** | **Health Care: 6.6%** |
| 58000 | AK Medical Holdings Ltd.<sup>(a)</sup> | 42474 |
| 4000 | Hansoh Pharmaceutical Group Co. Ltd.<sup>(a)</sup> | 18542 |
| 1500 | Innovent Biologics, Inc.<sup>\*(a)</sup> | 14695 |
| 3800 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 32393 |
|  |  | 108104 |
| **Industrials: 11.4%** | **Industrials: 11.4%** | **Industrials: 11.4%** |
| 8800 | Centre Testing International Group Co. Ltd. - Class A | 17063 |
| 1800 | Contemporary Amperex Technology Co. Ltd. - Class A | 94599 |
| 3300 | Shenzhen Inovance Technology Co. Ltd. - Class A | 35573 |
| 11000 | SITC International Holdings Co. Ltd. | 39373 |
|  |  | 186608 |
| **Information Technology: 9.4%** | **Information Technology: 9.4%** | **Information Technology: 9.4%** |
| 780 | Beijing Kingsoft Office Software, Inc. - Class A | 34274 |
| 1900 | Montage Technology Co. Ltd. - Class A | 32029 |
| 6000 | Sino Wealth Electronic Ltd. - Class A | 24067 |
| 12400 | Xiaomi Corp. - Class B<sup>\*(a)</sup> | 62609 |
|  |  | 152979 |
| **Materials: 2.1%** | **Materials: 2.1%** | **Materials: 2.1%** |
| 8800 | Shandong Sinocera Functional Material Co. Ltd. - Class A | 34517 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **Real Estate: 8.1%** | **Real Estate: 8.1%** | **Real Estate: 8.1%** |
| 9200 | China Resources Mixc Lifestyle Services Ltd.<sup>(a)</sup> | $50755 |
| 8000 | KE Holdings, Inc. - Class A | 42654 |
| 8900 | Link REIT - REIT | 39723 |
|  |  | 133132 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,263,321) | **TOTAL COMMON STOCKS**<br>(Cost $1,263,321) | 1613507 |
| **TOTAL INVESTMENTS<sup>(b)</sup>**<br>(Cost: $1,263,321): 98.6%  | **TOTAL INVESTMENTS<sup>(b)</sup>**<br>(Cost: $1,263,321): 98.6%  | 1613507 |
| Other Assets in Excess of Liabilities: 1.4% | Other Assets in Excess of Liabilities: 1.4% | 23051 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**1636558** |

---

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 Note 9.

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 December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 99.4%**  | **COMMON STOCKS: 99.4%**  | **COMMON STOCKS: 99.4%**  |
| **Brazil: 15.8%** | **Brazil: 15.8%** | **Brazil: 15.8%** |
| 48 | MercadoLibre, Inc.<sup>\*</sup> | $96684 |
| 4263 | NU Holdings Ltd. - Class A<sup>\*</sup> | 71363 |
| 26520 | Raia Drogasil SA | 113489 |
| 9700 | TOTVS SA | 74488 |
| 10260 | WEG SA | 90828 |
|  |  | 446852 |
| **Cambodia: 1.7%** | **Cambodia: 1.7%** | **Cambodia: 1.7%** |
| 81024 | NagaCorp Ltd. | 48509 |
| **India: 10.8%** | **India: 10.8%** | **India: 10.8%** |
| 551 | Bajaj Auto Ltd. | 57319 |
| 7208 | HDFC Bank Ltd. | 79627 |
| 3239 | ICICI Lombard General Insurance Co. Ltd.<sup>(a)</sup> | 70669 |
| 6143 | Indian Hotels Co. Ltd. | 50403 |
| 11893 | Saregama India Ltd. | 46571 |
|  |  | 304589 |
| **Indonesia: 1.0%** | **Indonesia: 1.0%** | **Indonesia: 1.0%** |
| 56254 | Bank Central Asia Tbk. PT | 27241 |
| **Italy: 1.1%** | **Italy: 1.1%** | **Italy: 1.1%** |
| 1880 | Wizz Air Holdings PLC<sup>\*(a)</sup> | 32253 |
| **Japan: 3.1%** | **Japan: 3.1%** | **Japan: 3.1%** |
| 3530 | Nexon Co. Ltd. | 86148 |
| **Poland: 5.1%** | **Poland: 5.1%** | **Poland: 5.1%** |
| 5680 | Dino Polska SA<sup>\*(a)</sup> | 65323 |
| 6374 | InPost SA<sup>\*</sup> | 78308 |
|  |  | 143631 |
| **Saudi Arabia: 2.3%** | **Saudi Arabia: 2.3%** | **Saudi Arabia: 2.3%** |
| 1900 | Riyadh Cables Group Co. | 66106 |
| **Singapore: 2.0%** | **Singapore: 2.0%** | **Singapore: 2.0%** |
| 101600 | Genting Singapore Ltd. | 57267 |
| **South Africa: 7.7%** | **South Africa: 7.7%** | **South Africa: 7.7%** |
| 4348 | Discovery Ltd. | 59772 |
| 1940 | Karooooo Ltd. | 88270 |
| 1050 | Naspers Ltd. - Class N | 70053 |
|  |  | 218095 |
| **South Korea: 14.1%** | **South Korea: 14.1%** | **South Korea: 14.1%** |
| 470 | Hugel, Inc.<sup>\*</sup> | 75204 |
| 249 | Park Systems Corp. | 36126 |
| 1920 | Samsung Electronics Co. Ltd. | 159806 |
| 409 | Sanil Electric Co. Ltd. | 36938 |
| 348 | SK Square Co. Ltd.<sup>\*</sup> | 88899 |
|  |  | 396973 |
| **Taiwan: 21.3%** | **Taiwan: 21.3%** | **Taiwan: 21.3%** |
| 3452 | Accton Technology Corp. | 130190 |
| 250 | ASPEED Technology, Inc. | 57765 |
| 2000 | MediaTek, Inc. | 91023 |
| 6500 | Taiwan Semiconductor Manufacturing Co. Ltd. | 320650 |
|  |  | 599628 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **United Arab Emirates: 2.7%** | **United Arab Emirates: 2.7%** | **United Arab Emirates: 2.7%** |
| 44320 | Salik Co. PJSC | $76622 |
| **Uruguay: 3.6%** | **Uruguay: 3.6%** | **Uruguay: 3.6%** |
| 7084 | Dlocal Ltd. | 100168 |
| **Vietnam: 7.1%** | **Vietnam: 7.1%** | **Vietnam: 7.1%** |
| 13260 | FPT Corp. | 48301 |
| 27900 | Mobile World Investment Corp. | 93778 |
| 15600 | Phu Nhuan Jewelry JSC | 57536 |
|  |  | 199615 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,493,510) | **TOTAL COMMON STOCKS**<br>(Cost $2,493,510) | 2803697 |
| **TOTAL INVESTMENTS**<br>(Cost: $2,493,510): 99.4%  | **TOTAL INVESTMENTS**<br>(Cost: $2,493,510): 99.4%  | 2803697 |
| Other Assets in Excess of Liabilities: 0.6% | Other Assets in Excess of Liabilities: 0.6% | 16370 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**2820067** |

