# EDGAR Filing Document

**Accession Number:** 0001314404
**File Stem:** 0001314404-25-000003
**Filing Date:** 2025-8
**Character Count:** 16547
**Document Hash:** 178fc2534c79a3d03e31f56e3a6a4525
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001314404-25-000003.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001314404-25-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JMG Financial Group, Ltd.
- **CENTRAL INDEX KEY:** 0001314404

**ORGANIZATION NAME:**
- **EIN:** 363275370
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11111
- **FILM NUMBER:** 251205589

**BUSINESS ADDRESS:**
- **STREET 1:** 2001 BUTTERFIELD ROAD, SUITE 1400
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515
- **BUSINESS PHONE:** 630-573-6942

**MAIL ADDRESS:**
- **STREET 1:** 2001 BUTTERFIELD ROAD, SUITE 1400
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** JMG Financial Group Ltd.<br>**Address:** 2001 BUTTERFIELD ROAD SUITE 1400<br>DOWNERS GROVE, IL 60515

**Form 13F File Number:** 028-11111

**CRD Number (if applicable):** 000110302

**SEC File Number (if applicable):** 801-23526

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Adam Boyer<br>**Title:** Chief Operating Officer and Chief Compliance Officer<br>**Phone:** 630-573-6920

**Signature, Place, and Date of Signing:**

Adam Boyer  Downers Grove, IL  08-12-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 124

