PPM Funds NPORT-P PPM High Yield Core Fund (Mar 2022 report)

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 49.5%
Financials 19.6%
	AerCap Ireland Capital Designated Activity Company
		6.50%, 07/15/25	50,000		53,026
		2.45%, 10/29/26	165,000		152,531
		3.00%, 10/29/28	163,000		150,260
		3.30%, 01/30/32	195,000		176,260
	Aon Corporation
		3.90%, 02/28/52	49,000		48,311
	Ares Finance Co. IV LLC
		3.65%, 02/01/52 (a)	66,000		56,102
	Bank of America Corporation
		6.30%, (100, 03/10/26) (b) (c)	45,000		47,855
		4.00%, 01/22/25	46,000		46,842
		4.25%, 10/22/26	165,000		169,653
		3.56%, 04/23/27	115,000		115,415
		1.73%, 07/22/27	103,000		95,745
		3.59%, 07/21/28	150,000		150,274
		4.27%, 07/23/29	333,000		343,684
		2.59%, 04/29/31	100,000		92,376
		2.30%, 07/21/32	265,000		235,837
		2.68%, 06/19/41	65,000		55,073
	Barclays PLC
		3.56%, 09/23/35 (d)	295,000		270,080
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	123,000		106,630
	BlackRock, Inc.
		2.10%, 02/25/32	268,000		242,045
	Blackstone Holdings Finance Co. L.L.C.
		2.00%, 01/30/32 (a)	142,000		123,666
	Blackstone Private Credit Fund
		1.75%, 09/15/24 (a)	52,000		48,823
		2.63%, 12/15/26 (a)	99,000		88,846
		3.25%, 03/15/27 (a)	141,000		129,455
		4.00%, 01/15/29 (a)	60,000		55,477
	Blackstone Secured Lending Fund
		2.85%, 09/30/28 (a)	135,000		117,146
	BNP Paribas
		2.16%, 09/15/29 (a)	110,000		98,088
		2.59%, 08/12/35 (a) (d)	150,000		130,034
	Canadian Imperial Bank of Commerce
		3.60%, 04/07/32 (d)	110,000		109,532
	Citigroup Inc.
		5.00%, (100, 09/12/24) (c)	83,000		82,260
		4.45%, 09/29/27	76,000		78,376
		3.52%, 10/27/28	131,000		129,983
		2.67%, 01/29/31	224,000		207,043
		2.57%, 06/03/31	142,000		129,606
		3.06%, 01/25/33	135,000		126,359
		3.79%, 03/17/33	78,000		77,513
	CNO Global Funding
		1.75%, 10/07/26 (a)	150,000		138,566
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (a) (c)	200,000		184,697
		7.50%, (100, 12/11/23) (a) (b) (c) (d)	150,000		154,901
		6.50%, 08/08/23 (a) (d)	250,000		256,400
	Deutsche Bank Aktiengesellschaft
		3.73%, 01/14/32 (b) (d)	100,000		88,702
		3.04%, 05/28/32 (d)	90,000		80,469
	F&G Global Funding
		2.00%, 09/20/28 (a)	120,000		107,380
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	75,000		76,878
		4.95%, 05/28/27	128,000		130,137
	FS KKR Capital Corp.
		3.40%, 01/15/26	102,000		98,878
		3.13%, 10/12/28 (b)	90,000		80,401
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	75,000		79,049
	HSBC Holdings PLC
		2.80%, 05/24/32	200,000		182,079
	Icahn Enterprises L.P.
		4.75%, 09/15/24	100,000		100,502
		6.25%, 05/15/26	69,000		70,808
	Jane Street Group, LLC
		4.50%, 11/15/29 (a)	34,000		32,207
	JBS Finance Luxembourg S.a r.l.
		2.50%, 01/15/27 (a)	68,000		63,351
	JPMorgan Chase & Co.
		2.01%, 03/13/26	132,000		127,267
		2.95%, 02/24/28	86,000		83,945
		2.07%, 06/01/29	174,000		159,591
		2.74%, 10/15/30	215,000		203,217
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (c) (d)	109,000		116,630
		3.87%, 07/09/25 (d)	200,000		201,718
	LSEGA Financing PLC
		2.50%, 04/06/31 (a)	90,000		82,235
		3.20%, 04/06/41 (a)	28,000		25,282
	Macquarie Group Limited
		2.87%, 01/14/33 (a)	82,000		72,743
	Markel Corporation
		6.00%, (100, 06/01/25) (b) (c)	78,000		81,378
	Morgan Stanley
		0.99%, 12/10/26	200,000		184,032
		1.51%, 07/20/27	135,000		124,351
		3.62%, 04/01/31	206,000		205,210
		2.51%, 10/20/32	300,000		271,656
		2.94%, 01/21/33	64,000		59,969
		2.48%, 09/16/36	90,000		77,230
	NatWest Group PLC
		3.07%, 05/22/28 (d)	124,000		118,939
		3.03%, 11/28/35 (d)	100,000		88,507
	NatWest Markets PLC
		1.60%, 09/29/26 (a)	242,000		221,608
	New York Life Global Funding
		1.85%, 08/01/31 (a)	119,000		104,282
	Nordic Aviation Capital
		0.00%, 03/14/25 (e) (f) (g) (h) (i)	139,295		105,586
	Owl Rock Capital Corporation
		3.40%, 07/15/26	87,000		81,790
	Rassman, Joel H.
		3.80%, 11/01/29 (b)	190,000		184,022
	S&P Global Inc.
		4.25%, 05/01/29 (a)	73,000		76,816
	The Goldman Sachs Group, Inc.
		3.50%, 04/01/25	82,000		82,548
		2.64%, 02/24/28	183,000		175,145
		3.80%, 03/15/30	211,000		212,668
		2.62%, 04/22/32	39,000		35,449
		2.38%, 07/21/32	170,000		151,066
		3.10%, 02/24/33	127,000		119,837
		6.75%, 10/01/37	70,000		87,978
	The Hartford Financial Services Group, Inc.
		2.90%, 09/15/51 (b)	66,000		54,540
	The Toronto-Dominion Bank
		3.20%, 03/10/32 (d)	96,000		94,321
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (c)	200,000		192,437
	Wells Fargo & Company
		3.53%, 03/24/28	239,000		238,684
	Westpac Banking Corporation
		2.67%, 11/15/35 (d)	48,000		41,780
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (a)	144,000		143,971
				10,954,039
Energy 5.5%
	Aker BP ASA
		3.75%, 01/15/30 (a)	155,000		151,715
	BP Capital Markets America Inc.
		2.72%, 01/12/32	110,000		103,662
	Cenovus Energy Inc.
		2.65%, 01/15/32 (b)	217,000		196,182
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	54,000		57,153

