PPM Funds NPORT-P PPM Core Plus Fixed Income Fund (Mar 2024 report)

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1	Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 48.8%
Financials 25.6%
	AerCap Ireland Capital Designated Activity Company
		2.45%, 10/29/26	115,000	106,845
		3.00%, 10/29/28	151,000	136,826
	American Honda Finance Corporation
		4.90%, 03/12/27 - 03/13/29	180,000	179,592
	AON North America, Inc.
		5.45%, 03/01/34	90,000	91,016
		5.75%, 03/01/54	63,000	64,562
	Ares Capital Corporation
		7.00%, 01/15/27	80,000	82,335
	Banco Santander, S.A.
		9.63%, (100, 05/21/33) (a) (b)	100,000	110,125
		6.35%, 03/14/34 (b)	200,000	199,494
	Bank of America Corporation
		3.56%, 04/23/27	172,000	165,931
		4.27%, 07/23/29	233,000	224,574
		3.19%, 07/23/30	23,000	20,887
		2.59%, 04/29/31	55,000	47,434
		5.47%, 01/23/35	240,000	241,757
	Bank of Nova Scotia, The
		5.25%, 12/06/24 (b)	70,000	69,882
	Barclays PLC
		9.63%, (100, 12/15/29) (a) (b)	125,000	132,656
	BlackRock Funding, Inc.
		5.25%, 03/14/54	52,000	52,254
	Blackstone Private Credit Fund
		3.25%, 03/15/27	38,000	35,062
	Blackstone Secured Lending Fund
		2.85%, 09/30/28	55,000	48,437
	Citigroup Inc.
		5.00%, (100, 09/12/24) (a)	143,000	142,246
		4.41%, 03/31/31	100,000	95,343
		6.17%, 05/25/34	44,000	44,779
	Citizens Financial Group, Inc.
		5.84%, 01/23/30	89,000	88,902
	CNO Global Funding
		2.65%, 01/06/29 (c)	100,000	87,704
	Credit Suisse AG
		4.75%, 08/09/24	98,000	97,541
		7.95%, 01/09/25	24,000	24,402
	Daimler Trucks Finance North America LLC
		5.20%, 01/17/25 (c)	100,000	99,612
	Deutsche Bank Aktiengesellschaft
		7.15%, 07/13/27	150,000	153,960
		3.73%, 01/14/32 (b)	84,000	70,328
	F&G Global Funding
		2.00%, 09/20/28 (c)	60,000	51,052
	Fairfax Financial Holdings Limited
		6.35%, 03/22/54 (c)	82,000	83,665
	Federation des caisses Desjardins du Quebec
		5.25%, 04/26/29 (c)	100,000	99,696
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	55,000	54,501
		6.95%, 06/10/26	140,000	142,984
		4.13%, 08/17/27	13,000	12,334
		3.82%, 11/02/27	105,000	98,395
		7.35%, 11/04/27	103,000	108,177
		6.80%, 05/12/28	98,000	101,791
	FS KKR Capital Corp.
		3.40%, 01/15/26	114,000	108,164
	General Motors Financial Company, Inc.
		5.75%, 02/08/31	22,000	22,212
		6.10%, 01/07/34	40,000	41,158
	Global Atlantic Financial Company
		6.75%, 03/15/54 (c)	33,000	33,829
	Icahn Enterprises L.P.
		4.38%, 02/01/29	72,000	61,292
	Intercontinental Exchange, Inc.
		2.10%, 06/15/30	30,000	25,407
	Intesa Sanpaolo SPA
		7.80%, 11/28/53 (c)	75,000	84,977
		7.78%, 06/20/54 (c)	80,000	85,207
	John Deere Capital Corporation
		4.90%, 03/07/31	175,000	175,056
	JPMorgan Chase & Co.
		8.82%, (3 Month Term SOFR + 3.51%), (100, 05/01/24) (a) (d)	170,000	170,012
		2.01%, 03/13/26	72,000	69,594
		6.07%, 10/22/27	110,000	112,214
		2.07%, 06/01/29	84,000	74,481
		4.20%, 07/23/29	92,000	88,771
		2.74%, 10/15/30	85,000	75,265
		5.34%, 01/23/35	122,000	122,417
	JPMorgan Chase Bank, National Association
		5.11%, 12/08/26	250,000	250,547
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (a) (b)	79,000	78,704
	Macquarie Airfinance Holdings Limited
		6.40%, 03/26/29 (c)	16,000	16,245
		8.13%, 03/30/29 (c) (e)	30,000	31,718
		6.50%, 03/26/31 (c)	42,000	42,755
	Markel Group Inc.
		6.00%, (100, 06/01/25) (a)	85,000	84,213
	Morgan Stanley
		0.99%, 12/10/26	75,000	69,470
		5.12%, 02/01/29	53,000	52,868
		5.16%, 04/20/29	70,000	69,943
		5.17%, 01/16/30	104,000	104,033
		3.62%, 04/01/31	22,000	20,167
		2.51%, 10/20/32	42,000	34,781
		6.34%, 10/18/33	95,000	101,752
		6.63%, 11/01/34	85,000	93,025
		5.47%, 01/18/35 (e)	43,000	43,390
		5.95%, 01/19/38	52,000	52,119
	Morgan Stanley Bank, National Association
		5.88%, 10/30/26	125,000	127,329
	National Rural Utilities Cooperative Finance Corporation
		5.80%, 01/15/33	19,000	19,756
	National Securities Clearing Corporation
		5.10%, 11/21/27 (c)	105,000	105,910
	NatWest Markets PLC
		1.60%, 09/29/26 (c)	172,000	157,210
	New York Life Global Funding
		4.85%, 01/09/28 (c)	155,000	154,564
		1.20%, 08/07/30 (c)	94,000	74,641
		5.00%, 01/09/34 (c)	108,000	106,820
	Northwestern Mutual Global Funding
		4.90%, 06/12/28 (c)	85,000	84,675
	Royal Bank of Canada
		5.15%, 02/01/34 (b) (e)	59,000	59,069
	Sammons Financial Group, Inc.
		6.88%, 04/15/34 (c)	110,000	110,960
	Skandinaviska Enskilda Banken AB
		5.38%, 03/05/29 (c)	200,000	200,474
	State Street Corporation
		6.70%, (100, 03/15/29) (a)	96,000	97,667
		5.27%, 08/03/26	230,000	231,032
		5.75%, 11/04/26	34,000	34,159
	The Bank of New York Mellon Corporation
		5.77%, 03/13/26 (d)	250,000	250,191
		6.47%, 10/25/34	252,000	274,436
	The Goldman Sachs Group, Inc.
		2.60%, 02/07/30	73,000	63,930
	The Hartford Financial Services Group, Inc.
		2.90%, 09/15/51	46,000	30,047
	The PNC Financial Services Group, Inc.
		6.62%, 10/20/27	110,000	113,290
	Toronto-Dominion Bank, The
		5.53%, 07/17/26 (b)	230,000	231,970
	Toyota Motor Credit Corporation
		5.40%, 11/20/26	85,000	85,999
		5.00%, 03/19/27	120,000	120,366

