PPM Funds NPORTP PPM High Yield Core Fund (Sep 2021 report)

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 49.8%
Financials 17.1%
	AerCap Ireland Capital Designated Activity Company
		6.50%, 07/15/25	50,000		58,026
	Avolon Holdings Funding Limited
		5.25%, 05/15/24 (a)	158,000		172,444
	Bank of America Corporation
		6.30%, (100, 03/10/26) (b)	45,000		52,189
		4.00%, 01/22/25	46,000		49,982
		1.32%, 06/19/26	364,000		363,393
		4.25%, 10/22/26	165,000		185,738
		3.56%, 04/23/27	115,000		125,093
		3.25%, 10/21/27	27,000		29,142
		3.59%, 07/21/28	150,000		164,152
		4.27%, 07/23/29	333,000		377,649
		2.30%, 07/21/32	265,000		261,241
		2.68%, 06/19/41	65,000		62,663
	Barclays PLC
		3.56%, 09/23/35 (c)	295,000		304,867
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	123,000		120,803
	Blackstone Holdings Finance Co. L.L.C.
		1.63%, 08/05/28 (a)	131,000		127,913
		2.00%, 01/30/32 (a)	142,000		136,407
	Blackstone Private Credit Fund
		1.75%, 09/15/24 (a)	52,000		51,993
		2.63%, 12/15/26 (a)	115,000		114,753
	Blackstone Secured Lending Fund
		2.85%, 09/30/28 (a)	135,000		134,685
	BNP Paribas
		2.16%, 09/15/29 (a)	200,000		198,402
		2.59%, 08/12/35 (a) (c)	150,000		145,821
	Citigroup Inc.
		5.00%, (100, 09/12/24) (b)	83,000		86,918
		4.45%, 09/29/27	76,000		86,401
		3.52%, 10/27/28	131,000		142,689
	CNO Global Funding
		1.75%, 10/07/26 (a)	150,000		149,979
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (a) (b)	200,000		209,258
		7.50%, (100, 12/11/23) (a) (b) (c)	150,000		163,875
		6.50%, 08/08/23 (a) (c)	250,000		273,740
	Deutsche Bank Aktiengesellschaft
		0.90%, 05/28/24 (c)	156,000		155,794
		3.73%, 01/14/32 (c)	100,000		103,221
		3.04%, 05/28/32 (c)	155,000		157,116
	F&G Global Funding
		2.00%, 09/20/28 (a)	120,000		118,228
	FS KKR Capital Corp.
		3.40%, 01/15/26	164,000		171,298
	Glencore Funding LLC
		4.88%, 03/12/29 (a) (d)	75,000		86,413
	HSBC Holdings PLC
		2.80%, 05/24/32	230,000		233,140
	Icahn Enterprises L.P.
		4.75%, 09/15/24	100,000		104,049
		6.25%, 05/15/26	69,000		72,395
	JPMorgan Chase & Co.
		2.01%, 03/13/26	132,000		135,194
		1.58%, 04/22/27	290,000		290,538
		3.78%, 02/01/28	55,000		60,605
		2.07%, 06/01/29	249,000		249,280
		2.74%, 10/15/30	185,000		191,430
		2.96%, 05/13/31	107,000		111,421
		1.95%, 02/04/32	75,000		72,403
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (b) (c)	109,000		126,440
		3.87%, 07/09/25 (c)	200,000		215,265
	LSEGA Financing PLC
		3.20%, 04/06/41 (a)	80,000		82,624
	Markel Corporation
		6.00%, (100, 06/01/25) (b)	78,000		86,600
	Morgan Stanley
		0.99%, 12/10/26	200,000		196,449
		3.62%, 04/01/31	206,000		227,065
		1.79%, 02/13/32	110,000		104,717
		2.48%, 09/16/36	90,000		88,066
		2.80%, 01/25/52	70,000		67,290
	NatWest Group PLC
		3.07%, 05/22/28 (c)	200,000		211,122
		3.03%, 11/28/35 (c)	100,000		100,223
	NatWest Markets PLC
		1.60%, 09/29/26 (a)	242,000		242,063
	Nordic Aviation Capital
		6.58%, 03/14/25 (e) (f) (g)	139,295		110,461
	Owl Rock Capital Corporation
		3.40%, 07/15/26	65,000		67,683
	Principal Life Global Funding II
		0.75%, 04/12/24 (a)	55,000		55,033
	Rassman, Joel H.
		3.80%, 11/01/29 (d)	190,000		204,008
	The Goldman Sachs Group, Inc.
		3.50%, 04/01/25	82,000		88,195
		3.80%, 03/15/30	211,000		234,636
		2.62%, 04/22/32	39,000		39,460
		2.38%, 07/21/32	170,000		168,401
		6.75%, 10/01/37	70,000		100,109
	The Guardian Life Insurance Company of America
		3.70%, 01/22/70 (a)	57,000		60,366
	The Hartford Financial Services Group, Inc.
		2.90%, 09/15/51	66,000		63,768
	Truist Financial Corporation
		4.95%, (100, 09/01/25) (b)	107,000		116,878
	Wells Fargo & Company
		2.41%, 10/30/25	53,000		55,207
	Westpac Banking Corporation
		2.67%, 11/15/35 (c)	71,000		69,502
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (a)	65,000		70,076
				9,914,448
Energy 5.5%
	Aker BP ASA
		3.75%, 01/15/30 (a)	155,000		165,912
	Cenovus Energy Inc.
		2.65%, 01/15/32	87,000		85,522
		3.75%, 02/15/52	66,000		64,484
	Cheniere Corpus Christi Holdings, LLC
		7.00%, 06/30/24	110,000		124,286
		5.88%, 03/31/25	54,000		60,991
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32 (a)	33,000		33,125
	Cheniere Energy, Inc.
		4.63%, 10/15/28	85,000		89,629
		4.50%, 10/01/29	125,000		132,975
	Devon Energy Corporation
		5.88%, 06/15/28 (a)	39,000		42,956
		4.50%, 01/15/30 (a)	34,000		37,055
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (a)	14,000		14,590
		5.75%, 01/30/28 (a)	14,000		14,741
	Energy Transfer LP
		6.50%, (100, 08/15/26) (b)	110,000		114,393
		6.75%, (100, 05/15/25) (b)	102,000		104,706
		7.13%, (100, 05/15/30) (b)	119,000		124,163
		3.75%, 05/15/30	142,000		153,312
		5.80%, 06/15/38	45,000		54,908
		6.25%, 04/15/49	40,000		52,643
	Enlink Midstream, LLC
		4.15%, 06/01/25	71,000		73,235
	EQM Midstream Partners, LP
		4.13%, 12/01/26	113,000		116,031
		4.50%, 01/15/29 (a)	49,000		50,899
	EQT Corporation
		3.13%, 05/15/26 (a)	10,000		10,246
		3.90%, 10/01/27	22,000		23,854

