N-CSR

 

Institutional:

APAMX

iMGP APA Enhanced Income Municipal Fund

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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
Institutional
Bloomberg 1-15 Year Municipal Bond Index
Morningstar Muni National Intermediate Category
12/16/2024
$10,000
$10,000
$10,000
12/31/2024
$10,003
$9,925
$9,936
1/31/2025
$10,040
$9,993
$9,982
2/28/2025
$10,156
$10,091
$10,079
3/31/2025
$9,986
$9,964
$9,928
4/30/2025
$9,983
$9,902
$9,882
5/31/2025
$9,959
$9,958
$9,884
6/30/2025
$10,034
$10,034
$9,956
7/31/2025
$9,991
$10,059
$9,935
8/31/2025
$10,097
$10,143
$10,016
9/30/2025
$10,326
$10,294
$10,216
10/31/2025
$10,429
$10,383
$10,319
11/30/2025
$10,467
$10,411
$10,346
12/31/2025
$10,498
$10,439
$10,366

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
$18,101,102
# 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
Value
Value
AAA
3.5%
AA
41.1%
A
43.7%
BBB
8.1%
Not Rated
3.6%

Maturity 

Group By Industry Chart
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

IDMIX

iMGP Dolan McEniry Corporate Bond Fund

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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
Institutional
Bloomberg US Aggregate Bond Index
Bloomberg US Interm Credit Index
9/28/2018
$10,000
$10,000
$10,000
9/30/2018
$10,000
$10,000
$10,000
10/31/2018
$9,939
$9,921
$9,958
11/30/2018
$9,950
$9,980
$9,966
12/31/2018
$9,923
$10,164
$10,075
1/31/2019
$10,156
$10,271
$10,236
2/28/2019
$10,244
$10,266
$10,271
3/31/2019
$10,418
$10,463
$10,433
4/30/2019
$10,480
$10,465
$10,478
5/31/2019
$10,539
$10,651
$10,588
6/30/2019
$10,689
$10,785
$10,745
7/31/2019
$10,738
$10,809
$10,767
8/31/2019
$10,898
$11,089
$10,953
9/30/2019
$10,901
$11,030
$10,927
10/31/2019
$10,987
$11,063
$10,991
11/30/2019
$10,989
$11,057
$10,992
12/31/2019
$11,039
$11,049
$11,034
1/31/2020
$11,176
$11,262
$11,193
2/29/2020
$11,218
$11,465
$11,307
3/31/2020
$10,426
$11,397
$10,775
4/30/2020
$10,829
$11,600
$11,145
5/31/2020
$11,056
$11,654
$11,332
6/30/2020
$11,228
$11,727
$11,494
7/31/2020
$11,441
$11,903
$11,653
8/31/2020
$11,460
$11,806
$11,652
9/30/2020
$11,434
$11,800
$11,636
10/31/2020
$11,419
$11,747
$11,637
11/30/2020
$11,573
$11,863
$11,761
12/31/2020
$11,646
$11,879
$11,816
1/31/2021
$11,628
$11,794
$11,776
2/28/2021
$11,554
$11,623
$11,680
3/31/2021
$11,482
$11,478
$11,571
4/30/2021
$11,568
$11,569
$11,651
5/31/2021
$11,591
$11,607
$11,713
6/30/2021
$11,635
$11,688
$11,752
7/31/2021
$11,690
$11,819
$11,841
8/31/2021
$11,692
$11,797
$11,822
9/30/2021
$11,641
$11,694
$11,760
10/31/2021
$11,570
$11,691
$11,696
11/30/2021
$11,510
$11,726
$11,683
12/31/2021
$11,546
$11,696
$11,695
1/31/2022
$11,312
$11,444
$11,484
2/28/2022
$11,223
$11,316
$11,368
3/31/2022
$11,022
$11,002
$11,102
4/30/2022
$10,747
$10,584
$10,800
5/31/2022
$10,820
$10,652
$10,894
6/30/2022
$10,500
$10,485
$10,699
7/31/2022
$10,849
$10,742
$10,934
8/31/2022
$10,648
$10,438
$10,714
9/30/2022
$10,328
$9,987
$10,370
10/31/2022
$10,382
$9,858
$10,327
11/30/2022
$10,614
$10,220
$10,639
12/31/2022
$10,614
$10,174
$10,631
1/31/2023
$10,840
$10,487
$10,882
2/28/2023
$10,636
$10,216
$10,674
3/31/2023
$10,776
$10,475
$10,894
4/30/2023
$10,851
$10,539
$10,975
5/31/2023
$10,808
$10,424
$10,893
6/30/2023
$10,833
$10,387
$10,865
7/31/2023
$10,905
$10,380
$10,923
8/31/2023
$10,920
$10,313
$10,908
9/30/2023
$10,765
$10,051
$10,765
10/31/2023
$10,666
$9,893
$10,690
11/30/2023
$11,096
$10,341
$11,066
12/31/2023
$11,397
$10,737
$11,368
1/31/2024
$11,416
$10,707
$11,390
2/29/2024
$11,327
$10,556
$11,289
3/31/2024
$11,448
$10,653
$11,390
4/30/2024
$11,290
$10,384
$11,238
5/31/2024
$11,412
$10,560
$11,393
6/30/2024
$11,524
$10,660
$11,473
7/31/2024
$11,682
$10,909
$11,700
8/31/2024
$11,829
$11,066
$11,849
9/30/2024
$11,968
$11,214
$11,999
10/31/2024
$11,810
$10,936
$11,813
11/30/2024
$11,927
$11,052
$11,911
12/31/2024
$11,838
$10,871
$11,824
1/31/2025
$11,906
$10,929
$11,898
2/28/2025
$12,035
$11,169
$12,062
3/31/2025
$12,030
$11,173
$12,098
4/30/2025
$12,087
$11,217
$12,177
5/31/2025
$12,157
$11,137
$12,192
6/30/2025
$12,350
$11,308
$12,350
7/31/2025
$12,347
$11,278
$12,362
8/31/2025
$12,455
$11,413
$12,509
9/30/2025
$12,538
$11,538
$12,595
10/31/2025
$12,583
$11,610
$12,645
11/30/2025
$12,667
$11,682
$12,732
12/31/2025
$12,713
$11,665
$12,755

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
$487,408,831
# of Fund Holdings
73
Fund Turnover Rate
15%
Total Advisory Fees Paid
$1,312,558

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
Value
Value
AAA
5.3%
A
7.3%
BBB
69.0%
BB
16.3%
B
2.1%

Maturity 

Group By Industry Chart
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

MAHIX

iMPG Low Duration Income Fund

(formerly, iMGP High Income Fund) 

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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
Institutional
Bloomberg US Aggregate Bond Index
ICE BofA US High Yield Index
Morningstar Nontraditional Bond Category
9/28/2018
$10,000
$10,000
$10,000
$10,000
9/30/2018
$10,000
$10,000
$10,000
$10,000
10/31/2018
$9,869
$9,921
$10,011
$9,941
11/30/2018
$9,901
$9,980
$10,040
$9,900
12/31/2018
$9,692
$10,164
$10,118
$9,833
1/31/2019
$9,960
$10,271
$10,158
$10,009
2/28/2019
$10,014
$10,266
$10,174
$10,075
3/31/2019
$10,092
$10,463
$10,241
$10,110
4/30/2019
$10,172
$10,465
$10,264
$10,188
5/31/2019
$10,125
$10,651
$10,336
$10,164
6/30/2019
$10,245
$10,785
$10,393
$10,266
7/31/2019
$10,296
$10,809
$10,390
$10,310
8/31/2019
$10,288
$11,089
$10,471
$10,283
9/30/2019
$10,355
$11,030
$10,467
$10,317
10/31/2019
$10,382
$11,063
$10,502
$10,346
11/30/2019
$10,416
$11,057
$10,502
$10,374
12/31/2019
$10,504
$11,049
$10,527
$10,494
1/31/2020
$10,562
$11,262
$10,586
$10,519
2/29/2020
$10,306
$11,465
$10,672
$10,450
3/31/2020
$9,055
$11,397
$10,715
$9,694
4/30/2020
$9,484
$11,600
$10,774
$9,883
5/31/2020
$9,774
$11,654
$10,794
$10,093
6/30/2020
$9,973
$11,727
$10,809
$10,223
7/31/2020
$10,204
$11,903
$10,825
$10,411
8/31/2020
$10,399
$11,806
$10,827
$10,483
9/30/2020
$10,418
$11,800
$10,826
$10,455
10/31/2020
$10,370
$11,747
$10,826
$10,472
11/30/2020
$10,910
$11,863
$10,837
$10,701
12/31/2020
$11,094
$11,879
$10,851
$10,838
1/31/2021
$11,147
$11,794
$10,855
$10,868
2/28/2021
$11,259
$11,623
$10,848
$10,890
3/31/2021
$11,330
$11,478
$10,843
$10,886
4/30/2021
$11,427
$11,569
$10,851
$10,958
5/31/2021
$11,488
$11,607
$10,864
$10,996
6/30/2021
$11,576
$11,688
$10,848
$11,035
7/31/2021
$11,619
$11,819
$10,867
$11,033
8/31/2021
$11,671
$11,797
$10,867
$11,064
9/30/2021
$11,682
$11,694
$10,858
$11,028
10/31/2021
$11,727
$11,691
$10,822
$11,018
11/30/2021
$11,700
$11,726
$10,813
$10,945
12/31/2021
$11,806
$11,696
$10,797
$11,004
1/31/2022
$11,634
$11,444
$10,720
$10,906
2/28/2022
$11,545
$11,316
$10,672
$10,800
3/31/2022
$11,519
$11,002
$10,527
$10,723
4/30/2022
$11,308
$10,584
$10,468
$10,574
5/31/2022
$11,207
$10,652
$10,532
$10,532
6/30/2022
$10,879
$10,485
$10,460
$10,268
7/31/2022
$11,173
$10,742
$10,515
$10,436
8/31/2022
$11,094
$10,438
$10,431
$10,370
9/30/2022
$10,734
$9,987
$10,303
$10,127
10/31/2022
$10,788
$9,858
$10,289
$10,141
11/30/2022
$10,997
$10,220
$10,375
$10,318
12/31/2022
$10,997
$10,174
$10,395
$10,302
1/31/2023
$11,342
$10,487
$10,480
$10,526
2/28/2023
$11,318
$10,216
$10,402
$10,439
3/31/2023
$11,349
$10,475
$10,552
$10,460
4/30/2023
$11,456
$10,539
$10,588
$10,505
5/31/2023
$11,484
$10,424
$10,557
$10,473
6/30/2023
$11,588
$10,387
$10,514
$10,556
7/31/2023
$11,726
$10,380
$10,559
$10,657
8/31/2023
$11,820
$10,313
$10,598
$10,643
9/30/2023
$11,765
$10,051
$10,592
$10,572
10/31/2023
$11,733
$9,893
$10,626
$10,516
11/30/2023
$12,038
$10,341
$10,749
$10,770
12/31/2023
$12,352
$10,737
$10,878
$11,004
1/31/2024
$12,427
$10,707
$10,922
$11,050
2/29/2024
$12,485
$10,556
$10,884
$11,084
3/31/2024
$12,631
$10,653
$10,928
$11,198
4/30/2024
$12,616
$10,384
$10,891
$11,147
5/31/2024
$12,776
$10,560
$10,970
$11,258
6/30/2024
$12,876
$10,660
$11,032
$11,300
7/31/2024
$13,022
$10,909
$11,162
$11,442
8/31/2024
$13,155
$11,066
$11,264
$11,537
9/30/2024
$13,302
$11,214
$11,358
$11,641
10/31/2024
$13,284
$10,936
$11,292
$11,585
11/30/2024
$13,441
$11,052
$11,331
$11,696
12/31/2024
$13,444
$10,871
$11,356
$11,658
1/31/2025
$13,555
$10,929
$11,407
$11,775
2/28/2025
$13,664
$11,169
$11,488
$11,853
3/31/2025
$13,616
$11,173
$11,541
$11,803
4/30/2025
$13,574
$11,217
$11,627
$11,760
5/31/2025
$13,690
$11,137
$11,613
$11,861
6/30/2025
$13,902
$11,308
$11,687
$12,001
7/31/2025
$13,930
$11,278
$11,686
$12,035
8/31/2025
$14,070
$11,413
$11,789
$12,143
9/30/2025
$14,198
$11,538
$11,828
$12,218
10/31/2025
$14,258
$11,610
$11,868
$12,246
11/30/2025
$14,381
$11,682
$11,924
$12,292
12/31/2025
$14,435
$11,665
$11,968
$12,319

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
$315,184,117
# of Fund Holdings
1,008
Fund Turnover Rate
97%
Total Advisory Fees Paid
$2,055,258

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
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
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

PFSVX

iMGP Small Company Fund

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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
Institutional
Russell 2000 Index
Morningstar US Small Blend Category
7/31/2020
$10,000
$10,000
$10,000
7/31/2020
$10,000
$10,000
$10,000
8/31/2020
$10,140
$10,563
$10,440
9/30/2020
$9,970
$10,211
$10,046
10/31/2020
$10,180
$10,424
$10,266
11/30/2020
$11,710
$12,346
$11,930
12/31/2020
$12,710
$13,414
$12,862
1/31/2021
$12,770
$14,089
$13,284
2/28/2021
$14,230
$14,967
$14,347
3/31/2021
$14,940
$15,117
$14,807
4/30/2021
$15,220
$15,435
$15,257
5/31/2021
$15,340
$15,467
$15,449
6/30/2021
$14,790
$15,766
$15,451
7/31/2021
$14,670
$15,197
$15,213
8/31/2021
$14,830
$15,537
$15,527
9/30/2021
$14,410
$15,079
$15,106
10/31/2021
$14,870
$15,720
$15,754
11/30/2021
$14,510
$15,065
$15,262
12/31/2021
$15,209
$15,402
$15,930
1/31/2022
$14,308
$13,919
$14,754
2/28/2022
$14,830
$14,067
$14,875
3/31/2022
$14,503
$14,243
$14,938
4/30/2022
$13,193
$12,831
$13,757
5/31/2022
$13,152
$12,850
$13,907
6/30/2022
$12,200
$11,794
$12,734
7/31/2022
$13,141
$13,025
$13,948
8/31/2022
$12,660
$12,758
$13,482
9/30/2022
$11,535
$11,536
$12,224
10/31/2022
$13,080
$12,805
$13,578
11/30/2022
$14,022
$13,105
$14,122
12/31/2022
$13,172
$12,254
$13,325
1/31/2023
$14,298
$13,448
$14,549
2/28/2023
$14,114
$13,221
$14,362
3/31/2023
$13,500
$12,590
$13,748
4/30/2023
$12,937
$12,363
$13,466
5/31/2023
$13,019
$12,249
$13,222
6/30/2023
$14,595
$13,245
$14,312
7/31/2023
$15,188
$14,055
$15,022
8/31/2023
$15,168
$13,352
$14,480
9/30/2023
$14,410
$12,566
$13,714
10/31/2023
$13,960
$11,709
$12,910
11/30/2023
$14,820
$12,768
$13,966
12/31/2023
$16,431
$14,329
$15,460
1/31/2024
$15,791
$13,771
$15,034
2/29/2024
$16,928
$14,550
$15,735
3/31/2024
$17,689
$15,071
$16,339
4/30/2024
$16,586
$14,010
$15,342
5/31/2024
$17,215
$14,713
$16,066
6/30/2024
$16,762
$14,577
$15,809
7/31/2024
$18,649
$16,058
$17,204
8/31/2024
$18,318
$15,818
$17,038
9/30/2024
$18,241
$15,929
$17,142
10/31/2024
$18,142
$15,698
$16,835
11/30/2024
$20,272
$17,420
$18,510
12/31/2024
$18,780
$15,982
$17,130
1/31/2025
$19,435
$16,401
$17,642
2/28/2025
$18,150
$15,524
$16,767
3/31/2025
$16,684
$14,467
$15,748
4/30/2025
$15,913
$14,133
$15,298
5/31/2025
$16,672
$14,887
$16,101
6/30/2025
$17,494
$15,697
$16,798
7/31/2025
$17,970
$15,969
$17,007
8/31/2025
$18,870
$17,110
$18,052
9/30/2025
$18,535
$17,642
$18,183
10/31/2025
$18,471
$17,961
$18,075
11/30/2025
$18,767
$18,134
$18,445
12/31/2025
$18,782
$18,029
$18,445

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
$56,914,074
# of Fund Holdings
67
Fund Turnover Rate
98%
Total Advisory Fees Paid
$242,603

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

Sector Weighting

Group By Industry Chart
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

PCCE

Principal Listing Exchange: NYSE Arca

Polen Capital China Growth ETF

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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
ETF
MSCI China All Shares Index
Morningstar China Region Category
3/14/2024
$10,000
$10,000
$10,000
3/31/2024
$9,633
$9,834
$9,763
4/30/2024
$10,363
$10,301
$10,166
5/31/2024
$10,494
$10,422
$10,288
6/30/2024
$10,143
$10,164
$9,955
7/31/2024
$9,822
$10,093
$9,767
8/31/2024
$9,749
$10,091
$9,724
9/30/2024
$12,321
$12,431
$11,858
10/31/2024
$11,532
$11,775
$11,356
11/30/2024
$11,144
$11,395
$11,005
12/31/2024
$11,200
$11,566
$11,069
1/31/2025
$11,110
$11,530
$11,164
2/28/2025
$12,071
$12,459
$11,971
3/31/2025
$12,271
$12,633
$12,049
4/30/2025
$12,042
$12,147
$11,575
5/31/2025
$12,601
$12,480
$11,942
6/30/2025
$12,981
$12,927
$12,499
7/31/2025
$13,242
$13,525
$13,019
8/31/2025
$13,955
$14,497
$14,151
9/30/2025
$14,747
$15,572
$15,149
10/31/2025
$14,067
$15,195
$14,757
11/30/2025
$13,696
$14,829
$14,341
12/31/2025
$13,645
$14,913
$14,430

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
$1,636,558
# of Fund Holdings
32
Fund Turnover Rate
35%
Total Advisory Fees Paid
$15,918

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

Sector Weighting

Group By Industry Chart
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

PCEM

Principal Listing Exchange: NYSE Arca

Polen Capital Emerging Markets ex-China Growth ETF

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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
ETF
MSCI Emerging Markets ex China Index
Morningstar Diversified Emerging Markets Category
9/11/2024
$10,000
$10,000
$10,000
9/30/2024
$10,481
$10,463
$10,807
10/31/2024
$10,202
$10,058
$10,397
11/30/2024
$10,142
$9,729
$10,170
12/31/2024
$10,039
$9,614
$10,071
1/31/2025
$10,220
$9,818
$10,206
2/28/2025
$9,906
$9,445
$10,172
3/31/2025
$9,488
$9,449
$10,247
4/30/2025
$9,968
$9,813
$10,389
5/31/2025
$10,718
$10,295
$10,875
6/30/2025
$10,813
$11,010
$11,528
7/31/2025
$10,489
$11,100
$11,592
8/31/2025
$11,163
$11,075
$11,888
9/30/2025
$11,082
$11,741
$12,541
10/31/2025
$11,164
$12,657
$12,992
11/30/2025
$10,868
$12,360
$12,804
12/31/2025
$11,327
$12,941
$13,133

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
$2,820,067
# of Fund Holdings
35
Fund Turnover Rate
43%
Total Advisory Fees Paid
$26,327

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
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
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

PCIG

Principal Listing Exchange: NYSE Arca

Polen Capital International Growth ETF

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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
ETF
MSCI ACWI Ex USA Index
Morningstar Foreign Large Growth Category
3/14/2024
$10,000
$10,000
$10,000
3/31/2024
$9,972
$10,061
$10,020
4/30/2024
$9,305
$9,881
$9,601
5/31/2024
$9,461
$10,167
$10,043
6/30/2024
$9,604
$10,158
$9,993
7/31/2024
$9,695
$10,393
$10,150
8/31/2024
$9,959
$10,689
$10,509
9/30/2024
$9,903
$10,977
$10,611
10/31/2024
$9,295
$10,438
$10,127
11/30/2024
$9,671
$10,344
$10,201
12/31/2024
$9,199
$10,143
$9,876
1/31/2025
$9,837
$10,551
$10,386
2/28/2025
$9,723
$10,698
$10,457
3/31/2025
$9,197
$10,674
$10,146
4/30/2025
$9,373
$11,059
$10,571
5/31/2025
$9,724
$11,566
$11,116
6/30/2025
$9,879
$11,958
$11,459
7/31/2025
$9,439
$11,924
$11,138
8/31/2025
$9,297
$12,337
$11,394
9/30/2025
$9,416
$12,782
$11,704
10/31/2025
$9,579
$13,040
$11,808
11/30/2025
$9,132
$13,037
$11,614
12/31/2025
$9,203
$13,428
$11,786

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
$26,191,115
# of Fund Holdings
30
Fund Turnover Rate
36%
Total Advisory Fees Paid
$231,113

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
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
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

BDVG

Principal Listing Exchange: NYSE Arca

iMGP Berkshire Dividend Growth ETF

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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
ETF
Russell 1000 Index
Morningstar US Large Value Category
Russell 1000 Value Index
6/29/2023
$10,000
$10,000
$10,000
$10,000
6/30/2023
$10,094
$10,119
$10,083
$10,087
7/31/2023
$10,370
$10,467
$10,458
$10,442
8/31/2023
$10,030
$10,284
$10,194
$10,160
9/30/2023
$9,633
$9,801
$9,829
$9,768
10/31/2023
$9,414
$9,564
$9,545
$9,423
11/30/2023
$9,979
$10,457
$10,229
$10,134
12/31/2023
$10,456
$10,973
$10,782
$10,695
1/31/2024
$10,533
$11,126
$10,823
$10,706
2/29/2024
$10,843
$11,727
$11,175
$11,101
3/31/2024
$11,241
$12,103
$11,739
$11,656
4/30/2024
$10,795
$11,588
$11,265
$11,159
5/31/2024
$11,117
$12,134
$11,611
$11,512
6/30/2024
$11,102
$12,535
$11,571
$11,404
7/31/2024
$11,479
$12,718
$12,080
$11,987
8/31/2024
$11,728
$13,019
$12,352
$12,309
9/30/2024
$11,817
$13,297
$12,500
$12,479
10/31/2024
$11,729
$13,205
$12,382
$12,342
11/30/2024
$12,384
$14,055
$13,073
$13,130
12/31/2024
$11,647
$13,663
$12,308
$12,232
1/31/2025
$12,079
$14,098
$12,793
$12,798
2/28/2025
$12,302
$13,851
$12,861
$12,850
3/31/2025
$11,992
$13,050
$12,493
$12,493
4/30/2025
$11,647
$12,972
$12,103
$12,113
5/31/2025
$12,001
$13,800
$12,539
$12,538
6/30/2025
$12,365
$14,499
$12,999
$12,967
7/31/2025
$12,580
$14,821
$13,060
$13,041
8/31/2025
$12,971
$15,133
$13,526
$13,457
9/30/2025
$13,165
$15,658
$13,716
$13,658
10/31/2025
$13,149
$15,995
$13,692
$13,718
11/30/2025
$13,282
$16,034
$14,030
$14,082
12/31/2025
$13,292
$16,035
$14,150
$14,178

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
$8,649,884
# of Fund Holdings
37
Fund Turnover Rate
30%
Total Advisory Fees Paid
$48,224

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

Sector Weighting

Group By Industry Chart
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

DBMF

Principal Listing Exchange: NYSE Arca

iMGP DBi Managed Futures Strategy ETF

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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
ETF
Bloomberg US Aggregate Bond Index
Morningstar Systematic Trend Category
SG CTA Index
5/7/2019
$10,000
$10,000
$10,000
$10,000
5/31/2019
$10,127
$10,149
$9,922
$9,888
6/30/2019
$10,272
$10,276
$10,126
$10,130
7/31/2019
$10,480
$10,299
$10,364
$10,491
8/31/2019
$11,268
$10,566
$10,809
$10,845
9/30/2019
$11,096
$10,509
$10,424
$10,499
10/31/2019
$10,995
$10,541
$10,173
$10,248
11/30/2019
$11,076
$10,536
$10,214
$10,338
12/31/2019
$11,076
$10,528
$10,148
$10,272
1/31/2020
$11,159
$10,731
$10,210
$10,358
2/29/2020
$10,954
$10,924
$10,062
$10,203
3/31/2020
$11,067
$10,860
$10,165
$10,217
4/30/2020
$11,271
$11,053
$10,176
$10,240
5/31/2020
$10,907
$11,104
$10,050
$10,142
6/30/2020
$10,703
$11,174
$9,947
$9,997
7/31/2020
$11,162
$11,341
$10,113
$10,254
8/31/2020
$11,124
$11,250
$10,097
$10,123
9/30/2020
$10,769
$11,243
$9,887
$9,927
10/31/2020
$10,779
$11,193
$9,823
$9,914
11/30/2020
$10,834
$11,303
$10,011
$10,037
12/31/2020
$11,279
$11,319
$10,413
$10,598
1/31/2021
$11,231
$11,237
$10,384
$10,470
2/28/2021
$11,808
$11,075
$10,704
$10,771
3/31/2021
$12,081
$10,937
$10,787
$10,866
4/30/2021
$12,310
$11,023
$11,048
$11,193
5/31/2021
$12,599
$11,059
$11,242
$11,409
6/30/2021
$12,503
$11,137
$11,080
$11,294
7/31/2021
$12,624
$11,262
$11,053
$11,326
8/31/2021
$12,432
$11,240
$11,005
$11,293
9/30/2021
$12,086
$11,143
$11,015
$11,360
10/31/2021
$12,671
$11,140
$11,287
$11,650
11/30/2021
$12,038
$11,173
$10,794
$11,217
12/31/2021
$12,385
$11,144
$10,928
$11,257
1/31/2022
$12,573
$10,904
$11,132
$11,498
2/28/2022
$12,795
$10,782
$11,337
$11,787
3/31/2022
$13,891
$10,483
$12,058
$12,700
4/30/2022
$15,353
$10,085
$12,661
$13,447
5/31/2022
$15,274
$10,150
$12,616
$13,432
6/30/2022
$15,634
$9,991
$12,676
$13,645
7/31/2022
$15,218
$10,235
$12,355
$13,227
8/31/2022
$15,549
$9,946
$12,706
$13,660
9/30/2022
$16,473
$9,516
$13,187
$14,204
10/31/2022
$16,688
$9,393
$13,221
$14,271
11/30/2022
$15,283
$9,738
$12,561
$13,545
12/31/2022
$15,242
$9,694
$12,515
$13,533
1/31/2023
$14,888
$9,992
$12,394
$13,424
2/28/2023
$14,914
$9,734
$12,603
$13,710
3/31/2023
$13,823
$9,981
$11,915
$12,831
4/30/2023
$13,964
$10,042
$12,142
$13,093
5/31/2023
$14,043
$9,933
$12,302
$13,358
6/30/2023
$14,506
$9,897
$12,479
$13,534
7/31/2023
$14,468
$9,890
$12,410
$13,390
8/31/2023
$14,473
$9,827
$12,313
$13,320
9/30/2023
$15,142
$9,577
$12,646
$13,775
10/31/2023
$15,092
$9,426
$12,574
$13,635
11/30/2023
$14,337
$9,853
$12,092
$13,167
12/31/2023
$13,913
$10,230
$11,969
$13,059
1/31/2024
$14,225
$10,202
$12,091
$13,195
2/29/2024
$14,749
$10,058
$12,634
$13,842
3/31/2024
$15,581
$10,151
$12,986
$14,325
4/30/2024
$16,198
$9,894
$13,177
$14,613
5/31/2024
$16,142
$10,062
$13,037
$14,305
6/30/2024
$16,460
$10,157
$12,823
$14,010
7/31/2024
$15,883
$10,395
$12,572
$13,693
8/31/2024
$15,366
$10,544
$12,154
$13,235
9/30/2024
$15,514
$10,685
$12,313
$13,388
10/31/2024
$14,883
$10,420
$11,819
$12,962
11/30/2024
$15,033
$10,530
$12,005
$13,200
12/31/2024
$14,912
$10,358
$12,135
$13,367
1/31/2025
$15,102
$10,413
$12,263
$13,450
2/28/2025
$14,763
$10,642
$12,043
$13,102
3/31/2025
$14,526
$10,646
$11,897
$13,030
4/30/2025
$14,463
$10,688
$11,381
$12,453
5/31/2025
$14,486
$10,612
$11,328
$12,232
6/30/2025
$14,890
$10,775
$11,455
$12,350
7/31/2025
$14,799
$10,746
$11,441
$12,372
8/31/2025
$15,018
$10,875
$11,693
$12,521
9/30/2025
$15,849
$10,993
$12,122
$13,007
10/31/2025
$16,454
$11,062
$12,263
$13,163
11/30/2025
$16,807
$11,131
$12,370
$13,194
12/31/2025
$16,977
$11,114
$12,592
$13,353

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
$2,098,103,649
# of Fund Holdings
12
Fund Turnover Rate
0%
Total Advisory Fees Paid
$12,087,279

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 MAR26
(62.2%)
WTI CRUDEFUTURE MAR26
(0.4%)
US LONG BOND(CBT) MAR26
1.6%
MSCI EMGMKT MAR26
8.0%
S+P500 EMINI FUT MAR26
10.9%
MSCI EAFEMAR26
16.8%
GOLD 100 OZ FUTR FEB26
19.3%
US 10YR NOTE (CBT)MAR26
22.0%
US 2YR NOTE (CBT) MAR26
51.4%
TREASURY BILL
76.8%
EURO FX CURR FUT MAR26
78.2%

Asset Class Exposure

Group By Asset Type Chart
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

MSEFX

iMGP Global Select Fund

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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
Institutional
MSCI World Index
Morningstar Global Large-Stock Blend Category
MSCI All Country World Index
12/31/2015
$10,000
$10,000
$10,000
$10,000
1/31/2016
$9,291
$9,402
$9,491
$9,397
2/29/2016
$9,254
$9,332
$9,444
$9,332
3/31/2016
$9,988
$9,965
$10,063
$10,024
4/30/2016
$10,255
$10,123
$10,201
$10,172
5/31/2016
$10,404
$10,180
$10,256
$10,185
6/30/2016
$10,124
$10,066
$10,207
$10,123
7/31/2016
$10,566
$10,491
$10,618
$10,559
8/31/2016
$10,734
$10,499
$10,623
$10,595
9/30/2016
$10,784
$10,555
$10,692
$10,660
10/31/2016
$10,609
$10,351
$10,433
$10,479
11/30/2016
$11,194
$10,500
$10,518
$10,558
12/31/2016
$11,198
$10,751
$10,694
$10,786
1/31/2017
$11,580
$11,011
$10,986
$11,081
2/28/2017
$11,751
$11,316
$11,258
$11,392
3/31/2017
$11,718
$11,437
$11,397
$11,532
4/30/2017
$11,849
$11,606
$11,592
$11,711
5/31/2017
$11,909
$11,851
$11,845
$11,970
6/30/2017
$12,080
$11,897
$11,900
$12,024
7/31/2017
$12,448
$12,182
$12,173
$12,360
8/31/2017
$12,435
$12,199
$12,202
$12,408
9/30/2017
$12,830
$12,473
$12,431
$12,647
10/31/2017
$13,126
$12,708
$12,655
$12,910
11/30/2017
$13,343
$12,984
$12,893
$13,160
12/31/2017
$13,567
$13,159
$13,077
$13,372
1/31/2018
$14,490
$13,854
$13,712
$14,127
2/28/2018
$14,028
$13,280
$13,109
$13,533
3/31/2018
$13,737
$12,991
$12,932
$13,244
4/30/2018
$13,751
$13,140
$13,007
$13,370
5/31/2018
$13,943
$13,222
$13,068
$13,387
6/30/2018
$13,936
$13,216
$13,002
$13,314
7/31/2018
$14,341
$13,629
$13,382
$13,716
8/31/2018
$14,625
$13,797
$13,442
$13,824
9/30/2018
$14,533
$13,874
$13,462
$13,884
10/31/2018
$13,141
$12,856
$12,466
$12,843
11/30/2018
$13,446
$13,002
$12,674
$13,031
12/31/2018
$12,222
$12,013
$11,758
$12,113
1/31/2019
$13,597
$12,948
$12,667
$13,070
2/28/2019
$13,906
$13,337
$13,010
$13,419
3/31/2019
$13,939
$13,512
$13,158
$13,588
4/30/2019
$14,728
$13,991
$13,582
$14,047
5/31/2019
$13,654
$13,184
$12,810
$13,214
6/30/2019
$14,557
$14,053
$13,613
$14,079
7/31/2019
$14,630
$14,122
$13,620
$14,120
8/31/2019
$14,012
$13,833
$13,389
$13,785
9/30/2019
$14,158
$14,128
$13,648
$14,075
10/31/2019
$14,459
$14,487
$13,948
$14,460
11/30/2019
$15,127
$14,891
$14,272
$14,813
12/31/2019
$15,589
$15,337
$14,732
$15,335
1/31/2020
$15,393
$15,244
$14,526
$15,166
2/29/2020
$14,230
$13,955
$13,436
$13,941
3/31/2020
$11,752
$12,108
$11,563
$12,059
4/30/2020
$13,342
$13,431
$12,712
$13,350
5/31/2020
$14,132
$14,080
$13,286
$13,931
6/30/2020
$14,416
$14,452
$13,615
$14,376
7/31/2020
$15,056
$15,144
$14,292
$15,137
8/31/2020
$16,015
$16,156
$15,057
$16,063
9/30/2020
$15,500
$15,598
$14,664
$15,545
10/31/2020
$15,704
$15,120
$14,292
$15,167
11/30/2020
$17,721
$17,053
$15,984
$17,037
12/31/2020
$18,631
$17,776
$16,734
$17,828
1/31/2021
$18,531
$17,599
$16,640
$17,747
2/28/2021
$19,752
$18,050
$17,068
$18,158
3/31/2021
$20,242
$18,651
$17,608
$18,643
4/30/2021
$21,593
$19,519
$18,312
$19,458
5/31/2021
$21,653
$19,800
$18,639
$19,761
6/30/2021
$21,723
$20,095
$18,759
$20,021
7/31/2021
$21,813
$20,455
$18,903
$20,159
8/31/2021
$22,214
$20,964
$19,282
$20,664
9/30/2021
$21,573
$20,094
$18,441
$19,810
10/31/2021
$22,524
$21,232
$19,369
$20,821
11/30/2021
$21,223
$20,767
$18,840
$20,320
12/31/2021
$21,938
$21,654
$19,571
$21,133
1/31/2022
$20,585
$20,508
$18,564
$20,095
2/28/2022
$20,118
$19,990
$18,089
$19,576
3/31/2022
$19,779
$20,538
$18,371
$20,000
4/30/2022
$17,702
$18,832
$17,071
$18,399
5/31/2022
$17,679
$18,846
$17,191
$18,420
6/30/2022
$15,987
$17,214
$15,816
$16,868
7/31/2022
$17,235
$18,581
$16,877
$18,046
8/31/2022
$16,419
$17,804
$16,196
$17,381
9/30/2022
$14,493
$16,149
$14,725
$15,717
10/31/2022
$15,310
$17,308
$15,665
$16,666
11/30/2022
$16,722
$18,512
$16,956
$17,958
12/31/2022
$16,339
$17,726
$16,272
$17,252
1/31/2023
$17,577
$18,980
$17,396
$18,488
2/28/2023
$17,027
$18,524
$16,875
$17,958
3/31/2023
$17,500
$19,096
$17,306
$18,512
4/30/2023
$17,913
$19,431
$17,547
$18,778
5/31/2023
$17,302
$19,237
$17,204
$18,577
6/30/2023
$18,295
$20,400
$18,144
$19,656
7/31/2023
$18,861
$21,085
$18,671
$20,375
8/31/2023
$18,096
$20,582
$18,118
$19,806
9/30/2023
$17,256
$19,694
$17,348
$18,987
10/31/2023
$16,721
$19,123
$16,818
$18,416
11/30/2023
$18,265
$20,915
$18,244
$20,116
12/31/2023
$19,159
$21,942
$19,170
$21,082
1/31/2024
$18,920
$22,205
$19,142
$21,206
2/29/2024
$19,429
$23,147
$19,884
$22,116
3/31/2024
$19,748
$23,891
$20,508
$22,810
4/30/2024
$18,857
$23,003
$19,780
$22,057
5/31/2024
$19,095
$24,030
$20,612
$22,953
6/30/2024
$18,936
$24,519
$20,747
$23,464
7/31/2024
$19,907
$24,952
$21,217
$23,843
8/31/2024
$20,336
$25,611
$21,725
$24,448
9/30/2024
$20,575
$26,080
$22,116
$25,016
10/31/2024
$19,764
$25,563
$21,548
$24,455
11/30/2024
$20,782
$26,736
$22,277
$25,369
12/31/2024
$19,797
$26,039
$21,550
$24,769
1/31/2025
$20,548
$26,958
$22,303
$25,600
2/28/2025
$20,326
$26,764
$22,222
$25,446
3/31/2025
$19,677
$25,572
$21,472
$24,441
4/30/2025
$19,370
$25,800
$21,617
$24,669
5/31/2025
$20,155
$27,327
$22,791
$26,087
6/30/2025
$20,445
$28,506
$23,704
$27,258
7/31/2025
$20,275
$28,873
$23,798
$27,628
8/31/2025
$20,633
$29,626
$24,365
$28,310
9/30/2025
$20,906
$30,578
$25,058
$29,336
10/31/2025
$20,872
$31,191
$25,355
$29,992
11/30/2025
$20,701
$31,279
$25,449
$29,989
12/31/2025
$20,817
$31,532
$25,662
$30,302

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
$85,461,073
# of Fund Holdings
34
Fund Turnover Rate
81%
Total Advisory Fees Paid
$498,799

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
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
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

MSILX

iMGP International Fund

Image

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
Institutional
MSCI EAFE Index
Morningstar Foreign Large Blend Category
12/31/2015
$10,000
$10,000
$10,000
1/31/2016
$9,256
$9,277
$9,415
2/29/2016
$9,051
$9,107
$9,176
3/31/2016
$9,603
$9,699
$9,806
4/30/2016
$9,560
$9,980
$9,965
5/31/2016
$9,554
$9,890
$9,957
6/30/2016
$8,977
$9,558
$9,702
7/31/2016
$9,392
$10,042
$10,116
8/31/2016
$9,454
$10,049
$10,167
9/30/2016
$9,659
$10,173
$10,301
10/31/2016
$9,473
$9,965
$10,075
11/30/2016
$9,293
$9,766
$9,855
12/31/2016
$9,539
$10,100
$10,067
1/31/2017
$9,829
$10,393
$10,408
2/28/2017
$10,010
$10,542
$10,534
3/31/2017
$10,320
$10,832
$10,848
4/30/2017
$10,662
$11,107
$11,141
5/31/2017
$11,056
$11,515
$11,519
6/30/2017
$10,953
$11,495
$11,528
7/31/2017
$11,392
$11,826
$11,873
8/31/2017
$11,179
$11,822
$11,901
9/30/2017
$11,483
$12,116
$12,145
10/31/2017
$11,437
$12,300
$12,342
11/30/2017
$11,424
$12,429
$12,431
12/31/2017
$11,791
$12,628
$12,626
1/31/2018
$12,483
$13,262
$13,251
2/28/2018
$11,811
$12,663
$12,621
3/31/2018
$11,658
$12,435
$12,519
4/30/2018
$11,825
$12,719
$12,672
5/31/2018
$11,731
$12,433
$12,466
6/30/2018
$11,612
$12,281
$12,252
7/31/2018
$11,751
$12,584
$12,535
8/31/2018
$11,352
$12,341
$12,291
9/30/2018
$11,266
$12,448
$12,349
10/31/2018
$10,268
$11,457
$11,334
11/30/2018
$10,188
$11,442
$11,364
12/31/2018
$9,338
$10,887
$10,784
1/31/2019
$10,243
$11,602
$11,552
2/28/2019
$10,671
$11,898
$11,806
3/31/2019
$10,799
$11,973
$11,889
4/30/2019
$11,388
$12,310
$12,216
5/31/2019
$10,363
$11,719
$11,580
6/30/2019
$11,026
$12,414
$12,241
7/31/2019
$10,966
$12,256
$12,029
8/31/2019
$10,705
$11,939
$11,776
9/30/2019
$11,006
$12,281
$12,085
10/31/2019
$11,448
$12,722
$12,489
11/30/2019
$11,649
$12,866
$12,646
12/31/2019
$12,182
$13,284
$13,098
1/31/2020
$11,374
$13,006
$12,755
2/29/2020
$10,360
$11,831
$11,791
3/31/2020
$8,172
$10,252
$10,030
4/30/2020
$8,841
$10,914
$10,745
5/31/2020
$9,152
$11,389
$11,249
6/30/2020
$9,401
$11,777
$11,655
7/31/2020
$9,815
$12,051
$12,028
8/31/2020
$10,443
$12,671
$12,586
9/30/2020
$10,077
$12,342
$12,331
10/31/2020
$9,815
$11,849
$11,931
11/30/2020
$11,989
$13,686
$13,562
12/31/2020
$12,794
$14,322
$14,264
1/31/2021
$12,413
$14,169
$14,143
2/28/2021
$13,211
$14,487
$14,462
3/31/2021
$13,507
$14,820
$14,799
4/30/2021
$13,910
$15,266
$15,224
5/31/2021
$14,390
$15,764
$15,731
6/30/2021
$13,903
$15,587
$15,559
7/31/2021
$13,818
$15,704
$15,561
8/31/2021
$14,051
$15,981
$15,822
9/30/2021
$13,825
$15,517
$15,265
10/31/2021
$14,517
$15,899
$15,685
11/30/2021
$13,408
$15,159
$14,991
12/31/2021
$14,298
$15,935
$15,660
1/31/2022
$13,689
$15,165
$15,076
2/28/2022
$13,066
$14,897
$14,609
3/31/2022
$12,765
$14,993
$14,558
4/30/2022
$11,907
$14,023
$13,656
5/31/2022
$12,208
$14,128
$13,849
6/30/2022
$11,086
$12,817
$12,642
7/31/2022
$11,607
$13,456
$13,205
8/31/2022
$10,844
$12,817
$12,534
9/30/2022
$9,598
$11,618
$11,366
10/31/2022
$10,309
$12,242
$11,913
11/30/2022
$11,504
$13,621
$13,407
12/31/2022
$11,212
$13,632
$13,183
1/31/2023
$12,433
$14,736
$14,276
2/28/2023
$12,211
$14,429
$13,852
3/31/2023
$12,603
$14,786
$14,210
4/30/2023
$12,780
$15,204
$14,533
5/31/2023
$12,300
$14,560
$14,006
6/30/2023
$12,987
$15,223
$14,623
7/31/2023
$13,239
$15,715
$15,050
8/31/2023
$12,729
$15,113
$14,480
9/30/2023
$12,137
$14,597
$13,967
10/31/2023
$11,235
$14,005
$13,484
11/30/2023
$12,544
$15,305
$14,599
12/31/2023
$13,163
$16,118
$15,333
1/31/2024
$13,014
$16,211
$15,220
2/29/2024
$13,582
$16,508
$15,638
3/31/2024
$14,045
$17,051
$16,139
4/30/2024
$13,365
$16,614
$15,724
5/31/2024
$13,821
$17,258
$16,429
6/30/2024
$13,604
$16,979
$16,163
7/31/2024
$13,806
$17,477
$16,630
8/31/2024
$14,194
$18,046
$17,125
9/30/2024
$14,142
$18,212
$17,340
10/31/2024
$13,343
$17,222
$16,509
11/30/2024
$13,335
$17,124
$16,504
12/31/2024
$13,088
$16,735
$16,066
1/31/2025
$13,973
$17,614
$16,760
2/28/2025
$14,252
$17,956
$17,136
3/31/2025
$13,632
$17,883
$17,109
4/30/2025
$14,237
$18,702
$17,699
5/31/2025
$15,144
$19,558
$18,544
6/30/2025
$15,772
$19,989
$19,089
7/31/2025
$15,583
$19,708
$18,760
8/31/2025
$15,901
$20,549
$19,467
9/30/2025
$16,339
$20,942
$20,013
10/31/2025
$16,543
$21,188
$20,208
11/30/2025
$16,634
$21,320
$20,359
12/31/2025
$17,042
$21,959
$20,886

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
$124,939,834
# of Fund Holdings
70
Fund Turnover Rate
99%
Total Advisory Fees Paid
$1,435,819

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
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
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: [email protected]

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

PCGG

Principal Listing Exchange: NYSE Arca

Polen Capital Global Growth ETF

Image

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
ETF
MSCI All Country World Index
Morningstar Global Large-Stock Growth
8/29/2023
$10,000
$10,000
$10,000
8/31/2023
$10,052
$10,027
$10,003
9/30/2023
$9,427
$9,612
$9,451
10/31/2023
$9,209
$9,323
$9,133
11/30/2023
$10,260
$10,184
$10,102
12/31/2023
$10,503
$10,673
$10,652
1/31/2024
$10,823
$10,736
$10,689
2/29/2024
$11,257
$11,196
$11,330
3/31/2024
$11,312
$11,548
$11,611
4/30/2024
$10,644
$11,167
$11,107
5/31/2024
$10,610
$11,620
$11,565
6/30/2024
$11,095
$11,879
$11,785
7/31/2024
$11,198
$12,071
$11,819
8/31/2024
$11,454
$12,377
$12,158
9/30/2024
$11,495
$12,665
$12,394
10/31/2024
$11,299
$12,381
$12,121
11/30/2024
$12,073
$12,844
$12,654
12/31/2024
$11,776
$12,540
$12,270
1/31/2025
$12,320
$12,961
$12,812
2/28/2025
$12,020
$12,883
$12,574
3/31/2025
$11,101
$12,374
$11,885
4/30/2025
$11,052
$12,489
$12,117
5/31/2025
$11,789
$13,207
$12,924
6/30/2025
$11,980
$13,800
$13,520
7/31/2025
$12,145
$13,987
$13,572
8/31/2025
$12,210
$14,332
$13,773
9/30/2025
$12,307
$14,852
$14,193
10/31/2025
$12,458
$15,184
$14,412
11/30/2025
$12,054
$15,182
$14,168
12/31/2025
$11,955
$15,341
$14,213

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
$186,205,140
# of Fund Holdings
31
Fund Turnover Rate
57%
Total Advisory Fees Paid
$1,505,391

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
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
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: [email protected]

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

 

 

LOGO

 

LOGO

 

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

 

 
ii       Litman Gregory Funds Trust

LOGO

 

Contents

 

 

iMGP Global Select Fund Schedule of Investments

    1

iMGP International Fund Schedule of Investments

    3

iMGP Small Company Fund Schedule of Investments

    5

iMGP Low Duration Income Fund Schedule of Investments

    6

iMGP Dolan McEniry Corporate Bond Fund Schedule of Investments

    37

iMGP APA Enhanced Income Municipal Fund Schedule of Investments

    39

iMGP DBi Managed Futures Strategy ETF Consolidated Schedule of Investments

    42

iMGP Berkshire Dividend Growth ETF Schedule of Investments

    44

Statements of Assets and Liabilities

    45

Statements of Operations

    48

Statements of Changes in Net Assets

   

Global Select Fund

    51

International Fund

    51

Small Company Fund

    52

Low Duration Income Fund

    53

Dolan McEniry Corporate Bond Fund

    53

iMGP APA Enhanced Income Municipal Fund

    54

DBi Managed Futures Strategy ETF (Consolidated)

    55

Berkshire Dividend Growth ETF

    55

Financial Highlights

   

Global Select Fund

    56

International Fund

    57

Small Company Fund

    58

Low Duration Income Fund

    59

Dolan McEniry Corporate Bond Fund

    60

iMGP APA Enhanced Income Municipal Fund

    61

DBi Managed Futures Strategy ETF (Consolidated)

    62

Berkshire Dividend Growth ETF

    63

Notes to Financial Statements

    64

Report of Independent Registered Public Accounting Firm

   95

Tax Information (Unaudited)

   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.