---

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 December 31, 2025 (Continued)
The following is a table displaying the investments of the fund by industry.

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Semiconductors & Semiconductor Equipment | 16.7% |
|  Electrical Equipment | 6.8% |
|  Consumer Staples Distribution & Retail | 6.3% |
|  Banks | 6.3% |
|  Broadline Retail | 5.9% |
|  Software | 5.8% |
|  Technology Hardware, Storage & Peripherals | 5.7% |
|  Hotels, Restaurants & Leisure | 5.5% |
|  Entertainment | 4.8% |
|  Insurance | 4.6% |
|  Communications Equipment | 4.6% |
|  Financial Services | 3.6% |
|  Specialty Retail | 3.3% |
|  Industrial Conglomerates | 3.1% |
|  Air Freight & Logistics | 2.8% |
|  Transportation Infrastructure | 2.7% |
|  Biotechnology | 2.7% |
|  Textiles, Apparel & Luxury Goods | 2.1% |
|  Automobiles | 2.0% |
|  IT Services | 1.7% |
|  Electronic Equipment, Instruments & Components | 1.3% |
|  Passenger Airlines | 1.1% |
|  Total Investments | 99.4% |
|  Other Assets in Excess of Liabilities | 0.6% |
|  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 December 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS: 98.2%**  | **COMMON STOCKS: 98.2%**  | **COMMON STOCKS: 98.2%**  |
| **Brazil: 2.8%** | **Brazil: 2.8%** | **Brazil: 2.8%** |
| 2611 | MercadoLibre, Inc.<sup>\*</sup> | $5259233 |
| **Canada: 4.2%** | **Canada: 4.2%** | **Canada: 4.2%** |
| 48779 | Shopify, Inc. - Class A<sup>\*</sup> | 7851956 |
| **China: 3.4%** | **China: 3.4%** | **China: 3.4%** |
| 82986 | Tencent Holdings Ltd. | 6386409 |
| **France: 2.0%** | **France: 2.0%** | **France: 2.0%** |
| 8644 | L'Oreal SA | 3718377 |
| **Germany: 4.7%** | **Germany: 4.7%** | **Germany: 4.7%** |
| 20747 | SAP SE | 5072184 |
| 69452 | Siemens Healthineers AG<sup>(a)</sup> | 3660756 |
|  |  | 8732940 |
| **Netherlands: 3.2%** | **Netherlands: 3.2%** | **Netherlands: 3.2%** |
| 3635 | Adyen NV<sup>\*(a)</sup> | 5864802 |
| **Taiwan: 3.2%** | **Taiwan: 3.2%** | **Taiwan: 3.2%** |
| 19440 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5907622 |
| **United States: 74.7%** | **United States: 74.7%** | **United States: 74.7%** |
| 35838 | Abbott Laboratories | 4490143 |
| 8468 | Adobe, Inc.<sup>\*</sup> | 2963715 |
| 36861 | Alphabet, Inc. - Class C | 11566982 |
| 47343 | Amazon.com, Inc.<sup>\*</sup> | 10927711 |
| 24154 | Aon PLC - Class A | 8523463 |
| 40685 | Boston Scientific Corp.<sup>\*</sup> | 3879315 |
| 18746 | Broadcom, Inc. | 6487991 |
| 61632 | CoStar Group, Inc.<sup>\*</sup> | 4144136 |
| 7654 | Eli Lilly & Co. | 8225601 |
| 4013 | IDEXX Laboratories, Inc.<sup>\*</sup> | 2714915 |
| 15508 | MasterCard, Inc. - Class A | 8853207 |
| 24157 | Microsoft Corp. | 11682808 |
| 12286 | MSCI, Inc. | 7048847 |
| 58010 | NVIDIA Corp. | 10818865 |
| 33025 | Oracle Corp. | 6436903 |
| 16701 | Paycom Software, Inc. | 2661471 |
| 26158 | ServiceNow, Inc.<sup>\*</sup> | 4007144 |
| 5831 | Spotify Technology SA<sup>\*</sup> | 3386120 |
| 40260 | Starbucks Corp. | 3390295 |
| 40887 | Uber Technologies, Inc.<sup>\*</sup> | 3340877 |
| 24765 | Visa, Inc. - Class A | 8685333 |
| 38432 | Zoetis, Inc. | 4835514 |
|  |  | 139071356 |
| **TOTAL COMMON STOCKS**<br>(Cost $174,464,612) | **TOTAL COMMON STOCKS**<br>(Cost $174,464,612) | 182792695 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 1.8%**  | **SHORT-TERM INVESTMENTS: 1.8%**  | **SHORT-TERM INVESTMENTS: 1.8%**  |
| **REPURCHASE AGREEMENTS: 1.8%**  | **REPURCHASE AGREEMENTS: 1.8%**  | **REPURCHASE AGREEMENTS: 1.8%**  |
| $3475900 | Fixed Income Clearing Corp. 1.060%, 12/31/2025, due 01/02/2026 [collateral: par value $3,514,800, U.S. Treasury Note, 3.875%, due 05/31/2027, value $3,546,295] (proceeds $3,476,105) | $3475900 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $3,475,900) | **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $3,475,900) | 3475900 |
| **TOTAL INVESTMENTS**<br>(Cost: $177,940,512): 100.0%  | **TOTAL INVESTMENTS**<br>(Cost: $177,940,512): 100.0%  | 186268595 |
| Liabilities in Excess of Other Assets: (0.0)% | Liabilities in Excess of Other Assets: (0.0)% | (63455) |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**186205140** |

