PPM Funds NPORT-P PPM Core Plus Fixed Income Fund (Sep 2022 report)

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
PPM Core Plus Fixed Income Fund
GOVERNMENT AND AGENCY OBLIGATIONS 45.6%
U.S. Treasury Note 20.8%
	Treasury, United States Department of
		0.25%, 03/15/24 - 07/31/25	342,000		310,025
		1.50%, 10/31/24 - 02/15/30	1,466,000		1,305,874
		2.88%, 06/15/25 - 05/15/32	3,342,600		3,111,453
		2.25%, 11/15/25	980,000		922,731
		0.38%, 12/31/25 - 01/31/26	1,500,000		1,323,555
		0.88%, 09/30/26	200,000		175,969
		1.25%, 11/30/26 - 06/30/28	1,245,000		1,069,364
		0.63%, 03/31/27	335,000		287,367
		2.63%, 05/31/27	904,000		848,630
		1.38%, 11/15/31	403,000		327,563
		1.88%, 02/15/32	82,000		69,495
		2.75%, 08/15/32	310,000		283,553
				10,035,579
Mortgage-Backed Securities 20.3%
	Federal Home Loan Mortgage Corporation
		2.00%, 04/01/36 - 03/01/52	914,008		747,885
		3.50%, 08/01/37 - 04/01/50	558,618		515,197
		4.00%, 10/01/45 - 10/01/52	483,752		451,674
		3.00%, 11/01/46 - 05/01/52	281,246		245,786
		4.50%, 11/01/48 - 08/01/52	183,086		174,598
		2.50%, 05/01/50 - 11/01/51	515,562		435,711
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 03/01/52	1,118,115		995,856
		2.50%, 10/01/35 - 01/01/52	1,257,663		1,087,477
		2.00%, 05/01/36 - 01/01/52	1,807,333		1,489,254
		3.50%, 08/01/37 - 06/01/52	607,588		556,931
		TBA, 3.00%, 10/15/37 (a)	275,000		255,148
		4.00%, 01/01/47 - 09/01/49	338,222		317,841
		4.50%, 05/01/47 - 12/01/48	274,463		266,020
		TBA, 3.50%, 10/15/52 (a)	145,000		130,387
	Government National Mortgage Association
		3.00%, 10/20/46 - 02/20/52	593,490		528,845
		3.50%, 05/20/47 - 07/20/51	474,723		435,995
		4.00%, 07/20/47	133,047		125,774
		4.50%, 12/20/48 - 02/20/49	54,992		53,215
		2.50%, 03/20/51 - 07/20/51	558,651		483,303
		2.00%, 09/20/51 - 03/20/52	299,018		249,753
		TBA, 4.00%, 10/15/52 (a)	220,000		205,234
				9,751,884
U.S. Treasury Bond 3.9%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		441,624
		2.00%, 11/15/41	125,000		89,395
		3.13%, 11/15/41	316,000		274,722
		2.50%, 02/15/45 - 02/15/46	756,000		574,500
		3.00%, 02/15/48	444,000		373,515
		1.63%, 11/15/50	81,000		50,233
		2.88%, 05/15/52	80,000		67,062
				1,871,051
U.S. Government Agency Obligations 0.4%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (b)	229,000		178,931
Municipal 0.2%
	Dallas/Fort Worth International Airport
		2.84%, 11/01/46	55,000		38,544
	The Dormitory Authority of the State of New York
		3.19%, 02/15/43	100,000		73,325
				111,869
	Total Government And Agency Obligations (cost $24,825,643)			21,949,314
CORPORATE BONDS AND NOTES 39.5%
Financials 15.5%
	AerCap Ireland Capital Designated Activity Company
		2.45%, 10/29/26	165,000		139,499
		3.00%, 10/29/28	163,000		131,414
		3.30%, 01/30/32	73,000		55,064
	Ares Finance Co. IV LLC
		3.65%, 02/01/52 (c)	66,000		41,158
	Bank of America Corporation
		3.56%, 04/23/27	65,000		59,998
		1.73%, 07/22/27	103,000		88,362
		3.59%, 07/21/28	90,000		81,204
		4.95%, 07/22/28	170,000		163,491
		4.27%, 07/23/29	333,000		303,628
		2.59%, 04/29/31	100,000		79,445
		2.30%, 07/21/32	140,000		104,758
		2.68%, 06/19/41	65,000		42,014
	Barclays PLC
		3.56%, 09/23/35 (d)	95,000		69,896
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	95,000		61,208
	BlackRock, Inc.
		2.10%, 02/25/32	268,000		205,332
	Blackstone Holdings Finance Co. L.L.C.
		2.00%, 01/30/32 (c)	142,000		105,041
	Blackstone Private Credit Fund
		1.75%, 09/15/24	52,000		47,388
		2.63%, 12/15/26	99,000		81,401
		3.25%, 03/15/27	141,000		116,995
		4.00%, 01/15/29	5,000		4,005
	Blackstone Secured Lending Fund
		2.85%, 09/30/28	135,000		102,383
	BNP Paribas
		2.59%, 08/12/35 (c) (d)	90,000		64,175
	Citigroup Inc.
		5.00%, (100, 09/12/24) (e)	83,000		74,426
		3.52%, 10/27/28	131,000		116,941
		2.67%, 01/29/31	224,000		179,230
		2.57%, 06/03/31	72,000		56,726
	CNO Global Funding
		1.75%, 10/07/26 (c)	23,000		19,876
		2.65%, 01/06/29 (c)	116,000		96,429
	Cooperatieve Rabobank U.A.
		3.88%, 08/22/24	250,000		245,153
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (c) (e)	130,000		91,718
		7.50%, (100, 12/11/23) (c) (d) (e)	150,000		138,375
		6.50%, 08/08/23 (c) (d)	75,000		74,100
	Credit Suisse Holdings (USA), Inc.
		4.75%, 08/09/24	350,000		340,836
	Deutsche Bank Aktiengesellschaft
		3.73%, 01/14/32 (d)	100,000		67,188
	F&G Global Funding
		2.00%, 09/20/28 (c)	120,000		95,803
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	75,000		70,778
		4.13%, 08/17/27	13,000		11,193
		3.82%, 11/02/27	155,000		130,200
	FS KKR Capital Corp.
		3.40%, 01/15/26	102,000		89,969
		3.13%, 10/12/28	90,000		69,854
	Icahn Enterprises L.P.
		4.75%, 09/15/24	100,000		93,747
	Intercontinental Exchange, Inc.
		4.35%, 06/15/29	41,000		38,780
		4.95%, 06/15/52	25,000		22,239
	JPMorgan Chase & Co.
		2.01%, 03/13/26	132,000		120,886
		2.07%, 06/01/29	114,000		92,550
		2.74%, 10/15/30	215,000		175,026
	KKR Group Finance Co. XII LLC
		4.85%, 05/17/32 (c)	66,000		60,728
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (d) (e)	109,000		99,462
		3.87%, 07/09/25 (d)	110,000		106,427
	LSEGA Financing PLC
		2.50%, 04/06/31 (c)	90,000		72,966
		3.20%, 04/06/41 (c)	28,000		19,944
	Morgan Stanley
		0.99%, 12/10/26	200,000		172,657
		3.59%, 07/22/28	110,000		99,430
		3.62%, 04/01/31	32,000		27,629
		2.51%, 10/20/32	62,000		47,457

