PPM Funds NPORT-P PPM Core Plus Fixed Income Fund (Mar 2023 report)

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
PPM Core Plus Fixed Income Fund
GOVERNMENT AND AGENCY OBLIGATIONS 42.1%
Mortgage-Backed Securities 23.2%
	Federal Home Loan Mortgage Corporation
		2.00%, 04/01/36 - 03/01/52	826,787		690,012
		3.50%, 08/01/37 - 09/01/52	726,584		690,230
		4.00%, 09/01/37 - 10/01/37 (a)	178,535		175,800
		4.00%, 10/01/45 - 09/01/52	296,328		286,416
		3.00%, 11/01/46 - 01/01/52	177,364		160,200
		4.50%, 11/01/48 - 08/01/52	177,113		173,649
		2.50%, 05/01/50 - 12/01/51	576,615		499,380
		2.50%, 04/01/52 (a)	275,786		237,863
		5.00%, 09/01/52 - 01/01/53	135,487		135,181
		5.50%, 04/01/53 (a)	120,000		121,210
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 03/01/50	1,108,410		1,023,134
		2.50%, 10/01/35 - 01/01/52	1,132,185		1,000,218
		3.50%, 08/01/37 - 12/01/52	492,524		465,143
		4.00%, 10/01/37 - 05/01/52	478,158		464,480
		TBA, 2.00%, 04/15/38 - 10/01/51 (a)	612,502		519,080
		3.50%, 04/15/38 - 11/01/52 (a)	233,176		221,369
		4.00%, 04/15/38 - 07/01/52 (a)	259,607		251,833
		4.50%, 05/01/47 - 09/01/52	362,414		359,285
		2.00%, 10/01/50 - 01/01/52	1,496,060		1,240,652
		2.50%, 01/01/52 (a)	106,360		91,735
		5.00%, 08/01/52 - 01/01/53	299,943		299,482
		TBA, 4.50%, 10/01/52 - 04/15/53 (a)	298,487		292,383
		TBA, 5.50%, 02/01/53 - 04/15/53 (a)	263,722		266,444
		TBA, 5.00%, 04/15/53 (a)	81,000		80,769
	Government National Mortgage Association
		3.00%, 10/20/46 - 02/20/52	466,563		427,630
		3.50%, 05/20/47 - 07/20/51	448,988		426,475
		4.00%, 07/20/47 - 10/20/52	342,391		331,322
		4.50%, 12/20/48 - 11/20/52	194,909		192,514
		2.50%, 03/20/51 - 07/20/51	533,203		471,183
		2.50%, 09/20/51 (a)	134,980		118,976
		2.00%, 03/20/52	170,328		144,521
		5.00%, 10/20/52	64,237		64,335
		TBA, 5.00%, 05/15/53 (a)	210,000		210,034
				12,132,938
U.S. Treasury Note 13.2%
	Treasury, United States Department of
		2.25%, 11/15/25	585,000		561,417
		4.00%, 12/15/25	260,000		260,975
		0.38%, 12/31/25 - 01/31/26	724,000		658,679
		1.50%, 08/15/26 - 02/15/30	1,081,000		970,403
		0.88%, 09/30/26	200,000		181,125
		1.25%, 11/30/26 - 06/30/28	1,025,000		911,074
		2.63%, 05/31/27	849,000		814,111
		1.38%, 11/15/31	478,000		403,387
		1.88%, 02/15/32	82,000		71,955
		2.88%, 05/15/32	1,888,600		1,797,121
		2.75%, 08/15/32	260,000		244,644
				6,874,891
U.S. Treasury Bond 3.7%
	Treasury, United States Department of
		3.75%, 08/15/41	481,000		479,873
		2.00%, 11/15/41	40,000		30,144
		3.13%, 11/15/41	316,000		287,807
		2.50%, 02/15/45 - 02/15/46	756,000		600,824
		3.00%, 02/15/48	444,000		387,182
		1.63%, 11/15/50	81,000		51,954
		2.88%, 05/15/52	100,000		85,531
				1,923,315
Sovereign 1.1%
	Government of Saudi Arabia
		5.00%, 01/18/53 (b)	200,000		186,967
	Ministry of Finance
		4.50%, 01/17/33	200,000		198,880
	Presidencia de la Republica de Colombia
		7.50%, 02/02/34	200,000		195,908
				581,755
U.S. Government Agency Obligations 0.6%
	Airport Authority
		4.88%, 01/12/30 (b) (c)	123,000		125,968
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (c)	229,000		186,515
				312,483
Municipal 0.3%
	Dallas/Fort Worth International Airport
		2.84%, 11/01/46	55,000		40,684
	Jobsohio Beverage System
		4.43%, 01/01/33	32,000		32,011
	The Dormitory Authority of the State of New York
		3.19%, 02/15/43	100,000		79,602
				152,297
	Total Government And Agency Obligations (cost $23,756,872)			21,977,679
CORPORATE BONDS AND NOTES 41.4%
Financials 13.5%
	AerCap Ireland Capital Designated Activity Company
		2.45%, 10/29/26	165,000		148,085
		3.00%, 10/29/28	211,000		183,996
		3.30%, 01/30/32	25,000		20,647
	Aon Corporation
		5.35%, 02/28/33	61,000		63,207
	Bank of America Corporation
		3.56%, 04/23/27	242,000		230,651
		1.73%, 07/22/27	103,000		92,200
		4.27%, 07/23/29	333,000		319,969
		2.59%, 04/29/31	100,000		84,697
		2.68%, 06/19/41	65,000		45,998
	Barclays PLC
		3.56%, 09/23/35 (d)	95,000		74,197
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	95,000		67,084
	BlackRock, Inc.
		2.10%, 02/25/32	188,000		157,542
	Blackstone Holdings Finance Co. L.L.C.
		2.00%, 01/30/32 (b)	69,000		52,433
	Blackstone Private Credit Fund
		3.25%, 03/15/27	58,000		49,232
	Blackstone Secured Lending Fund
		2.85%, 09/30/28	105,000		85,464
	Citigroup Inc.
		5.00%, (100, 09/12/24) (e)	83,000		77,451
		3.52%, 10/27/28 (f)	131,000		122,700
		3.98%, 03/20/30	34,000		31,769
		2.67%, 01/29/31	92,000		78,681
		6.27%, 11/17/33	100,000		108,157
	CNO Global Funding
		2.65%, 01/06/29 (b)	150,000		130,520
	Credit Suisse AG
		4.75%, 08/09/24	138,000		133,314
	Credit Suisse Group AG
		6.50%, 08/08/23 (b) (d)	75,000		71,625
	Deutsche Bank Aktiengesellschaft
		3.73%, 01/14/32 (d)	124,000		90,476
	F&G Global Funding
		2.00%, 09/20/28 (b)	80,000		67,668
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	75,000		73,384
		4.13%, 08/17/27	13,000		11,904
		3.82%, 11/02/27	155,000		138,919
		7.35%, 11/04/27 - 03/06/30	221,000		227,839
	FS KKR Capital Corp.
		3.40%, 01/15/26	164,000		147,733
	Icahn Enterprises L.P.
		4.75%, 09/15/24	28,000		27,443
	Intercontinental Exchange, Inc.
		2.10%, 06/15/30	40,000		33,789
	JPMorgan Chase & Co.
		5.55%, 12/15/25	125,000		125,912
		2.01%, 03/13/26	132,000		124,413
		2.07%, 06/01/29	114,000		98,731