---

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 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 December 31, 2025 (Continued)
The following is a table displaying the investments of the fund by industry.

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Software | 16.2% |
|  Financial Services | 12.6% |
|  Semiconductors & Semiconductor Equipment | 12.5% |
|  Interactive Media & Services | 9.6% |
|  Broadline Retail | 8.7% |
|  Health Care Equipment & Supplies | 8.0% |
|  Pharmaceuticals | 7.0% |
|  Insurance | 4.6% |
|  IT Services | 4.2% |
|  Capital Markets | 3.8% |
|  Real Estate Management & Development | 2.2% |
|  Personal Care Products | 2.0% |
|  Hotels, Restaurants & Leisure | 1.8% |
|  Entertainment | 1.8% |
|  Ground Transportation | 1.8% |
|  Professional Services | 1.4% |
|  Short-Term Investments | 1.8% |
|  Total Investments | 100.0% |
|  Liabilities in Excess of Other Assets | (0.0)% |
|  Net Assets | 100.0% |

---

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 December 31, 2025

---

| | | |
|:---|:---|:---|
| **<br>Shares** |  | **Value** |
| **COMMON STOCKS: 98.6%**  | **COMMON STOCKS: 98.6%**  | **COMMON STOCKS: 98.6%**  |
| **Brazil: 9.4%** | **Brazil: 9.4%** | **Brazil: 9.4%** |
| 789 | MercadoLibre, Inc.<sup>\*</sup> | $1589251 |
| 52284 | NU Holdings Ltd. - Class A<sup>\*</sup> | 875234 |
|  |  | 2464485 |
| **Canada: 5.4%** | **Canada: 5.4%** | **Canada: 5.4%** |
| 8832 | Shopify, Inc. - Class A<sup>\*</sup> | 1421687 |
| **China: 3.0%** | **China: 3.0%** | **China: 3.0%** |
| 10300 | Tencent Holdings Ltd. | 792664 |
| **Germany: 10.1%** | **Germany: 10.1%** | **Germany: 10.1%** |
| 4327 | Adidas AG | 858318 |
| 7291 | SAP SE | 1782489 |
|  |  | 2640807 |
| **India: 8.1%** | **India: 8.1%** | **India: 8.1%** |
| 35299 | HDFC Bank Ltd. - ADR | 1289826 |
| 15864 | ICICI Bank Ltd. - ADR | 472747 |
| 4327 | MakeMyTrip Ltd.<sup>\*</sup> | 355333 |
|  |  | 2117906 |
| **Japan: 8.6%** | **Japan: 8.6%** | **Japan: 8.6%** |
| 1700 | Disco Corp. | 522202 |
| 7900 | Nintendo Co. Ltd. | 533753 |
| 5530 | Tokyo Electron Ltd. | 1210277 |
|  |  | 2266232 |
| **Netherlands: 12.0%** | **Netherlands: 12.0%** | **Netherlands: 12.0%** |
| 593 | Adyen NV<sup>\*(a)</sup> | 956761 |
| 948 | ASM International NV | 575770 |
| 1482 | ASML Holding NV | 1602296 |
|  |  | 3134827 |
| **Poland: 2.9%** | **Poland: 2.9%** | **Poland: 2.9%** |
| 62420 | InPost SA<sup>\*(b)</sup> | 766861 |
| **Singapore: 1.7%** | **Singapore: 1.7%** | **Singapore: 1.7%** |
| 3438 | Sea Ltd. - ADR<sup>\*</sup> | 438586 |
| **Spain: 1.4%** | **Spain: 1.4%** | **Spain: 1.4%** |
| 5157 | Amadeus IT Group SA | 380259 |
| **Switzerland: 4.9%** | **Switzerland: 4.9%** | **Switzerland: 4.9%** |
| 978 | Lonza Group AG | 662595 |
| 13160 | On Holding AG - Class A<sup>\*</sup> | 611677 |
|  |  | 1274272 |
| **United Kingdom: 7.0%** | **United Kingdom: 7.0%** | **United Kingdom: 7.0%** |
| 125967 | Sage Group PLC | 1834197 |
| **United States: 24.1%** | **United States: 24.1%** | **United States: 24.1%** |
| 2727 | Aon PLC - Class A | 962304 |
| 7113 | Globant SA<sup>\*</sup> | 464977 |
| 7291 | ICON PLC<sup>\*</sup> | 1328566 |
| 6228 | Medtronic PLC | 598261 |
| 6525 | Monday.com Ltd.<sup>\*</sup> | 962829 |
| 3794 | Schneider Electric SE | 1045747 |
| 475 | Spotify Technology SA<sup>\*</sup> | 275837 |
| 2015 | Willis Towers Watson PLC | 662129 |
|  |  | 6300650 |
| **TOTAL COMMON STOCKS**<br>(Cost $27,247,610) | **TOTAL COMMON STOCKS**<br>(Cost $27,247,610) | 25833433 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
| **SHORT-TERM INVESTMENTS: 1.3%**  | **SHORT-TERM INVESTMENTS: 1.3%**  | **SHORT-TERM INVESTMENTS: 1.3%**  |
| **REPURCHASE AGREEMENTS: 1.3%** | **REPURCHASE AGREEMENTS: 1.3%** | **REPURCHASE AGREEMENTS: 1.3%** |
| $344511 | Fixed Income Clearing Corp. 1.060%, 12/31/2025, due 01/02/2026 [collateral: par value $348,400, U.S. Treasury Note, 3.875%, due 05/31/2027, value $351,556] (proceeds $344,531) | $344511 |
