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

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 43.4%
Financials 21.2%
	AerCap Ireland Capital Designated Activity Company
		2.45%, 10/29/26	115,000		110,479
	American Express Company
		6.21%, 07/26/28 (a)	64,000		64,266
	AON North America, Inc.
		5.45%, 03/01/34	90,000		94,321
		5.75%, 03/01/54	63,000		66,741
	Apollo Global Management, Inc.
		5.80%, 05/21/54	85,000		90,581
	Ares Capital Corporation
		7.00%, 01/15/27	80,000		83,232
	Banco Santander, S.A.
		9.63%, (100, 05/21/33) (b) (c)	100,000		117,875
		6.42%, (SOFR + 1.12%), 07/15/28 (a) (c)	200,000		200,193
	Bank of America Corporation
		4.27%, 07/23/29	233,000		232,498
		3.19%, 07/23/30	23,000		21,774
		2.59%, 04/29/31	55,000		49,907
		5.47%, 01/23/35	110,000		115,668
	Bank of New York Mellon Corporation, The
		5.50%, 03/13/26 (a)	250,000		249,464
		6.47%, 10/25/34	132,000		149,390
	Bank of Nova Scotia, The
		5.25%, 12/06/24 (c)	70,000		69,999
		6.42%, 08/01/29 (a)	111,000		111,041
	Barclays PLC
		9.63%, (100, 12/15/29) (b) (c)	125,000		140,781
		6.56%, (SOFR + 1.49%), 03/12/28 (a) (c)	90,000		90,752
	BlackRock Funding, Inc.
		5.25%, 03/14/54	52,000		53,906
		5.35%, 01/08/55	52,000		54,723
	Blackstone Private Credit Fund
		3.25%, 03/15/27	38,000		36,227
	Blue Owl Credit Income Corp.
		6.60%, 09/15/29 (d)	15,000		15,409
	Citigroup Inc.
		7.13%, (100, 08/15/29) (b)	180,000		187,642
		4.93%, 08/06/26	50,000		50,760
	Credit Suisse AG
		7.95%, 01/09/25	24,000		24,197
	Daimler Trucks Finance North America LLC
		5.20%, 01/17/25 (d)	100,000		100,061
		5.80%, (SOFR + 0.96%), 09/25/27 (a) (d)	150,000		150,148
	Deutsche Bank Aktiengesellschaft
		7.15%, 07/13/27	150,000		156,203
	F&G Global Funding
		2.00%, 09/20/28 (d)	60,000		53,324
	Ford Motor Credit Company LLC
		5.13%, 06/16/25 - 11/05/26	255,000		255,750
		4.13%, 08/17/27	13,000		12,682
		3.82%, 11/02/27	105,000		101,069
		7.35%, 11/04/27	103,000		109,475
		6.13%, 03/08/34	50,000		50,532
	Franklin BSP Capital Corporation
		7.20%, 06/15/29 (d)	35,000		35,874
	Freedom Mortgage Corporation
		9.25%, 02/01/29 (d)	17,000		17,685
		9.13%, 05/15/31 (d)	59,000		60,599
	General Motors Financial Company, Inc.
		6.60%, 05/08/27 (a)	110,000		110,149
	Global Atlantic Financial Company
		7.95%, 10/15/54 (d)	113,000		117,842
	Goldman Sachs Group, Inc., The
		6.13%, (100, 11/10/34) (b)	99,000		99,605
		7.50%, (100, 05/10/29) (b)	180,000		191,212
	Golub Capital Private Credit Fund
		5.80%, 09/12/29 (d)	90,000		89,678
	Hartford Financial Services Group, Inc. , The
		2.90%, 09/15/51	46,000		31,167
	Intesa Sanpaolo SPA
		7.80%, 11/28/53 (d)	55,000		65,969
		7.78%, 06/20/54 (d)	60,000		67,946
	John Deere Capital Corporation
		5.74%, (SOFR + 0.60%), 06/11/27 (a)	90,000		90,037
		5.05%, 06/12/34	54,000		56,333
	JPMorgan Chase & Co.
		2.01%, 03/13/26	72,000		71,024
		6.07%, 10/22/27	110,000		114,082
		6.21%, (SOFR + 0.92%), 04/22/28 (a)	61,000		61,108
		2.07%, 06/01/29	84,000		77,720
		4.20%, 07/23/29	92,000		91,665
		2.74%, 10/15/30	85,000		78,807
		5.34%, 01/23/35	122,000		127,509
		5.77%, 04/22/35	72,000		77,554
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (b) (c)	79,000		79,296
	Macquarie Airfinance Holdings Limited
		6.40%, 03/26/29 (d)	16,000		16,651
		6.50%, 03/26/31 (d)	42,000		44,261
	Markel Group Inc.
		6.00%, (100, 06/01/25) (b)	85,000		84,884
	MassMutual Global Funding II
		6.05%, (SOFR + 0.74%), 04/09/27 (a) (d)	200,000		200,050
	Morgan Stanley
		0.99%, 12/10/26	75,000		71,925
		6.33%, (SOFR + 1.02%), 04/13/28 (a)	180,000		180,658
		3.62%, 04/01/31	22,000		21,119
		6.63%, 11/01/34	85,000		96,267
		5.83%, 04/19/35	58,000		62,316
	Morgan Stanley Bank, National Association
		6.09%, (SOFR + 0.86%), 05/26/28 (a) (e)	250,000		250,359
	National Securities Clearing Corporation
		5.10%, 11/21/27 (d)	105,000		107,969
	NatWest Markets PLC
		6.37%, (SOFR + 1.14%), 05/17/29 (a) (d)	200,000		200,747
	New York Life Global Funding
		4.85%, 01/09/28 (d)	155,000		158,616
		1.20%, 08/07/30 (d)	94,000		79,630
		5.00%, 01/09/34 (d)	108,000		111,373
	Northwestern Mutual Global Funding
		4.90%, 06/12/28 (d)	85,000		86,761
	RGA Global Funding
		5.45%, 05/24/29 (d)	113,000		117,664
	Royal Bank of Canada
		4.97%, 08/02/30 (c)	138,000		141,365
	Standard Chartered PLC
		6.41%, (SOFR + 1.17%), 05/14/28 (a) (d)	100,000		100,188
	State Street Corporation
		6.70%, (100, 03/15/29) (b)	96,000		99,084
		6.12%, 11/21/34	50,000		54,562
	The PNC Financial Services Group, Inc.
		6.62%, 10/20/27	110,000		114,925
	Transocean Poseidon Limited
		6.88%, 02/01/27 (d)	23,400		23,394
	UBS AG
		5.80%, 09/11/25	90,000		91,341
	Wells Fargo & Company
		6.36%, (SOFR + 1.07%), 04/22/28 (a)	180,000		180,826
		5.39%, 04/24/34	66,000		68,534
				8,049,400
Utilities 4.2%
	Comision Federal De Electricidad, E.P.E.
		6.45%, 01/24/35 (d)	110,000		109,698
	Duke Energy Corporation
		5.80%, 06/15/54	82,000		86,501
	Edison International
		5.25%, 11/15/28	152,000		156,084
	Pacific Gas And Electric Company
		3.30%, 12/01/27	36,000		34,746
		3.25%, 06/01/31	38,000		34,610
		5.90%, 06/15/32 - 10/01/54	124,000		130,862
		4.50%, 07/01/40	131,000		117,827
		6.75%, 01/15/53	48,000		54,715