Abbreviations and additional footnotes are defined on page 13

1

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
		2.48%, 09/16/36	90,000		64,678
	National Rural Utilities Cooperative Finance Corporation
		4.15%, 12/15/32	95,000		86,933
	NatWest Group PLC
		3.07%, 05/22/28 (d)	124,000		106,234
		5.52%, 09/30/28 (d)	41,000		38,947
	NatWest Markets PLC
		1.60%, 09/29/26 (c) (f)	242,000		205,319
	New York Life Global Funding
		1.85%, 08/01/31 (c)	119,000		91,734
	Owl Rock Capital Corporation
		3.40%, 07/15/26	87,000		74,760
	The Goldman Sachs Group, Inc.
		2.64%, 02/24/28	183,000		158,962
		3.80%, 03/15/30	211,000		184,967
		2.62%, 04/22/32	39,000		30,234
		2.38%, 07/21/32	170,000		128,417
	The Hartford Financial Services Group, Inc.
		2.90%, 09/15/51 (f)	66,000		40,622
	The Toronto-Dominion Bank
		4.69%, 09/15/27 (d) (f)	250,000		241,730
	Toyota Motor Credit Corporation
		4.55%, 09/20/27	170,000		166,016
	Transocean Poseidon Limited
		6.88%, 02/01/27 (c)	42,875		39,146
	U.S. Bancorp
		4.97%, 07/22/33	73,000		68,481
	UBS Group AG
		4.99%, 08/05/33 (c) (d)	67,000		60,064
	Wells Fargo & Company
		4.90%, 07/25/33	271,000		249,529
	Westpac Banking Corporation
		2.67%, 11/15/35 (d)	48,000		35,526
				7,438,881
Energy 4.2%
	Antero Midstream Partners LP
		5.38%, 06/15/29 (c)	18,000		15,850
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29	125,000		110,368
		3.25%, 01/31/32	20,000		15,363
	Continental Resources, Inc.
		5.75%, 01/15/31 (c)	95,000		85,858
	Devon Energy Corporation
		5.88%, 06/15/28	39,000		39,074
		4.50%, 01/15/30	34,000		31,105
	Energy Transfer LP
		6.50%, (100, 08/15/26) (e)	20,000		17,089
		6.75%, (100, 05/15/25) (e)	102,000		88,081
		7.13%, (100, 05/15/30) (e)	119,000		98,651
		3.75%, 05/15/30	142,000		120,536
		5.80%, 06/15/38	45,000		39,611
		6.25%, 04/15/49	40,000		35,728
	EQM Midstream Partners, LP
		4.13%, 12/01/26	113,000		95,980
		4.50%, 01/15/29 (c)	31,000		25,139
	Helmerich & Payne, Inc.
		2.90%, 09/29/31	45,000		35,163
	Marathon Oil Corporation
		4.40%, 07/15/27	103,000		96,250
	ONEOK, Inc.
		4.50%, 03/15/50	60,000		43,201
	Pioneer Natural Resources Company
		1.90%, 08/15/30	90,000		68,937
	Rattler Midstream LP
		5.63%, 07/15/25 (c)	15,000		15,187
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	300,000		272,946
		4.50%, 05/15/30	80,000		72,901
	Santos Finance Ltd
		3.65%, 04/29/31 (c)	153,000		120,272
	Southwestern Energy Company
		4.75%, 02/01/32 (f)	121,000		101,708
	Targa Resources Corp.
		5.50%, 03/01/30	60,000		54,058
		4.88%, 02/01/31	56,000		48,144
		4.20%, 02/01/33	60,000		50,597
	The Williams Companies, Inc.
		4.65%, 08/15/32	113,000		102,342
	Transocean Pontus Limited
		6.13%, 08/01/25 (c)	11,200		10,410
	Transocean Proteus Limited
		6.25%, 12/01/24 (c)	78,750		74,023
	Venture Global Calcasieu Pass, LLC
		3.88%, 08/15/29 (c)	8,000		6,876
		3.88%, 11/01/33 (c) (f)	51,000		40,384
				2,031,832
Consumer Discretionary 3.5%
	Amazon.com, Inc.
		2.10%, 05/12/31	115,000		93,271
		3.88%, 08/22/37	90,000		78,267
		3.10%, 05/12/51	55,000		38,425
	Booking Holdings Inc.
		4.63%, 04/13/30	149,000		140,291
	Carnival Corporation
		4.00%, 08/01/28 (c)	51,000		41,165
	Ford Motor Company
		6.10%, 08/19/32	52,000		45,839
	General Motors Company
		5.60%, 10/15/32	106,000		94,551
	General Motors Financial Company, Inc.
		3.10%, 01/12/32 (f)	161,000		121,070
	Hyatt Hotels Corporation
		5.63%, 04/23/25 (g) (h)	45,000		44,566
	Kohl's Corporation
		3.38%, 05/01/31 (f) (g) (h)	41,000		25,322
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	36,000		22,014
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (h)	11,000		8,381
	Macys Retail Holdings
		5.88%, 03/15/30 (c) (f)	69,000		54,576
		6.13%, 03/15/32 (c) (f)	40,000		30,667
	Magallanes, Inc.
		5.05%, 03/15/42 (c)	255,000		190,866
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (c)	33,275		32,591
	Newell Brands Inc.
		6.38%, 09/15/27 (f)	52,000		51,479
		6.63%, 09/15/29	55,000		53,752
	Prosus N.V.
		4.19%, 01/19/32 (c)	53,000		39,142
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (c) (f)	200,000		135,245
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (c)	10,000		9,718
		4.75%, 10/20/28 (c)	16,000		14,908
	Toll Brothers Finance Corp.
		3.80%, 11/01/29 (f)	160,000		129,928
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (c)	186,000		168,856
				1,664,890
Utilities 3.2%
	Baltimore Gas and Electric Company
		4.55%, 06/01/52	45,000		38,981
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		61,128
	Consolidated Edison Company of New York, Inc.
		4.20%, 03/15/42	57,000		44,878
	DPL Inc.
		4.13%, 07/01/25	47,000		43,482
	Duke Energy Corporation
		4.50%, 08/15/32	170,000		153,758
	Duquesne Light Holdings, Inc.
		2.53%, 10/01/30 (c)	61,000		46,967
	Enel Finance International N.V.
		2.25%, 07/12/31 (c)	93,000		64,964
	Eversource Energy
		3.38%, 03/01/32	80,000		67,496

Abbreviations and additional footnotes are defined on page 13

2

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
	Nevada Power Company
		3.70%, 05/01/29	140,000		127,795
	Pacific Gas And Electric Company
		3.30%, 12/01/27	46,000		38,820
		3.25%, 06/01/31	58,000		44,188
		5.90%, 06/15/32	104,000		94,913
		4.50%, 07/01/40	181,000		131,876
	Public Service Electric And Gas Company Inc.
		3.10%, 03/15/32 (f)	36,000		30,667
	San Diego Gas & Electric Company
		1.70%, 10/01/30	72,000		55,544
		2.95%, 08/15/51	60,000		39,186
	Southern California Edison Company
		4.13%, 03/01/48	46,000		34,213
		3.65%, 02/01/50	67,000		45,953
	Southwest Gas Corporation
		4.05%, 03/15/32	50,000		42,150
	Tampa Electric Company
		3.45%, 03/15/51	87,000		61,825
	The AES Corporation
		3.30%, 07/15/25 (c)	133,000		122,461
	Vistra Operations Company LLC
		3.55%, 07/15/24 (c)	71,000		67,631
		3.70%, 01/30/27 (c)	110,000		97,284
				1,556,160
Health Care 2.9%
	AbbVie Inc.
		3.20%, 11/21/29	135,000		118,195
		4.50%, 05/14/35	55,000		48,815
	Amgen Inc.
		3.15%, 02/21/40	134,000		96,637
		4.20%, 02/22/52 (f)	37,000		29,086
	Ascension Health
		2.53%, 11/15/29	28,000		23,676
	Bausch Health Companies Inc.
		6.13%, 02/01/27 (c) (f)	62,000		43,007
	Baylor Scott & White Holdings
		2.84%, 11/15/50	54,000		34,549
	Centene Corporation
		3.00%, 10/15/30	168,000		132,708
		2.50%, 03/01/31	285,000		215,643
	Cigna Corporation
		4.38%, 10/15/28	50,000		47,153
	CVS Health Corporation
		4.78%, 03/25/38	190,000		166,065
	HCA Inc.
		5.38%, 02/01/25	130,000		128,470
		5.88%, 02/15/26	30,000		29,607
		3.50%, 09/01/30	57,000		47,101
	Indiana University Health, Inc.
		2.85%, 11/01/51 (f)	51,000		32,844
	Northwestern Memorial HealthCare
		2.63%, 07/15/51	55,000		34,538
	Piedmont Healthcare, Inc.
		2.04%, 01/01/32	43,000		32,665
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		7,507
	UnitedHealth Group Incorporated
		4.75%, 05/15/52	155,000		139,130
				1,407,396
Communication Services 2.9%
	AT&T Inc.
		2.55%, 12/01/33	190,000		141,393
		4.90%, 08/15/37	16,000		14,191
		4.85%, 03/01/39	150,000		130,206
	Charter Communications Operating, LLC
		5.38%, 04/01/38	45,000		36,644
		4.80%, 03/01/50	50,000		36,139
		6.83%, 10/23/55	51,000		46,810
	Comcast Corporation
		3.75%, 04/01/40	35,000		27,467
		3.40%, 07/15/46	50,000		35,186
		2.89%, 11/01/51	65,000		40,777
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (c)	37,000		31,971
	Meta Platforms, Inc.
		3.85%, 08/15/32 (c)	130,000		114,542
		4.45%, 08/15/52 (c)	130,000		106,199
	Netflix, Inc.
		5.88%, 11/15/28	90,000		87,416
	The Walt Disney Company
		4.63%, 03/23/40	80,000		72,015
	T-Mobile USA, Inc.
		2.63%, 04/15/26	236,000		213,385
	Verizon Communications Inc.
		4.33%, 09/21/28	105,000		98,768
		3.15%, 03/22/30	130,000		110,391
		2.55%, 03/21/31	74,000		59,119
				1,402,619
Consumer Staples 2.8%
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	200,000		180,309
	Anheuser-Busch InBev Worldwide Inc.
		5.45%, 01/23/39	141,000		132,922
	B. A. T. Capital Corporation
		4.39%, 08/15/37	45,000		32,103
		3.73%, 09/25/40	55,000		35,299
	JBS USA Food Company
		5.50%, 01/15/30 (c)	50,000		46,180
		3.63%, 01/15/32 (c)	94,000		73,952
		5.75%, 04/01/33 (c)	112,000		101,316
		6.50%, 12/01/52 (c)	170,000		150,811
	Kraft Heinz Foods Company
		4.63%, 10/01/39	20,000		16,498
	Mars, Incorporated
		3.88%, 04/01/39 (c)	200,000		164,873
	Northwestern University
		2.64%, 12/01/50	38,000		25,311
	Pilgrim's Pride Corporation
		3.50%, 03/01/32 (c)	180,000		135,759
	Safeway Inc.
		3.50%, 02/15/23 (c) (f)	100,000		99,110
	The Trustees of Princeton University
		4.20%, 03/01/52	78,000		70,387
	University of Washington
		4.35%, 04/15/22	76,000		58,858
				1,323,688
Industrials 2.5%
	Air Canada
		3.88%, 08/15/26 (c)	35,000		30,031
	Aircastle Limited
		5.25%, 08/11/25 (c)	108,000		101,837
	American Airlines, Inc.
		5.50%, 04/20/26 (c)	31,000		29,133
		5.75%, 04/20/29 (c)	11,000		9,600
	Ardagh Packaging Finance Public Limited Company
		4.13%, 08/15/26 (c)	165,000		137,255
	Burlington Northern Santa FE, LLC
		4.45%, 01/15/53	117,000		101,385
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (c)	134,000		135,005
	General Electric Company
		6.62%, (3 Month USD LIBOR + 3.33%), (100, 12/15/22) (e) (i)	419,000		394,023
	NAC Aviation 29 Designated Activity Company
		4.75%, 06/30/26	68,901		57,739
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (c)	46,000		36,685
	The Boeing Company
		5.15%, 05/01/30 (h)	160,000		147,858
	United Airlines Pass Through Certificates, Series 2015-1
		4.63%, 04/15/29 (c)	37,000		30,725
				1,211,276