| **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $344,511) | **TOTAL REPURCHASE AGREEMENTS**<br>(Cost $344,511) | 344511 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $344,511) | **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $344,511) | 344511 |
| **TOTAL INVESTMENTS**<br>(Cost: $27,592,121): 99.9%  | **TOTAL INVESTMENTS**<br>(Cost: $27,592,121): 99.9%  | 26177944 |
| Other Assets in Excess of Liabilities: 0.1% | Other Assets in Excess of Liabilities: 0.1% | 13171 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**26191115** |

---

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 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.

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 December 31, 2025 (Continued)
The following is a table displaying the investments of the fund by industry.

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Software | 17.5% |
|  Semiconductors & Semiconductor Equipment | 14.9% |
|  Banks | 10.0% |
|  Broadline Retail | 7.8% |
|  Life Sciences Tools & Services | 7.6% |
|  IT Services | 7.2% |
|  Insurance | 6.2% |
|  Textiles, Apparel & Luxury Goods | 5.7% |
|  Electrical Equipment | 4.0% |
|  Financial Services | 3.7% |
|  Entertainment | 3.0% |
|  Interactive Media & Services | 3.0% |
|  Air Freight & Logistics | 2.9% |
|  Hotels, Restaurants & Leisure | 2.8% |
|  Health Care Equipment & Supplies | 2.3% |
|  Short-Term Investments | 1.3% |
|  Total Investments | 99.9% |
|  Other Assets in Excess of Liabilities | 0.1% |
|  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 December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 | $1263321 | $2493510 | $174464612 | $27247610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at cost |  |  | 3475900 | 344511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at cost | $1263321 | $2493510 | $177940512 | $27592121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities at value<sup>1</sup> | $1613507 | $2803697 | $182792695 | $25833433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements at value |  |  | 3475900 | 344511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments at value | $1613507 | $2803697 | $186268595 | $26177944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 19428 | 9384 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, denominated in foreign currency (cost of $1,451, $1,282, $60 and $242, respectively) | 1451 | 1284 | 60 | 244 |
|  **Receivables:** | **Receivables:** | **Receivables:** | **Receivables:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  | 53103 | 21540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest |  | 4820 | 15861 | 6286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory reimbursement | 2172 | 1286 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1636558 | 2820471 | 186337619 | 26206014 |
|  **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 |  |  | 129170 | 14899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld |  | 404 | 3309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  | 404 | 132479 | 14899 |
|  **NET ASSETS** | $1636558 | $2820067 | $186205140 | $26191115 |
|  Net Assets | $1636558 | $2820067 | $186205140 | $26191115 |
| &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 | 15575000 | 2860000 |
|  **Net asset value, offering price and redemption price per share** | $13.09 | $11.28 | $11.96 | $9.16 |
|  **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 | $191703764 | $30076004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated distributable earnings (deficit) | 354140 | 205572 | (5498624) | (3884889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS | $1636558 | $2820067 | $186205140 | $26191115 |

---

---

| | |
|:---|:---|
| 1 | Includes $690,616 of securities on loan in Polen Capital International Growth ETF.  |