Abbreviations and additional footnotes are defined on page 13

1

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32 (a)	33,000		30,055
	Cheniere Energy, Inc.
		4.63%, 10/15/28	65,000		65,388
		4.50%, 10/01/29	125,000		125,610
	Continental Resources, Inc.
		5.75%, 01/15/31 (a)	95,000		103,822
	Devon Energy Corporation
		5.88%, 06/15/28	39,000		41,197
		4.50%, 01/15/30	34,000		34,905
	Endeavor Energy Resources, L.P.
		5.75%, 01/30/28 (a)	14,000		14,445
	Energy Transfer LP
		6.50%, (100, 08/15/26) (b) (c)	110,000		108,387
		6.75%, (100, 05/15/25) (b) (c)	102,000		99,209
		7.13%, (100, 05/15/30) (c)	119,000		115,992
		3.75%, 05/15/30	142,000		139,918
		5.80%, 06/15/38	45,000		48,760
		6.25%, 04/15/49	40,000		45,881
	Enlink Midstream, LLC
		4.15%, 06/01/25	71,000		70,769
	EQM Midstream Partners, LP
		4.13%, 12/01/26 (b)	113,000		108,483
		4.50%, 01/15/29 (a)	49,000		46,045
	EQT Corporation
		3.13%, 05/15/26 (a)	10,000		9,697
		3.90%, 10/01/27	47,000		46,905
	Helmerich & Payne, Inc.
		2.90%, 09/29/31 (a)	45,000		41,312
	Marathon Oil Corporation
		4.40%, 07/15/27	103,000		106,504
	NuStar Logistics, L.P.
		5.75%, 10/01/25	11,000		11,234
	Occidental Petroleum Corporation
		4.30%, 08/15/39	20,000		18,876
	Rattler Midstream LP
		5.63%, 07/15/25 (a)	15,000		15,207
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	300,000		308,169
		4.50%, 05/15/30	80,000		83,835
	Santos Finance Ltd
		3.65%, 04/29/31 (a)	153,000		143,598
	Southwestern Energy Company
		4.75%, 02/01/32	60,000		59,930
	Targa Resources Corp.
		5.50%, 03/01/30	140,000		145,465
		4.88%, 02/01/31	56,000		56,434
		4.20%, 02/01/33	46,000		46,427
		4.95%, 04/15/52	64,000		63,360
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	12,300		12,222
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	45,937		45,475
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	87,500		86,835
	Venture Global Calcasieu Pass, LLC
		3.88%, 11/01/33 (a)	70,000		66,906
				3,075,969
Consumer Discretionary 5.1%
	Amazon.com, Inc.
		2.10%, 05/12/31	115,000		106,932
		2.88%, 05/12/41	90,000		83,038
		3.10%, 05/12/51	55,000		51,663
	BMW US Capital, LLC
		3.70%, 04/01/32 (a)	97,000		98,033
	Booking Holdings Inc.
		4.63%, 04/13/30	149,000		161,811
	Carnival Corporation
		4.00%, 08/01/28 (a)	51,000		47,538
	Cedar Fair, L.P.
		5.50%, 05/01/25 (a)	83,000		85,254
	General Motors Company
		6.80%, 10/01/27	39,000		44,021
	General Motors Financial Company, Inc.
		2.40%, 04/10/28	100,000		90,676
		3.10%, 01/12/32 (b)	161,000		144,873
	Hilton Domestic Operating Company Inc.
		5.38%, 05/01/25 (a)	33,000		33,761
		5.75%, 05/01/28 (a)	33,000		34,151
	Hyatt Hotels Corporation
		5.38%, 04/23/25 (j) (k)	45,000		47,162
	Kohl's Corporation
		3.38%, 05/01/31 (b) (k)	85,000		81,600
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	36,000		30,606
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (k)	11,000		11,430
	Macys Retail Holdings
		5.88%, 03/15/30 (a) (b)	69,000		68,104
		6.13%, 03/15/32 (a)	65,000		64,192
	Magallanes, Inc.
		4.28%, 03/15/32 (a)	107,000		107,603
		5.05%, 03/15/42 (a)	205,000		209,140
		5.14%, 03/15/52 (a)	128,000		131,038
		5.39%, 03/15/62 (a)	44,000		45,462
	Marriott International, Inc.
		3.75%, 03/15/25	60,000		60,553
		5.75%, 05/01/25 (k)	6,000		6,371
	Mattel, Inc.
		3.38%, 04/01/26 (a)	63,000		61,780
	Meritage Homes Corporation
		3.88%, 04/15/29 (a) (b)	80,000		76,175
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	35,026		36,467
	Newell Brands Inc.
		4.88%, 06/01/25	46,000		47,522
	NIKE, Inc.
		3.25%, 03/27/40	74,000		71,918
	NVR, Inc.
		3.00%, 05/15/30	134,000		125,141
	Prosus N.V.
		4.19%, 01/19/32 (a)	73,000		64,005
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (a)	200,000		175,536
	Restaurant Brands International Limited Partnership
		3.88%, 01/15/28 (a)	19,000		18,022
		3.50%, 02/15/29 (a)	16,000		14,784
	Ross Stores, Inc.
		4.60%, 04/15/25 (b)	99,000		102,954
	Royal Caribbean Cruises Ltd.
		11.50%, 06/01/25 (a)	13,000		14,284
	Sands China Ltd.
		2.55%, 03/08/27 (a) (j) (k)	200,000		170,743
				2,824,343
Health Care 4.5%
	AbbVie Inc.
		3.20%, 11/21/29	135,000		133,420
		4.50%, 05/14/35	55,000		59,010
	Amgen Inc.
		3.35%, 02/22/32 (b)	97,000		96,197
		3.15%, 02/21/40	64,000		58,599
		4.20%, 02/22/52	37,000		38,320
	Ascension Health
		2.53%, 11/15/29	28,000		26,975
	Bausch Health Companies Inc.
		5.50%, 11/01/25 (a)	22,000		21,953
		8.50%, 01/31/27 (a) (b)	21,000		20,939
		6.13%, 02/01/27 (a) (b)	77,000		77,568
		4.88%, 06/01/28 (a)	78,000		74,699
	Baylor Scott & White Holdings
		2.84%, 11/15/50	54,000		46,815
	Centene Corporation
		4.63%, 12/15/29	60,000		60,584
		3.38%, 02/15/30	238,000		224,363
		3.00%, 10/15/30	192,000		176,726
	Cigna Holding Company
		3.40%, 03/01/27	114,000		114,983

Abbreviations and additional footnotes are defined on page 13

2

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
		4.80%, 08/15/38	28,000		30,771
	CVS Health Corporation
		4.30%, 03/25/28	21,000		22,016
		4.78%, 03/25/38	190,000		207,742
	HCA Inc.
		5.38%, 02/01/25	130,000		135,504
		5.88%, 02/15/26	30,000		31,911
		3.63%, 03/15/32 (a)	117,000		114,657
	Indiana University Health, Inc.
		2.85%, 11/01/51	51,000		43,529
	McKesson Corporation
		1.30%, 08/15/26 (k)	175,000		160,929
	Northwestern Memorial HealthCare
		2.63%, 07/15/51	55,000		46,019
	Piedmont Healthcare, Inc.
		2.04%, 01/01/32	43,000		37,753
	Royalty Pharma PLC
		3.30%, 09/02/40	309,000		264,250
	STERIS Irish FinCo Unlimited Company
		3.75%, 03/15/51	56,000		52,365
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	140,000		141,667
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		9,175
				2,529,439
Communication Services 4.1%
	AT&T Inc.
		5.25%, 03/01/37	116,000		131,704
		4.90%, 08/15/37 (b)	16,000		17,401
		4.30%, 12/15/42	155,000		156,563
		3.10%, 02/01/43	131,000		113,429
	CCO Holdings, LLC
		4.75%, 03/01/30 (a)	295,000		283,554
	Charter Communications Operating, LLC
		4.91%, 07/23/25	140,000		145,032
		2.25%, 01/15/29	45,000		40,446
		5.38%, 04/01/38	45,000		46,360
		4.80%, 03/01/50	50,000		47,547
		6.83%, 10/23/55	51,000		60,495
	Comcast Corporation
		3.75%, 04/01/40	35,000		35,032
		3.40%, 07/15/46	50,000		46,991
		2.89%, 11/01/51 (a)	65,000		55,349
	CSC Holdings, LLC
		6.50%, 02/01/29 (a)	100,000		100,898
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	37,000		36,475
	Live Nation Entertainment, Inc.
		6.50%, 05/15/27 (a)	60,000		63,861
	The Walt Disney Company
		4.63%, 03/23/40	80,000		89,228
	T-Mobile US, Inc.
		2.63%, 04/15/26 (b)	306,000		292,739
	Verizon Communications Inc.
		2.10%, 03/22/28	175,000		163,473
		4.33%, 09/21/28	105,000		110,753
		2.55%, 03/21/31	74,000		68,710
		3.40%, 03/22/41	58,000		54,698
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	120,000		130,690
				2,291,428
Utilities 3.1%
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		78,741
		3.85%, 03/15/52	49,000		50,941
	Consolidated Edison Company of New York, Inc.
		4.20%, 03/15/42	57,000		57,837
	DPL Inc.
		4.13%, 07/01/25	102,000		101,368
	Duquesne Light Holdings, Inc.
		2.53%, 10/01/30 (a)	61,000		54,796
	Enel Finance International N.V.
		2.25%, 07/12/31 (a)	108,000		95,655
	Eversource Energy
		3.38%, 03/01/32	80,000		78,297
	Exelon Corporation
		5.10%, 06/15/45	75,000		83,591
	FirstEnergy Corp.
		4.40%, 07/15/27 (j) (k)	69,000		69,388
		2.65%, 03/01/30	39,000		35,449
	Nevada Power Company
		3.70%, 05/01/29 (b)	140,000		144,085
	Pacific Gas And Electric Company
		3.30%, 12/01/27	46,000		43,463
		4.50%, 07/01/40	181,000		165,017
	Public Service Electric and Gas Company
		3.10%, 03/15/32	36,000		35,612
	San Diego Gas & Electric Company
		1.70%, 10/01/30	72,000		63,440
		2.95%, 08/15/51	60,000		52,709
	Southern California Edison Company
		4.13%, 03/01/48	46,000		45,153
		3.65%, 02/01/50	67,000		62,588
	Southwest Gas Corporation
		4.05%, 03/15/32	50,000		49,843
	Tampa Electric Company
		3.45%, 03/15/51	87,000		81,311
	The AES Corporation
		3.30%, 07/15/25 (a)	133,000		130,671
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	71,000		70,367
		3.70%, 01/30/27 (a)	110,000		105,754
				1,756,076
Consumer Staples 2.7%
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	200,000		217,371
	Anheuser-Busch InBev Worldwide Inc.
		5.45%, 01/23/39 (b)	141,000		164,589
	BAT Capital Corp.
		2.26%, 03/25/28	76,000		68,326
		2.73%, 03/25/31	75,000		66,169
		4.39%, 08/15/37	45,000		41,836
	JBS USA Food Company
		6.50%, 04/15/29 (a)	84,000		89,018
		5.50%, 01/15/30 (a)	50,000		50,987
		3.00%, 05/15/32 (a)	144,000		128,694
	Kraft Heinz Foods Company
		3.88%, 05/15/27	69,000		70,071
		4.63%, 10/01/39	20,000		20,257
	Mars Inc.
		3.88%, 04/01/39 (a)	200,000		203,711
	Northwestern University
		2.64%, 12/01/50	38,000		31,522
	Pilgrim's Pride Corporation
		3.50%, 03/01/32 (a) (b)	89,000		77,809
	Prime Security Services Borrower, LLC
		3.38%, 08/31/27 (a)	57,000		52,268
	Safeway Inc.
		3.50%, 02/15/23 (a)	100,000		100,093
	United Rentals (North America), Inc.
		3.75%, 01/15/32	30,000		27,980
	University of Washington
		4.35%, 04/15/22	76,000		77,100
				1,487,801
Industrials 2.0%
	Air Canada
		3.88%, 08/15/26 (a)	35,000		33,075
	Aircastle Limited
		5.25%, 08/11/25 (a)	108,000		110,327
	American Airlines, Inc.
		5.50%, 04/20/26 (a)	31,000		30,977
		5.75%, 04/20/29 (a)	11,000		10,962
	Burlington Northern Santa FE, LLC
		2.88%, 06/15/52 (b)	67,000		59,289
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	134,000		143,380