Abbreviations and additional footnotes are defined on page 12

1

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
	PG&E Corporation
		7.38%, 03/15/55	54,000		56,711
	PPL Electric Utilities Corporation
		5.00%, 05/15/33	157,000		161,986
		4.85%, 02/15/34	43,000		43,973
	Public Service Electric And Gas Company
		3.10%, 03/15/32	26,000		23,893
		4.90%, 12/15/32	86,000		89,023
	San Diego Gas & Electric Company
		1.70%, 10/01/30	32,000		27,678
		5.35%, 04/01/53	82,000		84,217
	Southern California Edison Company
		5.20%, 06/01/34	96,000		99,520
	The AES Corporation
		3.30%, 07/15/25 (d)	93,000		91,480
	Vistra Operations Company LLC
		3.70%, 01/30/27 (d)	80,000		78,322
		6.88%, 04/15/32 (d)	63,000		66,321
		6.95%, 10/15/33 (d)	52,000		58,665
				1,606,832
Health Care 3.4%
	AbbVie Inc.
		5.40%, 03/15/54	50,000		53,066
	Amgen Inc.
		5.15%, 11/15/41	25,000		25,055
		5.65%, 03/02/53	67,000		70,569
	Centene Corporation
		3.00%, 10/15/30	78,000		69,800
	CVS Health Corporation
		5.88%, 06/01/53	56,000		57,039
	Eli Lilly and Company
		4.60%, 08/14/34	83,000		84,194
	Humana Inc.
		5.38%, 04/15/31	83,000		86,308
	Quest Diagnostics Incorporated
		5.00%, 12/15/34	60,000		60,777
	Roche Holdings, Inc.
		4.99%, 03/08/34 (d)	200,000		208,393
	Smith & Nephew PLC
		5.40%, 03/20/34	116,000		120,587
	Takeda Pharmaceutical Co Ltd
		5.30%, 07/05/34	140,000		146,252
	UnitedHealth Group Incorporated
		5.88%, 02/15/53	72,000		79,542
		5.63%, 07/15/54	86,000		92,298
	Universal Health Services, Inc.
		4.63%, 10/15/29	85,000		84,433
		5.05%, 10/15/34	40,000		39,197
				1,277,510
Energy 3.3%
	Blue Racer Midstream, LLC
		7.00%, 07/15/29 (d)	19,000		19,762
		7.25%, 07/15/32 (d)	12,000		12,605
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29	85,000		83,514
		3.25%, 01/31/32	10,000		8,946
	Energy Transfer LP
		6.50%, (100, 08/15/26) (b)	10,000		10,005
		6.75%, (100, 05/15/25) (b)	72,000		71,740
		7.13%, (100, 05/15/30) (b)	64,000		65,462
		8.00%, 05/15/54	64,000		68,600
	Enlink Midstream, LLC
		6.50%, 09/01/30 (d)	38,000		40,953
		5.65%, 09/01/34	42,000		43,215
	EQM Midstream Partners, LP
		6.38%, 04/01/29 (d)	18,000		18,536
	Hilcorp Energy I, L.P.
		8.38%, 11/01/33 (d)	40,000		43,111
		6.88%, 05/15/34 (d)	37,000		36,907
	NGL Energy Operating LLC
		8.13%, 02/15/29 (d)	30,000		30,761
		8.38%, 02/15/32 (d)	30,000		30,919
	Petroleos Mexicanos
		10.00%, 02/07/33 (f)	32,000		33,808
	Pioneer Natural Resources Company
		1.90%, 08/15/30	40,000		35,049
	Sunoco LP
		7.25%, 05/01/32 (d)	42,000		44,487
	Targa Resources Partners LP
		5.50%, 03/01/30	40,000		40,700
		4.88%, 02/01/31	36,000		35,523
	TotalEnergies SE
		5.49%, 04/05/54	49,000		50,548
	Venture Global LNG, Inc.
		9.00%, (100, 09/30/29) (b) (d)	162,000		164,210
		9.50%, 02/01/29 (d)	118,000		132,666
	Western Midstream Operating, LP
		5.45%, 11/15/34	119,000		119,394
				1,241,421
Consumer Discretionary 2.7%
	Amazon.com, Inc.
		3.10%, 05/12/51	35,000		26,073
	Carnival Corporation
		4.00%, 08/01/28 (d)	31,000		29,921
	Home Depot, Inc. , The
		4.75%, 06/25/29	63,000		64,834
		4.95%, 06/25/34	98,000		101,908
	Hyundai Capital America
		5.80%, 06/26/25 (d)	85,000		85,637
		5.88%, (SOFR + 1.04%), 06/24/27 (a) (d)	104,000		104,122
		6.10%, 09/21/28 (d)	110,000		116,108
	Las Vegas Sands Corp.
		5.90%, 06/01/27	46,000		47,248
		6.20%, 08/15/34	27,000		28,291
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	26,000		17,690
	Macy's Retail Holdings
		5.88%, 03/15/30 (d)	24,000		23,520
		6.13%, 03/15/32 (d) (f)	12,000		11,636
	MCE Finance Limited
		5.38%, 12/04/29 (d)	40,000		37,531
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (d)	13,764		13,936
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (d) (f)	100,000		86,885
	Royal Caribbean Cruises Ltd.
		5.63%, 09/30/31 (d)	37,000		37,478
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (d)	4,166		4,148
	Tapestry, Inc.
		7.85%, 11/27/33 (g)	30,000		32,552
	Warnermedia Holdings, Inc.
		5.05%, 03/15/42	70,000		57,137
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (d)	96,000		95,209
				1,021,864
Materials 2.4%
	Anglo American Capital PLC
		5.75%, 04/05/34 (d)	200,000		208,877
		6.00%, 04/05/54 (d)	8,000		8,395
	Celanese US Holdings LLC
		6.35%, 11/15/28 (g)	45,000		47,536
		6.55%, 11/15/30 (g)	116,000		125,099
		6.38%, 07/15/32 (g)	56,000		59,900
	First Quantum Minerals Ltd
		6.88%, 10/15/27 (d)	40,000		39,491
	Glencore Funding LLC
		5.63%, 04/04/34 (d)	120,000		125,405
	Mineral Resources Limited
		9.25%, 10/01/28 (d)	42,000		44,606
	Newmont Corporation
		5.35%, 03/15/34	67,000		70,196
	Sonoco Products Company
		4.45%, 09/01/26	28,000		28,009
		4.60%, 09/01/29	28,000		27,925
		5.00%, 09/01/34	40,000		39,606