**Form 13F Information Table Value Total:** $3298736471

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Alphabet Inc Cl A | COM | 02079k305 |  | 1011560 | 5740 | SH |  | SOLE |  | 0 | 0 | 5740 |
| Alphabet Inc Cl C | COM | 02079k107 |  | 393017 | 2216 | SH |  | SOLE |  | 0 | 0 | 2216 |
| Amazon Communications | COM | 023135106 |  | 469495 | 2140 | SH |  | SOLE |  | 0 | 0 | 2140 |
| Apple Inc | COM | 037833100 |  | 1040200 | 5070 | SH |  | SOLE |  | 0 | 0 | 5070 |
| Automatic Data Processing | COM | 053015103 |  | 208170 | 675 | SH |  | SOLE |  | 0 | 0 | 675 |
| Berkshire Hathaway Cl B | COM | 084670702 |  | 2060636 | 4242 | SH |  | SOLE |  | 0 | 0 | 4242 |
| Costco Wholesale Corp | COM | 22160K105 |  | 226089 | 228 | SH |  | SOLE |  | 0 | 0 | 228 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 446831 | 4145 | SH |  | SOLE |  | 0 | 0 | 4145 |
| Fidelity National Information | COM | 31620m106 |  | 274189 | 3368 | SH |  | SOLE |  | 0 | 0 | 3368 |
| Home Depot Inc | COM | 437076102 |  | 311644 | 850 | SH |  | SOLE |  | 0 | 0 | 850 |
| JP Morgan Chase  Co | COM | 46625h100 |  | 388802 | 1341 | SH |  | SOLE |  | 0 | 0 | 1341 |
| Johnson  Johnson | COM | 478160104 |  | 361801 | 2369 | SH |  | SOLE |  | 0 | 0 | 2369 |
| MasterCard Inc | COM | 57636q104 |  | 572351 | 1019 | SH |  | SOLE |  | 0 | 0 | 1019 |
| Meta Platforms Inc | COM | 30303m102 |  | 364464 | 494 | SH |  | SOLE |  | 0 | 0 | 494 |
| Microsoft Corp | COM | 594918104 |  | 2851003 | 5732 | SH |  | SOLE |  | 0 | 0 | 5732 |
| NetFlix Inc | COM | 64110L106 |  | 774017 | 578 | SH |  | SOLE |  | 0 | 0 | 578 |
| Palo Alto Networks Inc | COM | 697435105 |  | 220193 | 1076 | SH |  | SOLE |  | 0 | 0 | 1076 |
| Procter  Gamble Co | COM | 742718109 |  | 300590 | 1887 | SH |  | SOLE |  | 0 | 0 | 1887 |
| Royal Gold Inc | COM | 780287108 |  | 281165 | 1581 | SH |  | SOLE |  | 0 | 0 | 1581 |
| Texas Instruments Inc | COM | 882508104 |  | 207620 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| TransDigm Group Inc | COM | 893641100 |  | 780088 | 513 | SH |  | SOLE |  | 0 | 0 | 513 |
| DFA International Core Equity | COM | 25434V799 |  | 129190977 | 4155387 | SH |  | SOLE |  | 0 | 0 | 4155387 |
| Dimensional Emerging Markets C | COM | 25434V732 |  | 58449777 | 1969332 | SH |  | SOLE |  | 0 | 0 | 1969332 |
| Dimensional Global Real Estate | COM | 25434V658 |  | 134061449 | 4996700 | SH |  | SOLE |  | 0 | 0 | 4996700 |
| Dimensional International Valu | COM | 25434v807 |  | 1714508 | 40031 | SH |  | SOLE |  | 0 | 0 | 40031 |
| Dimensional US Real Estate ETF | COM | 25434V823 |  | 1513405 | 64510 | SH |  | SOLE |  | 0 | 0 | 64510 |
| Dimensional US Small Cap ETF | COM | 25434V500 |  | 5948284 | 93365 | SH |  | SOLE |  | 0 | 0 | 93365 |
| Dimensional US Small Cap Value | COM | 25434V815 |  | 159805832 | 5430032 | SH |  | SOLE |  | 0 | 0 | 5430032 |
| Goldman Sachs Active Beta ETF | COM | 381430503 |  | 464571 | 3827 | SH |  | SOLE |  | 0 | 0 | 3827 |
| IShares Core MSCI Emerging ETF | COM | 46434g103 |  | 1659230 | 27640 | SH |  | SOLE |  | 0 | 0 | 27640 |
| Invesco QQQ Trust | COM | 46090e103 |  | 6907363 | 12522 | SH |  | SOLE |  | 0 | 0 | 12522 |
| Invesco S 500 Equal Weight E | COM | 46137v357 |  | 1068086 | 5877 | SH |  | SOLE |  | 0 | 0 | 5877 |