Abbreviations and additional footnotes are defined on page 13

3

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
	Equifax Inc.
		2.35%, 09/15/31	190,000		170,020
	General Electric Company
		4.16%, (3 Month USD LIBOR + 3.33%), (100, 06/15/22) (c) (l)	419,000		402,502
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,333
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (a)	46,000		42,288
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (a)	10,000		10,071
		4.75%, 10/20/28 (a)	16,000		16,143
	United Airlines Pass Through Trust
		4.38%, 04/15/26 (a)	52,000		51,199
		4.63%, 04/15/29 (a)	37,000		35,224
				1,119,790
Materials 1.1%
	Anglo American Capital PLC
		2.63%, 09/10/30 (a)	50,000		45,392
	CEMEX S.A.B. de C.V.
		5.45%, 11/19/29 (a)	130,000		131,668
		5.20%, 09/17/30 (a)	75,000		74,601
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	61,000		62,756
		5.40%, 11/14/34	35,000		38,920
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (a)	110,000		101,817
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	130,000		131,444
		4.25%, 05/15/29 (a)	39,000		35,983
				622,581
Information Technology 1.0%
	Apple Inc.
		2.65%, 02/08/51	70,000		60,724
		2.70%, 08/05/51	28,000		24,397
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	22,000		21,487
	Broadcom Inc.
		2.45%, 02/15/31 (a)	90,000		79,927
		3.47%, 04/15/34 (a)	160,000		148,113
	Dell International L.L.C.
		5.85%, 07/15/25 (k)	6,000		6,417
		6.02%, 06/15/26 (k)	67,000		72,689
		8.35%, 07/15/46 (k)	25,000		36,802
	Microsoft Corporation
		3.50%, 02/12/35	90,000		93,921
				544,477
Real Estate 0.8%
	EPR Properties
		3.60%, 11/15/31	61,000		55,456
	Essential Properties, L.P.
		2.95%, 07/15/31	78,000		68,394
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		16,137
		5.30%, 01/15/29	100,000		105,033
		3.25%, 01/15/32	37,000		33,543
	Sun Communities Operating Limited Partnership
		2.30%, 11/01/28	65,000		58,968
		2.70%, 07/15/31	87,000		78,504
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	55,000		54,824
				470,859
	Total Corporate Bonds And Notes (cost $29,082,850)			27,676,802
GOVERNMENT AND AGENCY OBLIGATIONS 38.4%
Mortgage-Backed Securities 22.5%
	Federal Home Loan Mortgage Corporation
		2.00%, 12/01/35 - 03/01/52	1,568,527		1,470,124
		2.50%, 11/01/36 - 11/01/51	935,217		897,695
		4.00%, 10/01/45 - 06/01/48	228,879		235,935
		3.50%, 01/01/46 - 04/01/50	506,500		513,343
		3.00%, 11/01/46 - 12/01/49	96,573		95,238
		4.50%, 11/01/48	13,586		14,156
		1.50%, 10/01/51 - 11/01/51	271,444		242,466
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 03/01/52	1,242,142		1,227,977
		2.50%, 10/01/35 - 01/01/52	1,157,173		1,116,026
		1.50%, 11/01/35 - 11/01/36	242,428		230,405
		2.00%, 05/01/36 - 04/01/51	1,768,648		1,656,900
		TBA, 2.00%, 04/15/37 (m)	80,000		77,679
		TBA, 2.50%, 04/15/37 (m)	305,000		301,307
		TBA, 3.00%, 04/15/37 - 04/15/52 (m)	425,000		419,459
		3.50%, 10/01/46 - 08/01/49	373,149		376,691
		4.00%, 01/01/47 - 09/01/49	411,606		422,955
		4.50%, 05/01/47 - 12/01/48	328,747		343,514
		TBA, 3.50%, 04/15/52 (m)	185,000		185,332
	Government National Mortgage Association
		3.00%, 10/20/46 - 02/20/52	658,986		654,166
		3.50%, 05/20/47 - 07/20/51	542,048		549,684
		4.00%, 07/20/47	154,689		159,656
		4.50%, 12/20/48 - 02/20/49	65,388		67,937
		2.50%, 03/20/51 - 07/20/51	610,176		593,162
		2.00%, 09/20/51 - 03/20/52	566,265		539,099
		TBA, 2.50%, 04/15/52 (m)	200,000		193,967
				12,584,873
U.S. Treasury Note 11.2%
	Treasury, United States Department of
		0.25%, 03/15/24 - 07/31/25	342,000		320,068
		1.50%, 10/31/24 - 08/15/26	911,000		880,794
		2.25%, 11/15/25	980,000		969,894
		0.38%, 12/31/25 - 01/31/26	1,500,000		1,383,337
		0.88%, 09/30/26 - 11/15/30	364,000		331,456
		1.25%, 11/30/26 - 06/30/28	1,245,000		1,159,383
		0.63%, 03/31/27	420,000		383,906
		2.88%, 08/15/28	375,000		384,141
		1.38%, 11/15/31	429,000		393,675
		1.88%, 02/15/32	85,000		81,613
				6,288,267
U.S. Treasury Bond 4.0%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		541,459
		2.00%, 11/15/41	125,000		112,988
		3.13%, 11/15/41	316,000		340,391
		2.50%, 02/15/45 - 02/15/46	756,000		738,262
		3.00%, 02/15/48	317,000		344,886
		1.63%, 11/15/50	81,000		66,445
		1.88%, 11/15/51	85,000		74,455
				2,218,886
U.S. Government Agency Obligations 0.4%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (n)	229,000		199,787
Municipal 0.3%
	Dallas/Fort Worth International Airport
		2.84%, 11/01/46	55,000		48,036
	Dormitory Authority State of New York
		3.19%, 02/15/43	100,000		94,095
				142,131
	Total Government And Agency Obligations (cost $22,360,504)			21,433,944
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.5%
	Air Canada 2020-2 Class A Pass Through Trust
		Series 2020-A-2, 5.25%, 04/01/29	23,606		24,333
	Alaska Airlines 2020-1 Class A Pass Through Trust
		Series 2020-A-1, 4.80%, 08/15/27	82,947		83,861
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	152,900		145,107
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		265,062
	Avid Automobile Receivables Trust 2021-1
		Series 2021-A-1, 0.61%, 01/15/25	44,550		44,176
	CCG Receivables Trust
		Series 2019-A2-2, 2.11%, 03/14/23	18,369		18,400
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	192,000		186,863
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (l)	155,938		143,810
	CNH Equipment Trust 2022-A
		Series 2022-A2-A, 2.53%, 01/16/24	150,000		149,997