Abbreviations and additional footnotes are defined on page 11

1

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1		Value ($)
	Transocean Poseidon Limited
		6.88%, 02/01/27 (c)	26,325		26,372
	UBS AG
		5.80%, 09/11/25	200,000		201,272
	UBS Group AG
		9.02%, 11/15/33 (b) (c)	59,000		71,297
	Wells Fargo & Company
		5.57%, 07/25/29	230,000		232,710
		5.39%, 04/24/34	106,000		105,460
				9,534,473
Energy 4.9%
	Antero Midstream Partners LP
		5.38%, 06/15/29 (c)	8,000		7,695
	Baytex Energy Corp.
		7.38%, 03/15/32 (c)	49,000		49,521
	BP Capital Markets America Inc.
		4.81%, 02/13/33	109,000		107,633
		4.89%, 09/11/33	90,000		89,470
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29	85,000		81,010
		3.25%, 01/31/32	10,000		8,515
	Civitas Resources, Inc.
		8.38%, 07/01/28 (c)	53,000		55,753
	ConocoPhillips Company
		5.30%, 05/15/53	86,000		85,354
	Devon Energy Corporation
		5.88%, 06/15/28	29,000		29,111
	Energy Transfer LP
		6.50%, (100, 08/15/26) (a)	10,000		9,815
		6.75%, (100, 05/15/25) (a)	72,000		70,834
		7.13%, (100, 05/15/30) (a)	64,000		62,705
		5.95%, 05/15/54	40,000		39,806
		8.00%, 05/15/54	64,000		66,914
	Enlink Midstream, LLC
		6.50%, 09/01/30 (c)	38,000		39,073
	EQM Midstream Partners, LP
		6.38%, 04/01/29 (c) (e)	18,000		18,127
	Hilcorp Energy I, L.P.
		8.38%, 11/01/33 (c)	40,000		43,294
	Marathon Oil Corporation
		4.40%, 07/15/27	16,000		15,550
	ONEOK, Inc.
		7.15%, 01/15/51	30,000		33,667
	Permian Resources Operating, LLC
		7.00%, 01/15/32 (c)	35,000		36,284
	Petroleos Mexicanos
		10.00%, 02/07/33 (e)	32,000		31,841
	Pioneer Natural Resources Company
		5.10%, 03/29/26	127,000		126,800
		1.90%, 08/15/30	40,000		33,599
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	150,000		145,245
	Targa Resources Corp.
		6.25%, 07/01/52	25,000		25,969
		6.50%, 02/15/53	20,000		21,448
	Targa Resources Partners LP
		5.50%, 03/01/30	40,000		39,810
		4.88%, 02/01/31	36,000		34,418
	Transocean Inc
		8.75%, 02/15/30 (c)	12,600		13,139
	Var Energi ASA
		8.00%, 11/15/32 (c)	130,000		146,024
	Venture Global Calcasieu Pass, LLC
		3.88%, 08/15/29 (c)	8,000		7,202
		6.25%, 01/15/30 (c)	54,000		54,364
	Venture Global LNG, Inc.
		9.50%, 02/01/29 (c)	118,000		127,207
	Western Midstream Operating, LP
		6.15%, 04/01/33	50,000		51,240
				1,808,437
Utilities 4.7%
	Constellation Energy Generation, LLC
		6.13%, 01/15/34 (e)	30,000		31,718
	Edison International
		5.25%, 11/15/28	152,000		151,270
		6.95%, 11/15/29	56,000		60,046
	Florida Power & Light Company
		4.80%, 05/15/33 (e)	87,000		85,703
	Nevada Power Company
		6.00%, 03/15/54	20,000		21,006
	Pacific Gas And Electric Company
		3.30%, 12/01/27	36,000		33,482
		3.25%, 06/01/31	38,000		33,055
		5.90%, 06/15/32	94,000		95,680
		6.40%, 06/15/33	30,000		31,631
		4.50%, 07/01/40	131,000		112,031
		6.75%, 01/15/53	118,000		128,494
	PPL Electric Utilities Corporation
		5.00%, 05/15/33	157,000		156,725
		4.85%, 02/15/34	43,000		42,227
	Public Service Electric And Gas Company
		3.10%, 03/15/32	26,000		22,808
		4.90%, 12/15/32	86,000		85,600
	Public Service Enterprise Group Incorporated
		5.20%, 04/01/29	90,000		90,076
	San Diego Gas & Electric Company
		1.70%, 10/01/30	52,000		42,831
		5.35%, 04/01/53	82,000		80,801
	Sempra
		5.40%, 08/01/26	100,000		100,360
	Southern California Edison Company
		5.20%, 06/01/34	96,000		94,913
	The AES Corporation
		3.30%, 07/15/25 (c)	93,000		89,948
	Vistra Operations Company LLC
		3.70%, 01/30/27 (c)	80,000		76,081
		6.95%, 10/15/33 (c)	82,000		87,607
				1,754,093
Health Care 4.0%
	AbbVie Inc.
		4.80%, 03/15/29 (e)	100,000		100,044
		5.40%, 03/15/54	100,000		102,894
	Amgen Inc.
		5.65%, 03/02/53	87,000		88,689
	Ascension Health
		2.53%, 11/15/29	18,000		16,033
	AstraZeneca Finance LLC
		4.85%, 02/26/29	73,000		73,258
	Baylor Scott & White Holdings
		2.84%, 11/15/50	34,000		23,081
	Centene Corporation
		3.00%, 10/15/30	78,000		66,879
	CVS Health Corporation
		5.88%, 06/01/53	155,000		157,383
	HCA Inc.
		5.88%, 02/15/26	20,000		20,097
		3.50%, 09/01/30	67,000		60,564
	Humana Inc.
		5.38%, 04/15/31	83,000		83,074
		5.75%, 04/15/54	59,000		59,394
	Indiana University Health, Inc.
		2.85%, 11/01/51	31,000		21,029
	Roche Holdings, Inc.
		4.99%, 03/08/34 (c)	200,000		201,559
	Smith & Nephew PLC
		5.15%, 03/20/27	150,000		149,914
		5.40%, 03/20/34	116,000		115,460
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		7,847
	UnitedHealth Group Incorporated
		4.75%, 05/15/52	55,000		50,954
		5.88%, 02/15/53	72,000		77,986
				1,476,139
Industrials 2.2%
	Aircastle Limited
		5.25%, 08/11/25 (c)	78,000		77,339

