PPM Funds NPORTP Monthly portfolio investment report

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 45.7%
Financials 20.2%
	AerCap Ireland Capital Designated Activity Company
		2.45%, 10/29/26	115,000		102,983
		3.00%, 10/29/28	151,000		129,510
	Bank of America Corporation
		3.56%, 04/23/27	172,000		161,370
		4.27%, 07/23/29	233,000		214,952
		3.19%, 07/23/30	23,000		19,659
		2.59%, 04/29/31	55,000		44,200
	Barclays PLC
		3.56%, 09/23/35 (a)	65,000		49,913
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	65,000		40,206
	Blackstone Holdings Finance Co. L.L.C.
		2.00%, 01/30/32 (b)	49,000		35,713
	Blackstone Private Credit Fund
		3.25%, 03/15/27	38,000		33,003
	Blackstone Secured Lending Fund
		2.85%, 09/30/28	55,000		44,998
	Citigroup Inc.
		5.00%, (100, 09/12/24) (c) (d)	53,000		50,230
		7.63%, (100, 11/15/28) (d)	170,000		165,993
		4.41%, 03/31/31	100,000		89,911
		6.17%, 05/25/34	44,000		42,077
	CNO Global Funding
		2.65%, 01/06/29 (b)	100,000		83,449
	Commonwealth Bank of Australia
		5.50%, 09/12/25	250,000		249,293
	Credit Suisse AG
		4.75%, 08/09/24	98,000		96,642
		7.95%, 01/09/25	24,000		24,416
	Deutsche Bank Aktiengesellschaft
		7.15%, 07/13/27	150,000		150,989
		3.73%, 01/14/32 (a)	84,000		62,299
	F&G Global Funding
		2.00%, 09/20/28 (b)	60,000		48,860
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	55,000		53,245
		6.95%, 06/10/26	140,000		139,825
		4.13%, 08/17/27	13,000		11,840
		3.82%, 11/02/27	105,000		93,529
		7.35%, 11/04/27 - 03/06/30	107,000		109,124
		6.80%, 05/12/28 (c)	167,000		166,760
		7.20%, 06/10/30 (c)	9,000		9,047
	FS KKR Capital Corp.
		3.40%, 01/15/26	114,000		104,524
	Icahn Enterprises L.P.
		4.38%, 02/01/29	72,000		57,704
	Intercontinental Exchange, Inc.
		2.10%, 06/15/30	30,000		24,036
	Intesa Sanpaolo SPA
		7.78%, 06/20/54 (b)	80,000		72,173
	JPMorgan Chase & Co.
		8.88%, (3 Month Term SOFR + 3.51%), (100, 11/01/23) (d) (e)	170,000		170,425
		2.01%, 03/13/26	72,000		67,788
		2.07%, 06/01/29	84,000		70,765
		4.20%, 07/23/29	92,000		85,300
		2.74%, 10/15/30	85,000		71,056
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (a) (d)	79,000		73,964
	Macquarie Airfinance Holdings Limited
		8.13%, 03/30/29 (b)	30,000		30,033
	Markel Group Inc.
		6.00%, (100, 06/01/25) (d)	85,000		82,088
	Morgan Stanley
		0.99%, 12/10/26	75,000		66,848
		5.12%, 02/01/29	53,000		51,022
		5.16%, 04/20/29	70,000		67,331
		3.62%, 04/01/31	22,000		18,976
		2.51%, 10/20/32	42,000		32,158
		6.34%, 10/18/33	95,000		95,305
		5.95%, 01/19/38	52,000		48,645
	National Rural Utilities Cooperative Finance Corporation
		5.80%, 01/15/33	19,000		18,959
	National Securities Clearing Corporation
		5.10%, 11/21/27 (b)	105,000		103,363
	NatWest Markets PLC
		1.60%, 09/29/26 (b)	172,000		151,034
	New York Life Global Funding
		4.85%, 01/09/28 (b)	87,000		84,961
		1.20%, 08/07/30 (b)	94,000		70,666
		4.55%, 01/28/33 (b)	58,000		53,214
	Northwestern Mutual Global Funding
		4.90%, 06/12/28 (b)	85,000		82,852
	Royal Bank of Canada
		5.20%, 07/20/26 (a)	230,000		227,768
	State Street Corporation
		5.27%, 08/03/26	230,000		227,766
		5.75%, 11/04/26	34,000		33,890
		5.16%, 05/18/34	50,000		46,452
	The Bank of New York Mellon Corporation
		5.83%, 10/25/33	82,000		80,549
	The Bank of Nova Scotia
		5.25%, 12/06/24 (a)	70,000		69,376
	The Charles Schwab Corporation
		5.88%, 08/24/26	50,000		49,849
	The Goldman Sachs Group, Inc.