Abbreviations and additional footnotes are defined on page 13

3

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
Real Estate 0.9%
	EPR Properties
		3.60%, 11/15/31	61,000		43,574
	Essential Properties, L.P.
		2.95%, 07/15/31	78,000		57,248
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		14,102
		3.25%, 01/15/32	37,000		27,761
	Sun Communities Operating Limited Partnership
		2.30%, 11/01/28	65,000		52,195
		2.70%, 07/15/31	57,000		43,013
	VICI Properties Inc.
		4.25%, 12/01/26 (c)	55,000		49,400
		3.75%, 02/15/27 (c) (f)	63,000		55,083
		4.13%, 08/15/30 (c)	94,000		78,465
				420,841
Materials 0.6%
	Anglo American Capital PLC
		2.63%, 09/10/30 (c)	50,000		38,609
	Celanese US Holdings LLC
		6.33%, 07/15/29 (h)	115,000		107,371
	Glencore Funding LLC
		4.88%, 03/12/29 (c)	75,000		69,061
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (c)	110,000		91,635
				306,676
Information Technology 0.5%
	Apple Inc.
		2.70%, 08/05/51	28,000		18,497
	Broadcom Inc.
		3.47%, 04/15/34 (c)	60,000		45,075
	Dell International L.L.C.
		8.35%, 07/15/46 (h)	25,000		27,034
	Microsoft Corporation
		3.50%, 02/12/35	90,000		80,796
	VMware, Inc.
		2.20%, 08/15/31	76,000		55,170
				226,572
	Total Corporate Bonds And Notes (cost $22,403,206)			18,990,831
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.2%
	Air Canada
		Series 2020-A-2, 5.25%, 04/01/29	21,909		20,543
	Alaska Air Pass Through Trust 2020-1A
		Series 2020-A-1, 4.80%, 08/15/27	79,263		74,717
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	148,400		128,864
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		263,009
	Americredit Automobile Receivables Trust 2019-3
		Series 2019-B-3, 2.13%, 07/18/25	216,777		216,376
	Avid Automobile Receivables Trust 2021-1
		Series 2021-A-1, 0.61%, 01/15/25	16,755		16,705
	BX Trust 2022-PSB
		Series 2022-A-PSB, REMIC, 4.76%, 08/15/39	157,000		156,639
	Capital One Prime Auto Receivables Trust 2022-2
		Series 2022-A2A-2, 3.74%, 09/15/25	246,000		244,686
	CCG Receivables Trust 2019-2
		Series 2019-A2-2, 2.11%, 03/14/23	6,695		6,678
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	204,444		194,760
	Chase Issuance Trust
		Series 2022-A-A1, 3.97%, 09/15/25	160,000		156,973
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (i)	151,394		120,524
	CNH Equipment Trust 2022-A
		Series 2022-A2-A, 2.39%, 01/16/24	150,000		147,074
	CNH Equipment Trust 2022-B
		Series 2022-A2-B, 3.94%, 12/15/25	181,000		179,511
	COMM 2014-UBS3 Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		47,455
	Dell Equipment Finance Trust 2022-1
		Series 2022-A2-1, 2.11%, 11/22/23	84,000		82,957
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	190,000		178,813
	DLLMT 2021-1 LLC
		Series 2021-A3-1A, 1.00%, 07/20/25	223,000		210,411
	DLLST 2022-1 LLC
		Series 2022-A3-1A, 3.40%, 01/21/25	102,662		99,591
	First Investors Auto Owner Trust 2021-1
		Series 2021-A-1A, 0.45%, 12/15/23	34,594		34,168
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	69,910		67,957
	GM Financial Automobile Leasing Trust 2022-3
		Series 2022-A2A-3, 4.01%, 01/22/24	143,000		142,349
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		77,325
	GM Financial Consumer Automobile Receivables Trust 2022-2
		Series 2022-A3-2, 3.10%, 02/16/27	104,000		100,819
		Series 2022-B-2, 3.77%, 04/17/28	107,000		102,637
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		138,676
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	54,288		52,050
	Hilton Grand Vacations Trust 2020-A
		Series 2020-A-AA, 2.74%, 02/25/39	62,613		59,416
	Honda Auto Receivables 2022-2 Owner Trust
		Series 2022-A2-2, 3.81%, 03/18/24	126,000		125,253
	Hudson Yards 2019-30HY Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		129,102
	Hyundai Auto Lease Securitization Trust 2021-B
		Series 2021-A3-B, 0.33%, 06/17/24	265,000		258,494
	Hyundai Auto Lease Securitization Trust 2022-C
		Series 2022-A3-C, 4.38%, 12/16/24	100,000		99,001
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		48,199
	J.P. Morgan Mortgage Trust 2022-4
		Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (i)	179,249		148,161
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	100,000		95,267
	Manhattan West 2020-OMW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	201,074		168,500
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 2.87%, (1 Month USD LIBOR + 0.48%), 10/16/23 (i)	113,087		106,977
	Prestige Auto Receivables Trust 2021-1
		Series 2021-A3-1A, 0.83%, 07/15/25	266,000		259,570
	Santander Retail Auto Lease Trust 2021-B
		Series 2021-A3-B, 0.51%, 08/20/24	101,000		97,638
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (i)	82,859		66,482
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	41,777		39,532
		Series 2012-A-2, 4.00%, 10/29/24	37,458		35,363
	Verizon Master Trust
		Series 2022-A1A-5, 3.72%, 01/22/24 (g)	114,000		112,847
	Wells Fargo Commercial Mortgage Trust 2017-C38
		Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (i)	57,000		51,002
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (i)	40,105		34,373
	Westlake Automobile Receivables Trust 2021-3
		Series 2021-A3-3A, REMIC, 0.95%, 06/16/25	192,000		186,623
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,701,508)			5,384,067
SENIOR FLOATING RATE INSTRUMENTS 2.1%
Consumer Discretionary 0.8%
	Adient US LLC
		2021 Term Loan B, 5.77%, (1 Month USD LIBOR + 3.25%), 04/30/28 (i)	78,196		73,651
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 6.02%, (1 Month USD LIBOR + 3.50%), 06/19/25 (i)	45,966		45,223