 

 
Table of Contents         1

iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

Shares           Value  
 

COMMON STOCKS: 93.5%

  
  Canada: 11.0%  
  65,610     Brookfield Corp.(a)    $ 3,010,843  
  14,805     Franco-Nevada Corp.      3,068,781  
  20,359     Shopify, Inc. - Class A*      3,277,188  
    

 

 

  
     9,356,812  
    

 

 

  
  Germany: 2.4%  
  8,463     SAP SE      2,069,017  
    

 

 

  
  Netherlands: 4.5%  
  1,172     Adyen NV*(b)      1,890,935  
  25,400     Heineken NV      1,951,990  
    

 

 

  
     3,842,925  
    

 

 

  
  Taiwan: 2.7%  
  7,551     Taiwan Semiconductor Manufacturing Co. Ltd. - ADR      2,294,673  
    

 

 

  
  United Kingdom: 2.6%  
  68,443     Smith & Nephew PLC - ADR(a)      2,245,615  
    

 

 

  
  United States: 70.3%  
  17,559     Abbott Laboratories      2,199,967  
  8,310     Alphabet, Inc. - Class A      2,601,030  
  15,386     Amazon.com, Inc.*      3,551,397  
  4,959     Aon PLC - Class A      1,749,932  
  2     Berkshire Hathaway, Inc. - Class A*      1,509,600  
  2,319     Berkshire Hathaway, Inc. - Class B*      1,165,645  
  4,009     Broadcom, Inc.      1,387,515  
  9,135     Chubb Ltd.      2,851,216  
  9,860     CME Group, Inc.      2,692,569  
  24,080     CoStar Group, Inc.*      1,619,139  
  2,442     Eli Lilly & Co.      2,624,369  
  259,750     Haleon PLC - ADR(a)      2,626,072  
  1,315     Markel Group, Inc.*      2,826,790  
  3,780     McKesson Corp.      3,100,696  
  12,080     Microsoft Corp.      5,842,130  
  20,235     Novartis AG - ADR(a)      2,789,799  
  58,850     Occidental Petroleum Corp.      2,419,912  
  10,345     Oracle Corp.      2,016,344  
  9,696     Paycom Software, Inc.      1,545,155  
  10,960     Union Pacific Corp.      2,535,267  
  11,782     Visa, Inc. - Class A      4,132,065  
  22,500     Walt Disney Co.      2,559,825  
  29,934     Zoetis, Inc.      3,766,295  
    

 

 

  
     60,112,729  
    

 

 

  
 

TOTAL COMMON STOCKS
(Cost $64,915,069)

      79,921,771  
    

 

 

  
 

PREFERRED STOCKS: 5.2%

  
  South Korea: 5.2%  
  71,365     Samsung Electronics Co. Ltd. - (Preference Shares)      4,418,977  
    

 

 

  
 

TOTAL PREFERRED STOCKS
(Cost $2,860,136)

      4,418,977  
    

 

 

  
Shares           Value  
 

SHORT-TERM INVESTMENTS: 6.6%

 
  INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED: 5.6% 		 
  4,800,211     State Street Navigator Securities Lending Government Money Market Portfolio,
3.830%(c)(d)		    $ 4,800,211  
    

 

 

  
 

TOTAL INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost $4,800,211)

      4,800,211  
    

 

 

  
Principal
Amount		               
 

REPURCHASE AGREEMENTS: 1.0%

 
  $869,087     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]
(proceeds $869,138)		      869,087  
    

 

 

  
 

TOTAL REPURCHASE AGREEMENTS
(Cost $869,087)

      869,087  
  

 

 

  
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $5,669,298)

      5,669,298  
  

 

 

  
 

TOTAL INVESTMENTS
(Cost: $73,444,503): 105.3%

     90,010,046  
  

 

 

  
  Liabilities in Excess of Other Assets: (5.3)%      (4,548,973 ) 
  

 

 

  
 

NET ASSETS: 100.0%

    $ 85,461,073  
  

 

 

  

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt

*

Non-Income Producing Security.

(a)

Security, or portion thereof, is out on loan.

(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.

(c)

The rate disclosed is the 7 day net yield as of December 31, 2025.

(d)

Represents security purchased with cash collateral received for securities on loan.

 

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

 

 
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
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.

 

 
2       Litman Gregory Funds Trust

iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

Shares           Value  
 

COMMON STOCKS: 96.9%

 
  Australia: 0.7%  
  169,000     Glencore PLC*    $ 916,962  
    

 

 

  
  Austria: 1.5%  
  15,639     Erste Group Bank AG      1,878,642  
    

 

 

  
  Brazil: 4.5%  
  1,577     MercadoLibre, Inc.*      3,176,488  
  148,814     NU Holdings Ltd. - Class A*      2,491,146  
    

 

 

  
     5,667,634  
    

 

 

  
  Canada: 4.0%  
  22,046     Canadian Pacific Kansas City Ltd.      1,624,374  
  20,544     Shopify, Inc. - Class A*      3,306,968  
    

 

 

  
     4,931,342  
    

 

 

  
  China: 1.4%  
  6,431     Prosus NV      396,594  
  17,696     Tencent Holdings Ltd. - ADR      1,354,629  
    

 

 

  
     1,751,223  
    

 

 

  
  Denmark: 0.5%  
  17,680     ISS AS      603,013  
    

 

 

  
  France: 10.2%  
  12,257     BNP Paribas SA      1,158,050  
  6,150     Capgemini SE      1,016,958  
  91,742     Carrefour SA      1,527,953  
  18,237     Cie de Saint-Gobain SA      1,848,458  
  2,764     Kering SA      973,817  
  7,734     Pernod Ricard SA      661,086  
  18,153     Publicis Groupe SA      1,880,330  
  46,133     Societe Generale SA      3,711,145  
    

 

 

  
     12,777,797  
    

 

 

  
  Germany: 13.1%  
  6,530     Adidas AG      1,283,454  
  1,165     Allianz SE      533,530  
  28,313     Aumovio SE*      1,424,561  
  25,961     Bayer AG      1,118,170  
  10,055     Bayerische Motoren Werke AG      1,097,696  
  26,353     Birkenstock Holding PLC*      1,077,838  
  18,416     Continental AG      1,467,904  
  52,677     Daimler Truck Holding AG      2,306,326  
  9,175     Fresenius SE & Co. KGaA      527,262  
  13,417     Merck KGaA      1,922,942  
  14,789     SAP SE      3,613,007  
    

 

 

  
     16,372,690  
    

 

 

  
  India: 1.2%  
  40,331     HDFC Bank Ltd. - ADR      1,473,695  
    

 

 

  
  Indonesia: 0.9%  
  3,525,500     Bank Mandiri Persero Tbk. PT      1,078,129  
    

 

 

  
  Ireland: 1.6%  
  21,310     Kerry Group PLC - Class A      1,950,422  
    

 

 

  
  Israel: 3.0%  
  6,466     Meitav Investment House Ltd.      234,682  
  83,503     Phoenix Financial Ltd.      3,455,298  
    

 

 

  
     3,689,980  
    

 

 

  
Shares           Value  
  Italy: 5.7%  
  189,458     Banca Monte dei Paschi di Siena SpA    $ 2,013,815  
  66,376     Carel Industries SpA(a)      1,908,484  
  128,007     Davide Campari-Milano NV(b)      829,849  
  7,960     Prysmian SpA      792,491  
  46,695     Ryanair Holdings PLC      1,619,136  
    

 

 

  
     7,163,775  
    

 

 

  
  Japan: 4.5%  
  72,600     Asahi Group Holdings Ltd.      758,599  
  29,700     BayCurrent, Inc.(b)      1,228,263  
  55,400     Nippon Sanso Holdings Corp.      1,652,433  
  9,149     Tokyo Electron Ltd.      2,007,038  
    

 

 

  
     5,646,333  
    

 

 

  
  Netherlands: 9.0%  
  766     Adyen NV*(a)      1,227,144  
  7,153     ASML Holding NV      7,634,248  
  56,441     Koninklijke Philips NV      1,525,235  
  54,000     Magnum Ice Cream Co. NV*      862,759  
    

 

 

  
     11,249,386  
    

 

 

  
  Poland: 0.8%  
  85,586     InPost SA*(b)      1,046,716  
    

 

 

  
  Singapore: 1.5%  
  69,840     STMicroelectronics NV      1,807,196  
    

 

 

  
  South Africa: 1.3%  
  39,796     Anglo American PLC      1,635,771  
    

 

 

  
  Spain: 0.9%  
  65,906     Puig Brands SA - Class B      1,146,837  
    

 

 

  
  Switzerland: 6.1%  
  27,323     Bachem Holding AG      2,047,634  
  10,904     Cie Financiere Richemont SA - Class A      2,348,220  
  14,550     Julius Baer Group Ltd.      1,135,064  
  21,188     On Holding AG - Class A*      984,818  
  15,400     Sandoz Group AG      1,119,970  
    

 

 

  
     7,635,706  
    

 

 

  
  Taiwan: 4.0%  
  102,000     Taiwan Semiconductor Manufacturing Co. Ltd.      4,983,045  
    

 

 

  
  United Kingdom: 11.8%  
  13,088     AstraZeneca PLC      2,404,533  
  84,114     Compass Group PLC      2,669,237  
  39,365     Diageo PLC      845,779  
  145,000     Informa PLC      1,715,563  
  153,516     National Grid PLC      2,359,797  
  21,416     Reckitt Benckiser Group PLC      1,729,426  
  207,888     Sage Group PLC      3,019,448  
    

 

 

  
     14,743,783  
    

 

 

  
  United States: 8.7%  
  7,254     Aon PLC - Class A      2,559,792  
  124,843     CNH Industrial NV      1,151,052  
  14,484     ICON PLC*      2,639,275  
  16,000     Sanofi SA      1,549,907  
  40,605     Shell PLC      1,487,776  
  24,755     Titan SA      1,522,584  
    

 

 

  
     10,910,386  
    

 

 

  
 

TOTAL COMMON STOCKS
(Cost $97,092,287)

      121,060,463  
    

 

 

  

 

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

 

 
Schedule of Investments         3

iMGP International Fund

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

 

Principal
Amount		           Value  
 

SHORT-TERM INVESTMENTS: 2.1%

 
  REPURCHASE AGREEMENTS: 2.1%  
  $2,687,365     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]
(proceeds $2,687,524)		    $ 2,687,365  
    

 

 

  
 

TOTAL REPURCHASE AGREEMENTS
(Cost $2,687,365)

      2,687,365  
  

 

 

  
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $2,687,365)

      2,687,365  
  

 

 

  
 

TOTAL INVESTMENTS
(Cost: $99,779,652): 99.0%

     123,747,828  
  

 

 

  
  Other Assets in Excess of Liabilities: 1.0%      1,192,006  
  

 

 

  
 

NET ASSETS: 100.0%

    $ 124,939,834  
  

 

 

  

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt

*

Non-Income Producing Security.

(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.

(b)

Security, or portion thereof, is out on loan.

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

 

Industry   % of
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.

 

 
4       Litman Gregory Funds Trust

iMGP Small Company Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

Shares           Value  
 

COMMON STOCKS: 98.5%

 
  Consumer Discretionary: 6.8%  
  13,411     Advance Auto Parts, Inc.(a)    $ 527,052  
  13,729     Capri Holdings Ltd.*      334,988  
  10,950     Floor & Decor Holdings, Inc. - Class A*      666,746  
  15,728     Gentherm, Inc.*      572,027  
  42,890     Goodyear Tire & Rubber Co.*      375,716  
  11,368     Papa John’s International, Inc.(a)      437,554  
  54,232     VF Corp.      980,515  
    

 

 

  
     3,894,598  
    

 

 

  
  Energy: 0.8%  
  52,736     Crescent Energy Co. - Class A      442,455  
    

 

 

  
  Financials: 14.8%  
  30,949     Columbia Banking System, Inc.      865,025  
  16,468     Glacier Bancorp, Inc.(a)      725,415  
  10,845     Goosehead Insurance, Inc. - Class A      798,734  
  8,840     Hamilton Lane, Inc. - Class A      1,187,301  
  2,261     Kinsale Capital Group, Inc.      884,322  
  20,270     National Bank Holdings Corp. - Class A      770,463  
  26,662     Seacoast Banking Corp. of Florida      837,720  
  9,066     Southstate Bank Corp.      853,201  
  10,178     Texas Capital Bancshares, Inc.*      921,516  
  18,199     WesBanco, Inc.      604,935  
    

 

 

  
     8,448,632  
    

 

 

  
  Health Care: 10.2%  
  62,817     AdaptHealth Corp.*      625,657  
  16,814     Bio-Techne Corp.      988,831  
  4,559     ICU Medical, Inc.*      650,433  
  3,582     Masimo Corp.*      465,875  
  2,210     Medpace Holdings, Inc.*      1,241,246  
  12,581     QuidelOrtho Corp.*      359,313  
  8,839     Repligen Corp.*      1,448,359  
    

 

 

  
     5,779,714  
    

 

 

  
  Industrials: 27.1%(b)  
  15,727     Apogee Enterprises, Inc.      572,620  
  3,836     Applied Industrial Technologies, Inc.      984,970  
  7,054     AZZ, Inc.      756,048  
  10,014     Casella Waste Systems, Inc. - Class A*      980,771  
  19,810     Core & Main, Inc. - Class A*      1,029,526  
  3,272     CSW Industrials, Inc.      960,430  
  4,604     EnerSys      675,637  
  7,338     Federal Signal Corp.      796,833  
  11,569     Gibraltar Industries, Inc.*      571,971  
  82,342     Hayward Holdings, Inc.*      1,272,184  
  3,748     HEICO Corp. - Class A      946,108  
  8,817     Mercury Systems, Inc.*      643,729  
  34,970     Quanex Building Products Corp.      537,839  
  3,477     RBC Bearings, Inc.*      1,559,191  
  13,283     REV Group, Inc.      807,739  
  8,066     Timken Co.      678,593  
  4,147     Valmont Industries, Inc.      1,668,421  
    

 

 

  
     15,442,610  
    

 

 

  
  Information Technology: 22.6%  
  7,905     Agilysys, Inc.*      939,430  
  22,912     Allegro MicroSystems, Inc.*      604,419  
  9,422     Amkor Technology, Inc.(a)      371,981  
  4,368     Appfolio, Inc. - Class A*      1,016,215  
Shares           Value  
  Information Technology (continued)  
  5,780     Badger Meter, Inc.    $ 1,008,090  
  6,153     Belden, Inc.      717,132  
  10,652     Descartes Systems Group, Inc.*      933,754  
  4,047     Guidewire Software, Inc.*      813,487  
  5,166     IPG Photonics Corp.*      369,886  
  3,563     Littelfuse, Inc.      901,154  
  6,061     Manhattan Associates, Inc.*      1,050,432  
  10,541     Novanta, Inc.*      1,254,274  
  8,619     Onto Innovation, Inc.*      1,360,595  
  13,062     Procore Technologies, Inc.*      950,130  
  7,853     Synaptics, Inc.*      581,279  
    

 

 

  
     12,872,258  
    

 

 

  
  Materials: 13.6%  
  5,260     Eagle Materials, Inc.      1,087,137  
  21,294     Element Solutions, Inc.      532,137  
  22,763     Ingevity Corp.*      1,347,114  
  7,555     MP Materials Corp.*(a)      381,679  
  77,533     O-I Glass, Inc.*      1,144,387  
  92,101     Perimeter Solutions, Inc.*      2,535,540  
  17,232     Silgan Holdings, Inc.(a)      695,656  
    

 

 

  
     7,723,650  
    

 

 

  
  Real Estate: 2.6%  
  14,316     Landbridge Co. LLC - Class A      701,341  
  20,397     STAG Industrial, Inc. - REIT      749,793  
    

 

 

  
     1,451,134  
    

 

 

  
 

TOTAL COMMON STOCKS
(Cost $50,306,654)

      56,055,051  
    

 

 

  
 

SHORT-TERM INVESTMENTS: 0.8%

  
  INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED: 0.8%		  
  480,452     State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%(c)(d)      480,452  
    

 

 

  
 

TOTAL INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost $480,452)

      480,452  
  

 

 

  
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $480,452)

      480,452  
  

 

 

  
 

TOTAL INVESTMENTS
(Cost: $50,787,106): 99.3%

     56,535,503  
  

 

 

  
  Other Assets in Excess of Liabilities: 0.7%      378,571  
  

 

 

  
 

NET ASSETS: 100.0%

    $ 56,914,074  
  

 

 

  

Percentages are stated as a percent of net assets.

 

REIT

Real Estate Investment Trust

*

Non-Income Producing Security.

(a)

Security, or portion thereof, is out on loan.

(b)

For additional information on portfolio concentration, see Note 11.

(c)

The rate disclosed is the 7 day net yield as of December 31, 2025.

(d)

Represents security purchased with cash collateral received for securities on loan.

 

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

 

 
Schedule of Investments         5

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

Shares           Value  
 

COMMON STOCKS: 0.2%

  
  Communication Services: 0.0%  
  12,251     Oi SA - ADR*    $ 6,125  
  801     Xplornet Communications, Inc.*      2,070  
    

 

 

  
     8,195  
    

 

 

  
  Consumer Discretionary: 0.0%  
  1     Accuride Corp.*      0  
  21,482     Accuride Corp.*      2  
  283     WW International, Inc.*      8,268  
    

 

 

  
     8,270  
    

 

 

  
  Consumer Staples: 0.0%  
  30,089     Moran Foods LLC*      858  
    

 

 

  
  Financials: 0.0%  
  17,500     Sound Holdings FP*(a)      0  
    

 

 

  
  Health Care: 0.0%  
  268     Mallinckrodt PLC*      27,319  
    

 

 

  
  Industrials: 0.2%  
  1     Hornbeck Offshore Services, Inc.*      48  
  905     Luxco Co. Ltd.*      15,914  
  32,677     Mcdermott International Ltd.*      490,149  
  440     McDermott International, Inc.*      6,598  
    

 

 

  
     512,709  
    

 

 

  
  Information Technology: 0.0%  
  6,102     Riverbed Technology, Inc.*      793  
    

 

 

  
  Materials: 0.0%  
  563     Yak Blocker 2 LLC*(a)      482  
  609     Yak Blocker 2 LLC*(a)      521  
    

 

 

  
     1,003  
    

 

 

  
  Real Estate: 0.0%  
  912,436     CFLD Cayman Investment Trust*      4,570  
  142,737     Kaisa Group Holdings Ltd.*      1,779  
  256,164     Yuzhou Group Holdings Co. Ltd.*      3,455  
    

 

 

  
     9,804  
    

 

 

  
  Special Purpose Acquisition Companies: 0.0%  
  6,266     Pershing Square Tontine Holdings Ltd.*      0  
  294     Stichting Administratiekantoor*      0  
  800     Stichting Administratiekantoor*      0  
    

 

 

  
     0  
    

 

 

  
 

TOTAL COMMON STOCKS
(Cost $786,195)

      568,951  
    

 

 

  
 

RIGHTS/WARRANTS: 0.1%

  
  22,138    

ABIOMED, Inc., CVR

(Expiration date 12/31/99)*

      35,421  
  47,716    

Albireo Pharma, Inc., CVR

(Expiration date 12/31/99)*

      134,320  
  213,778    

Concert Pharmaceuticals, Inc., CVR

(Expiration date 12/31/99)*

      103,490  
  11    

Hornbeck Offshore Services, Inc.

(Expiration date 04/09/30)*

      550  
  389    

Hornbeck Offshore Services, Inc.

(Expiration date 04/09/30)*

      7,002  
  4,247    

MariaDB PLC

(Expiration date 12/16/27)*

      0  
Shares           Value  
  1,566    

Pershing Square Holdings Ltd.

(Expiration date 09/23/33)*

    $ 0  
  124,401    

Resolute Forest Products, Inc., CVR

(Expiration date 12/31/99)*

      182,310  
  1,039    

Ross Acquisition Corp. II

(Expiration date 02/12/26)*

      0  
    

 

 

  
 

TOTAL RIGHTS/WARRANTS
(Cost $554,144)

      463,093  
    

 

 

  
 

PREFERRED STOCKS: 1.1%

 
  Financials: 0.9%  
  American National Group, Inc.   
  3,000    

7.375%, 01/15/2030(b)

      75,030  
  CION Investment Corp.   
  20,000    

7.500%, 12/30/2029(c)

      503,400  
  CNO Financial Group, Inc.   
  2,000    

5.125%, 11/25/2060

      38,000  
  Crescent Capital BDC, Inc.   
  8,900    

5.000%, 05/25/2026

      222,945  
  Eagle Point Credit Co., Inc.   
  32,000    

5.375%, 01/31/2029(c)

      764,800  
  Oxford Lane Capital Corp.   
  23,400    

5.000%, 01/31/2027

      570,726  
  Selective Insurance Group, Inc. - Series B   
  2,000    

4.600%, 01/30/2026(b)

      33,440  
  Trinity Capital, Inc.   
  25,000    

7.875%, 03/30/2029

      630,000  
    

 

 

  
     2,838,341  
    

 

 

  
  Health Care: 0.0%  
  Mallinckrodt PLC   
  12,211,152    

0.000%,*

      12  
    

 

 

  
  Industrials: 0.0%  
  Element Commercial Aviation   
  170    

0.000%,(a)*

      0  
    

 

 

  
  Utilities: 0.2%  
  NextEra Energy Capital Holdings, Inc. - Series U   
  20,100    

6.500%, 06/01/2085

      508,932  
    

 

 

  
 

TOTAL PREFERRED STOCKS
(Cost $5,113,685)

      3,347,285  
    

 

 

  
Principal
Amount^		               
 

ASSET-BACKED SECURITIES: 17.3%

 
  Commercial MBS: 0.2%  
  Cogent Ipv4 LLC   
  $580,000    

Series 2025-1A-A2
6.646%, 04/25/2055(d)

      596,055  
    

 

 

  
  Home Equity ABS: 0.8%  
  Carrington Mortgage Loan Trust   
  300,000    

Series 2005-NC3-M5
4.896%, 06/25/2035(e)
1 mo. USD Term SOFR + 1.164%

      286,339  
  CSAB Mortgage-Backed Trust   
  1,857,684    

Series 2006-2-A6B
6.200%, 09/25/2036(f)

      103,775  

 

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

 

 
6       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

ASSET-BACKED SECURITIES (CONTINUED)

  
  Home Equity ABS (continued)  
  FIGRE Trust   
  $ 64,427    

Series 2024-HE1-B
6.506%, 03/25/2054(d)(g)

    $ 66,125  
  99,878    

Series 2024-HE2-C
6.720%, 05/25/2054(d)(g)

      102,701  
  104,038    

Series 2024-HE3-C
6.229%, 07/25/2054(d)(g)

      105,991  
  120,750    

Series 2025-HE1-C
6.029%, 01/25/2055(d)(g)

      122,358  
  GSAA Home Equity Trust   
  507,631    

Series 2006-10-AF5
6.948%, 06/25/2036(f)

      111,246  
  Long Beach Mortgage Loan Trust   
  3,031,931    

Series 2006-9-2A2
4.066%, 10/25/2036(e)
1 mo. USD Term SOFR + 0.334%

      943,243  
  Morgan Stanley ABS Capital I, Inc. Trust   
  244,870    

Series 2006-HE8-A2D
4.066%, 10/25/2036(e)
1 mo. USD Term SOFR + 0.334%

      107,976  
  328,046    

Series 2007-HE4-A2C
4.076%, 02/25/2037(e)
1 mo. USD Term SOFR + 0.344%

      104,665  
  Saluda Grade Alternative Mortgage Trust   
  64,693    

Series 2023-FIG4-B
7.115%, 11/25/2053(d)(g)

      66,945  
  Vista Point Securitization Trust   
  289,734    

Series 2024-CES1-A1
6.676%, 05/25/2054(d)(f)

      293,498  
    

 

 

  
     2,414,862  
    

 

 

  
  Other ABS: 16.3%  
  720 East CLO V Ltd.   
  250,000    

Series 2024-2A-C
6.084%, 07/20/2037(d)(e)
3 mo. USD Term SOFR + 2.200%

      250,771  
  AASET   
  229,232    

Series 2024-1A-A1
6.261%, 05/16/2049(d)

      236,050  
  AASET Ltd.   
  227,925    

Series 2024-2A-A
5.930%, 09/16/2049(d)

      231,744  
  AASET Trust   
  42,796    

Series 2019-2-B
4.458%, 10/16/2039(d)

      42,250  
  53,062    

Series 2020-1A-B
4.335%, 01/16/2040(d)

      52,157  
  Aaset Trust   
  170,179    

Series 2021-1A-A
2.950%, 11/16/2041(d)

      164,028  
  AASET Trust   
  325,707    

Series 2021-2A-B
3.538%, 01/15/2047(d)

      311,065  
  234,448    

Series 2025-1A-A
5.943%, 02/16/2050(d)

      239,427  
  ABPCI Direct Lending Fund ABS I Ltd.   
  67,567    

Series 2020-1A-B
4.935%, 12/29/2030(d)

      67,031  
Principal
Amount^		           Value  
  Other ABS (continued)  
  ABPCI Direct Lending Fund ABS IV LP   
  $ 250,000    

Series 2024-1A-BR
7.388%, 02/01/2036(d)

    $ 248,891  
  ABPCI Direct Lending Fund CLO XV Ltd.   
  250,000    

Series 2023-15A-C
8.038%, 10/30/2035(d)(e)
3 mo. USD Term SOFR + 4.200%

      251,087  
  Adams Outdoor Advertising LP   
  280,000    

Series 2023-1-A2
6.967%, 07/15/2053(d)

      285,048  
  Aligned Data Centers Issuer LLC   
  150,000    

Series 2021-1A-B
2.482%, 08/15/2046(d)

      147,350  
  ALLO Issuer LLC   
  100,000    

Series 2024-1A-B
7.150%, 07/20/2054(d)

      102,728  
  AMSR Trust   
  2,500,000    

Series 2021-SFR1-G
4.612%, 06/17/2038(d)

      2,396,801  
  Anchorage Credit Funding 4 Ltd.   
  250,000    

Series 2016-4A-CR
3.523%, 04/27/2039(d)

      225,876  
  Apidos CLO XXIV Ltd.   
  1,000,000    

Series 2016-24A-DR
9.946%, 10/20/2030(d)(e)
3 mo. USD Term SOFR + 6.062%

      1,005,244  
  Aquila Funding   
  250,000    

7.400%, 12/15/2041

      259,314  
  ARES Direct Lending CLO 2 LLC   
  100,000    

Series 2024-2A-D
7.784%, 10/20/2036(d)(e)
3 mo. USD Term SOFR + 3.900%

      100,655  
  Ares Finance Co. LLC   
  500,000    

0.000%, 10/15/2036(g)(h)

      806,825  
  Ares LXXVII CLO Ltd.   
  500,000    

Series 2025-77A-SUB
0.337%, 07/15/2038(d)(g)(i)

      487,783  
  Ballyrock CLO 14 Ltd.   
  250,000    

Series 2020-14A-SUB
0.404%, 07/20/2037(d)(g)(i)

      163,926  
  Ballyrock CLO Ltd.   
  250,000    

Series 2019-1A-DR
10.916%, 07/15/2032(d)(e)
3 mo. USD Term SOFR + 7.012%

      251,185  
  Bayard Park CLO Ltd.   
  250,000    

Series 2025-1A-SUB
1.502%, 07/24/2038(d)(g)(i)

      174,854  
  BCRED CLO LLC   
  250,000    

Series 2025-1A-C
5.884%, 04/20/2037(d)(e)
3 mo. USD Term SOFR + 2.000%

      249,597  
  Blue Stream Issuer LLC   
  100,000    

Series 2023-1A-B
6.898%, 05/20/2053(d)

      101,590  
  1,000,000    

Series 2023-1A-C
8.898%, 05/20/2053(d)

      1,021,982  
  50,000    

Series 2024-1A-B
6.043%, 11/20/2054(d)

      50,960  
  Brant Point CLO Ltd.   
  500,000    

Series 2025-7A-SUB
1.347%, 07/25/2038(d)(g)(i)

      372,442  

 

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

 

 
Schedule of Investments         7

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

ASSET-BACKED SECURITIES (CONTINUED)

  
  Other ABS (continued)  
  Business Jet Securities LLC   
  $ 168,235    

Series 2022-1A-B
5.192%, 06/15/2037(d)

    $ 168,149  
  347,738    

Series 2024-1A-B
6.924%, 05/15/2039(d)

      360,238  
  Buttermilk Park CLO Ltd.   
  750,000    

Series 2018-1A-E
9.916%, 10/15/2031(d)(e)
3 mo. USD Term SOFR + 6.012%

      740,473  
  Canyon Capital CLO Ltd.   
  1,000,000    

Series 2016-1A-ER
9.916%, 07/15/2031(d)(e)
3 mo. USD Term SOFR + 6.012%

      966,364  
  Carlyle Global Market Strategies CLO Ltd.   
  500,000    

Series 2014-2RA-D
9.463%, 05/15/2031(d)(e)
3 mo. USD Term SOFR + 5.612%

      503,200  
  CARS-DB4 LP   
  200,000    

Series 2020-1A-B3
4.950%, 02/15/2050(d)

      183,901  
  CARS-DB7 LP   
  97,750    

Series 2023-1A-A2
6.500%, 09/15/2053(d)

      98,619  
  320,000    

Series 2023-1A-B
7.750%, 09/15/2053(d)

      322,534  
  Carval CLO X-C Ltd.   
  285,000    

Series 2024-2A-B
5.684%, 07/20/2037(d)(e)
3 mo. USD Term SOFR + 1.800%

      285,675  
  Castlelake Aircraft Securitization Trust   
  25,695    

Series 2018-1-A
4.125%, 06/15/2043(d)

      25,440  
  Castlelake Aircraft Structured Trust   
  233,660    

Series 2025-1A-A
5.783%, 02/15/2050(d)

      237,785  
  Cerberus Loan Funding 50 LLC   
  500,000    

Series 2025-1A-C
6.505%, 07/15/2037(d)(e)
3 mo. USD Term SOFR + 2.600%

      505,493  
  Cerberus Loan Funding 52 LLC   
  250,000    

Series 2025-3A-C
6.167%, 10/15/2037(d)(e)
3 mo. USD Term SOFR + 2.200%

      248,534  
  Cerberus Loan Funding XLIV LLC   
  250,000    

Series 2023-5A-C
8.105%, 01/15/2036(d)(e)
3 mo. USD Term SOFR + 4.200%

      251,495  
  Cerberus Loan Funding XLV LLC   
  250,000    

Series 2024-1A-C
7.055%, 04/15/2036(d)(e)
3 mo. USD Term SOFR + 3.150%

      250,965  
  Cerberus Loan Funding XLVI LP   
  250,000    

Series 2024-2A-C
6.955%, 07/15/2036(d)(e)
3 mo. USD Term SOFR + 3.050%

      251,420  
Principal
Amount^		           Value  
  Other ABS (continued)  
  Cerberus Loan Funding XLVII LLC   
  $ 250,000    

Series 2024-3A-D
8.255%, 07/15/2036(d)(e)
3 mo. USD Term SOFR + 4.350%

    $ 250,802  
  Chenango Park CLO Ltd.   
  500,000    

Series 2018-1A-D
9.966%, 04/15/2030(d)(e)
3 mo. USD Term SOFR + 6.062%

      495,626  
  CoreVest American Finance Ltd.   
  305,000    

Series 2020-4-C
2.250%, 12/15/2052(d)

      285,876  
  DigitalBridge Issuer LLC   
  350,000    

Series 2021-1A-A2
3.933%, 09/25/2051(d)

      348,354  
  Dryden 40 Senior Loan Fund CLO   
  1,000,000    

Series 2015-40A-ER
9.863%, 08/15/2031(d)(e)
3 mo. USD Term SOFR + 6.012%

      886,574  
  Dryden 55 CLO Ltd.   
  500,000    

Series 2018-55A-F
11.366%, 04/15/2031(d)(e)
3 mo. USD Term SOFR + 7.462%

      395,534  
  Dryden 87 CLO Ltd.   
  300,000    

Series 2021-87A-SUB
0.548%, 08/20/2038(d)(g)(i)

      102,863  
  Elm Trust   
  6,735    

Series 2020-4A-B
3.866%, 10/20/2029(d)

      6,724  
  Falcon Aerospace Ltd.   
  20,574    

Series 2017-1-B
6.300%, 02/15/2042(d)

      20,575  
  First Franklin Mortgage Loan Trust   
  389,055    

Series 2006-FF16-2A4
4.266%, 12/25/2036(e)
1 mo. USD Term SOFR + 0.534%

      158,517  
  Five Guys Holdings, Inc.   
  198,000    

Series 2023-1A-A2
7.549%, 01/26/2054(d)

      203,911  
  Fortress Credit BSL XV Ltd.   
  250,000    

Series 2022-2A-CR
6.484%, 10/18/2033(d)(e)
3 mo. USD Term SOFR + 2.600%

      250,391  
  Fortress Credit Opportunities IX CLO Ltd.   
  250,000    

Series 2017-9A-A2TR
5.966%, 10/15/2033(d)(e)
3 mo. USD Term SOFR + 2.062%

      250,462  
  GAIA Aviation Ltd.   
  144,138    

Series 2019-1-A
3.967%, 12/15/2044(d)(f)

      142,870  
  144,422    

Series 2019-1-B
5.193%, 12/15/2044(d)(f)

      142,465  
  GoldenTree Loan Management U.S. CLO 9 Ltd.   
  250,000    

Series 2021-9A-CR
6.284%, 04/20/2037(d)(e)
3 mo. USD Term SOFR + 2.400%

      251,465  
  250,000    

Series 2021-9A-DR
7.234%, 04/20/2037(d)(e)
3 mo. USD Term SOFR + 3.350%

      251,218  

 

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

 

 
8       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

ASSET-BACKED SECURITIES (CONTINUED)

  
  Other ABS (continued)  
  Golub Capital Partners ABS Funding Ltd.   
  $ 50,497    

Series 2020-1A-B
4.496%, 01/22/2029(d)

    $ 50,371  
  Golub Capital Partners CLO 16M-R3 Ltd.   
  1,100,000    

Series 2013-16A-CR3
6.465%, 08/09/2039(d)(e)
3 mo. USD Term SOFR + 2.600%

      1,101,361  
  Golub Capital Partners CLO 46M Ltd.   
  250,000    

Series 2019-46A-CR
6.934%, 04/20/2037(d)(e)
3 mo. USD Term SOFR + 3.050%

      251,035  
  Golub Capital Partners CLO 69M   
  750,000    

Series 2023-69A-DR
6.920%, 11/09/2038(d)(e)
3 mo. USD Term SOFR + 3.050%

      751,810  
  Golub Capital Partners CLO 74 B Ltd.   
  250,000    

Series 2024-74A-B
5.708%, 07/25/2037(d)(e)
3 mo. USD Term SOFR + 1.850%

      250,706  
  HarbourVest Structured Solution IV   
  378,299    

6.222%, 09/15/2030(g)
3 mo. USD Term SOFR + 2.550%

      375,673  
  Highbridge Loan Management CLO Ltd.   
  500,000    

Series 2013-2A-DR
10.746%, 10/20/2029(d)(e)
3 mo. USD Term SOFR + 6.862%

      502,232  
  Hotwire Funding LLC   
  750,000    

Series 2021-1-C
4.459%, 11/20/2051(d)

      738,894  
  HPS Private Credit CLO LLC   
  500,000    

Series 2025-3A-C
7.060%, 07/20/2037(d)(e)
3 mo. USD Term SOFR + 2.800%

      500,647  
  500,000    

Series 2025-3A-D
8.260%, 07/20/2037(d)(e)
3 mo. USD Term SOFR + 4.000%

      500,806  
  Jamestown CLO XVIII Ltd.   
  500,000    

Series 2022-18A-DR
7.608%, 07/25/2035(d)(e)
3 mo. USD Term SOFR + 3.750%

      500,962  
  Kestrel Aircraft Funding Ltd.   
  78,396    

Series 2018-1A-A
4.250%, 12/15/2038(d)

      78,443  
  LCM 35 Ltd.   
  520,000    

Series 35A-SUB
1.752%, 10/15/2034(d)(g)(i)

      54,105  
  LCM 37 Ltd.   
  300,000    

Series 37A-SUB
2.028%, 04/15/2034(d)(g)(i)

      27,981  
  LCM CLO 26 Ltd.   
  500,000    

Series 26A-E
9.446%, 01/20/2031(d)(e)
3 mo. USD Term SOFR + 5.562%

      297,447  
  LCM CLO XVII LP   
  1,000,000    

Series 17A-ER
10.166%, 10/15/2031(d)(e)
3 mo. USD Term SOFR + 6.262%

      581,655  
Principal
Amount^		           Value  
  Other ABS (continued)  
  LCM Loan Income Fund I Income Note Issuer CLO Ltd.   
  $ 500,000    

Series 27A-E
9.755%, 07/16/2031(d)(e)
3 mo. USD Term SOFR + 5.862%

    $ 312,454  
  Lunar Structured Aircraft Portfolio Notes   
  166,777    

Series 2021-1-B
3.432%, 10/15/2046(d)

      159,617  
  MACH 1 Cayman Ltd.   
  39,187    

Series 2019-1-A
3.474%, 10/15/2039(d)

      38,861  
  Madison Park Funding LIX Ltd.   
  305,000    

Series 2021-59A-CR
6.134%, 04/18/2037(d)(e)
3 mo. USD Term SOFR + 2.250%

      305,815  
  Madison Park Funding LVIII Ltd.   
  250,000    

Series 2024-58A-D
7.508%, 04/25/2037(d)(e)
3 mo. USD Term SOFR + 3.650%

      251,453  
  MAPS Trust   
  171,311    

Series 2021-1A-A
2.521%, 06/15/2046(d)

      164,316  
  Milos CLO Ltd.   
  500,000    

Series 2017-1A-ER
10.296%, 10/20/2030(d)(e)
3 mo. USD Term SOFR + 6.412%

      495,926  
  Monroe Capital ABS Funding Ltd.   
  69,467    

Series 2021-1A-A2
2.815%, 04/22/2031(d)

      69,147  
  Monroe Capital Income Plus ABS Funding LLC   
  107,378    

Series 2022-1A-B
5.150%, 04/30/2032(d)

      105,143  
  Nassau CFO LLC   
  59,561    

Series 2019-1-A
3.980%, 08/15/2034(d)

      54,799  
  Navigator Aircraft ABS Ltd.   
  337,011    

Series 2021-1-B
3.571%, 11/15/2046(d)(f)

      323,863  
  Neuberger Berman Loan Advisers CLO 26 Ltd.   
  1,000,000    

Series 2017-26A-INC
0.370%, 10/18/2038(d)(g)(i)

      352,646  
  Neuberger Berman Loan Advisers CLO 44 Ltd.   
  250,000    

Series 2021-44A-SUB
0.974%, 10/16/2035(d)(g)(i)

      139,980  
  Neuberger Berman Loan Advisers CLO 60 Ltd.   
  250,000    

Series 2025-60A-SUB
0.779%, 04/22/2039(d)(g)(i)

      201,758  
  Obsidian Issuer LLC   
  500,000    

Series 2025-1A-A
6.933%, 05/15/2055(d)

      503,853  
  Octagon 74 Ltd.   
  250,000    

Series 2025-2A-SUB
1.341%, 04/22/2038(d)(g)(i)

      169,550  
  Octagon 78 Ltd.   
  350,000    

Series 2025-3A-SUB
1.173%, 10/20/2038(d)(g)(i)

      268,660  

 

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

 