		7.50%, (100, 02/10/29) (d)	110,000		108,933
		2.60%, 02/07/30	151,000		123,706
	The Hartford Financial Services Group, Inc.
		2.90%, 09/15/51	46,000		27,030
	The PNC Financial Services Group, Inc.
		5.81%, 06/12/26	110,000		109,127
	The Toronto-Dominion Bank
		5.53%, 07/17/26 (a)	230,000		228,066
	Toyota Motor Credit Corporation
		5.60%, 09/11/25	170,000		170,293
		5.25%, 09/11/28	90,000		89,610
	Transocean Poseidon Limited
		6.88%, 02/01/27 (b)	29,250		28,770
	UBS AG
		5.80%, 09/11/25	200,000		199,203
	UBS Group AG
		6.30%, 09/22/34 (b)	85,000		82,984
	Wells Fargo & Company
		5.57%, 07/25/29	230,000		224,100
		4.90%, 07/25/33	101,000		91,423
		5.39%, 04/24/34	106,000		98,971
		5.56%, 07/25/34 (c)	84,000		79,486
				6,776,578
Utilities 6.0%
	Baltimore Gas and Electric Company
		4.55%, 06/01/52	35,000		28,018
	CenterPoint Energy Houston Electric, LLC
		4.95%, 04/01/33	54,000		51,337
	Commonwealth Edison Company
		3.75%, 08/15/47	59,000		42,331
		5.30%, 02/01/53	32,000		29,368
	Constellation Energy Generation, LLC
		6.13%, 01/15/34	30,000		29,960
		6.50%, 10/01/53	28,000		27,993
	Duke Energy Florida, LLC
		5.95%, 11/15/52	79,000		77,680
	Edison International
		5.25%, 11/15/28	152,000		146,114
		6.95%, 11/15/29	56,000		57,782
	Florida Power & Light Company
		4.80%, 05/15/33 (c)	87,000		82,203
	MidAmerican Energy Company
		5.85%, 09/15/54	34,000		33,585
	Nevada Power Company
		6.00%, 03/15/54	20,000		19,504
	Pacific Gas And Electric Company
		3.30%, 12/01/27	36,000		31,820

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
		3.25%, 06/01/31	38,000		30,181
		5.90%, 06/15/32	94,000		87,645
		6.40%, 06/15/33	30,000		28,960
		4.50%, 07/01/40	131,000		97,418
		6.75%, 01/15/53	173,000		162,343
		6.70%, 04/01/53	46,000		43,189
	PPL Electric Utilities Corporation
		5.00%, 05/15/33	200,000		191,000
	Public Service Electric And Gas Company
		3.10%, 03/15/32	26,000		21,870
		4.90%, 12/15/32	86,000		82,314
	San Diego Gas & Electric Company
		4.95%, 08/15/28	70,000		68,153
		1.70%, 10/01/30	52,000		40,139
		5.35%, 04/01/53	82,000		74,478
	Sempra Energy
		5.40%, 08/01/26	100,000		98,989
	Southern California Edison Company
		5.88%, 12/01/53	50,000		47,014
	The AES Corporation
		3.30%, 07/15/25 (b)	93,000		88,131
	Vistra Operations Company LLC
		3.55%, 07/15/24 (b)	51,000		49,771
		3.70%, 01/30/27 (b)	80,000		72,965
		6.95%, 10/15/33 (b)	82,000		80,339
				2,022,594
Energy 5.6%
	Antero Midstream Partners LP
		5.38%, 06/15/29 (b) (c)	8,000		7,328
	BP Capital Markets America Inc.