Abbreviations and additional footnotes are defined on page 13

4

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
	Flutter Entertainment Public Limited Company
		Term Loan, 0.00%, (SOFR + 3.25%), 07/04/28 (i) (j)	10,000		9,748
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 4.27%, (1 Month USD LIBOR + 1.75%), 08/29/25 (i)	100,000		95,000
	PCI Gaming Authority
		Term Loan, 5.02%, (1 Month USD LIBOR + 2.50%), 05/15/26 (i)	109,653		106,363
	UFC Holdings, LLC
		2021 Term Loan B, 5.52%, (3 Month USD LIBOR + 2.75%), 04/29/26 (i)	52,887		50,727
				380,712
Industrials 0.6%
	Air Canada
		2021 Term Loan B, 6.42%, (3 Month USD LIBOR + 3.50%), 07/27/28 (i)	23,940		22,722
	American Airlines, Inc.
		2021 Term Loan, 7.46%, (3 Month USD LIBOR + 4.75%), 03/10/28 (i)	21,000		20,307
	Berry Global, Inc.
		2021 Term Loan Z, 4.18%, (3 Month USD LIBOR + 1.75%), 07/01/26 (i)	116,169		112,330
	Cimpress Public Limited Company
		USD Term Loan B, 6.02%, (1 Month USD LIBOR + 3.50%), 04/29/28 (i)	35,848		32,802
	Genesee & Wyoming Inc. (New)
		Term Loan, 4.25%, (3 Month USD LIBOR + 2.00%), 10/29/26 (i)	49,725		48,267
	Hertz Corporation, (The)
		2021 Term Loan B, 5.78%, (1 Month USD LIBOR + 3.25%), 06/11/28 (i)	10,619		10,028
		2021 Term Loan C, 5.78%, (1 Month USD LIBOR + 3.25%), 06/11/28 (i)	2,027		1,914
	INEOS Styrolution US Holding LLC
		2021 USD Term Loan B, 5.27%, (1 Month USD LIBOR + 2.75%), 01/21/26 (i)	26,662		24,807
				273,177
Communication Services 0.4%
	CenturyLink, Inc.
		2020 Term Loan B, 4.77%, (1 Month USD LIBOR + 2.25%), 03/15/27 (i)	97,250		88,270
	CSC Holdings, LLC
		2017 Term Loan B1, 5.07%, (1 Month USD LIBOR + 2.25%), 07/15/25 (i)	42,744		40,634
	DirecTV Financing, LLC
		Term Loan, 7.52%, (1 Month USD LIBOR + 5.00%), 07/22/27 (i)	33,052		30,709
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 5.02%, (1 Month USD LIBOR + 2.50%), 06/13/26 (i)	44,063		43,386
				202,999
Information Technology 0.1%
	Peraton Corp.
		Term Loan B, 6.27%, (1 Month USD LIBOR + 3.75%), 02/22/28 (i)	68,607		64,902
Materials 0.1%
	Sylvamo Corporation
		Term Loan B, 7.02%, (1 Month USD LIBOR + 4.50%), 08/18/28 (i)	52,683		50,510
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.95%, (3 Month Term SOFR + 4.25%), 09/22/24 (i)	28,248		27,542
	Total Senior Floating Rate Instruments (cost $1,044,387)			999,842
COMMON STOCKS 0.1%
Financials 0.1%
	Nordic Aviation Capital Designated Activity Company (k) (l)		1,215		24,300
	Total Common Stocks (cost $30,702)			24,300
SHORT TERM INVESTMENTS 5.1%
Securities Lending Collateral 2.8%
	State Street Navigator Securities Lending Government Money Market Portfolio, 3.07% (m)		1,361,858		1,361,858
Investment Companies 2.3%
	State Street U.S. Government Money Market Fund - Premier Class, 2.90% (m)		1,094,902		1,094,902
	Total Short Term Investments (cost $2,456,760)			2,456,760
Total Investments 103.6% (cost $56,462,206)					49,805,114
Other Derivative Instruments(0.0)%					(15,688)
Other Assets and Liabilities, Net (3.6)%					(1,705,732)
Total Net Assets 100.0%					48,083,694

(a)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2022, the total payable for investments purchased on a delayed delivery basis was $614,776.

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

(c)Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2022, the value and the percentage of net assets of these securities was $4,792,935 and 10.0% of the Fund.

(d)Convertible security.

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

(f)All or a portion of the security was on loan as of September 30, 2022.

(g)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, 2022.

(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, 2022.

(i)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 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.

(j)This senior floating rate interest will settle after September 30, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(k)Non-income producing security.

(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)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2022.

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	21	December 2022		2,465,157	(8,203)			(111,844)
United States 2 Year Note	5	January 2023		1,043,709	(742)			(16,756)

Abbreviations and additional footnotes are defined on page 13

5

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

PPM Core Plus Fixed Income Fund — Futures Contracts (continued)
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
United States 5 Year Note	5	January 2023		553,330	(1,328)			(15,791)
United States Long Bond	12	December 2022		1,635,368	(7,875)			(118,494)
United States Ultra Bond	11	December 2022		1,632,122	(16,040)			(125,121)
					(34,188)			(388,006)
Short Contracts
United States 10 Year Ultra Bond	(37)	December 2022		(4,650,578)	18,500			266,656