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
	Helmerich & Payne, Inc.
		2.90%, 09/29/31 (a)	45,000		45,144
	NuStar Logistics, L.P.
		5.75%, 10/01/25	11,000		11,858
	Occidental Petroleum Corporation
		3.50%, 08/15/29	140,000		142,128
		4.30%, 08/15/39	20,000		19,782
		4.40%, 08/15/49	22,000		21,588
	Qatar Petroleum
		2.25%, 07/12/31 (a)	131,000		129,592
		3.13%, 07/12/41 (a)	100,000		100,086
	Rattler Midstream LP
		5.63%, 07/15/25 (a)	15,000		15,638
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	300,000		334,410
		4.50%, 05/15/30	80,000		92,288
	Santos Finance Ltd
		3.65%, 04/29/31 (a)	153,000		155,558
	Targa Resource Corporation
		5.50%, 03/01/30	140,000		153,115
		4.88%, 02/01/31	56,000		60,404
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	13,400		13,409
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	49,000		48,893
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	96,250		96,160
				3,184,709
Consumer Discretionary 5.1%
	Adient US LLC
		9.00%, 04/15/25 (a)	38,000		41,201
	Amazon.com, Inc.
		2.10%, 05/12/31	115,000		116,481
		2.88%, 05/12/41	90,000		92,631
		3.10%, 05/12/51	85,000		89,457
	Booking Holdings Inc.
		4.63%, 04/13/30	180,000		214,064
	Carnival Corporation
		11.50%, 04/01/23 (a)	146,000		163,000
		4.00%, 08/01/28 (a)	51,000		51,534
	Cedar Fair, L.P.
		5.50%, 05/01/25 (a)	83,000		86,578
	Ford Motor Company
		8.50%, 04/21/23	33,000		36,274
		9.00%, 04/22/25	67,000		80,585
	General Motors Company
		6.13%, 10/01/25	51,000		59,776
		6.80%, 10/01/27	39,000		48,715
	General Motors Financial Company, Inc.
		2.40%, 04/10/28 (d)	100,000		101,015
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		17,632
		5.30%, 01/15/29	100,000		115,871
	Hanesbrands Inc.
		5.38%, 05/15/25 (a)	152,000		159,199
	Hilton Domestic Operating Company Inc.
		5.38%, 05/01/25 (a)	33,000		34,528
		5.75%, 05/01/28 (a)	33,000		35,541
	Hyatt Hotels Corporation
		1.30%, 10/01/23 (h)	78,000		78,103
		5.38%, 04/23/25 (h)	45,000		50,258
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	36,000		35,067
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (h)	11,000		13,790
	Marriott International, Inc.
		3.75%, 03/15/25	60,000		64,255
		5.75%, 05/01/25 (h)	6,000		6,868
	Mattel, Inc.
		3.38%, 04/01/26 (a)	63,000		64,967
	Meritage Homes Corporation
		3.88%, 04/15/29 (a)	80,000		83,985
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	35,026		38,112
	Newell Brands Inc.
		4.88%, 06/01/25	46,000		50,779
	NIKE, Inc.
		3.25%, 03/27/40	74,000		80,874
	NVR, Inc.
		3.00%, 05/15/30	134,000		140,007
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (a)	200,000		201,008
	Restaurant Brands International Limited Partnership
		3.50%, 02/15/29 (a)	35,000		34,659
	Ross Stores, Inc.
		4.60%, 04/15/25	99,000		110,467
		1.88%, 04/15/31	74,000		71,407
	Royal Caribbean Cruises Ltd.
		11.50%, 06/01/25 (a)	13,000		14,817
	Sands China Ltd.
		2.30%, 03/08/27 (a) (h)	200,000		193,066
	The Gap, Inc.
		3.63%, 10/01/29 (a)	28,000		28,067
	The Home Depot, Inc.
		3.35%, 04/15/50	74,000		80,073
				2,984,711
Health Care 4.9%
	AbbVie Inc.
		3.20%, 11/21/29	135,000		145,429
		4.50%, 05/14/35	55,000		65,615
	Amgen Inc.
		3.15%, 02/21/40	64,000		65,304
	Ascension Health
		2.53%, 11/15/29	28,000		29,348
	Bausch Health Companies Inc.
		5.50%, 11/01/25 (a)	22,000		22,356
		8.50%, 01/31/27 (a)	21,000		22,399
		5.75%, 08/15/27 (a)	60,000		62,964
		4.88%, 06/01/28 (a)	24,000		24,887
	Baylor Scott & White Holdings
		2.84%, 11/15/50	54,000		53,302
	Centene Corporation
		4.63%, 12/15/29	60,000		65,388
		3.38%, 02/15/30	238,000		246,401
		3.00%, 10/15/30	173,000		177,325
	Cigna Holding Company
		3.40%, 03/01/27	114,000		124,429
		4.80%, 08/15/38	50,000		61,065
	CVS Health Corporation
		4.30%, 03/25/28	21,000		23,938
		4.78%, 03/25/38	250,000		305,604
	HCA Inc.
		5.38%, 02/01/25	100,000		111,729
	Indiana University Health, Inc.
		2.85%, 11/01/51	51,000		51,825
	McKesson Corporation
		1.30%, 08/15/26 (h)	195,000		193,429
	Mylan Inc
		5.20%, 04/15/48	23,000		28,206
	Northwestern Memorial HealthCare
		2.63%, 07/15/51	55,000		52,779
	Piedmont Healthcare, Inc.
		2.04%, 01/01/32	43,000		42,233
	Providence St. Joseph Health
		2.53%, 10/01/29	67,000		69,741
	Royalty Pharma PLC
		3.30%, 09/02/40	91,000		90,632
	Smith & Nephew PLC
		2.03%, 10/14/30	60,000		58,485
	STERIS Irish FinCo Unlimited Company
		3.75%, 03/15/51	56,000		60,384
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	140,000		144,895
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		10,749
	Universal Health Services, Inc.
		1.65%, 09/01/26 (a)	145,000		144,106
		2.65%, 01/15/32 (a)	50,000		49,541

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
	Upjohn Inc.
		3.85%, 06/22/40 (a)	204,000		218,811
				2,823,299
Communication Services 4.2%
	AT&T Inc.
		5.25%, 03/01/37	116,000		143,818
		4.90%, 08/15/37	16,000		19,457
		4.30%, 12/15/42	155,000		174,151
		3.10%, 02/01/43	131,000		125,597
	CCO Holdings, LLC
		4.75%, 03/01/30 (a)	295,000		308,379
	Charter Communications Operating, LLC
		4.91%, 07/23/25	140,000		157,448
		5.38%, 04/01/38	45,000		54,361
		6.83%, 10/23/55	51,000		74,633
	Comcast Corporation
		3.75%, 04/01/40	35,000		39,285
		3.40%, 07/15/46	50,000		52,752
		2.89%, 11/01/51 (a)	65,000		62,252
	CSC Holdings, LLC
		6.50%, 02/01/29 (a)	100,000		108,297
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	37,000		38,629
	Live Nation Entertainment, Inc.
		6.50%, 05/15/27 (a)	60,000		66,056
	The Walt Disney Company
		4.63%, 03/23/40	80,000		100,422
	T-Mobile USA, Inc.
		2.63%, 04/15/26	306,000		312,680
	Verizon Communications Inc.
		2.10%, 03/22/28	175,000		177,601
		4.33%, 09/21/28	105,000		120,692
		2.55%, 03/21/31	74,000		74,921
		3.40%, 03/22/41	58,000		60,665
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	120,000		149,900
				2,421,996
Utilities 3.6%
	Arizona Public Service Company
		2.20%, 12/15/31	85,000		84,033
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		89,902
	Consolidated Edison Company of New York, Inc.
		3.95%, 04/01/50	57,000		65,175
	DPL Inc.
		4.13%, 07/01/25	102,000		109,264
	Duquesne Light Holdings, Inc.
		2.53%, 10/01/30 (a)	61,000		60,320
	Enel Finance International N.V.
		2.25%, 07/12/31 (a)	200,000		197,245
	Exelon Corporation
		5.10%, 06/15/45	75,000		98,390
	FirstEnergy Corp.
		4.40%, 07/15/27 (h) (i)	69,000		75,349
	Nevada Power Company
		3.70%, 05/01/29	140,000		156,593
	Oncor Electric Delivery Company LLC
		2.95%, 04/01/25	80,000		84,819
	Pacific Gas And Electric Company
		3.30%, 12/01/27	46,000		47,326
		4.50%, 07/01/40 (d)	181,000		185,161
	Public Service Company of Oklahoma
		2.20%, 08/15/31 (d)	119,000		117,513
	San Diego Gas & Electric Company
		1.70%, 10/01/30	72,000		69,304
		2.95%, 08/15/51	60,000		59,609
	Southern California Edison Company
		4.13%, 03/01/48	46,000		50,299
		3.65%, 02/01/50	92,000		94,339
	Tampa Electric Company
		3.45%, 03/15/51	87,000		93,435
	The AES Corporation
		3.30%, 07/15/25 (a)	133,000		141,306
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	71,000		74,546
		3.70%, 01/30/27 (a)	135,000		142,213
				2,096,141
Consumer Staples 3.0%
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	200,000		241,770
	Anheuser-Busch InBev Worldwide Inc.
		5.45%, 01/23/39	141,000		182,354
	Archer-Daniels-Midland Company
		3.25%, 03/27/30	70,000		76,618
		2.70%, 09/15/51	60,000		58,564
	BAT Capital Corp.
		2.26%, 03/25/28	76,000		75,499
		4.39%, 08/15/37	45,000		48,143
	Jaguar Holding Company II
		4.63%, 06/15/25 (a)	17,000		17,746
		5.00%, 06/15/28 (a)	17,000		18,306
	JBS Investments II GmbH
		7.00%, 01/15/26 (a)	200,000		209,070
	JBS USA Food Company
		6.50%, 04/15/29 (a)	84,000		93,723
		5.50%, 01/15/30 (a)	50,000		55,630
	Kraft Heinz Foods Company
		3.88%, 05/15/27	69,000		75,281
		4.63%, 10/01/39	20,000		23,359
	Mars, Incorporated
		2.38%, 07/16/40 (a)	60,000		57,192
		3.95%, 04/01/49 (a)	143,000		169,829
	Northwestern University
		2.64%, 12/01/50	38,000		38,029
	PepsiCo, Inc.
		3.38%, 07/29/49	55,000		60,583
	Pilgrim's Pride Corporation
		3.50%, 03/01/32 (a)	89,000		90,524
	Safeway Inc.
		3.50%, 02/15/23 (a)	100,000		102,299
	United Rentals (North America), Inc.
		3.75%, 01/15/32	30,000		30,351
				1,724,870
Industrials 2.6%
	Air Canada
		3.88%, 08/15/26 (a)	35,000		35,346
	Aircastle Limited
		5.25%, 08/11/25 (a)	108,000		120,176
	American Airlines, Inc.
		5.50%, 04/20/26 (a)	31,000		32,579
		5.75%, 04/20/29 (a)	11,000		11,855
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	134,000		156,545
	Equifax Inc.
		2.35%, 09/15/31	190,000		186,967
	General Electric Company
		3.45%, (3 Month USD LIBOR + 3.33%), (100, 12/15/21) (b) (j)	419,000		409,417
		3.45%, 05/01/27	31,000		33,968
		3.63%, 05/01/30	73,000		81,148
	Hillenbrand, Inc.
		5.00%, 09/15/26 (h) (i)	20,000		22,362
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,682
	Moog Inc.
		4.25%, 12/15/27 (a)	44,000		45,466
	Prime Security Services Borrower, LLC
		3.38%, 08/31/27 (a)	57,000		54,732
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (a)	165,000		165,544
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (a)	10,000		10,707
		4.75%, 10/20/28 (a)	16,000		17,848
	United Airlines Pass Through Trust
		4.38%, 04/15/26 (a)	52,000		53,461
		4.63%, 04/15/29 (a)	37,000		38,250