		4.81%, 02/13/33	109,000		101,994
		4.89%, 09/11/33	90,000		84,324
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29	85,000		77,108
		3.25%, 01/31/32	10,000		7,972
		5.95%, 06/30/33 (b)	61,000		58,754
	Civitas Resources, Inc.
		8.38%, 07/01/28 (b)	53,000		53,922
	ConocoPhillips Company
		5.30%, 05/15/53	86,000		78,810
	Devon Energy Corporation
		5.88%, 06/15/28	29,000		28,824
		4.50%, 01/15/30	24,000		21,773
	Energy Transfer LP
		6.50%, (100, 08/15/26) (d)	10,000		9,209
		6.75%, (100, 05/15/25) (d)	72,000		66,580
		7.13%, (100, 05/15/30) (d)	64,000		55,216
		5.55%, 02/15/28	151,000		148,396
		5.80%, 06/15/38	35,000		31,898
		5.00%, 05/15/50	65,000		50,959
	Enlink Midstream, LLC
		6.50%, 09/01/30 (b)	8,000		7,761
	EQM Midstream Partners, LP
		4.13%, 12/01/26	63,000		58,288
	Marathon Oil Corporation
		4.40%, 07/15/27	73,000		68,648
	MPLX LP
		5.00%, 03/01/33 (c)	63,000		57,231
	ONEOK, Inc.
		7.15%, 01/15/51	30,000		30,477
	Petroleos Mexicanos
		10.00%, 02/07/33 (b) (c)	32,000		28,496
	Pioneer Natural Resources Company
		5.10%, 03/29/26	127,000		125,391
		1.90%, 08/15/30	40,000		31,418
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	150,000		139,608
		4.50%, 05/15/30	60,000		55,018
	Schlumberger Investment S.A.
		4.85%, 05/15/33	61,000		57,575
	Targa Resources Corp.
		6.25%, 07/01/52	25,000		22,917
		6.50%, 02/15/53	20,000		19,061
	Targa Resources Partners LP
		5.50%, 03/01/30	40,000		37,463
		4.88%, 02/01/31	36,000		32,331
	Transocean Inc
		8.75%, 02/15/30 (b)	13,300		13,596
	Var Energi ASA
		8.00%, 11/15/32 (b)	130,000		136,155
	Venture Global Calcasieu Pass, LLC
		3.88%, 08/15/29 (b)	8,000		6,730
		6.25%, 01/15/30 (b)	54,000		51,497
				1,862,728
Health Care 3.4%
	AbbVie Inc.
		4.50%, 05/14/35	35,000		31,554
	Amgen Inc.
		3.15%, 02/21/40	42,000		29,598
		5.65%, 03/02/53	137,000		128,092
	Ascension Health
		2.53%, 11/15/29	18,000		15,339
	Baylor Scott & White Holdings
		2.84%, 11/15/50	34,000		20,675
	Centene Corporation
		3.00%, 10/15/30	118,000		94,813
		2.50%, 03/01/31	66,000		50,638
	CVS Health Corporation
		5.25%, 01/30/31	85,000		81,713
		5.88%, 06/01/53	140,000		129,392
	Gilead Sciences, Inc.
		5.55%, 10/15/53	40,000		38,473
	HCA Inc.
		5.88%, 02/15/26	20,000		19,868
		3.50%, 09/01/30	67,000		56,565
	Indiana University Health, Inc.
		2.85%, 11/01/51	31,000		18,806
	Northwestern Memorial HealthCare
		2.63%, 07/15/51	35,000		20,816
	Pfizer Investment Enterprises Pte. Ltd
		4.75%, 05/19/33	52,000		49,221
	Piedmont Healthcare, Inc.
		2.04%, 01/01/32	33,000		25,232
	Royalty Pharma PLC
		3.55%, 09/02/50	50,000		30,511
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		7,212
	UnitedHealth Group Incorporated
		5.30%, 02/15/30	147,000		146,152
		4.75%, 05/15/52	55,000		46,936
		5.88%, 02/15/53	72,000		72,216
		6.05%, 02/15/63	31,000		31,346
				1,145,168
Consumer Discretionary 2.6%
	Amazon.com, Inc.