Abbreviations and additional footnotes are defined on page 13

6

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 91.7%
Consumer Discretionary 17.6%
	Bath & Body Works, Inc.
		7.50%, 06/15/29	140,000		128,100
		6.88%, 11/01/35	165,000		137,837
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		69,596
	Boyd Gaming Corporation
		4.75%, 06/15/31 (a) (b)	241,000		195,128
	Carnival Corporation
		7.63%, 03/01/26 (b)	248,000		188,480
		5.75%, 03/01/27 (b)	316,000		221,568
		9.88%, 08/01/27 (b)	105,000		102,900
		4.00%, 08/01/28 (b)	40,000		32,286
	CDI Escrow Issuer Inc
		5.75%, 04/01/30 (b)	228,000		199,446
	Churchill Downs Incorporated
		4.75%, 01/15/28 (b)	45,000		39,117
	Clarios Global LP
		8.50%, 05/15/27 (a) (b)	230,000		219,821
	Dana Incorporated
		5.38%, 11/15/27	43,000		36,433
		5.63%, 06/15/28	93,000		77,488
		4.25%, 09/01/30	13,000		9,557
		4.50%, 02/15/32	140,000		101,397
	Eldorado Resorts, Inc.
		6.25%, 07/01/25 (b)	195,000		187,931
		8.13%, 07/01/27 (a) (b)	186,000		177,902
	Ford Motor Company
		4.35%, 12/08/26 (a)	72,000		66,082
		6.63%, 10/01/28	83,000		81,155
		9.63%, 04/22/30	64,000		71,073
		5.29%, 12/08/46	62,000		43,961
	General Motors Company
		5.60%, 10/15/32	226,000		201,590
	Guitar Center Escrow Issuer II, Inc.
		8.50%, 01/15/26 (b)	200,000		177,423
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (b)	330,000		291,617
	Hilton Grand Vacations Borrower LLC
		5.00%, 06/01/29 (b)	201,000		162,157
		4.88%, 07/01/31 (b)	242,000		184,871
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (b) (c)	88,000		77,221
		6.38%, 05/15/29 (b) (c)	96,000		83,166
	International Game Technology PLC
		4.13%, 04/15/26 (b)	52,000		47,491
		5.25%, 01/15/29 (b)	202,000		179,377
	IRB Holding Corp.
		7.00%, 06/15/25 (b)	101,000		100,559
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (b)	331,000		284,291
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (b)	111,000		108,502
		7.75%, 10/15/25 (b)	145,000		134,248
		5.88%, 01/15/28 (b)	60,000		42,198
		5.50%, 07/15/29 (b)	240,000		166,993
	KB Home
		4.80%, 11/15/29	191,000		154,225
		7.25%, 07/15/30	56,000		50,848
	Life Time, Inc.
		5.75%, 01/15/26 (b)	142,000		129,775
		8.00%, 04/15/26 (b)	145,000		123,961
	Lions Gate Capital Holdings LLC
		5.50%, 04/15/29 (b)	251,000		187,024
	Macys Retail Holdings
		5.88%, 03/15/30 (b)	130,000		102,825
		6.13%, 03/15/32 (a) (b)	193,000		147,968
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (b)	216,000		149,736
	Marriott Ownership Resorts, Inc.
		4.75%, 01/15/28	76,000		63,460
	MCE Finance Limited
		5.38%, 12/04/29 (b)	198,000		121,707
	Midwest Gaming Borrower, LLC
		4.88%, 05/01/29 (b)	180,000		148,410
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (b)	166,300		162,883
	Nemak, S.A.B. de C.V.
		3.63%, 06/28/31 (b)	118,000		79,809
	Newell Brands Inc.
		6.63%, 09/15/29	90,000		87,958
	NMG Holding Company, Inc.
		7.13%, 04/01/26 (b)	290,000		268,035
	Nordstrom, Inc.
		4.00%, 03/15/27	84,000		70,381
	PetSmart, Inc.
		7.75%, 02/15/29 (b)	145,000		129,671
	PM General Purchaser LLC
		9.50%, 10/01/28 (b)	211,000		176,796
	QVC, Inc.
		5.45%, 08/15/34	140,000		86,052
	Royal Caribbean Cruises Ltd.
		10.88%, 06/01/23 (b)	177,000		180,881
		9.13%, 06/15/23 (b)	240,000		245,121
		4.25%, 07/01/26 (b)	124,000		91,544
		5.50%, 04/01/28 (b)	43,000		30,228
	Scientific Games International, Inc.
		7.00%, 05/15/28 (b)	91,000		85,730
	Seaworld Entertainment, Inc.
		5.25%, 08/15/29 (b)	186,000		154,893
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 - 04/01/29 (b)	159,000		128,655
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (b)	42,000		39,135
	Staples, Inc.
		7.50%, 04/15/26 (b)	149,000		125,096
	Tenneco Inc.
		7.88%, 01/15/29 (b)	50,000		49,521
		5.13%, 04/15/29 (b)	470,000		465,258
	TKC Holdings, Inc.
		6.88%, 05/15/28 (b)	97,000		79,249
		10.50%, 05/15/29 (b)	150,000		114,982
	Travel + Leisure Co.
		6.63%, 07/31/26 (b)	101,000		95,015
		6.00%, 04/01/27 (d) (e)	65,000		58,709
		4.50%, 12/01/29 (b)	124,000		96,205
		4.63%, 03/01/30 (b)	95,000		75,650
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (b)	86,000		78,073
				9,264,431
Communication Services 16.6%
	Advantage Sales & Marketing Inc.
		6.50%, 11/15/28 (b)	193,000		152,783
	Altice France
		6.00%, 02/15/28 (a) (b)	69,000		44,242
	Altice France Holding S.A.
		5.50%, 01/15/28 - 10/15/29 (b)	398,000		304,670
		5.13%, 07/15/29 (b)	172,000		128,546
	AMC Entertainment Holdings, Inc.
		10.00%, 06/15/26 (b) (c) (d)	68,000		46,417
		7.50%, 02/15/29 (b)	205,000		159,361
	Arches Buyer Inc.
		6.13%, 12/01/28 (a) (b)	19,000		14,605
	CCO Holdings, LLC
		5.13%, 05/01/27 (b)	108,000		97,472
		5.38%, 06/01/29 (b)	408,000		357,773
		4.25%, 02/01/31 - 01/15/34 (b)	293,000		220,231
		4.75%, 02/01/32 (b)	209,000		163,094
		4.50%, 05/01/32	111,000		84,604
	Clear Channel International B.V.
		6.63%, 08/01/25 (b)	85,000		79,055
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a) (b)	129,000		96,654
		7.50%, 06/01/29 (a) (b)	264,000		191,770

Abbreviations and additional footnotes are defined on page 13

7

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
	Connect Finco SARL
		6.75%, 10/01/26 (b)	60,000		52,434
	CSC Holdings, LLC
		5.25%, 06/01/24	85,000		78,917
		5.38%, 02/01/28 (b)	448,000		390,773
		7.50%, 04/01/28 (b)	210,000		171,454
		4.50%, 11/15/31 (b)	137,000		102,932
	Cumulus Media New Holdings Inc.
		6.75%, 07/01/26 (a) (b)	93,000		78,722
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (b)	93,000		18,469
		6.63%, 08/15/27 (b)	113,000		7,721
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (b)	249,000		215,154
	DISH DBS Corporation
		7.75%, 07/01/26	204,000		156,447
		5.25%, 12/01/26 (b)	102,000		84,188
	Frontier Communications Holdings, LLC
		8.75%, 05/15/30 (b)	118,000		118,204
	Frontier Communications Parent, Inc.
		5.88%, 10/15/27 (b)	13,000		11,667
		5.00%, 05/01/28 (b)	93,000		79,772
		6.75%, 05/01/29 (b)	202,000		166,698
	Gray Television, Inc.
		5.38%, 11/15/31 (b)	314,000		246,178
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	82,000		74,974
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		35,779
		8.38%, 05/01/27 (a)	246,651		207,716
		5.25%, 08/15/27 (b)	120,000		102,286
		4.75%, 01/15/28 (b)	50,000		41,670
	Iliad Holding
		7.00%, 10/15/28 (b)	298,000		255,499
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (b)	467,000		387,739
		5.13%, 07/15/29 (b)	220,000		167,427
	Level 3 Financing, Inc.
		4.25%, 07/01/28 (b)	186,000		145,327
		3.63%, 01/15/29 (b)	140,000		103,742
	Liberty Media Corporation
		8.25%, 02/01/30	245,000		158,025
	Lumen Technologies Inc.
		5.13%, 12/15/26 (b)	152,000		131,301
		7.60%, 09/15/39	24,000		16,248
	Midas Opco Holdings LLC
		5.63%, 08/15/29 (b)	520,000		427,848
	News Corporation
		3.88%, 05/15/29 (b)	89,000		75,538
		5.13%, 02/15/32 (b)	59,000		52,262
	Radiate HoldCo, LLC
		6.50%, 09/15/28 (b)	367,000		254,667
	Sirius XM Radio Inc.
		5.00%, 08/01/27 (b)	59,000		54,138
		3.88%, 09/01/31 (b)	184,000		143,032
	Sprint Capital Corporation
		6.88%, 11/15/28	94,000		96,611
	Sprint Corporation
		7.88%, 09/15/23	25,000		25,349
		7.13%, 06/15/24	331,000		336,459
		7.63%, 03/01/26	25,000		25,939
	Telecom Italia Capital
		6.00%, 09/30/34	97,000		72,347
	Telecom Italia SPA
		5.30%, 05/30/24 (b)	85,000		80,225
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (b)	200,000		175,000
	Telesat Canada
		5.63%, 12/06/26 (b)	193,000		92,725
		6.50%, 10/15/27 (b)	201,000		74,791
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (b)	414,000		316,386
	T-Mobile USA, Inc.
		3.38%, 04/15/29	149,000		128,686
	Townsquare Media, Inc.
		6.88%, 02/01/26 (b)	54,000		49,519
	Virgin Media Secured Finance PLC
		4.50%, 08/15/30 (b)	287,000		224,580
	VMED O2 UK Financing I PLC
		4.75%, 07/15/31 (b)	143,000		111,373
				8,766,215
Energy 15.4%
	Aethon United BR LP
		8.25%, 02/15/26 (b)	272,000		262,950
	Antero Midstream Partners LP
		7.88%, 05/15/26 (b)	90,000		90,518
		5.75%, 03/01/27 (b)	143,000		132,222
		5.38%, 06/15/29 (b)	269,000		236,871
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (b)	359,000		346,335
	Baytex Energy Corp.
		8.75%, 04/01/27 (a) (b)	129,000		129,685
	Bip-V Chinook
		5.50%, 06/15/31 (b)	301,000		254,905
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (b)	106,000		102,227
		6.63%, 07/15/26 (b)	57,000		53,302
	Buckeye Partners, L.P.
		5.85%, 11/15/43	120,000		90,396
		5.60%, 10/15/44	19,000		13,868
	Callon Petroleum Company
		6.38%, 07/01/26	316,000		284,802
		7.50%, 06/15/30 (b)	28,000		24,533
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (b)	146,000		139,462
		6.38%, 06/15/26 (b)	266,000		249,033
	Colgate Energy Partners III, LLC
		5.88%, 07/01/29 (b)	199,000		177,751
	DT Midstream, Inc.
		4.38%, 06/15/31 (b)	26,000		21,440
	Earthstone Energy Holdings, LLC
		8.00%, 04/15/27 (b)	170,000		160,210
	Endeavor Energy Resources, L.P.
		5.75%, 01/30/28 (b)	93,000		88,464
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (f)	397,000		350,352
	Energy Transfer LP
		6.50%, (100, 08/15/26) (g)	30,000		25,634
		6.75%, (100, 05/15/25) (g)	106,000		91,536
		7.13%, (100, 05/15/30) (g)	62,000		51,398
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		138,449
		7.50%, 06/01/27 (b)	84,000		80,241
		6.50%, 07/01/27 (b)	104,000		96,498
		4.50%, 01/15/29 (b)	237,000		192,194
		4.75%, 01/15/31 (b)	128,000		101,592
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 - 04/15/32 (b)	357,000		326,584
		5.75%, 02/01/29 (b)	61,000		53,831
		6.00%, 04/15/30 (b)	76,000		67,042
	Husky Energy Inc.
		13.00%, 02/15/25 (b) (c)	297,000		279,680
	ITT Holdings LLC
		6.50%, 08/01/29 (b)	313,000		243,798
	Kinetik Holdings LP
		5.88%, 06/15/30 (b)	182,000		166,565
	Murphy Oil Corporation
		5.75%, 08/15/25	35,000		34,133
		5.88%, 12/01/27	187,000		175,071
	Nabors Industries Ltd
		7.50%, 01/15/28 (b)	177,000		145,098
	Nabors Industries, Inc.
		7.38%, 05/15/27 (b)	147,000		135,821
	NuStar Logistics, L.P.
		6.00%, 06/01/26	85,000		78,216
		5.63%, 04/28/27	172,000		150,339
		6.38%, 10/01/30	134,000		115,060