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
	United Rentals (North America), Inc.
		3.88%, 11/15/27	55,000		57,627
				1,538,680
Information Technology 2.1%
	Apple Inc.
		1.40%, 08/05/28	94,000		92,526
		2.38%, 02/08/41	48,000		46,169
		2.65%, 02/08/51	102,000		98,077
		2.70%, 08/05/51	200,000		192,730
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	17,000		17,429
	Broadcom Inc.
		3.47%, 04/15/34 (a)	160,000		165,327
	Dell International L.L.C.
		5.85%, 07/15/25 (h)	6,000		6,979
		6.02%, 06/15/26 (h)	67,000		79,950
		8.35%, 07/15/46 (h)	100,000		163,050
	Microsoft Corporation
		2.68%, 06/01/60	15,000		14,554
		3.04%, 03/17/62	72,000		75,900
	Oracle Corporation
		2.88%, 03/25/31	186,000		191,284
		3.65%, 03/25/41	78,000		80,797
				1,224,772
Materials 1.2%
	Anglo American Capital PLC
		4.88%, 05/14/25 (a)	30,000		33,515
	CEMEX S.A.B. de C.V.
		5.45%, 11/19/29 (a)	130,000		140,812
		5.20%, 09/17/30 (a)	75,000		81,153
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	61,000		63,694
		5.40%, 11/14/34	35,000		42,053
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (a)	110,000		111,151
	Mercer International Inc.
		5.13%, 02/01/29	26,000		26,512
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	130,000		136,559
		4.25%, 05/15/29 (a)	39,000		39,002
	Teck Resources Limited
		3.90%, 07/15/30	28,000		30,324
				704,775
Real Estate 0.5%
	Essential Properties, L.P.
		2.95%, 07/15/31	78,000		78,179
	Sun Communities Operating Limited Partnership
		2.30%, 11/01/28	65,000		65,088
		2.70%, 07/15/31	87,000		87,925
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	55,000		57,437
				288,629
	Total Corporate Bonds And Notes (cost $27,829,503)			28,907,030
GOVERNMENT AND AGENCY OBLIGATIONS 39.5%
Mortgage-Backed Securities 22.9%
	Federal Home Loan Mortgage Corporation
		3.00%, 07/01/32 - 12/01/49	212,100		223,149
		2.00%, 12/01/35 - 08/01/51	900,929		909,312
		4.00%, 10/01/45 - 06/01/48	300,508		324,465
		3.50%, 01/01/46 - 04/01/50	642,693		684,779
		4.50%, 11/01/48	17,929		19,371
		2.50%, 05/01/50 - 07/01/50	218,111		225,009
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 09/01/50	1,582,220		1,666,023
		2.50%, 10/01/35 - 09/01/51	1,161,928		1,202,268
		1.50%, 11/01/35	71,836		72,569
		TBA, 1.50%, 11/15/35 - 11/15/51 (k)	790,000		778,253
		2.00%, 05/01/36 - 04/01/51	1,917,653		1,932,533
		TBA, 2.00%, 10/15/36 - 11/15/50 (k)	770,000		779,506
		3.50%, 10/01/46 - 08/01/49	477,404		508,017
		4.00%, 01/01/47 - 09/01/49	555,963		598,677
		4.50%, 05/01/47 - 12/01/48	427,752		466,520
		TBA, 2.50%, 11/15/51 (k)	213,000		219,199
	Government National Mortgage Association
		3.00%, 10/20/46 - 04/20/50	308,823		323,799
		3.50%, 05/20/47 - 01/20/50	515,858		546,637
		4.00%, 07/20/47	207,056		221,948
		4.50%, 12/20/48 - 02/20/49	91,662		98,028
		TBA, 2.00%, 11/15/50 (k)	340,000		344,122
		2.50%, 03/20/51 - 07/20/51	685,771		708,700
		TBA, 2.50%, 10/15/51 (k)	292,000		301,437
		TBA, 3.00%, 11/15/51 (k)	135,000		140,818
				13,295,139
U.S. Treasury Note 11.8%
	Treasury, United States Department of
		0.13%, 12/15/23	410,000		408,078
		1.50%, 10/31/24 - 08/15/26	1,506,000		1,546,924
		0.25%, 07/31/25	400,000		392,375
		2.25%, 11/15/25	980,000		1,036,656
		0.38%, 12/31/25	790,000		774,200
		0.75%, 04/30/26	382,000		379,135
		0.88%, 09/30/26 - 11/15/30	721,000		693,561
		0.63%, 03/31/27	420,000		409,959
		1.25%, 06/30/28	805,000		803,239
		2.88%, 08/15/28	375,000		414,375
				6,858,502
U.S. Treasury Bond 3.8%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		597,427
		3.13%, 11/15/41	316,000		376,336
		2.50%, 02/15/45 - 02/15/46	756,000		817,160
		3.00%, 02/15/48	317,000		377,032
		1.63%, 11/15/50	46,000		41,342
				2,209,297
Sovereign 0.4%
	Banco de la Republica Oriental del Uruguay
		4.38%, 01/23/31	81,934		94,531
	Gobierno de la Republica de Chile
		3.10%, 05/07/41	184,000		177,695
				272,226
U.S. Government Agency Obligations 0.4%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (l)	229,000		215,957
Municipal 0.2%
	Dormitory Authority State of New York
		3.19%, 02/15/43	100,000		106,591
	Total Government And Agency Obligations (cost $22,492,678)			22,957,712
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.5%
	Air Canada 2020-2 Class A Pass Through Trust
		Series 2020-A-2, 5.25%, 04/01/29	25,303		27,545
	Alaska Airlines 2020-1 Class A Pass Through Trust
		Series 2020-A-1, 4.80%, 08/15/27	86,631		96,463
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	157,400		158,936
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		265,502
	AmeriCredit Automobile Receivables Trust 2020-3
		Series 2020-A2-3, 0.42%, 11/18/22	200,350		200,494
	Capital One Multi-Asset Execution Trust
		Series 2021-A1-A1, 0.55%, 07/15/24	176,000		174,797
	Capital One Prime Auto Receivables Trust
		Series 2020-A2-1, 1.64%, 06/15/23	4,651		4,653
	CarMax Auto Owner Trust 2019-2
		Series 2019-A3-2, 2.68%, 12/15/22	178,083		180,417
	CCG Receivables Trust
		Series 2019-A2-2, 2.11%, 03/14/23	36,041		36,324
	CIM Trust
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (j)	172,921		174,852
	COMM Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		52,525
	DLL Financial Services
		Series 2021-A3-1A, 0.67%, 04/17/26	190,000		190,176
	First Investors Auto Owner Trust 2021-1
		Series 2021-A-1A, 0.45%, 12/15/23	118,503		118,561

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	145,220		145,059
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22	12,400		12,517
	GM Financial Automobile Leasing Trust 2020-1
		Series 2020-A3-1, 1.67%, 12/20/22	217,178		218,048
	GM Financial Automobile Leasing Trust 2020-3
		Series 2020-A2A-3, 0.35%, 02/20/22	68,363		68,398
	GM Financial Consumer Automobile Receivables Trust 2021-2
		Series 2021-A3-2, 0.51%, 10/16/24	101,000		101,110
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		180,448
	HPEFS Equipment Trust
		Series 2019-A3-1A, 2.21%, 09/20/29	17,974		17,989
	Hudson Yards Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		162,459
	Hyundai Auto Lease Securitization Trust 2021-B
		Series 2021-A3-B, 0.33%, 06/17/24	265,000		264,675
	Kubota Credit Owner Trust
		Series 2021-A3-1A, 0.62%, 08/15/25	100,000		100,155
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	201,074		204,577
	Mercedes-Benz Auto Lease Trust 2021-B
		Series 2021-A2-B, 0.22%, 01/16/24	349,000		349,041
	OPG Trust 2021-PORT
		Series 2021-A-PORT, 0.00%, 10/15/23 (j)	165,000		163,631
	Santander Retail Auto Lease Trust 2021-B
		Series 2021-A3-B, 0.51%, 08/20/24	101,000		101,003
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (j)	104,660		106,589
	Toyota Auto Receivables Owner Trust
		Series 2018-A3-B, 2.96%, 09/15/22	8,007		8,012
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	45,469		47,734
		Series 2012-A-2, 4.00%, 10/29/24	40,652		42,856
	Verizon Owner Trust 2019-C
		Series 2019-A1A-C, 1.94%, 11/21/22	275,000		277,748
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (j)	57,000		61,705
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (j)	55,613		56,492
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,339,183)			4,371,491
SENIOR FLOATING RATE INSTRUMENTS 2.2%
Consumer Discretionary 0.7%
	Adient US LLC
		2021 Term Loan B, 3.58%, (1 Month USD LIBOR + 3.50%), 04/30/28 (j)	78,988		78,954
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 3.58%, (3 Month USD LIBOR + 3.50%), 06/19/25 (j)	81,180		81,209
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 1.83%, (1 Month USD LIBOR + 1.75%), 08/29/25 (j)	100,000		98,125
	PCI Gaming Authority
		Term Loan, 2.58%, (1 Month USD LIBOR + 2.50%), 05/15/26 (j)	115,908		115,416
	UFC Holdings, LLC
		2021 Term Loan B, 3.50%, (3 Month USD LIBOR + 2.75%), 04/29/26 (j)	53,467		53,318
				427,022
Industrials 0.5%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 03/10/28 (j)	21,000		21,703
	Air Canada
		2021 Term Loan B, 4.25%, (3 Month USD LIBOR + 3.50%), 07/27/28 (j)	24,000		24,080
	Berry Global, Inc.
		2021 Term Loan Z, 1.86%, (3 Month USD LIBOR + 1.75%), 07/01/26 (j)	116,168		115,442
	Cimpress Public Limited Company
		USD Term Loan B, 4.00%, (1 Month USD LIBOR + 3.50%), 04/29/28 (j)	36,211		36,200
	Genesee & Wyoming Inc.
		Term Loan, 2.15%, (3 Month USD LIBOR + 2.00%), 10/29/26 (j)	50,235		49,904
	Hertz Corporation, (The)
		2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.50%), 06/11/28 (j) (m)	10,753		10,755
		2021 Term Loan C, 0.00%, (3 Month USD LIBOR + 3.50%), 06/11/28 (j) (m)	2,027		2,027
	INEOS Styrolution US Holding LLC
		2021 USD Term Loan B, 3.25%, (1 Month USD LIBOR + 2.75%), 01/21/26 (j)	26,932		26,933
				287,044
Communication Services 0.5%
	CenturyLink, Inc.
		2020 Term Loan B, 2.33%, (3 Month USD LIBOR + 2.25%), 03/15/27 (j)	98,500		97,337
	CSC Holdings, LLC
		2017 Term Loan B1, 2.33%, (1 Month USD LIBOR + 2.25%), 07/15/25 (j)	43,196		42,548
	Diamond Sports Group, LLC
		Term Loan, 3.34%, (1 Month USD LIBOR + 3.25%), 08/24/26 (j)	33,320		20,681
	DirecTV Financing, LLC
		Term Loan, 5.75%, (3 Month USD LIBOR + 5.00%), 07/22/27 (j)	36,320		36,332
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 2.59%, (3 Month USD LIBOR + 2.50%), 06/13/26 (j)	67,769		67,667
				264,565
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 2.08%, (1 Month USD LIBOR + 2.00%), 04/27/26 (j)	93,395		92,938
Materials 0.1%
	Sylvamo Corporation
		Term Loan, 0.00%, (3 Month USD LIBOR + 4.50%), 08/18/28 (j) (m)	87,805		87,476
Information Technology 0.1%
	Peraton Corp.
		Term Loan B, 4.50%, (1 Month USD LIBOR + 3.75%), 02/22/28 (j)	70,585		70,597
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 6.50%, (1 Month USD LIBOR + 5.50%), 09/22/24 (j)	30,286		30,286
	Total Senior Floating Rate Instruments (cost $1,270,610)			1,259,928
SHORT TERM INVESTMENTS 5.8%
Investment Companies 4.9%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.03% (n)		2,854,134		2,854,134
Securities Lending Collateral 0.9%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (n)		535,193		535,193
	Total Short Term Investments (cost $3,389,327)			3,389,327
Total Investments 104.8% (cost $59,321,301)					60,885,488
Other Derivative Instruments 0.0%					2,599
Other Assets and Liabilities, Net (4.8)%					(2,777,658)
Total Net Assets 100.0%					58,110,429