 
Schedule of Investments         9

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

ASSET-BACKED SECURITIES (CONTINUED)

  
  Other ABS (continued)  
  Octagon Investment Partners CLO 40 Ltd.   
  $ 500,000    

Series 2019-1A-ER
11.146%, 01/20/2035(d)(e)
3 mo. USD Term SOFR + 7.262%

    $ 453,845  
  Octagon Investment Partners CLO XVI Ltd.   
  1,000,000    

Series 2013-1A-ER
9.893%, 07/17/2030(d)(e)
3 mo. USD Term SOFR + 6.012%

      883,150  
  1,500,000    

Series 2013-1A-SUB
10.619%, 07/17/2030(d)(g)(i)

      225  
  OHA Credit Partners VII Ltd.   
  250,000    

Series 2012-7A-ER4
8.389%, 02/20/2038(d)(e)
3 mo. USD Term SOFR + 4.500%

      249,099  
  OHA Credit Partners XI Ltd.   
  250,000    

Series 2015-11A-CR2
6.084%, 04/20/2037(d)(e)
3 mo. USD Term SOFR + 2.200%

      251,092  
  OnDeck Asset Securitization IV LLC   
  540,000    

Series 2025-1A-C
6.640%, 04/19/2032(d)

      543,946  
  OnDeck Asset Securitization Trust IV LLC   
  340,000    

Series 2023-1A-B
8.250%, 08/19/2030(d)

      342,385  
  Onyx II ABS   
  688,982    

6.272%, 06/15/2030
3 mo. USD Term SOFR + 2.600%

      688,679  
  Owl Rock CLO I LLC   
  250,000    

Series 2019-1A-C
8.139%, 02/20/2036(d)(e)
3 mo. USD Term SOFR + 4.250%

      251,316  
  Owl Rock CLO III Ltd.   
  250,000    

Series 2020-3A-BR
6.234%, 04/20/2036(d)(e)
3 mo. USD Term SOFR + 2.350%

      250,532  
  Owl Rock CLO IX LLC   
  250,000    

Series 2022-9A-CR
6.177%, 11/22/2037(d)(e)
3 mo. USD Term SOFR + 2.300%

      247,162  
  Owl Rock CLO VIII LLC   
  250,000    

Series 2022-8A-CR
6.265%, 04/24/2037(d)(e)
3 mo. USD Term SOFR + 2.400%

      250,795  
  Owl Rock CLO XVI LLC   
  250,000    

Series 2024-16A-C
7.184%, 04/20/2036(d)(e)
3 mo. USD Term SOFR + 3.300%

      250,658  
  OWL Rock CLO XXI LLC   
  350,000    

Series 2025-21A-C
6.265%, 07/24/2034(d)(e)
3 mo. USD Term SOFR + 2.400%

      350,638  
  Oxford Finance Credit Fund III LP   
  400,000    

Series 2024-A-B
7.548%, 01/14/2032(d)

      403,606  
  1,810,000    

Series 2025-A-B
7.194%, 08/14/2034(d)

      1,825,677  
Principal
Amount^		           Value  
  Other ABS (continued)  
  Oxford Finance Funding Trust   
  $ 157,773    

Series 2023-1A-B
7.879%, 02/15/2031(d)

    $ 160,267  
  Palmer Square BDC CLO 1 Ltd.   
  310,000    

Series 1A-B1
6.055%, 07/15/2037(d)(e)
3 mo. USD Term SOFR + 2.150%

      311,474  
  Palmer Square Loan Funding Ltd.   
  200,000    

Series 2021-2A-SUB
0.000%, 05/20/2029(d)(g)(h)(i)

      11,902  
  200,000    

Series 2021-3A-SUB
0.000%, 07/20/2029(d)(g)(h)(i)

      28,156  
  575,000    

Series 2024-3A-SUB
0.000%, 08/08/2032(d)(g)(h)(i)

      383,330  
  ReadyCap Lending Small Business Loan Trust   
  10,822    

Series 2019-2-A
6.250%, 12/27/2044(d)(e)
U.S. (Fed) Prime Rate - 0.500%

      10,815  
  Regatta 33 Funding Ltd.   
  250,000    

Series 2025-2A-SUB
0.000%, 07/25/2038(d)(g)(h)(i)

      238,491  
  Regatta 34 Funding Ltd.   
  250,000    

Series 2025-3A-SUB
0.000%, 07/20/2038(d)(g)(h)(i)

      226,453  
  Regional Management Issuance Trust   
  150,000    

Series 2025-1-C
5.730%, 04/17/2034(d)

      151,778  
  RR 39 Ltd.   
  250,000    

Series 2025-39A-SUB
0.813%, 04/15/2038(d)(g)(i)

      206,633  
  RR CLO 2 Ltd.   
  500,000    

Series 2017-2A-DR
9.966%, 04/15/2036(d)(e)
3 mo. USD Term SOFR + 6.062%

      490,932  
  SERVPRO Master Issuer LLC   
  500,000    

Series 2025-1A-A2
5.525%, 10/25/2055(d)

      499,832  
  Slam Ltd.   
  182,759    

Series 2021-1A-B
3.422%, 06/15/2046(d)

      175,196  
  1,061,515    

Series 2025-1A-A
5.807%, 05/15/2050(d)

      1,091,362  
  Sonic Capital LLC   
  189,333    

Series 2020-1A-A2I
3.845%, 01/20/2050(d)

      187,486  
  47,333    

Series 2020-1A-A2II
4.336%, 01/20/2050(d)

      45,863  
  Sound Point CLO XXXII Ltd.   
  500,000    

Series 2021-4A-E
10.820%, 10/25/2034(d)(e)
3 mo. USD Term SOFR + 6.962%

      443,292  
  Sprite Ltd.   
  76,501    

Series 2021-1-A
3.750%, 11/15/2046(d)

      74,916  
  SSI ABS Issuer LLC   
  194,114    

Series 2025-1-A
6.150%, 07/25/2065(d)

      197,189  
  Start Ltd.   
  56,143    

Series 2018-1-A
4.089%, 05/15/2043(d)

      56,239  

 

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

 

 
10       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

ASSET-BACKED SECURITIES (CONTINUED)

  
  Other ABS (continued)  
  Steiv   
  $ 250,000    

6.820%, 12/31/2046

    $ 250,000  
  Stream Innovations Issuer Trust   
  63,832    

Series 2024-1A-A
6.270%, 07/15/2044(d)

      66,444  
  Subway Funding LLC   
  148,500    

Series 2024-1A-A23
6.505%, 07/30/2054(d)

      153,917  
  49,500    

Series 2024-3A-A23
5.914%, 07/30/2054(d)

      49,341  
  Sunbird Engine Finance LLC   
  78,042    

Series 2020-1A-B
4.703%, 02/15/2045(d)

      77,548  
  Switch ABS Issuer LLC   
  100,000    

Series 2024-1A-A2
6.280%, 03/25/2054(d)

      101,055  
  50,000    

Series 2024-2A-A2
5.436%, 06/25/2054(d)

      50,181  
  100,000    

Series 2025-1A-A2
5.036%, 03/25/2055(d)

      98,544  
  Symphony CLO 41 Ltd.   
  360,000    

Series 2024-41A-SUB
1.324%, 07/20/2037(d)(g)(i)

      237,967  
  Symphony CLO 48 Ltd.   
  250,000    

Series 2025-48A-SUB
0.818%, 04/20/2038(d)(g)(i)

      195,126  
  Symphony CLO XXXI Ltd.   
  650,000    

Series 2022-31A-SUB
0.309%, 04/22/2050(d)(g)(i)

      281,752  
  Textainer Marine Containers VII Ltd.   
  137,742    

Series 2021-1A-B
2.520%, 02/20/2046(d)

      129,451  
  THL Credit Wind River CLO Ltd.   
  2,000,000    

Series 2014-2A-INC
5.698%, 01/15/2031(d)(i)

      300  
  Thrust Engine Leasing DAC   
  366,806    

Series 2021-1A-B
6.121%, 07/15/2040(d)

      366,948  
  TICP CLO VII Ltd.   
  280,000    

Series 2017-7A-CR
6.316%, 04/15/2033(d)(e)
3 mo. USD Term SOFR + 2.412%

      280,516  
  Vault DI Issuer LLC   
  250,000    

Series 2021-1A-A2
2.804%, 07/15/2046(d)

      246,539  
  VB-S1 Issuer LLC   
  250,000    

Series 2022-1A-F
5.268%, 02/15/2052(d)

      244,802  
  100,000    

Series 2024-1A-F
8.871%, 05/15/2054(d)

      103,611  
  VCP RRL ABS I Ltd.   
  31,070    

Series 2021-1A-C
5.425%, 10/20/2031(d)

      28,915  
  Venture XIII CLO Ltd.   
  250,000    

Series 2013-13A-SUB
4.548%, 09/10/2029(d)(g)(i)

      38  
Principal
Amount^		           Value  
  Other ABS (continued)  
  VOLT XCIV LLC   
  $ 239,154    

Series 2021-NPL3-A2
8.949%, 02/27/2051(d)(f)

    $ 239,397  
  Voya CLO Ltd.   
  500,000    

Series 2018-2A-E
9.416%, 07/15/2031(d)(e)
3 mo. USD Term SOFR + 5.512%

      479,843  
  Wellfleet CLO Ltd.   
  250,000    

Series 2024-1A-B
5.934%, 07/18/2037(d)(e)
3 mo. USD Term SOFR + 2.050%

      251,609  
  Willis Engine Structured Trust V   
  174,017    

Series 2020-A-A
3.228%, 03/15/2045(d)

      168,474  
  Willis Engine Structured Trust VII   
  137,681    

Series 2023-A-A
8.000%, 10/15/2048(d)

      141,614  
  Wind River CLO Ltd.   
  500,000    

Series 2021-2A-E
10.576%, 07/20/2034(d)(e)
3 mo. USD Term SOFR + 6.692%

      483,674  
  Wise CLO Ltd.   
  250,000    

Series 2024-2A-C
6.105%, 07/15/2037(d)(e)
3 mo. USD Term SOFR + 2.200%

      251,173  
  Wonder Lake Park CLO Ltd.   
  500,000    

Series 2025-1A-SUB
1.276%, 07/24/2038(d)(g)(i)

      380,000  
  Zayo Issuer LLC   
  3,030,000    

Series 2025-2A-C
9.489%, 06/20/2055(d)

      3,216,094  
    

 

 

  
     51,434,426  
    

 

 

  
  WL Collateral CMO: 0.0%  
  FIGRE Trust   
  119,240    

Series 2024-HE6-C
5.974%, 12/25/2054(d)(g)

      120,465  
    

 

 

  
 

TOTAL ASSET-BACKED SECURITIES
(Cost $61,374,994)

      54,565,808  
    

 

 

  
 

BANK LOANS: 19.8%

  
  Basic Materials: 1.8%  
  AAP Buyer, Inc.   
  89,100    

6.466%, 09/09/2031(e)
1 mo. USD Term SOFR + 2.750%

      89,574  
  Arsenal AIC Parent LLC   
  261,081    

6.466%, 08/19/2030(e)
1 mo. USD Term SOFR + 2.750%

      262,142  
  Discovery Purchaser Corp.   
  238,205    

7.607%, 10/04/2029(e)
3 mo. USD Term SOFR + 3.750%

      229,485  
  GEON Performance Solutions LLC   
  3,306,828    

8.184%, 08/18/2028(e)
3 mo. USD Term SOFR + 4.250%

      2,633,062  
  Nouryon Finance BV   
  2,168,414    

7.036%, 04/03/2028(e)
6 mo. USD Term SOFR + 3.250%

      2,172,935  
  Power Services Holding Co.   
  510    

4.750%, 11/22/2028(e)
3 mo. USD Term SOFR + 4.750%

      508  

 

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

 

 
Schedule of Investments         11

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

BANK LOANS (CONTINUED)

  
  Basic Materials (continued)  
  Power Services Holding Co. (Continued)   
  $ 72,548    

8.581%-8.764%, 11/22/2028(e)
1 mo. USD Term SOFR + 4.750%, 3 mo. USD Term SOFR + 4.750%

    $ 72,398  
  SCIL IV LLC   
  100,000    

7.799%, 11/08/2032(e)
6 mo. USD Term SOFR + 4.000%

      100,344  
    

 

 

  
     5,560,448  
    

 

 

  
  Communications: 3.2%  
  Cengage Learning, Inc.   
  109,692    

7.227%-7.322%, 03/24/2031(e)
1 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 3.500%

      110,272  
  Connect Finco SARL   
  3,260,374    

8.216%, 09/27/2029(e)
1 mo. USD Term SOFR + 4.500%

      3,259,917  
  Cyxtera DC Holdings, Inc.   
  132,288    

0.000%, 01/16/2026(j)

      728  
  Eagle Broadband Investments LLC   
  2,421,749    

6.934%, 11/12/2027(e)
3 mo. USD Term SOFR + 3.000%

      2,306,716  
  Firstdigital Communications LLC   
  48,906    

8.331%, 12/17/2026(e)
1 mo. USD Term SOFR + 4.500%

      48,133  
  Iridium Satellite LLC   
  1,968,435    

5.966%, 09/20/2030(e)
1 mo. USD Term SOFR + 2.250%

      1,922,787  
  Level 3 Financing, Inc.   
  20,000    

6.966%, 03/29/2032(e)
1 mo. USD Term SOFR + 3.250%

      20,082  
  Midcontinent Communications   
  849,250    

6.230%, 08/16/2031(e)
1 mo. USD Term SOFR + 2.500%

      848,723  
  Speedster Bidco GmbH   
  148,878    

7.240%, 12/10/2031(e)
3 mo. USD Term SOFR + 3.250%

      149,436  
  Sunrise Financing Partnership   
  150,000    

6.691%, 02/15/2032(e)
6 mo. USD Term SOFR + 2.500%

      150,721  
  TripAdvisor, Inc.   
  98,997    

6.466%, 07/08/2031(e)
1 mo. USD Term SOFR + 2.750%

      95,842  
  Versant Media Group, Inc.   
  1,230,000    

0.000%, 10/23/2030(k)

      1,231,925  
  Xplornet Communications, Inc.   
  4,117    

12.331%, 10/24/2029(e)(l)
1 mo. USD Term SOFR + 5.000% Cash, 3.500% PIK

      3,865  
  14,239    

5.800%, 10/24/2031(e)
1 mo. USD Term SOFR + 1.500%

      8,935  
    

 

 

  
     10,158,082  
    

 

 

  
  Consumer, Cyclical: 2.8%  
  ABG Intermediate Holdings 2 LLC   
  135,781    

5.966%, 12/21/2028(e)
1 mo. USD Term SOFR + 2.250%

      136,155  
Principal
Amount^		           Value  
  Consumer, Cyclical (continued)  
  Accuride Intermediate Co., Inc.   
  $ 16,031    

8.238%, 03/07/2030(e)
3 mo. USD Term SOFR + 4.500%

    $ 30,050  
  Allen Media LLC   
  499,438    

9.322%, 02/10/2027(e)
3 mo. USD Term SOFR + 5.500%

      353,405  
  American Airlines, Inc.   
  1,455,057    

6.134%, 04/20/2028(e)
3 mo. USD Term SOFR + 2.250%

      1,460,331  
  Arcis Golf LLC   
  546,144    

6.466%, 11/24/2028(e)
1 mo. USD Term SOFR + 2.750%

      549,047  
  Beach Acquisition Bidco LLC   
  100,000    

6.922%, 09/12/2032(e)
3 mo. USD Term SOFR + 3.250%

      100,938  
  Bulldog Purchaser, Inc.   
  546,114    

7.686%, 06/27/2031(e)
3 mo. USD Term SOFR + 3.750%

      550,267  
  Caesars Entertainment, Inc.   
  97,305    

5.966%, 02/06/2030(e)
1 mo. USD Term SOFR + 2.250%

      96,794  
  98,497    

5.966%, 02/06/2031(e)
1 mo. USD Term SOFR + 2.250%

      97,758  
  EG America LLC   
  98,754    

7.322%, 02/07/2028(e)
3 mo. USD Term SOFR + 3.500%

      99,258  
  Epic Creations, Inc.   
  214    

13.727%, 07/31/2025(e)
1 mo. USD Term SOFR + 10.000%

      215  
  FR Refuel LLC   
  86,496    

8.581%, 11/08/2028(e)
1 mo. USD Term SOFR + 4.750%

      86,171  
  Gibson Brands, Inc.   
  96,000    

8.850%, 08/11/2028(e)
1 mo. USD Term SOFR + 5.000%

      87,640  
  Gloves Buyer, Inc.   
  345,000    

7.716%, 05/21/2032(e)
1 mo. USD Term SOFR + 4.000%

      343,922  
  Great Outdoors Group LLC   
  2,105,181    

6.966%, 01/23/2032(e)
1 mo. USD Term SOFR + 3.250%

      2,120,181  
  Hunter Douglas, Inc.   
  446,244    

6.672%, 01/20/2032(e)
3 mo. USD Term SOFR + 3.000%

      449,272  
  Laseraway Intermediate Holdings II LLC   
  89,800    

9.893%, 10/14/2027(e)
3 mo. USD Term SOFR + 5.750%

      89,463  
  Pacific Bells LLC   
  257,278    

7.422%, 11/13/2028(e)
3 mo. USD Term SOFR + 3.750%

      258,618  
  Park River Holdings, Inc.   
  280,000    

8.485%, 03/15/2031(e)
3 mo. USD Term SOFR + 4.500%

      281,998  
  PCI Gaming Authority   
  147,873    

5.716%, 07/18/2031(e)
1 mo. USD Term SOFR + 2.000%

      148,325  
  Peer Holding III BV   
  99,000    

6.172%, 07/01/2031(e)
3 mo. USD Term SOFR + 2.500%

      99,546  
  PetSmart, Inc.   
  25,000    

7.734%, 08/18/2032(e)
1 mo. USD Term SOFR + 4.000%

      24,930  

 

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

 

 
12       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

BANK LOANS (CONTINUED)

  
  Consumer, Cyclical (continued)  
  QSRP Finco BV   
  500,000 (EUR)    

6.069%, 06/19/2031(e)
6 mo. EURIBOR + 4.000%

    $ 586,014  
  Recess Holdings, Inc.   
  98,257    

7.615%, 02/20/2030(e)
3 mo. USD Term SOFR + 3.750%

      99,010  
  SGH2 LLC   
  149,625    

8.172%, 08/18/2032(e)
3 mo. USD Term SOFR + 4.500%

      150,373  
  Tacala LLC   
  49,129    

6.716%, 01/31/2031(e)
1 mo. USD Term SOFR + 3.000%

      49,529  
  Topgolf Callaway Brands Corp.   
  24,801    

6.716%, 03/18/2030(e)
1 mo. USD Term SOFR + 3.000%

      24,902  
  Vista Management Holding, Inc.   
  173,250    

7.735%, 04/01/2031(e)
3 mo. USD Term SOFR + 3.750%

      175,163  
  White Cap Buyer LLC   
  247,748    

6.966%, 10/19/2029(e)
1 mo. USD Term SOFR + 3.250%

      249,038  
    

 

 

  
     8,798,313  
    

 

 

  
  Consumer, Non-cyclical: 4.2%  
  AAG U.S. GSI Bidco, Inc.   
  2,163,650    

8.672%, 10/31/2031(e)
3 mo. USD Term SOFR + 5.000%

      2,175,831  
  Albion Financing 3 SARL   
  98,507    

6.869%, 05/21/2031(e)
3 mo. USD Term SOFR + 3.000%

      99,323  
  American Auto Auction Group LLC   
  545,875    

8.172%, 05/28/2032(e)
3 mo. USD Term SOFR + 4.500%

      537,591  
  Amspec Parent LLC   
  45,745    

7.172%, 12/22/2031(e)
3 mo. USD Term SOFR + 3.500%

      45,974  
  301,700    

7.172%, 12/22/2031(e)
3 mo. USD Term SOFR + 3.500%

      303,208  
  Bausch Health Cos., Inc.   
  19,900    

9.966%, 10/08/2030(e)
1 mo. USD Term SOFR + 6.250%

      19,487  
  Blue Ribbon LLC   
  199,904    

10.131%, 05/08/2028(e)
3 mo. USD Term SOFR + 6.000%

      130,937  
  CCRR Parent, Inc.   
  297,142    

8.334%, 03/06/2028(e)
3 mo. USD Term SOFR + 4.250%

      87,285  
  Chef’s Warehouse Leasing Co. LLC   
  82,083    

6.716%, 08/23/2029(e)
1 mo. USD Term SOFR + 3.000%

      82,733  
  Citrin Cooperman Advisors LLC   
  9,091    

6.672%, 04/01/2032(e)
3 mo. USD Term SOFR + 3.000%

      9,129  
  140,182    

6.672%, 04/01/2032(e)
3 mo. USD Term SOFR + 3.000%

      140,766  
Principal
Amount^		           Value  
  Consumer, Non-cyclical (continued)  
  Congruex Group LLC   
  $ 47,031    

5.490%, 05/03/2029(e)
3 mo. USD Term SOFR + 1.500%

    $ 38,683  
  Dermatology Intermediate Holdings III, Inc.   
  97,475    

8.090%, 03/30/2029(e)
3 mo. USD Term SOFR + 4.250%

      94,328  
  EyeCare Partners LLC   
  361    

8.580%, 11/30/2028(e)(l)
3 mo. USD Term SOFR + 1.000% Cash, 3.610% PIK

      166  
  Florida Food Products LLC   
  21,729    

9.434%, 10/15/2030(e)
3 mo. USD Term SOFR + 5.500%

      21,638  
  55,621    

9.049%, 10/15/2030(e)
3 mo. USD Term SOFR + 5.000%

      44,497  
  Fugue Finance BV   
  148,381    

6.572%, 01/09/2032(e)
3 mo. USD Term SOFR + 2.750%

      149,086  
  Imagefirst Holdings LLC   
  149,250    

6.733%, 03/12/2032(e)
3 mo. USD Term SOFR + 3.000%

      149,624  
  Inception Holdco SARL   
  547,628    

6.922%, 04/18/2031(e)
3 mo. USD Term SOFR + 3.250%

      552,934  
  Jazz Financing Lux SARL   
  2,173,549    

5.966%, 05/05/2028(e)
1 mo. USD Term SOFR + 2.250%

      2,185,471  
  MB2 Dental Solutions LLC   
  1,800    

9.221%, 02/13/2031(e)
1 mo. USD Term SOFR + 5.500%

      1,575  
  13,733    

9.216%, 02/13/2031(e)
1 mo. USD Term SOFR + 5.500%

      13,733  
  17,292    

9.172%-9.272%, 02/13/2031(e)
1 mo. USD Term SOFR + 5.500%, 3 mo. USD Term SOFR + 5.500%,

      17,292  
  94,835    

9.216%, 02/13/2031(e)
1 mo. USD Term SOFR + 5.500%

      94,642  
  Moran Foods LLC   
  13,119    

15.023%, 06/30/2026(e)
3 mo. USD Term SOFR + 2.000%

      7  
  5,688    

11.022%, 06/30/2026(e)
3 mo. USD Term SOFR + 7.250%

      303  
  12,145    

11.022%, 06/30/2026(e)
3 mo. USD Term SOFR + 7.250%

      6,601  
  MPH Acquisition Holdings LLC   
  78,561    

7.590%, 12/31/2030(e)
3 mo. USD Term SOFR + 3.750%

      78,876  
  651,224    

8.702%, 12/31/2030(e)
3 mo. USD Term SOFR + 4.600%

      613,779  
  NFM & J LP   
  47,724    

9.690%, 11/30/2027(e)
3 mo. USD Term SOFR + 5.750%

      47,119  
  48,514    

9.672%-9.691%, 11/30/2027(e)
3 mo. USD Term SOFR + 5.750%

      47,899  
  PABST Financing Newco LLC   
  78,931    

11.865%, 05/08/2028(e)
3 mo. USD Term SOFR + 8.000%

      78,142  
  Pacific Dental Services LLC   
  197,997    

6.236%, 03/15/2031(e)
1 mo. USD Term SOFR + 2.500%

      198,993  

 

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

 

 
Schedule of Investments         13

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

BANK LOANS (CONTINUED)

  
  Consumer, Non-cyclical (continued)  
  Priority Holdings LLC   
  $ 1,238,014    

7.466%, 07/30/2032(e)
1 mo. USD Term SOFR + 3.750%

    $ 1,219,753  
  ScribeAmerica Intermediate Holdco LLC   
  46,946    

12.250%, 01/12/2026(e)
U.S. (Fed) Prime Rate - 5.500%

      35,209  
  Secretariat Advisors LLC   
  88,578    

7.672%, 02/28/2032(e)
3 mo. USD Term SOFR + 4.000%

      88,938  
  Sotera Health Holdings LLC   
  2,095,366    

6.340%, 05/30/2031(e)
3 mo. USD Term SOFR + 2.500%

      2,109,783  
  System One Holdings LLC   
  1,120,745    

7.216%, 03/02/2028(e)
1 mo. USD Term SOFR + 3.500%

      1,124,247  
  TMF Group Holding BV   
  168,300    

6.687%, 05/03/2028(e)
3 mo. USD Term SOFR + 2.750%

      169,633  
  Vacation Rental Brands LLC   
  83,125    

8.922%, 05/06/2032(e)
3 mo. USD Term SOFR + 5.250%

      82,320  
  Women’s Care Enterprises LLC   
  187,901    

8.440%, 01/15/2028(e)
3 mo. USD Term SOFR + 4.500%

      176,392  
  WW International, Inc.   
  28,739    

10.489%, 06/24/2030(e)
3 mo. USD Term SOFR + 6.800%

      25,455  
    

 

 

  
     13,099,382  
    

 

 

  
  Energy: 0.8%  
  GIP Pilot Acquisition Partners LP   
  48,300    

5.936%, 10/04/2030(e)
3 mo. USD Term SOFR + 2.000%

      48,473  
  Hilcorp Energy I LP   
  2,039,588    

5.736%, 02/11/2030(e)
1 mo. USD Term SOFR + 2.000%

      2,045,971  
  Lealand Finance Co. BV   
  30,659    

7.831%, 12/31/2027(e)(l)
1 mo. USD Term SOFR + 4.000%

      23,965  
  Liquid Tech Solutions LLC   
  181,424    

7.238%, 10/12/2032(e)
3 mo. USD Term SOFR + 3.500%

      182,293  
  Par Petroleum LLC   
  182,934    

6.955%, 02/28/2030(e)
3 mo. USD Term SOFR + 3.250%

      183,887  
  Venture Global Calcasieu Pass LLC   
  14,718    

6.691%, 08/19/2026(e)
1 mo. USD Term SOFR + 2.875%

      14,723  
    

 

 

  
     2,499,312  
    

 

 

  
Principal
Amount^		           Value  
  Financial: 2.3%  
  AmWINS Group, Inc.   
  $ 148,500    

5.966%, 01/30/2032(e)
1 mo. USD Term SOFR + 2.250%

    $ 149,095  
  AqGen Island Holdings, Inc.   
  50,000    

6.716%, 11/24/2032(e)
1 mo. USD Term SOFR + 3.000%

      50,010  
  Ardonagh Midco 3 PLC   
  148,878    

6.422%-6.950%, 02/15/2031(e)
3 mo. USD Term SOFR + 2.750%, 6 mo. USD Term SOFR + 2.750%

      148,847  
  Aretec Group, Inc.   
  422,884    

6.716%, 08/09/2030(e)
1 mo. USD Term SOFR + 3.000%

      425,036  
  Asurion LLC   
  74,187    

7.966%, 09/19/2030(e)
1 mo. USD Term SOFR + 4.250%

      74,291  
  97,494    

8.066%, 08/19/2028(e)
1 mo. USD Term SOFR + 4.250%

      97,785  
  398,000    

7.966%, 09/19/2030(e)
1 mo. USD Term SOFR + 4.250%

      398,342  
  Blackhawk Network Holdings, Inc.   
  158,251    

7.672%, 03/12/2029(e)
3 mo. USD Term SOFR + 4.000%

      159,203  
  Capstone Acquisition Holdings, Inc.   
  12,045    

8.316%, 11/13/2029(e)
1 mo. USD Term SOFR + 4.500%

      0  
  136,200    

8.316%, 11/13/2029(e)
1 mo. USD Term SOFR + 4.500%

      135,617  
  Cfc Bidco 2022 Ltd.   
  550,000    

7.735%, 07/01/2032(e)
3 mo. USD Term SOFR + 3.750%

      536,938  
  Chrysaor Bidco SARL   
  99,303    

7.144%, 10/30/2031(e)
3 mo. USD Term SOFR + 3.250%

      100,123  
  Cliffwater LLC   
  138,950    

8.471%, 04/22/2032(e)
1 mo. USD Term SOFR + 4.750%

      138,950  
  Eisner Advisory Group LLC   
  98,014    

7.716%, 02/28/2031(e)
1 mo. USD Term SOFR + 4.000%

      98,826  
  Fiserv Investment Solutions, Inc.   
  97,927    

7.889%, 02/18/2027(e)
3 mo. USD Term SOFR + 4.000%

      97,046  
  Focus Financial Partners LLC   
  49,500    

6.216%, 09/15/2031(e)
1 mo. USD Term SOFR + 2.500%

      49,639  
  HV Eight LLC   
  354,882 (EUR)    

5.516%, 11/22/2027(e)
3 mo. EURIBOR + 3.500%

      415,254  
  IMC Financing LLC   
  547,250    

7.234%, 06/18/2032(e)
1 mo. USD Term SOFR + 3.500%

      552,383  
  LendingTree, Inc.   
  2,621,630    

8.216%, 08/21/2030(e)
1 mo. USD Term SOFR + 4.500%

      2,621,630  
  Orion U.S. Finco, Inc.   
  550,000    

7.427%, 10/08/2032(e)
3 mo. USD Term SOFR + 3.500%

      553,223  
  PMH Newco LP   
  228,899    

6.896%, 10/02/2030(e)
3 mo. USD Term SOFR + 2.600%

      228,751  

 

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

 

 
14       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

BANK LOANS (CONTINUED)

  
  Financial (continued)  
  PMH SPV C LLC   
  $ 60,167    

7.096%, 10/02/2030(e)
3 mo. USD Term SOFR + 3.150%

    $ 60,160  
  Saphilux SARL   
  297,507    

6.730%-6.910%, 07/18/2028(e)
3 mo. USD Term SOFR + 3.000%, 6 mo. USD Term SOFR + 3.000%

      299,833  
    

 

 

  
     7,390,982  
    

 

 

  
  Industrial: 1.9%  
  API Holdings III LLC   
  8,161    

10.672%, 03/25/2027(e)(l)
3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK

      8,324  
  111,739    

10.672%, 05/10/2027(e)(l)
3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK

      101,124  
  Azuria Water Solutions, Inc.   
  231,869    

6.716%, 05/17/2028(e)
1 mo. USD Term SOFR + 3.000%

      233,359  
  Bettcher Industries, Inc.   
  147,700    

7.672%, 12/14/2028(e)
3 mo. USD Term SOFR + 4.000%

      149,293  
  Climater Bidco II SAS   
  500,000 (EUR)    

5.769%, 03/19/2032(e)
3 mo. EURIBOR + 3.750%

      590,367  
  Cobham Ultra SeniorCo SARL   
  575,661    

8.370%, 08/03/2029(e)
6 mo. USD Term SOFR + 3.750%

      578,179  
  Cube Industrials Buyer, Inc.   
  148,877    

6.912%, 10/17/2031(e)
3 mo. USD Term SOFR + 3.000%

      148,939  
  Engineered Machinery Holdings, Inc.   
  24,355    

6.922%, 11/26/2032(e)
3 mo. USD Term SOFR + 3.250%

      24,540  
  173,553    

6.922%, 11/26/2032(e)
3 mo. USD Term SOFR + 3.250%

      174,876  
  GrafTech Finance, Inc.   
  42,667    

9.858%, 12/21/2029(e)
3 mo. USD Term SOFR + 6.000%

      43,574  
  Holding Socotec   
  49,500    

6.910%, 06/02/2031(e)
3 mo. USD Term SOFR + 3.250%

      49,956  
  Ilpea Parent, Inc.   
  462,200    

7.720%, 06/22/2028(e)
1 mo. USD Term SOFR + 4.000%

      462,202  
  KKR Apple Bidco LLC   
  148,500    

6.216%, 09/23/2031(e)
1 mo. USD Term SOFR + 2.500%

      149,433  
  Knife River Holdco   
  198,500    

5.738%, 03/08/2032(e)
3 mo. USD Term SOFR + 2.000%

      199,741  
  Mannington Mills, Inc.   
  93,306    

8.422%, 03/25/2032(e)
3 mo. USD Term SOFR + 4.750%

      92,839  
Principal
Amount^		           Value  
  Industrial (continued)  
  Michael Baker International LLC   
  $ 396,128    

7.840%, 12/01/2028(e)
3 mo. USD Term SOFR + 4.000%

    $ 397,530  
  MV Holding GmbH   
  179,101    

5.721%, 03/17/2032(e)
1 mo. USD Term SOFR + 2.000%

      180,072  
  NA Rail HoldCo LLC   
  149,250    

6.738%, 03/08/2032(e)
3 mo. USD Term SOFR + 3.000%

      150,743  
  Newly Weds Foods, Inc.   
  99,500    

5.984%, 03/15/2032(e)
1 mo. USD Term SOFR + 2.250%

      99,790  
  Owens-Illinois, Inc.   
  250,000    

6.838%, 09/30/2032(e)
3 mo. USD Term SOFR + 3.000%

      252,461  
  Pelican Products, Inc.   
  97,462    

8.184%, 12/29/2028(e)
3 mo. USD Term SOFR + 4.250%

      88,487  
  Quikrete Holdings, Inc.   
  69,475    

5.966%, 02/10/2032(e)
1 mo. USD Term SOFR + 2.250%

      69,768  
  96,400    

5.966%, 04/14/2031(e)
1 mo. USD Term SOFR + 2.250%

      96,787  
  Roper Industrial Products Investment Co. LLC   
  535,940    

6.422%, 11/22/2029(e)
3 mo. USD Term SOFR + 2.750%

      539,791  
  Student Transportation of America Holdings, Inc.   
  547,250    

6.939%, 06/24/2032(e)
3 mo. USD Term SOFR + 3.250%

      549,532  
  Tidal Waste & Recycling Holdings LLC   
  516,101    

6.422%, 10/24/2031(e)
3 mo. USD Term SOFR + 2.750%

      520,681  
    

 

 

  
     5,952,388  
    

 

 

  
  Technology: 1.7%  
  Apttus Corp.   
  127,119    

7.340%, 05/08/2028(e)
3 mo. USD Term SOFR + 3.500%

      127,119  
  AthenaHealth Group, Inc.   
  2,305,964    

6.466%, 02/15/2029(e)
1 mo. USD Term SOFR + 2.750%

      2,313,170  
  Boxer Parent Co., Inc.   
  99,250    

6.822%, 07/30/2031(e)
3 mo. USD Term SOFR + 3.000%

      99,109  
  Central Parent, Inc.   
  607,658    

6.922%, 07/06/2029(e)
3 mo. USD Term SOFR + 3.250%

      516,686  
  CoreLogic, Inc.   
  545,725    

7.331%, 06/02/2028(e)
1 mo. USD Term SOFR + 3.500%

      546,964  
  Curriculum Associates LLC   
  74,531    

8.455%, 05/07/2032(e)
3 mo. USD Term SOFR + 4.750%

      74,531  
  125,158    

8.466%, 05/07/2032(e)
1 mo. USD Term SOFR + 4.750%

      124,592  
  Cvent, Inc.   
  99,000    

6.422%, 06/17/2030(e)
3 mo. USD Term SOFR + 2.750%

      99,066  

 

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

 

 
Schedule of Investments         15

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

BANK LOANS (CONTINUED)

  
  Technology (continued)  
  Darktrace PLC   
  $ 278,897    

7.185%, 10/09/2031(e)
3 mo. USD Term SOFR + 3.250%

    $ 280,268  
  Dayforce, Inc.   
  200,000    

0.000%, 08/20/2032(k)

      199,644  
  Finastra USA, Inc.   
  24,882    

10.973%, 09/13/2029(e)
3 mo. USD Term SOFR + 7.250%

      25,069  
  HIG Operations Holdings, Inc.   
  141,494    

8.236%, 06/11/2031(e)
3 mo. USD Term SOFR + 4.500%

      140,794  
  Kaseya, Inc.   
  99,250    

6.716%, 03/20/2032(e)
1 mo. USD Term SOFR + 3.000%

      99,454  
  Modena Buyer LLC   
  173,623    

8.090%, 07/01/2031(e)
3 mo. USD Term SOFR + 4.250%

      173,067  
  Planview Parent, Inc.   
  148,425    

7.172%, 12/17/2027(e)
3 mo. USD Term SOFR + 3.500%

      142,836  
  PushPay USA, Inc.   
  99,001    

7.622%, 08/15/2031(e)
6 mo. USD Term SOFR + 3.750%

      99,063  
  Sitecore Holding III AS   
  142,340    

11.028%, 03/12/2029(e)
3 mo. USD Term SOFR + 7.000%

      141,830  
  Zuora, Inc.   
  149,625    

7.216%, 02/14/2032(e)
1 mo. USD Term SOFR + 3.500%

      149,317  
    

 

 

  
     5,352,579  
    

 

 

  
  Utilities: 1.1%  
  Eastern Power LLC   
  3,328,775    

8.966%, 04/03/2028(e)
1 mo. USD Term SOFR + 5.250%

      3,356,853  
  PowerGrid Services LLC   
  2,055    

8.422%, 07/01/2032(e)
3 mo. USD Term SOFR + 4.750%

      2,055  
  174,998    

8.422%, 07/01/2032(e)
3 mo. USD Term SOFR + 4.750%

      174,998  
    

 

 

  
     3,533,906  
    

 

 

  
 

TOTAL BANK LOANS
(Cost $63,244,091)

      62,345,392  
    

 

 

  
 

CONVERTIBLE BONDS: 0.2%

 
  Energy: 0.2%  
  XPLR Infrastructure LP   
  610,000    

2.500%, 06/15/2026(c)(d)

      600,118  
    

 

 

  
  Financial: 0.0%  
  Kaisa Group Holdings Ltd.   
  115,151    

0.000%, 12/31/2026(d)(h)

      1,439  
  143,942    

0.000%, 12/31/2027(d)(h)

      1,080  
  230,303    

0.000%, 12/31/2028(d)(h)

      1,439  
  230,303    

0.000%, 12/31/2029(d)(h)

      1,439  
  287,878    

0.000%, 12/31/2030(d)(h)

      1,072  
  287,878    

0.000%, 12/31/2031(d)(h)

      1,080  
  543,104    

0.000%, 12/31/2032(d)(h)

      5,431  
Principal
Amount^		           Value  
  Financial (continued)  
  Shimao Group Holdings Ltd.   
  $ 951,317    

0.000%, 07/21/2026(d)(h)

    $ 31,394  
    

 

 

  
     44,374  
    

 

 

  
 

TOTAL CONVERTIBLE BONDS
(Cost $3,087,393)

      644,492  
    

 

 

  
 

CORPORATE BONDS: 41.9%

 
  Basic Materials: 1.9%  
  AITX FinCo LLC   
  400,000    

6.000%, 10/23/2035

      397,088  
  Arsenal AIC Parent LLC   
  100,000    

8.000%, 10/01/2030(d)

      106,241  
  Compass Minerals International, Inc.   
  155,000    

8.000%, 07/01/2030(d)

      162,333  
  Dow Chemical Co.   
  100,000    

6.900%, 05/15/2053(c)

      102,981  
  Methanex U.S. Operations, Inc.   
  2,035,000    

6.250%, 03/15/2032(d)

      2,096,652  
  Minerals Technologies, Inc.   
  165,000    

5.000%, 07/01/2028(d)

      163,965  
  Olin Corp.   
  2,800,000    

6.625%, 04/01/2033(d)

      2,782,413  
  SCIL IV LLC/SCIL USA Holdings LLC   
  100,000 (EUR)    

9.500%, 07/15/2028(d)

      123,698  
  Unigel Luxembourg SA   
  250,035    

11.000%, 12/31/2028(l)
Cash 11.000% + PIK Rate 12.000%

      17,502  
  58,147    

11.000%, 12/31/2028(d)(l)
Cash 11.000% + PIK Rate 12.000%

      4,070  
    

 

 

  
     5,956,943  
    

 

 

  
  Communications: 2.4%  
  Altice France SA   
  154,020    

6.875%, 07/15/2032(d)

      147,797  
  AMC Networks, Inc.   
  50,000    

10.250%, 01/15/2029(d)

      52,470  
  4,000    

4.250%, 02/15/2029

      3,558  
  500,000    

10.500%, 07/15/2032(c)(d)

      552,828  
  Bell Telephone Co. of Canada or Bell Canada   
  200,000    

6.875%, 09/15/2055(g)
5 yr. CMT + 2.390%

      207,162  
  British Telecommunications PLC   
  200,000    

4.875%, 11/23/2081(d)(g)
5 yr. CMT + 3.493%

      193,617  
  CCO Holdings LLC/CCO Holdings Capital Corp.   
  1,255,000    

7.375%, 03/01/2031(d)

      1,281,503  
  Charter Communications Operating LLC/Charter Communications Operating Capital   
  15,000    

4.800%, 03/01/2050

      11,319  
  60,000    

3.700%, 04/01/2051

      38,065  
  40,000    

5.250%, 04/01/2053

      31,808  
  70,000    

6.834%, 10/23/2055

      67,578  
  370,000    

4.400%, 12/01/2061

      243,236  
  Connect Finco SARL/Connect U.S. Finco LLC   
  290,000    

9.000%, 09/15/2029(d)

      307,977  

 

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

 

 
16       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

CORPORATE BONDS (CONTINUED)

  
  Communications (continued)  
  Cox Communications, Inc.   
  $ 85,000    

2.950%, 10/01/2050(d)

    $ 47,579  
  50,000    

5.800%, 12/15/2053(d)

      42,973  
  CSC Holdings LLC   
  100,000    

11.750%, 01/31/2029(d)

      74,383  
  iHeartCommunications, Inc.   
  104,000    

7.750%, 08/15/2030(d)

      91,093  
  McGraw-Hill Education, Inc.   
  40,000    

8.000%, 08/01/2029(d)

      40,458  
  Paramount Global   
  260,000    

6.875%, 04/30/2036

      256,759  
  12,000    

5.900%, 10/15/2040

      10,473  
  345,000    

4.375%, 03/15/2043

      240,835  
  90,000    

5.850%, 09/01/2043

      74,376  
  27,000    

5.250%, 04/01/2044

      20,525  
  28,000    

4.900%, 08/15/2044

      20,178  
  QTS Good News Facility   
  478,356    

8.050%, 10/09/2028(g)

      478,164  
 

1 mo. USD Term SOFR + 3.000%

   
  248,783    

7.800%, 10/09/2026(g)

      248,783  
 

1 mo. USD Term SOFR + 2.750%

   
  Rakuten Group, Inc.   
  477,000    

9.750%, 04/15/2029(d)

      533,655  
  Rogers Communications, Inc.   
  150,000    

7.000%, 04/15/2055(g)
5 yr. CMT + 2.653%

      157,036  
  Sunrise FinCo I BV   
  450,000    

4.875%, 07/15/2031(d)

      428,985  
  TEGNA, Inc.   
  615,000    

4.625%, 03/15/2028

      609,167  
  TELUS Corp.   
  200,000    

6.625%, 10/15/2055(c)(g)
5 yr. CMT + 2.769%

      204,219  
  200,000    

7.000%, 10/15/2055(g)
5 yr. CMT + 2.709%

      208,277  
  100,000    

6.375%, 06/09/2056(g)
5 yr. CMT + 2.694%

      100,254  
  100,000    

6.625%, 06/09/2056(g)
5 yr. CMT + 2.515%

      99,992  
  Time Warner Cable LLC   
  20,000    

6.550%, 05/01/2037

      20,455  
  Virgin Media Finance PLC   
  100,000    

5.000%, 07/15/2030(d)