Abbreviations and additional footnotes are defined on page 13

8

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
	Occidental Petroleum Corporation
		6.95%, 07/01/24	198,000		203,484
		3.50%, 06/15/25	35,000		33,715
		8.88%, 07/15/30	80,000		88,791
		6.45%, 09/15/36	106,000		105,538
		7.95%, 06/15/39	55,000		61,601
		6.60%, 03/15/46	78,000		79,535
	PDV America, Inc.
		9.25%, 08/01/24 (a) (b)	175,000		173,723
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (a) (b)	189,000		185,590
	Southwestern Energy Company
		7.75%, 10/01/27	90,000		91,620
		8.38%, 09/15/28	96,000		99,724
		5.38%, 02/01/29 - 03/15/30	233,000		209,999
		4.75%, 02/01/32	211,000		177,358
	Tap Rock Resources, LLC
		7.00%, 10/01/26 (b)	134,000		122,599
	Targa Resources Corp.
		4.88%, 02/01/31	56,000		48,144
	Transocean Proteus Limited
		6.25%, 12/01/24 (b)	112,500		105,747
	USA Compression Finance Corp.
		6.88%, 04/01/26 - 09/01/27	384,000		350,391
	Viper Energy Partners LP
		5.38%, 11/01/27 (b)	44,000		40,726
				8,136,391
Industrials 10.5%
	American Airlines, Inc.
		5.50%, 04/20/26 (b)	62,000		58,265
		5.75%, 04/20/29 (b)	371,000		323,774
	Ardagh Packaging Finance Public Limited Company
		4.13%, 08/15/26 (b)	353,000		293,642
	Berry Global, Inc.
		4.50%, 02/15/26 (b)	114,000		105,517
	Bombardier Inc.
		7.50%, 03/15/25 (b)	80,000		77,805
		7.13%, 06/15/26 (b)	232,000		213,021
		6.00%, 02/15/28 (a) (b)	112,000		93,953
	Builders FirstSource, Inc.
		4.25%, 02/01/32 (b)	638,000		489,977
	Cargo Aircraft Management, Inc.
		4.75%, 02/01/28 (b)	166,000		143,181
	Clydesdale Acquisition Holdings Inc
		6.63%, 04/15/29 (b)	98,000		89,388
		8.75%, 04/15/30 (b)	236,000		195,593
	CP Atlas Buyer, Inc.
		7.00%, 12/01/28 (a) (b)	98,000		72,882
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (b)	111,000		111,832
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (b)	243,000		228,564
		9.75%, 08/01/27 (b)	55,000		53,850
		5.50%, 05/01/28 (b)	161,000		129,172
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (b)	103,000		81,692
	FXI Holdings, Inc.
		7.88%, 11/01/24 (b)	122,000		96,373
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (a) (b)	166,000		134,335
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,024
	Imola Merger Corporation
		4.75%, 05/15/29 (b)	141,000		119,118
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (b)	172,000		137,029
	Masonite International Corporation
		5.38%, 02/01/28 (b)	71,000		62,803
	NAC Aviation 29 Designated Activity Company
		4.75%, 06/30/26	105,878		88,726
	Pitney Bowes Inc.
		6.88%, 03/15/27 (b)	217,000		134,170
	Summit Materials, LLC
		5.25%, 01/15/29 (b)	150,000		131,985
	Terex Corporation
		5.00%, 05/15/29 (b)	191,000		163,892
	TK Elevator U.S. Newco, Inc.
		5.25%, 07/15/27 (b)	334,000		284,519
	TransDigm Inc.
		8.00%, 12/15/25 (b)	34,000		34,493
		6.25%, 03/15/26 (b)	462,000		448,063
	Transdigm UK Holdings PLC
		6.88%, 05/15/26	51,000		48,507
	Triumph Group, Inc.
		8.88%, 06/01/24 (b)	65,000		64,263
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (b)	232,000		228,311
		4.50%, 08/15/29 (b)	90,000		75,744
	United Airlines Pass Through Certificates, Series 2015-1
		4.38%, 04/15/26 (b)	70,000		62,456
		4.63%, 04/15/29 (b)	368,000		305,586
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (b)	171,000		156,064
				5,542,569
Financials 10.0%
	Acrisure, LLC
		7.00%, 11/15/25 (b)	129,000		117,942
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (b)	188,000		184,234
	AG TTMT Escrow Issuer LLC
		8.63%, 09/30/27 (b)	57,000		53,613
	Barclays PLC
		8.00%, (100, 03/15/29) (g) (h)	200,000		177,192
	Citigroup Inc.
		5.00%, (100, 09/12/24) (g)	166,000		148,852
	Corebridge Financial, Inc.
		6.88%, 12/15/52 (b)	141,000		128,923
	Credit Suisse Group AG
		6.25%, (100, 12/18/24) (b) (g)	395,000		338,219
		6.44%, 08/11/28 (b) (h)	250,000		232,537
	Dana Financing Luxembourg S.a r.l.
		5.75%, 04/15/25 (b)	47,000		44,793
	Deutsche Bank Aktiengesellschaft
		4.88%, 12/01/32	485,000		386,323
		3.74%, 01/07/33 (h)	80,000		52,321
	EG Global Finance PLC
		6.75%, 02/07/25 (b)	180,000		161,550
		8.50%, 10/30/25 (b)	230,000		201,250
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	132,000		124,569
		4.27%, 01/09/27	29,000		25,375
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (b)	159,000		118,701
	HUB International Limited
		7.00%, 05/01/26 (b)	129,000		122,413
	Icahn Enterprises L.P.
		6.25%, 05/15/26	319,000		297,999
		5.25%, 05/15/27	316,000		277,414
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (b) (c)	39,000		31,243
	Markel Corporation
		6.00%, (100, 06/01/25) (g)	157,000		153,180
	Navient Corporation
		6.13%, 03/25/24	140,000		136,315
		6.75%, 06/15/26	112,000		101,787
		4.88%, 03/15/28	130,000		99,457
		5.63%, 08/01/33	107,000		72,027
	NFP Corp.
		6.88%, 08/15/28 (b)	156,000		121,680
		7.50%, 10/01/30 (b)	93,000		88,651
	Onemain Finance Corporation
		6.13%, 03/15/24	195,000		188,026
		5.38%, 11/15/29	130,000		100,613
	PennyMac Financial Services, Inc.
		5.75%, 09/15/31 (b)	87,000		62,767