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2021, the value and the percentage of net assets of these securities was $9,026,754 and 15.5% of the Fund.

(b) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(d) All or a portion of the security was on loan as of September 30, 2021.

(e) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021

Investments.

(f) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(g) Security is restricted to resale to institutional investors. See Restricted Securities table following the Schedules of Investments.

(h) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2021.

(i) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2021.

(j) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(k) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2021, the total payable for investments purchased on a delayed delivery basis was $2,574,585.

(l) The security is a direct debt of the agency and not collateralized by mortgages.

(m) This senior floating rate interest will settle after September 30, 2021. If a reference rate and spread is presented, it will go into effect upon settlement.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2021.

PPM Core Plus Fixed Income Fund — Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Nordic Aviation Capital, 6.58%, 03/14/25

10/01/19

139,295

110,461

0.2


PPM Core Plus Fixed Income Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 10 Year Note	31	December 2021		4,116,556	4,359			(36,666)
United States 2 Year Note	10	January 2022		2,201,581	391			(1,034)
United States 5 Year Note	38	January 2022		4,686,625	3,350			(22,422)
United States Long Bond	14	December 2021		2,267,807	1,750			(38,745)
					9,850			(98,867)
Short Contracts
United States 10 Year Ultra Bond	(40)	December 2021		(5,894,754)	(6,875)			84,755

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 90.8%
Communication Services 17.2%
	Advantage Sales & Marketing Inc.
		6.50%, 11/15/28 (a)	292,000		304,203
	Altice Financing S.A.
		5.00%, 01/15/28 (a)	102,000		97,277
		5.75%, 08/15/29 (a)	157,000		152,119
	Altice France Holding S.A.
		5.13%, 07/15/29 (a)	202,000		198,361
		5.50%, 10/15/29 (a)	200,000		198,210
	Altice France S.A.
		7.38%, 05/01/26 (a)	202,000		209,597
		6.00%, 02/15/28 (a)	84,000		80,142
	AMC Entertainment Holdings, Inc.
		12.00%, 06/15/26 (a) (b)	85,000		82,215
	Audacy Capital Corp.
		6.75%, 03/31/29 (a)	263,000		265,151
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	194,000		202,123
	CCO Holdings, LLC
		5.13%, 05/01/27 (a)	108,000		112,469
		5.00%, 02/01/28 (a)	203,000		211,905
		5.38%, 06/01/29 (a)	351,000		379,268
		4.50%, 05/01/32	111,000		114,318
		4.25%, 01/15/34 (a)	125,000		124,203
	CenturyLink, Inc.
		5.13%, 12/15/26 (a)	112,000		116,132
		7.60%, 09/15/39	24,000		27,009
	Clear Channel International B.V.
		6.63%, 08/01/25 (a)	85,000		88,553
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a)	144,000		151,578
		7.50%, 06/01/29 (a)	154,000		160,542
	Connect Finco SARL
		6.75%, 10/01/26 (a)	60,000		62,792
	Consolidated Communications, Inc.
		6.50%, 10/01/28 (a)	91,000		99,202
	CSC Holdings, LLC
		5.38%, 02/01/28 (a)	448,000		468,046
		7.50%, 04/01/28 (a)	300,000		324,400
		4.50%, 11/15/31 (a)	305,000		301,391
	Cumulus Media New Holdings Inc.
		6.75%, 07/01/26 (a) (c)	326,000		337,472
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	93,000		61,610
		6.63%, 08/15/27 (a)	113,000		49,843
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	132,000		137,810
	DISH DBS Corporation
		5.88%, 11/15/24	86,000		92,450
		7.75%, 07/01/26	156,000		176,269
		5.13%, 06/01/29	93,000		91,237
	Embarq Corporation
		8.00%, 06/01/36	174,000		186,608
	Frontier Communications Parent, Inc.
		5.88%, 10/15/27 (a)	13,000		13,813
		5.00%, 05/01/28 (a)	93,000		97,643
		6.75%, 05/01/29 (a)	286,000		301,390
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	82,000		93,291
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		40,604
		8.38%, 05/01/27	326,651		348,947
		5.25%, 08/15/27 (a)	25,000		25,999
		4.75%, 01/15/28 (a)	50,000		51,508
	Intelsat Jackson Holdings S.A.
		8.00%, 02/15/24 (a)	125,000		128,244
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	204,000		217,105
		5.13%, 07/15/29 (a)	145,000		149,400
	Level 3 Financing, Inc.
		4.63%, 09/15/27 (a)	131,000		134,927
		4.25%, 07/01/28 (a)	122,000		123,176
		3.63%, 01/15/29 (a)	140,000		135,667
	Liberty Media Corporation
		8.25%, 02/01/30	172,000		191,212
	Live Nation Entertainment, Inc.
		4.88%, 11/01/24 (a)	171,000		172,888
		6.50%, 05/15/27 (a)	34,000		37,432
		3.75%, 01/15/28 (a)	40,000		39,796
	Lumen Technologies Inc.
		5.38%, 06/15/29 (a)	86,000		87,473
	Midas Opco Holdings LLC
		5.63%, 08/15/29 (a)	331,000		342,772
	Netflix, Inc.
		4.88%, 04/15/28	45,000		51,796
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	110,000		116,508
	Radiate HoldCo, LLC
		6.50%, 09/15/28 (a)	213,000		217,063
	Sirius XM Radio Inc.
		3.88%, 09/01/31 (a)	285,000		278,477
	Sprint Corporation
		7.88%, 09/15/23	25,000		27,940
		7.13%, 06/15/24	331,000		376,834
		7.63%, 03/01/26	25,000		30,292
		6.88%, 11/15/28	94,000		120,060
	SSL Robotics LLC
		9.75%, 12/31/23 (a)	32,000		34,775
	Telecom Italia SpA
		6.00%, 09/30/34	109,000		122,576
	Telesat Canada
		5.63%, 12/06/26 (a)	98,000		94,499
		6.50%, 10/15/27 (a)	201,000		174,273
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	290,000		307,071
	T-Mobile USA, Inc.
		3.38%, 04/15/29	149,000		155,567
	Townsquare Media, Inc.
		6.88%, 02/01/26 (a)	54,000		56,789
	Univision Communications Inc.
		6.63%, 06/01/27 (a)	125,000		135,572
	Virgin Media Secured Finance PLC
		4.50%, 08/15/30 (a)	39,000		39,597
				10,737,481
Energy 15.4%
	Aethon United BR LP
		8.25%, 02/15/26 (a)	250,000		269,986
	Antero Midstream Partners LP
		7.88%, 05/15/26 (a)	90,000		98,511
		5.38%, 06/15/29 (a)	149,000		153,825
	Apache Corporation
		4.75%, 04/15/43 (c)	178,000		192,726
	Archrock Partners, L.P.
		6.25%, 04/01/28 (a)	180,000		185,931
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	175,000		180,709
		8.25%, 12/31/28 (a)	56,000		61,098
	Baytex Energy Corp.
		8.75%, 04/01/27 (a)	153,000		158,363
	Bip-V Chinook
		5.50%, 06/15/31 (a)	250,000		265,768
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (a)	35,000		37,836
		6.63%, 07/15/26 (a)	57,000		59,423
	Buckeye Partners, L.P.
		4.50%, 03/01/28 (a)	167,000		169,858
		5.85%, 11/15/43	24,000		24,008
		5.60%, 10/15/44	19,000		18,568
	California Resources Corporation
		7.13%, 02/01/26 (a)	111,000		117,186
	Callon Petroleum Company
		6.38%, 07/01/26	104,000		99,428
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32 (a)	58,000		58,219