		2.10%, 05/12/31	85,000		68,204
		3.10%, 05/12/51	35,000		23,083
	Carnival Corporation
		4.00%, 08/01/28 (b)	31,000		26,832
	Daimler Trucks Finance North America LLC
		5.20%, 01/17/25 (b)	100,000		99,079
	General Motors Financial Company, Inc.
		5.85%, 04/06/30	51,000		48,890
	Hyatt Hotels Corporation
		5.38%, 04/23/25 (f) (g)	35,000		34,619
	Hyundai Capital America
		5.80%, 06/26/25 (b)	85,000		84,654
		6.10%, 09/21/28 (b)	110,000		109,334
	Kohl's Corporation
		4.63%, 05/01/31 (f) (g)	31,000		20,866
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	26,000		15,344
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (g)	11,000		9,292
	Macys Retail Holdings
		5.88%, 03/15/30 (b) (c)	49,000		41,530
		6.13%, 03/15/32 (b) (c)	30,000		24,770

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (b)	18,769		18,628
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (b)	100,000		74,641
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (b)	7,499		7,265
	Warnermedia Holdings, Inc.
		5.05%, 03/15/42	70,000		54,220
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (b)	96,000		92,381
				853,632
Consumer Staples 2.1%
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	140,000		128,133
	Anheuser-Busch InBev Worldwide Inc.
		5.45%, 01/23/39	81,000		78,122
	B.A.T Capital Corporation
		4.39%, 08/15/37	35,000		26,648
		3.73%, 09/25/40	35,000		23,434
	JBS USA Lux S.A.
		7.25%, 11/15/53 (b)	19,000		18,346
	Marb Bondco PLC
		3.95%, 01/29/31 (b)	70,000		51,894
	Northwestern University
		2.64%, 12/01/50	28,000		17,016
	Pilgrim's Pride Corporation
		3.50%, 03/01/32	130,000		100,548
		6.25%, 07/01/33	55,000		51,667
	The Trustees of Princeton University
		4.20%, 03/01/52 (c)	58,000		48,395
	Walmart Inc.
		4.10%, 04/15/33 (c)	107,000		97,809
		4.50%, 04/15/53	89,000		76,547
				718,559
Communication Services 2.0%
	AT&T Inc.
		5.40%, 02/15/34	104,000		97,394
	Charter Communications Operating, LLC
		5.38%, 04/01/38	35,000		28,588
		5.75%, 04/01/48	13,000		10,375
		6.83%, 10/23/55	31,000		27,352
	Comcast Corporation
		3.75%, 04/01/40	25,000		19,327
		5.35%, 05/15/53	25,000		22,797
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (b)	27,000		23,882
	Meta Platforms, Inc.
		4.45%, 08/15/52	50,000		39,596
		5.60%, 05/15/53	39,000		36,889
	The Walt Disney Company
		4.63%, 03/23/40	60,000		52,034
	T-Mobile USA, Inc.
		2.63%, 04/15/26	166,000		153,537
		6.00%, 06/15/54	115,000		109,661
	Verizon Communications Inc.
		4.02%, 12/03/29	15,000		13,571
		3.15%, 03/22/30	54,000		46,138
				681,141
Industrials 2.0%
	Air Canada
		3.88%, 08/15/26 (b)	50,000		45,395
	Aircastle Limited
		5.25%, 08/11/25 (b)	78,000		76,009
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (b)	94,000		95,045
	Regal Rexnord Corporation
		6.05%, 02/15/26 (b) (g)	53,000		52,137
		6.40%, 04/15/33 (b) (g)	54,000		51,989
	RTX Corporation
		5.15%, 02/27/33	43,000		40,711
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (b)	36,000		28,810
	The Boeing Company
		5.15%, 05/01/30 (g)	110,000		104,998
		5.71%, 05/01/40 (g)	120,000		110,663
	XPO, Inc.