      88,222  
  Vmed O2 U.K. Financing I PLC   
  400,000    

6.750%, 01/15/2033(d)

      397,169  
  Vodafone Group PLC   
  100,000    

5.125%, 06/04/2081(g)
5 yr. CMT + 3.073%

      78,539  
    

 

 

  
     7,711,467  
    

 

 

  
  Consumer, Cyclical: 5.1%  
  Air Canada   
  100,000 (CAD)    

4.625%, 08/15/2029(d)

      72,961  
  Allison Transmission, Inc.   
  1,024,000    

3.750%, 01/30/2031(c)(d)

      964,922  
  Beach Acquisition Bidco LLC   
  100,000 (EUR)    

5.250%, 07/15/2032(d)

      119,745  
  Boots Group Finco LP   
  200,000 (EUR)    

5.375%, 08/31/2032(d)

      242,907  
Principal
Amount^		           Value  
  Consumer, Cyclical (continued)  
  Choice Hotels International, Inc.   
  $ 545,000    

5.850%, 08/01/2034(c)

    $ 556,757  
  Clarios Global LP/Clarios U.S. Finance Co.   
  300,000 (EUR)    

4.750%, 06/15/2031(d)

      357,860  
  Crocs, Inc.   
  135,000    

4.125%, 08/15/2031(d)

      125,384  
  Deuce Finco PLC   
  400,000 (GBP)    

7.000%, 11/20/2031(d)

      544,097  
  Essendi SA   
  200,000 (EUR)    

5.375%, 05/15/2030(d)

      241,840  
  200,000 (EUR)    

5.625%, 05/15/2032(d)

      241,342  
  Ford Motor Credit Co. LLC   
  1,760,000    

5.113%, 05/03/2029

      1,764,556  
  JB Poindexter & Co., Inc.   
  30,000    

8.750%, 12/15/2031(d)

      31,462  
  JetBlue Airways Corp./JetBlue Loyalty LP   
  2,655,000    

9.875%, 09/20/2031(d)

      2,677,133  
  Lightning eMotors, Inc.   
  100,000    

7.500%, 03/01/2037

      95,807  
  200,000    

Series 2022-1-A
5.500%, 03/01/2037

      189,522  
  Macy’s Retail Holdings LLC   
  741,000    

5.875%, 03/15/2030(d)

      748,603  
  450,000    

7.375%, 08/01/2033(d)

      477,552  
  Motel One GmbH/Muenchen   
  90,000 (EUR)    

7.750%, 04/02/2031(d)

      112,961  
  NCL Corp. Ltd.   
  135,000    

6.750%, 02/01/2032(c)(d)

      138,312  
  New Flyer Holdings, Inc.   
  100,000    

9.250%, 07/01/2030(d)

      107,979  
  Newell Brands, Inc.   
  1,185,000    

8.500%, 06/01/2028(d)

      1,244,053  
  Nordstrom, Inc.   
  2,485,000    

4.375%, 04/01/2030

      2,379,144  
  Penn Entertainment, Inc.   
  180,000    

4.125%, 07/01/2029(c)(d)

      167,583  
  Phinia, Inc.   
  86,000    

6.625%, 10/15/2032(d)

      89,372  
  Quicktop Holdco AB   
  100,000 (EUR)    

6.535%, 03/21/2030(d)(e)
3 mo. EURIBOR + 4.500%

      120,757  
  QXO Building Products, Inc.   
  200,000    

6.750%, 04/30/2032(d)

      209,044  
  Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.   
  100,000    

6.625%, 03/01/2030(d)

      88,947  
  Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s Wonderland Co.   
  125,000    

6.625%, 05/01/2032(c)(d)

      126,125  
  Suburban Propane Partners LP/Suburban Energy Finance Corp.   
  41,000    

5.000%, 06/01/2031(d)

      39,465  
  Superior Plus LP/Superior General Partner, Inc.   
  100,000    

4.500%, 03/15/2029(d)

      97,684  
  Thunderbird 1 A Funded   
  200,000    

Series 2022-1-A
5.500%, 03/01/2037

      189,522  
  Thunderbird Entertainment Group, Inc.   
  100,000    

7.500%, 03/01/2037

      95,807  

 

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

 

 
Schedule of Investments         17

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

CORPORATE BONDS (CONTINUED)

  
  Consumer, Cyclical (continued)  
  TVL Finance PLC   
  100,000 (EUR)    

5.768%, 06/30/2030(e)
3 mo. EURIBOR + 3.750%

    $ 117,202  
  United Airlines Pass-Through Trust   
  116,816    

Series 2019-2-B
3.500%, 11/01/2029

      114,156  
  Velocity Vehicle Group LLC   
  100,000    

8.000%, 06/01/2029(d)

      95,098  
  Wabash National Corp.   
  100,000    

4.500%, 10/15/2028(d)

      93,645  
  Whirlpool Corp.   
  100,000    

4.500%, 06/01/2046

      75,199  
  50,000    

4.600%, 05/15/2050

      36,811  
  William Carter Co.   
  815,000    

7.375%, 02/15/2031(d)

      843,664  
  Wolverine World Wide, Inc.   
  74,000    

4.000%, 08/15/2029(d)

      68,516  
    

 

 

  
     16,103,496  
    

 

 

  
  Consumer, Non-cyclical: 2.2%  
  Acadia Healthcare Co., Inc.   
  200,000    

7.375%, 03/15/2033(c)(d)

      202,249  
  Altria Group, Inc.   
  10,000    

4.450%, 05/06/2050

      8,071  
  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.   
  955,000    

8.250%, 01/15/2030(d)

      990,822  
  Bausch Health Cos., Inc.   
  885,000    

4.875%, 06/01/2028(c)(d)

      792,739  
  BCP V Modular Services Finance II PLC   
  100,000 (EUR)    

4.750%, 11/30/2028(d)

      111,207  
  Becle SAB de CV   
  200,000    

2.500%, 10/14/2031(d)

      174,966  
  Carriage Services, Inc.   
  100,000    

4.250%, 05/15/2029(d)

      96,727  
  CPI CG, Inc.   
  349,000    

10.000%, 07/15/2029(d)

      371,416  
  CVS Health Corp.   
  50,000    

7.000%, 03/10/2055(g)
5 yr. CMT + 2.886%

      52,485  
  DaVita, Inc.   
  410,000    

3.750%, 02/15/2031(d)

      379,693  
  Herc Holdings, Inc.   
  230,000    

7.250%, 06/15/2033(d)

      244,512  
  Hertz Corp.   
  18,000    

12.625%, 07/15/2029(d)

      18,166  
  Hologic, Inc.   
  620,000    

3.250%, 02/15/2029(d)

      611,556  
  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL   
  100,000    

4.375%, 02/02/2052

      77,795  
  Nidda Healthcare Holding GmbH   
  450,000 (EUR)    

5.276%, 10/15/2032(d)(e)
3 mo. EURIBOR + 3.250%

      533,652  
  Perrigo Finance Unlimited Co.   
  100,000 (EUR)    

5.375%, 09/30/2032

      119,701  
  Post Holdings, Inc.   
  957,000    

4.500%, 09/15/2031(d)

      906,861  
Principal
Amount^		           Value  
  Consumer, Non-cyclical (continued)  
  Primo Water Holdings, Inc./Triton Water Holdings, Inc.   
  $ 200,000    

4.375%, 04/30/2029(d)

    $ 194,816  
  Sotheby’s/Bidfair Holdings, Inc.   
  200,000    

5.875%, 06/01/2029(d)

      187,079  
  Surgery Center Holdings, Inc.   
  150,000    

7.250%, 04/15/2032(d)

      152,089  
  TriNet Group, Inc.   
  50,000    

7.125%, 08/15/2031(d)

      51,741  
  Valvoline, Inc.   
  556,000    

3.625%, 06/15/2031(d)

      511,363  
    

 

 

  
     6,789,706  
    

 

 

  
  Energy: 2.7%  
  BP Capital Markets PLC   
  210,000    

4.875%, 03/22/2030(b)(g)
5 yr. CMT + 4.398%

      209,083  
  50,000    

6.125%, 03/18/2035(b)(g)
5 yr. CMT + 1.924%

      51,592  
  Crescent Energy Finance LLC   
  2,270,000    

7.625%, 04/01/2032(d)

      2,202,347  
  CTL AZ Battery Property   
  100,000    

6.730%, 02/20/2046

      98,804  
  CVR Energy, Inc.   
  100,000    

8.500%, 01/15/2029(d)

      102,857  
  Global Partners LP/GLP Finance Corp.   
  25,000    

6.875%, 01/15/2029

      25,417  
  550,000    

7.125%, 07/01/2033(d)

      563,517  
  Helmerich & Payne, Inc.   
  275,000    

5.500%, 12/01/2034(c)

      271,382  
  Hess Midstream Operations LP   
  2,050,000    

5.875%, 03/01/2028(d)

      2,093,632  
  HF Sinclair Corp.   
  60,000    

6.250%, 01/15/2035

      62,739  
  ITT Holdings LLC   
  125,000    

6.500%, 08/01/2029(d)

      120,065  
  Kinetik Holdings LP   
  94,000    

6.625%, 12/15/2028(d)

      96,853  
  100,000    

5.875%, 06/15/2030(d)

      100,944  
  ONEOK, Inc.   
  100,000    

7.150%, 01/15/2051

      110,689  
  Phillips 66 Co.   
  37,000    

Series A
5.875%, 03/15/2056(g)
5 yr. CMT + 2.283%

      36,623  
  37,000    

Series B
6.200%, 03/15/2056(g)
5 yr. CMT + 2.166%

      36,868  
  Plains All American Pipeline LP/PAA Finance Corp.   
  50,000    

4.700%, 06/15/2044

      42,714  
  Rockies Express Pipeline LLC   
  50,000    

6.875%, 04/15/2040(d)

      51,719  
  Sunoco LP   
  1,005,000    

7.000%, 05/01/2029(d)

      1,048,614  
  100,000    

4.625%, 05/01/2030(d)

      97,180  
  50,000    

7.250%, 05/01/2032(c)(d)

      52,900  
  TransMontaigne Partners LLC   
  25,000    

8.500%, 06/15/2030(d)

      25,253  
  Venture Global Calcasieu Pass LLC   
  100,000    

3.875%, 08/15/2029(d)

      93,806  
  75,000    

4.125%, 08/15/2031(d)

      68,213  
  120,000    

3.875%, 11/01/2033(d)

      102,968  

 

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

 

 
18       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

CORPORATE BONDS (CONTINUED)

  
  Energy (continued)  
  Venture Global LNG, Inc.   
  $ 50,000    

9.500%, 02/01/2029(d)

    $ 51,859  
  50,000    

9.000%, 09/30/2029(b)(c)(d)(g)
5 yr. CMT + 5.440%

      39,523  
  50,000    

9.875%, 02/01/2032(d)

      51,685  
  Venture Global Plaquemines LNG LLC   
  500,000    

7.500%, 05/01/2033(d)

      540,528  
    

 

 

  
     8,450,374  
    

 

 

  
  Financial: 20.9%  
  Aegon Ltd.   
  685,000    

5.500%, 04/11/2048(g)
6 mo. USD LIBOR + 3.540%

      694,224  
  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer   
  100,000    

7.000%, 01/15/2031(d)

      103,817  
  Allianz SE   
  200,000    

6.550%, 10/30/2033(b)(d)(g)
5 yr. CMT + 2.317%

      208,331  
  Alpha Holding SA de CV   
  565,639    

9.000%, 02/10/2025(d)(j)

      4,242  
  American Coastal Insurance Corp.   
  255,000    

6.250%, 12/15/2027

      256,258  
  American National Group, Inc.   
  250,000    

7.000%, 12/01/2055(g)
5 yr. CMT + 3.183%

      251,329  
  Americo Life, Inc.   
  650,000    

3.450%, 04/15/2031(d)

      589,578  
  AmFam Holdings, Inc.   
  160,000    

2.805%, 03/11/2031(d)

      140,922  
  AP Grange Holdings   
  394,551    

6.500%, 03/20/2045

      417,238  
  Arbor Realty SR, Inc.   
  835,000    

7.875%, 07/15/2030(d)

      795,330  
  685,000    

Series QIB
8.500%, 10/15/2027(d)

      686,580  
  Ardonagh Finco Ltd.   
  350,000 (EUR)    

6.875%, 02/15/2031(d)

      424,987  
  Ascot Group Ltd.   
  1,465,000    

6.349%, 06/15/2035(d)(g)
5 yr. CMT + 2.375%

      1,519,024  
  AXIS Specialty Finance LLC   
  2,865,000    

4.900%, 01/15/2040(g)
5 yr. CMT + 3.186%

      2,760,192  
  Bank of America Corp.   
  400,000    

Series OO
6.625%, 05/01/2030(b)(g)
5 yr. CMT + 2.684%

      417,106  
  2,400,000    

Series RR
4.375%, 01/27/2027(b)(g)
5 yr. CMT + 2.760%

      2,375,344  
  250,000    

Series TT
6.125%, 04/27/2027(b)(g)
5 yr. CMT + 3.231%

      253,916  
  Belrose Funding Trust II   
  550,000    

6.792%, 05/15/2055(d)

      575,730  
  Blue Owl Finance LLC   
  550,000    

6.250%, 04/18/2034

      568,312  
Principal
Amount^		           Value  
  Financial (continued)  
  Blue Owl Technology Finance Corp.   
  $ 2,140,000    

6.750%, 04/04/2029(c)

    $ 2,190,387  
  Bowhead Specialty Holdings, Inc.   
  795,000    

7.750%, 12/01/2030

      797,993  
  Brazilian Merchant Voucher Receivables Ltd.   
  83,378    

4.180%, 04/07/2028(a)(g)

      83,515  
  Bread Financial Holdings, Inc.   
  995,000    

6.750%, 05/15/2031(d)

      1,031,418  
  Ceamer Finance II LLC   
  191,986    

6.920%, 11/15/2037

      199,592  
  Ceamer Finance III LLC   
  81,186    

6.790%, 11/15/2039

      83,701  
  Charles Schwab Corp.   
  100,000    

Series H
4.000%, 12/01/2030(b)(g)
10 yr. CMT + 3.079%

      93,445  
  Citadel LP   
  30,000    

6.000%, 01/23/2030(d)

      31,386  
  25,000    

6.375%, 01/23/2032(d)

      26,591  
  Citadel Securities Global Holdings LLC   
  250,000    

6.200%, 06/18/2035(d)

      263,790  
  Citigroup, Inc.   
  500,000    

Series EE
6.750%, 02/15/2030(b)(g)
5 yr. CMT + 2.572%

      509,485  
  100,000    

Series FF
6.950%, 02/15/2030(b)(g)
5 yr. CMT + 2.726%

      103,163  
  270,000    

Series HH
6.625%, 02/15/2031(b)(g)
5 yr. CMT + 3.001%

      274,160  
  150,000    

Series X
3.875%, 02/18/2026(b)(g)
5 yr. CMT + 3.417%

      150,048  
  CNO Financial Group, Inc.   
  50,000    

6.450%, 06/15/2034

      53,012  
  Comerica Bank   
  2,250,000    

5.332%, 08/25/2033(g)
1 day USD SOFR + 2.610%

      2,268,597  
  Compeer Financial ACA   
  1,390,000    

Series QIB
7.875%, 02/15/2031(b)(d)(g)
5 yr. CMT + 4.155%

      1,429,968  
  Corebridge Financial, Inc.   
  169,000    

6.875%, 12/01/2030(b)(g)
5 yr. CMT + 3.181%

      173,987  
  2,095,000    

6.875%, 12/15/2052(g)
5 yr. CMT + 3.846%

      2,146,669  
  Cushman & Wakefield U.S. Borrower LLC   
  71,000    

6.750%, 05/15/2028(d)

      71,418  
  Dai-ichi Life Insurance Co. Ltd.   
  200,000    

6.200%, 01/16/2035(b)(d)(g)
5 yr. CMT + 2.515%

      209,761  
  DaVinciRe Holdings Ltd.   
  800,000    

5.950%, 04/15/2035(d)

      826,087  
  Doctors Co. An Interinsurance Exchange   
  350,000    

4.500%, 01/18/2032(d)

      315,405  
  Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance   
  1,125,000    

5.950%, 09/17/2030(d)

      1,074,844  

 

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

 

 
Schedule of Investments         19

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

CORPORATE BONDS (CONTINUED)

  
  Financial (continued)  
  Dyal Capital Partners III   
  $ 132,000    

Series B
6.550%, 06/15/2044

    $ 136,849  
  Dyal Capital Partners LP   
  168,000    

6.550%, 06/15/2044

      174,186  
  Encore Capital Group, Inc.   
  200,000    

8.500%, 05/15/2030(d)

      214,915  
  Enstar Finance LLC   
  950,000    

5.500%, 01/15/2042(g)
5 yr. CMT + 4.006%

      938,363  
  Enstar Group Ltd.   
  214,000    

3.100%, 09/01/2031

      192,789  
  540,000    

7.500%, 04/01/2045(d)(g)
5 yr. CMT + 3.186%

      569,180  
  EQT AB   
  550,000    

5.850%, 05/08/2035(d)

      566,460  
  Equitable Holdings, Inc.   
  500,000    

6.700%, 03/28/2055(g)
5 yr. CMT + 2.390%

      523,339  
  Fairfax India Holdings Corp.   
  320,000    

5.000%, 02/26/2028(d)

      307,687  
  Farmers Insurance Exchange   
  60,000    

7.000%, 10/15/2064(d)(g)
10 yr. CMT + 3.864%

      61,973  
  Fidelis Insurance Holdings Ltd.   
  1,155,000    

6.625%, 04/01/2041(d)(g)
5 yr. CMT + 6.323%

      1,151,319  
  550,000    

7.750%, 06/15/2055(g)
5 yr. CMT + 4.280%

      596,364  
  Focus Financial Partners LLC   
  500,000    

6.750%, 09/15/2031(d)

      515,117  
  Fortitude Group Holdings LLC   
  50,000    

6.250%, 04/01/2030(d)

      52,149  
  FS KKR Capital Corp.   
  100,000    

3.250%, 07/15/2027

      96,610  
  510,000    

3.125%, 10/12/2028

      470,954  
  120,000    

7.875%, 01/15/2029

      124,375  
  Galaxy Bidco Ltd.   
  150,000 (GBP)    

8.125%, 12/19/2029(d)

      212,552  
  Global Atlantic Fin Co.   
  135,000    

3.125%, 06/15/2031(d)

      122,360  
  1,460,000    

7.950%, 10/15/2054(d)(g)
5 yr. CMT + 3.608%

      1,515,696  
  465,000    

7.250%, 03/01/2056(d)(g)
5 yr. CMT + 3.550%

      467,963  
  Goldman Sachs Group, Inc.   
  100,000    

6.850%, 02/10/2030(b)(g)
5 yr. CMT + 2.461%

      104,394  
  100,000    

Series U
3.650%, 08/10/2026(b)(g)
5 yr. CMT + 2.915%

      98,909  
  900,000    

Series X
7.500%, 05/10/2029(b)(g)
5 yr. CMT + 2.809%

      953,281  
  Golub Capital BDC, Inc.   
  160,000    

6.000%, 07/15/2029

      163,797  
  Golub Capital Private Credit Fund   
  1,020,000    

5.800%, 09/12/2029

      1,033,762  
Principal
Amount^		           Value  
  Financial (continued)  
  HA Sustainable Infrastructure Capital, Inc.   
  $ 1,330,000    

6.375%, 07/01/2034

    $ 1,357,637  
  935,000    

6.750%, 07/15/2035

      980,941  
  HAT Holdings I LLC/HAT Holdings II LLC   
  930,000    

3.375%, 06/15/2026(d)

      924,281  
  Hunt Cos., Inc.   
  100,000    

5.250%, 04/15/2029(d)

      98,080  
  Insured Lending 1 Ltd.   
  850,000 (EUR)    

6.500%, 02/04/2032(d)

      1,015,349  
  Iron Mountain, Inc.   
  378,000    

4.500%, 02/15/2031(d)

      360,690  
  Jane Street Group/JSG Finance, Inc.   
  270,000    

7.125%, 04/30/2031(d)

      283,865  
  575,000    

6.750%, 05/01/2033(d)

      600,562  
  Jefferies Finance LLC/JFIN Co-Issuer Corp.   
  600,000    

5.000%, 08/15/2028(d)

      578,034  
  Jefferies Financial Group, Inc.   
  265,000    

6.200%, 04/14/2034

      280,340  
  280,000    

6.250%, 01/15/2036

      297,522  
  JPMorgan Chase & Co.   
  385,000    

Series OO
6.500%, 04/01/2030(b)(g)
5 yr. CMT + 2.152%

      400,168  
  Kaisa Group Holdings Ltd.   
  193,652    

6.250%, 12/28/2028(d)(l)
Cash 5.250% + PIK Rate 6.250%

      4,067  
  132,467    

7.721%, 12/28/2028(d)(l)
Cash 6.721% + PIK Rate 7.721%

      3,312  
  324,190    

6.500%, 12/28/2029(d)(l)
Cash 5.500% + PIK Rate 6.500%

      6,327  
  390,752    

6.750%, 12/28/2030(d)(l)
Cash 5.750% + PIK Rate 6.750%

      6,447  
  588,716    

7.000%, 12/28/2031(d)(l)
Cash 6.000% + PIK Rate 7.000%

      10,303  
  554,036    

7.250%, 12/28/2032(d)(l)
Cash 6.250% + PIK Rate 7.250%

      8,842  
  Kane Bidco Ltd.   
  250,000 (GBP)    

7.750%, 07/15/2031(d)

      343,929  
  Kennedy-Wilson, Inc.   
  100,000    

4.750%, 02/01/2030

      94,507  
  56,000    

5.000%, 03/01/2031

      52,858  
  KKR Core Holdings Co. LLC   
  83,668    

4.000%, 08/12/2031

      77,263  
  Kuvare U.S. Holdings, Inc.   
  41,000    

Series A
7.000%, 02/17/2051(d)(g)
5 yr. CMT + 6.541%

      41,200  
  Liberty Mutual Group, Inc.   
  220,000    

4.300%, 02/01/2061(d)

      147,218  
  Lvnv Funding LLC   
  100,000    

7.800%, 11/05/2028

      104,963  
  Main Street Capital Corp.   
  985,000    

6.950%, 03/01/2029

      1,029,364  
  Meiji Yasuda Life Insurance Co.   
  200,000    

6.100%, 06/11/2055(d)(g)
5 yr. CMT + 2.911%

      207,621  
  MG Azalea LP   
  1,111,868    

6.450%, 06/24/2032

      1,119,515  

 

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

 

 
20       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

CORPORATE BONDS (CONTINUED)

  
  Financial (continued)  
  MidCap Funding XLVI Trust   
  $ 450,000    

6.849%, 05/07/2028(g)

    $ 450,000  
 

1 mo. USD Term SOFR + 2.500%

   
  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen   
  1,000,000    

5.875%, 05/23/2042(d)(g)
5 yr. CMT + 3.982%

      1,046,849  
  Nassau Cos., of New York   
  254,000    

7.875%, 07/15/2030(d)

      242,719  
  Nippon Life Insurance Co.   
  400,000    

6.500%, 04/30/2055(d)(g)
5 yr. CMT + 3.189%

      431,002  
  Oaktree Specialty Lending Corp.   
  81,000    

7.100%, 02/15/2029(c)

      83,565  
  Oaktree Strategic Credit Fund   
  635,000    

6.500%, 07/23/2029(c)

      654,996  
  Obra Longevity Fund LP   
  250,000    

Class A
8.478%, 06/30/2039

      265,357  
  OFS Capital Corp.   
  80,000    

4.750%, 02/10/2026

      79,784  
  Omnis Funding Trust   
  250,000    

6.722%, 05/15/2055(d)

      261,029  
  OneMain Finance Corp.   
  48,000    

6.625%, 05/15/2029

      49,769  
  400,000    

6.750%, 09/15/2033

      406,204  
  Operadora de Servicios Mega SA de CV Sofom ER   
  400,000    

8.250%, 02/11/2025(d)(j)

      22,000  
  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.   
  1,060,000    

6.375%, 02/01/2027(d)

      1,063,832  
  PartnerRe Finance B LLC   
  290,000    

4.500%, 10/01/2050(g)
5 yr. CMT + 3.815%

      274,169  
  PennyMac Financial Services, Inc.   
  150,000    

6.750%, 02/15/2034(d)

      155,166  
  PNC Financial Services Group, Inc.   
  2,455,000    

Series T
3.400%, 09/15/2026(b)(g)
5 yr. CMT + 2.595%

      2,408,609  
  Prospect Capital Corp.   
  154,000    

3.437%, 10/15/2028(c)

      136,538  
  Reinsurance Group of America, Inc.   
  225,000    

6.650%, 09/15/2055(g)
5 yr. CMT + 2.392%

      233,410  
  Scentre Group Trust 2   
  910,000    

5.125%, 09/24/2080(d)(g)
5 yr. CMT + 4.685%

      923,753  
  Sculptor Alternative Solutions LLC   
  500,000    

6.000%, 05/15/2037(d)

      455,550  
  Sherwood Financing PLC   
  130,000 (EUR)    

7.600%, 12/15/2029(e)
3 mo. EURIBOR + 5.500%

      148,114  
  Shimao Group Holdings Ltd.   
  9,400    

5.000%, 07/21/2031(d)(l)
Cash 5.000% + PIK Rate 6.000%

      334  
Principal
Amount^		           Value  
  Financial (continued)  
  SiriusPoint Ltd.   
  $ 70,000    

7.000%, 04/05/2029(c)

    $ 74,171  
  Starwood Property Trust, Inc.   
  1,035,000    

4.375%, 01/15/2027(d)

      1,029,214  
  50,000    

6.500%, 07/01/2030(c)(d)

      52,341  
  State Street Corp.   
  50,000    

Series K
6.450%, 09/15/2030(b)(g)
5 yr. CMT + 2.135%

      51,839  
  Stewart Information Services Corp.   
  420,000    

3.600%, 11/15/2031

      372,596  
  Stonebriar ABF Issuer LLC   
  1,250,000    

8.125%, 12/15/2030(d)

      1,285,037  
  Strategic Credit Opportunities   
  345,000    

Series A
4.250%, 04/01/2026

      344,083  
  Terminal Investment Ltd. Holding SA   
  400,000    

5.630%, 07/09/2032

      405,267  
  Toronto-Dominion Bank   
  50,000    

8.125%, 10/31/2082(g)
5 yr. CMT + 4.075%

      52,752  
  Trinity Capital, Inc.   
  320,000    

4.375%, 08/24/2026

      315,766  
  U.S. Bancorp   
  925,000    

Series N
3.700%, 01/15/2027(b)(g)
5 yr. CMT + 2.541%

      904,152  
  Unigel Netherlands Holding Corp. BV   
  295,656    

15.000%, 12/31/2044(l)
Cash 15.000% + PIK Rate 15.000%

      9,609  
  United Wholesale Mortgage LLC   
  600,000    

5.500%, 04/15/2029(d)

      596,493  
  Universal Insurance Holdings, Inc.   
  345,000    

5.625%, 11/30/2026

      340,553  
  VFH Parent LLC/Valor Co-Issuer, Inc.   
  550,000    

7.500%, 06/15/2031(d)

      577,443  
  Walker & Dunlop, Inc.   
  100,000    

6.625%, 04/01/2033(d)

      103,045  
  Wells Fargo & Co.   
  100,000    

7.625%, 09/15/2028(b)(c)(g)
5 yr. CMT + 3.606%

      106,737  
  100,000    

6.850%, 09/15/2029(b)(g)
5 yr. CMT + 2.767%

      104,907  
  Wilton RE Ltd.   
  166,000    

6.000%, 10/22/2030(b)(d)(g)
5 yr. CMT + 5.266%

      164,451  
  Yuzhou Group Holdings Co. Ltd.   
  275,287    

7.000%, 06/30/2027(l)
Cash 6.000% + PIK Rate 7.000%

      27,825  
  226,603    

4.000%, 06/30/2028(l)
PIK Rate 4.000%

      6,515  
  394,586    

4.500%, 06/30/2029(l)
Cash 4.500% + PIK Rate 4.500%

      9,865  
  526,675    

5.000%, 06/30/2030(l)
Cash 5.000% + PIK Rate 5.000%

      13,167  
  738,805    

5.500%, 06/30/2031(l)
Cash 5.500% + PIK Rate 5.500%

      10,971  
  232,737    

1.000%, 06/30/2034(l)

      1,396  
    

 

 

  
     66,004,374  
    

 

 

  

 

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

 

 
Schedule of Investments         21

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

CORPORATE BONDS (CONTINUED)

  
  Industrial: 1.9%  
  Amsted Industries, Inc.   
  $ 59,000    

6.375%, 03/15/2033(d)

    $ 61,002  
  Biffa Group Holdings Ltd.   
  150,000 (EUR)    

5.250%, 06/15/2031(d)

      175,941  
  100,000 (GBP)    

7.380%, 06/15/2031(d)

      135,945  
  Boeing Co.   
  305,000    

5.805%, 05/01/2050

      301,772  
  135,000    

6.858%, 05/01/2054

      152,383  
  10,000    

5.930%, 05/01/2060

      9,857  
  80,000    

7.008%, 05/01/2064

      91,537  
  Builders FirstSource, Inc.   
  550,000    

6.750%, 05/15/2035(d)

      575,720  
  CML Fontainebleau Vegas   
  250,000    

1.000%, 01/31/2026(i)

      262,500  
  FedEx Corp.   
  50,000    

4.750%, 11/15/2045

      43,465  
  GrafTech Finance, Inc.   
  105,000    

4.625%, 12/23/2029(d)

      78,487  
  GrafTech Global Enterprises, Inc.   
  30,000    

9.875%, 12/23/2029(d)

      26,250  
  Graphic Packaging International LLC   
  100,000    

6.375%, 07/15/2032(c)(d)

      101,988  
  Great Lakes Dredge & Dock Corp.   
  200,000    

5.250%, 06/01/2029(d)

      196,128  
  Hillenbrand, Inc.   
  1,275,000    

6.250%, 02/15/2029(c)

      1,305,595  
  Masterbrand, Inc.   
  1,645,000    

7.000%, 07/15/2032(d)

      1,706,386  
  Mauser Packaging Solutions Holding Co.   
  100,000    

7.875%, 04/15/2030(d)

      99,793  
  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC   
  100,000    

6.750%, 04/01/2032(d)

      102,582  
  Quikrete Holdings, Inc.   
  90,000    

6.750%, 03/01/2033(d)

      94,048  
  Standard Building Solutions, Inc.   
  121,000    

6.500%, 08/15/2032(d)

      124,653  
  Textron Financial Corp.   
  185,000    

5.848%, 02/15/2067(d)(g)
3 mo. USD Term SOFR + 1.997%

      167,231  
  Waste Pro USA, Inc.   
  150,000    

7.000%, 02/01/2033(d)

      154,835  
    

 

 

  
     5,968,098  
    

 

 

  
  Technology: 1.5%  
  ams-OSRAM AG   
  770,000    

12.250%, 03/30/2029(d)

      821,702  
  Capstone Borrower, Inc.   
  150,000    

8.000%, 06/15/2030(d)

      154,631  
  Cloud Software Group, Inc.   
  100,000    

6.500%, 03/31/2029(d)

      101,375  
  CoreWeave, Inc.   
  1,380,000    

9.250%, 06/01/2030(d)

      1,284,515  
  1,010,000    

9.000%, 02/01/2031(d)

      926,948  
  Dye & Durham Ltd.   
  40,000    

8.625%, 04/15/2029(c)(d)

      37,756  
  Foundry JV Holdco LLC   
  200,000    

5.875%, 01/25/2034(d)

      205,933  
Principal
Amount^		           Value  
  Technology (continued)  
  KBR, Inc.   
  $ 225,000    

4.750%, 09/30/2028(d)

    $ 221,698  
  Oracle Corp.   
  25,000    

4.800%, 09/26/2032

      24,262  
  150,000    

5.200%, 09/26/2035

      144,105  
  50,000    

5.875%, 09/26/2045

      45,300  
  50,000    

5.950%, 09/26/2055(c)

      44,520  
  TeamSystem SpA   
  100,000 (EUR)    

5.526%, 07/31/2031(d)(e)
3 mo. EURIBOR + 3.500%

      118,496  
  400,000 (EUR)    

5.276%, 07/01/2032(d)(e)
3 mo. EURIBOR + 3.250%

      472,645  
  VC3, Inc.   
  31    

3.500%, 10/15/2041

      31  
  Xerox Corp.   
  200,000    

10.250%, 10/15/2030(c)(d)

      192,350  
    

 

 

  
     4,796,267  
    

 

 

  
  Utilities: 3.3%  
  Alexander Funding Trust II   
  1,060,000    

7.467%, 07/31/2028(d)

      1,131,074  
  American Electric Power Co., Inc.   
  155,000    

Series C
5.800%, 03/15/2056(g)
5 yr. CMT + 2.128%

      153,947  
  155,000    

Series D
6.050%, 03/15/2056(g)
5 yr. CMT + 1.940%

      152,367  
  Atlantica Sustainable Infrastructure Ltd.   
  1,770,000    

4.125%, 06/15/2028(d)

      1,724,589  
  CMS Energy Corp.   
  60,000    

6.500%, 06/01/2055(g)
5 yr. CMT + 1.961%

      61,736  
  ContourGlobal Power Holdings SA   
  100,000 (EUR)    

5.000%, 02/28/2030(d)

      120,562  
  Edison International   
  1,230,000    

7.875%, 06/15/2054(g)
5 yr. CMT + 3.658%

      1,291,937  
  NextEra Energy Capital Holdings, Inc.   
  1,050,000    

6.750%, 06/15/2054(g)
5 yr. CMT + 2.457%

      1,121,521  
  58,000    

6.375%, 08/15/2055(g)
5 yr. CMT + 2.053%

      59,908  
  PacifiCorp   
  150,000    

7.375%, 09/15/2055(c)(g)
5 yr. CMT + 3.319%

      152,990  
  Southern Co.   
  2,074,000    

Series 21-A
3.750%, 09/15/2051(g)
5 yr. CMT + 2.915%

      2,051,669  
  Spire, Inc.   
  200,000    

6.450%, 06/01/2056(g)
5 yr. CMT + 2.327%

      199,900  
  Terraform Global Operating LP   
  103,000    

6.125%, 03/01/2026(d)

      102,633  
  XPLR Infrastructure Operating Partners LP   
  1,905,000    

8.375%, 01/15/2031(d)

      2,003,144  
    

 

 

  
     10,327,977  
    

 

 

  
 

TOTAL CORPORATE BONDS
(Cost $133,349,158)

      132,108,702  
    

 

 

  

 

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

 

 
22       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

GOVERNMENT SECURITIES & AGENCY ISSUE: 4.5%

 
  U.S. Treasury Bonds   
  $ 1,400,000    

1.750%, 08/15/2041

    $ 948,910  
  U.S. Treasury Notes   
  1,900,000    

4.625%, 03/15/2026(m)

      1,903,658  
  1,900,000    

4.125%, 06/15/2026(m)

      1,905,496  
  1,900,000    

4.625%, 09/15/2026(m)

      1,914,010  
  1,900,000    

4.375%, 12/15/2026(m)

      1,915,110  
  1,900,000    

4.250%, 03/15/2027(m)

      1,916,477  
  1,900,000    

4.625%, 06/15/2027(m)

      1,930,764  
  1,650,000    

3.375%, 09/15/2027(m)

      1,647,325  
    

 

 

  
 

TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE
(Cost $14,083,565)

      14,081,750  
    

 

 

  
 

LIMITED PARTNERSHIPS: 0.0%

 
  1,300,000     U.S. Farming Realty Trust LP*(a)      51,925  
    

 

 

  
 

TOTAL LIMITED PARTNERSHIPS
(Cost $0)

      51,925  
    

 

 

  
 

MORTGAGE-BACKED SECURITIES: 12.0%

 
  ACRE Commercial Mortgage Ltd.   
  250,000    

Series 2021-FL4-D
6.949%, 12/18/2037(d)(e)
1 mo. USD Term SOFR + 3.214%

      239,417  
  ACREC LLC   
  150,000    

Series 2025-FL3-C
6.026%, 08/18/2042(d)(e)
1 mo. USD Term SOFR + 2.291%

      149,569  
  Alternative Loan Trust   
  44,079    

Series 2003-22CB-1A1
5.750%, 12/25/2033

      44,956  
  170,961    

Series 2004-13CB-A4
2.234%, 07/25/2034(i)(n)

      128,863  
  26,416    

Series 2004-16CB-1A1
5.500%, 07/25/2034

      26,255  
  22,681    

Series 2004-16CB-3A1
5.500%, 08/25/2034

      22,546  
  19,440    

Series 2004-J10-2CB1
6.000%, 09/25/2034

      19,792  
  279,065    

Series 2006-31CB-A7
6.000%, 11/25/2036

      151,545  
  164,673    

Series 2007-16CB-2A1
4.296%, 08/25/2037(e)
1 mo. USD Term SOFR + 0.564%

      50,649  
  47,685    

Series 2007-16CB-2A2
22.532%, 08/25/2037(e)
-8.333*1 mo. USD Term SOFR + 53.629%

      65,203  
  329,698    

Series 2007-16CB-4A2
16.523%, 08/25/2037(e)
-6*1 mo. USD Term SOFR + 38.913%

      422,191  
  312,539    

Series 2007-19-1A34
6.000%, 08/25/2037

      142,470  
  870,417    

Series 2007-20-A12
6.250%, 08/25/2047

      461,967  
  87,923    

Series 2007-OA4-A1
4.186%, 05/25/2047(e)
1 mo. USD Term SOFR + 0.454%

      80,639  
Principal
Amount^		           Value  
  $ 91,754    

Series 2007-OA7-A1A
4.206%, 05/25/2047(e)
1 mo. USD Term SOFR + 0.474%

    $ 85,444  
  American Home Mortgage Investment Trust   
  143,871    

Series 2006-1-11A1
4.126%, 03/25/2046(e)
1 mo. USD Term SOFR + 0.394%

      131,002  
  Arbor Realty Commercial Real Estate Notes Ltd.   
  420,000    

Series 2022-FL1-C
6.284%, 01/15/2037(d)(e)
30 day USD SOFR Average + 2.300%

      420,635  
  Atrium Hotel Portfolio Trust   
  860,000    

Series 2025-ATRM-D
7.050%, 08/15/2042(d)(e)
1 mo. USD Term SOFR + 3.300%

      861,689  
  BAHA Trust   
  870,000    

Series 2024-MAR-C
7.516%, 12/10/2041(d)(g)

      913,868  
  Banc of America Alternative Loan Trust   
  19,083    

Series 2003-8-1CB1
5.500%, 10/25/2033

      19,315  
  Banc of America Funding Trust   
  14,524    

Series 2005-7-3A1
5.750%, 11/25/2035

      14,832  
  161,741    

Series 2006-B-7A1
4.449%, 03/20/2036(g)

      142,044  
  12,594    

Series 2007-4-5A1
5.500%, 11/25/2034

      11,111  
  Banc of America Mortgage Trust   
  5,028    

Series 2005-A-2A1
5.103%, 02/25/2035(g)

      4,905  
  BCAP LLC Trust   
  249,164    

Series 2006-AA2-A1
4.186%, 01/25/2037(e)
1 mo. USD Term SOFR + 0.454%

      235,515  
  114,715    

Series 2010-RR6-6A2
5.750%, 07/26/2037(d)(g)

      50,663  
  1,574,184    

Series 2011-R11-2A4
5.500%, 12/26/2035(d)

      903,792  
  BDS LLC   
  150,000    

Series 2025-FL14-C
5.624%, 10/17/2042(d)(e)
1 mo. USD Term SOFR + 1.893%

      150,148  
  Bear Stearns Asset-Backed Securities I Trust   
  267,662    

Series 2006-AC1-1A1
6.250%, 02/25/2036(f)

      120,059  
  BINOM Securitization Trust   
  530,000    

Series 2022-RPL1-M1
3.000%, 02/25/2061(d)(g)

      440,764  
  BSPRT Issuer LLC   
  100,000    

Series 2024-FL11-C
6.394%, 07/15/2039(d)(e)
1 mo. USD Term SOFR + 2.644%

      99,885  
  BX Commercial Mortgage Trust   
  93,620    

Series 2024-AIRC-C
6.340%, 08/15/2041(d)(e)
1 mo. USD Term SOFR + 2.590%

      94,494  

 

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

 

 
Schedule of Investments         23

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

MORTGAGE-BACKED SECURITIES (CONTINUED)

  
  BX Trust   
  $ 150,000    

Series 2024-VLT4-D
6.190%, 06/15/2041(d)(e)
1 mo. USD Term SOFR + 2.440%

    $ 149,961  
  BXHPP Trust   
  200,000    

Series 2021-FILM-C
4.965%, 08/15/2036(d)(e)
1 mo. USD Term SOFR + 1.214%

      187,698  
  BXMT Ltd.   
  250,000    

Series 2020-FL2-D
6.050%, 02/15/2038(d)(e)
1 mo. USD Term SOFR + 2.314%

      246,546  
  Capmark Military Housing Trust   
  88,526    

Series 2007-AET2-A
6.063%, 10/10/2052(d)

      86,268  
  CD Mortgage Trust   
  763,520    

Series 2017-CD4-XA
1.214%, 05/10/2050(g)(o)

      7,541  
  CFMT LLC   
  100,000    

Series 2022-HB9-M1
3.250%, 09/25/2037(d)(g)

      97,180  
  CG-CCRE Commercial Mortgage Trust   
  96,080    

Series 2014-FL2-COL1
7.365%, 11/15/2031(d)(e)
1 mo. USD Term SOFR + 3.614%

      26,861  
  187,584    

Series 2014-FL2-COL2
8.365%, 11/15/2031(d)(e)
1 mo. USD Term SOFR + 4.614%

      6,800  
  Chase Mortgage Finance Trust   
  1,244,448    

Series 2007-S3-1A15
6.000%, 05/25/2037

      509,332  
  CIM Trust   
  92,359    

Series 2025-R1-A1
5.000%, 02/25/2099(d)(f)

      92,147  
  CitiMortgage Alternative Loan Trust   
  113,155    

Series 2006-A5-1A13
4.296%, 10/25/2036(e)
1 mo. USD Term SOFR + 0.564%

      88,462  
  1,011,960    

Series 2007-A6-1A5
6.000%, 06/25/2037

      934,120  
  COLT Mortgage Loan Trust   
  120,427    

Series 2025-3-A3
5.707%, 03/25/2070(d)(f)

      121,013  
  COMM Mortgage Trust   
  435,016    

Series 2012-CR3-B
3.922%, 10/15/2045(d)

      419,134  
  Countrywide Home Loan Mortgage Pass-Through Trust   
  2,710    

Series 2004-HYB4-2A1
5.209%, 09/20/2034(g)

      2,629  
  114,907    

Series 2007-10-A5
6.000%, 07/25/2037

      50,652  
  Credit Suisse First Boston Mortgage Securities Corp.   
  855,514    

Series 2005-11-7A1
6.000%, 12/25/2035

      415,403  
Principal
Amount^		           Value  
  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates   
  $ 23,495    

Series 2003-27-4A4
5.750%, 11/25/2033

    $ 24,242  
  2,259,346    

Series 2005-10-10A3
6.000%, 11/25/2035

      483,431  
  Credit Suisse Mortgage-Backed Trust   
  593,197    

Series 2006-6-1A10
6.000%, 07/25/2036

      259,124  
  587,821    

Series 2007-1-4A1
6.500%, 02/25/2022

      39,214  
  21,865    

Series 2007-2-2A5
5.000%, 03/25/2037

      16,572  
  CSMC Trust   
  85,409    

Series 2021-RPL4-A1
4.150%, 12/27/2060(d)(g)