Abbreviations and additional footnotes are defined on page 13

9

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
	Rocket Mortgage, LLC
		4.00%, 10/15/33 (b)	93,000		64,284
	Stena International S.A R.L.
		6.13%, 02/01/25 (b)	282,000		268,838
	UBS Group AG
		4.88%, (100, 02/12/27) (b) (g)	210,000		163,502
	VistaJet Malta Finance P.L.C.
		7.88%, 05/01/27 (b)	86,000		75,483
		6.38%, 02/01/30 (b)	372,000		300,093
	VMED O2 UK Financing I PLC
		4.25%, 01/31/31 (b)	73,000		55,174
				5,277,340
Consumer Staples 7.2%
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (b)	159,000		133,358
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (b)	264,000		235,341
		9.75%, 07/15/27 (b)	254,000		209,141
		4.63%, 06/01/28 (b)	61,000		46,969
	Ashtead Capital, Inc.
		5.50%, 08/11/32 (b)	200,000		185,360
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (b)	74,000		66,367
	Hertz Vehicle Financing II LP
		5.00%, 12/01/29 (b)	74,000		55,045
	Kraft Heinz Foods Company
		4.63%, 10/01/39	218,000		179,830
		4.88%, 10/01/49	153,000		126,406
	Marb Bondco PLC
		3.95%, 01/29/31 (b)	327,000		236,474
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (b)	247,000		158,564
	MPH Acquisition Holdings LLC
		5.50%, 09/01/28 (b)	189,000		156,133
	Muzinich U.S. High Yield Corporate Bond Fund
		9.75%, 08/15/26 (b)	147,000		141,609
	Nielsen Finance LLC
		5.88%, 10/01/30 (b)	140,000		139,071
		4.75%, 07/15/31 (a) (b)	215,000		211,456
	Pilgrim's Pride Corporation					��
		5.88%, 09/30/27 (b)	131,000		127,364
		4.25%, 04/15/31 (b)	426,000		341,730
		3.50%, 03/01/32 (b)	48,000		36,203
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (b)	52,000		50,664
		5.75%, 04/15/26 (b)	152,000		142,998
		3.38%, 08/31/27 (b)	55,000		46,265
		6.25%, 01/15/28 (b)	198,000		169,557
	Safeway Inc.
		5.88%, 02/15/28 (b)	282,000		260,147
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a) (b)	187,000		123,392
	United Natural Foods, Inc.
		6.75%, 10/15/28 (b)	258,000		237,038
				3,816,482
Health Care 4.4%
	Avantor, Inc.
		4.63%, 07/15/28 (b)	170,000		151,534
	Bausch Health Companies Inc.
		6.13%, 02/01/27 (a) (b)	117,000		81,158
		4.88%, 06/01/28 (b)	41,000		26,414
	Centene Corporation
		2.50%, 03/01/31	48,000		36,319
	Community Health Systems, Inc.
		4.75%, 02/15/31 (b)	198,000		133,145
	DaVita Inc.
		3.75%, 02/15/31 (b)	185,000		131,850
	HCA Inc.
		5.38%, 02/01/25	109,000		107,717
	IQVIA Inc.
		5.00%, 05/15/27 (b)	125,000		117,596
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (b)	215,000		172,654
		5.25%, 10/01/29 (a) (b)	308,000		232,537
	Organon & Co.
		5.13%, 04/30/31 (b)	152,000		124,677
	Owens & Minor, Inc.
		6.63%, 04/01/30 (b)	184,000		161,906
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (b)	178,000		165,294
		5.13%, 11/01/27 (b)	263,000		236,407
		6.13%, 10/01/28 (b)	212,000		187,028
		4.38%, 01/15/30 (b)	80,000		66,722
		6.13%, 06/15/30 (b)	196,000		180,274
				2,313,232
Information Technology 3.6%
	AMS-Osram AG
		7.00%, 07/31/25 (a) (b)	582,000		530,384
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (b)	67,000		57,449
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (b)	46,000		45,102
	Commscope Finance LLC
		6.00%, 03/01/26 (b)	81,000		74,610
	Entegris Escrow Corporation
		4.75%, 04/15/29 (b)	115,000		102,018
		5.95%, 06/15/30 (b)	241,000		219,927
	Entegris, Inc.
		4.38%, 04/15/28 (b)	94,000		79,650
	Logan Merger Sub, Inc.
		5.50%, 09/01/27 (b)	216,000		132,808
	Open Text Corporation
		3.88%, 02/15/28 (b)	112,000		92,225
		3.88%, 12/01/29 (b)	157,000		120,898
		4.13%, 02/15/30 (b)	215,000		171,857
	Seagate HDD Cayman
		5.75%, 12/01/34	29,000		22,932
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (b)	263,000		209,730
		6.50%, 07/15/28 (b)	78,000		52,427
				1,912,017
Materials 3.3%
	Braskem Idesa, S.A.P.I.
		6.99%, 02/20/32 (b)	87,000		58,036
	Carpenter Technology Corporation
		6.38%, 07/15/28	63,000		58,842
	CVR Partners, LP
		6.13%, 06/15/28 (b)	32,000		28,023
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (b)	121,000		116,455
		6.88%, 10/15/27 (b)	231,000		207,894
	FMG Resources (August 2006) Pty Ltd
		6.13%, 04/15/32 (b)	147,000		126,219
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	117,000		113,456
	Hudbay Minerals Inc.
		6.13%, 04/01/29 (b)	277,000		223,694
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (b)	95,000		79,139
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a) (b)	231,000		177,341
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (b)	86,000		80,870
		5.25%, 06/01/27 (b)	93,000		79,131
	Olin Corporation
		5.63%, 08/01/29	200,000		177,588
	Pearl Merger Sub Inc.
		6.75%, 10/01/28 (b)	159,000		122,436
	Trinseo Materials Operating S.C.A.
		5.13%, 04/01/29 (b)	195,000		115,056
				1,764,180
Utilities 2.2%
	Calpine Corporation
		4.50%, 02/15/28 (b)	217,000		190,010
		5.13%, 03/15/28 (b)	212,000		183,325
		3.75%, 03/01/31 (b)	72,000		56,617
	DPL Inc.
		4.13%, 07/01/25	114,000		105,466

Abbreviations and additional footnotes are defined on page 13

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PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