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
	Cheniere Energy, Inc.
		4.63%, 10/15/28	140,000		147,623
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	135,000		138,094
		6.38%, 06/15/26 (a)	10,000		10,165
	CNX Midstream Partners LP
		4.75%, 04/15/30 (a)	16,000		16,207
	Colgate Energy Partners III, LLC
		5.88%, 07/01/29 (a)	48,000		48,516
	Continental Resources, Inc.
		4.50%, 04/15/23	25,000		25,915
		3.80%, 06/01/24	97,000		101,685
	DT Midstream, Inc.
		4.13%, 06/15/29 (a)	101,000		102,842
		4.38%, 06/15/31 (a)	74,000		76,623
	Endeavor Energy Resources, L.P.
		6.63%, 07/15/25 (a)	85,000		89,814
		5.50%, 01/30/26 (a)	81,000		84,412
		5.75%, 01/30/28 (a)	93,000		97,921
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (d)	145,000		148,625
	Energy Transfer LP
		6.50%, (100, 08/15/26) (e)	30,000		31,198
		6.75%, (100, 05/15/25) (e)	106,000		108,812
		7.13%, (100, 05/15/30) (e)	62,000		64,690
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		167,372
		6.50%, 07/01/27 (a)	104,000		117,019
		4.75%, 01/15/31 (a)	206,000		214,242
		6.50%, 07/15/48	82,000		94,095
	EQT Corporation
		3.90%, 10/01/27	77,000		83,489
		5.00%, 01/15/29	33,000		37,240
		7.50%, 02/01/30 (f) (g)	55,000		70,778
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 (a)	144,000		149,397
		5.75%, 02/01/29 (a)	61,000		62,863
	Husky Energy Inc.
		13.00%, 02/15/25 (a) (b)	297,000		315,611
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	199,000		200,850
	MEG Energy Corp.
		6.50%, 01/15/25 (a)	62,000		63,789
		7.13%, 02/01/27 (a)	91,000		95,576
	Murphy Oil Corporation
		5.75%, 08/15/25	90,000		92,618
		5.88%, 12/01/27	170,000		177,073
	Nabors Industries Ltd
		7.50%, 01/15/28 (a)	102,000		96,636
	Newfield Exploration Co.
		5.63%, 07/01/24	149,000		165,130
	NuStar Logistics, L.P.
		6.00%, 06/01/26	85,000		92,213
		6.38%, 10/01/30	194,000		215,222
	Occidental Petroleum Corporation
		2.70%, 02/15/23	42,000		42,506
		6.95%, 07/01/24	198,000		223,222
		2.90%, 08/15/24	49,000		49,938
		3.50%, 06/15/25	35,000		36,369
		3.20%, 08/15/26	231,000		235,262
		8.88%, 07/15/30	80,000		108,682
		6.13%, 01/01/31	90,000		107,844
		7.50%, 05/01/31	100,000		129,875
		6.45%, 09/15/36	234,000		294,561
		7.95%, 06/15/39	55,000		72,879
		4.30%, 08/15/39	168,000		166,170
		6.60%, 03/15/46	139,000		175,261
	Ovintiv Exploration Inc.
		5.38%, 01/01/26	84,000		94,749
	PBF Holding Company LLC
		9.25%, 05/15/25 (a)	85,000		80,261
		6.00%, 02/15/28	85,000		54,273
	Precision Drilling Corporation
		7.13%, 01/15/26 (a)	87,000		89,377
		6.88%, 01/15/29 (a)	63,000		65,837
	Rockcliff Energy II LLC
		5.50%, 10/15/29 (a)	94,000		95,420
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (a) (c)	79,000		81,120
	Southwestern Energy Company
		7.75%, 10/01/27	90,000		97,217
		8.38%, 09/15/28	96,000		108,777
		5.38%, 03/15/30	80,000		86,400
	Tap Rock Resources LLC
		7.00%, 10/01/26 (a)	154,000		157,668
	Targa Resource Corporation
		5.00%, 01/15/28	107,000		112,615
		5.50%, 03/01/30	258,000		282,169
		4.88%, 02/01/31	56,000		60,404
		4.00%, 01/15/32 (a)	75,000		77,492
	Transocean Inc
		11.50%, 01/30/27 (a)	94,000		96,741
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	137,500		137,372
	Venture Global Calcasieu Pass, LLC
		3.88%, 08/15/29 (a)	189,000		194,769
		4.13%, 08/15/31 (a)	23,000		24,036
	Viper Energy Partners LP
		5.38%, 11/01/27 (a)	44,000		45,951
				9,641,015
Consumer Discretionary 14.5%
	Adient Global Holdings Ltd
		4.88%, 08/15/26 (a) (c)	144,000		147,495
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		77,297
		5.88%, 10/15/27	43,000		45,054
		7.25%, 10/15/29	47,000		51,752
	Boyd Gaming Corporation
		4.75%, 06/15/31 (a)	86,000		88,702
	Caesars Entertainment, Inc.
		4.63%, 10/15/29 (a)	96,000		97,348
	Carnival Corporation
		11.50%, 04/01/23 (a)	117,000		130,624
		7.63%, 03/01/26 (a)	121,000		129,135
		4.00%, 08/01/28 (a)	40,000		40,419
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	45,000		47,005
	Eldorado Resorts, Inc.
		8.13%, 07/01/27 (a)	186,000		209,038
	Ford Motor Company
		8.50%, 04/21/23	64,000		70,349
		9.00%, 04/22/25	64,000		76,977
		4.35%, 12/08/26	72,000		76,668
		6.63%, 10/01/28	83,000		99,585
		9.63%, 04/22/30	64,000		90,766
		7.45%, 07/16/31	79,000		103,163
		5.29%, 12/08/46	62,000		69,113
	Guitar Center Escrow Issuer II, Inc.
		8.50%, 01/15/26 (a)	190,000		203,752
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (a)	254,000		266,073
	Hilton Domestic Operating Company Inc.
		5.75%, 05/01/28 (a)	32,000		34,464
	Hilton Grand Vacations Borrower LLC
		5.00%, 06/01/29 (a)	201,000		205,102
		4.88%, 07/01/31 (a)	114,000		114,654
	IHOL Verwaltungs GmbH
		6.38%, 05/15/29 (a) (b)	161,000		175,881
	International Game Technology PLC
		5.25%, 01/15/29 (a)	141,000		150,754
	IRB Holding Corp.
		7.00%, 06/15/25 (a)	90,000		95,606
		6.75%, 02/15/26 (a)	115,000		118,296
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (a)	83,000		83,311
	KB Home
		4.80%, 11/15/29	66,000		71,941
	L Brands, Inc.
		7.50%, 06/15/29	140,000		159,096