Abbreviations and additional footnotes are defined on page 13

4

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
	COMM Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		49,582
	Dell Equipment Finance Trust 2022-1
		Series 2022-A2-1, REMIC, 2.11%, 11/22/23	84,000		83,562
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	190,000		183,201
	DLLMT 2021-1 LLC
		Series 2021-A3-1A, 1.00%, 07/20/25	223,000		216,029
	First Investors Auto Owner Trust 2021-1
		Series 2021-A-1A, 0.45%, 12/15/23	69,393		68,893
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	107,233		104,757
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22	5,451		5,462
	GM Financial Automobile Leasing Trust 2020-1
		Series 2020-A3-1, 1.67%, 12/20/22	16,684		16,687
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		80,321
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		160,360
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	66,411		65,941
	Hudson Yards Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		145,644
	Hyundai Auto Lease Securitization Trust 2021-B
		Series 2021-A3-B, 0.33%, 06/17/24	265,000		259,294
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		50,681
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	100,000		96,790
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	201,074		186,255
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 0.88%, (1 Month USD LIBOR + 0.48%), 10/16/23 (l)	165,000		159,173
	Prestige Auto Receivables Trust 2021-1
		Series 2021-A3-1A, 0.83%, 07/15/25	95,000		92,543
	Santander Retail Auto Lease Trust 2021-B
		Series 2021-A3-B, 0.51%, 08/20/24	101,000		97,881
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (l)	90,550		84,752
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	43,623		43,773
		Series 2012-A-2, 4.00%, 10/29/24	39,078		38,885
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (l)	57,000		56,792
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (l)	43,644		42,702
	Westlake Automobile Receivables Trust 2021-3
		Series 2021-A3-3A, REMIC, 0.95%, 06/16/25	192,000		188,200
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,769,462)			3,639,769
SENIOR FLOATING RATE INSTRUMENTS 2.2%
Consumer Discretionary 0.7%
	Adient US LLC
		2021 Term Loan B, 3.46%, (1 Month USD LIBOR + 3.25%), 04/30/28 (l)	78,592		77,216
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 3.71%, (1 Month USD LIBOR + 3.50%), 06/19/25 (l)	80,770		80,407
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 1.96%, (1 Month USD LIBOR + 1.75%), 08/29/25 (l)	100,000		96,925
	PCI Gaming Authority
		Term Loan, 2.71%, (1 Month USD LIBOR + 2.50%), 05/15/26 (l)	109,653		108,676
	UFC Holdings, LLC
		2021 Term Loan B, 3.50%, (6 Month USD LIBOR + 2.75%), 04/29/26 (l)	53,177		52,579
				415,803
Industrials 0.5%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 03/10/28 (l)	21,000		21,243
	Air Canada
		2021 Term Loan B, 4.25%, (3 Month USD LIBOR + 3.50%), 07/27/28 (l)	24,000		23,750
	Berry Global, Inc.
		2021 Term Loan Z, 2.07%, (1 Month USD LIBOR + 1.75%), 07/01/26 (l)	116,168		114,371
	Cimpress Public Limited Company
		USD Term Loan B, 4.00%, (1 Month USD LIBOR + 3.50%), 04/29/28 (l)	36,030		35,602
	Genesee & Wyoming Inc.
		Term Loan, 2.22%, (3 Month USD LIBOR + 2.00%), 10/29/26 (l)	49,980		49,371
	Hertz Corporation, (The)
		2021 Term Loan B, 3.75%, (3 Month USD LIBOR + 3.50%), 06/11/28 (l)	2,027		2,008
		2021 Term Loan B, 3.75%, (1 Month USD LIBOR + 3.25%), 06/11/28 (l)	10,699		10,603
	INEOS Styrolution US Holding LLC
		2021 USD Term Loan B, 3.25%, (1 Month USD LIBOR + 2.75%), 01/21/26 (l)	26,797		26,288
				283,236
Communication Services 0.5%
	CenturyLink, Inc.
		2020 Term Loan B, 2.46%, (1 Month USD LIBOR + 2.25%), 03/15/27 (l)	97,750		95,032
	CSC Holdings, LLC
		2017 Term Loan B1, 2.65%, (1 Month USD LIBOR + 2.25%), 07/15/25 (l)	42,970		42,191
	Diamond Sports Group, LLC
		2022 2nd Lien Term Loan, 3.44%, (SOFR 90-Day Average + 3.25%), 08/24/26 (l)	33,235		11,238
	DirecTV Financing, LLC
		Term Loan, 5.75%, (1 Month USD LIBOR + 5.00%), 07/22/27 (l)	34,686		34,609
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 2.73%, (1 Month USD LIBOR + 2.50%), 06/13/26 (l)	67,769		67,442
				250,512
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 2.80%, (6 Month USD LIBOR + 2.00%), 04/27/26 (l)	93,156		92,205
Materials 0.1%
	Sylvamo Corporation
		Term Loan B, 5.00%, (3 Month USD LIBOR + 4.50%), 08/18/28 (g) (l)	80,000		78,000
Information Technology 0.1%
	Peraton Corp.
		Term Loan B, 4.50%, (1 Month USD LIBOR + 3.75%), 02/22/28 (l)	68,962		68,380
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.25%, (SOFR 90-Day Average + 4.25%), 09/22/24 (l)	30,121		29,958
Financials 0.0%
	NAC Aviation 29 DAC
		2022 DIP Delayed Draw Term Loan, 0.00%, (3 Month USD LIBOR + 8.00%), 09/07/22 (l) (o)	2,352		2,399
		2022 DIP Delayed Draw Term Loan, 9.00%, (3 Month USD LIBOR + 8.00%), 09/07/22 (l)	2,823		2,879
		2022 DIP Delayed Draw Term Loan, 9.00%, (1 Month USD LIBOR + 8.00%), 09/07/22 (l)	2,823		2,879
				8,157
	Total Senior Floating Rate Instruments (cost $1,258,973)			1,226,251
SHORT TERM INVESTMENTS 7.1%
Securities Lending Collateral 4.6%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (p)		2,560,315		2,560,315

Abbreviations and additional footnotes are defined on page 13

5

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

		Shares/Par1		Value ($)
Investment Companies 2.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.25% (p)	1,407,896		1,407,896
	Total Short Term Investments (cost $3,968,211)		3,968,211
Total Investments 103.7% (cost $60,440,000)				57,944,977
Other Derivative Instruments 0.0%				6,989
Other Assets and Liabilities, Net (3.7)%				(2,056,797)
Total Net Assets 100.0%				55,895,169

(a)Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2022, the value and the percentage of net assets of these securities was $8,567,313 and 15.3% of the Fund.

(b)All or a portion of the security was on loan as of March 31, 2022.

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

(d)Convertible security.

(e)Non-income producing security.

(f)As of March 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(g)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 Investments.

(h)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.

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

(j)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 March 31, 2022.

(k)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 March 31, 2022.

(l)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2022. 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.

(m)All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2022, the total payable for investments purchased on a delayed delivery basis was $1,186,942.

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

(o)This senior floating rate interest will settle after March 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(p)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2022.

PPM Core Plus Fixed Income Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Nordic Aviation Capital, 0.00%, 03/14/25	10/01/19	139,295	105,586	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	17	June 2022		2,121,931	3,250			(33,056)
United States 2 Year Note	11	July 2022		2,359,304	1,805			(28,163)
United States 5 Year Note	34	July 2022		3,987,233	4,781			(87,858)
United States Long Bond	11	June 2022		1,696,035	6,875			(45,348)
United States Ultra Bond	8	June 2022		1,460,084	8,186			(43,084)
					24,897			(237,509)
Short Contracts
United States 10 Year Ultra Bond	(42)	June 2022		(5,865,113)	(17,908)			175,426	��

Abbreviations and additional footnotes are defined on page 13

6

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 88.7%
Consumer Discretionary 17.0%
	Asbury Automotive Group, Inc.
		4.63%, 11/15/29 (a)	54,000		50,294
		5.00%, 02/15/32 (a)	205,000		190,708
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		75,782
		7.25%, 10/15/29	47,000		47,342
	Boyd Gaming Corporation
		4.75%, 06/15/31 (a)	241,000		232,193
	Carnival Corporation
		7.63%, 03/01/26 (a)	153,000		154,034
		5.75%, 03/01/27 (a)	216,000		205,885
		4.00%, 08/01/28 (a)	40,000		37,285
		6.00%, 05/01/29 (a)	108,000		101,769
	CDI Escrow Issuer Inc
		5.75%, 04/02/30 (a)	168,000		169,797
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	45,000		43,651
	Eldorado Resorts, Inc.
		8.13%, 07/01/27 (a)	186,000		199,506
	Ford Motor Company
		4.35%, 12/08/26	72,000		72,397
		6.63%, 10/01/28	83,000		90,729
		9.63%, 04/22/30	64,000		83,447
		3.25%, 02/12/32	159,000		141,989
		5.29%, 12/08/46	62,000		60,263
	Guitar Center Escrow Issuer II, Inc.
		8.50%, 01/15/26 (a)	375,000		382,440
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (a)	254,000		254,166
	Hilton Grand Vacations Borrower LLC
		5.00%, 06/01/29 (a)	201,000		191,812
		4.88%, 07/01/31 (a)	174,000		161,907
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (a) (b)	88,000		86,246
		6.38%, 05/15/29 (a) (b)	161,000		158,873
	International Game Technology PLC
		5.25%, 01/15/29 (a)	141,000		140,683
	IRB Holding Corp.
		7.00%, 06/15/25 (a)	90,000		93,955
		6.75%, 02/15/26 (a)	115,000		117,045
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (a)	204,000		206,792
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (a)	83,000		82,523
		5.88%, 01/15/28 (a)	60,000		54,934
		5.50%, 07/15/29 (a)	200,000		177,979
	KB Home
		4.80%, 11/15/29	131,000		126,668
	L Brands, Inc.
		7.50%, 06/15/29	140,000		151,748
		6.88%, 11/01/35	165,000		169,980
	Life Time, Inc.
		5.75%, 01/15/26 (a)	142,000		141,837
		8.00%, 04/15/26 (a)	293,000		292,518
	Macys Retail Holdings
		5.88%, 03/15/30 (a) (c)	118,000		116,468
		6.13%, 03/15/32 (a)	181,000		178,751
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (a)	216,000		192,217
	Marriott Ownership Resorts, Inc.
		6.13%, 09/15/25 (a)	25,000		25,661
		4.75%, 01/15/28	64,000		61,633
	MCE Finance Limited
		5.38%, 12/04/29 (a)	215,000		183,438
	Meritage Homes Corporation
		3.88%, 04/15/29 (a)	109,000		103,788
	Midwest Gaming Borrower, LLC
		4.88%, 05/01/29 (a)	212,000		195,729
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	115,053		119,786
	Nemak, S.A.B. de C.V.
		3.63%, 06/28/31 (a)	118,000		102,438
	NMG Holding Company, Inc.
		7.13%, 04/01/26 (a)	230,000		236,700
	Nordstrom, Inc.
		4.00%, 03/15/27	201,000		193,796
	Panther BF Aggregator 2 LP
		8.50%, 05/15/27 (a)	230,000		238,667
	PetSmart, Inc.
		7.75%, 02/15/29 (a)	220,000		227,190
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	296,000		290,769
	QVC, Inc.
		5.45%, 08/15/34	247,000		205,987
	Royal Caribbean Cruises Ltd.
		10.88%, 06/01/23 (a)	177,000		188,654
		9.13%, 06/15/23 (a)	80,000		83,387
		4.25%, 07/01/26 (a)	124,000		115,439
		5.50%, 08/31/26 (a)	213,000		206,978
	Scientific Games International, Inc.
		5.00%, 10/15/25 (a)	107,000		109,675
		7.00%, 05/15/28 (a)	91,000		94,367
	Seaworld Entertainment, Inc.
		5.25%, 08/15/29 (a) (c)	186,000		177,635
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 - 04/01/29 (a)	304,000		287,364
	Staples, Inc.
		7.50%, 04/15/26 (a)	149,000		144,622
		10.75%, 04/15/27 (a) (c)	161,000		143,314
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	142,000		142,108
	Tenneco Inc.
		7.88%, 01/15/29 (a)	50,000		52,686
		5.13%, 04/15/29 (a)	412,000		408,659
	The Gap, Inc.
		3.63%, 10/01/29 (a)	26,000		23,031
		3.88%, 10/01/31 (a)	188,000		164,100
	TKC Holdings, Inc.
		10.50%, 05/15/29 (a)	150,000		154,493
	Travel + Leisure Co.
		4.50%, 12/01/29 (a)	124,000		115,181
	Wyndham Destinations, Inc.
		6.63%, 07/31/26 (a)	101,000		105,817
		6.00%, 04/01/27 (d) (e)	65,000		67,217
		4.63%, 03/01/30 (a)	95,000		88,359
				10,495,281
Communication Services 16.4%
	Advantage Sales & Marketing Inc.
		6.50%, 11/15/28 (a)	292,000		277,174
	Altice France Holding S.A.
		5.13%, 07/15/29 (a)	202,000		180,962
		5.50%, 10/15/29 (a)	200,000		179,645
	Altice France S.A.
		6.00%, 02/15/28 (a) (c)	84,000		72,451
	AMC Entertainment Holdings, Inc.
		10.00%, 06/15/26 (a) (b) (d)	85,000		76,265
		7.50%, 02/15/29 (a) (c)	154,000		149,746
	Audacy, Inc.
		6.75%, 03/31/29 (a) (c)	233,000		217,584
	CCO Holdings, LLC
		5.13%, 05/01/27 (a)	108,000		108,198
		5.00%, 02/01/28 (a)	203,000		201,018
		5.38%, 06/01/29 (a)	351,000		350,358
		4.75%, 02/01/32 (a)	74,000		68,962
		4.50%, 05/01/32	111,000		101,578
		4.25%, 01/15/34 (a)	125,000		108,392
	CenturyLink, Inc.
		5.13%, 12/15/26 (a)	112,000		106,678
		7.60%, 09/15/39	24,000		23,135
	Clear Channel International B.V.
		6.63%, 08/01/25 (a)	85,000		86,927
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a)	144,000		144,735
		7.50%, 06/01/29 (a)	264,000		263,476