| OShares FTSE Russell Small Cap | COM | 6711op100 |  | 241062 | 5579 | SH |  | SOLE |  | 0 | 0 | 5579 |
| Pimco 0-5 Year High Yield Corp | COM | 72201R783 |  | 461959 | 4862 | SH |  | SOLE |  | 0 | 0 | 4862 |
| SPDR Financial Select Sector E | COM | 81369Y605 |  | 447973 | 8554 | SH |  | SOLE |  | 0 | 0 | 8554 |
| SPDR Gold Shares | COM | 78463v107 |  | 668187 | 2192 | SH |  | SOLE |  | 0 | 0 | 2192 |
| SPDR Portfolio Developed World | COM | 78463x889 |  | 213423 | 5271 | SH |  | SOLE |  | 0 | 0 | 5271 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 164724137 | 266609 | SH |  | SOLE |  | 0 | 0 | 266609 |
| SPDR S Dividend ETF | COM | 78464a763 |  | 292374 | 2154 | SH |  | SOLE |  | 0 | 0 | 2154 |
| SPDR S International Small C | COM | 78463x871 |  | 235312 | 6329 | SH |  | SOLE |  | 0 | 0 | 6329 |
| SPDR S MidCap 400 ETF Trust | COM | 78467y107 |  | 4088908 | 7218 | SH |  | SOLE |  | 0 | 0 | 7218 |
| Schwab Emerging Markets | COM | 808524706 |  | 31896324 | 1058272 | SH |  | SOLE |  | 0 | 0 | 1058272 |
| Schwab Fundamental Intl Large | COM | 808524755 |  | 296424 | 7407 | SH |  | SOLE |  | 0 | 0 | 7407 |
| Schwab Fundamental Large Cap I | COM | 808524771 |  | 405843 | 16538 | SH |  | SOLE |  | 0 | 0 | 16538 |
| Schwab Fundamental US Small Co | COM | 808524763 |  | 597344 | 20850 | SH |  | SOLE |  | 0 | 0 | 20850 |
| Schwab International Equity ET | COM | 808524805 |  | 97310791 | 4403203 | SH |  | SOLE |  | 0 | 0 | 4403203 |
| Schwab US Aggregate Bond ETF | COM | 808524839 |  | 2718966 | 116995 | SH |  | SOLE |  | 0 | 0 | 116995 |
| Schwab US Broad Market ETF | COM | 808524102 |  | 7932789 | 332891 | SH |  | SOLE |  | 0 | 0 | 332891 |
| Schwab US Dividend Equity ETF | COM | 808524797 |  | 1061828 | 40069 | SH |  | SOLE |  | 0 | 0 | 40069 |
| Schwab US Large Cap ETF | COM | 808524201 |  | 221940922 | 9081052 | SH |  | SOLE |  | 0 | 0 | 9081052 |
| Schwab US Large Cap Growth ETF | COM | 808524300 |  | 7731868 | 264699 | SH |  | SOLE |  | 0 | 0 | 264699 |
| Schwab US Large Cap Value ETF | COM | 808524409 |  | 1187548 | 42918 | SH |  | SOLE |  | 0 | 0 | 42918 |
| Schwab US Mid Cap ETF | COM | 808524508 |  | 92514419 | 3298197 | SH |  | SOLE |  | 0 | 0 | 3298197 |
| Schwab US REIT ETF | COM | 808524847 |  | 2581943 | 122020 | SH |  | SOLE |  | 0 | 0 | 122020 |
| Schwab US Small Cap ETF | COM | 808524607 |  | 1209774 | 47817 | SH |  | SOLE |  | 0 | 0 | 47817 |
| Schwab US Tips ETF | COM | 808524870 |  | 2983438 | 111823 | SH |  | SOLE |  | 0 | 0 | 111823 |
| Sector SPDR Technology Select | COM | 81369Y803 |  | 3319912 | 13110 | SH |  | SOLE |  | 0 | 0 | 13110 |
| Vanguard Dividend Appreciation | COM | 921908844 |  | 3852837 | 18825 | SH |  | SOLE |  | 0 | 0 | 18825 |
| Vanguard FTSE All-World EX-US | COM | 922042775 |  | 15121744 | 224959 | SH |  | SOLE |  | 0 | 0 | 224959 |
| Vanguard Global Ex US Real Est | COM | 922042676 |  | 9204959 | 199457 | SH |  | SOLE |  | 0 | 0 | 199457 |
| Vanguard Growth Vipers | COM | 922908736 |  | 12768449 | 29125 | SH |  | SOLE |  | 0 | 0 | 29125 |
| Vanguard Large Cap | COM | 922908637 |  | 43650811 | 153000 | SH |  | SOLE |  | 0 | 0 | 153000 |
| Vanguard MSCI EAFE ETF | COM | 921943858 |  | 358095613 | 6281277 | SH |  | SOLE |  | 0 | 0 | 6281277 |