Abbreviations and additional footnotes are defined on page 11

2

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1		Value ($)
	Boeing Company, The
		5.71%, 05/01/40 (f)	120,000		114,980
	Builders FirstSource, Inc.
		6.38%, 03/01/34 (c)	46,000		46,177
	CIMIC Finance (USA) Pty Ltd
		7.00%, 03/25/34 (c) (e)	51,000		52,358
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (c)	94,000		95,432
	ESAB Corporation
		6.25%, 04/15/29 (c)	15,000		15,080
	Regal Rexnord Corporation
		6.05%, 02/15/26 (c) (f)	53,000		53,309
		6.40%, 04/15/33 (c) (f)	54,000		55,954
	RTX Corporation
		5.15%, 02/27/33	43,000		43,108
		6.10%, 03/15/34	41,000		43,780
		6.40%, 03/15/54	56,000		63,189
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (c)	36,000		30,344
	Smyrna Ready Mix Concrete, LLC
		8.88%, 11/15/31 (c)	61,000		65,179
	Summit Materials, LLC
		7.25%, 01/15/31 (c)	21,000		21,819
	XPO, Inc.
		6.25%, 06/01/28 (c)	54,000		54,458
				832,506
Consumer Discretionary 2.0%
	Amazon.com, Inc.
		2.10%, 05/12/31	85,000		72,177
		3.10%, 05/12/51	35,000		25,096
	Carnival Corporation
		4.00%, 08/01/28 (c)	31,000		28,876
	Hyundai Capital America
		5.80%, 06/26/25 (c)	85,000		85,128
		6.10%, 09/21/28 (c)	110,000		113,330
	Kohl's Corporation
		4.63%, 05/01/31 (e) (f) (g)	31,000		26,098
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	26,000		17,033
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (f)	11,000		11,216
	Macys Retail Holdings
		5.88%, 03/15/30 (c) (e)	24,000		23,341
		6.13%, 03/15/32 (c)	12,000		11,635
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (c)	16,267		16,338
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (c) (e)	100,000		87,259
	Royal Caribbean Cruises Ltd.
		6.25%, 03/15/32 (c)	25,000		25,194
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (c)	5,832		5,769
	Tapestry, Inc.
		7.85%, 11/27/33 (f)	30,000		32,585
	Warnermedia Holdings, Inc.
		5.05%, 03/15/42	70,000		60,166
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (c)	96,000		94,836
				736,077
Materials 1.6%
	Celanese US Holdings LLC
		6.35%, 11/15/28 (f)	45,000		46,668
		6.55%, 11/15/30 (f)	116,000		122,192
		6.38%, 07/15/32 (f)	56,000		58,165
	First Quantum Minerals Ltd
		6.88%, 10/15/27 (c)	40,000		38,363
	Glencore Funding LLC
		5.63%, 04/04/34 (c)	120,000		120,591
	Mineral Resources Limited
		9.25%, 10/01/28 (c)	42,000		44,212
	Newmont Corporation
		5.35%, 03/15/34 (c)	67,000		67,406
	NOVA Chemicals Corporation
		8.50%, 11/15/28 (c)	48,000		51,086
	Yara International ASA
		7.38%, 11/14/32 (c)	57,000		63,217
				611,900
Consumer Staples 1.6%
	Ashtead Capital, Inc.
		5.80%, 04/15/34 (c)	100,000		99,842
	B.A.T Capital Corporation
		4.39%, 08/15/37	35,000		29,503
		3.73%, 09/25/40	35,000		26,036
	JBS USA Lux S.A.
		7.25%, 11/15/53 (c)	159,000		170,938
	Marb Bondco PLC
		3.95%, 01/29/31 (c)	70,000		57,728
	Northwestern University
		2.64%, 12/01/50	28,000		18,793
	Philip Morris International Inc.
		5.25%, 02/13/34	180,000		178,742
				581,582
Communication Services 1.3%
	Charter Communications Operating, LLC
		6.15%, 11/10/26	80,000		80,610
		5.38%, 04/01/38	35,000		30,449
		5.75%, 04/01/48	13,000		10,940
	Comcast Corporation
		3.75%, 04/01/40	25,000		20,815
		5.35%, 05/15/53	25,000		24,729
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (c)	27,000		25,545
	Meta Platforms, Inc.
		4.45%, 08/15/52	50,000		44,340
	T-Mobile USA, Inc.
		2.63%, 04/15/26	166,000		157,881
		6.00%, 06/15/54	87,000		93,038
				488,347
Real Estate 0.5%
	Essential Properties, L.P.
		2.95%, 07/15/31	58,000		46,911
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		15,007
	VICI Properties Inc.
		4.25%, 12/01/26 (c)	35,000		33,696
		3.75%, 02/15/27 (c)	43,000		40,788
		4.13%, 08/15/30 (c)	64,000		58,255
				194,657
Information Technology 0.4%
	Cisco Systems, Inc.
		4.95%, 02/26/31	38,000		38,346
		5.05%, 02/26/34	91,000		92,186
		5.30%, 02/26/54	34,000		34,846
				165,378
	Total Corporate Bonds And Notes (cost $18,237,498)			18,183,589
GOVERNMENT AND AGENCY OBLIGATIONS 35.2%
Mortgage-Backed Securities 21.8%
	Federal Home Loan Mortgage Corporation
		2.00%, 04/01/36 - 03/01/52	786,961		632,917
		4.00%, 10/01/37 - 01/01/53	348,522		327,670
		4.50%, 07/01/38 - 08/01/52	509,641		488,278
		3.00%, 11/01/46 - 01/01/52	105,012		90,826
		3.50%, 10/01/47 - 04/01/50	155,940		141,898
		2.50%, 05/01/50 - 11/01/51	383,369		320,696
		5.00%, 09/01/52 - 01/01/53	127,455		124,524
		5.50%, 04/01/53 - 05/01/53	108,004		107,650
		6.00%, 11/01/53	168,596		170,179
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 06/01/52	835,365		733,619
		2.50%, 10/01/35 - 01/01/52	670,781		576,955
		4.00%, 10/01/37 - 05/01/52	420,006		396,543
		4.50%, 05/01/38 - 08/01/53	339,822		328,104
		3.50%, 10/01/46 - 04/01/48	179,520		163,819
		2.00%, 11/01/50 - 03/01/52	1,283,653		1,024,209
		5.00%, 08/01/52 - 06/01/53	357,294		348,910
		5.50%, 02/01/53 - 09/01/53	452,678		451,134