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
		6.63%, 10/01/30 (a)	128,000		145,340
		6.88%, 11/01/35	165,000		207,099
	Life Time, Inc.
		5.75%, 01/15/26 (a)	142,000		146,993
		8.00%, 04/15/26 (a)	58,000		61,490
	MajorDrive Holdings IV LLC
		6.38%, 06/01/29 (a)	216,000		208,834
	Marriott Ownership Resorts, Inc.
		6.13%, 09/15/25 (a)	51,000		53,991
		4.75%, 01/15/28	64,000		65,277
	Mattel, Inc.
		5.88%, 12/15/27 (a)	55,000		59,576
	MCE Finance Limited
		5.38%, 12/04/29 (a)	110,000		111,915
	Meritage Homes Corporation
		3.88%, 04/15/29 (a)	109,000		114,430
	MGM China Holdings Limited
		4.75%, 02/01/27 (a)	57,000		56,218
	Midwest Gaming Borrower, LLC
		4.88%, 05/01/29 (a)	151,000		153,784
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	115,053		125,189
	New Golden Nugget Inc.
		6.75%, 10/15/24 (a)	70,000		70,088
	NMG Holding Company, Inc.
		7.13%, 04/01/26 (a)	145,000		154,050
	Panther BF Aggregator 2 LP
		8.50%, 05/15/27 (a)	130,000		138,311
	PetSmart, Inc.
		7.75%, 02/15/29 (a)	220,000		239,924
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	243,000		256,432
	QVC, Inc.
		5.45%, 08/15/34	215,000		230,086
	Rent-A-Center, Inc.
		6.38%, 02/15/29 (a)	85,000		91,694
	Royal Caribbean Cruises Ltd.
		10.88%, 06/01/23 (a)	177,000		197,846
		9.13%, 06/15/23 (a)	80,000		86,996
		4.25%, 07/01/26 (a)	124,000		121,478
		5.50%, 08/31/26 (a)	213,000		218,872
	Scientific Games International, Inc.
		5.00%, 10/15/25 (a)	107,000		110,022
		8.25%, 03/15/26 (a)	246,000		262,101
		7.00%, 05/15/28 (a)	91,000		98,264
	Seaworld Entertainment, Inc.
		5.25%, 08/15/29 (a)	186,000		190,277
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 - 04/01/29 (a)	232,000		238,367
	Staples, Inc.
		7.50%, 04/15/26 (a)	149,000		151,106
		10.75%, 04/15/27 (a)	161,000		156,650
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	142,000		146,901
	Tenneco Inc.
		7.88%, 01/15/29 (a)	50,000		55,840
		5.13%, 04/15/29 (a)	322,000		329,202
	The Gap, Inc.
		3.63%, 10/01/29 (a)	26,000		26,063
		3.88%, 10/01/31 (a)	188,000		188,018
	TKC Holdings, Inc.
		10.50%, 05/15/29 (a)	150,000		164,418
	Wyndham Destinations, Inc.
		6.63%, 07/31/26 (a)	101,000		115,029
		6.00%, 04/01/27 (f) (g)	65,000		72,113
		4.63%, 03/01/30 (a)	95,000		98,462
				9,048,166
Industrials 11.3%
	Aircastle Limited
		5.25%, 08/11/25 (a)	53,000		58,975
		4.25%, 06/15/26	216,000		235,516
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	137,000		144,953
		9.75%, 07/15/27 (a)	79,000		85,905
		4.63%, 06/01/28 (a)	61,000		60,858
	American Airlines, Inc.
		11.75%, 07/15/25 (a)	112,000		138,549
		5.50%, 04/20/26 (a)	118,000		124,010
		5.75%, 04/20/29 (a)	144,000		155,190
	APX Group, Inc.
		5.75%, 07/15/29 (a)	200,000		197,493
	Bombardier Inc.
		7.50%, 03/15/25 (a)	92,000		94,031
		7.13%, 06/15/26 (a)	97,000		101,779
	Builders FirstSource, Inc.
		6.75%, 06/01/27 (a)	127,000		134,186
		4.25%, 02/01/32 (a)	302,000		308,938
	Cargo Aircraft Management, Inc.
		4.75%, 02/01/28 (a)	166,000		171,622
	CP Atlas Buyer, Inc.
		7.00%, 12/01/28 (a)	178,000		179,367
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	111,000		129,676
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	100,000		103,019
		5.50%, 05/01/28 (a)	301,000		303,385
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	148,000		167,624
	General Electric Company
		3.45%, (3 Month USD LIBOR + 3.33%), (100, 12/15/21) (e) (h)	53,000		51,788
	GFL Environmental Inc.
		4.00%, 08/01/28 (a)	91,000		90,342
		3.50%, 09/01/28 (a)	151,000		151,894
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (a)	138,000		145,050
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,682
		3.00%, 01/15/29	204,000		205,283
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	172,000		180,266
	Masonite International Corporation
		5.38%, 02/01/28 (a)	60,000		63,166
	Pactiv Evergreen Group Issuer Incorporated
		4.38%, 10/15/28 (a)	157,000		157,486
	Pitney Bowes Inc.
		6.88%, 03/15/27 (a)	337,000		355,759
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	52,000		55,455
		5.75%, 04/15/26 (a)	81,000		87,594
		3.38%, 08/31/27 (a)	55,000		52,812
		6.25%, 01/15/28 (a)	201,000		207,900
	Roller Bearing Company of America, Inc.
		4.38%, 10/15/29 (a)	17,000		17,423
	Rolls-Royce PLC
		5.75%, 10/15/27 (a)	239,000		265,577
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (a)	42,000		46,851
	Spirit Airlines, Inc.
		8.00%, 09/20/25 (a)	84,277		94,898
	Summit Materials, LLC
		5.25%, 01/15/29 (a)	138,000		145,210
	Terex Corporation
		5.00%, 05/15/29 (a)	191,000		197,488
	TransDigm Inc.
		8.00%, 12/15/25 (a)	34,000		36,212
		6.25%, 03/15/26 (a)	296,000		309,536
	Transdigm UK Holdings PLC
		6.88%, 05/15/26	51,000		53,741
	Triumph Group, Inc.
		8.88%, 06/01/24 (a)	68,000		74,775
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (a)	232,000		252,149
		4.50%, 08/15/29 (a)	90,000		90,612
	United Airlines Pass Through Trust
		4.38%, 04/15/26 (a)	41,000		42,152
		4.63%, 04/15/29 (a)	208,000		215,025

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
	Univar Solutions USA Inc.
		5.13%, 12/01/27 (a)	62,000		65,125
	Vertical Holdco GmbH
		7.63%, 07/15/28 (a)	131,000		139,882
	Vertical U.S. Newco Inc.
		5.25%, 07/15/27 (a)	127,000		133,419
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	171,000		183,023
				7,067,651
Financials 10.3%
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (a)	188,000		207,451
	Aretec Escrow Issuer Inc
		7.50%, 04/01/29 (a)	161,000		165,641
	Citigroup Inc.
		5.00%, (100, 09/12/24) (e)	166,000		173,836
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (a) (e)	200,000		209,258
		6.25%, (100, 12/18/24) (a) (e) (i)	60,000		64,650
	EG Global Finance PLC
		6.75%, 02/07/25 (a)	180,000		184,050
		8.50%, 10/30/25 (a)	230,000		240,043
	FirstCash, Inc.
		4.63%, 09/01/28 (a)	126,000		130,776
	Ford Motor Credit Company LLC
		3.09%, 01/09/23	200,000		202,940
		5.13%, 06/16/25	132,000		143,405
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (a)	319,000		325,272
		6.63%, 01/15/27 (a)	150,000		146,406
	HUB International Limited
		7.00%, 05/01/26 (a)	129,000		133,394
	Icahn Enterprises L.P.
		6.25%, 05/15/26	259,000		271,743
		5.25%, 05/15/27	196,000		203,663
	IHS Luxembourg S.A R.L.
		5.75%, 04/15/25 (a)	35,000		36,089
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (b)	39,000		40,789
	Lions Gate Capital Holdings LLC
		5.50%, 04/15/29 (a)	316,000		326,771
	LPL Holdings, Inc.
		4.63%, 11/15/27 (a)	93,000		96,454
	LSF11 A5 HoldCo LLC
		6.63%, 10/15/29 (a)	103,000		103,000
	Markel Corporation
		6.00%, (100, 06/01/25) (e)	129,000		143,223
	Navient Corporation
		5.88%, 10/25/24	82,000		87,667
		6.75%, 06/25/25 - 06/15/26	309,000		339,029
		4.88%, 03/15/28	30,000		30,248
	NFP Corp.
		6.88%, 08/15/28 (a)	211,000		215,357
	Nielsen Finance LLC
		5.88%, 10/01/30 (a)	140,000		147,304
		4.75%, 07/15/31 (a)	215,000		209,285
	Nordic Aviation Capital
		4.79%, 02/27/24 (b) (d) (j)	81,782		61,337
		6.83%, 03/14/27 (b) (d) (j)	129,133		105,631
	Rocket Mortgage, LLC
		4.00%, 10/15/33 (a)	160,000		158,843
	SLM Corporation
		6.13%, 03/25/24	140,000		149,933
		5.63%, 08/01/33	90,000		85,290
	Springleaf Finance Corporation
		8.88%, 06/01/25	51,000		55,277
		7.13%, 03/15/26	105,000		121,433
		6.63%, 01/15/28	63,000		72,272
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (a)	200,000		210,000
	USA Compression Finance Corp.
		6.88%, 04/01/26 - 09/01/27	261,000		275,047
	VistaJet Malta Finance P.L.C.
		10.50%, 06/01/24 (a)	273,000		297,636
	ZF North America Capital, Inc.
		4.50%, 04/29/22 (a)	125,000		127,094
	Ziggo Bond Finance B.V.
		6.00%, 01/15/27 (a)	103,000		106,842
				6,404,379
Consumer Staples 5.9%
	Albertsons Companies, Inc.
		5.75%, 03/15/25	8,000		8,159
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	74,000		78,128
	JBS Finance Luxembourg S.a r.l.
		3.63%, 01/15/32 (a)	599,000		611,538
	JBS USA Food Company
		6.50%, 04/15/29 (a)	48,000		53,556
	Kraft Heinz Foods Company
		3.88%, 05/15/27	96,000		104,739
		4.25%, 03/01/31	31,000		34,999
		4.63%, 10/01/39	218,000		254,612
		4.88%, 10/01/49	153,000		186,307
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	290,000		276,934
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	192,000		198,916
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (a)	131,000		138,928
		4.25%, 04/15/31 (a)	210,000		224,555
		3.50%, 03/01/32 (a)	53,000		53,907
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	142,000		149,200
		4.63%, 04/15/30 (a)	77,000		77,626
	Safeway Inc.
		5.88%, 02/15/28 (a)	157,000		167,150
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a) (c)	303,000		299,837
	Turning Point Brands, Inc.
		5.63%, 02/15/26 (a)	139,000		144,964
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a)	198,000		214,325
	United Rentals (North America), Inc.
		3.75%, 01/15/32	155,000		156,816
	Vector Group Ltd.
		5.75%, 02/01/29 (a)	71,000		71,034
	Verscend Holding Corp.
		9.75%, 08/15/26 (a)	147,000		155,104
				3,661,334
Materials 5.6%
	Ardagh Packaging Finance Public Limited Company
		5.25%, 08/15/27 (a)	217,000		221,336
	Carpenter Technology Corporation
		6.38%, 07/15/28	63,000		67,523
	Cascades Inc.
		5.13%, 01/15/26 (a)	23,000		24,461
		5.38%, 01/15/28 (a)	132,000		138,461
	CVR Partners, LP
		9.25%, 06/15/23 (a)	34,000		34,085
		6.13%, 06/15/28 (a)	76,000		79,710
	Diamond (BC) B.V.
		4.63%, 10/01/29 (a)	50,000		50,751
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (a)	110,000		113,066
		6.88%, 10/15/27 (a)	140,000		148,045
	Flex Acquisition Company, Inc.
		6.88%, 01/15/25 (a)	155,000		156,847
	FMG Resources (August 2006) Pty Ltd
		5.13%, 05/15/24 (a) (c)	65,000		69,432
		4.38%, 04/01/31 (a)	148,000		153,014
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	117,000		122,167
		5.40%, 11/14/34	108,000		129,764
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	108,000		110,278
	Hexion Inc.
		7.88%, 07/15/27 (a) (c)	163,000		174,344