Abbreviations and additional footnotes are defined on page 12

2

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
	Yara International ASA
		7.38%, 11/14/32 (d)	57,000		64,653
				889,698
Industrials 2.3%
	Aircastle Limited
		5.25%, 08/11/25 (d)	78,000		78,048
	Boeing Company, The
		7.01%, 05/01/64 (d) (g)	51,000		56,124
	Builders FirstSource, Inc.
		6.38%, 03/01/34 (d)	46,000		47,778
	Burlington Northern Santa Fe, LLC
		5.50%, 03/15/55	70,000		75,585
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (d)	94,000		95,021
	GXO Logistics Inc.
		6.50%, 05/06/34	105,000		110,783
	Honeywell International Inc.
		4.70%, 02/01/30	134,000		137,699
	Regal Rexnord Corporation
		6.05%, 02/15/26 (g)	53,000		53,825
		6.40%, 04/15/33 (g)	54,000		57,740
	RTX Corporation
		6.10%, 03/15/34	41,000		45,299
	Smyrna Ready Mix Concrete, LLC
		8.88%, 11/15/31 (d)	61,000		65,814
	XPO, Inc.
		6.25%, 06/01/28 (d)	54,000		55,253
				878,969
Information Technology 1.3%
	Broadcom Inc.
		4.35%, 02/15/30	39,000		38,929
		4.55%, 02/15/32	71,000		70,907
		4.80%, 10/15/34	46,000		45,960
	Cisco Systems, Inc.
		4.95%, 02/26/31	38,000		39,716
		5.05%, 02/26/34	91,000		95,663
		5.30%, 02/26/54	34,000		36,081
	Foundry JV Holdco LLC
		5.88%, 01/25/34 (d)	40,000		40,757
	Hewlett Packard Enterprise Company
		5.00%, 10/15/34	130,000		128,605
				496,618
Communication Services 1.3%
	Charter Communications Operating, LLC
		6.10%, 06/01/29	40,000		41,395
	Comcast Corporation
		5.30%, 06/01/34 (f)	86,000		90,592
		3.75%, 04/01/40	25,000		21,654
		5.35%, 05/15/53	25,000		25,565
	Cox Communications, Inc.
		5.45%, 09/01/34 (d)	70,000		70,867
		5.95%, 09/01/54 (d)	66,000		65,905
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (d)	27,000		26,475
	Meta Platforms, Inc.
		5.40%, 08/15/54	86,000		90,285
		5.55%, 08/15/64	47,000		49,795
				482,533
Consumer Staples 1.0%
	Ashtead Capital, Inc.
		5.80%, 04/15/34 (d)	100,000		104,464
	JBS USA Lux S.A.
		7.25%, 11/15/53 (d)	189,000		219,953
	Marb Bondco PLC
		3.95%, 01/29/31 (d) (f)	70,000		62,054
				386,471
Real Estate 0.3%
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		15,424
	VICI Properties Inc.
		3.75%, 02/15/27 (d)	43,000		41,921
		4.13%, 08/15/30 (d)	64,000		60,839
				118,184
	Total Corporate Bonds And Notes (cost $16,062,743)			16,449,500
GOVERNMENT AND AGENCY OBLIGATIONS 39.6%
Mortgage-Backed Securities 21.5%
	Federal Home Loan Mortgage Corporation
		2.00%, 04/01/36 - 03/01/52	755,408		633,828
		4.00%, 10/01/37 - 01/01/53	332,692		323,384
		4.50%, 07/01/38 - 08/01/52	488,764		482,141
		3.00%, 11/01/46 - 01/01/52	101,670		91,790
		3.50%, 10/01/47 - 04/01/50	147,964		139,564
		2.50%, 05/01/50 - 11/01/51	364,108		317,763
		5.00%, 09/01/52 - 01/01/53	122,149		122,250
		5.50%, 04/01/53 - 05/01/53	103,821		105,357
		6.00%, 11/01/53	161,502		165,104
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 06/01/52	790,270		720,980
		2.50%, 10/01/35 - 01/01/52	635,076		567,629
		4.00%, 10/01/37 - 05/01/52	399,302		389,357
		4.50%, 05/01/38 - 08/01/53	322,015		320,211
		TBA, 4.00%, 10/15/39 (h)	25,000		24,825
		3.50%, 10/01/46 - 04/01/48	170,415		161,008
		2.00%, 11/01/50 - 03/01/52	1,230,633		1,026,120
		5.00%, 08/01/52 - 06/01/53	342,605		342,763
		5.50%, 02/01/53 - 09/01/53	437,579		443,511
		TBA, 3.50%, 10/15/54 (h)	50,000		46,576
	Government National Mortgage Association
		3.00%, 10/20/46 - 04/20/51	327,651		300,094
		4.00%, 07/20/47 - 10/20/52	301,607		292,813
		4.50%, 12/20/48 - 06/20/53	257,790		255,057
		3.50%, 01/20/49 - 07/20/51	144,666		136,897
		2.50%, 03/20/51	290,905		256,468
		2.00%, 03/20/52	151,927		128,729
		5.00%, 10/20/52 - 07/20/53	212,948		213,556
		5.50%, 08/20/54	144,724		146,173
				8,153,948
U.S. Treasury Note 11.9%
	Treasury, United States Department of
		4.38%, 07/15/27 - 05/15/34	730,000		753,734
		4.63%, 09/30/28 - 04/30/29	507,000		528,724
		3.75%, 12/31/28	118,000		118,811
		1.50%, 02/15/30	156,000		140,034
		4.88%, 10/31/30	98,000		104,584
		4.13%, 07/31/31	654,000		672,292
		1.38%, 11/15/31	392,000		335,650
		2.88%, 05/15/32	986,600		932,954
		2.75%, 08/15/32	46,000		42,988
		3.50%, 02/15/33	313,000		307,571
		3.88%, 08/15/33	466,000		469,859
		4.50%, 11/15/33	80,000		84,488
				4,491,689
U.S. Treasury Bond 5.5%
	Treasury, United States Department of
		3.75%, 08/15/41	334,000		321,893
		2.00%, 11/15/41	28,000		20,584
		3.13%, 11/15/41	219,000		193,404
		4.63%, 05/15/44	340,000		360,400
		4.13%, 08/15/44 (f)	470,000		466,328
		2.50%, 02/15/45 - 02/15/46	525,000		398,679
		3.00%, 02/15/48	306,000		248,816
		1.63%, 11/15/50	56,000		32,918
		2.88%, 05/15/52	70,000		54,819
				2,097,841
U.S. Government Agency Obligations 0.5%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (f) (i)	229,000		194,874
Municipal 0.1%
	Dallas-Fort Worth International Airport Facility Improvement Corporation
		2.84%, 11/01/46	55,000		41,540