---

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

 <br> Statements of Assets and Liabilities 9

------

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 $1,128, $5,553, $43,685 and $26,569, respectively) | $33555 | $47695 | $1164758 | $256245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 178 | 3 | 66601 | 12460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (See Note 2) |  |  | 294 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 33733 | 47698 | 1231653 | 269615 |
| &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 | 15918 | 26327 | 1505391 | 231113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15918 | 26327 | 1505391 | 231113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15918 | 26327 | 1505391 | 231113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 17815 | 21371 | (273738) | 38502 |
|  **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 | 67395 | (99508) | (12815316) | (1357615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (213) | (6173) | (22898) | (4923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  |  | 14775378 | 1866336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 67182 | (105681) | 1937164 | 503798 |
| &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 | 215462 | 408314 | 1677767 | (510627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (334) | 174 | 5278 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation | 215128 | 408488 | 1683045 | (508447) |
| &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** | 282310 | 302807 | 3620209 | (4649) |
| &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** | $300125 | $324178 | $3346471 | $33853 |

---

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

 <br> 10 Litman Gregory Funds Trust

------

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** |
|  | **Year Ended<br>December 31,<br>2025** | **Period Ended<br>December 31,<br>2024<sup>\*</sup>** | **Year Ended<br>December 31,<br>2025** | **Period Ended<br>December 31,<br>2024<sup>\*\*</sup>** |
|  **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 | $17815 | $22361 | $21371 | $1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 67182 | (39515) | (105681) | (8390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | 215128 | 135058 | 408488 | (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** | 300125 | 117904 | 324178 | (105635) |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (37376) | (26513) | (11150) | (2600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (37376) | (26513) | (11150) | (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** | 262749 | 1373809 | 313028 | 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** | $1636558 | $1373809 | $2820067 | $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 |

---

\* Commenced operations on March 14, 2024.

\*\* Commenced operations on September 11, 2024.

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

 <br> Statements of Changes in Net Assets 11

------

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** |
|  | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2025** | **Period Ended<br>December 31,<br>2024<sup>\*</sup>** |
|  **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) | $(273738) | $(197118) | $38502 | $94816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 1937164 | 6876224 | 503798 | (1129978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | 1683045 | 4601317 | (508447) | (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** | 3346471 | 11280423 | 33853 | (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 |  |  | (37180) | (94830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (37180) | (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 | 89338486 | 144077495 | 6273118 | 28617445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment for shares redeemed | (63098524) | (37075453) | (6662120) |  |
| &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 | 26239962 | 107002042 | (389002) | 28617445 |
| &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** | 29586433 | 118282465 | (392329) | 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** | $186205140 | $156618707 | $26191115 | $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 | 7605000 | 12875000 | 640000 | 2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5330000) | (3225000) | (680000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 2275000 | 9650000 | (40000) | 2900000 |

---

\* Commenced operations on March 14, 2024.

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

 <br> 12 Litman Gregory Funds Trust

------

Polen Capital China Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Period Ended<br>December 31,<br>2024<sup>\*\*</sup>** |
|  Net asset value, beginning of period | $10.99 | $10.00 |
|  **Income from investment operations:** | **Income from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.14 | 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 | 2.26 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 2.40 | 1.20 |
|  **Less distributions:** | **Less distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.30) | (0.21) |
|  **Net asset value, end of period** | $13.09 | $10.99 |
|  **Market price, end of period** | $13.08 | $10.87 |
|  Net asset value total return | 21.83% | 12.00 |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $1637 | $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 | 1.12% | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 34.69% | 41.06 |

---

+ Not annualized.

\* Annualized.

\*\* Commenced operations on March 14, 2024.

1 Calculated based on the average shares outstanding methodology.

---

| | |
|:---|:---|
| 2 | 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> Financial Highlights 13

------

Polen Capital Emerging Markets ex-China Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Period Ended<br>December 31,<br>2024<sup>\*\*</sup>** |
|  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> | 0.09 | 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 | 1.20 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 1.29 | 0.04 |
|  **Less distributions:** | **Less distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.04) | (0.01) |
|  **Net asset value, end of period** | $11.28 | $10.03 |
|  **Market price, end of period** | $11.26 | $10.04 |
|  Net asset value total return | 12.91% | 0.39 |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $2820 | $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 | 0.81% | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 42.55% | 7.03 |

---

+ Not annualized.

\* Annualized.

\*\* Commenced operations on September 11, 2024.

---

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

---

1 Calculated based on the average shares outstanding methodology.

---

| | |
|:---|:---|
| 2 | 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> 14 Litman Gregory Funds Trust

------

Polen Capital Global Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Period Ended<br>December 31,<br>2023<sup>\*\*</sup>** |
|  | **2025** | **2024** | **Period Ended<br>December 31,<br>2023<sup>\*\*</sup>** |
|  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 loss<sup>1</sup> | (0.02) | (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 | 0.18 | 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** | $11.96 | $11.78 | $10.50 |
|  **Market price, end of period** | $11.97 | $11.78 | $10.48 |
|  Net asset value total return | 1.53% | 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) | $186205 | $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 loss to average net assets | (0.15)% | (0.18)% | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 56.70%<sup>5</sup> | 17.61%<sup>4</sup> | 3.65 |

---

+ Not annualized.

\* Annualized.