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
	Hudbay Minerals Inc.
		4.50%, 04/01/26 (a)	58,000		57,490
		6.13%, 04/01/29 (a)	277,000		290,277
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	155,000		162,820
		5.25%, 06/01/27 (a)	296,000		311,106
		4.25%, 05/15/29 (a)	97,000		97,004
	Rayonier Advanced Materials Inc.
		5.50%, 06/01/24 (a) (c)	90,000		90,225
		7.63%, 01/15/26 (a)	201,384		212,874
	The Chemours Company
		5.75%, 11/15/28 (a)	225,000		236,059
	United States Steel Corporation
		6.25%, 03/15/26 (c)	32,000		32,987
		6.88%, 03/01/29 (c)	193,000		205,800
				3,489,926
Health Care 5.2%
	AdaptHealth, LLC
		6.13%, 08/01/28 (a)	45,000		47,808
		4.63%, 08/01/29 (a)	54,000		53,997
	Bausch Health Companies Inc.
		6.13%, 04/15/25 (a)	208,000		212,453
		8.50%, 01/31/27 (a)	142,000		151,460
		7.00%, 01/15/28 (a)	51,000		52,251
		5.00%, 01/30/28 (a)	40,000		37,934
		4.88%, 06/01/28 (a)	41,000		42,514
		6.25%, 02/15/29 (a)	138,000		136,525
	Centene Corporation
		3.38%, 02/15/30	88,000		91,106
		2.50%, 03/01/31	95,000		93,605
	Community Health Systems, Inc.
		6.00%, 01/15/29 (a)	22,000		23,318
		6.88%, 04/15/29 (a)	112,000		112,139
		4.75%, 02/15/31 (a)	153,000		153,958
	Endo Designated Activity Company
		9.50%, 07/31/27 (a) (c)	187,000		187,299
		6.00%, 06/30/28 (a) (c)	194,000		138,755
	Endo Luxembourg Finance Company I S.a r.l.
		6.13%, 04/01/29 (a)	118,000		117,922
	HCA Inc.
		5.38%, 02/01/25	109,000		121,784
	IQVIA Inc.
		5.00%, 05/15/27 (a)	125,000		129,894
	Mednax, Inc.
		6.25%, 01/15/27 (a)	117,000		123,066
	Mozart Debt Merger Sub Inc
		3.88%, 04/01/29 (a)	215,000		215,000
		5.25%, 10/01/29 (a)	153,000		153,000
	Ortho-Clinical Diagnostics, Inc.
		7.38%, 06/01/25 (a)	90,000		94,938
		7.25%, 02/01/28 (a)	27,000		28,925
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	89,000		90,504
	Tenet Healthcare Corporation
		6.75%, 06/15/23	76,000		81,855
		7.50%, 04/01/25 (a)	118,000		125,289
		4.88%, 01/01/26 (a)	93,000		96,252
		5.13%, 11/01/27 (a)	183,000		191,315
		6.13%, 10/01/28 (a)	140,000		146,916
				3,251,782
Information Technology 3.0%
	ams AG
		7.00%, 07/31/25 (a)	416,000		445,040
	Arches Buyer Inc.
		6.13%, 12/01/28 (a)	19,000		19,363
	Booz Allen Hamilton Inc.
		3.88%, 09/01/28 (a)	83,000		85,123
		4.00%, 07/01/29 (a)	67,000		68,693
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (a)	46,000		49,103
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	95,000		98,688
		8.25%, 03/01/27 (a)	93,000		97,436
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (a)	85,000		86,294
	Entegris, Inc.
		4.38%, 04/15/28 (a)	82,000		85,911
	LogMeIn, Inc.
		5.50%, 09/01/27 (a)	67,000		68,040
	MPH Acquisition Holdings LLC
		5.75%, 11/01/28 (a) (c)	189,000		178,040
	Open Text Corporation
		3.88%, 02/15/28 (a)	112,000		114,417
		4.13%, 02/15/30 (a)	150,000		154,942
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	230,000		236,072
		6.50%, 07/15/28 (a)	91,000		95,892
				1,883,054
Real Estate 1.8%
	Cushman & Wakefield PLC
		6.75%, 05/15/28 (a)	93,000		100,872
	EPR Properties
		3.75%, 08/15/29	308,000		318,203
	Service Properties Trust
		5.25%, 02/15/26	373,000		375,514
	Uniti Group Inc.
		7.88%, 02/15/25 (a)	55,000		58,098
		6.50%, 02/15/29 (a)	144,000		148,138
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	51,000		53,260
		3.75%, 02/15/27 (a)	59,000		61,088
		4.63%, 12/01/29 (a)	15,000		16,236
				1,131,409
Utilities 0.6%
	Calpine Corporation
		4.50%, 02/15/28 (a)	97,000		98,977
		5.13%, 03/15/28 (a)	65,000		65,831
		3.75%, 03/01/31 (a)	115,000		110,956
	Pacific Gas And Electric Company
		5.00%, 07/01/28 (c)	75,000		76,421
				352,185
	Total Corporate Bonds And Notes (cost $54,266,167)			56,668,382
SENIOR FLOATING RATE INSTRUMENTS 5.2%
Consumer Discretionary 1.3%
	Great Outdoors Group, LLC
		2021 Term Loan B, 5.00%, (3 Month USD LIBOR + 4.25%), 02/26/28 (h)	289,810		290,679
	Life Time Fitness Inc
		2021 Term Loan B, 5.75%, (3 Month USD LIBOR + 4.75%), 12/31/24 (h)	89,774		90,392
	Michaels Companies, Inc.
		2021 Term Loan B, 5.00%, (3 Month USD LIBOR + 4.25%), 04/08/28 (h)	123,491		123,546
	Mileage Plus Holdings LLC
		2020 Term Loan B, 6.25%, (3 Month USD LIBOR + 5.25%), 12/31/23 (h)	49,200		52,245
	Rent-A-Center, Inc.
		2021 First Lien Term Loan B, 3.37%, (1 Month USD LIBOR + 3.25%), 02/04/28 (h)	149,625		149,999
	TGP Holdings III, LLC
		2021 Term Loan, 4.25%, (3 Month USD LIBOR + 3.50%), 06/24/28 (h)	101,571		101,508
				808,369
Information Technology 1.2%
	Almonde, Inc.
		USD 1st Lien Term Loan, 4.50%, (6 Month USD LIBOR + 3.50%), 04/26/24 (h)	65,613		65,045
	CoreLogic, Inc.
		Term Loan, 4.00%, (1 Month USD LIBOR + 3.50%), 04/14/28 (h)	91,000		90,886
	LogMeIn, Inc.
		Term Loan B, 4.83%, (3 Month USD LIBOR + 4.75%), 08/31/27 (h)	67,660		67,607
	Peraton Corp.
		Term Loan B, 4.50%, (1 Month USD LIBOR + 3.75%), 02/22/28 (h)	145,270		145,293

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021


			Shares/Par¹		Value ($)
	RealPage, Inc
		1st Lien Term Loan, 3.75%, (1 Month USD LIBOR + 3.25%), 02/18/28 (h)	148,802		148,290
	Redstone Holdco 2 LP
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 04/27/28 (h)	150,000		147,375
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 4.13%, (3 Month USD LIBOR + 4.00%), 08/09/25 (h)	62,640		61,327
				725,823
Industrials 0.7%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 03/10/28 (h)	187,000		193,259
	Dynasty Acquisition Co., Inc.
		2020 CAD Term Loan B2, 3.65%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	23,643		23,104
		2020 Term Loan B1, 3.65%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	43,977		42,974
	Hertz Corporation, (The)
		2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 3.50%), 06/11/28 (h) (k)	10,753		10,755
		2021 Term Loan C, 0.00%, (3 Month USD LIBOR + 3.50%), 06/11/28 (h) (k)	2,027		2,027
		2021 Term Loan B, 4.00%, (1 Month USD LIBOR + 3.50%), 06/11/28 (h)	115,172		115,190
		2021 Term Loan C, 4.00%, (1 Month USD LIBOR + 3.50%), 06/11/28 (h)	21,760		21,763
	United Airlines, Inc.
		2021 Term Loan B, 4.50%, (3 Month USD LIBOR + 3.75%), 04/14/28 (h)	53,830		54,160
				463,232
Communication Services 0.7%
	Allen Media, LLC
		2020 Term Loan B, 0.00%, (3 Month USD LIBOR + 5.50%), 02/05/27 (h) (k)	59,895		59,802
		Term Loan, 0.00%, (3 Month USD LIBOR + 5.50%), 02/10/27 (h) (k)	54,450		54,365
	Consolidated Communications, Inc.
		2021 Term Loan B, 4.25%, (1 Month USD LIBOR + 3.50%), 09/15/27 (h)	40,800		40,819
	GOGO Intermediate Holdings LLC
		Term Loan B, 4.50%, (3 Month USD LIBOR + 3.75%), 04/21/28 (h)	153,336		153,463
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 5.50%, (3 Month USD LIBOR + 4.50%), 06/20/24 (h)	100,000		95,031
				403,480
Health Care 0.5%
	Advisor Group, Inc.
		2021 Term Loan, 4.58%, (1 Month USD LIBOR + 4.50%), 07/31/26 (h)	83,932		84,018
	Illuminate Merger Sub Corp.
		Term Loan, 4.00%, (3 Month USD LIBOR + 3.50%), 06/30/28 (h)	154,000		153,840
	Lonza Group AG
		USD Term Loan B, 4.75%, (6 Month USD LIBOR + 4.00%), 04/29/28 (h)	81,871		82,090
				319,948
Financials 0.4%
	Acrisure, LLC
		2020 Term Loan B, 3.61%, (3 Month USD LIBOR + 3.50%), 01/30/27 (h)	96,284		95,301
	Raptor Acquisition Corp.
		2021 Term Loan, 0.00%, (3 Month USD LIBOR + 4.00%), 11/01/26 (h) (k)	100,000		100,275
		2021 Term Loan, 4.13%, (3 Month USD LIBOR + 4.00%), 11/01/26 (h)	55,000		55,151
				250,727
Materials 0.2%
	Groupe Solmax Inc.
		Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 12/30/24 (h)	115,242		115,002
Consumer Staples 0.1%
	Sunshine Software Merger Sub, Inc.
		Term Loan, 0.00%, (3 Month USD LIBOR + 3.75%), 09/08/26 (h) (k)	69,876		69,701
Energy 0.1%
	Lower Cadence Holdings LLC
		Term Loan B, 4.09%, (3 Month USD LIBOR + 4.00%), 05/10/26 (h)	63,665		63,586
	Total Senior Floating Rate Instruments (cost $3,210,881)			3,219,868
INVESTMENT COMPANIES 0.9%
	iShares Broad USD High Yield Corporate Bond ETF		14,096		584,984
	Total Investment Companies (cost $579,496)			584,984
COMMON STOCKS 0.3%
Communication Services 0.2%
	Clear Channel Outdoor Holdings, Inc. (l)		8,143		22,068
	iHeartMedia, Inc. - Class A (l)		3,283		82,141
				104,209
Energy 0.1%
	MPLX LP		2,200		62,634
	Total Common Stocks (cost $175,217)			166,843
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.0%
	Air Canada 2020-2 Class A Pass Through Trust
		Series 2020-A-2, 5.25%, 04/01/29	18,743		20,404
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $18,743)			20,404
SHORT TERM INVESTMENTS 5.3%
Investment Companies 3.0%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.03% (m)		1,903,656		1,903,656
Securities Lending Collateral 2.3%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.03% (m)		1,409,790		1,409,790
	Total Short Term Investments (cost $3,313,446)			3,313,446
Total Investments 102.5% (cost $61,563,950)					63,973,927
Other Assets and Liabilities, Net (2.5)%					(1,559,705)
Total Net Assets 100.0%					62,414,222