Abbreviations and additional footnotes are defined on page 12

3

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
Sovereign 0.1%
	Ministerul Finantelor Publice
		5.88%, 01/30/29 (d)	36,000		36,898
	Total Government And Agency Obligations (cost $15,890,072)			15,016,790
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.0%
	Alaska Air Pass Through Trust 2020-1A
		Series 2020-A-1, 4.80%, 08/15/27	43,933		43,823
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	91,280		86,606
	Americredit Automobile Receivables Trust 2023-2
		Series 2023-A2A-2, 6.19%, 04/19/27	60,912		61,294
	BX Trust 2022-PSB
		Series 2022-A-PSB, REMIC, 7.55%, (1 Month Term SOFR + 2.45%), 08/15/39 (a)	25,536		25,600
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	28,878		28,543
	Chase Issuance Trust
		Series 2022-A-A1, 3.97%, 09/15/25	160,000		159,499
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (a)	135,332		113,821
	Citibank Credit Card Issuance Trust
		Series 2023-A1-A1, 5.23%, 12/08/25	100,000		101,141
	Dell Equipment Finance Trust 2023-1
		Series 2023-A2-1, 5.65%, 09/22/28	22,391		22,398
	Dell Equipment Finance Trust 2023-2
		Series 2023-A3-2, 5.65%, 02/23/26	200,000		201,739
	Dell Equipment Finance Trust 2023-3
		Series 2023-A2-3, 6.10%, 06/23/25	60,477		60,675
	Dell Equipment Finance Trust 2024-1
		Series 2024-A3-1, 5.39%, 12/22/26	192,000		195,250
	Discover Card Execution Note Trust
		Series 2022-A-A4, 5.03%, 10/15/25	280,000		281,927
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	33,945		33,594
	DLLAD 2024-1 LLC
		Series 2024-A2-1A, 5.50%, 06/20/26	108,000		108,982
	DLLST 2024-1 LLC
		Series 2024-A3-1A, 5.05%, 10/21/26	69,000		69,492
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	335		335
	GM Financial Automobile Leasing Trust 2023-2
		Series 2023-A3-2, 5.05%, 07/20/26	205,000		205,626
	GM Financial Automobile Leasing Trust 2023-3
		Series 2023-A3-3, 5.38%, 11/20/26	91,000		91,691
	GM Financial Automobile Leasing Trust 2024-3
		Series 2024-A3-3, 4.21%, 12/20/26	147,000		146,922
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		81,759
	GM Financial Consumer Automobile Receivables Trust 2022-2
		Series 2022-B-2, 3.77%, 04/17/28	107,000		105,819
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		152,551
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	25,749		25,066
	Hilton Grand Vacations Trust 2020-A
		Series 2020-A-AA, 2.74%, 02/25/39	31,053		30,141
	HPEFS Equipment Trust 2023-1
		Series 2023-A2-1A, 5.43%, 02/20/25	59,509		59,565
	HPEFS Equipment Trust 2023-2
		Series 2023-A2-2A, 6.04%, 07/21/25	80,329		80,721
	Hudson Yards 2019-30HY Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		138,778
	Hyundai Auto Lease Securitization Trust 2024-C
		Series 2024-A3-C, 4.62%, 02/16/27	315,000		318,576
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		51,146
	J.P. Morgan Mortgage Trust 2022-4
		Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (a)	158,046		138,284
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	638		637
	LEX 2024-BBG Mortgage Trust
		Series 2024-A-BBG, REMIC, 4.87%, 10/13/33	100,000		99,843
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	101,074		93,664
	MVW 2024-2 LLC
		Series 2024-A-2A, 4.43%, 03/20/42	173,000		172,846
	NRTH 2024-PARK Mortgage Trust
		Series 2024-A-PARK, REMIC, 6.74%, 03/15/29 (a)	111,000		110,896
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 5.69%, (1 Month Term SOFR + 0.60%), 10/15/36 (a)	98,924		97,936
	SBNA Auto Lease Trust 2024-C
		Series 2024-A3-C, 4.56%, 02/22/28	150,000		150,211
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (a)	73,519		62,137
	SFS Auto Receivables Securitization Trust 2023- 1
		Series 2023-A2A-1A, 5.89%, 06/20/25	60,823		61,039
		Series 2023-A3-1A, 5.47%, 12/20/26	144,000		146,068
	SFS Auto Receivables Securitization Trust 2024-1
		Series 2024-A3-1A, 4.95%, 05/21/29	55,000		55,629
	SFS Auto Receivables Securitization Trust 2024-2
		Series 2024-A2-2A, 5.71%, 10/20/27	84,541		85,015
	Toyota Auto Receivables 2023-C Owner Trust
		Series 2023-A2A-C, 5.60%, 08/17/26	61,356		61,485
	United Airlines, Inc.
		Series 2012-A-2, 4.00%, 10/29/24	21,504		21,450
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (a)	33,111		29,118
	World Omni Auto Receivables Trust 2023-C
		Series 2023-A2A-C, 5.57%, 12/15/26	85,725		85,860
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,647,979)			4,555,198
SENIOR FLOATING RATE INSTRUMENTS 2.8%
Communication Services 1.0%
	Charter Communications Operating, LLC
		2023 Term Loan B4, 7.33%, (SOFR + 2.00%), 12/02/30 (a)	71,639		70,992
	Cimpress Public Limited Company
		2024 Term Loan B, 8.25%, (1 Month Term SOFR + 3.00%), 05/17/28 (a)	61,992		61,915
	Flutter Financing B.V.
		Term Loan B, 7.33%, (3 Month Term SOFR + 2.25%), 11/18/30 (a)	150,731		150,677
	Six Flags Entertainment Corporation
		2024 Term Loan B, 7.20%, (SOFR + 2.00%), 04/18/31 (a)	56,429		56,273
	UFC Holdings, LLC
		2021 Term Loan B, 8.29%, (3 Month SOFR + 2.75%), 04/29/26 (a)	50,645		50,663
				390,520
Financials 0.4%
	Delos Aircraft Designated Activity Co
		Term Loan, 7.08%, (3 Month Term SOFR + 1.75%), 10/14/27 (a)	49,137		49,356
	Jane Street Group, LLC
		2024 Term Loan B, 7.58%, (SOFR + 2.50%), 01/26/28 (a)	6,890		6,882
		2024 Term Loan B, 7.86%, (SOFR + 2.50%), 01/26/28 (a)	81,651		81,558
				137,796
Industrials 0.4%
	Air Canada
		2024 Term Loan B, 7.25%, (3 Month Term SOFR + 2.50%), 03/14/31 (a)	55,123		55,192
	Genesee & Wyoming Inc. (New)
		2024 Term Loan B, 7.33%, (3 Month Term SOFR + 2.00%), 03/27/31 (a)	81,593		81,389
				136,581
Consumer Discretionary 0.3%
	1011778 B.C. Unlimited Liability Company
		2024 Term Loan B6, 7.00%, (SOFR + 1.75%), 09/23/30 (a)	4,806		4,753

Abbreviations and additional footnotes are defined on page 12

4

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
	Adient US LLC
		2024 Term Loan B2, 8.03%, (1 Month Term SOFR + 2.75%), 01/31/31 (a)	50,031		50,045
	First Brands Group, LLC
		2021 Term Loan, 10.25%, (3 Month Term SOFR + 5.00%), 03/22/27 (a)	11,075		10,944
		2022 Incremental Term Loan, 10.51%, (3 Month Term SOFR + 5.00%), 03/30/27 (a)	58,541		57,839
				123,581
Materials 0.3%
	Ineos Quattro Holdings UK Ltd
		2023 USD 1st Lien Term Loan B, 9.60%, (SOFR + 4.25%), 03/09/29 (a)	26,261		26,244
	Staples, Inc.
		2024 Term Loan B, 10.69%, (SOFR + 5.75%), 08/22/29 (a)	78,010		70,780
				97,024
Utilities 0.2%
	Vistra Zero Operating Company, LLC
		Term Loan B, 8.00%, (1 Month Term SOFR + 2.75%), 03/20/31 (a)	86,665		86,860
Information Technology 0.1%
	SS&C Technologies Inc.
		2024 Term Loan B8, 7.25%, (SOFR + 2.00%), 05/09/31 (a)	47,731		47,723
Health Care 0.1%
	Concentra Health Services Inc
		Term Loan B, 7.53%, (SOFR + 2.25%), 06/26/31 (a)	23,000		22,943
	Total Senior Floating Rate Instruments (cost $1,045,948)			1,043,028
SHORT TERM INVESTMENTS 4.9%
Securities Lending Collateral 2.5%
	State Street Navigator Securities Lending Government Money Market Portfolio, 5.02% (j)		941,298		941,298
Investment Companies 2.4%
	State Street U.S. Government Money Market Fund, 4.87% (j)		921,855		921,855
	Total Short Term Investments (cost $1,863,152)			1,863,153
Total Investments 102.7% (cost $39,509,894)					38,927,669
Other Derivative Instruments (0.1)%					(20,941)
Other Assets and Liabilities, Net (2.6)%					(989,956)
Total Net Assets 100.0%					37,916,772

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

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

(c)Convertible security.

(d)Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2024, the value and the percentage of net assets of these securities was $5,475,364 and 14.4% of the Fund.

(e)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.

(f)All or a portion of the security was on loan as of September 30, 2024.

(g)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2024.

(h)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2024, the total payable for investments purchased on a delayed delivery basis was $71,957.

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

(j)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2024.