		6.25%, 06/01/28 (b)	54,000		52,260
				658,017
Materials 1.0%
	Celanese US Holdings LLC
		6.35%, 11/15/28 (g)	45,000		44,419
		6.33%, 07/15/29 (g)	85,000		83,305
		6.55%, 11/15/30 (g)	46,000		44,990
		6.70%, 11/15/33 (g)	49,000		47,690
	Mineral Resources Limited
		9.25%, 10/01/28 (b)	42,000		42,382
	Yara International ASA
		7.38%, 11/14/32 (b)	57,000		59,523
				322,309
Real Estate 0.8%
	EPR Properties
		4.95%, 04/15/28	40,000		35,484
		3.60%, 11/15/31	41,000		30,415
	Essential Properties, L.P.
		2.95%, 07/15/31	58,000		42,190
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		14,369
		3.25%, 01/15/32	27,000		20,942
	VICI Properties Inc.
		4.25%, 12/01/26 (b)	35,000		32,674
		3.75%, 02/15/27 (b)	43,000		39,105
		4.13%, 08/15/30 (b)	64,000		54,277
				269,456
	Total Corporate Bonds And Notes (cost $16,444,057)			15,310,182
GOVERNMENT AND AGENCY OBLIGATIONS 38.2%
Mortgage-Backed Securities 25.3%
	Federal Home Loan Mortgage Corporation
		2.00%, 04/01/36 - 03/01/52	1,064,777		830,791
		4.00%, 10/01/37 - 01/01/53	364,158		330,145
		4.50%, 07/01/38 - 08/01/52	257,552		240,251
		3.00%, 11/01/46 - 01/01/52	108,235		89,907
		3.50%, 10/01/47 - 09/01/52	216,999		188,890
		2.50%, 05/01/50 - 11/01/51	469,083		375,272
		5.00%, 09/01/52 - 01/01/53	130,953		123,837
		5.50%, 04/01/53	114,246		110,490
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 03/01/50	662,406		564,207
		2.50%, 10/01/35 - 01/01/52	767,205		637,670
		4.00%, 10/01/37 - 07/01/52	523,254		474,544
		4.50%, 05/01/38 - 10/01/52	310,566		290,227
		TBA, 2.00%, 10/15/38 (h)	120,000		102,771
		TBA, 3.50%, 10/15/38 (h)	130,000		120,057
		3.50%, 10/01/46 - 10/01/52	359,411		311,725
		2.00%, 11/01/50 - 03/01/52	1,441,084		1,102,953
		5.00%, 08/01/52 - 01/01/53	148,806		140,784
		5.50%, 01/01/53 - 08/01/53	395,894		382,981
		TBA, 4.50%, 10/15/53 (h)	45,000		41,324
	Government National Mortgage Association
		3.00%, 10/20/46 - 04/20/51	361,296		308,491
		4.00%, 07/20/47 - 10/20/52	328,430		297,655
		4.50%, 12/20/48 - 06/20/53	277,312		256,745
		3.50%, 01/20/49 - 07/20/51	159,332		140,950
		2.50%, 03/20/51	318,159		261,027
		2.00%, 03/20/52	163,702		129,430
		5.00%, 10/20/52 - 05/20/53	131,295		124,526
		5.50%, 02/20/53	78,081		75,831
		TBA, 2.50%, 10/15/53 (h)	330,000		269,657
		TBA, 3.00%, 10/15/53 (h)	60,000		50,847
		TBA, 5.00%, 10/15/53 (h)	105,000		99,528
				8,473,513
U.S. Treasury Note 8.5%
	Treasury, United States Department of
		4.75%, 07/31/25	260,000		258,253
		4.50%, 07/15/26	235,000		232,834
		2.63%, 05/31/27	233,000		216,617
		1.25%, 06/30/28	447,000		382,744
		1.50%, 02/15/30	366,000		303,380

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
		1.38%, 11/15/31	392,000		307,230
		2.88%, 05/15/32	1,139,600		1,000,355
		2.75%, 08/15/32	180,000		155,869
				2,857,282
U.S. Treasury Bond 3.4%
	Treasury, United States Department of
		3.75%, 08/15/41	334,000		288,910
		2.00%, 11/15/41	28,000		18,165
		3.13%, 11/15/41	219,000		172,120
		2.50%, 02/15/45 - 02/15/46	525,000		354,007
		3.00%, 02/15/48	306,000		223,906
		1.63%, 11/15/50	56,000		29,330
		2.88%, 05/15/52	70,000		49,656
				1,136,094
U.S. Government Agency Obligations 0.5%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (i)	229,000		177,058
Sovereign 0.4%
	Government of Saudi Arabia
		5.00%, 01/18/53 (b)	50,000		41,425
	Israel, State of
		4.50%, 01/17/33	84,000		78,045
				119,470
Municipal 0.1%