Abbreviations and additional footnotes are defined on page 13

1

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
		2.74%, 10/15/30	145,000		126,526
	KKR Group Finance Co. XII LLC
		4.85%, 05/17/32 (b)	66,000		63,537
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (d) (e)	109,000		99,190
	LSEGA Financing PLC
		2.50%, 04/06/31 (b)	90,000		76,850
		3.20%, 04/06/41 (b)	28,000		21,349
	Markel Corporation
		6.00%, (100, 06/01/25) (e)	125,000		119,932
	Morgan Stanley
		0.99%, 12/10/26	105,000		93,492
		3.59%, 07/22/28	110,000		104,088
		5.12%, 02/01/29	83,000		83,520
		3.62%, 04/01/31	32,000		29,200
		2.51%, 10/20/32	62,000		50,747
		6.34%, 10/18/33	135,000		147,510
		2.48%, 09/16/36	90,000		68,099
		5.95%, 01/19/38	72,000		71,438
	National Rural Utilities Cooperative Finance Corporation
		5.80%, 01/15/33 (f)	169,000		180,194
	National Securities Clearing Corporation
		5.10%, 11/21/27 (b)	250,000		251,728
	NatWest Markets PLC
		1.60%, 09/29/26 (b)	242,000		211,165
	New York Life Global Funding
		4.85%, 01/09/28 (b)	127,000		128,886
		1.20%, 08/07/30 (b)	134,000		105,629
		4.55%, 01/28/33 (b)	88,000		87,046
	State Street Corporation
		5.75%, 11/04/26	44,000		45,192
		4.82%, 01/26/34	70,000		69,558
	The Bank of New York Mellon Corporation
		5.83%, 10/25/33	112,000		119,632
	The Bank of Nova Scotia
		5.25%, 12/06/24 (d)	100,000		100,180
	The Goldman Sachs Group, Inc.
		2.64%, 02/24/28	133,000		121,429
		4.22%, 05/01/29	50,000		47,755
		3.80%, 03/15/30	211,000		196,559
		2.62%, 04/22/32	39,000		32,486
	The Hartford Financial Services Group, Inc.
		2.90%, 09/15/51	66,000		43,555
	The Toronto-Dominion Bank
		8.13%, 10/31/82 (d)	200,000		203,500
	Transocean Poseidon Limited
		6.88%, 02/01/27 (b)	39,812		38,954
	UBS Group AG
		4.99%, 08/05/33 (b) (d)	67,000		63,900
	Wells Fargo & Company
		4.90%, 07/25/33 (f)	221,000		215,795
	Westpac Banking Corporation
		2.67%, 11/15/35 (d)	48,000		37,497
				7,053,948
Utilities 6.4%
	AEP Transmission Company, LLC
		5.40%, 03/15/53	72,000		74,994
	Baltimore Gas and Electric Company
		4.55%, 06/01/52	45,000		40,950
	CenterPoint Energy Houston Electric, LLC
		4.95%, 04/01/33	114,000		116,441
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		64,467
		5.30%, 02/01/53	42,000		43,459
	Duke Energy Florida, LLC
		5.95%, 11/15/52	109,000		121,423
	Duquesne Light Holdings, Inc.
		2.53%, 10/01/30 (b)	61,000		49,525
	Edison International
		6.95%, 11/15/29	76,000		82,389
	Enel Finance International N.V.
		2.25%, 07/12/31 (b)	93,000		72,616
		7.50%, 10/14/32 (b)	32,000		35,683
	Eversource Energy
		3.38%, 03/01/32	80,000		71,772
	Florida Power & Light Company
		5.10%, 04/01/33	127,000		131,562
	Idaho Power Company
		5.50%, 03/15/53	125,000		129,966
	Metropolitan Edison Company
		5.20%, 04/01/28 (b)	59,000		59,603
	NextEra Energy Capital Holdings, Inc.
		4.90%, 02/28/28	170,000		171,171
		5.05%, 02/28/33	170,000		170,745
	Pacific Gas And Electric Company
		3.30%, 12/01/27	46,000		41,438
		3.25%, 06/01/31	58,000		49,285
		5.90%, 06/15/32	134,000		134,019
		6.15%, 01/15/33	41,000		42,096
		4.50%, 07/01/40	181,000		148,624
		6.75%, 01/15/53	60,000		61,976
		6.70%, 04/01/53	76,000		78,259
	Pennsylvania Electric Company
		5.15%, 03/30/26 (b)	42,000		42,170
	PPL Electric Utilities Corporation
		5.00%, 05/15/33	290,000		296,281
		5.25%, 05/15/53	7,000		7,250
	Public Service Electric And Gas Company
		3.10%, 03/15/32	36,000		32,152
		4.90%, 12/15/32	126,000		128,872
		5.13%, 03/15/53	46,000		47,093
	Public Service Enterprise Group Incorporated
		5.85%, 11/15/27	39,000		40,548
	San Diego Gas & Electric Company
		1.70%, 10/01/30	72,000		58,801
		2.95%, 08/15/51	60,000		41,768
		5.35%, 04/01/53	152,000		156,561
	Southern California Edison Company
		5.85%, 11/01/27	61,000		64,273
		5.30%, 03/01/28	127,000		130,289
		4.13%, 03/01/48	46,000		38,119
	The AES Corporation
		3.30%, 07/15/25 (b)	133,000		126,116
	Vistra Operations Company LLC
		3.55%, 07/15/24 (b)	71,000		68,583
		3.70%, 01/30/27 (b)	110,000		101,687
				3,373,026
Energy 5.7%
	Antero Midstream Partners LP
		5.38%, 06/15/29 (b)	18,000		16,953
	BP Capital Markets America Inc.
		4.81%, 02/13/33	159,000		161,451
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29	125,000		116,612
		3.25%, 01/31/32	20,000		16,534
	Devon Energy Corporation
		5.88%, 06/15/28	39,000		39,606
		4.50%, 01/15/30	34,000		32,473
	Energy Transfer LP
		6.50%, (100, 08/15/26) (e)	20,000		17,648
		6.75%, (100, 05/15/25) (e)	102,000		90,037
		7.13%, (100, 05/15/30) (e)	119,000		99,785
		5.55%, 02/15/28	211,000		214,041
		5.75%, 02/15/33	104,000		105,989
		5.80%, 06/15/38	45,000		44,230
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	40,000		39,613
	Enlink Midstream, LLC
		6.50%, 09/01/30 (b)	18,000		18,201
	EQM Midstream Partners, LP
		4.13%, 12/01/26	113,000		102,620
		4.50%, 01/15/29 (b)	31,000		26,358
	Marathon Oil Corporation
		4.40%, 07/15/27	103,000		99,865
	MPLX LP
		5.00%, 03/01/33	93,000		91,025
		5.65%, 03/01/53	35,000		33,610