PPM Core Plus Fixed Income Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Morgan Stanley Bank, National Association, 6.09%, 05/26/28	05/28/24	250,000	250,359	0.7

Abbreviations and additional footnotes are defined on page 12

5

PPMFunds

Schedules of Investments (Unaudited)

September 30, 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	1	December 2024		114,564	(2,414)			(283)
United States 2 Year Note	12	January 2025		2,492,674	(4,500)			6,232
United States 5 Year Note	28	January 2025		3,072,244	(11,537)			4,475
United States Long Bond	12	December 2024		1,486,706	(8,250)			3,544
United States Ultra Bond	9	December 2024		1,197,374	(5,847)			470
					(32,548)			14,438
Short Contracts
United States 10 Year Ultra Bond	(21)	December 2024		(2,484,829)	11,607			595

Abbreviations and additional footnotes are defined on page 12

6

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 87.4%
Energy 14.5%
	Aethon United BR LP
		7.50%, 10/01/29 (a)	132,000		133,807
	Antero Midstream Partners LP
		5.75%, 03/01/27 (a)	89,000		89,147
		5.38%, 06/15/29 (a)	112,000		110,963
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	316,000		316,131
		8.25%, 12/31/28 (a)	24,000		24,577
	Baytex Energy Corp.
		8.50%, 04/30/30 (a)	87,000		90,204
	Bip-V Chinook
		5.50%, 06/15/31 (a)	364,000		356,808
	Blue Racer Midstream, LLC
		6.63%, 07/15/26 (a)	36,000		35,980
		7.00%, 07/15/29 (a)	47,000		48,885
		7.25%, 07/15/32 (a)	58,000		60,923
	Buckeye Partners, L.P.
		5.85%, 11/15/43	74,000		66,263
		5.60%, 10/15/44	164,000		140,488
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32	110,000		98,406
		5.95%, 06/30/33	42,000		44,462
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	232,000		232,003
		8.38%, 01/15/29 (a)	141,000		146,694
	CQP Holdco LP
		7.50%, 12/15/33 (a)	160,000		173,597
	DT Midstream, Inc.
		4.30%, 04/15/32 (a)	30,000		28,049
	Enerflex Ltd.
		9.00%, 10/15/27 (a)	186,000		192,867
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (b)	424,000		404,920
	Energy Transfer LP
		6.50%, (100, 08/15/26) (c)	39,000		39,021
		6.75%, (100, 05/15/25) (c)	202,000		201,272
		8.00%, 05/15/54	67,000		71,816
	EQM Midstream Partners, LP
		4.13%, 12/01/26	102,000		100,599
		7.50%, 06/01/27 (a)	53,000		54,567
		6.50%, 07/01/27 (a)	65,000		66,782
		4.50%, 01/15/29 (a)	67,000		65,442
		6.38%, 04/01/29 (a)	18,000		18,536
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 (a)	168,000		167,828
		5.75%, 02/01/29 (a)	38,000		36,997
		6.00%, 02/01/31 (a)	32,000		31,080
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	100,000		94,863
	Kinetik Holdings LP
		5.88%, 06/15/30 (a)	151,000		152,049
	Nabors Industries, Inc.
		7.38%, 05/15/27 (a)	157,000		157,375
	NGL Energy Operating LLC
		8.13%, 02/15/29 (a)	101,000		103,562
		8.38%, 02/15/32 (a)	205,000		211,276
	Permian Resources Operating, LLC
		7.00%, 01/15/32 (a)	88,000		91,499
		6.25%, 02/01/33 (a)	76,000		77,216
	SM Energy Company
		6.75%, 08/01/29 (a)	74,000		74,292
		7.00%, 08/01/32 (a)	60,000		60,259
	Southwestern Energy Company
		8.38%, 09/15/28	60,000		61,736
		5.38%, 02/01/29 - 03/15/30	145,000		144,496
	Sunoco LP
		4.50%, 05/15/29	58,000		55,711
		7.25%, 05/01/32 (a)	56,000		59,316
	Transocean Aquila Ltd.
		8.00%, 09/30/28 (a)	26,000		26,584
	Transocean Inc
		8.00%, 02/01/27 (a)	186,000		185,918
		8.75%, 02/15/30 (a)	32,300		33,683
	Transocean Titan Financing Ltd.
		8.38%, 02/01/28 (a)	36,000		37,088
	Venture Global Calcasieu Pass, LLC
		4.13%, 08/15/31 (a)	31,000		28,829
	Venture Global LNG, Inc.
		9.00%, (100, 09/30/29) (a) (c)	129,000		130,760
		8.13%, 06/01/28 (a)	86,000		89,655
		9.50%, 02/01/29 (a)	179,000		201,247
		9.88%, 02/01/32 (a)	95,000		105,570
				5,832,098
Financials 14.3%
	Acrisure, LLC
		8.25%, 02/01/29 (a)	180,000		185,779
		6.00%, 08/01/29 (a)	175,000		168,804
		7.50%, 11/06/30 (a)	28,000		28,837
	Alliant Holdings Intermediate, LLC
		6.50%, 10/01/31 (a)	98,000		99,145
	Aretec Escrow Issuer 2 Inc
		10.00%, 08/15/30 (a)	94,000		100,151
	Aretec Escrow Issuer Inc
		7.50%, 04/01/29 (a)	150,000		142,522
	Benteler International Aktiengesellschaft
		10.50%, 05/15/28 (a)	158,000		167,070
	Corebridge Financial, Inc.
		6.88%, 12/15/52	88,000		91,094
	Dana Financing Luxembourg S.a r.l.
		5.75%, 04/15/25 (a)	14,000		13,982
	Deutsche Bank Aktiengesellschaft
		4.88%, 12/01/32	134,000		132,001
	Encore Capital Group, Inc.
		9.25%, 04/01/29 (a) (d)	200,000		214,750
		8.50%, 05/15/30 (a)	67,000		70,603
	Ford Motor Credit Company LLC
		7.20%, 06/10/30	75,000		80,797
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (a)	95,000		95,927
		6.63%, 01/15/27 (a)	40,000		40,084
		9.25%, 02/01/29 (a)	114,000		118,592
		12.25%, 10/01/30 (a)	86,000		96,340
		9.13%, 05/15/31 (a)	35,000		35,948
	GGAM Finance Ltd.
		5.88%, 03/15/30 (a)	72,000		72,164
	Global Atlantic Financial Company
		7.95%, 10/15/54 (a)	115,000		119,928
	Goldman Sachs Group, Inc., The
		6.13%, (100, 11/10/34) (c)	105,000		105,642
		7.50%, (100, 05/10/29) (c)	120,000		127,475
	HUB International Limited
		5.63%, 12/01/29 (a)	54,000		52,964
	Icahn Enterprises L.P.
		6.25%, 05/15/26	194,000		192,440
		4.38%, 02/01/29	98,000		85,647
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (e)	23,000		22,984
	Jane Street Group, LLC
		7.13%, 04/30/31 (a)	183,000		193,939
	Macquarie Airfinance Holdings Limited
		6.40%, 03/26/29 (a)	23,000		23,936
		8.13%, 03/30/29 (a)	214,000		226,565
		6.50%, 03/26/31 (a)	45,000		47,422
	Markel Group Inc.
		6.00%, (100, 06/01/25) (c)	99,000		98,865
	MoneyGram International, Inc.
		9.00%, 06/01/30 (a)	292,000		280,271
	OneMain Finance Corporation
		7.13%, 03/15/26	92,000		93,989
		3.50%, 01/15/27	102,000		97,471
		6.63%, 01/15/28	27,000		27,505
		5.38%, 11/15/29	81,000		77,801
		7.88%, 03/15/30	51,000		53,341
		4.00%, 09/15/30	142,000		126,419