Abbreviations and additional footnotes are defined on page 13

7

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
	Connect Finco SARL
		6.75%, 10/01/26 (a)	60,000		61,163
	Consolidated Communications, Inc.
		6.50%, 10/01/28 (a)	241,000		222,332
	CSC Holdings, LLC
		5.38%, 02/01/28 (a)	448,000		435,011
		7.50%, 04/01/28 (a)	300,000		294,799
		4.50%, 11/15/31 (a)	305,000		273,342
	Cumulus Media New Holdings Inc.
		6.75%, 07/01/26 (a) (c)	326,000		326,020
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	93,000		35,637
		6.63%, 08/15/27 (a)	113,000		23,365
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	189,000		186,320
	DISH DBS Corporation
		5.88%, 11/15/24	86,000		85,928
		7.75%, 07/01/26	156,000		154,839
		5.25%, 12/01/26 (a)	102,000		97,325
		5.75%, 12/01/28 (a)	70,000		66,456
	Embarq Corporation
		8.00%, 06/01/36	144,000		138,777
	Frontier Communications Parent, Inc.
		5.88%, 10/15/27 (a)	13,000		12,925
		5.00%, 05/01/28 (a)	93,000		89,499
		6.75%, 05/01/29 (a)	331,000		318,188
	Gray Television, Inc.
		5.38%, 11/15/31 (a)	203,000		194,171
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	82,000		85,078
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		39,703
		8.38%, 05/01/27	326,651		337,679
		5.25%, 08/15/27 (a)	120,000		118,751
		4.75%, 01/15/28 (a)	50,000		47,857
	Iliad Holding
		7.00%, 10/15/28 (a)	298,000		298,542
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	319,000		327,395
		5.13%, 07/15/29 (a)	220,000		210,217
	Level 3 Financing, Inc.
		4.25%, 07/01/28 (a)	122,000		112,019
		3.63%, 01/15/29 (a)	140,000		122,508
	Liberty Media Corporation
		8.25%, 02/01/30 (c)	172,000		157,380
	Midas Opco Holdings LLC
		5.63%, 08/15/29 (a)	396,000		373,789
	News Corporation
		5.13%, 02/15/32 (a)	38,000		38,209
	Radiate HoldCo, LLC
		6.50%, 09/15/28 (a) (c)	378,000		357,798
	Sirius XM Radio Inc.
		3.88%, 09/01/31 (a)	285,000		259,370
	Sprint Corporation
		7.88%, 09/15/23	25,000		26,577
		7.13%, 06/15/24	331,000		355,116
		7.63%, 03/01/26	25,000		28,233
		6.88%, 11/15/28	94,000		108,846
	SSL Robotics LLC
		9.75%, 12/31/23 (a)	32,000		34,094
	Telecom Italia SpA
		6.00%, 09/30/34	109,000		100,762
	Telesat Canada
		5.63%, 12/06/26 (a)	98,000		74,803
		6.50%, 10/15/27 (a)	201,000		98,583
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	429,000		439,978
	T-Mobile US, Inc.
		3.38%, 04/15/29	149,000		142,010
	Townsquare Media, Inc.
		6.88%, 02/01/26 (a)	54,000		55,588
	Virgin Media Secured Finance PLC
		4.50%, 08/15/30 (a)	39,000		36,353
				10,120,619
Energy 15.3%
	Aethon United BR LP
		8.25%, 02/15/26 (a)	250,000		260,144
	Antero Midstream Partners LP
		7.88%, 05/15/26 (a)	90,000		97,431
		5.75%, 03/01/27 (a)	203,000		206,964
		5.38%, 06/15/29 (a)	269,000		268,652
	Archrock Partners, L.P.
		6.25%, 04/01/28 (a)	180,000		177,565
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	264,000		271,011
		8.25%, 12/31/28 (a)	56,000		58,775
	Baytex Energy Corp.
		8.75%, 04/01/27 (a)	153,000		164,868
	Bip-V Chinook
		5.50%, 06/15/31 (a)	395,000		389,497
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (a)	35,000		36,664
		6.63%, 07/15/26 (a)	57,000		57,918
	Buckeye Partners, L.P.
		4.50%, 03/01/28 (a)	167,000		160,116
		5.85%, 11/15/43	120,000		101,889
		5.60%, 10/15/44	19,000		15,931
	Callon Petroleum Company
		6.38%, 07/01/26	199,000		197,752
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32 (a)	58,000		52,824
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	135,000		136,574
		6.38%, 06/15/26 (a)	255,000		256,635
	Colgate Energy Partners III, LLC
		5.88%, 07/01/29 (a)	132,000		136,171
	DT Midstream, Inc.
		4.13%, 06/15/29 (a)	101,000		96,907
		4.38%, 06/15/31 (a)	74,000		70,839
	Endeavor Energy Resources, L.P.
		6.63%, 07/15/25 (a)	85,000		88,489
		5.75%, 01/30/28 (a)	93,000		95,957
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (f)	265,000		255,725
	Energy Transfer LP
		6.50%, (100, 08/15/26) (g)	30,000		29,560
		6.75%, (100, 05/15/25) (g)	106,000		103,099
		7.13%, (100, 05/15/30) (g)	62,000		60,433
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		156,485
		6.50%, 07/01/27 (a)	104,000		108,576
		4.50%, 01/15/29 (a)	248,000		233,044
		4.75%, 01/15/31 (a)	206,000		193,152
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 (a)	264,000		267,175
		5.75%, 02/01/29 (a)	61,000		61,025
	Husky Energy Inc.
		13.00%, 02/15/25 (a) (b)	297,000		308,880
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	249,000		229,139
	MEG Energy Corp.
		6.50%, 01/15/25 (a)	27,000		27,439
		7.13%, 02/01/27 (a)	91,000		95,330
	Murphy Oil Corporation
		5.75%, 08/15/25	90,000		91,835
		5.88%, 12/01/27	170,000		172,984
	Nabors Industries Ltd
		7.50%, 01/15/28 (a)	237,000		231,009
	Nabors Industries, Inc.
		7.38%, 05/15/27 (a)	147,000		152,702
	NuStar Logistics, L.P.
		6.00%, 06/01/26	85,000		86,013
		5.63%, 04/28/27	115,000		112,644
		6.38%, 10/01/30	194,000		196,567
	Occidental Petroleum Corporation
		6.95%, 07/01/24	198,000		212,562
		3.50%, 06/15/25	35,000		35,081
		3.20%, 08/15/26	231,000		227,211

Abbreviations and additional footnotes are defined on page 13

8

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
		8.88%, 07/15/30	80,000		102,868
		6.45%, 09/15/36	234,000		274,994
		7.95%, 06/15/39	55,000		69,758
		6.60%, 03/15/46	139,000		164,616
	PDV America, Inc.
		9.25%, 08/01/24 (a) (c)	150,000		151,544
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (a)	79,000		80,397
	Southwestern Energy Company
		7.75%, 10/01/27 (c)	90,000		95,286
		8.38%, 09/15/28	96,000		105,669
		5.38%, 02/01/29 - 03/15/30	288,000		292,648
		4.75%, 02/01/32	211,000		210,754
	Tap Rock Resources LLC
		7.00%, 10/01/26 (a)	154,000		159,382
	Targa Resources Corp.
		5.50%, 03/01/30	83,000		86,240
		4.88%, 02/01/31	56,000		56,434
	Transocean Inc
		11.50%, 01/30/27 (a)	94,000		97,641
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	125,000		124,050
	Venture Global Calcasieu Pass, LLC
		3.88%, 08/15/29 - 11/01/33 (a)	257,000		249,213
		4.13%, 08/15/31 (a)	23,000		22,579
	Viper Energy Partners LP
		5.38%, 11/01/27 (a)	44,000		44,846
				9,436,162
Industrials 11.0%
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	207,000		209,601
		9.75%, 07/15/27 (a)	254,000		262,512
		4.63%, 06/01/28 (a)	61,000		57,610
	American Airlines, Inc.
		11.75%, 07/15/25 (a)	112,000		130,821
		5.50%, 04/20/26 (a)	207,000		206,845
		5.75%, 04/20/29 (a)	292,000		291,000
	APX Group, Inc.
		5.75%, 07/15/29 (a) (c)	200,000		182,718
	Bombardier Inc.
		7.50%, 03/15/25 (a)	80,000		80,423
		7.13%, 06/15/26 (a)	97,000		95,057
		6.00%, 02/15/28 (a)	112,000		104,940
	Builders FirstSource, Inc.
		6.75%, 06/01/27 (a)	112,000		116,151
		4.25%, 02/01/32 (a)	478,000		445,125
	Cargo Aircraft Management, Inc.
		4.75%, 02/01/28 (a)	166,000		161,835
	Clydesdale Acquisition Holdings Inc
		6.63%, 04/15/29 (a)	98,000		99,308
		8.75%, 04/15/30 (a)	236,000		222,135
	CP Atlas Buyer, Inc.
		7.00%, 12/01/28 (a) (c)	178,000		151,926
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	111,000		118,770
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	100,000		99,298
		9.75%, 08/01/27 (a)	55,000		57,524
		5.50%, 05/01/28 (a)	371,000		337,723
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	148,000		160,169
	General Electric Company
		4.16%, (3 Month USD LIBOR + 3.33%), (100, 06/15/22) (g) (h)	53,000		50,913
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (a)	166,000		151,333
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,333
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	172,000		170,111
	Masonite International Corporation
		5.38%, 02/01/28 (a)	60,000		60,452
	MIWD Holdco II LLC
		5.50%, 02/01/30 (a)	52,000		48,627
	Pitney Bowes Inc.
		6.88%, 03/15/27 (a) (c)	217,000		205,477
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	52,000		53,277
		5.75%, 04/15/26 (a)	81,000		82,612
		6.25%, 01/15/28 (a)	233,000		228,192
	Rolls-Royce Plc
		5.75%, 10/15/27 (a)	239,000		245,164
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (a)	42,000		42,375
	Summit Materials, LLC
		5.25%, 01/15/29 (a)	138,000		136,319
	Terex Corporation
		5.00%, 05/15/29 (a)	191,000		183,494
	TransDigm Inc.
		8.00%, 12/15/25 (a)	34,000		35,461
		6.25%, 03/15/26 (a)	296,000		304,780
	TransDigm UK Holdings PLC
		6.88%, 05/15/26	51,000		52,027
	Triumph Group, Inc.
		8.88%, 06/01/24 (a)	65,000		68,654
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (a)	232,000		246,300
		4.50%, 08/15/29 (a)	90,000		84,376
	United Airlines Pass Through Trust
		4.38%, 04/15/26 (a)	41,000		40,369
		4.63%, 04/15/29 (a)	308,000		293,216
	Vertical Holdco GmbH
		7.63%, 07/15/28 (a) (c)	186,000		186,103
	Vertical U.S. Newco Inc.
		5.25%, 07/15/27 (a)	88,000		87,332
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	171,000		168,268
				6,821,056
Financials 10.8%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	129,000		128,715
		6.00%, 08/01/29 (a)	187,000		173,087
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (a)	188,000		202,224
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (a)	125,000		120,237
	Aretec Escrow Issuer Inc
		7.50%, 04/01/29 (a)	85,000		81,784
	Castlelake Aviation Finance Designated Activity Company
		5.00%, 04/15/27 (a) (c)	157,000		140,176
	Citigroup Inc.
		5.00%, (100, 09/12/24) (g)	166,000		164,520
	Credit Suisse Group AG
		6.25%, (100, 12/18/24) (a) (g) (i)	120,000		120,900
	EG Global Finance PLC
		6.75%, 02/07/25 (a)	180,000		178,875
		8.50%, 10/30/25 (a)	230,000		235,411
	Ford Motor Credit Company LLC
		3.09%, 01/09/23	200,000		200,250
		5.13%, 06/16/25	132,000		135,305
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (a)	319,000		304,733
	Hertz Vehicle Financing II LP
		5.00%, 12/01/29 (a)	74,000		67,312
	HUB International Limited
		7.00%, 05/01/26 (a)	129,000		130,583
	Icahn Enterprises L.P.
		6.25%, 05/15/26	319,000		327,361
		5.25%, 05/15/27	196,000		192,516
	IHS Luxembourg S.A R.L.
		5.75%, 04/15/25 (a)	35,000		35,357
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (b)	39,000		38,613
	Jane Street Group, LLC
		4.50%, 11/15/29 (a)	38,000		35,997
	JBS Finance Luxembourg S.a r.l.
		3.63%, 01/15/32 (a)	300,000		276,144