Abbreviations and additional footnotes are defined on page 11

3

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1		Value ($)
	Government National Mortgage Association
		3.00%, 10/20/46 - 04/20/51	345,222		306,821
		4.00%, 07/20/47 - 10/20/52	315,802		296,709
		4.50%, 12/20/48 - 06/20/53	268,952		258,816
		3.50%, 01/20/49 - 07/20/51	152,071		139,389
		2.50%, 03/20/51	305,439		260,343
		2.00%, 03/20/52	158,441		129,737
		5.00%, 10/20/52 - 07/20/53	221,524		217,783
		5.50%, 02/20/53	73,873		73,890
				8,111,419
U.S. Treasury Note 8.2%
	Treasury, United States Department of
		4.63%, 02/28/26 (e)	35,000		34,973
		4.63%, 09/30/28	202,000		204,904
		4.88%, 10/31/28 - 10/31/30	161,000		166,168
		3.75%, 12/31/28	118,000		115,492
		4.25%, 02/28/29 (e)	75,000		75,105
		1.50%, 02/15/30	366,000		314,531
		1.38%, 11/15/31	392,000		320,215
		2.88%, 05/15/32	986,600		895,956
		2.75%, 08/15/32	46,000		41,263
		3.50%, 02/15/33	313,000		296,470
		3.88%, 08/15/33	466,000		453,767
		4.50%, 11/15/33	80,000		81,775
		4.00%, 02/15/34	55,000		54,089
				3,054,708
U.S. Treasury Bond 3.3%
	Treasury, United States Department of
		3.75%, 08/15/41	334,000		307,384
		2.00%, 11/15/41	28,000		19,635
		3.13%, 11/15/41	219,000		183,926
		2.50%, 02/15/45 - 02/15/46	525,000		381,194
		3.00%, 02/15/48	306,000		239,254
		1.63%, 11/15/50	56,000		31,623
		2.88%, 05/15/52	70,000		52,948
		4.25%, 02/15/54	25,000		24,586
				1,240,550
Sovereign 1.3%
	Israel, State of
		4.50%, 01/17/33	84,000		78,110
	Ministerul Finantelor Publice
		5.88%, 01/30/29 (c)	80,000		79,937
		6.38%, 01/30/34 (c)	68,000		68,952
	ROP Sukuk Trust
		5.05%, 06/06/29 (c)	200,000		200,772
	Urzad Rady Ministrow
		5.50%, 03/18/54	53,000		52,588
				480,359
U.S. Government Agency Obligations 0.5%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (h)	229,000		185,857
Municipal 0.1%
	Dallas/Fort Worth International Airport
		2.84%, 11/01/46	55,000		40,765
	Total Government And Agency Obligations (cost $14,503,100)			13,113,658
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.0%
	Air Canada
		Series 2020-A-2, 5.25%, 04/01/29	10,589		10,356
	Alaska Air Pass Through Trust 2020-1A
		Series 2020-A-1, 4.80%, 08/15/27	46,441		45,234
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	94,430		86,317
	Americredit Automobile Receivables Trust 2023-2
		Series 2023-A2A-2, 6.19%, 04/19/27	101,738		102,082
	BX Trust 2022-PSB
		Series 2022-A-PSB, REMIC, 7.78%, (1 Month Term SOFR + 2.45%), 08/15/39 (d)	27,880		28,020
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	63,345		61,797
	Chase Issuance Trust
		Series 2022-A-A1, 3.97%, 09/15/25	160,000		157,185
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (d)	141,108		113,526
	Citibank Credit Card Issuance Trust
		Series 2023-A1-A1, 5.23%, 12/08/25	100,000		100,043
	CNH Equipment Trust 2022-B
		Series 2022-A2-B, 3.94%, 12/15/25	35,721		35,661
	Dell Equipment Finance Trust 2023-1
		Series 2023-A2-1, 5.65%, 09/22/28	105,185		105,168
	Dell Equipment Finance Trust 2023-2
		Series 2023-A3-2, 5.65%, 02/23/26	100,000		100,390
	Dell Equipment Finance Trust 2023-3
		Series 2023-A2-3, 6.10%, 06/23/25	100,000		100,279
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	74,980		73,213
	DLLST 2022-1 LLC
		Series 2022-A3-1A, 3.40%, 01/21/25	33,248		33,112
	DLLST 2024-1 LLC
		Series 2024-A3-1A, 5.05%, 10/21/26	69,000		68,641
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	12,575		12,426
	Ford Credit Auto Owner Trust 2023-C
		Series 2023-A3-C, 5.53%, 04/15/27	148,000		149,509
	GM Financial Automobile Leasing Trust 2023-2
		Series 2023-A3-2, 5.05%, 07/20/26	205,000		204,246
	GM Financial Automobile Leasing Trust 2023-3
		Series 2023-A3-3, 5.38%, 11/20/26	91,000		91,084
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		78,615
	GM Financial Consumer Automobile Receivables Trust 2022-2
		Series 2022-B-2, 3.77%, 04/17/28	107,000		103,362
	GM Financial Consumer Automobile Receivables Trust 2024-1
		Series 2024-B-1, 5.16%, 08/16/29	46,000		45,690
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		143,395
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	30,852		29,322
	Hilton Grand Vacations Trust 2020-A
		Series 2020-A-AA, 2.74%, 02/25/39	36,788		35,046
	Honda Auto Receivables 2022-2 Owner Trust
		Series 2022-A2-2, 3.81%, 03/18/25	12,664		12,647
	HPEFS Equipment Trust 2023-1
		Series 2023-A2-1A, 5.43%, 02/20/25	125,693		125,537
	HPEFS Equipment Trust 2023-2
		Series 2023-A2-2A, 6.04%, 07/21/25	100,000		100,386
	Hudson Yards 2019-30HY Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		134,381
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		49,647
	J.P. Morgan Mortgage Trust 2022-4
		Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (d)	163,214		136,768
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	32,216		31,785
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	101,074		89,959
	NRTH 2024-PARK Mortgage Trust
		Series 2024-A-PARK, REMIC, 6.94%, 03/15/29 (d)	111,000		111,139
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 5.92%, (1 Month Term SOFR + 0.59%), 10/15/36 (d)	108,628		107,203
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (d)	76,394		61,765
	SFS Auto Receivables Securitization Trust 2023- 1
		Series 2023-A2A-1A, 5.89%, 06/20/25	117,317		117,496
		Series 2023-A3-1A, 5.47%, 12/20/26	144,000		144,731
	SFS Auto Receivables Securitization Trust 2024-1
		Series 2024-A3-1A, 4.95%, 05/21/29	55,000		54,761
	Toyota Auto Receivables 2023-C Owner Trust
		Series 2023-A2A-C, 5.60%, 08/17/26	110,013		110,034
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	26,576		26,536

Abbreviations and additional footnotes are defined on page 11

4

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1		Value ($)
		Series 2012-A-2, 4.00%, 10/29/24	22,626		22,343
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (d)	34,874		29,355
	World Omni Auto Receivables Trust 2023-C
		Series 2023-A2A-C, 5.57%, 12/15/26	161,668		161,762
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,904,516)			3,741,954
INVESTMENT COMPANIES 2.8%
	iShares iBoxx $ High Yield Corporate Bond ETF (e)		975		75,787
	iShares iBoxx $ Investment Grade Corporate Bond ETF		5,475		596,337
	iShares MBS ETF		3,800		351,196
	Total Investment Companies (cost $1,025,515)			1,023,320
SENIOR FLOATING RATE INSTRUMENTS 1.7%
Communication Services 0.6%
	Cimpress Public Limited Company
		USD Term Loan B, 8.94%, (SOFR + 3.50%), 04/29/28 (d)	35,304		35,249
	Flutter Financing B.V.
		Term Loan B, 0.00%, (3 Month Term SOFR + 2.25%), 11/18/30 (d) (i)	88,870		88,822
		Term Loan B, 7.60%, (3 Month Term SOFR + 2.25%), 11/18/30 (d)	62,842		62,809
	UFC Holdings, LLC
		2021 Term Loan B, 8.34%, (3 Month Term SOFR + 2.75%), 04/29/26 (d)	50,935		50,999
				237,879
Consumer Discretionary 0.5%
	Adient US LLC
		2024 Term Loan B2, 8.08%, (SOFR + 2.75%), 01/31/31 (d)	50,283		50,396
	First Brands Group, LLC
		2022 Incremental Term Loan, 10.57%, (3 Month Term SOFR + 5.00%), 03/30/27 (d)	20,000		19,992
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 7.18%, (SOFR + 1.75%), 08/29/25 (d)	100,000		99,600
				169,988
Financials 0.2%
	Jane Street Group, LLC
		2024 Term Loan B, 7.94%, (SOFR + 2.50%), 01/26/28 (d)	89,000		89,022
Utilities 0.2%
	Vistra Zero Operating Company, LLC
		Term Loan, 0.00%, (SOFR + 2.75%), 03/20/31 (d) (i)	62,100		62,100
Industrials 0.1%
	Air Canada
		2024 Term Loan B, 7.83%, (SOFR + 2.50%), 03/14/31 (d)	55,400		55,435
Materials 0.1%
	INEOS Quattro Holdings UK Ltd
		2023 USD 1st Lien Term Loan B, 9.68%, (SOFR + 4.25%), 03/09/29 (d)	26,392		26,277
	Total Senior Floating Rate Instruments (cost $639,039)			640,701
SHORT TERM INVESTMENTS 3.2%
Securities Lending Collateral 2.0%
	State Street Navigator Securities Lending Government Money Market Portfolio - Institutional Class, 5.27% (j)		752,969		752,969
Investment Companies 1.2%
	State Street U.S. Government Money Market Fund, 5.19% (j)		443,242		443,242
	Total Short Term Investments (cost $1,196,211)			1,196,211
Total Investments 101.7% (cost $39,505,879)					37,899,433
Other Derivative Instruments (0.0)%					(17)
Other Assets and Liabilities, Net (1.7)%					(615,910)
Total Net Assets 100.0%					37,283,506

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

(b)Convertible security.

(c)Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2024, the value and the percentage of net assets of these securities was $5,142,744 and 13.8% of the Fund.

(d)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2024. 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.

(e)All or a portion of the security was on loan as of March 31, 2024.

(f)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, 2024.

(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, 2024.

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

(i)This senior floating rate interest will settle after March 31, 2024. If a reference rate and spread is presented, it will go into effect upon settlement.

(j)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2024.