Abbreviations and additional footnotes are defined on page 12

7

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
		7.50%, 05/15/31	68,000		70,018
	Osaic Holdings, Inc.
		10.75%, 08/01/27 (a)	117,000		118,994
	PennyMac Financial Services, Inc.
		5.38%, 10/15/25 (a)	210,000		209,775
		4.25%, 02/15/29 (a)	181,000		172,776
		5.75%, 09/15/31 (a)	132,000		129,373
	PRA Group, Inc.
		8.38%, 02/01/28 (a)	199,000		206,492
		8.88%, 01/31/30 (a)	136,000		141,549
	Stena International S.A.
		7.63%, 02/15/31 (a)	182,000		191,245
	Toronto-Dominion Bank, The
		8.13%, 10/31/82 (d)	80,000		85,873
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	79,200		79,179
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (c)	132,000		126,647
	VistaJet Malta Finance P.L.C.
		7.88%, 05/01/27 (a) (f)	128,000		125,097
		6.38%, 02/01/30 (a) (f)	100,000		85,853
				5,752,065
Consumer Discretionary 12.2%
	American Axle & Manufacturing, Inc.
		6.25%, 03/15/26	23,000		22,995
	BRE RC Pitney Road PA LP
		6.63%, 01/15/32 (a)	249,000		252,272
	Carnival Corporation
		4.00%, 08/01/28 (a)	817,000		788,552
	Clarios Global LP
		8.50%, 05/15/27 (a)	113,000		113,513
	Dana Incorporated
		5.38%, 11/15/27	27,000		26,820
		5.63%, 06/15/28 (f)	58,000		56,916
		4.50%, 02/15/32	117,000		103,732
	EG Global Finance PLC
		12.00%, 11/30/28 (a)	230,000		256,484
	Ford Motor Company
		9.63%, 04/22/30	40,000		47,351
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (a) (e)	55,000		54,071
	International Game Technology PLC
		5.25%, 01/15/29 (a)	71,000		70,700
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (a)	234,000		227,418
	Jaguar Land Rover Automotive PLC
		7.75%, 10/15/25 (a)	91,000		91,056
		5.50%, 07/15/29 (a)	94,000		92,712
	Macy's Retail Holdings
		6.13%, 03/15/32 (a)	160,000		155,149
		4.50%, 12/15/34	34,000		28,503
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (a)	331,000		322,402
	MCE Finance Limited
		5.38%, 12/04/29 (a)	286,000		268,344
	Odeon Finco PLC
		12.75%, 11/01/27 (a)	111,000		116,575
	PetSmart, LLC
		7.75%, 02/15/29 (a)	130,000		128,235
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	245,000		249,379
	QVC, Inc.
		4.45%, 02/15/25	132,000		130,950
		6.88%, 04/15/29 (a) (f)	163,000		135,273
	Resorts World Las Vegas LLC
		4.63%, 04/16/29 (a)	135,000		121,733
		8.45%, 07/27/30 (a)	140,000		147,841
	Royal Caribbean Cruises Ltd.
		6.00%, 02/01/33 (a)	87,000		89,191
	Staples, Inc.
		10.75%, 09/01/29 (a)	130,000		126,187
	Tenneco Inc.
		8.00%, 11/17/28 (a)	161,000		148,762
	TKC Holdings, Inc.
		6.88%, 05/15/28 (a)	111,000		109,578
		10.50%, 05/15/29 (a)	93,000		93,466
	Wynn Macau, Limited
		5.13%, 12/15/29 (a)	184,000		172,757
	ZF North America Capital, Inc.
		6.88%, 04/23/32 (a)	143,000		143,346
				4,892,263
Communication Services 11.1%
	A + N Real Estate & Business Management Corporation
		5.63%, 08/15/29 (a)	135,000		130,726
	Altice Financing S.A.
		5.75%, 08/15/29 (a)	345,000		278,055
	Altice France Holding S.A.
		8.13%, 02/01/27 (a)	205,000		166,429
	AMC Networks, Inc.
		10.25%, 01/15/29 (a)	113,413		116,787
	Cable One, Inc.
		4.00%, 11/15/30 (a) (f)	250,000		198,986
	CCO Holdings, LLC
		4.75%, 03/01/30 - 02/01/32 (a)	290,000		257,818
		4.25%, 02/01/31 - 01/15/34 (a)	140,000		121,477
		4.50%, 05/01/32	179,000		154,714
	Charter Communications Operating, LLC
		5.25%, 04/01/53	235,000		191,600
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a)	27,000		24,153
		9.00%, 09/15/28 (a)	115,000		122,260
		7.50%, 06/01/29 (a)	127,000		109,265
	CMG Media Corporation
		8.88%, 12/15/27 (a)	94,000		55,794
	Connect Finco SARL
		6.75%, 10/01/26 (a)	114,000		114,000
		9.00%, 09/15/29 (a)	200,000		193,341
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	260,000		254,941
		8.88%, 02/01/30 (a)	59,000		59,439
	Frontier Communications Holdings, LLC
		8.75%, 05/15/30 (a)	163,000		173,289
		8.63%, 03/15/31 (a)	75,000		80,913
	Frontier Communications Parent, Inc.
		6.75%, 05/01/29 (a)	106,000		106,769
	Gray Television, Inc.
		5.38%, 11/15/31 (a)	91,000		56,823
	Iliad Holding
		7.00%, 10/15/28 (a)	93,000		94,661
		8.50%, 04/15/31 (a)	89,000		95,774
	Intelsat Jackson Holdings S.A.
		6.50%, 03/15/30 (a)	401,000		385,317
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	245,000		223,913
	Level 3 Financing, Inc.
		4.50%, 04/01/30 (a)	165,000		129,206
		10.75%, 12/15/30 (a)	90,000		98,860
	Liberty Media Corporation
		8.25%, 02/01/30	145,000		75,142
	McGraw-Hill Education, Inc.
		7.38%, 09/01/31 (a)	98,000		101,670
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	29,000		28,730
	Nexstar Media Group, Inc.
		4.75%, 11/01/28 (a)	30,000		28,622
	Sprint Capital Corporation
		6.88%, 11/15/28	59,000		64,415
	Sprint LLC
		7.63%, 03/01/26	16,000		16,523
	Telesat Canada
		5.63%, 12/06/26 (a)	187,000		89,097
	Wayfair LLC
		7.25%, 10/31/29 (a)	35,000		35,848
				4,435,357