Abbreviations and additional footnotes are defined on page 13

2

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
	ONEOK, Inc.
		6.10%, 11/15/32	67,000		69,377
		4.50%, 03/15/50	60,000		46,615
		7.15%, 01/15/51	50,000		53,332
	Petroleos Mexicanos
		10.00%, 02/07/33 (b) (f)	52,000		49,693
	Pioneer Natural Resources Company
		5.10%, 03/29/26	177,000		177,725
		1.90%, 08/15/30	90,000		73,277
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	300,000		288,024
		4.50%, 05/15/30	80,000		77,283
	Santos Finance Ltd
		3.65%, 04/29/31 (b)	80,000		67,127
	Southwestern Energy Company
		4.75%, 02/01/32	121,000		106,921
	Targa Resources Corp.
		4.20%, 02/01/33	60,000		53,981
	Targa Resources Partners LP
		5.50%, 03/01/30	60,000		58,541
		4.88%, 02/01/31	56,000		52,790
	Transocean Inc
		8.75%, 02/15/30 (b)	24,000		24,480
	Var Energi ASA
		8.00%, 11/15/32 (b)	240,000		256,906
	Venture Global Calcasieu Pass, LLC
		3.88%, 08/15/29 (b)	8,000		7,216
		6.25%, 01/15/30 (b)	84,000		84,771
	Western Midstream Operating, LP
		6.15%, 04/01/33	53,000		53,728
				2,968,438
Health Care 4.9%
	AbbVie Inc.
		3.20%, 11/21/29	105,000		97,501
		4.50%, 05/14/35	55,000		53,282
	Amgen Inc.
		5.25%, 03/02/30	200,000		204,344
		3.15%, 02/21/40	62,000		48,668
		5.65%, 03/02/53	227,000		236,247
		5.75%, 03/02/63	81,000		84,035
	Ascension Health
		2.53%, 11/15/29	28,000		24,589
	Baylor Scott & White Holdings
		2.84%, 11/15/50 (f)	54,000		36,452
	Centene Corporation
		3.00%, 10/15/30	168,000		141,965
		2.50%, 03/01/31	285,000		231,136
	Cigna Corporation
		4.38%, 10/15/28	50,000		49,219
	CVS Health Corporation
		5.25%, 02/21/33	170,000		173,403
	Eli Lilly and Company
		4.70%, 02/27/33	99,000		101,456
	HCA Inc.
		5.38%, 02/01/25	130,000		130,043
		5.88%, 02/15/26	30,000		30,438
		3.50%, 09/01/30	57,000		50,778
	Humana Inc.
		5.50%, 03/15/53	51,000		51,942
	Indiana University Health, Inc.
		2.85%, 11/01/51	51,000		34,629
	Northwestern Memorial HealthCare
		2.63%, 07/15/51	55,000		36,412
	Piedmont Healthcare, Inc.
		2.04%, 01/01/32	43,000		34,398
	Royalty Pharma PLC
		3.55%, 09/02/50	70,000		48,336
	Teva Pharmaceutical Finance Netherlands III B.V.
		8.13%, 09/15/31 (f)	75,000		78,763
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		7,980
	UnitedHealth Group Incorporated
		5.30%, 02/15/30	207,000		218,222
		4.75%, 05/15/52	155,000		150,813
		5.88%, 02/15/53	102,000		114,648
		6.05%, 02/15/63	71,000		81,181
				2,550,880
Consumer Discretionary 3.1%
	Amazon.com, Inc.
		2.10%, 05/12/31 (f)	115,000		98,274
		3.88%, 08/22/37	90,000		83,898
		3.10%, 05/12/51	55,000		41,695
	Carnival Corporation
		4.00%, 08/01/28 (b)	51,000		43,929
	Daimler Trucks Finance North America LLC
		5.20%, 01/17/25 (b)	150,000		150,283
	Ford Motor Company
		6.10%, 08/19/32 (f)	36,000		34,780
	General Motors Company
		5.60%, 10/15/32	106,000		103,535
	General Motors Financial Company, Inc.
		3.10%, 01/12/32	48,000		39,124
	Hyatt Hotels Corporation
		5.63%, 04/23/25 (g) (h)	45,000		44,759
	Kohl's Corporation
		3.63%, 05/01/31 (f) (g) (h)	41,000		27,496
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	36,000		23,900
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (h)	11,000		9,551
	Macys Retail Holdings
		5.88%, 03/15/30 (b)	69,000		61,067
		6.13%, 03/15/32 (b)	40,000		35,188
	Marriott International, Inc.
		4.90%, 04/15/29	78,000		77,303
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (b)	29,772		29,701
	Newell Brands Inc.
		6.38%, 09/15/27 (f)	52,000		52,471
		6.63%, 09/15/29 (f)	55,000		55,489
	Prosus N.V.
		4.19%, 01/19/32 (b)	53,000		45,045
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (b)	200,000		147,473
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (b)	9,167		9,008
		4.75%, 10/20/28 (b)	16,000		15,349
	Toll Brothers Finance Corp.
		3.80%, 11/01/29	160,000		143,899
	Warnermedia Holdings, Inc.
		5.05%, 03/15/42 (b)	114,000		95,321
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (b)	136,000		133,043
				1,601,581
Communication Services 2.3%
	AT&T Inc.
		2.55%, 12/01/33	155,000		124,684
		4.90%, 08/15/37	16,000		15,333
		4.85%, 03/01/39	150,000		140,483
	Charter Communications Operating, LLC
		5.38%, 04/01/38	45,000		39,195
		5.75%, 04/01/48	23,000		19,735
		4.80%, 03/01/50	27,000		20,634
		6.83%, 10/23/55	51,000		49,416
	Comcast Corporation
		3.75%, 04/01/40	35,000		30,108
		3.40%, 07/15/46	50,000		38,863
		2.89%, 11/01/51	51,000		34,699
		4.05%, 11/01/52	13,000		10,895
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (b)	37,000		33,513
	Meta Platforms, Inc.
		3.85%, 08/15/32	75,000		70,244
		4.45%, 08/15/52	80,000		70,427
	The Walt Disney Company
		4.63%, 03/23/40	80,000		78,229
	T-Mobile USA, Inc.
		2.63%, 04/15/26	236,000		220,888

Abbreviations and additional footnotes are defined on page 13

3

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
	Verizon Communications Inc.
		4.02%, 12/03/29	15,000		14,368
		3.15%, 03/22/30	84,000		76,523
		1.75%, 01/20/31	47,000		37,931
		2.55%, 03/21/31	74,000		62,986
				1,189,154
Industrials 2.2%
	Air Canada
		3.88%, 08/15/26 (b)	70,000		63,588
	Aircastle Limited
		5.25%, 08/11/25 (b)	108,000		105,823
	Ardagh Packaging Finance Public Limited Company
		4.13%, 08/15/26 (b)	80,000		74,511
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (b)	134,000		137,526
	General Electric Company
		8.20%, (3 Month USD LIBOR + 3.33%), (100, 06/15/23) (e) (f) (i)	193,000		192,759
	Howmet Aerospace Inc.
		5.90%, 02/01/27	100,000		101,966
	NAC Aviation 29 Designated Activity Company
		4.75%, 06/30/26	68,370		58,168
	Raytheon Technologies Corporation
		5.15%, 02/27/33	63,000		65,528
	Regal Rexnord Corporation
		6.05%, 02/15/26 (b) (f) (h)	83,000		83,567
		6.40%, 04/15/33 (b) (h)	84,000		84,141
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (b)	46,000		39,166
	The Boeing Company
		5.15%, 05/01/30 (h)	160,000		161,044
				1,167,787
Consumer Staples 1.7%
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	200,000		198,650
	Anheuser-Busch InBev Worldwide Inc.
		5.45%, 01/23/39	141,000		148,909
	B. A. T. Capital Corporation
		4.39%, 08/15/37	45,000		36,730
		3.73%, 09/25/40	55,000		39,338
	JBS USA Food Company
		5.50%, 01/15/30 (b)	50,000		47,758
		5.75%, 04/01/33 (b)	62,000		59,552
		6.50%, 12/01/52 (b)	50,000		47,928
	Northwestern University
		2.64%, 12/01/50	38,000		26,731
	Pilgrim's Pride Corporation
		3.50%, 03/01/32	180,000		144,585
	The Trustees of Princeton University
		4.20%, 03/01/52	78,000		73,990
	University of Washington
		4.35%, 04/15/22	76,000		63,171
				887,342
Real Estate 0.8%
	EPR Properties
		4.95%, 04/15/28	60,000		50,221
		3.60%, 11/15/31	61,000		45,240
	Essential Properties, L.P.
		2.95%, 07/15/31	78,000		57,833
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		14,745
		3.25%, 01/15/32 (f)	37,000		30,209
	Sun Communities Operating Limited Partnership
		2.70%, 07/15/31	57,000		46,154
	VICI Properties Inc.
		4.25%, 12/01/26 (b)	55,000		51,528
		3.75%, 02/15/27 (b)	63,000		58,192
		4.13%, 08/15/30 (b) (f)	94,000		83,525
				437,647
Materials 0.6%
	Celanese US Holdings LLC
		6.33%, 07/15/29 (h)	115,000		116,491
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (b) (f)	110,000		101,095
	Yara International ASA
		7.38%, 11/14/32 (b)	87,000		96,031
				313,617
Information Technology 0.2%
	Dell International L.L.C.
		8.35%, 07/15/46 (h)	25,000		30,222
	VMware, Inc.
		2.20%, 08/15/31	76,000		60,157
				90,379
	Total Corporate Bonds And Notes (cost $22,872,099)			21,633,799
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.4%
	Air Canada
		Series 2020-A-2, 5.25%, 04/01/29	20,212		19,610
	Alaska Air Pass Through Trust 2020-1A
		Series 2020-A-1, 4.80%, 08/15/27	75,579		72,367
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	143,900		128,285
	American Express Credit Account Master Trust
		Series 2022-A-4, 4.95%, 10/15/25	250,000		252,132
	BX Trust 2022-PSB
		Series 2022-A-PSB, REMIC, 7.28%, (1 Month Term SOFR + 2.45%), 08/15/39 (i)	155,204		153,650
	Capital One Prime Auto Receivables Trust 2022-2
		Series 2022-A2A-2, 3.74%, 09/15/25	223,137		220,488
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	158,705		152,121
	Chase Issuance Trust
		Series 2022-A-A1, 3.97%, 09/15/25	160,000		157,903
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (i)	148,021		119,730
	CNH Equipment Trust 2022-A
		Series 2022-A2-A, 2.39%, 01/16/24	89,726		88,217
	CNH Equipment Trust 2022-B
		Series 2022-A2-B, 3.94%, 12/15/25	181,000		179,562
	COMM 2014-UBS3 Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		47,375
	Dell Equipment Finance Trust 2022-1
		Series 2022-A2-1, 2.11%, 11/22/23	44,171		43,771
	Dell Equipment Finance Trust 2023-1
		Series 2023-A2-1, 5.65%, 09/22/28	171,000		171,171
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	186,111		177,976
	DLLMT 2021-1 LLC
		Series 2021-A3-1A, 1.00%, 07/20/25	223,000		213,955
	DLLST 2022-1 LLC
		Series 2022-A3-1A, 3.40%, 01/21/25	102,662		100,812
	First Investors Auto Owner Trust 2021-1
		Series 2021-A-1A, 0.45%, 12/15/23	12,289		12,201
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	46,218		44,932
	GM Financial Automobile Leasing Trust 2022-3
		Series 2022-A2A-3, 4.01%, 01/22/24	119,006		118,386
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		76,281
	GM Financial Consumer Automobile Receivables Trust 2022-2
		Series 2022-A3-2, 3.10%, 02/16/27	104,000		100,931
		Series 2022-B-2, 3.77%, 04/17/28	107,000		102,966
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		137,814
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	44,997		42,292
	Hilton Grand Vacations Trust 2020-A
		Series 2020-A-AA, 2.74%, 02/25/39	52,042		49,164
	Honda Auto Receivables 2022-2 Owner Trust
		Series 2022-A2-2, 3.81%, 03/18/24	126,000		125,067
	HPEFS Equipment Trust 2023-1
		Series 2023-A2-1A, 5.43%, 02/20/25	171,000		170,803
	Hudson Yards 2019-30HY Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		128,737