PPM Core Plus Fixed Income Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Value/ Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 10 Year Note	12	June 2024		1,327,114	(938)			2,448
United States 2 Year Note	3	July 2024		613,583	(609)			(129)
United States 5 Year Note	26	July 2024		2,778,810	(3,047)			3,596
United States Ultra Long Bond	11	June 2024		1,401,109	5,156			17,891
					562			23,806
Short Contracts
United States 10 Year Ultra Bond	(21)	June 2024		(2,401,262)	(328)			(5,535)

Abbreviations and additional footnotes are defined on page 11

5

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 84.9%
Energy 15.6%
	Antero Midstream Partners LP
		7.88%, 05/15/26 (a)	24,000		24,476
		5.75%, 03/01/27 (a)	89,000		87,808
		5.38%, 06/15/29 (a)	112,000		107,731
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	316,000		316,784
		8.25%, 12/31/28 (a)	24,000		24,651
	Baytex Energy Corp.
		8.50%, 04/30/30 (a)	87,000		90,769
		7.38%, 03/15/32 (a)	71,000		71,754
	Bip-V Chinook
		5.50%, 06/15/31 (a)	335,000		316,458
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (a)	66,000		66,536
		6.63%, 07/15/26 (a)	36,000		35,925
	Buckeye Partners, L.P.
		5.85%, 11/15/43	74,000		63,746
		5.60%, 10/15/44	12,000		9,577
	Callon Petroleum Company
		6.38%, 07/01/26	97,000		98,031
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32	110,000		93,660
		5.95%, 06/30/33	42,000		42,908
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	232,000		231,760
		8.38%, 01/15/29 (a)	114,000		119,451
	Civitas Resources, Inc.
		8.63%, 11/01/30 (a)	15,000		16,103
		8.75%, 07/01/31 (a)	142,000		152,045
	CQP Holdco LP
		7.50%, 12/15/33 (b)	250,000		257,766
	Enerflex Ltd.
		9.00%, 10/15/27 (a)	316,000		324,594
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (b)	404,000		382,790
	Energy Transfer LP
		6.50%, (100, 08/15/26) (c)	19,000		18,649
		6.75%, (100, 05/15/25) (c)	167,000		164,296
		8.00%, 05/15/54	67,000		70,050
	EQM Midstream Partners, LP
		4.13%, 12/01/26	102,000		98,249
		7.50%, 06/01/27 (a)	53,000		54,337
		6.50%, 07/01/27 (a)	65,000		65,627
		4.50%, 01/15/29 (a)	67,000		62,851
		6.38%, 04/01/29 (a)	18,000		18,127
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 - 04/15/32 (a)	223,000		222,135
		5.75%, 02/01/29 (a)	38,000		37,063
		6.00%, 02/01/31 (a)	32,000		31,186
		8.38%, 11/01/33 (a)	66,000		71,435
	Husky Energy Inc.
		13.00%, 02/15/25 (a) (d)	250,000		250,132
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	200,000		182,625
	Kinetik Holdings LP
		5.88%, 06/15/30 (a)	151,000		147,671
	Nabors Industries, Inc.
		7.38%, 05/15/27 (a)	157,000		156,714
	NGL Energy Operating LLC
		8.13%, 02/15/29 (a)	73,000		74,772
		8.38%, 02/15/32 (a)	109,000		111,770
	NuStar Logistics, L.P.
		6.00%, 06/01/26	53,000		52,837
	Occidental Petroleum Corporation
		6.95%, 07/01/24	59,000		58,999
		8.88%, 07/15/30	50,000		58,325
	Oceaneering International, Inc.
		6.00%, 02/01/28	71,000		68,374
	Permian Resources Operating, LLC
		7.00%, 01/15/32 (a)	88,000		91,227
	Shelf Drilling Management Services DMCC
		9.63%, 04/15/29 (a)	95,000		91,699
	Southwestern Energy Company
		8.38%, 09/15/28	60,000		62,247
		5.38%, 02/01/29 - 03/15/30	145,000		140,005
	Transocean Aquila Ltd.
		8.00%, 09/30/28 (a)	26,000		26,680
	Transocean Inc
		8.00%, 02/01/27 (a)	100,000		99,296
		8.75%, 02/15/30 (a)	34,200		35,664
	Transocean Titan Financing Ltd.
		8.38%, 02/01/28 (a)	121,000		125,927
	Venture Global LNG, Inc.
		8.13%, 06/01/28 (a)	86,000		87,741
		9.50%, 02/01/29 (a)	179,000		192,967
		8.38%, 06/01/31 (a)	86,000		88,778
		9.88%, 02/01/32 (a)	95,000		102,416
				6,156,194
Financials 13.9%
	Acrisure, LLC
		8.25%, 02/01/29 (a)	250,000		251,319
		6.00%, 08/01/29 (a)	105,000		96,334
	Aretec Escrow Issuer 2 Inc
		10.00%, 08/15/30 (a)	94,000		102,864
	Aretec Escrow Issuer Inc
		7.50%, 04/01/29 (a)	100,000		95,169
	Benteler International Aktiengesellschaft
		10.50%, 05/15/28 (a)	158,000		171,166
	Citigroup Inc.
		5.00%, (100, 09/12/24) (c)	246,000		244,704
	Corebridge Financial, Inc.
		6.88%, 12/15/52	88,000		88,202
	Dana Financing Luxembourg S.a r.l.
		5.75%, 04/15/25 (a)	14,000		13,944
	Deutsche Bank Aktiengesellschaft
		4.88%, 12/01/32	134,000		125,603
	Encore Capital Group, Inc.
		9.25%, 04/01/29 (a) (e)	200,000		204,250
	Ford Motor Credit Company LLC
		6.95%, 06/10/26	153,000		156,261
		7.20%, 06/10/30	75,000		79,536
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (a)	95,000		94,731
		6.63%, 01/15/27 (a)	40,000		38,775
		9.25%, 02/01/29 (a)	94,000		96,180
		12.25%, 10/01/30 (a)	116,000		127,388
	Icahn Enterprises L.P.
		6.25%, 05/15/26	294,000		287,924
		5.25%, 05/15/27	198,000		183,449
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (d)	23,000		21,638
	Macquarie Airfinance Holdings Limited
		6.40%, 03/26/29 (a)	23,000		23,353
		8.13%, 03/30/29 (a)	214,000		226,255
		6.50%, 03/26/31 (a)	45,000		45,809
	Markel Group Inc.
		6.00%, (100, 06/01/25) (c)	99,000		98,084
	MoneyGram International, Inc.
		9.00%, 06/01/30 (a)	125,000		124,289
	Morgan Stanley
		5.25%, 04/21/34	113,000		112,248
	OneMain Finance Corporation
		6.88%, 03/15/25	28,000		28,295
		7.13%, 03/15/26	92,000		93,644
		3.50%, 01/15/27	202,000		187,542
		6.63%, 01/15/28	27,000		27,069
		3.88%, 09/15/28	69,000		61,676
		5.38%, 11/15/29	81,000		76,134
		7.88%, 03/15/30	51,000		52,714
	Osaic Holdings, Inc.
		10.75%, 08/01/27 (a) (f)	117,000		120,859
	PennyMac Financial Services, Inc.
		5.38%, 10/15/25 (a)	210,000		207,575
		7.88%, 12/15/29 (a)	181,000		186,022