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

1 Calculated based on the average shares outstanding methodology.

---

| | |
|:---|:---|
| 2 | 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.  |

---

---

| | |
|:---|:---|
| 3 | 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.  |

---

---

| | |
|:---|:---|
| 4 | 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.  |

---

---

| | |
|:---|:---|
| 5 | Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 93.60% for the year ended December 31, 2025.  |

---

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

 <br> Financial Highlights 15

------

Polen Capital International Growth ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2025** | **Period Ended<br>December 31,<br>2024<sup>\*\*</sup>** |
|  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> | 0.01 | 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 | (0.01) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations |  | (0.80) |
|  **Less distributions:** | **Less distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.01) | (0.03) |
|  **Net asset value, end of period** | $9.16 | $9.17 |
|  **Market price, end of period** | $9.12 | $9.13 |
|  Net asset value total return | 0.04% | (8.01) |
|  **Ratios/supplemental data:** | **Ratios/supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (thousands) | $26191 | $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 | 0.14% | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 36.03%<sup>3</sup> | 24.21 |

---

+ Not annualized.

\* Annualized.

\*\* Commenced operations on March 14, 2024.

1 Calculated based on the average shares outstanding methodology.

---

| | |
|:---|:---|
| 2 | 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.  |

---

---

| | |
|:---|:---|
| 3 | Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 59.62% for the year ended December 31, 2025.  |

---

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

 <br> 16 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS

#### 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, excluding China. 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> Notes to Financial Statements 17

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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 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 *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 December 31, 2025, the Funds' ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities. 

At December 31, 2025, Polen Capital Global Growth ETF and Polen Capital International Growth ETF had investments in repurchase agreements with a gross value of $3,475,900 and $344,511, 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 December 31, 2025.

 <br> 18 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
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 equity 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 December 31, 2025, securities on loan at value and collateral from securities on loan are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Value of securities<br>on loan** | **Cash Collateral** | **Non-Cash<br>Collateral** | **Total Collateral** |
|  Polen Capital International Growth ETF | $690616 | $– $| 724696 | $724696 |

---

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 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 Internal Revenue Code of 1986 (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 December 31, 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 year ended December 31, 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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 <br> Notes to Financial Statements 19

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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 year ended December 31, 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.  |

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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 December 31, 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.  |

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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.

L *Segment Reporting*. 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 standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. The Funds' Treasurer acts as the Funds' chief operating decision maker ("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. 

 <br> 20 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

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

#### 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 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% |

---

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 $157,500 for the year ended December 31, 2025 for the services of the CCO.

During the year ended December 31, 2025, each independent Trustee, within the meaning of the 1940 Act, was compensated by the Trust in the amount of $135,000. The Chairperson of the Board was compensated in the amount of $147,500.

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 year ended December 31, 2025, excluding short-term investments and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Polen Capital China Growth ETF | $528238 | $563884 |
|  Polen Capital Emerging Markets ex-China Growth ETF | 1156547 | 1089391 |
|  Polen Capital Global Growth ETF | 159258052 | 97547400 |
|  Polen Capital International Growth ETF | 16094337 | 9445054 |

---

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 | $28443307 | $63487113 |
|  Polen Capital International Growth ETF |  | 6184080 |

---

 <br> Notes to Financial Statements 21

------

### Litman Gregory Funds Trust

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

#### 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.

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 December 31, 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 | $1613507 | $— | $— | $1613507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 1613507 |  |  | 1613507 |
|  Total Investments in Securities | $1613507 | $— | $— | $1613507 |

---

<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 | $446852 | $— | $— | $446852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 48509 |  |  | 48509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 304589 |  |  | 304589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 27241 |  |  | 27241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 32253 |  |  | 32253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 86148 |  |  | 86148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 143631 |  |  | 143631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 66106 |  |  | 66106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 57267 |  |  | 57267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 218095 |  |  | 218095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 396973 |  |  | 396973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 599628 |  |  | 599628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 76622 |  |  | 76622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 100168 |  |  | 100168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 199615 |  |  | 199615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 2803697 |  |  | 2803697 |
|  Total Investments in Securities | $2803697 | $— | $— | $2803697 |

---

 <br> 22 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

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

#### 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 | $5259233 | $— | $— | $5259233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 7851956 |  |  | 7851956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 6386409 |  |  | 6386409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 3718377 |  |  | 3718377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 8732940 |  |  | 8732940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 5864802 |  |  | 5864802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 5907622 |  |  | 5907622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 139071356 |  |  | 139071356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 182792695 |  |  | 182792695 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 3475900 |  | 3475900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments |  | 3475900 |  | 3475900 |
|  Total Investments in Securities | $182792695 | $3475900 | $— | $186268595 |

---

#### 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 | $2464485 | $— | $— | $2464485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1421687 |  |  | 1421687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 792664 |  |  | 792664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2640807 |  |  | 2640807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 2117906 |  |  | 2117906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 2266232 |  |  | 2266232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 3134827 |  |  | 3134827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 766861 |  |  | 766861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 438586 |  |  | 438586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 380259 |  |  | 380259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 1274272 |  |  | 1274272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1834197 |  |  | 1834197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 6300650 |  |  | 6300650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 25833433 |  |  | 25833433 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 344511 |  | 344511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments |  | 344511 |  | 344511 |
|  Total Investments in Securities | $25833433 | $344511 | $— | $26177944 |