Abbreviations and additional footnotes are defined on page 13

4

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
	Hyundai Auto Lease Securitization Trust 2021-B
		Series 2021-A3-B, 0.33%, 06/17/24	181,515		179,318
	Hyundai Auto Lease Securitization Trust 2022-C
		Series 2022-A3-C, 4.38%, 12/16/24	100,000		99,073
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		47,693
	J.P. Morgan Mortgage Trust 2022-4
		Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (i)	174,571		147,922
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	100,000		96,599
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	201,074		171,943
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 5.17%, (1 Month USD LIBOR + 0.48%), 10/16/23 (i)	113,087		107,499
	Prestige Auto Receivables Trust 2021-1
		Series 2021-A3-1A, 0.83%, 07/15/25	247,475		244,431
	Santander Retail Auto Lease Trust 2021-B
		Series 2021-A3-B, 0.51%, 08/20/24	90,936		88,845
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (i)	80,701		66,789
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	39,932		39,085
		Series 2012-A-2, 4.00%, 10/29/24	35,881		34,830
	Verizon Master Trust
		Series 2022-A1A-5, 3.72%, 01/22/24 (g)	114,000		112,536
		Series 2022-A1A-7, 5.23%, 11/20/24	310,000		312,355
	Wells Fargo Commercial Mortgage Trust 2017-C38
		Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (i)	57,000		49,671
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (i)	38,721		33,358
	Westlake Automobile Receivables Trust 2021-3
		Series 2021-A3-3A, REMIC, 0.95%, 06/16/25	192,000		188,323
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $5,699,476)			5,428,969
SENIOR FLOATING RATE INSTRUMENTS 1.6%
Communication Services 0.5%
	CenturyLink, Inc.
		2020 Term Loan B, 6.88%, (1 Month USD LIBOR + 2.25%), 03/15/27 (i)	96,635		63,483
	Cimpress Public Limited Company
		USD Term Loan B, 8.13%, (1 Month USD LIBOR + 3.50%), 04/29/28 (i)	35,667		34,062
	CSC Holdings, LLC
		2022 Term Loan B6, 9.33%, (1 Month Term SOFR + 4.50%), 01/17/28 (i)	42,632		39,370
	DirecTV Financing, LLC
		Term Loan, 9.63%, (1 Month USD LIBOR + 5.00%), 07/22/27 (i)	31,417		30,171
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 7.13%, (1 Month USD LIBOR + 2.50%), 06/13/26 (i)	40,013		39,873
	Stars Group Holdings B.V. (The)
		2022 USD Term Loan B, 8.09%, (3 Month Term SOFR + 3.25%), 07/04/28 (i)	9,950		9,937
	UFC Holdings, LLC
		2021 Term Loan B, 7.57%, (3 Month USD LIBOR + 2.75%), 04/29/26 (i)	51,515		51,185
				268,081
Consumer Discretionary 0.5%
	Adient US LLC
		2021 Term Loan B, 7.88%, (1 Month USD LIBOR + 3.25%), 04/30/28 (i)	50,283		50,094
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 6.38%, (1 Month USD LIBOR + 1.75%), 08/29/25 (i)	100,000		99,375
	PCI Gaming Authority
		Term Loan, 7.13%, (1 Month USD LIBOR + 2.50%), 05/15/26 (i)	109,653		109,440
				258,909
Materials 0.3%
	Berry Global, Inc.
		2021 Term Loan Z, 6.51%, (1 Month USD LIBOR + 1.75%), 07/01/26 (i)	114,480		113,980
	INEOS Styrolution US Holding LLC
		2021 USD Term Loan B, 7.38%, (1 Month USD LIBOR + 2.75%), 01/21/26 (i)	26,527		26,209
				140,189
Industrials 0.1%
	Air Canada
		2021 Term Loan B, 8.37%, (3 Month USD LIBOR + 3.50%), 07/27/28 (i)	23,820		23,723
	Genesee & Wyoming Inc. (New)
		Term Loan, 6.73%, (3 Month USD LIBOR + 2.00%), 10/29/26 (i)	49,470		49,073
				72,796
Information Technology 0.1%
	Peraton Corp.
		Term Loan B, 8.38%, (1 Month USD LIBOR + 3.75%), 02/22/28 (i)	68,252		67,257
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 8.73%, (SOFR + 3.75%), 09/22/24 (i)	26,279		25,797
	Total Senior Floating Rate Instruments (cost $870,751)			833,029
INVESTMENT COMPANIES 1.0%
	iShares iBoxx $ Investment Grade Corporate Bond ETF		4,525		495,985
	Total Investment Companies (cost $483,496)			495,985
COMMON STOCKS 0.0%
Financials 0.0%
	Nordic Aviation Capital Designated Activity Company (j) (k)		1,215		18,225
	Total Common Stocks (cost $30,702)			18,225
SHORT TERM INVESTMENTS 9.8%
Investment Companies 4.8%
	State Street U.S. Government Money Market Fund, 4.63% (l)		2,508,353		2,508,353
U.S. Treasury Bill 2.5%
	Treasury, United States Department of
		4.61%, 04/20/23	375,000		374,161
		4.72%, 06/15/23	395,000		391,259
		4.55%, 11/30/23	457,000		443,110
		4.70%, 02/22/24	110,000		105,561
				1,314,091
Securities Lending Collateral 2.5%
	State Street Navigator Securities Lending Government Money Market Portfolio, 4.84% (l)		1,283,793		1,283,793
	Total Short Term Investments (cost $5,105,932)			5,106,237
Total Investments 106.3% (cost $58,819,328)					55,493,923
Other Derivative Instruments 0.0%					12,482
Other Assets and Liabilities, Net (6.3)%					(3,303,880)
Total Net Assets 100.0%					52,202,525

(a)All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2023, the total payable for investments purchased on a delayed delivery basis was $2,583,325.

(b)Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2023, the value and the percentage of net assets of these securities was $4,724,764 and 9.1% of the Fund.

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

(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 March 31, 2023.

(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 March 31, 2023.

(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 March 31, 2023.

(i)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2023. 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

Abbreviations and additional footnotes are defined on page 13

5

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

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)Non-income producing security.

(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)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2023.