(b) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(d) Security is restricted to resale to institutional investors. See Restricted Securities table following the Schedules of Investments.

(e) Perpetual security. Next contractual call price and date are presented in parentheses, if applicable.

(f) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2021.

(g) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2021.

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(i) Convertible security.

(j) Security fair valued in good faith as a Level 3 security in accordance with the

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021

procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(k) This senior floating rate interest will settle after September 30, 2021. If a reference rate and spread is presented, it will go into effect upon settlement.

(l) Non-income producing security.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2021.


PPM High Yield Core Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Energean Israel Finance Ltd, 4.88%, 03/30/26	03/09/21	145,563	148,625	0.2
	Nordic Aviation Capital, 4.79%, 02/27/24	02/06/20	81,782	61,337	0.1
	Nordic Aviation Capital, 6.83%, 03/14/27	10/01/19	129,133	105,631	0.2
			356,478	315,593	0.5


PPM High Yield Core Fund – Unfunded Commitments
	Unfunded Commitment ($)	Unrealized Appreciation/ (Depreciation) ($)
TGP Holdings III, LLC - 2021 Delayed Draw Term Loan	13,393	(22)

Abbreviations and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021

Currency Abbreviations:

USD - United States Dollar

CAD - Canadian Dollar

Abbreviations:


DIP - Debtor-in-Possession
ETF - Exchange Traded Fund
LIBOR – London Interbank Offered Rate
REMIC - Real Estate Mortgage Investment Conduit
TBA - To Be Announced (Securities purchased on a delayed delivery basis)
U.S. or US - United States

¹Par and notional amounts are listed in USD unless otherwise noted. Futures are quoted in contracts.

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2021

Securities Lending and Securities Lending Collateral. All Funds are approved to participate in agency based securities lending with State Street Bank and Trust Company (“State Street” or “Custodian”). Per the securities lending agreements, State Street is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: US equities – 102%; US corporate fixed income – 102%; US government fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral requirements are evaluated at the close of each business day; any additional collateral required is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. State Street has agreed to indemnify the Funds in the event of default by a third party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, in addition to lending fees and rebates negotiated with the borrower. The Funds bear the market risk with respect to the collateral investment and securities loaned. The Funds also bear the risk that State Street may default on its obligations to the Funds. Non-cash collateral may include US government securities; US government agencies’ debt securities; and US government-sponsored agencies’ debt securities and mortgage-backed securities. For non-cash collateral, the Funds receive lending fees negotiated with the borrower. State Street has agreed to indemnify the Funds with respect to the market risk related to the non-cash collateral investments.

The cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund and a series of State Street Navigator Securities Lending Trust, which is an open-end management company registered under the Investment Company Act of 1940, as amended (“the1940 Act”). The Funds also bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of the State Street Navigator Securities Lending Government Money Market Portfolio.

Security Valuation. Under the Trust’s valuation policy and procedures, the Board of Trustees (“Board” or “Trustees”) has delegated the daily operational oversight of the securities valuation function to the Jackson National Asset Management LLC ("JNAM" or "Administrator") Valuation Committee (“Valuation Committee”), which consists of certain officers of the Trust and certain members of JNAM management. The Valuation Committee is responsible for determining fair valuations for any security for which market quotations are not readily available or are determined to be not reflective of market value. For those securities fair valued under procedures adopted by the Board, the Valuation Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Valuation Committee’s fair valuation determinations are subject to review by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. For fair valuation determinations that are deemed material, the Board is promptly notified of the fair valuation.

The net asset value ("NAV") of a Fund's shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). However, consistent with legal requirements, calculation of the Fund’s NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Funds’ NAVs. Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter (“OTC”) market. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Debt and derivative securities are generally valued by independent pricing services approved by the Board. If a valuation from a third-party pricing service is unavailable or it is determined that such valuation does not approximate fair market value, debt obligations with remaining maturities of sixty (60) days or less may be valued at their amortized cost, unless it is determined that such practice also does not approximate fair market value. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day’s mid-price.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of US securities markets. Securities are fair valued based on observable and unobservable inputs, including the Administrator's or Valuation Committee’s own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Administrator may utilize pricing services or other sources in determining the fair value of an investment. Factors considered to determine fair value may include fundamental analytical data relating to the security; the nature and duration of restrictions, if any, on the disposition of the security; trading volume on markets, exchanges, or among dealers; evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other financial information about the issuer; the cost of the security at its date of purchase; the size of the Fund’s holding; the discount from market value of unrestricted securities of the same class, if applicable, at the time of purchase or at a later date; reports prepared by analysts; information as to any transactions in or offers for the security; the existence of any merger proposal, tender offer or other extraordinary event relating to the security; the price and extent of public or dealer trading in similar securities or derivatives of the issuer or of comparable companies; trading in depositary receipts; foreign

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Schedules of Investments (Unaudited)

September 30, 2021

currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

If an investment is valued at a fair value for purposes of calculating a Fund’s NAV, the value may be different from the last quoted price for the investment depending on the source and method used to determine the value. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurement". This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:

Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds.

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third-party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, including certain term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, swap agreements valued by pricing services, American Depositary Receipts and Global Depositary Receipts for which quoted prices in active markets are not available or securities limited by foreign ownership.

Level 3 includes valuations determined from significant unobservable inputs including the Administrator's own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index or changes in comparable securities’ models. Level 3 valuations include securities; term loans that do not meet certain liquidity thresholds; securities where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; private placements; or investments for which reliable quotes are otherwise not available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes each Fund’s investments in securities and other financial instruments as of September 30, 2021, by valuation level.


	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		28,796,569		110,461	28,907,030
Government And Agency Obligations	—		22,957,712		—	22,957,712
Non-U.S. Government Agency Asset-Backed Securities	—		4,371,491		—	4,371,491
Senior Floating Rate Instruments	—		1,259,928		—	1,259,928
Short Term Investments	3,389,327		—		—	3,389,327
	3,389,327		57,385,700		110,461	60,885,488
Assets - Investments in Other Financial Instruments¹
Futures Contracts	84,755		—		—	84,755
	84,755		—		—	84,755
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(98,867	)	—		—	(98,867	)
	(98,867	)	—		—	(98,867	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		56,501,414		166,968	56,668,382
Senior Floating Rate Instruments	—		3,219,868		—	3,219,868
Investment Companies	584,984		—		—	584,984
Common Stocks	166,843		—		—	166,843
Non-U.S. Government Agency Asset-Backed Securities	—		20,404		—	20,404
Short Term Investments	3,313,446		—		—	3,313,446
	4,065,273		59,741,686		166,968	63,973,927
Liabilities - Securities
Senior Floating Rate Instruments²	—		(22	)	—	(22	)
	—		(22	)	—	(22	)

¹ All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

² Unfunded commitments are not reflected in total investments in the Schedule of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability, if applicable, in the table. See Unfunded Commitments table following Schedule of Investments.

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Schedules of Investments (Unaudited)

September 30, 2021

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security’s valuation. There were no significant transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at September 30, 2021.

Unfunded Commitments. Certain Funds may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market daily.

For additional information on the Funds’ policies regarding valuation of investments and other significant accounting matters, please refer to the Funds’ most recent annual or semi-annual report.

PPM Funds NPORT-PPPM High Yield Core Fund (Sep 2021 report)