| Vanguard MSCI Emerging Markets | COM | 922042858 |  | 142892737 | 2889057 | SH |  | SOLE |  | 0 | 0 | 2889057 |
| Vanguard Mega Cap Growth ETF | COM | 921910816 |  | 302456 | 826 | SH |  | SOLE |  | 0 | 0 | 826 |
| Vanguard Mid Cap Growth Index | COM | 922908538 |  | 7699304 | 27073 | SH |  | SOLE |  | 0 | 0 | 27073 |
| Vanguard Mid Cap Value | COM | 922908512 |  | 9923037 | 60337 | SH |  | SOLE |  | 0 | 0 | 60337 |
| Vanguard Mid Cap Vipers | COM | 922908629 |  | 370988764 | 1325765 | SH |  | SOLE |  | 0 | 0 | 1325765 |
| Vanguard REIT Vipers | COM | 922908553 |  | 22257108 | 249911 | SH |  | SOLE |  | 0 | 0 | 249911 |
| Vanguard Russell 1000 Growth | COM | 92206c680 |  | 402791 | 3689 | SH |  | SOLE |  | 0 | 0 | 3689 |
| Vanguard S 500 ETF | COM | 922908363 |  | 771832223 | 1358788 | SH |  | SOLE |  | 0 | 0 | 1358788 |
| Vanguard ST Inflation Protecte | COM | 922020805 |  | 2854584 | 56785 | SH |  | SOLE |  | 0 | 0 | 56785 |
| Vanguard Small Cap | COM | 922908751 |  | 4802883 | 20267 | SH |  | SOLE |  | 0 | 0 | 20267 |
| Vanguard Small Cap Growth | COM | 922908595 |  | 265321 | 958 | SH |  | SOLE |  | 0 | 0 | 958 |
| Vanguard Small Cap Value | COM | 922908611 |  | 77609933 | 397979 | SH |  | SOLE |  | 0 | 0 | 397979 |
| Vanguard Tax Exempt Bond Index | COM | 922907746 |  | 215046 | 4386 | SH |  | SOLE |  | 0 | 0 | 4386 |
| Vanguard Total Bond Market ETF | COM | 921937835 |  | 800726 | 10875 | SH |  | SOLE |  | 0 | 0 | 10875 |
| Vanguard Total International B | COM | 92203j407 |  | 1812016 | 36599 | SH |  | SOLE |  | 0 | 0 | 36599 |
| Vanguard Total International S | COM | 921909768 |  | 581876 | 8422 | SH |  | SOLE |  | 0 | 0 | 8422 |
| Vanguard Total Stock Market Vi | COM | 922908769 |  | 49274624 | 162125 | SH |  | SOLE |  | 0 | 0 | 162125 |
| Vanguard Total World Stock Ind | COM | 922042742 |  | 657986 | 5120 | SH |  | SOLE |  | 0 | 0 | 5120 |
| Vanguard Utilities ETF | COM | 92204a876 |  | 236907 | 1342 | SH |  | SOLE |  | 0 | 0 | 1342 |
| Vanguard Value | COM | 922908744 |  | 8600708 | 48663 | SH |  | SOLE |  | 0 | 0 | 48663 |
| iShares Barclays US Treasury I | COM | 464287176 |  | 421673 | 3832 | SH |  | SOLE |  | 0 | 0 | 3832 |
| iShares Bitcoin | COM | 46438F101 |  | 306172 | 5002 | SH |  | SOLE |  | 0 | 0 | 5002 |
| iShares Core Dividend Growth | COM | 46434v621 |  | 211002 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| iShares Core Growth Allocation | COM | 464289867 |  | 246034 | 3996 | SH |  | SOLE |  | 0 | 0 | 3996 |
| iShares Core MSCI EAFE ETF | COM | 46432f842 |  | 1736447 | 20801 | SH |  | SOLE |  | 0 | 0 | 20801 |
| iShares Core MSCI Total Intl S | COM | 46432f834 |  | 955706 | 12362 | SH |  | SOLE |  | 0 | 0 | 12362 |
| iShares Core S Total US Stoc | COM | 464287150 |  | 320855 | 2376 | SH |  | SOLE |  | 0 | 0 | 2376 |
| iShares Core US Aggregate Bond | COM | 464287226 |  | 1908832 | 19242 | SH |  | SOLE |  | 0 | 0 | 19242 |
| iShares Core US Growth ETF | COM | 464287671 |  | 3937622 | 26181 | SH |  | SOLE |  | 0 | 0 | 26181 |
| iShares DJ Select Dividend Ind | COM | 464287168 |  | 1500487 | 11298 | SH |  | SOLE |  | 0 | 0 | 11298 |
| iShares ESG Advanced MSCI EAFE | COM | 46436E759 |  | 695865 | 9348 | SH |  | SOLE |  | 0 | 0 | 9348 |