Abbreviations and additional footnotes are defined on page 11

6

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1		Value ($)
		5.75%, 09/15/31 (a)	203,000		188,504
	PRA Group, Inc.
		8.38%, 02/01/28 (a)	199,000		197,773
	Stena International S.A.
		7.63%, 02/15/31 (a)	257,000		260,328
	The PNC Financial Services Group, Inc.
		6.25%, (100, 03/15/30) (c)	119,000		115,054
	Toronto-Dominion Bank, The
		8.13%, 10/31/82 (e)	80,000		83,534
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	89,100		89,258
	U S I, Inc.
		7.50%, 01/15/32 (a)	94,000		94,103
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (c)	132,000		121,171
	VistaJet Malta Finance P.L.C.
		7.88%, 05/01/27 (a) (f)	128,000		108,385
		6.38%, 02/01/30 (a) (f)	145,000		106,988
				5,516,103
Consumer Discretionary 12.0%
	Amer Sports Company
		6.75%, 02/16/31 (a)	230,000		229,881
	American Axle & Manufacturing, Inc.
		6.25%, 03/15/26	65,000		64,404
	BRE RC Pitney Road PA LP
		6.63%, 01/15/32 (a)	204,000		204,604
	Carnival Corporation
		4.00%, 08/01/28 (a)	817,000		761,035
	Clarios Global LP
		8.50%, 05/15/27 (a)	113,000		113,151
	Dana Incorporated
		5.38%, 11/15/27	27,000		26,437
		5.63%, 06/15/28 (f)	58,000		56,594
		4.25%, 09/01/30	125,000		110,446
		4.50%, 02/15/32	150,000		129,379
	EG Global Finance PLC
		12.00%, 11/30/28 (a)	200,000		212,714
	Ford Motor Company
		9.63%, 04/22/30	40,000		46,961
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (a) (d)	55,000		54,932
	International Game Technology PLC
		5.25%, 01/15/29 (a)	71,000		68,626
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (a)	126,000		122,142
	Jaguar Land Rover Automotive PLC
		7.75%, 10/15/25 (a)	91,000		91,848
		5.50%, 07/15/29 (a)	94,000		90,375
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (a)	331,000		309,855
	MCE Finance Limited
		5.38%, 12/04/29 (a)	207,000		188,844
	NCL Corporation Ltd.
		7.75%, 02/15/29 (a) (f)	51,000		53,031
	Odeon Finco PLC
		12.75%, 11/01/27 (a)	85,000		86,782
	PetSmart, LLC
		7.75%, 02/15/29 (a)	230,000		223,974
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	178,000		181,916
	QVC, Inc.
		4.45%, 02/15/25	132,000		127,859
		4.38%, 09/01/28	163,000		130,596
		5.45%, 08/15/34	88,000		58,451
	Resorts World Las Vegas LLC
		8.45%, 07/27/30 (a)	140,000		150,794
	Royal Caribbean Cruises Ltd.
		7.25%, 01/15/30 (a)	90,000		93,423
	Sands China Ltd
		2.85%, 03/08/29 (g) (h)	179,000		155,543
		3.25%, 08/08/31 (g) (h)	109,000		91,241
	Staples, Inc.
		7.50%, 04/15/26 (a)	156,000		152,240
	Tenneco Inc.
		8.00%, 11/17/28 (a)	141,000		128,638
	TKC Holdings, Inc.
		6.88%, 05/15/28 (a)	61,000		57,873
		10.50%, 05/15/29 (a)	93,000		89,142
	Wynn Macau, Limited
		5.13%, 12/15/29 (a)	110,000		100,189
				4,763,920
Communication Services 11.9%
	A + N Real Estate & Business Management Corporation
		5.63%, 08/15/29 (a)	167,000		151,803
	Altice Financing S.A.
		5.75%, 08/15/29 (a)	445,000		355,810
	Altice France
		10.50%, 05/15/27 (a)	60,000		22,156
		6.00%, 02/15/28 (a)	43,000		11,780
	Altice France Holding S.A.
		8.13%, 02/01/27 (a)	205,000		159,986
	AMC Networks, Inc.
		10.25%, 01/15/29 (a)	113,413		114,236
	Cable One, Inc.
		4.00%, 11/15/30 (a) (f)	250,000		195,060
	CCO Holdings, LLC
		5.13%, 05/01/27 (a)	67,000		63,820
		5.38%, 06/01/29 (a)	238,000		217,861
		4.75%, 03/01/30 - 02/01/32 (a)	201,000		167,128
		4.25%, 02/01/31 (a)	105,000		85,464
		4.50%, 05/01/32	179,000		143,789
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a)	27,000		23,631
		9.00%, 09/15/28 (a)	115,000		119,788
		7.50%, 06/01/29 (a) (f)	127,000		105,052
		7.88%, 04/01/30 (a)	123,000		122,259
	CMG Media Corporation
		8.88%, 12/15/27 (a)	94,000		61,775
	Connect Finco SARL
		6.75%, 10/01/26 (a)	114,000		111,898
	CSC Holdings, LLC
		5.38%, 02/01/28 (a)	100,000		86,013
		11.75%, 01/31/29 (a)	100,000		100,027
		5.75%, 01/15/30 (a)	167,000		88,352
		4.50%, 11/15/31 (a)	125,000		88,460
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	260,000		245,993
		8.88%, 02/01/30 (a)	94,000		93,769
	Frontier Communications Holdings, LLC
		8.75%, 05/15/30 (a)	163,000		166,932
		8.63%, 03/15/31 (a)	75,000		76,574
	Frontier Communications Parent, Inc.
		6.75%, 05/01/29 (a)	75,000		66,829
	Gray Television, Inc.
		4.75%, 10/15/30 (a)	69,000		45,303
		5.38%, 11/15/31 (a)	91,000		59,734
	iHeartCommunications, Inc.
		8.38%, 05/01/27	47,651		26,544
	Iliad Holding
		7.00%, 10/15/28 (a)	93,000		92,071
	Intelsat Jackson Holdings S.A.
		6.50%, 03/15/30 (a)	430,000		400,600
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	245,000		229,644
	Liberty Media Corporation
		8.25%, 02/01/30	153,000		93,756
	Sirius XM Radio Inc.
		4.13%, 07/01/30 (a)	183,000		159,987
		3.88%, 09/01/31 (a)	38,000		31,671
	Sprint Capital Corporation
		6.88%, 11/15/28	59,000		62,817
	Sprint LLC
		7.63%, 03/01/26	16,000		16,528
	Telecom Italia SPA
		5.30%, 05/30/24 (a)	53,000		52,788