Abbreviations and additional footnotes are defined on page 12

8

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
Industrials 9.4%
	Air Canada
		3.88%, 08/15/26 (a)	152,000		148,057
	American Airlines, Inc.
		5.75%, 04/20/29 (a)	95,000		94,877
	Boeing Company, The
		7.01%, 05/01/64 (a) (g)	175,000		192,583
	Bombardier Inc.
		7.88%, 04/15/27 (a)	25,000		25,069
		8.75%, 11/15/30 (a)	87,000		95,532
		7.25%, 07/01/31 (a)	99,000		104,783
		7.00%, 06/01/32 (a) (f)	54,000		56,475
	Builders FirstSource, Inc.
		4.25%, 02/01/32 (a)	255,000		235,616
	Cimpress NV
		7.38%, 09/15/32 (a)	159,000		160,427
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	70,000		70,760
	Equipmentshare.Com Inc
		8.00%, 03/15/33 (a)	52,000		53,239
	Fortress Transportation And Infrastructure Investors LLC
		7.00%, 05/01/31 - 06/15/32 (a)	171,000		179,652
	Genesee & Wyoming Inc.
		6.25%, 04/15/32 (a)	95,000		97,762
	Husky Injection Molding Systems Ltd.
		9.00%, 02/15/29 (a)	76,000		79,040
	Imola Merger Corporation
		4.75%, 05/15/29 (a)	164,000		160,050
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	187,000		185,858
	LABL Escrow Issuer LLC
		6.75%, 07/15/26 (a)	93,000		92,947
	Labl, Inc.
		8.63%, 10/01/31 (a)	200,000		198,655
	Lightning Power LLC
		7.25%, 08/15/32 (a)	120,000		125,999
	Rand Parent LLC
		8.50%, 02/15/30 (a) (f)	128,000		130,397
	Smyrna Ready Mix Concrete, LLC
		8.88%, 11/15/31 (a)	237,000		255,705
	The Manitowoc Company, Inc.
		9.25%, 10/01/31 (a)	129,000		132,229
	TransDigm Inc.
		6.75%, 08/15/28 (a)	89,000		91,688
		6.38%, 03/01/29 (a)	115,000		118,608
		6.63%, 03/01/32 (a)	115,000		119,859
		6.00%, 01/15/33 (a)	50,000		50,709
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (a)	95,000		94,508
	Uber Technologies, Inc.
		7.50%, 09/15/27 (a)	112,000		114,116
	Watco Companies, L.L.C.
		7.13%, 08/01/32 (a)	52,000		54,214
	Wesco Distribution, Inc.
		6.38%, 03/15/29 (a)	68,000		70,275
		6.63%, 03/15/32 (a)	68,000		70,798
	XPO, Inc.
		6.25%, 06/01/28 (a)	90,000		92,089
				3,752,576
Consumer Staples 6.7%
	Albion Financing 1 S.a r.l.
		6.13%, 10/15/26 (a)	59,000		59,233
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (a)	193,000		198,142
	Allied Universal Holdco LLC
		9.75%, 07/15/27 (a)	130,000		130,217
		4.63%, 06/01/28 (a)	105,000		98,464
		7.88%, 02/15/31 (a)	95,000		97,106
	Ashtead Capital, Inc.
		5.50%, 08/11/32 (a)	125,000		127,786
	Coty Inc.
		6.63%, 07/15/30 (a)	90,000		93,507
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	46,000		45,712
	JBS USA Lux S.A.
		7.25%, 11/15/53 (a)	86,000		100,085
	Macquarie Airfinance Holdings Limited
		8.38%, 05/01/28 (a)	139,000		146,221
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	443,000		392,711
	Neptune BidCo US Inc.
		9.29%, 04/15/29 (a)	130,000		127,267
	Performance Food Group, Inc.
		4.25%, 08/01/29 (a)	150,000		142,588
	Pilgrim's Pride Corporation
		4.25%, 04/15/31	351,000		332,525
		3.50%, 03/01/32	32,000		28,412
	Prime Security Services Borrower, LLC
		6.25%, 01/15/28 (a)	123,000		123,019
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)	200,000		198,670
	Smithfield Foods, Inc.
		2.63%, 09/13/31 (a)	34,000		28,817
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a) (f)	206,000		196,475
				2,666,957
Information Technology 5.7%
	Ahead DB Holdings, LLC
		6.63%, 05/01/28 (a)	110,000		106,450
	AMS-Osram AG
		12.25%, 03/30/29 (a)	180,000		191,024
	Central Parent Inc.
		8.00%, 06/15/29 (a)	95,000		98,841
	Cloud Software Group, Inc.
		6.50%, 03/31/29 (a)	100,000		99,526
		9.00%, 09/30/29 (a)	95,000		96,688
		8.25%, 06/30/32 (a)	78,000		81,534
	Entegris Escrow Corporation
		4.75%, 04/15/29 (a)	72,000		70,944
		5.95%, 06/15/30 (a)	178,000		181,415
	Entegris, Inc.
		4.38%, 04/15/28 (a)	101,000		97,503
	Fortress Intermediate 3 Inc.
		7.50%, 06/01/31 (a)	62,000		65,446
	Helios Software Holdings, Inc.
		4.63%, 05/01/28 (a)	31,000		28,591
		8.75%, 05/01/29 (a)	200,000		204,370
	NCR Voyix Corporation
		5.13%, 04/15/29 (a)	30,000		29,343
	Open Text Corporation
		3.88%, 02/15/28 (a)	171,000		163,249
		3.88%, 12/01/29 (a)	129,000		119,990
		4.13%, 02/15/30 - 12/01/31 (a)	200,000		186,451
	Rocket Software, Inc.
		9.00%, 11/28/28 (a)	71,000		74,084
		6.50%, 02/15/29 (a) (f)	37,000		35,196
	Seagate HDD Cayman
		4.13%, 01/15/31	31,000		28,659
	ViaSat, Inc.
		5.63%, 09/15/25 (a)	209,000		205,760
		7.50%, 05/30/31 (a) (f)	178,000		122,550
				2,287,614
Health Care 5.4%
	DaVita Inc.
		4.63%, 06/01/30 (a)	207,000		197,013
		3.75%, 02/15/31 (a)	120,000		108,119
	Grifols Escrow Issuer S.A.
		4.75%, 10/15/28 (a) (f)	142,000		133,212
	IQVIA Inc.
		5.00%, 05/15/27 (a)	105,000		104,350
	Lifepoint Health, Inc.
		9.88%, 08/15/30 (a)	180,000		198,284
		10.00%, 06/01/32 (a)	93,000		102,444
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (a)	246,000		232,891

Abbreviations and additional footnotes are defined on page 12

9

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
	Organon & Co.
		5.13%, 04/30/31 (a) (f)	136,000		127,986
	Owens & Minor, Inc.
		6.63%, 04/01/30 (a) (f)	206,000		200,230
	Perrigo Finance Unlimited Company
		4.38%, 03/15/26	27,000		27,000
	Radiology Partners, Inc.
		8.50%, 01/31/29 (a) (e)	60,000		59,561
	Tenet Healthcare Corporation
		4.63%, 06/15/28 (b)	34,000		33,399
		4.25%, 06/01/29	218,000		210,387
		4.38%, 01/15/30	50,000		47,997
		6.13%, 06/15/30	102,000		103,720
	Teva Pharmaceutical Finance Netherlands III B.V.
		3.15%, 10/01/26	70,000		67,299
		4.75%, 05/09/27	231,000		227,652
				2,181,544
Materials 4.2%
	Avient Corporation
		6.25%, 11/01/31 (a)	46,000		47,165
	Cerdia Finanz GmbH
		9.38%, 10/03/31 (a)	200,000		204,020
	Cleveland-Cliffs Inc.
		7.00%, 03/15/32 (a)	95,000		96,057
	First Quantum Minerals Ltd
		6.88%, 10/15/27 (a)	157,000		155,001
		8.63%, 06/01/31 (a)	130,000		130,219
	FMG Resources (August 2006) Pty Ltd
		4.38%, 04/01/31 (a)	161,000		150,240
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a)	219,000		213,030
	Mercer International Inc.
		12.88%, 10/01/28 (a)	34,000		35,699
		5.13%, 02/01/29	156,000		132,982
	Mineral Resources Limited
		8.13%, 05/01/27 (a)	28,000		28,279
		9.25%, 10/01/28 (a)	182,000		193,294
	NOVA Chemicals Corporation
		4.25%, 05/15/29 (a) (f)	220,000		204,554
	Trinseo Materials Operating S.C.A.
		5.13%, 04/01/29 (a)	217,000		102,137
				1,692,677
Utilities 3.1%
	Alpha Generation LLC
		6.75%, 10/15/32 (a)	39,000		39,583
	Calpine Corporation
		3.75%, 03/01/31 (a)	32,000		29,628
	DPL Inc.
		4.13%, 07/01/25	71,000		70,307
	Duke Energy Corporation
		6.45%, 09/01/54	125,000		130,037
	PG&E Corporation
		7.38%, 03/15/55	74,000		77,715
	Sempra
		6.40%, 10/01/54	130,000		130,488
	Vistra Corp.
		8.00%, (100, 10/15/26) (a) (c)	123,000		128,624
		8.88%, (100, 12/15/29) (c)	90,000		96,665
	Vistra Operations Company LLC
		5.50%, 09/01/26 (a)	91,000		91,014
		5.00%, 07/31/27 (a)	143,000		142,084
		4.38%, 05/01/29 (a)	56,000		54,223
		4.30%, 07/15/29 (a)	21,000		20,590
		7.75%, 10/15/31 (a)	26,000		27,984
		6.88%, 04/15/32 (a)	189,000		198,963
				1,237,905
Real Estate 0.8%
	Greystar Real Estate Partners, LLC
		7.75%, 09/01/30 (a)	116,000		123,315
	RHP Hotel Properties, LP
		6.50%, 04/01/32 (a)	197,000		203,658
				326,973
	Total Corporate Bonds And Notes (cost $34,188,091)			35,058,029
SENIOR FLOATING RATE INSTRUMENTS 6.7%
Communication Services 2.1%
	888 Acquisitions Limited
		USD Term Loan B, 10.58%, (6 Month Term SOFR + 5.25%), 07/01/28 (h)	55,422		54,013
	Allen Media, LLC
		2021 Term Loan B, 10.25%, (3 Month Term SOFR + 5.50%), 02/10/27 (e) (h)	95,212		61,591
	AMC Entertainment Holdings, Inc.
		2024 Term Loan, 11.92%, (SOFR + 7.00%), 01/04/29 (h)	100,000		99,667
	Aventiv Technologies, LLC
		2024 PIK Third Out Term Loan, 10.69%, (3 Month Term SOFR + 5.09%), 07/31/25 (h)	160,181		136,554
		2024 Incremental Second Out Term Loan, 13.10%, (3 Month Term SOFR + 7.50%), 07/31/25 (h)	4,813		4,825
	Connect Finco Sarl
		2024 Extended Term Loan B, 9.75%, (1 Month Term SOFR + 4.50%), 09/11/29 (h)	101,545		95,021
	Flutter Financing B.V.
		Term Loan B, 7.33%, (3 Month Term SOFR + 2.25%), 11/18/30 (h)	46,647		46,631
	Gray Television, Inc.
		2024 Term Loan B, 10.45%, (SOFR + 5.25%), 05/22/29 (h)	179,010		171,585
	Great Outdoors Group, LLC
		2021 Term Loan B2, 9.12%, (SOFR + 3.75%), 02/26/28 (h)	104,873		104,764
	ViaSat, Inc.
		2023 Term Loan, 9.73%, (SOFR + 4.50%), 05/30/30 (h)	89,100		80,970
				855,621
Consumer Discretionary 1.1%
	Clarios Global LP
		2024 USD Term Loan B, 7.75%, (SOFR + 2.50%), 05/06/30 (h)	96,757		96,657
	First Brands Group, LLC
		2022 Incremental Term Loan, 10.51%, (3 Month Term SOFR + 5.00%), 03/30/27 (h)	118,368		116,948
	J&J Ventures Gaming, LLC
		2023 Incremental Term Loan B, 9.61%, (1 Month Term SOFR + 4.25%), 04/26/28 (h)	57,618		57,354
	PetSmart, Inc.
		2021 Term Loan B, 9.10%, (SOFR + 3.75%), 12/31/24 (h)	52,271		51,758
	Tenneco, Inc.
		2022 Term Loan B, 10.23%, (SOFR + 5.00%), 11/17/28 (h)	139,606		132,401
		2022 Term Loan B, 10.43%, (SOFR + 5.00%), 11/17/28 (h)	394		374
				455,492
Industrials 1.1%
	Advisor Group, Inc.
		2024 Term Loan, 9.25%, (1 Month Term SOFR + 4.00%), 08/16/28 (h)	202,650		200,285
	Pitney Bowes Inc.
		2021 Term Loan B, 9.36%, (SOFR + 4.00%), 03/12/28 (h)	88,976		89,013
	PUG LLC
		2024 Extended Term Loan B, 10.00%, (3 Month Term SOFR + 4.75%), 03/12/30 (h)	49,989		49,843
	Titan Acquisition Limited
		2024 Term Loan B, 10.33%, (6 Month Term SOFR + 5.00%), 02/01/29 (h)	49,875		49,584
	United Airlines, Inc.
		2024 Term Loan B, 8.03%, (SOFR + 2.75%), 02/15/31 (h)	47,880		47,895
				436,620
Health Care 0.8%
	Global Medical Response, Inc.
		2024 PIK Term Loan, 10.44%, (3 Month Term SOFR + 5.50%), 10/02/28 (h)	193,927		192,532