Abbreviations and additional footnotes are defined on page 13

9

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
	Lions Gate Capital Holdings LLC
		5.50%, 04/15/29 (a)	316,000		304,569
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a)	243,000		226,060
	Markel Corporation
		6.00%, (100, 06/01/25) (g)	129,000		134,586
	Navient Corporation
		6.75%, 06/25/25 - 06/15/26	220,000		226,070
		4.88%, 03/15/28	30,000		27,610
		5.50%, 03/15/29	112,000		104,668
	NFP Corp.
		6.88%, 08/15/28 (a)	236,000		225,349
	Nielsen Finance LLC
		5.88%, 10/01/30 (a)	140,000		140,323
		4.75%, 07/15/31 (a)	215,000		214,693
	Nordic Aviation Capital
		0.00%, 02/27/24 - 03/14/27 (b) (f) (j) (k) (l)	210,915		162,242
	Rocket Mortgage, LLC
		4.00%, 10/15/33 (a)	160,000		140,333
	SLM Corporation
		6.13%, 03/25/24	140,000		143,552
		5.63%, 08/01/33	190,000		159,868
	Springleaf Finance Corporation
		8.88%, 06/01/25	51,000		53,763
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (a)	200,000		193,250
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (g)	210,000		202,059
	USA Compression Finance Corp.
		6.88%, 04/01/26 - 09/01/27	429,000		432,038
	VistaJet Malta Finance P.L.C.
		6.38%, 02/01/30 (a)	310,000		291,731
				6,672,864
Health Care 4.8%
	Bausch Health Companies Inc.
		9.25%, 04/01/26 (a)	272,000		278,627
		8.50%, 01/31/27 (a) (c)	142,000		141,585
		7.00%, 01/15/28 (a)	51,000		45,697
		5.00%, 01/30/28 (a)	40,000		32,937
		4.88%, 06/01/28 (a)	41,000		39,265
		6.25%, 02/15/29 (a)	203,000		167,706
	Centene Corporation
		3.38%, 02/15/30	88,000		82,958
	Community Health Systems, Inc.
		6.88%, 04/15/29 (a) (c)	112,000		109,647
		4.75%, 02/15/31 (a)	213,000		201,285
	Endo Designated Activity Company
		9.50%, 07/31/27 (a) (c)	187,000		164,448
	Endo Luxembourg Finance Company I S.a r.l.
		6.13%, 04/01/29 (a)	118,000		107,639
	HCA Inc.
		5.38%, 02/01/25	109,000		113,615
	IQVIA Inc.
		5.00%, 05/15/27 (a)	125,000		126,454
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (a)	215,000		198,865
		5.25%, 10/01/29 (a) (c)	243,000		226,085
	Ortho-Clinical Diagnostics, Inc.
		7.38%, 06/01/25 (a)	90,000		92,859
		7.25%, 02/01/28 (a)	27,000		27,802
	Owens & Minor, Inc.
		6.63%, 04/01/30 (a)	98,000		100,834
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	89,000		83,080
	Tenet Healthcare Corporation
		6.75%, 06/15/23	76,000		79,190
		4.88%, 01/01/26 (a)	93,000		94,107
		5.13%, 11/01/27 (a)	183,000		183,944
		4.63%, 06/15/28 (a)	140,000		137,879
		4.38%, 01/15/30 (a)	160,000		153,722
				2,990,230
Consumer Staples 4.3%
	APi Escrow Corp.
		4.75%, 10/15/29 (a)	157,000		146,007
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	74,000		73,659
	JBS USA Food Company
		6.50%, 04/15/29 (a)	48,000		50,868
	Kraft Heinz Foods Company
		4.63%, 10/01/39	218,000		220,805
		4.88%, 10/01/49	153,000		161,309
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	290,000		256,765
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	247,000		237,356
	MPH Acquisition Holdings LLC
		5.50%, 09/01/28 (a)	189,000		181,297
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (a)	131,000		132,431
		4.25%, 04/15/31 (a)	210,000		194,193
		3.50%, 03/01/32 (a)	53,000		46,336
	Prime Security Services Borrower, LLC
		3.38%, 08/31/27 (a)	55,000		50,434
	Safeway Inc.
		5.88%, 02/15/28 (a)	157,000		156,754
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a) (c)	328,000		272,258
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a)	198,000		202,906
	United Rentals (North America), Inc.
		3.75%, 01/15/32	155,000		144,564
	Verscend Holding Corp.
		9.75%, 08/15/26 (a)	147,000		153,004
				2,680,946
Materials 3.6%
	Braskem Idesa, S.A.P.I.
		6.99%, 02/20/32 (a)	155,000		152,347
	Carpenter Technology Corporation
		6.38%, 07/15/28	63,000		63,232
	CVR Partners, LP
		6.13%, 06/15/28 (a)	76,000		76,289
	EverArc Escrow
		5.00%, 10/30/29 (a)	158,000		144,269
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (a)	110,000		111,803
		6.88%, 10/15/27 (a)	140,000		146,412
	Flex Acquisition Company, Inc.
		6.88%, 01/15/25 (a)	155,000		155,592
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	117,000		120,368
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	148,000		147,340
	Hexion Inc.
		7.88%, 07/15/27 (a) (c)	163,000		172,542
	Hudbay Minerals Inc.
		6.13%, 04/01/29 (a)	277,000		285,371
	NOVA Chemicals Corporation
		5.25%, 06/01/27 (a)	185,000		184,395
	Pearl Merger Sub Inc.
		6.75%, 10/01/28 (a)	182,000		182,574
	United States Steel Corporation
		6.88%, 03/01/29 (c)	293,000		304,896
				2,247,430
Information Technology 3.2%
	ams AG
		7.00%, 07/31/25 (a)	462,000		469,741
	Arches Buyer Inc.
		6.13%, 12/01/28 (a)	19,000		17,527
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	67,000		65,437
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (a)	46,000		47,660
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	95,000		96,066
		8.25%, 03/01/27 (a)	93,000		90,468
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (a)	85,000		80,476

Abbreviations and additional footnotes are defined on page 13

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Schedules of Investments (Unaudited)