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	4	June 2023		459,865	1,217			(178)
United States 2 Year Note	7	July 2023		1,446,698	984			(1,526)
United States 5 Year Note	8	July 2023		864,921	707			11,141
United States Long Bond	12	June 2023		1,508,774	12,000			65,101
United States Ultra Bond	11	June 2023		1,513,831	12,886			38,544
					27,794			113,082
Short Contracts
United States 10 Year Ultra Bond	(28)	June 2023		(3,287,705)	(15,312)			(104,232)

Abbreviations and additional footnotes are defined on page 13

6

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 87.5%
Communication Services 14.0%
	Altice Financing S.A.
		5.75%, 08/15/29 (a)	540,000		429,377
	Altice France
		6.00%, 02/15/28 (a)	69,000		43,835
	Altice France Holding S.A.
		5.50%, 01/15/28 - 10/15/29 (a)	398,000		311,602
	AMC Entertainment Holdings, Inc.
		10.00%, 06/15/26 (a) (b) (c)	68,000		43,149
		7.50%, 02/15/29 (a)	259,000		179,003
	Arches Buyer Inc.
		6.13%, 12/01/28 (a) (d)	19,000		15,744
	CCO Holdings, LLC
		5.13%, 05/01/27 (a)	108,000		102,011
		5.38%, 06/01/29 (a)	542,000		497,863
		4.75%, 03/01/30 - 02/01/32 (a)	274,000		232,225
		4.25%, 02/01/31 - 01/15/34 (a)	368,000		292,591
		4.50%, 05/01/32	111,000		90,681
	Clear Channel International B.V.
		6.63%, 08/01/25 (a) (d)	85,000		83,175
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a) (d)	129,000		96,655
		7.50%, 06/01/29 (a) (d)	204,000		145,385
	Connect Finco SARL
		6.75%, 10/01/26 (a)	150,000		141,134
	CSC Holdings, LLC
		5.25%, 06/01/24	85,000		82,033
		5.38%, 02/01/28 (a) (d)	56,000		45,991
		7.50%, 04/01/28 (a)	210,000		133,754
	Diamond Sports Group, LLC
		0.00%, 08/15/26 (a) (e) (f)	93,000		5,031
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	454,000		411,218
	DISH DBS Corporation
		7.75%, 07/01/26	339,000		223,741
	Frontier Communications Holdings, LLC
		8.75%, 05/15/30 (a)	118,000		117,471
	Frontier Communications Parent, Inc.
		5.00%, 05/01/28 (a)	93,000		80,733
	Gray Television, Inc.
		5.38%, 11/15/31 (a)	314,000		205,979
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	82,000		77,447
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		34,034
		8.38%, 05/01/27 (d)	150,651		109,489
		5.25%, 08/15/27 (a)	120,000		98,066
		4.75%, 01/15/28 (a)	50,000		39,855
	Iliad Holding
		7.00%, 10/15/28 (a)	402,000		381,261
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	377,000		356,016
		5.13%, 07/15/29 (a)	220,000		188,114
	Level 3 Financing, Inc.
		4.25%, 07/01/28 (a)	251,000		141,445
		3.63%, 01/15/29 (a)	140,000		77,271
		3.88%, 11/15/29 (a)	265,000		191,691
	Liberty Media Corporation
		8.25%, 02/01/30	245,000		61,556
	Lumen Technologies Inc.
		7.60%, 09/15/39	24,000		9,179
	News Corporation
		3.88%, 05/15/29 (a)	89,000		79,049
		5.13%, 02/15/32 (a)	59,000		55,265
	Radiate HoldCo, LLC
		6.50%, 09/15/28 (a)	367,000		151,328
	Sirius XM Radio Inc.
		5.00%, 08/01/27 (a)	59,000		54,838
		4.13%, 07/01/30 (a)	189,000		154,499
		3.88%, 09/01/31 (a)	184,000		143,060
	Sprint Capital Corporation
		6.88%, 11/15/28	94,000		101,032
	Sprint Corporation
		7.88%, 09/15/23	25,000		25,203
		7.13%, 06/15/24	136,000		138,396
		7.63%, 03/01/26	25,000		26,440
	Stagwell Inc.
		5.63%, 08/15/29 (a)	420,000		368,605
	Telecom Italia SPA
		5.30%, 05/30/24 (a)	85,000		83,281
	Telesat Canada
		5.63%, 12/06/26 (a)	193,000		101,231
		6.50%, 10/15/27 (a)	201,000		60,754
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	150,000		113,445
	Townsquare Media, Inc.
		6.88%, 02/01/26 (a)	54,000		50,851
	Virgin Media Secured Finance PLC
		4.50%, 08/15/30 (a)	287,000		246,308
	VMED O2 UK Financing I PLC
		4.75%, 07/15/31 (a)	423,000		362,499
				8,091,889
Energy 13.9%
	Antero Midstream Partners LP
		5.75%, 03/01/27 (a)	143,000		139,671
		5.38%, 06/15/29 (a)	179,000		168,583
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	483,000		466,748
	Bip-V Chinook
		5.50%, 06/15/31 (a)	536,000		481,704
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (a)	106,000		105,207
		6.63%, 07/15/26 (a)	57,000		55,766
	Buckeye Partners, L.P.
		5.85%, 11/15/43	120,000		89,148
		5.60%, 10/15/44	19,000		13,513
	Callon Petroleum Company
		6.38%, 07/01/26	316,000		301,066
		7.50%, 06/15/30 (a) (d)	28,000		26,305
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32	230,000		190,139
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	146,000		144,386
	Colgate Energy Partners III, LLC
		5.88%, 07/01/29 (a)	199,000		188,477
	DT Midstream, Inc.
		4.38%, 06/15/31 (a)	26,000		22,598
	Endeavor Energy Resources, L.P.
		5.75%, 01/30/28 (a)	93,000		92,326
	Enerflex Ltd.
		9.00%, 10/15/27 (a)	280,000		272,334
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (g)	397,000		367,225
	Energy Transfer LP
		6.50%, (100, 08/15/26) (h)	30,000		26,471
		6.75%, (100, 05/15/25) (h)	106,000		93,568
		7.13%, (100, 05/15/30) (h)	62,000		51,989
	Enlink Midstream, LLC
		6.50%, 09/01/30 (a)	40,000		40,446
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		148,027
		7.50%, 06/01/27 (a)	84,000		84,307
		6.50%, 07/01/27 (a)	104,000		100,710
		4.50%, 01/15/29 (a)	237,000		201,511
		4.75%, 01/15/31 (a)	128,000		106,289
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 - 04/15/32 (a)	357,000		337,095
		5.75%, 02/01/29 (a)	61,000		56,752
		6.00%, 04/15/30 (a)	76,000		70,095
	Husky Energy Inc.
		13.00%, 02/15/25 (a) (c)	402,000		339,690
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	433,000		365,231