---

 <br> Notes to Financial Statements 23

------

### Litman Gregory Funds Trust

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

#### Note 7 – Income Taxes and Distributions to Shareholders
As of December 31, 2025, 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<br>Growth ETF** | **Polen Capital<br>International<br>Growth ETF** |
|  Tax cost of Investments and derivatives | $1264974 | $2512535 | $178359600 | $27607171 |
|  Gross Tax Unrealized Appreciation | 389820 | 491810 | 17084816 | 1619690 |
|  Gross Tax Unrealized Depreciation | (41287) | (200648) | (9175821) | (3048917) |
|  Net Tax unrealized appreciation (depreciation) on investments and derivatives | 348533 | 291162 | 7908995 | (1429227) |
|  Net Tax unrealized appreciation (depreciation) on foreign currency |  | 21 | 4287 | 1721 |
|  Net Tax unrealized appreciation (depreciation) | 348533 | 291183 | 7913282 | (1427506) |
|  Undistributed Ordinary Income | 1396 | 20299 |  |  |
|  Undistributed Long-Term Capital Gains | 4211 |  |  |  |
|  Capital Loss Carry Forward |  | (105910) | (13411906) | (2457383) |
|  Late Year Ordinary Loss Deferral |  |  |  |  |
|  Post-October Capital Losses Deferral |  |  |  |  |
|  Other Accumulated Gains/(Losses) |  |  |  |  |
|  Total accumulated gain/(loss) | $354140 | $205572 | $(5498624) | $(3884889) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to wash sales and tax adjustments on passive foreign investment companies.

For the year ended December 31, 2025, capital loss carryover used in current year was as follows:

---

| | |
|:---|:---|
| **Fund** | **Capital Loss<br>Carryover Utilized<br>Short-Term** |
|  Polen Capital China Growth ETF | $40189 |

---

The capital loss carry forwards for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $(49933) | $(3780085) | $(1077820) |
|  Perpetual Long-Term | (55977) | (9631821) | (1379563) |
|  Total | $(105910) | $(13411906) | $(2457383) |

---

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 ended December 31, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Accumulated**<br> **Distributable Earnings<br>(Deficit)** | **Paid In**<br> **Capital** |
|  Polen Capital China Growth ETF\* | $— | $— |
|  Polen Capital Emerging Markets ex-China Growth ETF\* |  |  |
|  Polen Capital Global Growth ETF \* | (14350821) | 14350821 |
|  Polen Capital International Growth ETF \* | (1847561) | 1847561 |

---

<sup>\*</sup> The permanent differences primarily relate to distribution in excess, redemption-in-kinds, and net operating losses.

 <br> 24 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
The tax composition of dividends for the year ended December 31, 2025 and the period ended December 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **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 | $26938 | $10438 | $— | $26513 | $— | $— |
|  Polen Capital Emerging Markets ex-China Growth ETF | 11150 |  |  | 2600 |  |  |
|  Polen Capital Global Growth ETF |  |  |  |  |  |  |
|  Polen Capital International Growth ETF | 37180 |  |  | 94830 |  |  |

---

The Funds did not have any unrecognized tax benefits at December 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year ended December 31, 2025. The Funds are subject to examination by the U.S. federal and state tax authorities for returns filed for the prior one and two fiscal years, if any.

#### Note 8 – Line of Credit
The Trust has an unsecured, uncommitted $100,000,000 line of credit with the Custodian, for the Global Select Fund, International Fund, Small Company Fund, Low Duration Income Fund, Dolan McEniry Corporate Bond Fund, APA Enhanced Income Municipal Fund, Polen Capital China Growth ETF, and Polen Capital Emerging Markets ex-China Growth ETF (the "Eight Funds") expiring on April 26, 2026. Polen Capital China Growth ETF and Polen Capital Emerging Markets ex-China Growth ETF are included in this report. 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 a $50,000 annual administrative fee charged at the May 1, 2025 renewal.

Amounts outstanding to the Eight Funds under the Facility at no time shall exceed in the aggregate at any time the least of (a) $100,000,000; (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 year ended December 31, 2025, Polen Capital China Growth ETF and Polen Capital Emerging Markets ex-China Growth ETF had no borrowings under the agreement.

#### Note 9 – 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 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

 <br> Notes to Financial Statements 25

------

### Litman Gregory Funds Trust

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

 <br> 26 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
• **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.** A 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.

• **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

 <br> Notes to Financial Statements 27

------

### Litman Gregory Funds Trust

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

 <br> 28 Litman Gregory Funds Trust

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (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.

• **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 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.

• **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 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.

 <br> Notes to Financial Statements 29

------

### Litman Gregory Funds Trust

#### NOTES TO FINANCIAL STATEMENTS – (Continued)
• **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 10 – New Accounting Pronouncement
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Funds' income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on the Funds' financial statements.

#### Note 11 – Subsequent Events
At the recommendation of iM Global Partner Fund Management, LLC, the investment adviser to the Polen Capital Emerging Markets ex-China Growth ETF (the "Fund"), the Board of Trustees approved the liquidation and termination of the Fund. The Fund will create and redeem creation units through March 16, 2026, which will also be the last day of trading of shares on the NYSE Arca. On or about March 31, 2026, the Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to the shareholders.