			Shares/Par1		Value ($)
	Pacific Gas And Electric Company
		3.25%, 06/01/31	170,000		129,517
		5.90%, 06/15/32	85,000		77,573
	Vistra Operations Company LLC
		5.50%, 09/01/26 (b)	95,000		88,730
		5.00%, 07/31/27 (b)	229,000		206,761
		4.38%, 05/01/29 (b)	105,000		87,760
		4.30%, 07/15/29 (b)	34,000		29,005
				1,154,764
Real Estate 0.9%
	Cushman & Wakefield U.S. Borrower, LLC
		6.75%, 05/15/28 (b)	93,000		86,355
	Service Properties Trust
		5.25%, 02/15/26	353,000		281,546
	VICI Properties Inc.
		4.25%, 12/01/26 (b)	90,000		80,836
				448,737
	Total Corporate Bonds And Notes (cost $56,023,387)			48,396,358
SENIOR FLOATING RATE INSTRUMENTS 4.2%
Consumer Discretionary 1.5%
	888 Acquisitions Limited
		USD Term Loan B, 8.28%, (3 Month Term SOFR + 5.25%), 07/18/28 (i)	150,000		128,500
	Flutter Entertainment Public Limited Company
		Term Loan, 0.00%, (SOFR + 3.25%), 07/04/28 (i) (j)	150,000		146,226
	Great Canadian Gaming Corporation
		2021 Term Loan, 7.60%, (3 Month USD LIBOR + 4.00%), 11/01/26 (i)	155,000		147,637
	Great Outdoors Group, LLC
		2021 Term Loan B1, 6.27%, (1 Month USD LIBOR + 3.75%), 02/26/28 (i)	147,964		136,349
	Groupe Solmax Inc.
		Term Loan, 8.39%, (3 Month USD LIBOR + 4.75%), 12/30/24 (i)	113,801		100,430
	Michaels Companies, Inc.
		2021 Term Loan B, 6.50%, (3 Month USD LIBOR + 4.25%), 04/08/28 (i)	122,252		98,047
	Mileage Plus Holdings LLC
		2020 Term Loan B, 8.78%, (3 Month USD LIBOR + 5.25%), 12/31/23 (i)	46,740		46,848
				804,037
Communication Services 1.1%
	Allen Media, LLC
		2021 Term Loan B, 7.70%, (3 Month USD LIBOR + 5.50%), 02/10/27 (i)	172,593		148,646
	GOGO Intermediate Holdings LLC
		Term Loan B, 6.56%, (3 Month USD LIBOR + 3.75%), 04/21/28 (i)	151,419		146,612
	Intelsat Jackson Holdings S.A.
		2021 Exit Term Loan B, 7.44%, (SOFR + 4.50%), 01/25/29 (i)	139,149		130,278
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 6.75%, (3 Month USD LIBOR + 4.50%), 06/20/24 (i)	158,236		138,431
				563,967
Information Technology 0.6%
	CoreLogic, Inc.
		Term Loan, 6.06%, (1 Month USD LIBOR + 3.50%), 04/14/28 (i)	90,090		67,342
	Cornerstone OnDemand, Inc.
		2021 Term Loan, 6.27%, (1 Month USD LIBOR + 3.75%), 09/08/26 (i)	69,527		58,055
	Peraton Corp.
		Term Loan B, 6.27%, (1 Month USD LIBOR + 3.75%), 02/22/28 (i)	141,198		133,574
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 7.00%, (3 Month USD LIBOR + 4.00%), 08/09/25 (i)	61,996		55,216
				314,187
Industrials 0.5%
	American Airlines, Inc.
		2021 Term Loan, 7.46%, (3 Month USD LIBOR + 4.75%), 03/10/28 (i)	187,000		180,829
	United Airlines, Inc.
		2021 Term Loan B, 6.53%, (3 Month USD LIBOR + 3.75%), 04/14/28 (i)	53,424		50,894
				231,723
Health Care 0.3%
	Advisor Group, Inc.
		2021 Term Loan, 7.02%, (1 Month USD LIBOR + 4.50%), 07/31/26 (i)	83,078		78,852
	Lonza Group AG
		USD Term Loan B, 6.25%, (3 Month USD LIBOR + 4.00%), 04/29/28 (i)	81,055		71,936
				150,788
Materials 0.2%
	PMHC II, Inc.
		2022 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 02/03/29 (i) (j)	150,000		120,445
Financials 0.0%
	NAC Aviation 8 Limited (Nordic Aviation)
		2022 1st Lien Revolver, 0.00%, 03/31/26 (j) (k)	18,222		18,222
	Total Senior Floating Rate Instruments (cost $2,388,568)			2,203,369
INVESTMENT COMPANIES 1.0%
	iShares Broad USD High Yield Corporate Bond ETF		15,247		512,604
	Total Investment Companies (cost $586,552)			512,604
COMMON STOCKS 0.3%
Energy 0.1%
	MPLX LP		2,200		66,022
Financials 0.1%
	Nordic Aviation Capital Designated Activity Company (k) (l)		1,868		37,360
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (l)		8,143		11,156
	iHeartMedia, Inc. - Class A (l)		3,283		24,064
				35,220
	Total Common Stocks (cost $222,417)			138,602
SHORT TERM INVESTMENTS 7.9%
Securities Lending Collateral 5.9%
	State Street Navigator Securities Lending Government Money Market Portfolio, 3.07% (m)		3,097,688		3,097,688
Investment Companies 1.5%
	State Street U.S. Government Money Market Fund - Premier Class, 2.90% (m)		811,725		811,725
U.S. Treasury Bill 0.5%
	Treasury, United States Department of
		3.73%, 03/16/23 (n)	280,000		275,255
	Total Short Term Investments (cost $4,184,662)			4,184,668
Total Investments 105.1% (cost $63,405,586)					55,435,601
Other Assets and Liabilities, Net (5.1)%					(2,674,851)
Total Net Assets 100.0%					52,760,750

(a)All or a portion of the security was on loan as of September 30, 2022.

(b)Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2022, the value and the percentage of net assets of these securities was $38,253,302 and 72.5% of the Fund.

(c)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 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, 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 September 30, 2022.

(f)Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. 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)Convertible security.

(i)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 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

Abbreviations and additional footnotes are defined on page 13

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PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

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.

(j)This senior floating rate interest will settle after September 30, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

(k)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.

(l)Non-income producing security.

(m)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2022.

(n)The coupon rate represents the yield to maturity.

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	387,388	350,352	0.7

Abbreviations and additional footnotes are defined on page 13

12

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

Currency Abbreviations:

USD - United States Dollar

Abbreviations:

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.

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PPMFunds

Schedules of Investments (Unaudited)

September 30, 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 (“the 1940 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 (“Valuation Policies and Procedures”), the Trust’s Board of Trustees (“Board” or “Trustees”), on behalf of each Fund, has designated to Jackson National Asset Management LLC (“JNAM” or the “the Administrator”) the responsibility for carrying out certain functions relating to the valuation of portfolio securities for the purpose of determining the net asset value (“NAV”) of each Fund. Further, the Board has designated the Adviser as the Valuation Designee. As the Valuation Designee, the Adviser has established a Valuation Committee (the “Valuation Committee”) and adopted valuation procedures and guidelines (the “Valuation Procedures”) pursuant to which the Adviser determines the “fair value” of a security for which market quotations are not readily available, or are determined to be not reflective of market value.

The 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). The NAV of a Fund’s shares may also not be determined on days designated by the Board or on days designated by the SEC. Consistent with legal requirements, calculation of a 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. In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the Fund’s Valuation Committee will evaluate if trading activity on other U.S. exchanges and markets for equity securities is considered reflective of normal market activity. To the extent a NYSE closure is determined to be accompanied by a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE closed for purposes of measuring and calculating the Funds’ NAVs. 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.

The NAV per share of each Fund is calculated by adding the value of all securities and other assets of a Fund, deducting its liabilities, and dividing by the number of shares outstanding. 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. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Pricing services are generally used to evaluate debt securities. 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. Exchange-traded options are valued by approved pricing sources at the last traded price prior to the close of business on the local exchange. In the event that current day trades are unavailable, or the trade price falls outside of the current bid ask spread, exchange traded options are valued at the current day’s mid-price. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE, unless an unexpected disruption on the NYSE and the Funds’ valuation policies require the Administrator to determine the “fair value” of the contracts.

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. Under the Trust’s valuation procedures, a “significant event” affecting a single issuer might include, but is not limited to, an announcement by the issuer, a competitor, a creditor, a major holder of the issuer’s securities, a major customer or supplier, or a governmental, regulatory or self-regulatory authority relating to the issuer, the issuer’s products or services, or the issuer’s securities. A “significant event” affecting multiple issuers might include, but is not limited to, a substantial price movement in other securities markets, an announcement by a governmental, regulatory or self-regulatory authority relating to securities markets, political or economic matters, or monetary or credit policies, a natural disaster such as an earthquake, flood or storm, or the outbreak of civil strife or military hostilities. 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 Valuation Committee, 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

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PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

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 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.

The Valuation Committee reviews fair value determinations pursuant to the Valuation Procedures. The Valuation Committee will also review the value of restricted securities, securities and assets for which a current market price is not readily available, and securities and assets for which there is reason to believe that the most recent market price is not reflective of the market value (e.g. disorderly market transactions).

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, 2022, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Government And Agency Obligations	—		21,949,314	—	21,949,314
Corporate Bonds And Notes	—		18,990,831	—	18,990,831
Non-U.S. Government Agency Asset-Backed Securities	—		5,384,067	—	5,384,067
Senior Floating Rate Instruments	—		999,842	—	999,842
Common Stocks	—		—	24,300	24,300
Short Term Investments	2,456,760		—	—	2,456,760
	2,456,760		47,324,054	24,300	49,805,114
Assets - Investments in Other Financial Instruments1
Futures Contracts	266,656		—	—	266,656
	266,656		—	—	266,656
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(388,006	)	—	—	(388,006	)
	(388,006	)	—	—	(388,006	)

15

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2022

	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—	48,396,358	—	48,396,358
Senior Floating Rate Instruments	—	2,185,147	18,222	2,203,369
Investment Companies	512,604	—	—	512,604
Common Stocks	101,242	—	37,360	138,602
Short Term Investments	3,909,413	275,255	—	4,184,668
	4,523,259	50,856,760	55,582	55,435,601

¹All derivatives are reflected at the unrealized appreciation (depreciation) on the instrument.

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, 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.

16