Abbreviations and additional footnotes are defined on page 13

7

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
	Kinetik Holdings LP
		5.88%, 06/15/30 (a)	242,000		232,850
	Nabors Industries Ltd.
		7.50%, 01/15/28 (a)	117,000		107,492
	Nabors Industries, Inc.
		7.38%, 05/15/27 (a)	147,000		143,950
	NuStar Logistics, L.P.
		6.00%, 06/01/26	85,000		83,039
		5.63%, 04/28/27	172,000		163,392
	Occidental Petroleum Corporation
		6.95%, 07/01/24	94,000		95,306
		8.88%, 07/15/30	80,000		92,947
		6.45%, 09/15/36	66,000		69,427
		7.95%, 06/15/39	55,000		62,242
		6.60%, 03/15/46	78,000		82,048
	PDV America, Inc.
		9.25%, 08/01/24 (a)	175,000		175,405
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (a)	189,000		188,040
	Southwestern Energy Company
		8.38%, 09/15/28	96,000		100,940
		5.38%, 02/01/29 - 03/15/30	233,000		219,079
		4.75%, 02/01/32	211,000		186,449
	Tap Rock Resources, LLC
		7.00%, 10/01/26 (a)	134,000		117,765
	Transocean Inc
		8.00%, 02/01/27 (a)	160,000		142,946
		8.75%, 02/15/30 (a)	61,000		62,220
	Transocean Titan Financing Ltd.
		8.38%, 02/01/28 (a)	193,000		197,899
	USA Compression Finance Corp.
		6.88%, 09/01/27	140,000		133,816
	Var Energi ASA
		8.00%, 11/15/32 (a)	200,000		214,088
	Western Midstream Operating, LP
		6.15%, 04/01/33	44,000		44,605
				8,063,322
Consumer Discretionary 13.7%
	American Axle & Manufacturing, Inc.
		6.25%, 03/15/26	89,000		85,817
	Bath & Body Works, Inc.
		7.50%, 06/15/29 (d)	140,000		142,817
		6.88%, 11/01/35	92,000		83,204
	Caesars Entertainment, Inc.
		7.00%, 02/15/30 (a)	142,000		144,457
	Carnival Corporation
		7.63%, 03/01/26 (a) (d)	248,000		226,267
		5.75%, 03/01/27 (a)	486,000		399,084
		9.88%, 08/01/27 (a)	387,000		398,443
		4.00%, 08/01/28 (a)	40,000		34,454
	CDI Escrow Issuer Inc
		5.75%, 04/01/30 (a)	228,000		217,664
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	45,000		42,136
	Clarios Global LP
		8.50%, 05/15/27 (a) (d)	230,000		230,826
	Dana Incorporated
		5.38%, 11/15/27	43,000		40,641
		5.63%, 06/15/28 (d)	93,000		87,337
		4.25%, 09/01/30	13,000		10,602
		4.50%, 02/15/32	240,000		193,590
	EG Global Finance PLC
		8.50%, 10/30/25 (a)	230,000		215,013
	Eldorado Resorts, Inc.
		6.25%, 07/01/25 (a)	140,000		140,044
	Ford Motor Company
		6.63%, 10/01/28	83,000		85,025
		9.63%, 04/22/30	64,000		74,129
		5.29%, 12/08/46	62,000		50,549
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (a)	381,000		361,926
	Hilton Grand Vacations Borrower LLC
		5.00%, 06/01/29 (a)	51,000		45,239
		4.88%, 07/01/31 (a)	219,000		187,110
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (a) (c)	88,000		80,345
		6.38%, 05/15/29 (a) (c)	167,000		147,489
	International Game Technology PLC
		5.25%, 01/15/29 (a)	113,000		108,204
	IRB Holding Corp.
		7.00%, 06/15/25 (a)	101,000		101,287
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (a)	331,000		289,187
	Jaguar Land Rover Automotive PLC
		7.75%, 10/15/25 (a)	145,000		141,744
		5.50%, 07/15/29 (a)	240,000		188,321
	KB Home
		4.80%, 11/15/29	61,000		55,853
		7.25%, 07/15/30	56,000		56,875
	Macys Retail Holdings
		5.88%, 03/15/30 (a)	130,000		115,054
		6.13%, 03/15/32 (a)	278,000		244,559
	Magic Mergeco, Inc.
		5.25%, 05/01/28 (a)	145,000		120,818
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (a)	286,000		211,405
	Marriott Ownership Resorts, Inc.
		4.75%, 01/15/28	76,000		67,935
	MCE Finance Limited
		5.38%, 12/04/29 (a)	344,000		280,490
	Midwest Gaming Borrower, LLC
		4.88%, 05/01/29 (a)	180,000		156,575
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	148,795		148,440
	NMG Holding Company, Inc.
		7.13%, 04/01/26 (a)	145,000		136,135
	Odeon Finco PLC
		12.75%, 11/01/27 (a) (d)	85,000		78,669
	PetSmart, Inc.
		7.75%, 02/15/29 (a)	230,000		225,565
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	306,000		281,027
	QVC, Inc.
		5.45%, 08/15/34	140,000		52,282
	Royal Caribbean Cruises Ltd.
		7.25%, 01/15/30 (a)	144,000		144,895
	Sands China Ltd.
		3.35%, 03/08/29 (b) (i)	190,000		158,296
	Scientific Games International, Inc.
		7.00%, 05/15/28 (a)	91,000		90,088
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (a)	42,000		40,291
	Staples, Inc.
		7.50%, 04/15/26 (a)	250,000		219,010
	TKC Holdings, Inc.
		6.88%, 05/15/28 (a)	97,000		82,414
		10.50%, 05/15/29 (a)	150,000		93,801
	Travel + Leisure Co.
		6.00%, 04/01/27 (b) (i)	65,000		64,406
		4.50%, 12/01/29 (a)	124,000		108,043
		4.63%, 03/01/30 (a)	95,000		81,753
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (a)	86,000		84,130
				7,951,760
Industrials 11.3%
	Air Canada
		3.88%, 08/15/26 (a)	150,000		136,261
	Ardagh Packaging Finance Public Limited Company
		4.13%, 08/15/26 (a)	353,000		328,779
	Bombardier Inc.
		7.50%, 03/15/25 (a)	23,000		23,069
		7.13%, 06/15/26 (a)	232,000		233,754
	Builders FirstSource, Inc.
		4.25%, 02/01/32 (a)	638,000		551,604
	Chart Industries, Inc.
		7.50%, 01/01/30 (a)	69,000		71,292
		9.50%, 01/01/31 (a)	58,000		61,209

Abbreviations and additional footnotes are defined on page 13

8

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
	Clydesdale Acquisition Holdings, Inc.
		6.63%, 04/15/29 (a)	98,000		94,315
		8.75%, 04/15/30 (a)	282,000		251,806
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	111,000		113,921
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	479,000		479,591
		9.75%, 08/01/27 (a)	55,000		58,024
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (a)	208,000		180,720
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,143
	Imola Merger Corporation
		4.75%, 05/15/29 (a)	214,000		191,339
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	398,000		342,201
	Labl, Inc.
		9.50%, 11/01/28 (a)	85,000		85,657
	Masonite International Corporation
		5.38%, 02/01/28 (a)	71,000		67,805
	Mauser Packaging Solutions Holding Company
		7.88%, 08/15/26 (a)	280,000		279,894
	NAC Aviation 29 Designated Activity Company
		4.75%, 06/30/26	105,064		89,386
	Pitney Bowes Inc.
		6.88%, 03/15/27 (a) (d)	330,000		261,140
	Rand Parent LLC
		8.50%, 02/15/30 (a)	139,000		130,647
	Regal Rexnord Corporation
		6.05%, 04/15/28 (a) (i)	140,000		140,521
	Rolls-Royce PLC
		5.75%, 10/15/27 (a)	295,000		295,167
	Sensata Technologies B.V.
		4.00%, 04/15/29 (a)	225,000		203,273
	Summit Materials, LLC
		5.25%, 01/15/29 (a)	150,000		142,338
	Terex Corporation
		5.00%, 05/15/29 (a)	191,000		177,513
	TransDigm Inc.
		8.00%, 12/15/25 (a)	34,000		34,671
		6.25%, 03/15/26 (a)	462,000		462,363
		6.75%, 08/15/28 (a)	142,000		143,419
	Transdigm UK Holdings PLC
		6.88%, 05/15/26	51,000		50,396
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (a)	232,000		238,172
		4.50%, 08/15/29 (a)	90,000		82,127
	United Airlines Pass Through Certificates, Series 2015-1
		4.63%, 04/15/29 (a)	368,000		332,823
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	234,000		220,443
				6,559,783
Financials 11.2%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	204,000		190,950
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (a)	188,000		190,818
	AG TTMT Escrow Issuer LLC
		8.63%, 09/30/27 (a)	57,000		57,356
	Citigroup Inc.
		5.00%, (100, 09/12/24) (h)	166,000		154,901
		7.38%, (100, 05/15/28) (h)	140,000		137,731
	Corebridge Financial, Inc.
		6.88%, 12/15/52 (a)	141,000		124,768
	Credit Suisse Group AG
		6.44%, 08/11/28 (a) (j)	250,000		247,813
	Dana Financing Luxembourg S.a r.l.
		5.75%, 04/15/25 (a)	47,000		46,450
	Deutsche Bank Aktiengesellschaft
		6.72%, 01/18/29 (j)	170,000		169,265
		4.88%, 12/01/32	480,000		390,876
	EG Global Finance PLC
		6.75%, 02/07/25 (a)	180,000		166,275
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	132,000		129,157
		4.27%, 01/09/27	194,000		180,663
		4.00%, 11/13/30	395,000		337,010
	HUB International Limited
		7.00%, 05/01/26 (a)	129,000		127,079
	Icahn Enterprises L.P.
		6.25%, 05/15/26	319,000		313,827
		5.25%, 05/15/27	316,000		296,330
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (c)	39,000		28,080
	Markel Corporation
		6.00%, (100, 06/01/25) (h)	157,000		150,634
	Navient Corporation
		6.13%, 03/25/24	140,000		138,077
	NFP Corp.
		6.88%, 08/15/28 (a)	156,000		133,993
		7.50%, 10/01/30 (a)	93,000		89,836
	OneMain Finance Corporation
		6.13%, 03/15/24	195,000		189,987
		3.50%, 01/15/27	302,000		253,718
		3.88%, 09/15/28	110,000		87,021
		5.38%, 11/15/29	130,000		109,340
	PennyMac Financial Services, Inc.
		5.38%, 10/15/25 (a)	204,000		190,495
		5.75%, 09/15/31 (a)	438,000		352,954
	PRA Group, Inc.
		8.38%, 02/01/28 (a)	190,000		189,950
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	282,000		272,283
	The PNC Financial Services Group, Inc.
		6.25%, (100, 03/15/30) (h)	190,000		175,966
	The Toronto-Dominion Bank
		8.13%, 10/31/82 (j)	200,000		203,500
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	154,375		151,045
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (h)	210,000		163,122
	VistaJet Malta Finance P.L.C.
		7.88%, 05/01/27 (a)	86,000		82,981
		6.38%, 02/01/30 (a) (d)	232,000		207,418
	VMED O2 UK Financing I PLC
		4.25%, 01/31/31 (a)	73,000		62,085
				6,493,754
Health Care 6.9%
	Bausch Health Companies Inc.
		6.13%, 02/01/27 (a)	117,000		75,806
		4.88%, 06/01/28 (a)	41,000		24,365
	Centene Corporation
		2.50%, 03/01/31	48,000		38,928
	DaVita Inc.
		3.75%, 02/15/31 (a)	620,000		488,535
	IQVIA Inc.
		5.00%, 05/15/27 (a)	125,000		122,446
	Legacy Lifepoint Health, LLC
		6.75%, 04/15/25 (a)	261,000		247,465
		9.75%, 12/01/26 (a)	130,000		105,081
		4.38%, 02/15/27 (a)	134,000		109,643
		5.38%, 01/15/29 (a)	135,000		82,536
	Molina Healthcare, Inc.
		3.88%, 05/15/32 (a)	100,000		84,920
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (a)	150,000		130,147
		5.25%, 10/01/29 (a) (d)	243,000		210,825
	Organon & Co.
		4.13%, 04/30/28 (a)	75,000		69,027
		5.13%, 04/30/31 (a)	247,000		219,253
	Owens & Minor, Inc.
		6.63%, 04/01/30 (a) (d)	452,000		388,073
	Perrigo Finance Unlimited Company
		4.40%, 06/15/30 (b) (i)	155,000		138,864
	Royalty Pharma PLC
		2.20%, 09/02/30	175,000		142,810