Abbreviations and additional footnotes are defined on page 11

7

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1		Value ($)
	Telesat Canada
		5.63%, 12/06/26 (a)	187,000		111,565
		6.50%, 10/15/27 (a)	161,000		68,808
				4,698,061
Industrials 10.2%
	Air Canada
		3.88%, 08/15/26 (a)	122,000		116,574
	American Airlines, Inc.
		7.25%, 02/15/28 (a) (f)	107,000		108,602
		5.75%, 04/20/29 (a)	95,000		93,451
		8.50%, 05/15/29 (a)	39,000		41,186
	Ardagh Packaging Finance Public Limited Company
		4.13%, 08/15/26 (a)	76,000		68,942
	Bombardier Inc.
		7.13%, 06/15/26 (a)	136,000		138,009
		7.88%, 04/15/27 (a)	45,000		45,069
		8.75%, 11/15/30 (a)	87,000		92,981
		7.25%, 07/01/31 (a)	99,000		99,280
	Builders FirstSource, Inc.
		4.25%, 02/01/32 (a)	224,000		200,977
	Cimpress NV
		7.00%, 06/15/26	327,000		326,983
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	70,000		71,067
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	300,000		299,445
		9.75%, 08/01/27 (a)	34,000		35,230
	Howmet Aerospace Inc.
		6.88%, 05/01/25	2,000		2,023
	Husky Injection Molding Systems Ltd.
		9.00%, 02/15/29 (a)	184,000		190,301
	Imola Merger Corporation
		4.75%, 05/15/29 (a)	134,000		125,660
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	283,000		269,829
	LABL Escrow Issuer LLC
		6.75%, 07/15/26 (a)	93,000		91,808
	Rand Parent LLC
		8.50%, 02/15/30 (a) (f)	194,000		191,946
	Regal Rexnord Corporation
		6.05%, 04/15/28 (a) (h)	88,000		89,354
	Smyrna Ready Mix Concrete, LLC
		8.88%, 11/15/31 (a)	237,000		253,235
	Summit Materials, LLC
		5.25%, 01/15/29 (a)	41,000		39,901
	TransDigm Inc.
		6.75%, 08/15/28 (a)	89,000		90,305
		6.38%, 03/01/29 (a)	115,000		115,351
		6.63%, 03/01/32 (a)	115,000		116,183
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (a)	95,000		93,516
	Uber Technologies, Inc.
		7.50%, 09/15/27 (a)	112,000		114,722
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	146,000		144,254
	WESCO Distribution, Inc.
		6.38%, 03/15/29 (a)	68,000		68,715
		6.63%, 03/15/32 (a)	68,000		69,127
	XPO, Inc.
		6.25%, 06/01/28 (a)	90,000		90,763
		7.13%, 06/01/31 - 02/01/32 (a)	119,000		122,254
				4,017,043
Health Care 6.5%
	DaVita Inc.
		4.63%, 06/01/30 (a)	207,000		185,286
		3.75%, 02/15/31 (a)	315,000		263,551
	IQVIA Inc.
		5.00%, 05/15/27 (a)	105,000		102,507
	Lifepoint Health, Inc.
		4.38%, 02/15/27 (a)	78,000		74,284
		5.38%, 01/15/29 (a)	84,000		69,032
		9.88%, 08/15/30 (a)	250,000		261,492
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (a)	246,000		223,920
	Organon & Co.
		5.13%, 04/30/31 (a)	371,000		328,562
	Owens & Minor, Inc.
		6.63%, 04/01/30 (a)	189,000		187,541
	Perrigo Finance Unlimited Company
		4.38%, 03/15/26	27,000		26,283
		4.65%, 06/15/30 (g) (h)	97,000		89,181
	Pfizer Investment Enterprises Pte. Ltd
		4.75%, 05/19/33	90,000		88,786
	Tenet Healthcare Corporation
		4.63%, 06/15/28 (b)	34,000		32,392
		4.25%, 06/01/29	130,000		120,782
		4.38%, 01/15/30	50,000		46,234
		6.13%, 06/15/30	102,000		101,887
		6.75%, 05/15/31 (a)	88,000		89,665
	Teva Pharmaceutical Finance Netherlands III B.V.
		3.15%, 10/01/26	20,000		18,694
		7.88%, 09/15/29	50,000		53,574
		8.13%, 09/15/31	198,000		216,743
				2,580,396
Consumer Staples 5.6%
	Albion Financing 1 S.a r.l.
		6.13%, 10/15/26 (a)	31,000		30,732
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (a)	193,000		194,349
	Allied Universal Holdco LLC
		9.75%, 07/15/27 (a)	95,000		95,248
	Ashtead Capital, Inc.
		5.50%, 08/11/32 (a)	125,000		122,222
	Coty Inc.
		6.63%, 07/15/30 (a)	90,000		91,317
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	46,000		44,977
	Grifols Escrow Issuer S.A.
		4.75%, 10/15/28 (a) (f)	142,000		117,510
	Kraft Heinz Foods Company
		4.63%, 10/01/39	137,000		124,446
	Macquarie Airfinance Holdings Limited
		8.38%, 05/01/28 (a)	139,000		147,341
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	345,000		284,519
	Neptune BidCo US Inc.
		9.29%, 04/15/29 (a)	200,000		189,225
	Pilgrim's Pride Corporation
		4.25%, 04/15/31	351,000		316,449
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	4,000		3,994
		6.25%, 01/15/28 (a)	123,000		120,511
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)	266,000		255,362
	Verscend Escrow Corp
		9.75%, 08/15/26 (a)	92,000		92,317
				2,230,519
Information Technology 4.1%
	Ahead DB Holdings, LLC
		6.63%, 05/01/28 (a)	110,000		99,573
	AMS-Osram AG
		12.25%, 03/30/29 (a) (f)	289,000		290,349
	Cloud Software Group, Inc.
		6.50%, 03/31/29 (a)	100,000		94,959
	Entegris Escrow Corporation
		4.75%, 04/15/29 (a)	72,000		68,983
		5.95%, 06/15/30 (a)	178,000		175,953
	NCR Voyix Corporation
		5.13%, 04/15/29 (a)	103,000		95,491
	Open Text Corporation
		3.88%, 02/15/28 (a)	171,000		158,340
		3.88%, 12/01/29 (a)	129,000		115,051
		4.13%, 02/15/30 (a)	134,000		120,097
	ViaSat, Inc.
		5.63%, 09/15/25 (a)	209,000		203,677
		6.50%, 07/15/28 (a)	99,000		76,434