      85,143  
  Deutsche Mortgage & Asset Receiving Corp.   
  1,333,528    

Series 2014-RS1-1A2
6.500%, 07/27/2037(d)(g)

      1,095,801  
  Deutsche Mortgage Securities, Inc. Mortgage Loan Trust   
  55,717    

Series 2006-PR1-3A1
6.714%, 04/15/2036(d)(e)
-1.4*1 mo. USD Term SOFR + 11.964%

      51,579  
  DSLA Mortgage Loan Trust   
  82,807    

Series 2005-AR5-2A1A
4.506%, 09/19/2045(e)
1 mo. USD Term SOFR + 0.774%

      43,620  
  Easy Street Mortgage Loan Trust   
  500,000    

Series 2025-RTL2-A1
5.606%, 10/25/2040(d)(f)

      503,402  
  Federal Home Loan Mortgage Corp.   
  124,907    

6.000%, 10/01/2055

      128,397  
  Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates   
  1,347,100    

Series 2015-R1-XA2
0.700%, 10/25/2052(d)(g)(o)

      77,420  
  Federal National Mortgage Association   
  478,194    

6.000%, 10/01/2055(m)

      491,929  
  39,111    

6.000%, 11/01/2055

      40,234  
  Federal National Mortgage Association REMICS   
  18,465    

Series 2019-M7-X
0.328%, 04/25/2029(g)(o)

      180  
  First Horizon Alternative Mortgage Securities Trust   
  202,406    

Series 2007-FA4-1A7
6.000%, 08/25/2037

      65,328  
  Freddie Mac Military Housing Bonds Resecuritization Trust Certificates   
  2,608,159    

Series 2015-R1-XA1
0.700%, 11/25/2055(d)(g)(o)

      157,620  
  3,977,692    

Series 2015-R1-XA3
0.700%, 11/25/2052(d)(g)(o)

      193,677  
  FREMF Mortgage Trust   
  3,747,222    

Series 2025-K170-D
2.411%, 02/25/2063(d)(i)(n)

      1,659,588  
  61,049,619    

Series 2025-K170-X2A
0.100%, 02/25/2063(d)(o)

      365,474  

 

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

 

 
24       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

MORTGAGE-BACKED SECURITIES (CONTINUED)

  
  FREMF Mortgage Trust (Continued)   
  $ 13,864,625    

Series 2025-K170-X2B
0.100%, 02/25/2063(d)(o)

    $ 85,475  
  FS Rialto Issuer LLC   
  275,000    

Series 2021-FL3-D
6.349%, 11/16/2036(d)(e)
1 mo. USD Term SOFR + 2.614%

      274,596  
  100,000    

Series 2025-FL10-C
5.878%, 08/19/2042(d)(e)
1 mo. USD Term SOFR + 2.146%

      98,583  
  GCAT Trust   
  20,351    

Series 2019-RPL1-A1
2.650%, 10/25/2068(d)(g)

      19,914  
  73,000    

Series 2022-NQM5-A3
5.710%, 08/25/2067(d)(f)

      72,818  
  102,877    

Series 2023-NQM2-A3
6.598%, 11/25/2067(d)(f)

      102,590  
  55,481    

Series 2024-NQM2-A3
6.541%, 06/25/2059(d)(f)

      56,182  
  248,423    

Series 2025-NQM1-A3
5.829%, 11/25/2069(d)(f)

      251,099  
  GS Mortgage Securities Corp. Trust   
  207,355    

Series 2020-DUNE-E
6.520%, 12/15/2036(d)(e)
1 mo. USD Term SOFR + 2.764%

      198,946  
  GSR Mortgage Loan Trust   
  24,863    

Series 2005-4F-6A1
6.500%, 02/25/2035

      24,453  
  491,784    

Series 2005-9F-2A1
6.000%, 01/25/2036

      211,029  
  33,362    

Series 2005-AR6-4A5
5.109%, 09/25/2035(g)

      30,186  
  HarborView Mortgage Loan Trust   
  141,076    

Series 2004-11-2A2A
4.486%, 01/19/2035(e)
1 mo. USD Term SOFR + 0.754%

      112,906  
  152,631    

Series 2006-12-2A2A
4.226%, 01/19/2038(e)
1 mo. USD Term SOFR + 0.494%

      136,732  
  HOMES Trust   
  116,066    

Series 2024-AFC2-A3
5.982%, 10/25/2059(d)(f)

      116,976  
  Imperial Fund Mortgage Trust   
  2,000,000    

Series 2021-NQM3-B2
4.124%, 11/25/2056(d)(g)

      1,524,493  
  IndyMac INDX Mortgage Loan Trust   
  91,582    

Series 2004-AR7-A5
5.066%, 09/25/2034(e)
1 mo. USD Term SOFR + 1.334%

      74,500  
  157,456    

Series 2005-AR11-A3
3.662%, 08/25/2035(g)

      116,207  
  736,567    

Series 2007-AR5-2A1
3.334%, 05/25/2037(g)

      593,431  
  JP Morgan Chase Commercial Mortgage Securities Trust   
  103,662    

Series 2012-LC9-C
3.571%, 12/15/2047(d)(g)

      100,987  
  1,216,367    

Series 2016-JP2-XA
1.735%, 08/15/2049(g)(o)

      536  
Principal
Amount^		           Value  
  $ 683,000    

Series 2019-MFP-XG
0.500%, 07/15/2036(d)(g)(o)

    $ 4,768  
  219,000    

Series 2019-UES-C
4.343%, 05/05/2032(d)

      217,015  
  224,000    

Series 2019-UES-D
4.452%, 05/05/2032(d)(g)

      221,500  
  261,000    

Series 2019-UES-E
4.452%, 05/05/2032(d)(g)

      257,092  
  274,000    

Series 2019-UES-F
4.452%, 05/05/2032(d)(g)

      269,653  
  299,000    

Series 2019-UES-G
4.452%, 05/05/2032(d)(g)

      289,651  
  JP Morgan Mortgage Trust   
  138,869    

Series 2004-S1-2A1
6.000%, 09/25/2034

      143,749  
  4,312    

Series 2007-A1-4A2
6.186%, 07/25/2035(a)(g)

      4,326  
  521,154    

Series 2007-S3-1A97
6.000%, 08/25/2037

      215,739  
  JPMDB Commercial Mortgage Securities Trust   
  169,765    

Series 2017-C5-XA
0.893%, 03/15/2050(g)(o)

      903  
  KREF Ltd.   
  100,000    

Series 2021-FL2-AS
5.150%, 02/15/2039(d)(e)
1 mo. USD Term SOFR + 1.414%

      99,032  
  Legacy Mortgage Asset Trust   
  538,963    

Series 2021-GS2-A1
5.750%, 04/25/2061(d)(f)

      539,552  
  161,648    

Series 2021-GS3-A1
5.750%, 07/25/2061(d)(f)

      161,778  
  Lehman Mortgage Trust   
  450,068    

Series 2006-2-2A3
5.750%, 04/25/2036

      454,445  
  649,315    

Series 2007-1-1A2
5.750%, 02/25/2037

      660,560  
  Lehman XS Trust   
  60,257    

Series 2006-2N-1A1
4.366%, 02/25/2046(e)
1 mo. USD Term SOFR + 0.634%

      54,964  
  LoanCore Issuer LLC   
  100,000    

Series 2025-CRE8-C
5.877%, 08/17/2042(d)(e)
1 mo. USD Term SOFR + 2.141%

      99,219  
  LoanCore Issuer Ltd.   
  200,000    

Series 2022-CRE7-D
7.043%, 01/17/2037(d)(e)
30 day USD SOFR Average + 3.100%

      199,612  
  LoanCore Issuer Ltd.   
  250,000    

Series 2021-CRE5-C
6.215%, 07/15/2036(d)(e)
1 mo. USD Term SOFR + 2.464%

      250,172  
  100,000    

Series 2021-CRE5-D
6.865%, 07/15/2036(d)(e)
1 mo. USD Term SOFR + 3.114%

      100,104  
  100,000    

Series 2021-CRE6-D
6.715%, 11/15/2038(d)(e)
1 mo. USD Term SOFR + 2.964%

      100,151  
  LSTAR Securities Investment Ltd.   
  98,751    

Series 2024-1-A
7.125%, 01/01/2029(d)(e)
30 day USD SOFR Average + 4.100%

      100,164  

 

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

 

 
Schedule of Investments         25

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

MORTGAGE-BACKED SECURITIES (CONTINUED)

  
  Master Alternative Loan Trust   
  $ 9,974    

Series 2003-9-4A1
5.250%, 11/25/2033

    $ 10,063  
  6,992    

Series 2004-5-1A1
5.500%, 06/25/2034

      7,076  
  7,958    

Series 2004-5-2A1
6.000%, 06/25/2034

      8,185  
  42,983    

Series 2004-8-2A1
6.000%, 09/25/2034

      43,384  
  Merrill Lynch Mortgage Investors Trust   
  621    

Series 2006-2-2A
5.841%, 05/25/2036(g)

      611  
  Metis Issuer 1 LLC   
  250,000    

6.892%, 05/15/2055

      253,679  
  Mill City Mortgage Loan Trust   
  305,000    

Series 2021-NMR1-M3
2.500%, 11/25/2060(d)(g)

      258,665  
  Mill City Securities Ltd.   
  129,147    

Series 2024-RS1-A1
3.000%, 11/01/2069(d)(f)

      124,578  
  150,000    

Series 2024-RS1-A2
4.000%, 11/01/2069(d)(f)

      143,999  
  69,306    

Series 2024-RS2-A1
3.000%, 08/01/2069(d)(f)

      66,836  
  Morgan Stanley Mortgage Loan Trust   
  194,736    

Series 2006-7-3A
5.061%, 06/25/2036(g)

      99,329  
  222,031    

Series 2007-13-6A1
6.000%, 10/25/2037

      117,635  
  New Residential Mortgage Loan Trust   
  256,459    

Series 2025-NQM3-A3
5.985%, 05/25/2065(d)(f)

      260,567  
  NLT Trust   
  440,097    

Series 2025-NQM1-PT
7.466%, 10/25/2070(d)(g)

      464,824  
  OBX Trust   
  500,000    

Series 2024-NQM3-M1
6.845%, 12/25/2063(d)(g)

      505,991  
  150,000    

Series 2024-NQM4-M1
6.622%, 01/25/2064(d)(g)

      151,361  
  100,000    

Series 2024-NQM5-M1
6.513%, 01/25/2064(d)

      100,935  
  150,000    

Series 2024-NQM6-M1
6.924%, 02/25/2064(d)(g)

      152,288  
  88,250    

Series 2024-NQM7-A3
6.598%, 03/25/2064(d)(f)

      89,235  
  PFP Ltd.   
  99,553    

Series 2024-11-B
6.268%, 09/17/2039(d)(e)
1 mo. USD Term SOFR + 2.490%

      99,571  
  Prime Mortgage Trust   
  502,758    

Series 2006-DR1-2A1
5.500%, 05/25/2035(d)

      468,216  
  PRPM LLC   
  500,000    

Series 2024-RPL2-A2
3.500%, 05/25/2054(d)(f)

      481,061  
  541,219    

Series 2025-2-A1
6.469%, 05/25/2030(d)(f)

      542,636  
Principal
Amount^		           Value  
  Residential Accredit Loans, Inc.   
  $ 191,873    

Series 2006-QS17-A5
6.000%, 12/25/2036

    $ 161,700  
  Residential Accredit Loans, Inc. Trust   
  371,361    

Series 2006-QO6-A1
4.206%, 06/25/2046(e)
1 mo. USD Term SOFR + 0.474%

      76,181  
  268,427    

Series 2007-QS1-2A10
6.000%, 01/25/2037

      206,287  
  Residential Asset Securitization Trust   
  227,960    

Series 2007-A1-A8
6.000%, 03/25/2037

      69,937  
  Residential Funding Mtg Sec I Trust   
  234,001    

Series 2006-S4-A5
6.000%, 04/25/2036

      188,300  
  Saluds Grade Alternative Mortgage Trust   
  200,000    

Series 2025-RRTL1-A2
5.657%, 10/25/2040(d)(f)

      200,152  
  Starwood Ltd.   
  200,000    

Series 2021-FL2-C
5.949%, 04/18/2038(d)(e)
1 mo. USD Term SOFR + 2.214%

      199,732  
  Starwood Retail Property Trust   
  235,000    

Series 2014-STAR-C
6.750%, 11/15/2027(a)(d)(e)

      251  
  980,000    

Series 2014-STAR-D
6.750%, 11/15/2027(a)(d)(e)

      755  
  950,000    

Series 2014-STAR-E
6.750%, 11/15/2027(a)(d)(e)

      660  
  Structured Adjustable Rate Mortgage Loan Trust   
  400,399    

Series 2005-14-A1
4.156%, 07/25/2035(e)
1 mo. USD Term SOFR + 0.424%

      233,687  
  345,805    

Series 2008-1-A2
4.443%, 10/25/2037(g)

      277,940  
  Structured Asset Securities Corp.   
  3,945,033    

Series 2007-4-1A3
2.404%, 03/28/2045(d)(e)(o)
-1*1 mo. USD Term SOFR + 6.136%

      246,963  
  STWD Ltd.   
  100,000    

Series 2022-FL3-D
6.734%, 11/15/2038(d)(e)
30 day USD SOFR Average + 2.750%

      98,637  
  TRTX Issuer Ltd.   
  150,000    

Series 2025-FL6-B
5.781%, 09/18/2042(d)(e)
1 mo. USD Term SOFR + 2.046%

      150,108  
  150,000    

Series 2025-FL7-C
6.284%, 06/18/2043(d)(e)
1 mo. USD Term SOFR + 2.200%

      150,140  
  Uniform Mortgage-Backed Security, TBA   
  2,830,000    

3.000%(p)

      2,506,985  
  713,000    

5.000%(p)

      711,220  
  610,000    

5.500%(p)

      618,385  
  490,000    

6.000%(p)

      503,025  
  Verus Securitization Trust   
  2,000,000    

Series 2021-7-B2
4.192%, 10/25/2066(d)(g)

      1,559,883  
  128,646    

Series 2025-2-A3
5.662%, 03/25/2070(d)(f)

      129,466  

 

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

 

 
26       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

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

 

Principal
Amount^		           Value  
 

MORTGAGE-BACKED SECURITIES (CONTINUED)

  
  Vista Point Securitization Trust   
  $ 83,143    

Series 2025-CES1-A1
5.812%, 04/25/2055(d)(f)

    $ 83,816  
  Washington Mutual Mortgage Pass-Through Certificates Trust   
  778    

Series 2006-5-1A5
6.000%, 07/25/2036

      626  
  347,104    

Series 2006-8-A6
4.099%, 10/25/2036(f)

      113,670  
  Wells Fargo Alternative Loan Trust   
  57,436    

Series 2007-PA2-3A1
4.196%, 06/25/2037(e)
1 mo. USD Term SOFR + 0.464%

      41,967  
  Wells Fargo Commercial Mortgage Trust   
  814,253    

Series 2016-BNK1-XA
1.670%, 08/15/2049(g)(o)

      2,533  
  135,000    

Series 2016-C36-B
3.671%, 11/15/2059(g)

      128,991  
  Wells Fargo Mortgage-Backed Securities Trust   
  31,725    

Series 2006-AR19-A1
6.290%, 12/25/2036(g)

      29,630  
    

 

 

  
 

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $45,591,280)

      37,719,089  
  

 

 

  
 

MUNICIPAL BONDS: 0.0%

 
  Indiana: 0.0%  
  County of Knox   
  5,000    

Series B
5.900%, 04/01/2034

      5,018  
    

 

 

  
 

TOTAL MUNICIPAL BONDS
(Cost $4,774)

      5,018  
    

 

 

  
Shares               
 

SHORT-TERM INVESTMENTS: 4.8%

  
  INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED: 1.4%		  
  4,484,028     State Street Navigator Securities Lending Government Money Market Portfolio, 3.830%(q)(r)      4,484,028  
    

 

 

  
 

TOTAL INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost $4,484,028)

      4,484,028  
  

 

 

  
 

MONEY MARKET FUNDS: 0.7%

 
  2,283,460     State Street Institutional Treasury Money Market Fund - Premier Class, 4.244%(q)      2,283,460  
    

 

 

  
 

TOTAL MONEY MARKET FUNDS
(Cost $2,283,460)

      2,283,460  
  

 

 

  
Principal
Amount^		           Value  
 

REPURCHASE AGREEMENTS: 2.6%

  
  $8,146,864     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)    $ 8,146,864  
    

 

 

  
 

TOTAL REPURCHASE AGREEMENTS
(Cost $8,146,864)

      8,146,864  
  

 

 

  
 

TREASURY BILLS: 0.1%

 
  U.S. Treasury Bills   
  350,000    

3.658%, 04/09/2026(i)(m)(s)

      346,654  
    

 

 

  
 

TOTAL TREASURY BILLS
(Cost $346,479)

      346,654  
  

 

 

  
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $15,260,831)

      15,261,006  
  

 

 

  
 

TOTAL PURCHASED OPTIONS
(Cost $208,642): 0.0%

      72,575  
  

 

 

  
 

TOTAL INVESTMENTS
(Cost: $342,658,752): 101.9%

     321,235,086  
  

 

 

  
  Liabilities in Excess of Other Assets: (1.9)%      (6,050,969 ) 
  

 

 

  
 

NET ASSETS: 100.0%

    $ 315,184,117  
  

 

 

  

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.

(a)

Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.

(b)

Perpetual Call.

(c)

Security, or portion thereof, is out on loan.

(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.

(e)

Floating Interest Rate at December 31, 2025.

(f)

Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at December 31, 2025.

(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.

 

 
Schedule of Investments         27

iMGP Low Duration Income Fund

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

 

(h)

Security is not accruing interest.

(i)

The rate shown represents yield-to-maturity.

(j)

Security is currently in default and/or non-income producing.

(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.

(l)

Pay-in-kind security.

(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.

(n)

Principal Only security.

(o)

Interest Only security. Security with a notional or nominal principal amount.

(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.

(q)

The rate disclosed is the 7 day net yield as of December 31, 2025.

(r)

Represents security purchased with cash collateral received for securities on loan.

(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
Amount		     Current
Value		     Unrealized
Gain (Loss)		  

Azuria Water Solutions, Inc., 1.000%, 05/17/2028

     20,129       20,259       130  

Power Services Holding Co., 4.750%, 11/22/2028

     26,038       25,973       (65 ) 

GrafTech Finance, Inc., 9.858%, 12/21/2029

     24,381       24,899       518  

PowerGrid Services LLC, 0.500%, 07/01/2030

     120,000       111,600       (8,400 ) 

MB2 Dental Solutions LLC, 9.221%, 02/13/2031

     24,243       23,218       (1,025 ) 

Secretariat Advisors LLC, 4.000%, 02/28/2032

     10,753       10,797       44  

Cliffwater LLC, 0.375%, 04/22/2032

     10,000       9,200       (800 ) 

Vacation Rental Brands LLC, 8.922%, 05/06/2032

     216,667       214,500       (2,167 ) 

Curriculum Associates, LLC, 8.455%, 05/07/2032

     50,311       50,311       —  

PowerGrid Services LLC, 8.422%, 07/01/2032

     52,063       52,063       —  

Liquid Tech Solutions LLC, 7.238%, 10/12/2032

     18,576       18,665       89  

Engineered Machinery Holdings, Inc., 6.922%, 11/26/2032

     1,059       1,067       8  
   

 

 

  

TOTAL

     $ 562,552     $ (11,668 ) 
   

 

 

  

 

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

 

 
28       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS at December 31, 2025

 

Description   Counterparty   Exercise
Price		     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Fair
Value		     Premiums
Paid		     Unrealized
Appreciation/
(Depreciation)		  

CURRENCY OPTIONS

 

Put

 

EUR Put USD Call

   Bank of America N.A.   $ 1.12       1/13/2026       1,778,000     $ 1,778,000     $ 10     $ 9,308     $ (9,298 ) 

EUR Put USD Call

   Bank of America N.A.     1.12       1/14/2026       1,556,000       1,556,000       13       8,521       (8,508 ) 

EUR Put USD Call

   Bank of America N.A.     1.12       1/14/2026       1,556,000       1,556,000       13       8,596       (8,583 ) 

EUR Put USD Call

   Bank of America N.A.     1.12       1/16/2026       1,989,000       1,989,000       23       11,173       (11,150 ) 

EUR Put USD Call

   Goldman Sachs & Co.     1.12       1/14/2026       881,000       881,000       7       5,095       (5,088 ) 

USD Put JPY Call

   Bank of America N.A.     140.00       4/1/2026       33,000       33,000       27       868       (841 ) 

USD Put JPY Call

   Goldman Sachs & Co.     140.00       4/1/2026       187,000       187,000       151       5,105       (4,954 ) 

USD Put JPY Call

   Goldman Sachs & Co.     140.00       4/1/2026       150,000       150,000       121       3,963       (3,842 ) 

USD Put JPY Call

   Goldman Sachs & Co.     123.50       5/20/2026       181,000       181,000       794       18,133       (17,339 ) 

USD Put JPY Call

   JPMorgan Chase Bank N.A.     123.50       5/20/2026       45,000       45,000       197       4,508       (4,311 ) 
           

 

 

  

Total

               1,356       75,270       (73,914 ) 
           

 

 

  

EXCHANGE TRADED

 

Call

 

3-Month SOFR Futures

   Bank of America N.A.     97.50       9/11/2026       118       28,569,275       20,650       43,840       (23,190 ) 

3-Month SOFR Futures

   Bank of America N.A.     97.50       3/12/2027       84       20,345,850       28,875       47,266       (18,391 ) 
           

 

 

  

Total

               49,525       91,106       (41,581 ) 
           

 

 

  

 

Description   Counterparty   Pay/Receive
Floating rate		     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Fair
Value		     Premiums
Paid		     Unrealized
Appreciation/
(Depreciation)		  

INTEREST RATE SWAPTIONS

 

Call

 

USD - Secured Overnight
Financing Rate (SOFR)
strike @3.350%,
terminating 9/21/26

   Morgan Stanley & Co.     Pay       9/21/2026       1,079,000     $ 1,079,000       6,066       9,981       (3,915 ) 

USD - Secured Overnight
Financing Rate (SOFR)
strike @3.350%,
terminating 9/21/26

   Toronto-Dominion Bank     Pay       9/21/2026       1,079,000       1,079,000       6,066       11,329       (5,263 ) 

USD - Secured Overnight
Financing Rate (SOFR)
strike @3.350%,
terminating 9/21/26

   BNP Paribas SA     Pay       2/13/2026       1,079,000       1,079,000       9,460       10,769       (1,309 ) 

USD - Secured Overnight
Financing Rate (SOFR)
strike @3.350%,
terminating 9/21/26

   Barclays Bank Plc     Pay       2/13/2026       1,078,000       1,078,000       102       10,187       (10,085 ) 
           

 

 

  

Total

               21,694       42,266       (20,572 ) 
           

 

 

  

Total Purchased Options

             $ 72,575     $ 208,642     $ (136,067 ) 
           

 

 

  

 

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

 

 
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
Derivatives		     Liability
Derivatives		  
Counterparty   Settlement Date     Fund
Receiving		   U.S. $ Value at
December 31, 2025		     Fund
Delivering		   U.S. $ Value at
December 31, 2025		     Unrealized
Appreciation		     Unrealized
Depreciation		  

Barclays Bank Plc

     1/15/2026     USD   $ 7,520,853     EUR   $ 7,498,050     $ 22,803     $ —  
    1/20/2026     EUR     43,447     USD     43,557       —       (110 ) 

BNP Paribas SA

     1/15/2026     EUR     35,218     USD     35,255       —       (37 ) 

Citibank N.A.

     1/15/2026     USD     135,333     GBP     135,793       —       (460 ) 

Goldman Sachs & Co.

     1/15/2026     EUR     489,539     USD     490,548       —       (1,009 ) 

JPMorgan Chase Bank N.A.

     1/15/2026     USD     1,115,113     GBP     1,117,269       —       (2,156 ) 

Morgan Stanley & Co.

     1/15/2026     EUR     604,587     USD     604,285       302       —  
    1/15/2026     EUR     11,740     USD     11,766       —       (26 ) 
    1/15/2026     USD     75,668     CAD     75,878       —       (210 ) 
    1/15/2026     USD     176,502     EUR     176,093       409       —  
    1/20/2026     USD     43,267     EUR     43,447       —       (180 ) 
     

 

 

    

 

  

 

 

    

 

 

    

 

 

  
      $ 10,251,267       $ 10,231,941     $ 23,514     $ (4,188 ) 
     

 

 

    

 

  

 

 

    

 

 

    

 

 

  

 

SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at December 31, 2025 (a)  
Description    Number of
Contracts		      Notional Amount      Notional Value      Expiration
Date		      Unrealized
Appreciation/
(Depreciation)		  

Futures Contracts – Long

               

U.S. Treasury 10-Year Note Futures

     10      $ 1,126,353      $ 1,124,375        3/20/2026      $ (1,978 ) 

U.S. Treasury 2-Year Note Futures

     56        11,682,128        11,692,187        3/31/2026        10,059  
              

 

 

  

Total Long

                $ 8,081  
              

 

 

  

Total Futures Contracts

                $ 8,081  
              

 

 

  

 

(a) 

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.

 

 
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                          
Notional
Amount		   Maturity
Date		     Payment
Received		     Payment
Made		     Periodic
Payment
Frequency		     Fair Value     Upfront
Payment
Made
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

$ 6,195,000

     9/23/2031       1 Day SOFR + 0.000 %      3.465 %      Annually     $ (14,075 )    $ (3,454 )    $ (10,621 ) 

$ 3,300,000

     4/23/2035       1 Day SOFR + 0.000 %      3.849       Annually       (23,101 )      (43,447 )      20,346  

$ 2,850,000

     5/09/2040       1 Day SOFR + 0.000 %      3.914       Annually       36,734       291       36,443  

$ 1,500,000

     11/17/2045       1 Day SOFR + 0.000 %      4.021       Annually       30,870       319       30,551  
         

 

 

    

 

 

    

 

 

  
          $ 30,428     $ (46,291 )    $ 76,719  
         

 

 

    

 

 

    

 

 

  

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

 

Description   Maturity
Date		     Fixed Deal
(Pay) Rate		     Implied
Credit
Spread at
December 31,
2025		     Notional
Amount		     Periodic
Payment
Frequency		     Fair Value     Upfront
Premiums
Received		     Unrealized
Appreciation/
(Depreciation)		  

Buy Protection

 

CDX North America High Yield Index
Series 45 V1
1.000%, 12/20/2030

     12/20/2030       (5.000 %)      3.180 %    $ (2,000,000 )      Quarterly     $ (152,810 )    $ (154,602 )    $ 1,792  

CDX North America Investment Grade Index
Series 45 V1
1.000%, 12/20/2030

     12/20/2030       (1.000 %)      0.504 %      (4,000,000 )      Quarterly       (90,660 )      (91,364 )      704  
           

 

 

  

Total Buy Protection

 

       $ (243,470 )    $ (245,966 )    $ 2,496  
           

 

 

  

Total

 

       $ (243,470 )    $ (245,966 )    $ 2,496  
           

 

 

  

 

(1) 

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.

(2) 

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.

(3) 

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.

 

 
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
Date		     Counterparty   Fixed Deal
(Pay) Rate		     Implied
Credit
Spread at
December 31,
2025		     Notional
Amount		     Periodic
Payment
Frequency		   Fair Value     Upfront
Premiums
Received		     Unrealized
Appreciation/
(Depreciation)		  

Buy Protection

 

CDX North America High Yield Index
Series 43 5Y 25%-35%
5.000%, 12/20/2029

     12/20/2029     Morgan Stanley & Co.     (5.000 %)      0.884 %    $ (230,000 )    Quarterly   $ (35,259 )    $ (34,690 )    $ (569 ) 

CDX North America Investment Grade Index
Series 43 5Y 15%-25%
5.000%, 12/20/2029

     12/20/2029     Morgan Stanley & Co.     (5.000 %)      2.417 %      (230,000 )    Quarterly     (21,798 )      (14,589 )      (7,209 ) 
             

 

 

  

Total Buy Protection

 

         $ (57,057 )    $ (49,279 )    $ (7,778 ) 
             

 

 

  

Total

 

         $ (57,057 )    $ (49,279 )    $ (7,778 ) 
             

 

 

  

 

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

 

 
32       Litman Gregory Funds Trust

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at December 31, 2025

 

Description   Counterparty     Exercise
Price		     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Fair Value     Premiums
Received		     Unrealized
Appreciation/
(Depreciation)		  

EXCHANGE TRADED

 

Call

                

3-Month SOFR Futures

     Bank of America N.A.     $ 98.00       9/11/2026       (118 )    $ (28,569,275 )    $ (11,800 )    $ (21,323 )    $ 9,523  

3-Month SOFR Futures

     Bank of America N.A.       98.00       3/12/2027       (84 )      (20,345,850 )      (15,225 )      (24,266 )      9,041  
           

 

 

  

Total

 

             (27,025 )      (45,589 )      18,564  
           

 

 

  

INDEX OPTIONS

                

Put

                

S&P 500 Index

     UBS Securities LLC       6,650.00       1/9/2026       (1 )      (684,550 )      (610 )      (5,389 )      4,779  

S&P 500 Index

     UBS Securities LLC       6,660.00       1/9/2026       (3 )      (2,053,650 )      (1,995 )      (16,067 )      14,072  

S&P 500 Index

     UBS Securities LLC       6,680.00       1/9/2026       (1 )      (684,550 )      (800 )      (4,919 )      4,119  

S&P 500 Index

     UBS Securities LLC       6,700.00       1/9/2026       (11 )      (7,530,050 )      (10,439 )      (40,998 )      30,559  

S&P 500 Index

     UBS Securities LLC       6,545.00       1/16/2026       (1 )      (684,550 )      (895 )      (5,079 )      4,184  

S&P 500 Index

     UBS Securities LLC       6,580.00       1/16/2026       (1 )      (684,550 )      (1,050 )      (4,669 )      3,619  

S&P 500 Index

     UBS Securities LLC       6,610.00       1/16/2026       (4 )      (2,738,200 )      (5,428 )      (18,126 )      12,698  

S&P 500 Index

     UBS Securities LLC       6,630.00       1/16/2026       (3 )      (2,053,650 )      (3,510 )      (14,207 )      10,697  

S&P 500 Index

     UBS Securities LLC       6,640.00       1/16/2026       (2 )      (1,369,100 )      (3,040 )      (7,298 )      4,258  

S&P 500 Index

     UBS Securities LLC       6,650.00       1/16/2026       (2 )      (1,369,100 )      (3,404 )      (10,958 )      7,554  

S&P 500 Index

     UBS Securities LLC       6,690.00       1/16/2026       (3 )      (2,053,650 )      (6,258 )      (8,767 )      2,509  

S&P 500 Index

     UBS Securities LLC       6,690.00       1/23/2026       (4 )      (2,738,200 )      (10,400 )      (15,326 )      4,926  

S&P 500 Index

     UBS Securities LLC       6,710.00       1/23/2026       (4 )      (2,738,200 )      (13,680 )      (13,256 )      (424 ) 

S&P 500 Index

     UBS Securities LLC       6,730.00       1/23/2026       (1 )      (5,476,400 )      (30,880 )      (25,222 )      (5,658 ) 

S&P 500 Index

     UBS Securities LLC       6,690.00       1/30/2026       (1 )      (684,550 )      (4,375 )      (3,679 )      (696 ) 

S&P 500 Index

     UBS Securities LLC       6,710.00       1/30/2026       (2 )      (1,369,100 )      (9,240 )      (7,978 )      (1,262 ) 

S&P 500 Index

     UBS Securities LLC       6,715.00       1/30/2026       (1 )      (684,550 )      (5,132 )      (3,839 )      (1,293 ) 

S&P 500 Index

     UBS Securities LLC       6,730.00       1/30/2026       (8 )      (6,845,500 )      (52,320 )      (41,750 )      (10,570 ) 
           

 

 

  

Total

 

             (163,456 )      (247,527 )      84,071  
           

 

 

  

 

Description   Counterparty  

Pay/Receive

Floating rate

     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Fair Value     Premiums
Received		     Unrealized
Appreciation/
(Depreciation)		  

INTEREST RATE SWAPTIONS

 

Call

 

USD - Secured Overnight Financing Rate (SOFR) strike @2.640%, terminating 8/13/26

   BNP Paribas SA     Receive       8/13/2026       (1,295,000 )      (1,295,000 )      (1,146 )      (4,209 )      3,063  

USD - Secured Overnight Financing Rate (SOFR) strike @2.640%, terminating 8/13/26

   Morgan
Stanley & Co.		     Receive       8/13/2026       (1,295,000 )      (1,295,000 )      (1,720 )      (4,144 )      2,424  

USD - Secured Overnight Financing Rate (SOFR) strike @2.685%, terminating 8/14/26

   BNP Paribas SA     Receive       8/14/2026       (1,480,000 )      (1,480,000 )      (1,436 )      (4,736 )      3,300  

USD - Secured Overnight Financing Rate (SOFR) strike @2.685%, terminating 8/14/26

   Toronto-
Dominion
Bank		     Receive       8/14/2026       (1,480,000 )      (1,480,000 )      (2,169 )      (4,802 )      2,633  

USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26

   Barclays Bank
Plc		     Receive       8/19/2026       (925,000 )      (925,000 )      (1,464 )      (2,960 )      1,496  

 

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

 

 
Schedule of Investments         33

iMGP Low Duration Income Fund

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

 

Description   Counterparty  

Pay/Receive

Floating rate

     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Fair Value     Premiums
Received		     Unrealized
Appreciation/
(Depreciation)		  

USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26

   BNP Paribas SA     Receive       8/19/2026       (925,000 )    $ (925,000 )    $ (1,464 )    $ (2,960 )    $ 1,496  

USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26

   BNP Paribas SA     Receive       9/21/2026       (1,079,000 )      (1,079,000 )      (2,095 )      (3,830 )      1,735  

USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26

   Morgan
Stanley & Co.		     Receive       9/21/2026       (1,079,000 )      (1,079,000 )      (3,297 )      (3,520 )      223  

USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26

   Toronto-
Dominion
Bank		     Receive       9/21/2026       (1,079,000 )      (1,079,000 )      (32 )      (3,237 )      3,205  

USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26

   Barclays Bank
Plc		     Receive       9/21/2026       (1,078,000 )      (1,078,000 )      (38 )      (3,773 )      3,735  

USD - Secured Overnight Financing Rate (SOFR) strike @2.852%, terminating 2/13/26

   BNP Paribas SA     Receive       2/13/2026       (925,000 )      (925,000 )      (110 )      (3,515 )      3,405  

USD - Secured Overnight Financing Rate (SOFR) strike @2.853%, terminating 2/13/26

   Morgan
Stanley & Co.		     Receive       2/13/2026       (925,000 )      (925,000 )      (30 )      (3,515 )      3,485  

USD - Secured Overnight Financing Rate (SOFR) strike @2.860%, terminating 2/13/26

   Morgan
Stanley & Co.		     Receive       2/13/2026       (925,000 )      (925,000 )      (32 )      (3,515 )      3,483  

USD - Secured Overnight Financing Rate (SOFR) strike @2.890%, terminating 2/20/26

   BNP Paribas SA     Receive       2/20/2026       (925,000 )      (925,000 )      (206 )      (3,182 )      2,976  

USD - Secured Overnight Financing Rate (SOFR) strike @2.925%, terminating 2/19/26

   Barclays Bank
Plc		     Receive       2/19/2026       (925,000 )      (925,000 )      (74 )      (3,238 )      3,164  

USD - Secured Overnight Financing Rate (SOFR) strike @2.929%, terminating 2/19/26

   Toronto-
Dominion
Bank		     Receive       2/19/2026       (925,000 )      (925,000 )      (75 )      (3,168 )      3,093  

USD - Secured Overnight Financing Rate (SOFR) strike @2.940%, terminating 2/18/26

   BNP Paribas SA     Receive       2/18/2026       (925,000 )      (925,000 )      (75 )      (3,238 )      3,163  

USD - Secured Overnight Financing Rate (SOFR) strike @2.940%, terminating 2/18/26

   Toronto-
Dominion
Bank		     Receive       2/18/2026       (925,000 )      (925,000 )      (75 )      (3,191 )      3,116  

 

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

 

 
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

Floating rate

     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Fair Value     Premiums
Received		     Unrealized
Appreciation/
(Depreciation)		  

Put

                

USD - Secured Overnight Financing Rate (SOFR) strike @3.640%, terminating 8/13/26

     BNP Paribas SA       Pay       8/13/2026       (1,295,000 )    $ (1,295,000 )    $ (4,136 )    $ (3,885 )    $ (251 ) 

USD - Secured Overnight Financing Rate (SOFR) strike @3.640%, terminating 8/13/26

    
 Morgan
Stanley & Co.		  
 		     Pay       8/13/2026       (1,295,000 )      (1,295,000 )      (2,170 )      (4,014 )      1,844  

USD - Secured Overnight Financing Rate (SOFR) strike @3.685%, terminating 8/14/26

     BNP Paribas SA       Pay       8/14/2026       (1,480,000 )      (1,480,000 )      (2,191 )      (4,403 )      2,212  

USD - Secured Overnight Financing Rate (SOFR) strike @3.685%, terminating 8/14/26

    

 Toronto-
Dominion
Bank
 
 		     Pay       8/14/2026       (1,480,000 )      (1,480,000 )      (2,191 )      (4,366 )      2,175  

USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26

    
 Barclays Bank
Plc		  
 		     Pay       8/19/2026       (925,000 )      (925,000 )      (2,529 )      (2,706 )      177  

USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26

     BNP Paribas SA       Pay       8/19/2026       (925,000 )      (925,000 )      (1,318 )      (2,682 )      1,364  

USD - Secured Overnight Financing Rate (SOFR) strike @3.852%, terminating 2/13/26

     BNP Paribas SA       Pay       2/13/2026       (925,000 )      (925,000 )      (1,537 )      (3,145 )      1,608  

USD - Secured Overnight Financing Rate (SOFR) strike @3.853%, terminating 2/13/26

    
 Morgan
Stanley & Co.		  
 		     Pay       2/13/2026       (925,000 )      (925,000 )      (1,526 )      (3,145 )      1,619  

USD - Secured Overnight Financing Rate (SOFR) strike @3.860%, terminating 2/13/26

    
 Morgan
Stanley & Co.		  
 		     Pay       2/13/2026       (925,000 )      (925,000 )      (1,449 )      (3,154 )      1,705  

USD - Secured Overnight Financing Rate (SOFR) strike @3.890%, terminating 2/20/26

     BNP Paribas SA       Pay       2/20/2026       (925,000 )      (925,000 )      (252 )      (2,923 )      2,671  

USD - Secured Overnight Financing Rate (SOFR) strike @3.925%, terminating 2/19/26

    
 Barclays Bank
Plc		  
 		     Pay       2/19/2026       (925,000 )      (925,000 )      (1,076 )      (2,844 )      1,768  

USD - Secured Overnight Financing Rate (SOFR) strike @3.929%, terminating 2/19/26

    

 Toronto-
Dominion
Bank
 
 		     Pay       2/19/2026       (925,000 )      (925,000 )      (174 )      (2,914 )      2,740  

USD - Secured Overnight Financing Rate (SOFR) strike @3.940%, terminating 2/18/26

     BNP Paribas SA       Pay       2/18/2026       (925,000 )      (925,000 )      (149 )      (2,914 )      2,765  

 

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

 

 
Schedule of Investments         35

iMGP Low Duration Income Fund

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

 

Description   Counterparty  

Pay/Receive

Floating rate

     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Fair Value     Premiums
Received		     Unrealized
Appreciation/
(Depreciation)		  

USD - Secured Overnight
Financing Rate (SOFR)
strike @3.940%,
terminating 2/18/26

   Toronto-
Dominion
Bank		     Pay       2/18/2026       (925,000 )    $ (925,000 )    $ (922 )    $ (2,961 )    $ 2,039  
           

 

 

  

Total

 

           (37,158 )      (110,789 )      73,631  
           

 

 

  

Total Written Options

 

         $ (227,639 )    $ (403,905 )    $ 176,266  
           

 

 

  

 

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

 

 
36       Litman Gregory Funds Trust

iMGP Dolan McEniry Corporate Bond Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

Principal
Amount^		           Value  
 

CORPORATE BONDS: 90.4%

 
  Basic Materials: 2.5%  
  Olin Corp.   
  $8,188,000    

5.625%, 08/01/2029

    $ 8,238,397  
  1,199,000    

5.000%, 02/01/2030

      1,180,025  
  Steel Dynamics, Inc.   
  2,740,000    

3.450%, 04/15/2030

      2,652,038  
    

 

 

  
     12,070,460  
    

 

 

  
  Communications: 10.4%  
  AT&T, Inc.   
  10,698,000    

2.550%, 12/01/2033

      9,149,884  
  CCO Holdings LLC/CCO Holdings Capital Corp.   
  10,325,000    

4.500%, 05/01/2032

      9,273,732  
  Expedia Group, Inc.   
  7,223,000    

4.625%, 08/01/2027

      7,281,555  
  1,217,000    

3.800%, 02/15/2028

      1,211,667  
  Motorola Solutions, Inc.   
  7,955,000    

5.600%, 06/01/2032(a)

      8,384,199  
  Sirius XM Radio LLC   
  7,767,000    

5.500%, 07/01/2029(b)

      7,835,055  
  Verizon Communications, Inc.   
  7,564,000    

4.329%, 09/21/2028

      7,629,964  
    

 

 

  
     50,766,056  
    

 

 

  
  Consumer, Cyclical: 16.3%  
  Bath & Body Works, Inc.   
  7,364,000    

6.625%, 10/01/2030(b)

      7,536,723  
  2,275,000    

6.875%, 11/01/2035

      2,303,911  
  Bloomin’ Brands, Inc./OSI Restaurant Partners LLC   
  10,806,000    

5.125%, 04/15/2029(b)

      9,860,268  
  Dick’s Sporting Goods, Inc.   
  8,113,000    

3.150%, 01/15/2032

      7,469,772  
  Genuine Parts Co.   
  6,789,000    

6.500%, 11/01/2028

      7,190,919  
  2,186,000    

6.875%, 11/01/2033

      2,434,357  
  LKQ Corp.   
  7,810,000    

6.250%, 06/15/2033(a)

      8,391,140  
  Lowe’s Cos., Inc.   
  8,000,000    

3.650%, 04/05/2029

      7,903,945  
  Marriott International, Inc.   
  8,110,000    

4.625%, 06/15/2030

      8,242,344  
  RB Global Holdings, Inc.   
  9,515,000    

6.750%, 03/15/2028(b)

      9,742,427  
  Somnigroup International, Inc.   
  8,491,000    

4.000%, 04/15/2029(b)

      8,285,052  
    

 

 

  
     79,360,858  
    

 

 

  
  Consumer, Non-cyclical: 21.8%  
  Altria Group, Inc.   
  7,693,000    

6.875%, 11/01/2033

      8,706,452  
  BAT Capital Corp.   
  1,386,000    

2.726%, 03/25/2031

      1,279,677  
  7,422,000    

6.421%, 08/02/2033

      8,210,742  
  Block Financial LLC   
  7,843,000    

2.500%, 07/15/2028

      7,485,955  
  1,874,000    

3.875%, 08/15/2030

      1,807,514  
Principal
Amount^		           Value  
  Consumer, Non-cyclical (continued)  
  Conagra Brands, Inc.   
  $ 7,993,000    

4.850%, 11/01/2028

    $ 8,091,436  
  1,183,000    

5.000%, 08/01/2030

      1,198,552  
  DaVita, Inc.   
  8,153,000    

4.625%, 06/01/2030(b)

      7,932,183  
  1,727,000    

6.750%, 07/15/2033(b)

      1,792,061  
  Global Payments, Inc.   
  1,460,000    

4.875%, 11/15/2030

      1,463,551  
  8,351,000    

5.400%, 08/15/2032

      8,512,321  
  HCA, Inc.   
  7,091,000    

5.375%, 09/01/2026

      7,106,810  
  2,918,000    

3.500%, 09/01/2030

      2,809,996  
  IQVIA, Inc.   
  8,187,000    

6.250%, 06/01/2032(b)

      8,564,979  
  Molson Coors Beverage Co.   
  7,435,000    

3.000%, 07/15/2026

      7,395,754  
  Philip Morris International, Inc.   
  1,993,000    

5.625%, 11/17/2029

      2,097,846  
  7,024,000    

5.375%, 02/15/2033

      7,361,516  
  Quanta Services, Inc.   
  9,677,000    

2.900%, 10/01/2030

      9,071,822  
  Tenet Healthcare Corp.   
  5,347,000    

6.125%, 10/01/2028

      5,374,436  
    

 

 

  
     106,263,603  
    

 

 

  
  Financial: 8.1%  
  American Tower Corp.   
  7,356,000    

3.375%, 10/15/2026

      7,319,707  
  2,002,000    

2.900%, 01/15/2030

      1,903,243  
  Brown & Brown, Inc.   
  8,636,000    

5.250%, 06/23/2032

      8,860,365  
  1,261,000    

5.550%, 06/23/2035

      1,298,908  
  Crown Castle, Inc.   
  6,986,000    

5.800%, 03/01/2034

      7,339,610  
  2,447,000    

5.200%, 09/01/2034(a)

      2,477,873  
  SBA Communications Corp.   
  1,582,000    

3.125%, 02/01/2029

      1,514,803  
  Willis North America, Inc.   
  8,555,000    

5.350%, 05/15/2033

      8,843,288  
    

 

 

  
     39,557,797  
    

 

 

  
  Industrial: 18.0%  
  Allegion U.S. Holding Co., Inc.   
  8,038,000    

5.411%, 07/01/2032

      8,402,450  
  Carlisle Cos., Inc.   
  7,392,000    

3.750%, 12/01/2027

      7,359,771  
  2,171,000    

2.750%, 03/01/2030

      2,050,876  
  Eagle Materials, Inc.   
  10,371,000    

2.500%, 07/01/2031

      9,433,541  
  Flex Ltd.   
  8,594,000    

4.875%, 05/12/2030

      8,739,052  
  1,243,000    

5.250%, 01/15/2032

      1,269,034  
  Fortune Brands Innovations, Inc.   
  3,982,000    

3.250%, 09/15/2029

      3,832,307  
  5,173,000    

5.875%, 06/01/2033

      5,487,590  
  Sealed Air Corp.   
  8,623,000    

6.500%, 07/15/2032(b)

      8,966,652  
  Teledyne Technologies, Inc.   
  9,487,000    

2.750%, 04/01/2031

      8,793,495  
  TransDigm, Inc.   
  7,482,000    

6.875%, 12/15/2030(b)

      7,833,764  

 

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

 

 
Schedule of Investments         37

iMGP Dolan McEniry Corporate Bond Fund

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

 

Principal
Amount^		           Value  
 

CORPORATE BONDS (CONTINUED)

  
  Industrial (continued)  
  Trimble, Inc.   
  $ 7,881,000    

6.100%, 03/15/2033

    $ 8,502,512  
  Westinghouse Air Brake Technologies Corp.   
  7,282,000    

4.700%, 09/15/2028

      7,377,111  
    

 

 

  
     88,048,155  
    

 

 

  
  Technology: 13.3%  
  Broadcom, Inc.   
  2,808,000    

3.459%, 09/15/2026

      2,800,951  
  3,617,000    

4.150%, 11/15/2030

      3,606,839  
  1,617,000    

4.300%, 11/15/2032

      1,598,356  
  CDW LLC/CDW Finance Corp.   
  10,795,000    

3.569%, 12/01/2031

      10,072,091  
  Fiserv, Inc.   
  9,384,000    

3.500%, 07/01/2029

      9,110,266  
  HP, Inc.   
  7,613,000    

5.500%, 01/15/2033

      7,869,509  
  NetApp, Inc.   
  8,322,000    

5.700%, 03/17/2035

      8,752,538  
  Oracle Corp.   
  10,560,000    

2.950%, 04/01/2030

      9,763,348  
  Qorvo, Inc.   
  10,134,000    

4.375%, 10/15/2029

      9,998,768  
  Teledyne FLIR LLC   
  1,364,000    

2.500%, 08/01/2030

      1,263,466  
    

 

 

  
     64,836,132  
    

 

 

  
 

TOTAL CORPORATE BONDS
(Cost $431,786,366)

      440,903,061  
    

 

 

  
 

GOVERNMENT SECURITIES & AGENCY ISSUE: 5.1%

 
  U.S. Treasury Notes   
  24,563,000    

4.125%, 01/31/2027

      24,719,877  
    

 

 

  
 

TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE
(Cost $24,613,387)

      24,719,877  
    

 

 

  
Shares               
 

SHORT-TERM INVESTMENTS: 0.2%

  
  INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED: 0.2%		  
  917,510     State Street Navigator Securities Lending Government Money Market Portfolio, 3.830%(c)(d)      917,510  
    

 

 

  
 

TOTAL INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED
(Cost $917,510)

      917,510  
    

 

 

  
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $917,510)

      917,510  
    

 

 

  
 

TOTAL INVESTMENTS
(Cost: $457,317,263): 95.7%

     466,540,448  
    

 

 

  
 

Other Assets in Excess of Liabilities: 4.3%

      20,868,383  
    

 

 

  
 

NET ASSETS: 100.0%

    $ 487,408,831  
  

 

 

  

Percentages are stated as a percent of net assets.