Abbreviations and additional footnotes are defined on page 13

9

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
	Tenet Healthcare Corporation
		4.88%, 01/01/26	178,000		174,501
		4.63%, 06/15/28 (g)	55,000		51,110
		6.13%, 10/01/28	362,000		345,147
		4.25%, 06/01/29	208,000		187,943
		4.38%, 01/15/30	80,000		71,821
		6.13%, 06/15/30 (a)	196,000		193,616
	Teva Pharmaceutical Finance Netherlands III B.V.
		8.13%, 09/15/31 (d)	276,000		289,847
				3,992,709
Consumer Staples 6.1%
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (a)	264,000		228,527
	Ashtead Capital, Inc.
		5.50%, 08/11/32 (a)	200,000		196,587
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	74,000		70,860
	Hertz Vehicle Financing II LP
		5.00%, 12/01/29 (a)	74,000		61,249
	Kraft Heinz Foods Company
		4.63%, 10/01/39	218,000		199,683
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	327,000		249,115
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	304,000		188,003
	MPH Acquisition Holdings LLC
		5.50%, 09/01/28 (a)	189,000		152,268
	Muzinich U.S. High Yield Corporate Bond Fund
		9.75%, 08/15/26 (a)	147,000		147,148
	Neptune BidCo US Inc.
		9.29%, 04/15/29 (a)	441,000		408,709
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (a)	131,000		130,179
		4.25%, 04/15/31	426,000		371,771
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	52,000		51,580
		3.38%, 08/31/27 (a)	207,000		185,575
		6.25%, 01/15/28 (a)	198,000		185,911
	Safeway Inc.
		5.88%, 02/15/28 (a)	131,000		130,188
		3.50%, 03/15/29 (a)	206,000		179,238
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)	187,000		148,371
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a)	258,000		239,420
				3,524,382
Information Technology 3.9%
	Alteryx, Inc.
		8.75%, 03/15/28 (a)	186,000		187,106
	AMS-Osram AG
		7.00%, 07/31/25 (a)	344,000		321,891
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	67,000		60,559
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (a)	46,000		46,278
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	81,000		78,088
	Entegris Escrow Corporation
		4.75%, 04/15/29 (a)	115,000		108,529
		5.95%, 06/15/30 (a)	241,000		233,539
	Entegris, Inc.
		4.38%, 04/15/28 (a)	94,000		85,272
	Goto Group, Inc.
		5.50%, 09/01/27 (a)	216,000		111,382
	NCR Corporation
		5.75%, 09/01/27 (a)	140,000		137,443
		5.13%, 04/15/29 (a)	165,000		143,094
		6.13%, 09/01/29 (a) (d)	140,000		138,112
	Open Text Corporation
		3.88%, 02/15/28 (a)	112,000		100,008
		3.88%, 12/01/29 (a)	157,000		132,276
		4.13%, 02/15/30 (a)	215,000		184,458
	ViaSat, Inc.
		5.63%, 09/15/25 (a)	167,000		158,409
		6.50%, 07/15/28 (a)	78,000		57,241
				2,283,685
Materials 3.7%
	Braskem Idesa, S.A.P.I.
		6.99%, 02/20/32 (a)	197,000		148,396
	Carpenter Technology Corporation
		6.38%, 07/15/28	63,000		61,632
	CEMEX S.A.B. de C.V.
		9.13%, (100, 03/14/28) (a) (h)	200,000		199,604
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (a)	121,000		120,776
		6.88%, 10/15/27 (a)	448,000		433,454
	FMG Resources (August 2006) Pty Ltd
		6.13%, 04/15/32 (a)	202,000		193,692
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	117,000		115,188
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (a)	95,000		87,309
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a)	231,000		194,674
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	86,000		84,656
		5.25%, 06/01/27 (a)	93,000		84,776
	Olin Corporation
		5.63%, 08/01/29	200,000		195,910
	Pearl Merger Sub Inc.
		6.75%, 10/01/28 (a)	34,000		30,270
	Sealed Air Corporation
		6.13%, 02/01/28 (a)	53,000		53,630
	Trinseo Materials Operating S.C.A.
		5.13%, 04/01/29 (a) (d)	195,000		116,234
				2,120,201
Utilities 2.3%
	Calpine Corporation
		4.50%, 02/15/28 (a)	121,000		112,206
		5.13%, 03/15/28 (a)	212,000		194,158
		5.00%, 02/01/31 (a)	72,000		61,003
	DPL Inc.
		4.13%, 07/01/25	114,000		108,925
	Pacific Gas And Electric Company
		3.25%, 06/01/31	170,000		144,455
		5.90%, 06/15/32	79,000		79,011
		6.15%, 01/15/33	48,000		49,283
	PG&E Corporation
		5.00%, 07/01/28	84,000		79,335
	TransAlta Corporation
		7.75%, 11/15/29	39,000		41,004
	Vistra Operations Company LLC
		5.50%, 09/01/26 (a)	95,000		92,324
		5.00%, 07/31/27 (a)	229,000		216,423
		4.38%, 05/01/29 (a)	105,000		93,489
		4.30%, 07/15/29 (a)	34,000		30,458
				1,302,074
Real Estate 0.5%
	Cushman & Wakefield U.S. Borrower, LLC
		6.75%, 05/15/28 (a)	193,000		173,603
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	90,000		84,318
				257,921
	Total Corporate Bonds And Notes (cost $54,676,630)			50,641,480
SENIOR FLOATING RATE INSTRUMENTS 3.5%
Communication Services 1.9%
	888 Acquisitions Limited
		USD Term Loan B, 9.93%, (3 Month Term SOFR + 5.25%), 07/18/28 (k)	149,674		124,978
	Allen Media, LLC
		2021 Term Loan B, 10.23%, (3 Month USD LIBOR + 5.50%), 02/10/27 (c) (k)	171,708		148,527
	GOGO Intermediate Holdings LLC
		Term Loan B, 8.58%, (3 Month Term SOFR + 3.75%), 04/21/28 (k)	150,653		149,334