March 31, 2022

			Shares/Par1		Value ($)
	Entegris, Inc.
		4.38%, 04/15/28 (a)	82,000		80,007
	LogMeIn, Inc.
		5.50%, 09/01/27 (a)	202,000		189,034
	Minerva Merger Sub Inc
		6.50%, 02/15/30 (a)	98,000		95,075
	Open Text Corporation
		3.88%, 02/15/28 (a)	112,000		107,281
		3.88%, 12/01/29 (a)	157,000		149,165
		4.13%, 02/15/30 (a)	150,000		142,359
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	275,000		269,789
		6.50%, 07/15/28 (a)	91,000		87,364
				1,987,449
Utilities 1.3%
	Calpine Corporation
		4.50%, 02/15/28 (a)	217,000		211,749
		5.13%, 03/15/28 (a)	212,000		202,241
		3.75%, 03/01/31 (a)	72,000		64,516
	Vistra Operations Company LLC
		5.00%, 07/31/27 (a)	218,000		214,382
		4.38%, 05/01/29 (a)	139,000		131,336
				824,224
Real Estate 1.0%
	Cushman & Wakefield PLC
		6.75%, 05/15/28 (a)	93,000		97,182
	EPR Properties
		3.75%, 08/15/29	136,000		128,374
	Service Properties Trust
		5.25%, 02/15/26	373,000		352,737
	Uniti Group Inc.
		7.88%, 02/15/25 (a)	55,000		57,170
				635,463
	Total Corporate Bonds And Notes (cost $56,495,976)			54,911,724
SENIOR FLOATING RATE INSTRUMENTS 4.2%
Communication Services 1.2%
	Allen Media, LLC
		2021 Term Loan B, 5.72%, (3 Month USD LIBOR + 5.50%), 02/10/27 (h)	113,768		112,659
	GOGO Intermediate Holdings LLC
		Term Loan B, 4.50%, (3 Month USD LIBOR + 3.75%), 04/21/28 (h)	152,569		151,234
	Intelsat Jackson Holdings S.A.
		2021 Exit Term Loan B, 0.00%, (SOFR + 4.25%), 01/25/29 (h) (m)	70,119		68,870
		2021 Exit Term Loan B, 4.92%, (SOFR 180-Day Average + 4.25%), 01/25/29 (h)	84,269		82,768
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 5.50%, (3 Month USD LIBOR + 4.50%), 06/20/24 (h)	159,067		151,113
	Zacapa S.a. r.l.
		2022 Term Loan, 0.00%, (SOFR + 4.25%), 02/10/29 (h) (m)	152,874		151,690
				718,334
Information Technology 0.9%
	Almonde, Inc.
		USD 1st Lien Term Loan, 4.50%, (3 Month USD LIBOR + 3.50%), 04/26/24 (h)	65,253		64,349
	CoreLogic, Inc.
		Term Loan, 4.00%, (1 Month USD LIBOR + 3.50%), 04/14/28 (h)	90,773		89,582
	Cornerstone OnDemand, Inc.
		2021 Term Loan, 4.25%, (3 Month USD LIBOR + 3.75%), 09/08/26 (h)	69,876		69,090
	Peraton Corp.
		Term Loan B, 4.50%, (1 Month USD LIBOR + 3.75%), 02/22/28 (h)	141,928		140,731
	Redstone Holdco 2 LP
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 04/27/28 (h)	149,250		145,519
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 4.50%, (3 Month USD LIBOR + 4.00%), 08/09/25 (h)	62,318		61,325
				570,596
Consumer Discretionary 0.7%
	Great Outdoors Group, LLC
		2021 Term Loan B1, 4.50%, (1 Month USD LIBOR + 3.75%), 02/26/28 (h)	148,712		147,968
	Michaels Companies, Inc.
		2021 Term Loan B, 5.00%, (3 Month USD LIBOR + 4.25%), 04/08/28 (h)	122,872		115,004
	Mileage Plus Holdings LLC
		2020 Term Loan B, 6.25%, (3 Month USD LIBOR + 5.25%), 12/31/23 (h)	49,200		50,984
	TGP Holdings III, LLC
		2021 Delayed Draw Term Loan , 0.00%, 06/24/28 (h) (m)	13,393		12,790
		2021 Term Loan, 4.00%, (1 Month USD LIBOR + 3.25%), 06/24/28 (h)	101,571		97,001
				423,747
Health Care 0.5%
	Advisor Group, Inc.
		2021 Term Loan, 4.71%, (1 Month USD LIBOR + 4.50%), 07/31/26 (h)	83,505		83,062
	Illuminate Merger Sub Corp.
		Term Loan, 4.00%, (3 Month USD LIBOR + 3.50%), 06/30/28 (h)	154,000		148,610
	Lonza Group AG
		USD Term Loan B, 4.75%, (6 Month USD LIBOR + 4.00%), 04/29/28 (h)	81,462		79,323
				310,995
Industrials 0.5%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 03/10/28 (h)	187,000		189,162
	Dynasty Acquisition Co., Inc.
		2020 CAD Term Loan B2, 3.72%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	23,523		23,072
		2020 Term Loan B1, 3.72%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	43,752		42,914
	United Airlines, Inc.
		2021 Term Loan B, 4.50%, (3 Month USD LIBOR + 3.75%), 04/14/28 (h)	53,694		52,979
				308,127
Financials 0.4%
	Acrisure, LLC
		2020 Term Loan B, 3.72%, (1 Month USD LIBOR + 3.50%), 01/30/27 (h)	95,795		94,279
	NAC Aviation 29 DAC
		2022 DIP Delayed Draw Term Loan, 0.00%, (3 Month USD LIBOR + 8.00%), 09/07/22 (h) (m)	3,610		3,682
		2022 DIP Delayed Draw Term Loan, 9.00%, (3 Month USD LIBOR + 8.00%), 09/07/22 (h)	4,332		4,419
		2022 DIP Delayed Draw Term Loan, 9.00%, (1 Month USD LIBOR + 8.00%), 09/07/22 (h)	4,332		4,419
	Raptor Acquisition Corp.
		2021 Term Loan, 4.93%, (3 Month USD LIBOR + 4.00%), 11/01/26 (h)	154,612		153,598
				260,397
	Total Senior Floating Rate Instruments (cost $2,627,165)			2,592,196
INVESTMENT COMPANIES 0.9%
	iShares Broad USD High Yield Corporate Bond ETF		15,247		592,498
	Total Investment Companies (cost $586,552)			592,498
COMMON STOCKS 0.3%
Communication Services 0.2%
	Clear Channel Outdoor Holdings, Inc. (j)		8,143		28,175
	iHeartMedia, Inc. - Class A (j)		3,283		62,147
				90,322
Energy 0.1%
	MPLX LP		2,200		72,996
	Total Common Stocks (cost $175,217)			163,318
SHORT TERM INVESTMENTS 9.6%
Securities Lending Collateral 6.4%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (n)		3,956,135		3,956,135

Abbreviations and additional footnotes are defined on page 13

11

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Schedules of Investments (Unaudited)

March 31, 2022

		Shares/Par1		Value ($)
Investment Companies 3.2%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.25% (n)	1,979,899		1,979,899
	Total Short Term Investments (cost $5,936,034)		5,936,034
Total Investments 103.7% (cost $65,820,944)				64,195,770
Other Assets and Liabilities, Net (3.7)%				(2,315,716)
Total Net Assets 100.0%				61,880,054

(a)Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2022, the value and the percentage of net assets of these securities was $43,618,397 and 70.5% of the Fund.

(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.

(c)All or a portion of the security was on loan as of March 31, 2022.

(d)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 March 31, 2022.

(e)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 March 31, 2022.

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

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

(h)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2022. 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)Non-income producing security.

(k)As of March 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(l)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 Investments.

(m)This senior floating rate interest will settle after March 31, 2022. 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 March 31, 2022.

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	262,655	255,725	0.4
	Nordic Aviation Capital, 0.00%, 02/27/24	02/06/20	81,782	57,902	0.1
	Nordic Aviation Capital, 0.00%, 03/14/27	10/01/19	129,133	104,340	0.2
			473,570	417,967	0.7

Abbreviations and additional footnotes are defined on page 13

12

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

Currency Abbreviations:

USD - United States Dollar

CAD - Canadian Dollar

Abbreviations:

DIP - Debtor-in-Possession

ETF - Exchange Traded Fund

LIBOR – London Interbank Offered Rate

MBS - Mortgage-Backed Security

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.

13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

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. The Board is promptly notified of any matters significantly impacting the application of the Funds' valuation policies and procedures. The Board also receives monthly reports on other fair valuation determinations deemed material.

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 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 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

14

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Schedules of Investments (Unaudited)

March 31, 2022

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 March 31, 2022, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		27,571,216	105,586	27,676,802
Government And Agency Obligations	—		21,433,944	—	21,433,944
Non-U.S. Government Agency Asset-Backed Securities	—		3,639,769	—	3,639,769
Senior Floating Rate Instruments	—		1,148,251	78,000	1,226,251
Short Term Investments	3,968,211		—	—	3,968,211
	3,968,211		53,793,180	183,586	57,944,977
Assets - Investments in Other Financial Instruments1
Futures Contracts	175,426		—	—	175,426
	175,426		—	—	175,426
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(237,509	)	—	—	(237,509	)
	(237,509	)	—	—	(237,509	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		54,749,482	162,242	54,911,724
Senior Floating Rate Instruments	—		2,592,196	—	2,592,196
Investment Companies	592,498		—	—	592,498
Common Stocks	163,318		—	—	163,318
Short Term Investments	5,936,034		—	—	5,936,034
	6,691,850		57,341,678	162,242	64,195,770

¹All 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.

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 March 31, 2022.

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PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

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.

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