 

^

The principal amount is stated in U.S. Dollars unless otherwise indicated.

(a)

Security, or portion thereof, is out on loan.

(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.

(c)

The rate disclosed is the 7 day net yield as of December 31, 2025.

(d)

Represents security purchased with cash collateral received for securities on loan.

 

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

 

 
38       Litman Gregory Funds Trust

iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

Principal

Amount^

           Value  
 

MUNICIPAL BONDS: 95.4%

  
  Alabama: 2.0%  
  Auburn University   
  $50,000    

Series A
4.000%, 06/01/2035

    $ 50,107  
  Health Care Authority of the City of Huntsville   
  10,000    

Series B1
5.000%, 06/01/2035

      10,740  
  Russell County Board of Education   
  320,000    

(BAM)
3.000%, 12/01/2036

      296,557  
    

 

 

  
     357,404  
    

 

 

  
  California: 4.0%  
  California State Public Works Board   
  100,000    

Series A
5.000%, 04/01/2043

      110,219  
  100,000    

Series A
5.000%, 04/01/2044

      109,310  
  Los Angeles Department of Water & Power   
  50,000    

Series D
5.000%, 07/01/2039

      51,942  
  150,000    

Series D
5.000%, 07/01/2043

      159,482  
  Los Angeles Department of Water & Power Water System Revenue   
  115,000    

Series B
5.000%, 07/01/2035

      115,000  
  15,000    

Series D
5.000%, 07/01/2043

      15,837  
  State of California   
  165,000    

3.000%, 03/01/2029

      165,019  
    

 

 

  
     726,809  
    

 

 

  
  Colorado: 0.8%  
  Colorado Health Facilities Authority   
  145,000    

Series A-2
5.000%, 08/01/2044

      147,167  
    

 

 

  
  Connecticut: 0.7%  
  Connecticut State Health & Educational Facilities Authority   
  75,000    

Series K
5.000%, 07/01/2030

      82,001  
  South Central Connecticut Regional Water Authority   
  45,000    

Series B-1
3.000%, 08/01/2034

      44,491  
    

 

 

  
     126,492  
    

 

 

  
  Florida: 10.2%  
  Alachua County Health Facilities Authority   
  50,000    

Series A
5.000%, 12/01/2044

      50,017  
  Florida Municipal Loan Council   
  200,000    

(AG), Series D
5.000%, 10/01/2049

      211,044  
  Miami-Dade County Educational Facilities Authority   
  200,000    

Series B
5.250%, 04/01/2043

      217,712  
Principal
Amount^		           Value  
  Florida (continued)  
  North Broward Hospital District   
  $ 125,000    

Series B
5.000%, 01/01/2048

    $ 124,867  
  Orange County Health Facilities Authority   
  215,000    

Series A
5.000%, 10/01/2039

      216,901  
  Palm Beach County Health Facilities Authority   
  200,000    

5.000%, 11/15/2032

      202,684  
  St. Johns County School Board   
  100,000    

(AG), Series A
5.500%, 07/01/2049

      107,285  
  UCF Stadium Corp.   
  200,000    

Series A
5.000%, 03/01/2041

      216,796  
  Volusia County Educational Facility Authority   
  395,000    

5.250%, 06/01/2054

      402,330  
  100,000    

Series A
5.000%, 10/15/2049

      101,827  
    

 

 

  
     1,851,463  
    

 

 

  
  Georgia: 13.7%  
  City of Atlanta Department of Aviation   
  185,000    

Series A
5.250%, 07/01/2044

      201,854  
  335,000    

Series A
5.250%, 07/01/2045

      363,075  
  Georgia Housing & Finance Authority   
  250,000    

(GNMA/FNMA/FHLMC), Series E
5.125%, 12/01/2045

      258,269  
  Main Street Energy, Inc.   
  1,000,000    

Series D
5.000%, 12/01/2032

      1,072,944  
  Main Street Natural Gas, Inc.   
  200,000    

Series E
5.000%, 12/01/2032

      215,637  
  Municipal Electric Authority of Georgia   
  350,000    

Series A
5.000%, 01/01/2037

      365,648  
    

 

 

  
     2,477,427  
    

 

 

  
  Illinois: 6.1%  
  Chicago Board of Education   
  325,000    

(AG), Series A
5.000%, 12/01/2031

      338,783  
  Chicago O’Hare International Airport   
  500,000    

Series A
5.000%, 01/01/2038

      516,391  
  Illinois Finance Authority   
  110,000    

Series B
5.000%, 08/15/2036

      111,892  
  Regional Transportation Authority   
  125,000    

Series B
5.000%, 06/01/2035

      131,096  
    

 

 

  
     1,098,162  
    

 

 

  
  Indiana: 3.8%  
  Concord Community Schools Building Corp.   
  250,000    

(ST INTERCEPT)
5.000%, 01/15/2044

      266,508  
  Town of Upland   
  200,000    

4.000%, 09/01/2037

      203,641  

 

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

 

 
Schedule of Investments         39

iMGP APA Enhanced Income Municipal Fund

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

 

Principal
Amount^		           Value  
 

MUNICIPAL BONDS (CONTINUED)

  
  Indiana (continued)  
  Westfield-Washington Multi-School Building Corp.   
  $ 200,000    

(BAM), Series A
5.250%, 07/15/2043

    $ 218,149  
    

 

 

  
     688,298  
    

 

 

  
  Kansas: 1.2%  
  Sedgwick County Unified School District No. 262 Valley Center   
  200,000    

(AG)
5.000%, 09/01/2042

      210,656  
    

 

 

  
  Louisiana: 1.1%  
  Louisiana Public Facilities Authority   
  200,000    

Series A
5.000%, 04/01/2045

      205,246  
    

 

 

  
  Maine: 2.6%  
  Maine State Housing Authority   
  500,000    

Series C
3.000%, 11/15/2036

      461,432  
    

 

 

  
  Massachusetts: 4.4%  
  Massachusetts Development Finance Agency   
  250,000    

5.000%, 01/01/2027

      253,670  
  250,000    

5.250%, 01/01/2038

      271,416  
  55,000    

Series A
5.000%, 01/01/2040

      55,533  
  50,000    

Series F
4.000%, 07/01/2043

      46,052  
  Massachusetts Housing Finance Agency   
  175,000    

(GNMA/FNMA/FHLMC), Series 224
4.350%, 12/01/2042

      177,244  
    

 

 

  
     803,915  
    

 

 

  
  Michigan: 2.5%  
  Michigan Finance Authority   
  200,000    

5.000%, 11/15/2041

      201,795  
  240,000    

Series MI
5.000%, 12/01/2045

      240,493  
  10,000    

Series MI
5.000%, 12/01/2045(a)

      10,088  
    

 

 

  
     452,376  
    

 

 

  
  New Hampshire: 1.1%  
  New Hampshire Health & Education Facilities Authority Act   
  190,000    

5.000%, 10/01/2040

      191,088  
    

 

 

  
  New York: 6.0%  
  City of New York   
  210,000    

Series A-1
5.000%, 08/01/2045

      214,870  
  Metropolitan Transportation Authority   
  250,000    

Series 2025A
5.000%, 11/15/2044

      263,445  
  200,000    

Series 2025A
5.250%, 11/15/2045

      213,192  
  TSASC, Inc.   
  195,000    

Series A
5.000%, 06/01/2041

      195,492  
Principal
Amount^		           Value  
  New York (continued)  
  Westchester County Local Development Corp.   
  $ 200,000    

5.000%, 07/01/2042

    $ 202,289  
    

 

 

  
     1,089,288  
    

 

 

  
  Ohio: 7.1%  
  Columbus Metropolitan Housing Authority   
  300,000    

4.000%, 12/01/2034

      301,051  
  Columbus Regional Airport Authority   
  180,000    

Series B
5.000%, 01/01/2043

      193,134  
  Ohio Housing Finance Agency   
  140,000    

(GNMA/FNMA/FHLMC), Series C
4.100%, 09/01/2039

      140,744  
  Port of Greater Cincinnati Development Authority   
  500,000    

(FNMA COLL)
4.400%, 11/01/2040

      503,182  
  State of Ohio   
  150,000    

Series A
5.000%, 01/15/2046

      150,003  
    

 

 

  
     1,288,114  
    

 

 

  
  Pennsylvania: 3.8%  
  Allegheny County Higher Education Building Authority   
  200,000    

5.000%, 03/01/2042

      215,263  
  Allentown City School District   
  250,000    

(AG ST AID WITHHLDG)
5.000%, 06/01/2038

      274,195  
  City of Lancaster   
  100,000    

(BAM)
4.000%, 11/01/2038

      101,148  
  Montgomery County Higher Education & Health Authority   
  100,000    

Series A
5.000%, 09/01/2043

      101,460  
    

 

 

  
     692,066  
    

 

 

  
  South Carolina: 2.2%  
  South Carolina Jobs-Economic Development Authority   
  200,000    

Series A
5.000%, 05/01/2043

      203,258  
  South Carolina Public Service Authority   
  195,000    

Series A
5.000%, 12/01/2037

      196,244  
    

 

 

  
     399,502  
    

 

 

  
  Texas: 15.3%  
  Arlington Higher Education Finance Corp.   
  100,000    

(PSF-GTD), Series A
4.250%, 12/01/2048

      95,389  
  Brownsboro Independent School District   
  100,000    

(AG)
5.000%, 08/15/2041

      105,617  
  Central Texas Regional Mobility Authority   
  500,000    

Series C
5.000%, 01/01/2027

      501,471  
  City of Bryan Waterworks & Sewer Revenue   
  250,000    

4.000%, 07/01/2041

      251,465  
  City of Odessa   
  500,000    

4.000%, 03/01/2033

      505,573  

 

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

 

 
40       Litman Gregory Funds Trust

iMGP APA Enhanced Income Municipal Fund

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

 

Principal
Amount^		           Value  
 

MUNICIPAL BONDS (CONTINUED)

  
  Texas (continued)  
  FW Texas Street Public Facility Corp.   
  $ 250,000    

5.000%, 05/01/2038

    $ 265,243  
  Huffman Independent School District   
  30,000    

(PSF-GTD)
5.250%, 02/15/2049

      32,016  
  Midland County Hospital District   
  415,000    

(BAM), Series A
4.125%, 05/15/2049

      383,362  
  North Texas Tollway Authority   
  300,000    

Series A
5.000%, 01/01/2027

      300,000  
  Northwest Williamson County Municipal Utility District No. 2   
  100,000    

(AG)
4.000%, 08/15/2044

      91,745  
  State of Texas   
  100,000    

Series A
3.300%, 10/01/2029

      100,032  
  Texas Department of Housing & Community Affairs   
  135,000    

(GNMA), Series B
4.400%, 07/01/2038

      138,994  
    

 

 

  
     2,770,907  
    

 

 

  
  Vermont: 1.9%  
  Vermont Educational & Health Buildings Financing Agency   
  350,000    

Series B
5.000%, 12/01/2039

      351,131  
    

 

 

  
  Virginia: 1.0%  
  Virginia College Building Authority   
  165,000    

5.000%, 06/01/2031

      176,488  
    

 

 

  
  Washington: 3.9%  
  City of Seattle Municipal Light & Power Revenue   
  330,000    

5.000%, 07/01/2044

      348,409  
  Pend Oreille County Public Utility District No. 1 Box Canyon   
  100,000    

5.000%, 01/01/2039

      102,124  
  University of Washington   
  250,000    

Series A
5.250%, 12/01/2046

      252,220  
    

 

 

  
     702,753  
    

 

 

  
 

TOTAL MUNICIPAL BONDS
(Cost $17,153,797)

      17,268,184  
    

 

 

  
 

TOTAL INVESTMENTS
(Cost: $17,153,797): 95.4%

     17,268,184  
    

 

 

  
 

Other Assets in Excess of Liabilities: 4.6%

      832,918  
    

 

 

  
 

NET ASSETS: 100.0%

    $ 18,101,102  
  

 

 

  

Percentages are stated as a percent of net assets.

 

^

The principal amount is stated in U.S. Dollars unless otherwise indicated.

(a)

Prerefunded

 

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

 

 
Schedule of Investments         41

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

Principal
Amount^		           Value  
 

SHORT-TERM INVESTMENTS: 80.3%

  
  REPURCHASE AGREEMENTS: 3.6%  
  $75,837,486     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)    $ 75,837,486  
    

 

 

  
 

TOTAL REPURCHASE AGREEMENTS
(Cost $75,837,486)

      75,837,486  
    

 

 

  
 

TREASURY BILLS: 76.7%

 
  U.S. Treasury Bills   
  1,613,000,000    

3.453%, 01/29/2026(a)(b)(c)

      1,608,513,693  
    

 

 

  
 

TOTAL TREASURY BILLS
(Cost $1,608,513,693)

      1,608,513,693  
    

 

 

  
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $1,684,351,179)

      1,684,351,179  
    

 

 

  
 

TOTAL INVESTMENTS
(Cost: $1,684,351,179): 80.3%

     1,684,351,179  
    

 

 

  
 

Other Assets in Excess of Liabilities: 19.7%

      413,752,470  
    

 

 

  
 

NET ASSETS: 100.0%

    $ 2,098,103,649  
  

 

 

  

Percentages are stated as a percent of net assets.

 

^

The principal amount is stated in U.S. Dollars unless otherwise indicated.

(a)

The rate shown represents yield-to-maturity.

(b)

Issued with a zero coupon. Income is recognized through the accretion of discount.

(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.

 

 
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
Contracts		      Notional Amount      Notional Value      Expiration
Date		      Unrealized
Appreciation/
(Depreciation)		  

Futures Contracts – Long

 

Euro FX Currency Futures

    11,147      $ 1,636,583,769      $ 1,641,395,750        3/16/2026      $ 4,811,981  

Gold 100 Oz Futures(b)

     933        393,332,895        405,024,630        2/25/2026        11,691,735  

MSCI EAFE Index Futures

    2,431        351,909,363        352,750,255        3/20/2026        840,892  

MSCI Emerging Market Index

    2,374        166,235,098        167,533,180        3/20/2026        1,298,082  

S&P 500 E-Mini Index Futures

    663        230,382,046        228,486,375        3/20/2026        (1,895,671 ) 

U.S. Treasury 10-Year Note Futures

    4,109        466,569,841        462,005,687        3/20/2026        (4,564,154 ) 

U.S. Treasury 2-Year Note Futures

    5,165        1,079,441,396        1,078,395,505        3/31/2026        (1,045,891 ) 

U.S. Treasury Long Bond Futures

    293        33,951,454        33,868,968        3/20/2026        (82,486 ) 
             

 

 

  

Total Long

 

             $ 11,054,488  
             

 

 

  

Futures Contracts – Short

 

Japanese Yen Currency Futures

    (16,261 )     $ (1,313,895,663 )     $ (1,304,640,356 )       3/16/2026      $ 9,255,307  

WTI Crude Futures(b)

     (131 )       (7,573,715 )       (7,495,821 )       2/20/2026        77,894  
             

 

 

  

Total Short

               $ 9,333,201  
             

 

 

  

Total Futures Contracts

 

             $ 20,387,689  
             

 

 

  

 

(a) 

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.

(b) 

Contract held by the iMGP DBi Cayman Managed Futures Subsidiary.

 

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

 

 
Schedule of Investments         43

iMGP Berkshire Dividend Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

Shares           Value  
 

COMMON STOCKS: 80.5%

  
  Consumer Discretionary: 6.9%  
  1,769     Lennar Corp. - Class A    $ 181,853  
  810     Lowe’s Cos., Inc.      195,340  
  729     McDonald’s Corp.      222,804  
    

 

 

  
     599,997  
    

 

 

  
  Consumer Staples: 3.3%  
  394     Hershey Co.      71,700  
  1,924     Walmart, Inc.      214,353  
    

 

 

  
     286,053  
    

 

 

  
  Energy: 2.3%  
  7,344     Kinder Morgan, Inc.      201,887  
    

 

 

  
  Financials: 18.4%  
  5,870     Bank of America Corp.      322,850  
  2,183     Charles Schwab Corp.      218,103  
  675     Chubb Ltd.      210,681  
  1,285     JPMorgan Chase & Co.      414,053  
  1,143     M&T Bank Corp.      230,292  
  920     PNC Financial Services Group, Inc.      192,031  
    

 

 

  
     1,588,010  
    

 

 

  
  Health Care: 9.9%  
  1,296     Abbott Laboratories      162,376  
  1,674     AbbVie, Inc.      382,492  
  2,120     Bristol-Myers Squibb Co.      114,353  
  945     Johnson & Johnson      195,568  
    

 

 

  
     854,789  
    

 

 

  
  Industrials: 16.0%  
  2,435     A.O. Smith Corp.      162,853  
  351     Deere & Co.      163,415  
  1,674     Emerson Electric Co.      222,173  
  522     Honeywell International, Inc.      101,837  
  437     Lockheed Martin Corp.      211,364  
  932     Norfolk Southern Corp.      269,087  
  1,161     Waste Management, Inc.      255,083  
    

 

 

  
     1,385,812  
    

 

 

  
  Information Technology: 19.0%  
  1,380     Apple, Inc.      375,167  
  4,104     Cisco Systems, Inc.      316,131  
  1,724     Dell Technologies, Inc. - Class C      217,017  
  742     Microsoft Corp.      358,846  
  820     QUALCOMM, Inc.      140,261  
  1,053     TE Connectivity PLC      239,568  
    

 

 

  
     1,646,990  
    

 

 

  
  Materials: 0.5%  
  162     Nucor Corp.      26,424  
  262     Solstice Advanced Materials, Inc.*      12,728  
    

 

 

  
     39,152  
    

 

 

  
  Real Estate: 1.3%  
  1,728     WP Carey, Inc. - REIT      111,214  
    

 

 

  
  Utilities: 2.9%  
  7,101     PPL Corp.      248,677  
    

 

 

  
 

TOTAL COMMON STOCKS
(Cost $5,579,648)

      6,962,581  
    

 

 

  
Shares           Value  
 

EXCHANGE-TRADED FUNDS: 8.7%

 
  1,500     iShares Russell 1000 Value ETF    $ 315,510  
  2,000     State Street SPDR Russell 1000 Yield Focus ETF      227,122  
  2,250     Vanguard Russell 1000 Value      207,675  
    

 

 

  
 

TOTAL EXCHANGE-TRADED FUNDS
(Cost $754,101)

      750,307  
    

 

 

  
Principal
Amount		               
 

SHORT-TERM INVESTMENTS: 10.7%

 
  REPURCHASE AGREEMENTS: 10.7%  
  $930,803     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)      930,803  
    

 

 

  
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $930,803)

      930,803  
    

 

 

  
 

TOTAL INVESTMENTS
(Cost: $7,264,552): 99.9%

     8,643,691  
    

 

 

  
  Other Assets in Excess of Liabilities: 0.1%      6,193  
    

 

 

  
 

NET ASSETS: 100.0%

    $ 8,649,884  
    

 

 

  

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.

 

 
44       Litman Gregory Funds Trust

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2025

 

        Global
Select
Fund		      International
Fund		       
Small
Company
Fund		  

ASSETS:

           

Investments in securities at cost

      $ 72,575,416      $ 97,092,287      $ 50,787,106  

Repurchase agreements at cost

        869,087        2,687,365        —  
    

 

 

     

 

 

     

 

 

  

Total investments at cost

      $ 73,444,503      $ 99,779,652      $ 50,787,106  
    

 

 

     

 

 

     

 

 

  

Investments in securities at value1

      $ 89,140,959      $ 121,060,463      $ 56,535,503  

Repurchase agreements at value

        869,087        2,687,365        —  
    

 

 

     

 

 

     

 

 

  

Total investments at value

      $ 90,010,046      $ 123,747,828      $ 56,535,503  
    

 

 

     

 

 

     

 

 

  

Cash

        61,782        47,349        879,489  

Cash, denominated in foreign currency (cost of $447,370, $591,226 and $0, respectively)

        459,855        590,138        —  

Receivables:

           

Foreign tax reclaims

        76,293        1,304,321        —  

Dividends and interest

        49,053        89,953        19,232  

Fund shares sold

        2        —        79,432  

Securities sold

        —        65,714        —  

Other Receivables

        —        27        —  

Prepaid expenses

        10,959        10,209        7,749  
    

 

 

     

 

 

     

 

 

  

Total Assets

        90,667,990        125,855,539        57,521,405  
    

 

 

     

 

 

     

 

 

  

LIABILITIES:

           

Payables:

           

Advisory fees

        48,389        98,839        29,559  

Securities purchased

        —        102,257        —  

Payable for cash collateral from securities loaned (See Note 2)

        4,800,211        —        480,452  

Fund shares redeemed

        222,482        513,753        23,210  

Foreign taxes withheld

        1,274        5,841        —  

Trustees fees

        3,028        3,080        3,334  

Professional fees

        18,596        23,443        16,562  

Line of credit interest

        —        5,873        1,255  

Chief Compliance Officer fees

        12,857        12,857        12,857  

Accrued other expenses

        100,080        149,762        40,102  
    

 

 

     

 

 

     

 

 

  

Total Liabilities

        5,206,917        915,705        607,331  
    

 

 

     

 

 

     

 

 

  

NET ASSETS

      $ 85,461,073      $ 124,939,834      $ 56,914,074  
    

 

 

     

 

 

     

 

 

  

Institutional Class:

           

Net Assets

      $ 85,461,073      $ 124,939,834      $ 56,914,074  

Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value)

        7,246,301        5,631,193        4,060,677  

Net asset value, offering price and redemption price per share

      $ 11.79      $ 22.19      $ 14.02  
    

 

 

     

 

 

     

 

 

  

COMPONENTS OF NET ASSETS

           

Paid-in capital

      $ 71,032,489      $ 102,565,868      $ 50,919,503  

Accumulated distributable earnings (deficit)

        14,428,584        22,373,966        5,994,571  
    

 

 

     

 

 

     

 

 

  

Net Assets

      $ 85,461,073      $ 124,939,834      $ 56,914,074  
    

 

 

     

 

 

     

 

 

  

 

  1 

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.

 

 
Statements of Assets and Liabilities         45

Litman Gregory Funds Trust

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

 

        Low
Duration
Income Fund		      Dolan
McEniry
Corporate
Bond Fund		      APA Enhanced
Income
Municipal
Fund		  

ASSETS:

 

Investments in securities at cost

      $ 334,511,888      $ 457,317,263      $ 17,153,797  

Repurchase agreements at cost

        8,146,864        —        —  
    

 

 

     

 

 

     

 

 

  

Total investments at cost

      $ 342,658,752      $ 457,317,263      $ 17,153,797  
    

 

 

     

 

 

     

 

 

  

Investments in securities at value1

      $ 313,088,222      $ 466,540,448      $ 17,268,184  

Repurchase agreements at value

        8,146,864        —        —  
    

 

 

     

 

 

     

 

 

  

Total investments at value

      $ 321,235,086      $ 466,540,448      $ 17,268,184  
    

 

 

     

 

 

     

 

 

  

Cash

        4,096,919        15,426,783        1,155,806  

Cash, denominated in foreign currency (cost of $51,104, $0 and $0, respectively)

        51,369        —        —  

Deposits at brokers for securities

        490,515        —        —  

Deposits at brokers for swaps

        114,426        —        —  

Receivables:

 

Securities sold

        6,387,127        —        —  

Dividends and interest

        3,382,046        5,756,016        213,334  

Fund shares sold

        59,185        1,921,953        —  

Foreign tax reclaims

        272,943        —        —  

Advisory reimbursement

        —        —        33,489  

Other Receivables

        177,713        —        —  

Variation margin - Centrally Cleared Swaps

        7,571        —        —  

Unrealized gain on forward foreign currency exchange contracts

        23,514        —        —  

Prepaid expenses

        17,808        20,304        12,879  
    

 

 

     

 

 

     

 

 

  

Total Assets

        336,316,222        489,665,504        18,683,692  
    

 

 

     

 

 

     

 

 

  

LIABILITIES:

 

Written options (premium received, $403,905, $0 and $0, respectively)

        227,639        —        —  

Payables:

 

Advisory fees

        59,399        68,727        —  

Securities purchased

        10,141,501        —        501,496  

Unfunded loans, par value

        953,779        —        —  

Payable for cash collateral from securities loaned (See Note 2)

        4,484,028        917,510        —  

Fund shares redeemed

        4,753,219        658,091        41  

Foreign taxes withheld

        17        —        —  

Trustees fees

        2,727        3,585        668  

Professional fees

        55,292        38,490        18,793  

Distributions payable

        —        377,933        —  

Line of credit interest

        31,484        —        —  

Dividend and interest for swap resets

        767        —        —  

Variation margin - Futures

        5,922        —        —  

Short dividend

        12,090        —        —  

Chief Compliance Officer fees

        12,857        12,857        12,857  

Net swap premiums received

        49,279        —        —  

Unrealized loss on unfunded loan commitment

        11,668        —        —  

Unrealized loss on forward foreign currency exchange contracts

        4,188        —        —  

Unrealized loss on swaps

        7,778        —        —  

Accrued other expenses

        318,471        179,480        48,735  
    

 

 

     

 

 

     

 

 

  

Total Liabilities

        21,132,105        2,256,673        582,590  
    

 

 

     

 

 

     

 

 

  

Commitments and Contingencies (See Note 7)

 

NET ASSETS

      $ 315,184,117      $ 487,408,831      $ 18,101,102  
    

 

 

     

 

 

     

 

 

  

Institutional Class:

           

Net Assets

      $ 315,184,117      $ 487,408,831      $ 18,101,102  

Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value)

        31,956,773        48,368,412        1,792,733  

Net asset value, offering price and redemption price per share

      $ 9.86      $ 10.08      $ 10.10  
    

 

 

     

 

 

     

 

 

  

COMPONENTS OF NET ASSETS

           

Paid-in capital

      $ 444,143,262      $ 481,229,963      $ 17,917,070  

Accumulated distributable earnings (deficit)

        (128,959,145 )       6,178,868        184,032  
    

 

 

     

 

 

     

 

 

  

Net Assets

      $ 315,184,117      $ 487,408,831      $ 18,101,102  
    

 

 

     

 

 

     

 

 

  

 

  1 

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.

 

 
46       Litman Gregory Funds Trust

Litman Gregory Funds Trust

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

 

        DBi Managed
Futures
Strategy ETF
(Consolidated)		      Berkshire
Dividend
Growth
ETF		  

ASSETS:

 

Investments in securities at cost

      $ 1,608,513,693      $ 6,333,749  

Repurchase agreements at cost

        75,837,486        930,803  
    

 

 

     

 

 

  

Total investments at cost

      $ 1,684,351,179      $ 7,264,552  
    

 

 

     

 

 

  

Investments in securities at value

      $ 1,608,513,693      $ 7,712,888  

Repurchase agreements at value

        75,837,486        930,803  
    

 

 

     

 

 

  

Total investments at value

      $ 1,684,351,179      $ 8,643,691  
    

 

 

     

 

 

  

Cash

        5,682,388        —  

Deposits at brokers for futures

        365,574,777        —  

Receivables:

 

Fund shares sold

        52,592,438        —  

Dividends and interest

        2,233        6,547  
    

 

 

     

 

 

  

Total Assets

        2,108,203,015        8,650,238  
    

 

 

     

 

 

  

LIABILITIES:

 

Payables:

 

Advisory fees

        1,407,665        354  

Variation margin - Futures

        8,691,701        —  
    

 

 

     

 

 

  

Total Liabilities

        10,099,366        354  
    

 

 

     

 

 

  

NET ASSETS

      $ 2,098,103,649      $ 8,649,884  
    

 

 

     

 

 

  

Net Assets

      $ 2,098,103,649      $ 8,649,884  

Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value)

        74,800,000        675,000  

Net asset value, offering price and redemption price per share

      $ 28.05      $ 12.81  
    

 

 

     

 

 

  

COMPONENTS OF NET ASSETS

 

Paid-in capital

      $ 2,125,558,303      $ 7,561,236  

Accumulated distributable earnings (deficit)

        (27,454,654 )       1,088,648  
    

 

 

     

 

 

  

Net Assets

      $ 2,098,103,649      $ 8,649,884  
    

 

 

     

 

 

  

 

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

 

 
Statements of Assets and Liabilities         47

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2025

 

        Global
Select
Fund		      International
Fund		       
Small
Company
Fund		  

INVESTMENT INCOME:

 

Income

 

Dividends (net of foreign taxes withheld of $79,584, $403,535 and $0, respectively)

      $ 1,075,327      $ 2,901,755      $ 467,069  

Interest

        38,072        59,540        —  

Securities lending income (See Note 2)

        13,096        31,904        1,435  
    

 

 

     

 

 

     

 

 

  

Total income

        1,126,495        2,993,199        468,504  
    

 

 

     

 

 

     

 

 

  

Expenses

 

Advisory fees

        785,811        1,536,088        388,367  

Transfer agent fees

        96,671        124,887        57,299  

Fund accounting fees

        25,810        59,904        15,022  

Administration fees

        24,755        36,793        19,349  

Professional fees

        51,980        77,440        39,598  

Trustee fees

        52,895        70,361        41,955  

Custody fees

        49,130        89,372        41,641  

Reports to shareholders

        36,367        37,471        33,703  

Registration expense

        29,139        34,101        27,320  

Miscellaneous

        23,728        37,550        25,144  

Dividend & interest expense

        3,399        19,028        31,883  

Chief Compliance Officer fees

        12,857        12,857        12,857  
    

 

 

     

 

 

     

 

 

  

Total expenses

        1,192,542        2,135,852        734,138  

Less: fees waived (see Note 3)

        (287,012 )       (100,269 )       (145,764 ) 
    

 

 

     

 

 

     

 

 

  

Net expenses

        905,530        2,035,583        588,374  
    

 

 

     

 

 

     

 

 

  

Net investment income (loss)

        220,965        957,616        (119,870 ) 
    

 

 

     

 

 

     

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on:

 

Investments

        (176,165 )       29,510,040        1,729,927  

Foreign currency transactions

        (38,591 )       (148,049 )       —  
    

 

 

     

 

 

     

 

 

  

Net realized gain (loss)

        (214,756 )       29,361,991        1,729,927  
    

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation/depreciation on:

 

Investments

        4,561,109        12,657,176        (2,021,171 ) 

Foreign currency transactions

        52,723        163,860        —  
    

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation/depreciation

        4,613,832        12,821,036        (2,021,171 ) 
    

 

 

     

 

 

     

 

 

  

Net realized and unrealized gain (loss) on investments and foreign currency transactions

        4,399,076        42,183,027        (291,244 ) 
    

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

      $ 4,620,041      $ 43,140,643      $ (411,114 ) 
    

 

 

     

 

 

     

 

 

  

 

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

 

 
48       Litman Gregory Funds Trust

Litman Gregory Funds Trust

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

 

        Low
Duration
Income
Fund		      Dolan McEniry
Corporate Bond
Fund		       
APA Enhanced
Income Municipal
Fund		  

INVESTMENT INCOME:

 

Income

 

Dividends

      $ 348,343      $ —      $ —  

Interest

        21,637,732        21,403,260        688,363  

Securities lending income (See Note 2)

        67,152        26,618        —  
    

 

 

     

 

 

     

 

 

  

Total income

        22,053,227        21,429,878        688,363  
    

 

 

     

 

 

     

 

 

  

Expenses

 

Advisory fees

        2,784,226        1,782,392        77,046  

Advisory fees - recouped (see Note 3)

        87,599        6,878        —  

Transfer agent fees

        349,857        675,334        17,458  

Fund accounting fees

        135,296        44,587        26,038  

Administration fees

        62,611        53,219        14,347  

Professional fees

        150,311        195,180        26,714  

Trustee fees

        105,404        130,821        31,942  

Custody fees

        142,871        39,313        29,588  

Reports to shareholders

        83,041        48,887        20,317  

Registration expense

        34,066        60,638        12,640  

Miscellaneous

        59,297        37,733        29,775  

Dividend & interest expense

        147,294        16,836        1,927  

Chief Compliance Officer fees

        12,857        12,857        12,857  
    

 

 

     

 

 

     

 

 

  

Total expenses

        4,154,730        3,104,675        300,649  

Less: fees waived (see Note 3)

        (816,567 )       (476,712 )       (198,709 ) 
    

 

 

     

 

 

     

 

 

  

Net expenses

        3,338,163        2,627,963        101,940  
    

 

 

     

 

 

     

 

 

  

Net investment income

        18,715,064        18,801,915        586,423  
    

 

 

     

 

 

     

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on:

 

Investments, excluding purchased options

        (14,105,819 )       (44,245 )       150,080  

Purchased options

        (320,135 )       —        —  

Written options

        2,276,460        —        —  

Forward foreign currency exchange contracts

        (327,842 )       —        —  

Foreign currency transactions

        (5,214 )       —        —  

Futures

        (52,771 )       —        —  

Swap contracts

        889,736        —        —  
    

 

 

     

 

 

     

 

 

  

Net realized gain (loss)

        (11,645,585 )       (44,245 )       150,080  
    

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation/depreciation on:

 

Investments, excluding purchased options

        21,392,397        11,465,154        102,175  

Purchased options

        (91,483 )       —        —  

Unfunded loan commitment

        4,100        —        —  

Written options

        276,347        —        —  

Forward foreign currency exchange contracts

        (8,884 )       —        —  

Foreign currency transactions

        (45,573 )       —        —  

Futures

        25,896        —        —  

Swap contracts

        66,685        —        —  
    

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation/depreciation

        21,619,485        11,465,154        102,175  
    

 

 

     

 

 

     

 

 

  

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

        9,973,900        11,420,909        252,255  
    

 

 

     

 

 

     

 

 

  

Net increase in net assets resulting from operations

      $ 28,688,964      $ 30,222,824      $ 838,678  
    

 

 

     

 

 

     

 

 

  

 

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

 

 
Statements of Operations         49

Litman Gregory Funds Trust

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

 

        DBi Managed
Futures
Strategy ETF
(Consolidated)		      Berkshire
Dividend
Growth
ETF		  

INVESTMENT INCOME:

 

Income

 

Dividends (net of foreign taxes withheld of $0 and $3,333, respectively)

      $ —      $ 204,784  

Interest

        55,628,652        722  

Securities lending income (See Note 2)

        43,616        —  
    

 

 

     

 

 

  

Total income

        55,672,268        205,506  
    

 

 

     

 

 

  

Expenses

 

Advisory fees

        12,087,279        48,224  
    

 

 

     

 

 

  

Total expenses

        12,087,279        48,224  
    

 

 

     

 

 

  

Net expenses

        12,087,279        48,224  
    

 

 

     

 

 

  

Net investment income

        43,584,989        157,282  
    

 

 

     

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on:

 

Investments

        82,529        (277,570 ) 

Futures

        143,400,522        —  

In-kind redemptions

        —        330,345  
    

 

 

     

 

 

  

Net realized gain (loss)

        143,483,051        52,775  
    

 

 

     

 

 

  

Net change in unrealized appreciation/depreciation on:

 

Investments

        (17,122 )       947,767  

Futures

        16,087,216        —  
    

 

 

     

 

 

  

Net change in unrealized appreciation/depreciation

        16,070,094        947,767  
    

 

 

     

 

 

  

Net realized and unrealized gain (loss) on investments and futures

        159,553,145        1,000,542  
    

 

 

     

 

 

  

Net increase in net assets resulting from operations

      $ 203,138,134      $ 1,157,824  
    

 

 

     

 

 

  

 

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

 

 
50       Litman Gregory Funds Trust

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS

 

        
Global Select Fund		      International Fund  
        Year Ended
December 31,
2025		      Year Ended
December 31,
2024		      Year Ended
December 31,
2025		      Year Ended
December 31,
2024		  

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income

      $ 220,965      $ 622,436      $ 957,616      $ 1,714,228  

Net realized gain (loss) on investments and foreign currency transactions

        (214,756 )       8,778,611        29,361,991        11,815,873  

Net change in unrealized appreciation/depreciation on investments and foreign currency transactions

        4,613,832        (5,596,689 )       12,821,036        (11,906,795 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase in net assets resulting from operations

        4,620,041        3,804,358        43,140,643        1,623,306  
    

 

 

     

 

 

     

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS

              

Distributable earnings

        (2,838,964 )       (6,982,448 )       (1,947,443 )       (1,811,056 ) 

Return of capital

        (38,493 )       —        —        (290,953 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

        (2,877,457 )       (6,982,448 )       (1,947,443 )       (2,102,009 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

              

Proceeds from shares sold

              

Institutional Class

        514,541        385,603        2,341,651        12,488,372  

Reinvested distributions

              

Institutional Class

        2,744,576        6,729,679        1,489,140        1,282,996  

Payment for shares redeemed

              

Institutional Class

        (18,173,688 )       (22,907,500 )       (89,244,709 )       (67,041,092 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net decrease in net assets from capital share transactions

        (14,914,571 )       (15,792,218 )       (85,413,918 )       (53,269,724 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Total decrease in net assets

        (13,171,987 )       (18,970,308 )       (44,220,718 )       (53,748,427 ) 

NET ASSETS:

              

Beginning of year

        98,633,060        117,603,368        169,160,552        222,908,979  
    

 

 

     

 

 

     

 

 

     

 

 

  

End of year

      $ 85,461,073      $ 98,633,060      $ 124,939,834      $ 169,160,552  
    

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL TRANSACTIONS IN SHARES

              

Institutional Class:

              

Sold

        43,767        31,704        122,362        698,930  

Reinvested distributions

        237,010        565,519        68,153        72,119  

Redeemed

        (1,536,379 )       (1,861,825 )       (4,331,121 )       (3,649,109 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net decrease from capital share transactions

        (1,255,602 )       (1,264,602 )       (4,140,606 )       (2,878,060 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

 

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

 

 
Statements of Changes in Net Assets         51

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

 

        
Small Company Fund		  
        Year Ended
December 31,
2025		      Year Ended
December 31,
2024		  

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income (loss)

      $ (119,870 )     $ 58,596  

Net realized gain on investments

        1,729,927        9,196,624  

Net change in unrealized appreciation/depreciation on investments

        (2,021,171 )       (2,228,277 ) 
    

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

        (411,114 )       7,026,943  
    

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS

        

Institutional Class

        (2,386,329 )       (7,758,636 ) 
    

 

 

     

 

 

  

Total distributions

        (2,386,329 )       (7,758,636 ) 
    

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

        

Proceeds from shares sold

        

Institutional Class

        23,379,415        5,327,186  

Reinvested distributions

        

Institutional Class

        2,362,491        7,624,573  

Payment for shares redeemed

        

Institutional Class

        (15,292,905 )       (14,752,276 ) 
    

 

 

     

 

 

  

Net increase (decrease) in net assets from capital share transactions

        10,449,001        (1,800,517 ) 
    

 

 

     

 

 

  

Total increase (decrease) in net assets

        7,651,558        (2,532,210 ) 

NET ASSETS:

        

Beginning of year

        49,262,516        51,794,726  
    

 

 

     

 

 

  

End of year

      $ 56,914,074      $ 49,262,516  
    

 

 

     

 

 

  

CAPITAL TRANSACTIONS IN SHARES

        

Institutional Class:

        

Sold

        1,631,508        345,063  

Reinvested distributions

        167,079        499,317  

Redeemed

        (1,109,671 )       (950,277 ) 
    

 

 

     

 

 

  

Net increase (decrease) from capital share transactions

        688,916        (105,897 ) 
    

 

 

     

 

 

  

 

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

 

 
52       Litman Gregory Funds Trust

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

 

        
Low Duration Income Fund		      Dolan McEniry Corporate Bond Fund  
        Year Ended
December 31,
2025		      Year Ended
December 31,
2024		      Year Ended
December 31,
2025		      Year Ended
December 31,
2024		  

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income

      $ 18,715,064      $ 6,967,166      $ 18,801,915      $ 11,373,453  

Net realized gain (loss) on investments, purchased options, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts

        (11,645,585 )       1,224,684        (44,245 )       236,110  

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

        21,619,485        1,578,957        11,465,154        (1,565,428 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase in net assets resulting from operations

        28,688,964        9,770,807        30,222,824        10,044,135  
    

 

 

     

 

 

     

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS

              

Institutional Class

        (24,537,953 )       (7,012,938 )       (18,816,984 )       (11,405,926 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

        (24,537,953 )       (7,012,938 )       (18,816,984 )       (11,405,926 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

              

Proceeds from shares sold

              

Institutional Class

        51,137,047        51,443,260        209,701,050        200,403,612  

Institutional Class - proceeds in connection with merger (see Note 13)

        318,986,317        —        —        —  

Reinvested distributions

              

Institutional Class

        24,434,807        7,011,977        15,289,713        9,406,343  

Payment for shares redeemed

              

Institutional Class

        (222,335,382 )       (14,101,916 )       (98,604,339 )       (62,933,637 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase in net assets from capital share transactions

        172,222,789        44,353,321        126,386,424        146,876,318  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total increase in net assets

        176,373,800        47,111,190        137,792,264        145,514,527  

NET ASSETS:

              

Beginning of year

        138,810,317        91,699,127        349,616,567        204,102,040  
    

 

 

     

 

 

     

 

 

     

 

 

  

End of year

      $ 315,184,117      $ 138,810,317      $ 487,408,831      $ 349,616,567  
    

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL TRANSACTIONS IN SHARES

              

Institutional Class:

              

Sold

        5,146,230        5,240,230        21,115,064        20,374,089  

Sold - shares in connection with mergers (see Note 13)

        32,710,513        —        —        —  

Reinvested distributions

        2,465,958        714,483        1,533,080        956,713  

Redeemed

        (22,394,014 )       (1,433,658 )       (9,933,137 )       (6,387,332 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase from capital share transactions

        17,928,687        4,521,055        12,715,007        14,943,470  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

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

 

 
Statements of Changes in Net Assets         53

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

 

        
APA Enhanced Income Municipal Fund		  
        Year Ended
December 31,
2025		      Period Ended
December 31,
2024*		  

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income

      $ 586,423      $ 3,017  

Net realized gain on investments

        150,080        —  

Net change in unrealized appreciation/depreciation on investments

        102,175        12,212  
    

 

 

     

 

 

  

Net increase in net assets resulting from operations

        838,678        15,229  
    

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS

        

Institutional Class

        (666,857 )       —  
    

 

 

     

 

 

  

Total distributions

        (666,857 )       —  
    

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

        

Proceeds from shares sold

        

Institutional Class

        5,115,845        14,697,646  

Reinvested distributions

        

Institutional Class

        666,857        —  

Payment for shares redeemed

        

Institutional Class

        (2,459,750 )       (106,546 ) 
    

 

 

     

 

 

  

Net increase in net assets from capital share transactions

        3,322,952        14,591,100  
    

 

 

     

 

 

  

Total increase in net assets

        3,494,773        14,606,329  

NET ASSETS:

        

Beginning of period

        14,606,329        —  
    

 

 

     

 

 

  

End of period

      $ 18,101,102      $ 14,606,329  
    

 

 

     

 

 

  

CAPITAL TRANSACTIONS IN SHARES

        

Institutional Class:

        

Sold

        514,044        1,470,144  

Reinvested distributions

        66,947        —  

Redeemed

        (247,750 )       (10,652 ) 
    

 

 

     

 

 

  

Net increase from capital share transactions

        333,241        1,459,492  
    

 

 

     

 

 

  

 

  *

Commenced operations on December 16, 2024.