Abbreviations and additional footnotes are defined on page 13

10

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

			Shares/Par1		Value ($)
	Great Outdoors Group, LLC
		2021 Term Loan B1, 8.38%, (1 Month USD LIBOR + 3.75%), 02/26/28 (k)	286,510		282,393
	Intelsat Jackson Holdings S.A.
		2021 Exit Term Loan B, 9.08%, (SOFR + 4.25%), 01/25/29 (k)	131,054		129,416
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 9.23%, (3 Month USD LIBOR + 4.50%), 06/20/24 (k)	157,405		111,463
	Stars Group Holdings B.V. (The)
		2022 USD Term Loan B, 8.09%, (3 Month Term SOFR + 3.25%), 07/04/28 (k)	149,250		149,056
				1,095,167
Information Technology 0.8%
	CoreLogic, Inc.
		Term Loan, 8.19%, (1 Month USD LIBOR + 3.50%), 04/14/28 (k)	89,635		76,222
	Cornerstone OnDemand, Inc.
		2021 Term Loan, 8.38%, (1 Month USD LIBOR + 3.75%), 09/08/26 (k)	69,177		63,643
	Peraton Corp.
		Term Loan B, 8.38%, (1 Month USD LIBOR + 3.75%), 02/22/28 (k)	140,468		138,420
	Roper Industrial Products Investment Company LLC
		USD Term Loan , 8.93%, (SOFR + 4.50%), 11/22/29 (k)	110,000		109,018
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 8.95%, (3 Month USD LIBOR + 4.00%), 08/09/25 (k)	61,674		52,620
				439,923
Materials 0.3%
	Lonza Group AG
		USD Term Loan B, 8.73%, (3 Month USD LIBOR + 4.00%), 04/29/28 (k)	80,650		74,539
	PMHC II, Inc.
		2022 Term Loan B, 9.08%, (3 Month Term SOFR + 4.25%), 02/03/29 (k)	149,250		131,091
				205,630
Consumer Discretionary 0.2%
	Michaels Companies, Inc.
		2021 Term Loan B, 8.98%, (3 Month USD LIBOR + 4.25%), 04/08/28 (k)	121,634		111,364
Industrials 0.2%
	Mileage Plus Holdings LLC
		2020 Term Loan B, 10.21%, (3 Month USD LIBOR + 5.25%), 12/31/23 (k)	41,820		43,341
	United Airlines, Inc.
		2021 Term Loan B, 8.57%, (3 Month USD LIBOR + 3.75%), 04/14/28 (k)	53,018		52,554
				95,895
Financials 0.1%
	Advisor Group, Inc.
		2021 Term Loan, 9.13%, (1 Month USD LIBOR + 4.50%), 07/31/26 (k)	82,651		81,153
	Total Senior Floating Rate Instruments (cost $2,133,502)			2,029,132
INVESTMENT COMPANIES 1.3%
	iShares Broad USD High Yield Corporate Bond ETF (d)		20,747		737,556
	Total Investment Companies (cost $768,057)			737,556
GOVERNMENT AND AGENCY OBLIGATIONS 0.5%
Sovereign 0.5%
	Presidencia de la Republica de Colombia
		7.50%, 02/02/34	285,000		279,169
	Total Government And Agency Obligations (cost $283,708)			279,169
COMMON STOCKS 0.2%
Energy 0.1%
	MPLX LP		2,200		75,790
Financials 0.1%
	Nordic Aviation Capital Designated Activity Company (e) (l)		1,868		28,020
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (e)		8,143		9,772
	iHeartMedia, Inc. - Class A (e)		3,283		12,804
				22,576
	Total Common Stocks (cost $220,713)			126,386
SHORT TERM INVESTMENTS 9.0%
Investment Companies 5.7%
	State Street U.S. Government Money Market Fund, 4.63% (m)		3,316,398		3,316,398
Securities Lending Collateral 3.3%
	State Street Navigator Securities Lending Government Money Market Portfolio, 4.84% (m)		1,929,770		1,929,770
	Total Short Term Investments (cost $5,246,168)			5,246,168
Total Investments 102.0% (cost $63,328,778)					59,059,891
Other Assets and Liabilities, Net (2.0)%					(1,178,673)
Total Net Assets 100.0%					57,881,218

(a)Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2023, the value and the percentage of net assets of these securities was $39,289,359 and 67.9% of the Fund.

(b)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, 2023.

(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)All or a portion of the security was on loan as of March 31, 2023.

(e)Non-income producing security.

(f)As of March 31, 2023, 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 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.

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

(i)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, 2023.

(j)Convertible security.

(k)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2023. 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.

(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 March 31, 2023.

Abbreviations and additional footnotes are defined on page 13

11

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

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	388,628	367,225	0.6
	Tenet Healthcare Corporation, 4.63%, 06/15/28	01/03/23	49,898	51,110	0.1
			438,526	418,335	0.7

Abbreviations and additional footnotes are defined on page 13

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PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

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

SOFR - Secured Overnight Financing Rate

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)

March 31, 2023

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”). 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, which is shared with the borrower through negotiated rebates. 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. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge. 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, procedures and guidelines (“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 the Valuation Policies and 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 Funds’ Valuation Committee will evaluate if trading activity on other US 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 a 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. The Administrator typically uses independent pricing services to value 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. 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. 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 and Procedures require the Administrator to determine the “fair value” of the contracts. Pricing services utilized to value debt 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. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV.

Certain of the Funds invest in foreign securities and other assets that are priced in a currency other than US dollars. For foreign securities and other assets that are priced in a currency other than US dollars, a Fund will convert the security or asset from the local currency into US dollars using the relevant current exchange rate. Foreign securities may trade in their primary markets on weekends or other days when the Funds do not price their shares and, therefore, the value of portfolio securities of a Fund may change on days when shareholders will be unable to purchase or redeem the Fund's shares.

A Fund calculates its NAV per share, and effects sales, redemptions and repurchases of its shares at that NAV per share, as of the close of the NYSE once on each Business Day. Because the calculation of a Fund’s NAV does not take place contemporaneously with the determination of the closing prices of the majority of the foreign equity portfolio securities used in such calculation, the Valuation Policies and Procedures authorize the Adviser, to determine

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PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

the “fair value” of such foreign equity securities for purposes of calculating a Fund’s NAV. When fair valuing such foreign equity securities, the Adviser adjusts the closing prices of foreign equity portfolio securities based upon pricing models provided by a third party vendor in order to reflect the “fair value” of such securities for purposes of determining a Fund’s NAV. Foreign equity securities traded in North America and South America may be fair valued utilizing international adjustment factors in response to local market holidays, exchange closures, or other events as deemed necessary, in order to reflect the “fair value” of such securities for purposes of determining a Fund’s NAV.

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, 2023, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Government And Agency Obligations	—		21,977,679	—	21,977,679
Corporate Bonds And Notes	—		21,633,799	—	21,633,799
Non-U.S. Government Agency Asset-Backed Securities	—		5,428,969	—	5,428,969
Senior Floating Rate Instruments	—		833,029	—	833,029
Investment Companies	495,985		—	—	495,985
Common Stocks	—		—	18,225	18,225
Short Term Investments	3,792,146		1,314,091	—	5,106,237
	4,288,131		51,187,567	18,225	55,493,923
Assets - Investments in Other Financial Instruments1
Futures Contracts	114,786		—	—	114,786
	114,786		—	—	114,786
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(105,936	)	—	—	(105,936	)
	(105,936	)	—	—	(105,936	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		50,641,480	—	50,641,480
Senior Floating Rate Instruments	—		2,029,132	—	2,029,132
Investment Companies	737,556		—	—	737,556
Government And Agency Obligations	—		279,169	—	279,169
Common Stocks	98,366		—	28,020	126,386
Short Term Investments	5,246,168		—	—	5,246,168
	6,082,090		52,949,781	28,020	59,059,891

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 March 31, 2023.

15

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2023

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