| iShares ESG Advanced MSCI USA | COM | 46436E767 |  | 627368 | 11633 | SH |  | SOLE |  | 0 | 0 | 11633 |
| iShares ESG Aware MSCI EAFE ET | COM | 46435G516 |  | 2852720 | 31974 | SH |  | SOLE |  | 0 | 0 | 31974 |
| iShares ESG Aware MSCI ETF | COM | 46434G863 |  | 1486384 | 37947 | SH |  | SOLE |  | 0 | 0 | 37947 |
| iShares ESG Aware MSCI USA ETF | COM | 46435G425 |  | 1640107 | 12122 | SH |  | SOLE |  | 0 | 0 | 12122 |
| iShares Lehman 3-7 Year Treasu | COM | 464288661 |  | 356675 | 2995 | SH |  | SOLE |  | 0 | 0 | 2995 |
| iShares MSCI ACWI Index Fund | COM | 464288257 |  | 1286000 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| iShares MSCI All Country World | COM | 464286525 |  | 225757 | 1904 | SH |  | SOLE |  | 0 | 0 | 1904 |
| iShares MSCI EAFE Index Fund | COM | 464287465 |  | 3591489 | 40178 | SH |  | SOLE |  | 0 | 0 | 40178 |
| iShares MSCI EAFE Minimum Vola | COM | 46429b689 |  | 439718 | 5231 | SH |  | SOLE |  | 0 | 0 | 5231 |
| iShares MSCI EAFE Small Cap In | COM | 464288273 |  | 545173 | 7501 | SH |  | SOLE |  | 0 | 0 | 7501 |
| iShares MSCI Emerging Markets | COM | 464287234 |  | 991692 | 20557 | SH |  | SOLE |  | 0 | 0 | 20557 |
| iShares MSCI Emerging Markets | COM | 464286533 |  | 705491 | 11234 | SH |  | SOLE |  | 0 | 0 | 11234 |
| iShares MSCI Minimum Volatilit | COM | 46429b697 |  | 1205948 | 12847 | SH |  | SOLE |  | 0 | 0 | 12847 |
| iShares Russell 1000 Growth | COM | 464287614 |  | 15497222 | 36500 | SH |  | SOLE |  | 0 | 0 | 36500 |
| iShares Russell 1000 Index Fun | COM | 464287622 |  | 13934579 | 41036 | SH |  | SOLE |  | 0 | 0 | 41036 |
| iShares Russell 1000 Value Ind | COM | 464287598 |  | 4936498 | 25416 | SH |  | SOLE |  | 0 | 0 | 25416 |
| iShares Russell 2000 Growth | COM | 464287648 |  | 1887534 | 6603 | SH |  | SOLE |  | 0 | 0 | 6603 |
| iShares Russell 2000 Index | COM | 464287655 |  | 6593662 | 30556 | SH |  | SOLE |  | 0 | 0 | 30556 |
| iShares Russell 2000 Value | COM | 464287630 |  | 1660582 | 10526 | SH |  | SOLE |  | 0 | 0 | 10526 |
| iShares Russell 3000 Index | COM | 464287689 |  | 2930499 | 8349 | SH |  | SOLE |  | 0 | 0 | 8349 |
| iShares Russell Midcap | COM | 464287499 |  | 83532084 | 908254 | SH |  | SOLE |  | 0 | 0 | 908254 |
| iShares Russell Midcap Growth | COM | 464287481 |  | 16539719 | 119265 | SH |  | SOLE |  | 0 | 0 | 119265 |
| iShares Russell Midcap Value | COM | 464287473 |  | 10361657 | 78414 | SH |  | SOLE |  | 0 | 0 | 78414 |
| iShares S Mid Cap 400 Index | COM | 464287507 |  | 968628 | 15618 | SH |  | SOLE |  | 0 | 0 | 15618 |
| iShares S Mid Cap 400 Value | COM | 464287705 |  | 799660 | 6471 | SH |  | SOLE |  | 0 | 0 | 6471 |
| iShares S Small Cap 600 Valu | COM | 464287879 |  | 468281 | 4707 | SH |  | SOLE |  | 0 | 0 | 4707 |
| iShares Tr S 500/Barra Growt | COM | 464287309 |  | 3083351 | 28005 | SH |  | SOLE |  | 0 | 0 | 28005 |
| iShares Trust S 500 Index | COM | 464287200 |  | 25495249 | 41062 | SH |  | SOLE |  | 0 | 0 | 41062 |
| iShares Trust S 500/Barra Va | COM | 464287408 |  | 823363 | 4213 | SH |  | SOLE |  | 0 | 0 | 4213 |
| iShares Trust S SmallCap 600 | COM | 464287804 |  | 2932368 | 26831 | SH |  | SOLE |  | 0 | 0 | 26831 |

---