 

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

 

 
54       Litman Gregory Funds Trust

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

 

       DBi Managed Futures Strategy ETF
(Consolidated)		      Berkshire Dividend Growth ETF  
        Year Ended
December 31,
2025		      Year Ended
December 31,
2024		      Year Ended
December 31,
2025		      Year Ended
December 31,
2024		  

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income

      $ 43,584,989      $ 37,792,884      $ 157,282      $ 112,012  

Net realized gain (loss) on investments and futures

        143,483,051        (18,426,511 )       52,775        3,096  

Net change in unrealized appreciation/depreciation on investments and futures

        16,070,094        15,597,358        947,767        386,937  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase in net assets resulting from operations

        203,138,134        34,963,731        1,157,824        502,045  
    

 

 

     

 

 

     

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS

              

Distributable earnings

        (107,408,960 )       (63,321,703 )       (159,275 )       (128,368 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

        (107,408,960 )       (63,321,703 )       (159,275 )       (128,368 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

              

Proceeds from shares sold

        1,309,293,317        844,259,663        583,768        7,177,055  

Payment for shares redeemed

        (563,895,473 )       (243,661,670 )       (1,787,860 )       —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets from capital share transactions

        745,397,844        600,597,993        (1,204,092 )       7,177,055  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total increase (decrease) in net assets

        841,127,018        572,240,021        (205,543 )       7,550,732  

NET ASSETS:

              

Beginning of year

        1,256,976,631        684,736,610        8,855,427        1,304,695  
    

 

 

     

 

 

     

 

 

     

 

 

  

End of year

      $ 2,098,103,649      $ 1,256,976,631      $ 8,649,884      $ 8,855,427  
    

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL TRANSACTIONS IN SHARES

              

Sold

        48,550,000        30,325,000        50,000        650,000  

Redeemed

        (21,825,000 )       (8,825,000 )       (150,000 )       —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from capital share transactions

        26,725,000        21,500,000        (100,000 )       650,000  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

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

 

 
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,  
     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:

 

Net investment income (loss)1

     0.03        0.07        0.05        (0.01 )       (0.03 ) 

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments and foreign currency

     0.56        0.35        1.79        (4.78 )       3.27  
 

 

 

  

Total income (loss) from investment operations

     0.59        0.42        1.84        (4.79 )       3.24  
 

 

 

  

Less distributions:

 

From net investment income

     (0.03 )       (0.15 )       (0.05 )       —        —  

From net realized gains

     (0.37 )       (0.71 )       (0.44 )       (3.32 )       (3.06 ) 

Return of capital

     (0.00 )^       —        —        —        —  
 

 

 

  

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:

 

Net assets, end of year (millions)

   $ 85.5      $ 98.6      $ 117.6      $ 119.7      $ 260.7  
 

 

 

  

Ratios of total expenses to average net assets:

              

Before fees waived

     1.29 %5       1.28 %5       1.46 %4       1.50 %3       1.29 %2 
 

 

 

  

After fees waived

     0.98 %5,6       0.98 %5,6       1.01 %4,6       1.18 %3,6       1.16 %2,6 
 

 

 

  

Ratio of net investment income (loss) to average net assets

     0.24 %5       0.57 %5       0.41 %4       (0.06 )%3       (0.13 )%2 
 

 

 

  

Portfolio turnover rate

     81.15 %       81.79 %       55.74 %       108.86 %       27.74 % 
 

 

 

  

 

  ^

Amount represents less than $0.01 per share

  1 

Calculated based on the average shares outstanding methodology.

  2 

Includes Interest & Dividend expense of 0.01% of average net assets.

  3 

Includes Interest & Dividend expense of 0.03% of average net assets.

  4 

Includes Interest & Dividend expense of 0.04% of average net assets.

  5 

Includes Interest & Dividend expense of 0.00% of average net assets.

  6 

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.

 

 
56       Litman Gregory Funds Trust

iMGP International Fund – Institutional Class

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each year

 

    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:

 

Net investment income1

     0.12        0.15        0.19        0.11        0.71 2 

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments and foreign currency

     5.10        (0.25 )3       2.45        (4.32 )       1.39  
 

 

 

  

Total income (loss) from investment operations

     5.22        (0.10 )       2.64        (4.21 )       2.10  
 

 

 

  

Less distributions:

 

From net investment income

     (0.34 )       (0.18 )       (0.18 )       (0.13 )       (0.72 ) 

Return of capital

     —        (0.03 )       —        —        —  
 

 

 

  

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:

 

Net assets, end of year (millions)

   $ 124.9      $ 169.2      $ 222.9      $ 205.6      $ 339.7  
 

 

 

  

Ratios of total expenses to average net assets:

              

Before fees waived

     1.31 %5       1.23 %6       1.29 %4       1.47 %5       1.28 %4 
 

 

 

  

After fees waived

     1.25 %5,7       1.18 %6,7       1.07 %4,7       1.24 %5,7       1.05 %4,7 
 

 

 

  

Ratio of net investment income to average net assets

     0.59 %5       0.84 %6       1.15 %4       0.68 %5       3.63 %2,4 
 

 

 

  

Portfolio turnover rate

     98.63 %       43.58 %       40.55 %       42.74 %       99.91 % 
 

 

 

  

 

  1 

Calculated based on the average shares outstanding methodology.

  2 

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

  3 

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.

  4 

Includes Interest & Dividend expense of 0.00% of average net assets.

  5 

Includes Interest & Dividend expense of 0.01% of average net assets.

  6 

Includes Interest & Dividend expense of 0.02% of average net assets.

  7 

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.

 

 
Financial Highlights         57

iMGP Small Company Fund – Institutional Class

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each year

 

    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:

 

Net investment income (loss)1

     (0.03 )       0.02        0.08        0.01        (0.01 ) 

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments

     0.04 2       2.21        3.10        (2.00 )       2.50  
 

 

 

  

Total income (loss) from investment operations

     0.01        2.23        3.18        (1.99 )       2.49  
 

 

 

  

Less distributions:

 

From net investment income

     (0.00 )^       (0.04 )       (0.11 )       —        —  

From net realized gains

     (0.60 )       (2.47 )       (1.05 )       —        (0.34 ) 
 

 

 

  

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:

 

Net assets, end of year (millions)

   $ 56.9      $ 49.3      $ 51.8      $ 48.7      $ 65.6  
 

 

 

  

Ratios of total expenses to average net assets:

              

Before fees waived

     1.51 %5       1.37 %4       1.43 %3       1.68 %3       1.48 %3 
 

 

 

  

After fees waived

     1.21 %5,6       1.17 %4,6       1.15 %3       1.15 %3       1.15 %3,6 
 

 

 

  

Ratio of net investment income (loss) to average net assets

     (0.25 )%5       0.11 %4       0.59 %3       0.11 %3       (0.04 )%3 
 

 

 

  

Portfolio turnover rate

     98.36 %       148.82 %       56.46 %       35.50 %       45.15 % 
 

 

 

  

 

  ^

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.

  3 

Includes Interest & Dividend expense of 0.00% of average net assets.

  4 

Includes Interest & Dividend expense of 0.02% of average net assets.

  5 

Includes Interest & Dividend expense of 0.07% of average net assets.

  6 

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.

 

 
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,  
     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:

 

Net investment income1

     0.57        0.60        0.56        0.38        0.32 2 

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments, foreign currency, options, futures and swap contracts

     0.10        0.24        0.54        (1.08 )       0.33  
 

 

 

  

Total income (loss) from investment operations

     0.67        0.84        1.10        (0.70 )       0.65  
 

 

 

  

Less distributions:

 

From net investment income

     (0.71 )       (0.59 )       (0.61 )       (0.38 )       (0.34 ) 

From net realized gains

     —        —        —        (0.03 )       (0.25 ) 
 

 

 

  

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 %3       12.32 %       (6.85 )%       6.42 % 
 

 

 

  

Ratios/supplemental data:

 

Net assets, end of year (millions)

   $ 315.2      $ 138.8      $ 91.7      $ 99.8      $ 106.7  
 

 

 

  

Ratios of total expenses to average net assets:

              

Before fees waived

     1.27 %7       1.35 %6       1.51 %5       1.41 %4       1.44 %4 
 

 

 

  

After fees waived

     1.02 %7,8       0.98 %6,8       1.01 %5,8       0.99 %4,8       0.98 %4,8 
 

 

 

  

Ratio of net investment income to average net assets

     5.71 %7       6.08 %6       5.98 %5       3.93 %4       3.11 %2,4 
 

 

 

  

Portfolio turnover rate

     97.16 %       29.76 %       38.78 %       49.41 %       72.02 % 
 

 

 

  

 

  1 

Calculated based on the average shares outstanding methodology.

  2 

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

  3 

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.

  4 

Includes Interest & Dividend expense of 0.01% of average net assets.

  5 

Includes Interest & Dividend expense of 0.03% of average net assets.

  6 

Includes Interest & Dividend expense of 0.00% of average net assets.

  7 

Includes Interest & Dividend expense of 0.04% of average net assets.

  8 

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.

 

 
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,  
     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:

 

Net investment income1

     0.44        0.42        0.37        0.20        0.14  

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments

     0.27        (0.05 )       0.32        (1.05 )       (0.23 ) 
 

 

 

  

Total income (loss) from investment operations

     0.71        0.37        0.69        (0.85 )       (0.09 ) 
 

 

 

  

Less distributions:

 

From net investment income

     (0.44 )       (0.42 )       (0.37 )       (0.22 )       (0.15 ) 

From net realized gains

     —        —        —        (0.01 )       (0.06 ) 
 

 

 

  

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:

 

Net assets, end of year (thousands)

   $ 487,409      $ 349,617      $ 204,102      $ 95,178      $ 90,827  
 

 

 

  

Ratios of total expenses to average net assets:

              

Before fees waived

     0.73 %3       0.74 %3       0.83 %3       1.02 %       0.96 %2 
 

 

 

  

After fees waived

     0.62 %3       0.68 %3       0.70 %3       0.70 %       0.70 %2 
 

 

 

  

Ratio of net investment income to average net assets

     4.43 %3       4.31 %3       3.87 %3       2.01 %       1.28 %2 
 

 

 

  

Portfolio turnover rate

     14.84 %       99.98 %       21.22 %       26.08 %4       32.65 %4 
 

 

 

  

 

  1 

Calculated based on the average shares outstanding methodology.

  2 

Includes Interest & Dividend expense of 0.02% of average net assets.

  3 

Includes Interest & Dividend expense of 0.00% of average net assets.

  4 

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.

 

 
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
December 31,
2025		      Period Ended
December 31,
2024**		  

Net asset value, beginning of period

   $ 10.01      $ 10.00  
 

 

 

  

Income from investment operations:

 

   

Net investment income1

     0.34        0.00 ^ 

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments

     0.14        0.01  
 

 

 

  

Total income from investment operations

     0.48        0.01  
 

 

 

  

Less distributions:

 

   

From net investment income

     (0.34 )       —  

From net realized gains

     (0.05 )       —  
 

 

 

  

Total distributions

     (0.39 )       —  
 

 

 

  

Net asset value, end of period

   $ 10.10      $ 10.01  
 

 

 

  

Total return

     4.86 %       0.00 %+,2 
 

 

 

  

Ratios/supplemental data:

 

   

Net assets, end of period (millions)

   $ 18.1      $ 14.6  
 

 

 

  

Ratios of total expenses to average net assets:

     

Before fees waived

     1.76 %3       5.49 %* 
 

 

 

  

After fees waived

     0.60 %3       0.59 %* 
 

 

 

  

Ratio of net investment income to average net assets

     3.43 %3       0.69 %* 
 

 

 

  

Portfolio turnover rate

     205.09 %       0.00 %+ 
 

 

 

  

 

  +

Not annualized.

  *

Annualized.

  **

Commenced operations on December 16, 2024.

  ^

Amount represents less than $0.01 per share.

  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 

Includes Interest & Dividend expense of 0.01% of average net assets.

 

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

 

 
Financial Highlights         61

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each year

 

     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:

               

Net investment income (loss)1

      0.82        1.10        0.81        (0.23 )       (0.26 ) 

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments and futures contracts

      2.74        0.78 2       (3.34 )       6.11 2       2.78  
  

 

 

  

Total income (loss) from investment operations

      3.56        1.88        (2.53 )       5.88        2.52  
  

 

 

  

Less distributions:

               

From net investment income

      (1.66 )       (1.50 )       (0.69 )       (1.06 )       (0.35 ) 

From net realized gains

      —        —        —        (1.18 )       (1.18 ) 

Return of capital

      —        —        (0.06 )       (0.01 )       (1.15 ) 
  

 

 

  

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:

               

Net assets, end of year (thousands)

    $ 2,098,104      $ 1,256,977      $ 684,737      $ 951,319      $ 60,379  
  

 

 

  

Ratios of total expenses to average net assets:

               

Before fees waived

      0.85 %       0.85 %       0.85 %       0.85 %       0.95 %3 
  

 

 

  

After fees waived

      0.85 %       0.85 %       0.85 %       0.85 %       0.95 %3 
  

 

 

  

Ratio of net investment income (loss) to average net assets

      3.06 %       3.94 %       2.93 %       (0.73 )%       (0.93 )%3 
  

 

 

  

Portfolio turnover rate

      0.00 %       0.00 %       0.00 %       0.00 %       0.00 % 
  

 

 

  

 

  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.

  3 

Includes broker interest expense of 0.10% of average net assets.

 

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

 

 
62       Litman Gregory Funds Trust

iMGP Berkshire Dividend Growth ETF

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

    Year Ended
December 31,		     

Period Ended

December 31,

2023**

  
     2025      2024  

Net asset value, beginning of period

   $ 11.43      $ 10.44      $ 10.08  
 

 

 

  

Income from investment operations:

        

Net investment income1

     0.22        0.21        0.11  

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments

     1.38        0.97        0.35  
 

 

 

  

Total income from investment operations

     1.60        1.18        0.46  
 

 

 

  

Less distributions:

        

From net investment income

     (0.22 )       (0.17 )       (0.10 ) 

From net realized gains

     —        (0.02 )       —  
 

 

 

  

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:

        

Net assets, end of period (thousands)

   $ 8,650      $ 8,855      $ 1,305  
 

 

 

  

Ratios of total expenses to average net assets:

        

Before fees waived

     0.55 %       0.55 %       0.55 %* 
 

 

 

  

After fees waived

     0.55 %       0.55 %       0.55 %* 
 

 

 

  

Ratio of net investment income to average net assets

     1.79 %       1.83 %       2.18 %* 
 

 

 

  

Portfolio turnover rate

     29.62 %4       4.11 %3       0.02 %+,2 
 

 

 

  

 

  +

Not annualized.

  *

Annualized.

  **

Commenced operations on June 29, 2023.

  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 0.02% for the period ended December 31, 2023.

  3 

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.

  4 

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.

 

 
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”).

 

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.

 

 
64       Litman Gregory Funds Trust

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.

 

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.

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

 

 
Notes to Financial Statements         65

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”).

 

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.

 

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.

 

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.

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
on loan		     

Cash

Collateral

      Non-cash Collateral     

Total

Collateral

  

Global Select Fund

   $ 6,681,731      $ 4,800,211      $ 2,088,382      $ 6,888,593  

International Fund

     1,803,318        —        1,895,148        1,895,148  

Small Company Fund

     2,246,355        480,452        1,837,450        2,317,902  

Low Duration Income Fund

     5,469,599        4,484,028        1,094,755        5,578,783  

Dolan McEniry Corporate Bond Fund

     2,804,154        917,510        1,946,680        2,864,190  

 

 
66       Litman Gregory Funds Trust

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%.

 

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.

 

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.

 

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.

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

 

 
Notes to Financial Statements         67

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).

 

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).

 

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).

 

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).

 

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.

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

 

 
68       Litman Gregory Funds Trust

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

 

 
Notes to Financial Statements         69

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.

 

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.

 

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.

 

 
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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.

 

 
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  
Fund  

First
$450

million

    

Excess
of
$450

million

    

First
$750

million

    

Excess
of
$750

million

    

First
$1

billion

    

Excess
of
$1

billion

    

Between
$1 and
$2

billion

    

First
$2

billion

    

Between
$2 and
$3

billion

    

Between
$3 and
$4

billion

    

Excess
of
$4

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

Percentage

      Fees Waived  

Global Select Fund

     0.80 %     $ 42,158  

International Fund

     0.88 %       100,269  

Small Company Fund

     0.80 %       418  

Low Duration Income Fund

     0.79 %       211,953  

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 % 

 

 
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

   $ 244,854  

Small Company Fund

     145,346  

Low Duration Income Fund

     604,614  

Dolan McEniry Corporate Bond Fund

     476,712  

APA Enhanced Income Municipal Fund

     198,709  

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

   $ 87,599  

Dolan McEniry Corporate Bond Fund

     6,878  

At December 31, 2025, the amounts waived which are available for recoupment and the expiration schedule are as follows:

 

Fund  

Fee waivers subject

to recoupment

     

Expires

December 31,
2027

      Expired
December 31,
2028		  

Global Select Fund

   $ 443,589      $ 198,735      $ 244,854  

Small Company Fund

     247,355        102,009        145,346  

Low Duration Income Fund

     849,727        245,113        604,614  

Dolan McEniry Corporate Bond Fund

     618,478        141,766        476,712  

APA Enhanced Income Municipal Fund

     220,001        21,292        198,709  

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).

 

 
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
Securities
Purchases		      Other
Purchases		      U.S. Gov’t
Securities Sales		      Other Sales  

Global Select Fund

   $ —      $ 71,484,683      $ —      $ 89,648,432  

International Fund

     —        153,598,328        —        238,263,672  

Small Company Fund

     —        52,119,619        —        47,523,113  

Low Duration Income Fund

     87,985,213        233,577,438        115,902,172        184,863,490  

Dolan McEniry Corporate Bond Fund

     24,627,550        172,616,966        —        59,954,598  

APA Enhanced Income Municipal Fund

     —        41,030,633        —        33,048,854  

Berkshire Dividend Growth ETF

     —        2,564,435        —        3,369,752  

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

 

Fund   In-Kind
Subscriptions		      In-Kind
Redemptions		  

Berkshire Dividend Growth ETF

   $ 573,557      $ 1,764,433  

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.

 

 
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 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Equity

           

Common Stocks

           

Canada

   $ 9,356,812      $ —      $ —      $ 9,356,812  

Germany

     2,069,017        —        —        2,069,017  

Netherlands

     3,842,925        —        —        3,842,925  

Taiwan

     2,294,673        —        —        2,294,673  

United Kingdom

     2,245,615        —        —        2,245,615  

United States

     60,112,729        —        —        60,112,729  

Preferred Stocks

           

South Korea

     4,418,977        —        —        4,418,977  
 

 

 

  

Total Equity

     84,340,748        —        —        84,340,748  
 

 

 

  

Short-Term Investments

           

Investment of Cash Collateral for Securities Loaned

     4,800,211        —        —        4,800,211  

Repurchase Agreements

     —        869,087        —        869,087  
 

 

 

  

Total Short-Term Investments

     4,800,211        869,087        —        5,669,298  
 

 

 

  

Total Investments in Securities

   $ 89,140,959      $ 869,087      $ —      $ 90,010,046  
 

 

 

  

 

 
Notes to Financial Statements         75

Litman Gregory Funds Trust

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

International Fund

 

Description   Level 1 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Equity

           

Common Stocks

           

Australia

   $ 916,962      $ —      $ —      $ 916,962  

Austria

     1,878,642        —        —        1,878,642  

Brazil

     5,667,634        —        —        5,667,634  

Canada

     4,931,342        —        —        4,931,342  

China

     1,751,223        —        —        1,751,223  

Denmark

     603,013        —        —        603,013  

France

     12,777,797        —        —        12,777,797  

Germany

     16,372,690        —        —        16,372,690  

India

     1,473,695        —        —        1,473,695  

Indonesia

     1,078,129        —        —        1,078,129  

Ireland

     1,950,422        —        —        1,950,422  

Israel

     3,689,980        —        —        3,689,980  

Italy

     7,163,775        —        —        7,163,775  

Japan

     5,646,333        —        —        5,646,333  

Netherlands

     11,249,386        —        —        11,249,386  

Poland

     1,046,716        —        —        1,046,716  

Singapore

     1,807,196        —        —        1,807,196  

South Africa

     1,635,771        —        —        1,635,771  

Spain

     1,146,837        —        —        1,146,837  

Switzerland

     7,635,706        —        —        7,635,706  

Taiwan

     4,983,045        —        —        4,983,045  

United Kingdom

     14,743,783        —        —        14,743,783  

United States

     10,910,386        —        —        10,910,386  
 

 

 

  

Total Equity

     121,060,463        —        —        121,060,463  
 

 

 

  

Short-Term Investments

           

Repurchase Agreements

     —        2,687,365        —        2,687,365  
 

 

 

  

Total Short-Term Investments

     —        2,687,365        —        2,687,365  
 

 

 

  

Total Investments in Securities

   $ 121,060,463      $ 2,687,365      $ —      $ 123,747,828  
 

 

 

  

Small Company Fund

 

Description   Level 1 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Equity(a)

          

Common Stocks

   $ 56,055,051      $ —      $ —      $ 56,055,051  
 

 

 

  

Total Equity

     56,055,051        —        —        56,055,051  
 

 

 

  

Short-Term Investments

           

Investment of Cash Collateral for Securities Loaned

     480,452        —        —        480,452  
 

 

 

  

Total Investments in Securities

   $ 56,535,503      $ —      $ —      $ 56,535,503  
 

 

 

  

 

(a) 

See Fund’s Schedule of Investments in Securities for sector classifications.

 

 
76       Litman Gregory Funds Trust

Litman Gregory Funds Trust

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

Low Duration Income Fund

 

Description   Level 1 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Equity(a)

          

Common Stocks

   $ 510,249      $ 57,699      $ 1,003 **     $ 568,951  

Preferred Stocks

     3,347,285        —        —        3,347,285  

Limited Partnerships

     —        —        51,925 **       51,925  
 

 

 

  

Total Equity

     3,857,534        57,699        52,928 **       3,968,161  
 

 

 

  

Rights/Warrants

     —        463,093        —        463,093  

Fixed Income

           

Asset-Backed Securities

     —        54,565,808        —        54,565,808  

Bank Loans

     —        62,345,392        —        62,345,392  

Convertible Bonds

     —        644,492        —        644,492  

Corporate Bonds

     —        132,025,187        83,515 **       132,108,702  

Government Securities & Agency Issue

     —        14,081,750        —        14,081,750  

Mortgage-Backed Securities

     —        37,713,097        5,992 **       37,719,089  

Municipal Bonds

     —        5,018        —        5,018  
 

 

 

  

Total Fixed Income

     —        301,380,744        89,507 **       301,470,251  
 

 

 

  

Short-Term Investments

           

Investment of Cash Collateral for Securities Loaned

     4,484,028        —        —        4,484,028  

Money Market Funds

     2,283,460        —        —        2,283,460  

Repurchase Agreements

     —        8,146,864        —        8,146,864  

Treasury Bills

     —        346,654        —        346,654  
 

 

 

  

Total Short-Term Investments

     6,767,488        8,493,518        —        15,261,006  
 

 

 

  

Purchased Options

     50,881        21,694        —        72,575  
 

 

 

  

Total Investments in Securities

   $ 10,675,903      $ 310,416,748      $ 142,435 **     $ 321,235,086  
 

 

 

  

Unfunded Loan Commitments***

     —        (11,668 )       —        (11,668 ) 
 

 

 

  

Other Financial Instruments*

           

Forward Foreign Currency Exchange Contracts

   $ 19,326      $ —      $ —      $ 19,326  

Futures

     8,081        —        —        8,081  

Swaps - Interest Rate

     —        76,719        —        76,719  

Swaps - Credit Default

     —        (5,282 )       —        (5,282 ) 

Written Options

     (190,481 )       (37,158 )       —        (227,639 ) 
 

 

 

  

 

(a) 

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 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Fixed Income

           

Corporate Bonds

   $ —      $ 440,903,061      $ —      $ 440,903,061  

Government Securities & Agency Issue

     —        24,719,877        —        24,719,877  
 

 

 

  

Total Fixed Income

     —        465,622,938        —        465,622,938  
 

 

 

  

Short-Term Investments

           

Investment of Cash Collateral for Securities Loaned

     917,510        —        —        917,510  
 

 

 

  

Total Investments in Securities

   $ 917,510      $ 465,622,938      $ —      $ 466,540,448  
 

 

 

  

 

 
Notes to Financial Statements         77

Litman Gregory Funds Trust

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

APA Enhanced Income Municipal Fund

 

Description   Level 1 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Fixed Income

           

Municipal Bonds

   $ —      $ 17,268,184      $ —      $ 17,268,184  
 

 

 

  

Total Fixed Income

     —        17,268,184        —        17,268,184  
 

 

 

  

Total Investments in Securities

   $ —      $ 17,268,184      $ —      $ 17,268,184  
 

 

 

  

DBi Managed Futures Strategy ETF (Consolidated)

 

Description   Level 1 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		     Total  

Short-Term Investments

          

Repurchase Agreements

   $ —      $ 75,837,486      $ —     $ 75,837,486  

Treasury Bills

     —        1,608,513,693        —       1,608,513,693  
 

 

 

  

Total Short-Term Investments

     —        1,684,351,179        —       1,684,351,179  
 

 

 

  

Total Investments in Securities

   $ —      $ 1,684,351,179      $ —     $ 1,684,351,179  
 

 

 

  

Other Financial Instruments*

          

Futures

   $ 20,387,689      $ —      $ —     $ 20,387,689  
 

 

 

  

 

*

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 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Equity(a)

          

Common Stocks

   $ 6,962,581      $ —      $ —      $ 6,962,581  

Exchange-Traded Funds

     750,307        —        —        750,307  
 

 

 

  

Total Equity

     7,712,888        —        —        7,712,888  
 

 

 

  

Short-Term Investments

           

Repurchase Agreements

     —        930,803        —        930,803  
 

 

 

  

Total Investments in Securities

   $ 7,712,888      $ 930,803      $ —      $ 8,643,691  
 

 

 

  

 

(a) 

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.

 

 
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  
          Derivative Assets           Derivative Liabilities  
Risk          Statements of Assets
and Liabilities Location		   Fair Value
Amount		            Statements of Assets
and Liabilities Location		   Fair Value
Amount		  

Currency

     Unrealized gain on forward
foreign currency exchange contracts		   $ 23,514       Unrealized loss on forward
foreign currency exchange contracts		   $ (4,188 ) 
    Investments in securities(1)     1,356       Written options     —  

Interest rate

     Unrealized gain on
swap contracts**		     87,340       Unrealized loss on swap contracts**     (10,621 ) 
    Unrealized gain on
futures contracts*		     10,059       Unrealized loss on futures contracts*     (1,978 ) 
    Investments in securities(1)     71,219       Written options     (64,183 ) 

Credit

     Unrealized gain on
swap contracts**		     2,496       Unrealized loss on swap contracts**     (7,778 ) 

Equity

     Investments in securities(1)     —       Written options     (163,456 ) 
 

 

 

  
    Total       $ 195,984         $ (252,204 ) 
 

 

 

  
     

 

  

 

   

*  Includes cumulative appreciation/depreciation on futures contracts described previously. Only
current day’s variation margin is reported within the Statements of Assets and Liabilities.

 

**  Includes cumulative appreciation/depreciation on centrally cleared swaps.

 

(1)   The Statements of Assets and Liabilities location for “Purchased Options” is “Investments in
securities”.

    
 

 

   

 

    
 

DBi Managed Futures Strategy ETF (Consolidated)  
          Derivative Assets           Derivative Liabilities  
Risk          Statements of Assets
and Liabilities Location		   Fair Value
Amount		            Statements of Assets
and Liabilities Location		   Fair Value
Amount		  

Currency

     Unrealized gain on futures contracts*   $ 14,067,288       Unrealized loss on futures contracts*   $ —  

Commodity

     Unrealized gain on futures contracts*     11,769,629       Unrealized loss on futures contracts*     —  

Interest rate

     Unrealized gain on futures contracts*     —       Unrealized loss on futures contracts*     (5,692,531 ) 

Equity

     Unrealized gain on futures contracts*     2,138,974       Unrealized loss on futures contracts*     (1,895,671 ) 
 

 

 

  
    Total       $ 27,975,891         $ (7,588,202 ) 
 

 

 

  
     

*  Includes cumulative appreciation/depreciation on futures contracts described previously. Only
current day’s variation margin is reported within the Consolidated Statements of Assets and
Liabilities.

    
 
 

 

 
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  
    Statements of Operations  
Risk           Derivative Type    Net
Realized
Gain (Loss)		      Net Change
in Unrealized
Gain (Loss)		      Average
Notional
Amount		  

Currency

      Forward foreign currency exchange contracts    $ (327,842 )     $ (8,884 )       5,699,478 (a) 
     Purchased option contracts      (67,677 )       (78,503 )       6,925,667 (b) 
     Written option contracts      12,570        —        790,000 (b)  

Interest rate

      Swap contracts      910,118        74,995        27,168,750 (b)(c) 
     Future contracts      (52,771 )       25,896        16,897,429 (b) 
     Purchased option contracts      (65,158 )       (56,902 )       11,625,053 (b) 
     Written option contracts      75,554        91,747        22,655,886 (b) 

Credit

      Swap contracts      (30,829 )       (8,310 )       2,865,385 (b)(c) 

Equity

      Swap contracts      10,447        —        325,000 (b)(c) 
     Purchased option contracts      (187,300 )       43,922        158 (d)  
     Written option contracts      2,188,336        184,600        217 (d)  
 

 

 

  
    Total         $ 2,465,448      $ 268,561     
 

 

 

  

 

(a) 

Average notional values are based on the average of monthly end contract values for the year ended December 31, 2025.

 

(b) 

Average notional values are based on the average of monthly end notional balances for the year ended December 31, 2025.

 

(c) 

Notional amount is denoted in local currency.

 

(d) 

Average contracts are based on the average of monthly end contracts for the year ended December 31, 2025.

 

DBi Managed Futures Strategy ETF (Consolidated)  
    Statements of Operations  
Risk           Derivative Type    Net
Realized
Gain (Loss)		      Net Change
in Unrealized
Gain (Loss)		      Average
Notional
Amount(a) 		 

Currency

      Future contracts    $ 18,983,755      $ 1,992,275        1,052,286,394  

Commodity

      Future contracts      92,005,141        11,560,883        306,892,261  

Interest rate

      Future contracts      (42,493,273 )       (7,960,134 )       1,457,365,553  

Equity

      Future contracts      74,904,899        10,494,192        725,803,272  
 

 

 

  
    Total         $ 143,400,522      $ 16,087,216     
 

 

 

  

 

(a) 

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.

 

 
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  
    Derivative Assets           Derivative Liabilities                    
Counterparty   Purchased
Options		     Futures(1)     Swaps(2)     Forward
Currency
Contracts		     Total            Futures(1)     Swaps(2)     Forward
Currency
Contracts		     Written
Options		     Total     Net
Derivative
Asset
(Liabilities)		     Collateral
(Received)
Pledged(3) 		    Net
Amount		  

BNP Paribas SA

   $ 9,460     $ —     $ —     $ —     $ 9,460       $ —     $ —     $ (37 )    $ (16,115 )    $ (16,152 )    $ (6,692 )    $ —     $ (6,692 ) 

Bank of America N.A.

     49,611       —       —       —       49,611         —       —       —       (27,025 )      (27,025 )      22,586       —       22,586  

Barclays Bank Plc

     102       —       —       22,803       22,905         —       —       (110 )      (5,181 )      (5,291 )      17,614       —      
 17,614
  

Citibank N.A.

     —       —       —       —       —         —       —       (460 )      —       (460 )      (460 )      —       (460 ) 

Goldman Sachs & Co.

     1,073       10,059       —       —       11,132         (1,978 )      —       (1,009 )      —       (2,987 )      8,145       —       8,145  

JPMorgan Chase Bank N.A.

     197       —       —       —       197         —       —       (2,156 )      —       (2,156 )      (1,959 )      —       (1,959 ) 

Morgan Stanley & Co.

     6,066       —       —       711       6,777         —       (7,778 )      (416 )      (10,224 )      (18,418 )      (11,641 )      —       (11,641 ) 

Toronto-Dominion Bank

     6,066       —       —       —       6,066         —       —       —       (5,638 )      (5,638 )      428       —       428  

UBS Securities LLC

     —       —       —       —       —         —       —       —       (163,456 )      (163,456 )      (163,456 )      —       (163,456 ) 
 

 

 

  

Total

   $ 72,575     $ 10,059     $ —     $ 23,514     $ 106,148       $ (1,978 )    $ (7,778 )    $ (4,188 )    $ (227,639 )    $ (241,583 )    $ (135,435 )    $ —     $ (135,435 ) 
 

 

 

  

 

(1) 

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.

 

(2) 

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.

 

(3) 

The actual collateral pledged (received) may be more than the amounts shown.

 

DBi Managed Futures Strategy ETF (Consolidated)  
    Derivative Assets           Derivative Liabilities                    
Counterparty   Purchased
Options		     Futures(1)     Swaps     Forward
Currency
Contracts		     Total            Futures(1)     Swaps     Forward
Currency
Contracts		     Written
Options		     Total     Net
Derivative
Asset
(Liabilities)		     Collateral
(Received)
Pledged(2) 		    Net
Amount		  

Goldman Sachs & Co.

   $ —     $ 13,975,488     $ —     $ —     $ 13,975,488       $ (3,763,228 )    $ —     $ —     $ —     $ (3,763,228 )    $ 10,212,260     $ —     $ 10,212,260  

Societe Generale

     —       14,000,403       —       —       14,000,403         (3,824,974 )      —       —       —       (3,824,974 )      10,175,429       —       10,175,429  
 

 

 

  

Total

   $ —     $ 27,975,891     $ —     $ —     $ 27,975,891       $ (7,588,202 )    $ —     $ —     $ —     $ (7,588,202 )    $ 20,387,689     $ —     $ 20,387,689  
 

 

 

  

 

(1) 

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.

 

(2) 

The actual collateral pledged (received) may be more than the amounts shown.

 

 
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
Select Fund		      International
Fund		      Small
Company
Fund		  

Tax cost of Investments and derivatives

   $ 73,639,920      $ 102,844,825      $ 51,196,605  

Gross Tax Unrealized Appreciation

     18,976,616        26,231,213        7,847,498  

Gross Tax Unrealized Depreciation

     (2,606,490 )       (5,328,210 )       (2,508,600 ) 
 

 

 

  

Net Tax unrealized appreciation (depreciation) on investments and derivatives

     16,370,126        20,903,003        5,338,898  

Net Tax unrealized appreciation (depreciation) on foreign currency

     13,598        72,185        —  
 

 

 

  

Net Tax unrealized appreciation (depreciation)

     16,383,724        20,975,188        5,338,898  
 

 

 

  

Undistributed Ordinary Income

     —        —        —  
 

 

 

  

Undistributed Long-Term Capital Gains

     —        1,398,778        655,673  
 

 

 

  

Capital Loss Carry Forward

     (1,954,653 )       —        —  
 

 

 

  

Late Year Ordinary Loss Deferral

     (487 )       —        —  
 

 

 

  

Other Accumulated Gains

     —        —        —  
 

 

 

  

Total accumulated gain/(loss)

   $ 14,428,584      $ 22,373,966      $ 5,994,571  
 

 

 

  

 

     Low Duration
Income Fund		     Dolan McEniry
Corporate Bond
Fund		     APA Enhanced
Income Municipal
Fund		  

Tax cost of Investments and derivatives

   $ 344,183,202     $ 457,527,015     $ 17,153,797  

Gross Tax Unrealized Appreciation

     8,714,353       9,489,392       184,222  

Gross Tax Unrealized Depreciation

     (32,036,101 )      (475,959 )      (69,835 ) 
 

 

 

  

Net Tax unrealized appreciation (depreciation) on investments and derivatives

     (23,321,748 )      9,013,433       114,387  

Net Tax unrealized appreciation (depreciation) on foreign currency

     (103,306 )      —       —  
 

 

 

  

Net Tax unrealized appreciation (depreciation)

     (23,425,054 )      9,013,433       114,387  
 

 

 

  

Tax Exempt Income

     —       —       7,687  
 

 

 

  

Undistributed Ordinary Income

     269,209       20,517       61,958  
 

 

 

  

Undistributed Long-Term Capital Gains

     1,395,575       —       —  
 

 

 

  

Capital Loss Carry Forward

     (107,178,910 )      (2,855,082 )      —  
 

 

 

  

Straddle Loss Deferral

     (18,485 )      —       —  
 

 

 

  

Other Accumulated Gains

     (1,480 )      —       —  
 

 

 

  

Total accumulated gain/(loss)

   $ (128,959,145 )    $ 6,178,868     $ 184,032  
 

 

 

  

 

 
82       Litman Gregory Funds Trust

Litman Gregory Funds Trust

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

     DBi Managed
Futures Strategy
ETF
(Consolidated)		      Berkshire
Dividend Growth
ETF		  

Tax cost of Investments and derivatives

   $ 1,686,707,206      $ 7,264,888  

Gross Tax Unrealized Appreciation

     7,619,372        1,391,454  

Gross Tax Unrealized Depreciation

     (9,279,011 )       (12,651 ) 
 

 

 

  

Net Tax unrealized appreciation (depreciation) on investments and derivatives

     (1,659,639 )       1,378,803  

Net Tax unrealized appreciation (depreciation) on foreign currency

     —        —  
 

 

 

  

Net Tax unrealized appreciation (depreciation)

     (1,659,639 )       1,378,803  
 

 

 

  

Undistributed Ordinary Income

     71,680,326 *       —  
 

 

 

  

Undistributed Long-Term Capital Gains

     —        —  
 

 

 

  

Capital Loss Carry Forward

     (165,564,750 )*       (290,155 ) 
 

 

 

  

Late Year Ordinary Loss Deferral

     —        —  
 

 

 

  

Other Accumulated Gains

     68,089,409        —  
 

 

 

  

Total accumulated gain/(loss)

   $ (27,454,654 )     $ 1,088,648  
 

 

 

  

 

*

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)

   $ (2,357,013 ) 
 

 

 

  

Undistributed Ordinary Income

     71,680,326  
 

 

 

  

Undistributed Long-Term Capital Gains

     —  
 

 

 

  

Capital Loss Carry Forward

     (165,564,750 ) 
 

 

 

  

Late Year Ordinary Loss Deferral

     —  
 

 

 

  

Other Accumulated Gains

     25,086,436  
 

 

 

  

Total accumulated gain/(loss)

   $ (71,155,001 ) 
 

 

 

  

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
Carryover Utilized
Short-Term		  

International Fund

   $ 24,645,822  

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

 

     Global
Select Fund		      Low Duration
Income Fund		      Dolan McEniry
Corporate Bond
Fund		     

DBi Managed
Futures Strategy
ETF
(Consolidated)*

      Berkshire
Dividend Growth
ETF		  

Capital Loss Carryforwards

              

Perpetual Short-Term

   $ (1,954,653 )     $ (36,880,883 )     $ (58,716 )     $ (51,279,786 )     $ (3,660 ) 

Perpetual Long-Term

     —        (70,298,027 )       (2,796,366 )       (114,284,964 )       (286,495 ) 
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

   $ (1,954,653 )     $ (107,178,910 )     $ (2,855,082 )     $ (165,564,750 )     $ (290,155 ) 
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

*

Amounts disclosed are as of September 30, 2025.