 <br> 30 Litman Gregory Funds Trust

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of

Litman Gregory Funds Trust

<u>Opinion on the Financial Statements</u> 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Litman Gregory Funds Trust comprising the Funds listed below (the "Funds") as of December 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations** | **Statement(s) of Changes<br>in Net Assets** | **Financial Highlights** |
| Polen Capital Global Growth ETF | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024 and for the period from August 29, 2023 (commencement of operations) through December 31, 2023 |
| Polen Capital China Growth ETF and Polen Capital International Growth ETF | For the year ended December 31,<br> 2025 | For the year ended December 31, 2025, and the period from March 14, 2024 (commencement of operations) through December 31, 2024 | For the year ended December 31, 2025, and the period from March 14, 2024 (commencement of operations) through December 31, 2024 |
| Polen Capital Emerging Markets ex-China Growth ETF | For the year ended December 31,<br> 2025 | For the year ended December 31, 2025, and the period from September 11, 2024 (commencement of operations) through December 31, 2024 | For the year ended December 31, 2025, and the period from September 11, 2024 (commencement of operations) through December 31, 2024 |

---

<u>Basis for Opinion</u> 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

<u>Emphasis of a Matter</u> 

As described in Note 11 to the financial statements, the Board of Trustees approved the liquidation and termination of the Polen Capital Emerging Markets Ex-China Growth ETF. In accordance with the liquidation and termination, the Polen Capital Emerging Markets Ex-China Growth ETF will be liquidated on or about March 31, 2026. Our opinion is not modified with respect to this matter.

We have served as the auditor of one or more investment companies advised by iM Global Partner Fund Management, LLC since 2012.

![LOGO](g15421g25g42.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

 <br> Report of Independent Registered Public Accounting Firm 31

------

### Litman Gregory Funds Trust

#### TAX INFORMATION – (Unaudited)
For the fiscal year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
|  Polen Capital China Growth ETF | 41.57% |
|  Polen Capital Emerging Markets ex-China Growth ETF | 100.0% |
|  Polen Capital Global Growth ETF | 0.0% |
|  Polen Capital International Growth ETF | 100.0% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
|  Polen Capital China Growth ETF | 0.0% |
|  Polen Capital Emerging Markets ex-China Growth ETF | 0.0% |
|  Polen Capital Global Growth ETF | 0.0% |
|  Polen Capital International Growth ETF | 0.0% |

---

Pursuant to Internal Revenue Section 852(b), the following Funds paid distributions, which have been designated as capital gains distributions for the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
|  Polen Capital China Growth ETF | $10438 |
|  Polen Capital Emerging Markets ex-China Growth ETF |  |
|  Polen Capital Global Growth ETF |  |
|  Polen Capital International Growth ETF |  |

---

#### Additional Information Applicable to Foreign Shareholders Only:
The percent of ordinary dividend distributions for the fiscal year ended December 31, 2025, which are designated as interest-related dividends under Internal Revenue Code Section 871 (k)(1)(C) is as follows:

---

| | |
|:---|:---|
|  Polen Capital China Growth ETF | 0.51% |
|  Polen Capital Emerging Markets ex-China Growth ETF | 0.01% |
|  Polen Capital Global Growth ETF | 5.22% |
|  Polen Capital International Growth ETF | 4.51% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows (unaudited):

---

| | |
|:---|:---|
|  Polen Capital China Growth ETF | 0.0% |
|  Polen Capital Emerging Markets ex-China Growth ETF | 0.0% |
|  Polen Capital Global Growth ETF | 0.0% |
|  Polen Capital International Growth ETF | 0.0% |

---

For the fiscal year ended December 31, 2025, the Polen Capital China Growth ETF, the Polen Capital Emerging Markets ex-China Growth ETF, and the Polen Capital International Growth ETF earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable Foreign Taxes Paid** | **Per Share Amount** | **Portion of Ordinary Income Distribution**<br> **Derived from foreign Sourced Income** |
| Polen Capital China Growth ETF | $1128 | $0.0090 | 3.25% |
| Polen Capital Emerging Markets ex-China Growth ETF | 5426 | 0.0217 | 10.19 |
| Polen Capital International Growth ETF | 21482 | 0.0075 | 7.60 |

---

 <br> 32 Litman Gregory Funds Trust

------

#### 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

------

#### 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
Not applicable.

#### 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
Not applicable.

#### 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) Not applicable because the Code of Ethics is provided free of charge, upon request, as described in Item 2 of this Form N-CSR.

(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.](d102920dex99cert.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.](d102920dex99906cert.htm)

------

#### 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** | **LITMAN GREGORY FUNDS TRUST** |
| By: | /s/ John M. Coughlan |
|  | John M. Coughlan |
|  | Chief Executive Officer |
| Date: | March 10, 2026 |

---

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/ John M. Coughlan |
|  | John M. Coughlan |
|  | Chief Executive Officer |
| Date: | March 10, 2026 |
| By: | /s/ John M. Coughlan |
|  | John M. Coughlan |
|  | Treasurer |
| Date: | March 10, 2026 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

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: March 10, 2026 | /s/ John M. Coughlan |
|  | John M. Coughlan |
|  | Chief Executive Officer |

---

------

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: March 10, 2026 | /s/ John M. Coughlan |
|  | John M. Coughlan |
|  | Treasurer |

---

## Exhibit 99.906

Exhibit 19(b)

**SECTION 906 CERTIFICATION** 

I, John M. Coughlan, Chief Executive Officer and 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/ John M. Coughlan |
|  | John M. Coughlan |
|  | Chief Executive Officer |
| Date: | March 10, 2026 |
| By: | /s/ John M. Coughlan |
|  | John M. Coughlan |
|  | Treasurer |
| Date: | March 10, 2026 |

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