Abbreviations and additional footnotes are defined on page 12

10

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

			Shares/Par1		Value ($)
	Radiology Partners Inc
		2024 Extended Term Loan B, 10.38%, (3 Month Term SOFR + 3.50%), 01/31/29 (h)	132,702		129,633
				322,165
Information Technology 0.7%
	Ahead DB Holdings, LLC
		2024 Term Loan B3, 8.80%, (1 Month Term SOFR + 3.50%), 01/24/31 (h)	93,765		93,818
	Fortress Intermediate 3, Inc
		Term Loan B, 9.00%, (SOFR + 3.75%), 05/09/31 (h)	93,642		93,408
	Rocket Software, Inc.
		2023 USD Term Loan B, 10.00%, (1 Month Term SOFR + 4.75%), 11/28/28 (h)	95,518		95,538
				282,764
Materials 0.5%
	LSF11 A5 Holdco LLC
		2024 Term Loan B, 8.86%, (SOFR + 3.50%), 10/15/28 (h)	103,941		103,662
	Staples, Inc.
		2024 Term Loan B, 10.69%, (SOFR + 5.75%), 08/22/29 (h)	86,678		78,645
				182,307
Financials 0.4%
	Aretec Group, Inc.
		2024 Term Loan B, 9.25%, (SOFR + 4.00%), 08/09/30 (h)	99,749		97,602
	Cotiviti Corporation
		2024 Term Loan, 8.45%, (SOFR + 3.25%), 02/21/31 (h)	61,515		61,439
				159,041
	Total Senior Floating Rate Instruments (cost $2,714,969)			2,694,010
COMMON STOCKS 0.3%
Energy 0.2%
	MPLX LP		2,200		97,812
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (i)		8,143		13,029
	iHeartMedia, Inc. - Class A (i)		3,283		6,074
				19,103
	Total Common Stocks (cost $173,512)			116,915
SHORT TERM INVESTMENTS 8.6%
Investment Companies 5.0%
	State Street U.S. Government Money Market Fund, 4.87% (j)		2,000,171		2,000,171
Securities Lending Collateral 3.6%
	State Street Navigator Securities Lending Government Money Market Portfolio, 5.02% (j)		1,439,140		1,439,140
	Total Short Term Investments (cost $3,439,311)			3,439,311
Total Investments 103.0% (cost $40,515,883)					41,308,265
Other Assets and Liabilities, Net (3.0)%					(1,191,274)
Total Net Assets 100.0%					40,116,991

(a)Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2024, the value and the percentage of net assets of these securities was $29,417,556 and 73.3% 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)Convertible security.

(e)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.

(f)All or a portion of the security was on loan as of September 30, 2024.

(g)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2024.

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

(i)Non-income producing security.

(j)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2024.

PPM High Yield Core Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Energean Israel Finance Ltd, 4.88%, 03/30/26	12/07/21	411,682	404,920	1.0
	Tenet Healthcare Corporation, 4.63%, 06/15/28	01/03/23	31,646	33,399	0.1
			443,328	438,319	1.1

Abbreviations and additional footnotes are defined on page 12

11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2024

Currency Abbreviations:

USD - United States Dollar

Abbreviations:

PIK - Payment-in-Kind

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

TBA – To Be Announced (Securities purchased on a delated delivery basis)

U.S. or US - United States

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

12

PPMFunds

Schedules of Investments (Unaudited)

September 30, 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.

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.

13

PPMFunds

Schedules of Investments (Unaudited)

September 30, 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.

FASB 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 September 30, 2024, by valuation level.

	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		16,449,500	—	16,449,500
Government And Agency Obligations	—		15,016,790	—	15,016,790
Non-U.S. Government Agency Asset-Backed Securities	—		4,555,198	—	4,555,198
Senior Floating Rate Instruments	—		1,043,028	—	1,043,028
Short Term Investments	1,863,153		—	—	1,863,153
	1,863,153		37,064,516	—	38,927,669
Assets - Investments in Other Financial Instruments1
Futures Contracts	15,316		—	—	15,316
	15,316		—	—	15,316
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(283	)	—	—	(283	)
	(283	)	—	—	(283	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		35,058,029	—	35,058,029
Senior Floating Rate Instruments	—		2,694,010	—	2,694,010
Common Stocks	116,915		—	—	116,915
Short Term Investments	3,439,311		—	—	3,439,311
	3,556,226		37,752,039	—	41,308,265

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

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

14