 

 
Notes to Financial Statements         83

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
Distributable
Earnings (Deficit)		      Paid In
Capital		  

Global Select Fund*

   $ (6,518 )     $ 6,518  

International Fund*

     (5,175 )       5,175  

Small Company Fund*

     (118,933 )       118,933  

Low Duration Income Fund*

     (88,415,726 )       88,415,726  

Dolan McEniry Corporate Bond Fund*

     —        —  

APA Enhanced Income Municipal Fund*

     (3,018 )       3,018  

DBi Managed Futures Strategy ETF (Consolidated)*

     16,231,981 **       (16,231,981 )** 

Berkshire Dividend Growth ETF*

     (328,644 )       328,644  

 

*

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            2024  
Fund   Ordinary
Income		     Tax
Exempt
Income		     Long-Term
Capital
Gain		      Return of
Capital		             Ordinary
Income		      Long-Term
Capital
Gain		      Return of
Capital		  

Global Select Fund

   $ 270,075     $ —     $ 2,568,889      $ 38,493        $ 5,246,423      $ 1,736,025      $ —  

International Fund

     1,667,355       —       280,088        —          1,811,056        —        290,953  

Small Company Fund

     95,171       —       2,291,158        —          1,539,520        6,219,116        —  

Low Duration Income Fund

     19,508,208 *      —       —        —          7,012,938        —        —  

Dolan McEniry Corporate Bond Fund

     18,816,984       —       —        —          11,405,926        —        —  

APA Enhanced Income Municipal Fund

     89,011       577,846       —        —          —        —        —  

DBi Managed Futures Strategy ETF (Consolidated)

     107,408,960       —       —        —          63,321,703        —        —  

Berkshire Dividend Growth ETF

     159,275       —       —        —          114,804        13,564        —  

 

*

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

 

 
84       Litman Gregory Funds Trust

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
expense		      Average
borrowing
amount*		      Average
borrowing
rate*		      Maximum
borrowing
amount		      Outstanding
balance**		  

Global Select Fund

   $ 3,801      $ 1,200,000        5.430 %     $ 1,200,000      $ —  

International Fund

     27,608        3,200,000        5.418        3,200,000        —  

Small Company Fund

     18,795        1,508,434        5.380        4,400,000        —  

Low Duration Income Fund

     79,564        7,484,921        5.193        34,000,000        —  

 

*

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

 

 
Notes to Financial Statements         85

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.

 

 
86       Litman Gregory Funds Trust

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.

 

 
Notes to Financial Statements         87

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

 

 
88       Litman Gregory Funds Trust

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

 

 
Notes to Financial Statements         89

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

 

 
90       Litman Gregory Funds Trust

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.

 

 
Notes to Financial Statements         91

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.

 

 
92       Litman Gregory Funds Trust

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

 

 
Notes to Financial Statements         93

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
Fund		  

Net Assets

   $ 318,986,317  

Shares Outstanding

     30,118,343  

Net Asset Value

   $ 10.59  

Investments at fair value

   $ 163,503,238  

Unrealized appreciation/(depreciation)

   $ (40,553,210 ) 

Undistributed net investment income (loss)

   $ 13,810,868  

Accumulated net realized gain (loss)

   $ (103,408,671 ) 

Tax capital loss carryforward

   $ (93,758,931 ) 

 

Acquiring Fund   Low Duration
Income Fund		  

Net Assets immediately prior to merger

   $ 154,891,642  

Net Assets immediately after merger

   $ 473,878,344  

Fund Shares issued in exchange for acquired Fund

     32,710,513  

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
Income Fund		  

Net investment income

   $ 23,607,918  

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

     5,951,462  
 

 

 

  

Total increase from operations

   $ 29,559,380  
 

 

 

  

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.

 

 
94       Litman Gregory Funds Trust

LOGO

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Litman Gregory Funds Trust

Opinion on the Financial Statements

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
Operations		    Statements of
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

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

 

*

The financial statements referred to above are Consolidated Financial Statements

Basis for Opinion

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

 

 
Report of Independent Registered Public Accounting Firm         95

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

 

LOGO

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

 

 
96       Litman Gregory Funds Trust

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

     100.00 % 

International Fund

     100.00 % 

Small Company Fund

     100.00 % 

Low Duration Income Fund

     0.84 % 

Dolan McEniry Corporate Bond Fund

     0.00 % 

APA Enhanced Income Municipal Fund

     0.00 % 

DBi Managed Futures Strategy ETF (Consolidated)

     0.00 % 

Berkshire Dividend Growth ETF

     100.00 % 

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

     100.00 % 

International Fund

     0.00 % 

Small Company Fund

     100.00 % 

Low Duration Income Fund

     0.82 % 

Dolan McEniry Corporate Bond Fund

     0.00 % 

APA Enhanced Income Municipal Fund

     0.00 % 

DBi Managed Futures Strategy ETF (Consolidated)

     0.00 % 

Berkshire Dividend Growth ETF

     100.00 % 

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

   $ 2,568,889  

International Fund

     280,088  

Small Company Fund

     2,291,158  

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

     2.90 % 

International Fund

     0.00 % 

Small Company Fund

     0.00 % 

Low Duration Income Fund

     53.00 % 

Dolan McEniry Corporate Bond Fund

     97.90 % 

APA Enhanced Income Municipal Fund

     100.00 % 

DBi Managed Futures Strategy ETF (Consolidated)

     84.80 % 

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 % 

 

 
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
Derived from foreign Sourced Income
International Fund   $349,738    $0.0621   10.58%

 

 
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

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

 

 

 
ii       Litman Gregory Funds Trust

Contents

 

 

Polen Capital China Growth ETF Schedule of Investments

    2

Polen Capital Emerging Markets ex-China Growth ETF Schedule of Investments

    3

Polen Capital Global Growth ETF Schedule of Investments

    5

Polen Capital International Growth ETF Schedule of Investments

    7

Statements of Assets and Liabilities

    9

Statements of Operations

    10

Statements of Changes in Net Assets

   

Polen Capital China Growth ETF

    11

Polen Capital Emerging Markets ex-China Growth ETF

    11

Polen Capital Global Growth ETF

    12

Polen Capital International Growth ETF

    12

Financial Highlights

   

Polen Capital China Growth ETF

    13

Polen Capital Emerging Markets ex-China Growth ETF

    14

Polen Capital Global Growth ETF

    15

Polen Capital International Growth ETF

    16

Notes to Financial Statements

    17

Report of Independent Registered Public Accounting Firm

   31

Tax Information (Unaudited)

   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.

 

 
Table of Contents         1

Polen Capital China Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

Shares           Value  
 

COMMON STOCKS: 98.6%

 
  Communication Services: 21.5%  
  1,100     Baidu, Inc. - Class A*    $ 18,584  
  2,500     NetEase, Inc.      68,928  
  2,700     Tencent Holdings Ltd.      207,786  
  3,199     Tencent Music Entertainment Group - ADR      56,078  
    

 

 

  
     351,376  
    

 

 

  
  Consumer Discretionary: 20.1%  
  6,500     Alibaba Group Holding Ltd.      119,252  
  4,200     ANTA Sports Products Ltd.      43,465  
  3,000     BYD Co. Ltd. - Class H      36,751  
  5,400     Haier Smart Home Co. Ltd. - Class H      16,845  
  1,300     Meituan - Class B*(a)      17,253  
  1,150     Trip.com Group Ltd.      81,853  
  2,100     Zhejiang Supor Co. Ltd. - Class A      13,246  
    

 

 

  
     328,665  
    

 

 

  
  Consumer Staples: 2.2%  
  9,800     By-health Co. Ltd. - Class A      16,842  
  4,800     Inner Mongolia Yili Industrial Group Co. Ltd. - Class A      19,645  
    

 

 

  
     36,487  
    

 

 

  
  Financials: 17.2%  
  10,200     AIA Group Ltd.      104,706  
  2,100     Hong Kong Exchanges & Clearing Ltd.      109,971  
  8,000     Ping An Insurance Group Co. of China Ltd. - Class H      66,962  
    

 

 

  
     281,639  
    

 

 

  
  Health Care: 6.6%  
  58,000     AK Medical Holdings Ltd.(a)      42,474  
  4,000     Hansoh Pharmaceutical Group Co. Ltd.(a)      18,542  
  1,500     Innovent Biologics, Inc.*(a)      14,695  
  3,800     Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A      32,393  
    

 

 

  
     108,104  
    

 

 

  
  Industrials: 11.4%  
  8,800     Centre Testing International Group Co. Ltd. - Class A      17,063  
  1,800     Contemporary Amperex Technology Co. Ltd. - Class A      94,599  
  3,300     Shenzhen Inovance Technology Co. Ltd. - Class A      35,573  
  11,000     SITC International Holdings Co. Ltd.      39,373  
    

 

 

  
     186,608  
    

 

 

  
  Information Technology: 9.4%  
  780     Beijing Kingsoft Office Software, Inc. - Class A      34,274  
  1,900     Montage Technology Co. Ltd. - Class A      32,029  
  6,000     Sino Wealth Electronic Ltd. - Class A      24,067  
  12,400     Xiaomi Corp. - Class B*(a)      62,609  
    

 

 

  
     152,979  
    

 

 

  
  Materials: 2.1%  
  8,800     Shandong Sinocera Functional Material Co. Ltd. - Class A      34,517  
    

 

 

  
Shares           Value  
  Real Estate: 8.1%  
  9,200     China Resources Mixc Lifestyle Services Ltd.(a)    $ 50,755  
  8,000     KE Holdings, Inc. - Class A      42,654  
  8,900     Link REIT - REIT      39,723  
    

 

 

  
     133,132  
    

 

 

  
 

TOTAL COMMON STOCKS
(Cost $1,263,321)

      1,613,507  
    

 

 

  
 

TOTAL INVESTMENTS(b)
(Cost: $1,263,321): 98.6%

     1,613,507  
    

 

 

  
  Other Assets in Excess of Liabilities: 1.4%      23,051  
    

 

 

  
 

NET ASSETS: 100.0%

    $ 1,636,558  
    

 

 

  

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

*

Non-Income Producing Security.

(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.

(b)

For additional information on China risk, see Note 9.

 

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

 

 
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%

 
  Brazil: 15.8%  
  48     MercadoLibre, Inc.*    $ 96,684  
  4,263     NU Holdings Ltd. - Class A*      71,363  
  26,520     Raia Drogasil SA      113,489  
  9,700     TOTVS SA      74,488  
  10,260     WEG SA      90,828  
    

 

 

  
     446,852  
    

 

 

  
  Cambodia: 1.7%  
  81,024     NagaCorp Ltd.      48,509  
    

 

 

  
  India: 10.8%  
  551     Bajaj Auto Ltd.      57,319  
  7,208     HDFC Bank Ltd.      79,627  
  3,239     ICICI Lombard General Insurance Co. Ltd.(a)      70,669  
  6,143     Indian Hotels Co. Ltd.      50,403  
  11,893     Saregama India Ltd.      46,571  
    

 

 

  
     304,589  
    

 

 

  
  Indonesia: 1.0%  
  56,254     Bank Central Asia Tbk. PT      27,241  
    

 

 

  
  Italy: 1.1%  
  1,880     Wizz Air Holdings PLC*(a)      32,253  
    

 

 

  
  Japan: 3.1%  
  3,530     Nexon Co. Ltd.      86,148  
    

 

 

  
  Poland: 5.1%  
  5,680     Dino Polska SA*(a)      65,323  
  6,374     InPost SA*      78,308  
    

 

 

  
     143,631  
    

 

 

  
  Saudi Arabia: 2.3%  
  1,900     Riyadh Cables Group Co.      66,106  
    

 

 

  
  Singapore: 2.0%  
  101,600     Genting Singapore Ltd.      57,267  
    

 

 

  
  South Africa: 7.7%  
  4,348     Discovery Ltd.      59,772  
  1,940     Karooooo Ltd.      88,270  
  1,050     Naspers Ltd. - Class N      70,053  
    

 

 

  
     218,095  
    

 

 

  
  South Korea: 14.1%  
  470     Hugel, Inc.*      75,204  
  249     Park Systems Corp.      36,126  
  1,920     Samsung Electronics Co. Ltd.      159,806  
  409     Sanil Electric Co. Ltd.      36,938  
  348     SK Square Co. Ltd.*      88,899  
    

 

 

  
     396,973  
    

 

 

  
  Taiwan: 21.3%  
  3,452     Accton Technology Corp.      130,190  
  250     ASPEED Technology, Inc.      57,765  
  2,000     MediaTek, Inc.      91,023  
  6,500     Taiwan Semiconductor Manufacturing Co. Ltd.      320,650  
    

 

 

  
     599,628  
    

 

 

  
Shares           Value  
  United Arab Emirates: 2.7%  
  44,320     Salik Co. PJSC    $ 76,622  
    

 

 

  
  Uruguay: 3.6%  
  7,084     Dlocal Ltd.      100,168  
    

 

 

  
  Vietnam: 7.1%  
  13,260     FPT Corp.      48,301  
  27,900     Mobile World Investment Corp.      93,778  
  15,600     Phu Nhuan Jewelry JSC      57,536  
    

 

 

  
     199,615  
    

 

 

  
 

TOTAL COMMON STOCKS
(Cost $2,493,510)

      2,803,697  
    

 

 

  
 

TOTAL INVESTMENTS
(Cost: $2,493,510): 99.4%

     2,803,697  
    

 

 

  
  Other Assets in Excess of Liabilities: 0.6%      16,370  
    

 

 

  
 

NET ASSETS: 100.0%

    $ 2,820,067  
    

 

 

  

Percentages are stated as a percent of net assets.

 

PJSC

Public Joint-Stock Company

*

Non-Income Producing Security.

(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.

 

 
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
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.

 

 
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%

 
  Brazil: 2.8%  
  2,611     MercadoLibre, Inc.*    $ 5,259,233  
    

 

 

  
  Canada: 4.2%  
  48,779     Shopify, Inc. - Class A*      7,851,956  
    

 

 

  
  China: 3.4%  
  82,986     Tencent Holdings Ltd.      6,386,409  
    

 

 

  
  France: 2.0%  
  8,644     L’Oreal SA      3,718,377  
    

 

 

  
  Germany: 4.7%  
  20,747     SAP SE      5,072,184  
  69,452     Siemens Healthineers AG(a)      3,660,756  
    

 

 

  
     8,732,940  
    

 

 

  
  Netherlands: 3.2%  
  3,635     Adyen NV*(a)      5,864,802  
    

 

 

  
  Taiwan: 3.2%  
  19,440     Taiwan Semiconductor Manufacturing Co. Ltd. - ADR      5,907,622  
    

 

 

  
  United States: 74.7%  
  35,838     Abbott Laboratories      4,490,143  
  8,468     Adobe, Inc.*      2,963,715  
  36,861     Alphabet, Inc. - Class C      11,566,982  
  47,343     Amazon.com, Inc.*      10,927,711  
  24,154     Aon PLC - Class A      8,523,463  
  40,685     Boston Scientific Corp.*      3,879,315  
  18,746     Broadcom, Inc.      6,487,991  
  61,632     CoStar Group, Inc.*      4,144,136  
  7,654     Eli Lilly & Co.      8,225,601  
  4,013     IDEXX Laboratories, Inc.*      2,714,915  
  15,508     MasterCard, Inc. - Class A      8,853,207  
  24,157     Microsoft Corp.      11,682,808  
  12,286     MSCI, Inc.      7,048,847  
  58,010     NVIDIA Corp.      10,818,865  
  33,025     Oracle Corp.      6,436,903  
  16,701     Paycom Software, Inc.      2,661,471  
  26,158     ServiceNow, Inc.*      4,007,144  
  5,831     Spotify Technology SA*      3,386,120  
  40,260     Starbucks Corp.      3,390,295  
  40,887     Uber Technologies, Inc.*      3,340,877  
  24,765     Visa, Inc. - Class A      8,685,333  
  38,432     Zoetis, Inc.      4,835,514  
    

 

 

  
     139,071,356  
    

 

 

  
 

TOTAL COMMON STOCKS
(Cost $174,464,612)

      182,792,695  
    

 

 

  
Principal
Amount		           Value  
 

SHORT-TERM INVESTMENTS: 1.8%

 
 

REPURCHASE AGREEMENTS: 1.8%

 
  $3,475,900     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)    $ 3,475,900  
    

 

 

  
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $3,475,900)

      3,475,900  
    

 

 

  
 

TOTAL INVESTMENTS
(Cost: $177,940,512): 100.0%

     186,268,595  
    

 

 

  
  Liabilities in Excess of Other Assets: (0.0)%      (63,455 ) 
    

 

 

  
 

NET ASSETS: 100.0%

    $ 186,205,140  
    

 

 

  

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt

*

Non-Income Producing Security.

(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.

 

 
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
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.

 

 
6       Litman Gregory Funds Trust

Polen Capital International Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at December 31, 2025

 

 
Shares		           Value  
 

COMMON STOCKS: 98.6%

 
  Brazil: 9.4%  
  789     MercadoLibre, Inc.*    $ 1,589,251  
  52,284     NU Holdings Ltd. - Class A*      875,234  
    

 

 

  
     2,464,485  
    

 

 

  
  Canada: 5.4%  
  8,832     Shopify, Inc. - Class A*      1,421,687  
    

 

 

  
  China: 3.0%  
  10,300     Tencent Holdings Ltd.      792,664  
    

 

 

  
  Germany: 10.1%  
  4,327     Adidas AG      858,318  
  7,291     SAP SE      1,782,489  
    

 

 

  
     2,640,807  
    

 

 

  
  India: 8.1%  
  35,299     HDFC Bank Ltd. - ADR      1,289,826  
  15,864     ICICI Bank Ltd. - ADR      472,747  
  4,327     MakeMyTrip Ltd.*      355,333  
    

 

 

  
     2,117,906  
    

 

 

  
  Japan: 8.6%  
  1,700     Disco Corp.      522,202  
  7,900     Nintendo Co. Ltd.      533,753  
  5,530     Tokyo Electron Ltd.      1,210,277  
    

 

 

  
     2,266,232  
    

 

 

  
  Netherlands: 12.0%  
  593     Adyen NV*(a)      956,761  
  948     ASM International NV      575,770  
  1,482     ASML Holding NV      1,602,296  
    

 

 

  
     3,134,827  
    

 

 

  
  Poland: 2.9%  
  62,420     InPost SA*(b)      766,861  
    

 

 

  
  Singapore: 1.7%  
  3,438     Sea Ltd. - ADR*      438,586  
    

 

 

  
  Spain: 1.4%  
  5,157     Amadeus IT Group SA      380,259  
    

 

 

  
  Switzerland: 4.9%  
  978     Lonza Group AG      662,595  
  13,160     On Holding AG - Class A*      611,677  
    

 

 

  
     1,274,272  
    

 

 

  
  United Kingdom: 7.0%  
  125,967     Sage Group PLC      1,834,197  
    

 

 

  
  United States: 24.1%  
  2,727     Aon PLC - Class A      962,304  
  7,113     Globant SA*      464,977  
  7,291     ICON PLC*      1,328,566  
  6,228     Medtronic PLC      598,261  
  6,525     Monday.com Ltd.*      962,829  
  3,794     Schneider Electric SE      1,045,747  
  475     Spotify Technology SA*      275,837  
  2,015     Willis Towers Watson PLC      662,129  
    

 

 

  
     6,300,650  
    

 

 

  
 

TOTAL COMMON STOCKS
(Cost $27,247,610)

      25,833,433  
    

 

 

  
Principal
Amount		           Value  
 

SHORT-TERM INVESTMENTS: 1.3%

 
  REPURCHASE AGREEMENTS: 1.3%  
  $344,511     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)    $ 344,511  
    

 

 

  
 

TOTAL REPURCHASE AGREEMENTS
(Cost $344,511)

      344,511  
    

 

 

  
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $344,511)

      344,511  
    

 

 

  
 

TOTAL INVESTMENTS
(Cost: $27,592,121): 99.9%

     26,177,944  
    

 

 

  
  Other Assets in Excess of Liabilities: 0.1%      13,171  
    

 

 

  
 

NET ASSETS: 100.0%

    $ 26,191,115  
    

 

 

  

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt

*

Non-Income Producing Security.

(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.

(b)

Security, or portion thereof, is out on loan.

 

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

 

 
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
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.

 

 
8       Litman Gregory Funds Trust

Litman Gregory Funds Trust

STATEMENTS OF ASSETS AND LIABILITIES at December 31, 2025

 

        Polen Capital
China Growth
ETF		      Polen Capital
Emerging Markets
ex-China Growth
ETF		      Polen Capital
Global Growth
ETF		      Polen Capital
International
Growth ETF		  

ASSETS:

 

   

Investments in securities at cost

      $ 1,263,321      $ 2,493,510      $ 174,464,612      $ 27,247,610  

Repurchase agreements at cost

        —        —        3,475,900        344,511  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total investments at cost

      $ 1,263,321      $ 2,493,510      $ 177,940,512      $ 27,592,121  
    

 

 

     

 

 

     

 

 

     

 

 

  

Investments in securities at value1

      $ 1,613,507      $ 2,803,697      $ 182,792,695      $ 25,833,433  

Repurchase agreements at value

        —        —        3,475,900        344,511  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total investments at value

      $ 1,613,507      $ 2,803,697      $ 186,268,595      $ 26,177,944  
    

 

 

     

 

 

     

 

 

     

 

 

  

Cash

        19,428        9,384        —        —  

Cash, denominated in foreign currency (cost of $1,451, $1,282, $60 and $242, respectively)

        1,451        1,284        60        244  

Receivables:

 

   

Foreign tax reclaims

        —        —        53,103        21,540  

Dividends and interest

        —        4,820        15,861        6,286  

Advisory reimbursement

        2,172        1,286        —        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total Assets

        1,636,558        2,820,471        186,337,619        26,206,014  
    

 

 

     

 

 

     

 

 

     

 

 

  

LIABILITIES:

 

   

Payables:

 

   

Advisory fees

        —        —        129,170        14,899  

Foreign taxes withheld

        —        404        3,309        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total Liabilities

        —        404        132,479        14,899  
    

 

 

     

 

 

     

 

 

     

 

 

  

NET ASSETS

      $ 1,636,558      $ 2,820,067      $ 186,205,140      $ 26,191,115  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net Assets

      $ 1,636,558      $ 2,820,067      $ 186,205,140      $ 26,191,115  

Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value)

        125,000        250,000        15,575,000        2,860,000  

Net asset value, offering price and redemption price per share

      $ 13.09      $ 11.28      $ 11.96      $ 9.16  
    

 

 

     

 

 

     

 

 

     

 

 

  

COMPONENTS OF NET ASSETS

 

   

Paid-in capital

      $ 1,282,418      $ 2,614,495      $ 191,703,764      $ 30,076,004  

Accumulated distributable earnings (deficit)

        354,140        205,572        (5,498,624 )       (3,884,889 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

NET ASSETS

      $ 1,636,558      $ 2,820,067      $ 186,205,140      $ 26,191,115  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

  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.

 

 
Statements of Assets and Liabilities         9

Litman Gregory Funds Trust

STATEMENTS OF OPERATIONS For the Year Ended December 31, 2025

 

        Polen Capital
China Growth
ETF		      Polen Capital
Emerging Markets
ex-China Growth
ETF		      Polen Capital
Global Growth
ETF		      Polen Capital
International
Growth ETF		  

INVESTMENT INCOME:

 

      

Income

 

      

Dividends (net of foreign taxes withheld of $1,128, $5,553, $43,685 and $26,569, respectively)

      $ 33,555      $ 47,695      $ 1,164,758      $ 256,245  

Interest

        178        3        66,601        12,460  

Securities lending income (See Note 2)

        —        —        294        910  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total income

        33,733        47,698        1,231,653        269,615  
    

 

 

     

 

 

     

 

 

     

 

 

  

Expenses

 

      

Advisory fees

        15,918        26,327        1,505,391        231,113  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses

        15,918        26,327        1,505,391        231,113  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net expenses

        15,918        26,327        1,505,391        231,113  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)

        17,815        21,371        (273,738 )       38,502  
    

 

 

     

 

 

     

 

 

     

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

              

Net realized gain (loss) on:

              

Investments

        67,395        (99,508 )       (12,815,316 )       (1,357,615 ) 

Foreign currency transactions

        (213 )       (6,173 )       (22,898 )       (4,923 ) 

In-kind redemptions

        —        —        14,775,378        1,866,336  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net realized gain (loss)

        67,182        (105,681 )       1,937,164        503,798  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation/depreciation on:

              

Investments

        215,462        408,314        1,677,767        (510,627 ) 

Foreign currency transactions

        (334 )       174        5,278        2,180  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation/depreciation

        215,128        408,488        1,683,045        (508,447 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net realized and unrealized gain (loss) on investments and foreign currency transactions

        282,310        302,807        3,620,209        (4,649 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase in net assets resulting from operations

      $ 300,125      $ 324,178      $ 3,346,471      $ 33,853  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

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

 

 
10       Litman Gregory Funds Trust

Litman Gregory Funds Trust

STATEMENTS OF CHANGES IN NET ASSETS

 

       Polen Capital China Growth ETF      Polen Capital Emerging Markets
ex-China Growth ETF		  
        Year Ended
December 31,
2025		      Period Ended
December 31,
2024*		      Year Ended
December 31,
2025		      Period Ended
December 31,
2024**		  

INCREASE (DECREASE) IN NET ASSETS FROM:

 

   

OPERATIONS

 

   

Net investment income after tax

      $ 17,815      $ 22,361      $ 21,371      $ 1,035  

Net realized gain (loss) on investments and foreign currency transactions

        67,182        (39,515 )       (105,681 )       (8,390 ) 

Net change in unrealized appreciation/depreciation on investments and foreign currency transactions

        215,128        135,058        408,488        (98,280 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

        300,125        117,904        324,178        (105,635 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS

 

   

Distributable earnings

        (37,376 )       (26,513 )       (11,150 )       (2,600 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

        (37,376 )       (26,513 )       (11,150 )       (2,600 ) 
    

 

 

        

 

 

     

CAPITAL SHARE TRANSACTIONS:

 

   

 

 

  

Proceeds from shares sold

        —        1,781,057        —        2,615,274  

Payment for shares redeemed

        —        (498,639 )       —        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase in net assets from capital share transactions

        —        1,282,418        —        2,615,274  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total increase in net assets

        262,749        1,373,809        313,028        2,507,039  

NET ASSETS:

 

   

Beginning of period

        1,373,809        —        2,507,039        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

End of period

      $ 1,636,558      $ 1,373,809      $ 2,820,067      $ 2,507,039  
    

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL TRANSACTIONS IN SHARES

 

   

Sold

        —        175,000        —        250,000  

Redeemed

        —        (50,000 )       —        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase from capital share transactions

        —        125,000        —        250,000  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

  *

Commenced operations on March 14, 2024.

  **

Commenced operations on September 11, 2024.

 

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

 

 
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 International Growth ETF  
        Year Ended
December 31,
2025		      Year Ended
December 31,
2024		      Year Ended
December 31,
2025		      Period Ended
December 31,
2024*		  

INCREASE (DECREASE) IN NET ASSETS FROM:

OPERATIONS

 

 

   

Net investment income (loss)

      $ (273,738 )     $ (197,118 )     $ 38,502      $ 94,816  

Net realized gain (loss) on investments and foreign currency transactions

        1,937,164        6,876,224        503,798        (1,129,978 ) 

Net change in unrealized appreciation/depreciation on investments and foreign currency transactions

        1,683,045        4,601,317        (508,447 )       (904,009 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets resulting from operations

        3,346,471        11,280,423        33,853        (1,939,171 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS

 

   

Distributable earnings

        —        —        (37,180 )       (94,830 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

        —        —        (37,180 )       (94,830 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL SHARE TRANSACTIONS:

 

   

Proceeds from shares sold

        89,338,486        144,077,495        6,273,118        28,617,445  

Payment for shares redeemed

        (63,098,524 )       (37,075,453 )       (6,662,120 )       —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) in net assets from capital share transactions

        26,239,962        107,002,042        (389,002 )       28,617,445  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total increase (decrease) in net assets

        29,586,433        118,282,465        (392,329 )       26,583,444  

NET ASSETS:

 

   

Beginning of period

        156,618,707        38,336,242        26,583,444        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

End of period

      $ 186,205,140      $ 156,618,707      $ 26,191,115      $ 26,583,444  
    

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL TRANSACTIONS IN SHARES

 

   

Sold

        7,605,000        12,875,000        640,000        2,900,000  

Redeemed

        (5,330,000 )       (3,225,000 )       (680,000 )       —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from capital share transactions

        2,275,000        9,650,000        (40,000 )       2,900,000  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

  *

Commenced operations on March 14, 2024.

 

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

 

 
12       Litman Gregory Funds Trust

Polen Capital China Growth ETF

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

     Year Ended
December 31,
2025		     Period Ended
December 31,
2024**		  

Net asset value, beginning of period

   $ 10.99     $ 10.00  
 

 

 

    

 

 

  

Income from investment operations:

 

  

Net investment income1

     0.14       0.18  

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency

     2.26       1.02  
 

 

 

    

 

 

  

Total income from investment operations

     2.40       1.20  
 

 

 

    

 

 

  

Less distributions:

 

  

From net investment income

     (0.22 )      (0.21 ) 

From net realized gains

     (0.08 )      —  
 

 

 

    

 

 

  

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:

 

  

Net assets, end of period (thousands)

   $ 1,637     $ 1,374  
 

 

 

    

 

 

  

Ratios of total expenses to average net assets:

    

Including tax expense and before fees waived

     1.00 %      5.65 %* 
 

 

 

    

 

 

  

Including tax expense and after fees waived

     1.00 %      1.00 %*,2 
 

 

 

    

 

 

  

Ratio of net investment income to average net assets including tax expense and fees waived

     1.12 %      2.08 %*,2 
 

 

 

    

 

 

  

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.

 

 
Financial Highlights         13

Polen Capital Emerging Markets ex-China Growth ETF

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

     Year Ended
December 31,
2025		     Period Ended
December 31,
2024**		  

Net asset value, beginning of period

   $ 10.03     $ 10.00  
 

 

 

    

 

 

  

Income from investment operations:

 

  

Net investment income1

     0.09       0.00 ^ 

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency

     1.20       0.04 2 
 

 

 

    

 

 

  

Total income from investment operations

     1.29       0.04  
 

 

 

    

 

 

  

Less distributions:

 

  

From net investment income

     (0.04 )      (0.01 ) 

From net realized gains

     —       —  
 

 

 

    

 

 

  

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:

 

  

Net assets, end of period (thousands)

   $ 2,820     $ 2,507  
 

 

 

    

 

 

  

Ratios of total expenses to average net assets:

    

Before fees waived

     1.00 %      1.00 %* 
 

 

 

    

 

 

  

After fees waived

     1.00 %      1.00 %* 
 

 

 

    

 

 

  

Ratio of net investment income to average net assets

     0.81 %      0.15 %* 
 

 

 

    

 

 

  

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.

 

 
14       Litman Gregory Funds Trust

Polen Capital Global Growth ETF

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

    Year Ended
December 31,		     Period Ended
December 31,
2023**		  
     2025     2024  

Net asset value, beginning of period

   $ 11.78     $ 10.50     $ 10.00  
 

 

 

    

 

 

    

 

 

  

Income from investment operations:

 

    

Net investment loss1

     (0.02 )      (0.02 )      (0.01 ) 

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency

     0.20       1.30       0.51  
 

 

 

    

 

 

    

 

 

  

Total income from investment operations

     0.18       1.28       0.50  
 

 

 

    

 

 

    

 

 

  

Less distributions:

 

    

From net investment income

     —       —       —  

From net realized gains

     —       —       —  
 

 

 

    

 

 

    

 

 

  

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 %2      5.03 %+ 
 

 

 

    

 

 

    

 

 

  

Ratios/supplemental data:

 

    

Net assets, end of period (thousands)

   $ 186,205     $ 156,619     $ 38,336  
 

 

 

    

 

 

    

 

 

  

Ratios of total expenses to average net assets:

      

Before fees waived

     0.85 %      0.85 %      0.85 %* 
 

 

 

    

 

 

    

 

 

  

After fees waived

     0.85 %      0.85 %      0.85 %* 
 

 

 

    

 

 

    

 

 

  

Ratio of net investment loss to average net assets

     (0.15 )%      (0.18 )%      (0.41 )%* 
 

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     56.70 %5      17.61 %4      3.65 %+,3 
 

 

 

    

 

 

    

 

 

  

 

  +

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.

 

 
Financial Highlights         15

Polen Capital International Growth ETF

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

     Year Ended
December 31,
2025		      Period Ended
December 31,
2024**		  

Net asset value, beginning of period

   $ 9.17      $ 10.00  
 

 

 

     

 

 

  

Income from investment operations:

 

   

Net investment income1

     0.01        0.04  

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency

     (0.01 )       (0.84 ) 
 

 

 

     

 

 

  

Total income (loss) from investment operations

     —        (0.80 ) 
 

 

 

     

 

 

  

Less distributions:

 

   

From net investment income

     (0.01 )       (0.03 ) 

From net realized gains

     —        —  
 

 

 

     

 

 

  

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:

 

   

Net assets, end of period (thousands)

   $ 26,191      $ 26,583  
 

 

 

     

 

 

  

Ratios of total expenses to average net assets:

     

Before fees waived

     0.85 %       0.85 %* 
 

 

 

     

 

 

  

After fees waived

     0.85 %       0.85 %* 
 

 

 

     

 

 

  

Ratio of net investment income to average net assets

     0.14 %       0.46 %* 
 

 

 

     

 

 

  

Portfolio turnover rate

     36.03 %3       24.21 %+,2 
 

 

 

     

 

 

  

 

  +

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.

 

 
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

 

 
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.

 

 
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
on loan		      Cash Collateral      Non-Cash
Collateral		      Total Collateral  

Polen Capital International Growth ETF

   $ 690,616      $ —       $ 724,696      $ 724,696  

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.

 

 
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.

 

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.

 

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.

 

 
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
Management
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

   $ 528,238      $ 563,884  

Polen Capital Emerging Markets ex-China Growth ETF

     1,156,547        1,089,391  

Polen Capital Global Growth ETF

     159,258,052        97,547,400  

Polen Capital International Growth ETF

     16,094,337        9,445,054  

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

 

Fund   In-Kind
Subscriptions		      In-Kind
Redemptions		  

Polen Capital Global Growth ETF

   $ 28,443,307      $ 63,487,113  

Polen Capital International Growth ETF

     —        6,184,080  

 

 
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 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Equity(a)

          

Common Stocks

   $ 1,613,507      $ —      $ —      $ 1,613,507  
 

 

 

  

Total Equity

     1,613,507        —        —        1,613,507  
 

 

 

  

Total Investments in Securities

   $ 1,613,507      $ —      $ —      $ 1,613,507  
 

 

 

  

 

(a)

See Fund’s Schedule of Investments in Securities for sector classifications.

Polen Capital Emerging Markets ex-China Growth ETF

 

Description   Level 1 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Equity

           

Common Stocks

           

Brazil

   $ 446,852      $ —      $ —      $ 446,852  

Cambodia

     48,509        —        —        48,509  

India

     304,589        —        —        304,589  

Indonesia

     27,241        —        —        27,241  

Italy

     32,253        —        —        32,253  

Japan

     86,148        —        —        86,148  

Poland

     143,631        —        —        143,631  

Saudi Arabia

     66,106        —        —        66,106  

Singapore

     57,267        —        —        57,267  

South Africa

     218,095        —        —        218,095  

South Korea

     396,973        —        —        396,973  

Taiwan

     599,628        —        —        599,628  

United Arab Emirates

     76,622        —        —        76,622  

Uruguay

     100,168        —        —        100,168  

Vietnam

     199,615        —        —        199,615  
 

 

 

  

Total Equity

     2,803,697        —        —        2,803,697  
 

 

 

  

Total Investments in Securities

   $ 2,803,697      $ —      $ —      $ 2,803,697  
 

 

 

  

 

 
22       Litman Gregory Funds Trust

Litman Gregory Funds Trust

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

Polen Capital Global Growth ETF

 

Description   Level 1 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Equity

           

Common Stocks

           

Brazil

   $ 5,259,233      $ —      $ —      $ 5,259,233  

Canada

     7,851,956        —        —        7,851,956  

China

     6,386,409        —        —        6,386,409  

France

     3,718,377        —        —        3,718,377  

Germany

     8,732,940        —        —        8,732,940  

Netherlands

     5,864,802        —        —        5,864,802  

Taiwan

     5,907,622        —        —        5,907,622  

United States

     139,071,356        —        —        139,071,356  
 

 

 

  

Total Equity

     182,792,695        —        —        182,792,695  
 

 

 

  

Short-Term Investments

           

Repurchase Agreements

     —        3,475,900        —        3,475,900  
 

 

 

  

Total Short-Term Investments

     —        3,475,900        —        3,475,900  
 

 

 

  

Total Investments in Securities

   $ 182,792,695      $ 3,475,900      $ —      $ 186,268,595  
 

 

 

  

Polen Capital International Growth ETF

 

Description   Level 1 -
Quoted prices in
active markets for
identical assets		      Level 2 -
Significant other
observable
inputs		      Level 3 -
Significant
unobservable
inputs		      Total  

Equity

           

Common Stocks

           

Brazil

   $ 2,464,485      $ —      $ —      $ 2,464,485  

Canada

     1,421,687        —        —        1,421,687  

China

     792,664        —        —        792,664  

Germany

     2,640,807        —        —        2,640,807  

India

     2,117,906        —        —        2,117,906  

Japan

     2,266,232        —        —        2,266,232  

Netherlands

     3,134,827        —        —        3,134,827  

Poland

     766,861        —        —        766,861  

Singapore

     438,586        —        —        438,586  

Spain

     380,259        —        —        380,259  

Switzerland

     1,274,272        —        —        1,274,272  

United Kingdom

     1,834,197        —        —        1,834,197  

United States

     6,300,650        —        —        6,300,650  
 

 

 

  

Total Equity

     25,833,433        —        —        25,833,433  
 

 

 

  

Short-Term Investments

           

Repurchase Agreements

     —        344,511        —        344,511  
 

 

 

  

Total Short-Term Investments

     —        344,511        —        344,511  
 

 

 

  

Total Investments in Securities

   $ 25,833,433      $ 344,511      $ —      $ 26,177,944  
 

 

 

  

 

 
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
China Growth
ETF		      Polen Capital
Emerging Markets
ex-China Growth
ETF		      Polen Capital
Global
Growth ETF		      Polen Capital
International
Growth ETF		  

Tax cost of Investments and derivatives

      $ 1,264,974      $ 2,512,535      $ 178,359,600      $ 27,607,171  

Gross Tax Unrealized Appreciation

        389,820        491,810        17,084,816        1,619,690  

Gross Tax Unrealized Depreciation

        (41,287 )       (200,648 )       (9,175,821 )       (3,048,917 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Net Tax unrealized appreciation (depreciation) on investments and derivatives

        348,533        291,162        7,908,995        (1,429,227 ) 

Net Tax unrealized appreciation (depreciation) on foreign currency

        —        21        4,287        1,721  
    

 

 

     

 

 

     

 

 

     

 

 

  

Net Tax unrealized appreciation (depreciation)

        348,533        291,183        7,913,282        (1,427,506 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Undistributed Ordinary Income

        1,396        20,299        —        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Undistributed Long-Term Capital Gains

        4,211        —        —        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Capital Loss Carry Forward

        —        (105,910 )       (13,411,906 )       (2,457,383 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Late Year Ordinary Loss Deferral

        —        —        —        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Post-October Capital Losses Deferral

        —        —        —        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Other Accumulated Gains/(Losses)

        —        —        —        —  
    

 

 

     

 

 

     

 

 

     

 

 

  

Total accumulated gain/(loss)

      $ 354,140      $ 205,572      $ (5,498,624 )     $ (3,884,889 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

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
Carryover Utilized
Short-Term		  

Polen Capital China Growth ETF

   $ 40,189  

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

 

        Polen Capital
Emerging Markets
ex-China Growth
ETF		      Polen Capital
Global Growth
ETF		      Polen Capital
International
Growth ETF		  

Capital Loss Carryforwards

           

Perpetual Short-Term

      $ (49,933 )     $ (3,780,085 )     $ (1,077,820 ) 

Perpetual Long-Term

        (55,977 )       (9,631,821 )       (1,379,563 ) 
    

 

 

     

 

 

     

 

 

  

Total

      $ (105,910 )     $ (13,411,906 )     $ (2,457,383 ) 
    

 

 

     

 

 

     

 

 

  

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

Distributable Earnings
(Deficit)

     

Paid In

Capital

  

Polen Capital China Growth ETF*

   $ —      $ —  

Polen Capital Emerging Markets ex-China Growth ETF*

     —        —  

Polen Capital Global Growth ETF *

     (14,350,821 )       14,350,821  

Polen Capital International Growth ETF *

     (1,847,561 )       1,847,561  

 

* 

The permanent differences primarily relate to distribution in excess, redemption-in-kinds, and net operating losses.

 

 
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           2024  
Fund   Ordinary
Income		     Long-Term
Capital Gain		     Return of
Capital		           Ordinary
Income		     Long-Term
Capital Gain		     Return of
Capital		  

Polen Capital China Growth ETF

   $ 26,938     $ 10,438     $ —       $ 26,513     $ —     $ —  

Polen Capital Emerging Markets ex-China Growth ETF

     11,150       —       —         2,600       —       —  

Polen Capital Global Growth ETF

     —       —       —         —       —       —  

Polen Capital International Growth ETF

     37,180       —       —         94,830       —       —  

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

 

 
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.

 

 
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

 

 
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.

 

 
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.

 

 
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.

 

 
30       Litman Gregory Funds Trust

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Litman Gregory Funds Trust

Opinion on the Financial Statements

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
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,

2025

    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,

2025

    For the year ended December 31, 2025, and the period from September 11, 2024 (commencement of operations) through December 31, 2024

Basis for Opinion

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.

Emphasis of a Matter

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

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

 

 
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

     100.00 % 

Polen Capital Global Growth ETF

     0.00 % 

Polen Capital International Growth ETF

     100.00 % 

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

     0.00 % 

Polen Capital Emerging Markets ex-China Growth ETF

     0.00 % 

Polen Capital Global Growth ETF

     0.00 % 

Polen Capital International Growth ETF

     0.00 % 

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

   $ 10,438  

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

     0.00 % 

Polen Capital Emerging Markets ex-China Growth ETF

     0.00 % 

Polen Capital Global Growth ETF

     0.00 % 

Polen Capital International Growth ETF

     0.00 % 

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

Derived from foreign Sourced Income

Polen Capital China Growth ETF   $1,128   $0.0090   3.25%
Polen Capital Emerging Markets ex-China Growth ETF   5,426   0.0217   10.19
Polen Capital International Growth ETF   21,482   0.0075   7.60

 

 
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