Abbreviations and additional footnotes are defined on page 11

8

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1		Value ($)
		7.50%, 05/30/31 (a) (f)	178,000		129,190
				1,628,097
Materials 3.1%
	Diamond Escrow Issuer, LLC
		9.75%, 11/15/28 (a)	113,000		120,475
	First Quantum Minerals Ltd
		6.88%, 10/15/27 (a)	320,000		306,903
	FMG Resources (August 2006) Pty Ltd
		6.13%, 04/15/32 (a)	126,000		124,567
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a)	170,000		153,279
	Mineral Resources Limited
		8.13%, 05/01/27 (a)	28,000		28,314
		9.25%, 10/01/28 (a)	207,000		217,904
		8.50%, 05/01/30 (a)	55,000		56,641
	NOVA Chemicals Corporation
		9.00%, 02/15/30 (a)	189,000		195,300
	Trinseo Materials Operating S.C.A.
		5.13%, 04/01/29 (a)	122,000		35,382
				1,238,765
Utilities 1.0%
	Calpine Corporation
		3.75%, 03/01/31 (a)	32,000		28,083
	DPL Inc.
		4.13%, 07/01/25	71,000		69,354
	Vistra Operations Company LLC
		5.50%, 09/01/26 (a)	91,000		89,621
		5.00%, 07/31/27 (a)	143,000		138,563
		4.38%, 05/01/29 (a)	26,000		24,095
		4.30%, 07/15/29 (a)	21,000		19,738
		7.75%, 10/15/31 (a)	26,000		27,213
				396,667
Real Estate 1.0%
	Greystar Real Estate Partners, LLC
		7.75%, 09/01/30 (a)	116,000		121,442
	RHP Hotel Properties, LP
		6.50%, 04/01/32 (a)	197,000		197,564
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	56,000		53,913
				372,919
	Total Corporate Bonds And Notes (cost $33,318,156)			33,598,684
SENIOR FLOATING RATE INSTRUMENTS 7.0%
Communication Services 2.2%
	888 Acquisitions Limited
		USD Term Loan B, 10.82%, (6 Month Term SOFR + 5.25%), 07/18/28 (i)	148,043		146,859
	Allen Media, LLC
		2021 Term Loan B, 11.00%, (3 Month Term SOFR + 5.50%), 02/10/27 (d) (i)	95,739		83,203
	Connect Finco SARL
		Term Loan, 0.00%, (SOFR + 4.50%), 09/11/29 (i) (j)	101,800		100,044
	DirecTV Financing, LLC
		2024 Term Loan, 0.00%, (SOFR + 5.25%), 08/02/29 (i) (j)	25,000		24,960
		2024 Term Loan, 10.83%, (SOFR + 5.25%), 08/02/29 (i)	70,000		69,889
	Fleet Midco I Limited
		2024 Term Loan B, 8.57%, (SOFR + 3.25%), 01/31/31 (i)	26,000		26,000
	Flutter Financing B.V.
		Term Loan B, 7.60%, (3 Month Term SOFR + 2.25%), 11/18/30 (i)	46,882		46,857
	Great Outdoors Group, LLC
		2021 Term Loan B1, 9.19%, (SOFR + 3.75%), 02/26/28 (i)	184,617		184,591
	Securus Technologies Holdings, Inc.
		2023 Term Loan, 10.50%, (3 Month Term SOFR + 4.90%), 11/01/24 (i)	157,699		116,618
	ViaSat, Inc.
		2023 Term Loan, 9.93%, (SOFR + 4.50%), 05/30/30 (i)	89,775		86,902
				885,923
Consumer Discretionary 1.7%
	Clarios Global LP
		2024 Term Loan B, 8.33%, (1 Month Term SOFR + 3.00%), 05/03/30 (i)	96,757		96,908
	First Brands Group, LLC
		2021 Term Loan, 10.57%, (3 Month Term SOFR + 5.00%), 03/22/27 (i)	24,936		24,948
		2022 Incremental Term Loan, 10.57%, (3 Month Term SOFR + 5.00%), 03/30/27 (i)	129,233		129,179
	Michaels Companies, Inc.
		2021 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 04/08/28 (i) (j)	145,000		129,775
		2021 Term Loan B, 9.86%, (3 Month Term SOFR + 4.25%), 04/08/28 (i)	70,904		63,459
	PetSmart, Inc.
		2021 Term Loan B, 9.18%, (SOFR + 3.75%), 12/31/24 (i)	94,757		94,422
	Tenneco, Inc.
		2022 Term Loan B, 10.30%, (SOFR + 5.00%), 11/17/28 (i)	139,606		131,136
		2022 Term Loan B, 10.45%, (SOFR + 5.00%), 11/17/28 (i)	394		370
				670,197
Industrials 1.7%
	Advisor Group, Inc.
		2023 Term Loan B, 9.83%, (SOFR + 4.50%), 08/17/28 (i)	140,000		140,463
	Husky Injection Molding Systems Ltd.
		Term Loan, 0.00%, (SOFR + 5.00%), 02/01/29 (i) (j)	93,000		93,193
	Mileage Plus Holdings LLC
		2020 Term Loan B, 10.73%, (3 Month Term SOFR + 5.25%), 06/21/27 (i)	31,980		32,892
	Osaic Holdings Inc
		Term Loan, 0.00%, (SOFR + 4.00%), 08/16/28 (i) (j)	35,000		35,116
	Pitney Bowes Inc.
		2021 Term Loan B, 9.44%, (SOFR + 4.00%), 03/12/28 (i)	89,437		89,139
	PUG LLC
		2024 Extended Term Loan B, 0.00%, (3 Month Term SOFR + 4.75%), 03/12/30 (i) (j)	93,500		93,461
	United Airlines, Inc.
		2024 Term Loan B, 8.08%, (SOFR + 2.75%), 02/15/31 (i)	48,000		47,992
	WestJet Loyalty LP
		Term Loan B, 9.06%, (3 Month Term SOFR + 3.75%), 02/01/31 (i)	126,000		125,895
				658,151
Information Technology 0.6%
	Ahead DB Holdings, LLC
		2024 Incremental Term Loan B, 9.57%, (SOFR + 4.25%), 01/24/31 (i)	94,000		94,250
	Cloud Software Group Inc
		Term Loan, 0.00%, (SOFR + 4.50%), 03/19/31 (i) (j)	76,900		76,372
	Cloud Software Group, Inc.
		2022 USD Term Loan B, 0.00%, (3 Month Term SOFR + 4.50%), 03/20/29 (i) (j)	20,000		19,894
	Roper Industrial Products Investment Company LLC
		2023 USD Term Loan, 9.35%, (3 Month Term SOFR + 4.00%), 11/22/29 (i)	49,626		49,895
				240,411
Materials 0.3%
	LSF11 A5 Holdco LLC
		2023 Incremental Term Loan B, 9.68%, (SOFR + 4.25%), 10/15/28 (i)	104,737		104,789
	Windsor Holdings III, LLC
		USD Term Loan B, 9.82%, (SOFR + 4.50%), 06/21/30 (i) (k)	31,847		31,807
				136,596
Financials 0.3%
	Cotiviti Inc
		Term Loan, 0.00%, (SOFR + 3.25%), 02/21/31 (i) (j)	132,000		131,670

Abbreviations and additional footnotes are defined on page 11

9

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

			Shares/Par1		Value ($)
Utilities 0.2%
	Vistra Zero Operating Company, LLC
		Term Loan, 0.00%, (SOFR + 2.75%), 03/20/31 (i) (j)	66,000		66,000
	Total Senior Floating Rate Instruments (cost $2,757,181)			2,788,948
INVESTMENT COMPANIES 4.0%
	iShares Broad USD High Yield Corporate Bond ETF		43,000		1,573,370
	Total Investment Companies (cost $1,564,340)			1,573,370
COMMON STOCKS 0.3%
Energy 0.2%
	MPLX LP		2,200		91,432
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (l)		8,143		13,436
	iHeartMedia, Inc. - Class A (l)		3,283		6,861
				20,297
	Total Common Stocks (cost $173,512)			111,729
SHORT TERM INVESTMENTS 8.0%
Investment Companies 4.4%
	State Street U.S. Government Money Market Fund, 5.19% (m)		1,770,378		1,770,378
Securities Lending Collateral 3.6%
	State Street Navigator Securities Lending Government Money Market Portfolio - Institutional Class, 5.27% (m)		1,419,563		1,419,563
	Total Short Term Investments (cost $3,189,941)			3,189,941
Total Investments 104.2% (cost $41,003,130)					41,262,672
Other Assets and Liabilities, Net (4.2)%					(1,676,561)
Total Net Assets 100.0%					39,586,111

(a)Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2024, the value and the percentage of net assets of these securities was $26,781,346 and 67.7% of the Fund.

(b)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.

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

(d)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.

(e)Convertible security.

(f)All or a portion of the security was on loan as of March 31, 2024.

(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, 2024.

(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, 2024.

(i)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2024. 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 March 31, 2024. 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 based on the applicable valuation inputs. See "Fair Value Measurement" 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 March 31, 2024.

PPM High Yield Core Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	CQP Holdco LP, 7.50%, 12/15/33	12/08/23	250,000	257,766	0.6
	Energean Israel Finance Ltd, 4.88%, 03/30/26	12/07/21	390,250	382,790	1.0
	Tenet Healthcare Corporation, 4.63%, 06/15/28	01/03/23	31,367	32,392	0.1
			671,617	672,948	1.7

Abbreviations and additional footnotes are defined on page 11

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PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

Currency Abbreviations:

USD - United States Dollar

Abbreviations:

ETF – Exchange-Traded Fund

MBS - Mortgage-Backed Security

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

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, 2024

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 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.

Each Fund’s net exposure to a borrower is determined by the amount of any excess or shortfall in cash collateral received compared to the value of securities on loan.

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 may 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.

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PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

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 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 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 this 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 national or foreign stock exchanges, futures listed on derivatives exchanges 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, 2024, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		18,183,589	—	18,183,589
Government And Agency Obligations	—		13,113,658	—	13,113,658
Non-U.S. Government Agency Asset-Backed Securities	—		3,741,954	—	3,741,954
Investment Companies	1,023,320		—	—	1,023,320
Senior Floating Rate Instruments	—		640,701	—	640,701
Short Term Investments	1,196,211		—	—	1,196,211
	2,219,531		35,679,902	—	37,899,433
Assets - Investments in Other Financial Instruments1
Futures Contracts	23,935		—	—	23,935
	23,935		—	—	23,935
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(5,664	)	—	—	(5,664	)
	(5,664	)	—	—	(5,664	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		33,598,684	—	33,598,684
Senior Floating Rate Instruments	—		2,757,141	31,807	2,788,948
Investment Companies	1,573,370		—	—	1,573,370
Common Stocks	111,729		—	—	111,729
Short Term Investments	3,189,941		—	—	3,189,941
	4,875,040		36,355,825	31,807	41,262,672

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, 2024.

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PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

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

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