	Dallas/Fort Worth International Airport
		2.84%, 11/01/46	55,000		36,948
	Total Government And Agency Obligations (cost $14,871,904)			12,800,365
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.7%
	Air Canada
		Series 2020-A-2, 5.25%, 04/01/29	11,658		11,215
	Alaska Air Pass Through Trust 2020-1A
		Series 2020-A-1, 4.80%, 08/15/27	48,949		46,878
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	97,580		87,229
	Americredit Automobile Receivables Trust 2023-2
		Series 2023-A2A-2, 6.19%, 04/19/27	113,000		113,340
	BX Trust 2022-PSB
		Series 2022-A-PSB, REMIC, 7.78%, (1 Month Term SOFR + 2.45%), 08/15/39 (e)	28,564		28,546
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	106,949		103,148
	Chase Issuance Trust
		Series 2022-A-A1, 3.97%, 09/15/25	160,000		155,454
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (e)	144,390		109,324
	CNH Equipment Trust 2022-A
		Series 2022-A2-A, 2.39%, 01/16/24	63,008		62,542
	CNH Equipment Trust 2022-B
		Series 2022-A2-B, 3.94%, 12/15/25	78,066		77,600
	Dell Equipment Finance Trust 2022-1
		Series 2022-A2-1, 2.11%, 11/22/23	5,810		5,800
	Dell Equipment Finance Trust 2023-1
		Series 2023-A2-1, 5.65%, 09/22/28	171,000		170,552
	Dell Equipment Finance Trust 2023-2
		Series 2023-A3-2, 5.65%, 02/23/26	100,000		99,897
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	127,565		123,115
	DLLST 2022-1 LLC
		Series 2022-A3-1A, 3.40%, 01/21/25	92,711		91,901
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	27,873		27,202
	GM Financial Automobile Leasing Trust 2022-3
		Series 2022-A2A-3, 4.01%, 01/22/24	41,924		41,843
	GM Financial Automobile Leasing Trust 2023-2
		Series 2023-A3-2, 5.05%, 07/20/26	205,000		202,890
	GM Financial Automobile Leasing Trust 2023-3
		Series 2023-A3-3, 5.38%, 11/20/26	91,000		90,700
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		76,694
	GM Financial Consumer Automobile Receivables Trust 2022-2
		Series 2022-B-2, 3.77%, 04/17/28	107,000		101,935
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		134,905
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	37,131		34,562
	Hilton Grand Vacations Trust 2020-A
		Series 2020-A-AA, 2.74%, 02/25/39	43,753		40,832
	Honda Auto Receivables 2022-2 Owner Trust
		Series 2022-A2-2, 3.81%, 03/18/24	67,912		67,560
	HPEFS Equipment Trust 2023-1
		Series 2023-A2-1A, 5.43%, 02/20/25	171,000		170,473
	HPEFS Equipment Trust 2023-2
		Series 2023-A2-2A, 6.04%, 07/21/25	100,000		100,230
	Hudson Yards 2019-30HY Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		126,771
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		47,467
	J.P. Morgan Mortgage Trust 2022-4
		Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (e)	168,069		132,453
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	65,973		64,275
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	101,074		86,614
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 5.93%, (1 Month Term SOFR + 0.59%), 10/16/23 (e)	109,864		107,048
	Prestige Auto Receivables Trust 2021-1
		Series 2021-A3-1A, 0.83%, 07/15/25	29,242		29,176
	Santander Retail Auto Lease Trust 2021-B
		Series 2021-A3-B, 0.51%, 08/20/24	34,803		34,621
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (e)	77,855		60,247
	SFS Auto Receivables Securitization Trust 2023- 1
		Series 2023-A2A-1A, 5.89%, 06/20/25	163,000		162,975
		Series 2023-A3-1A, 5.47%, 12/20/26	144,000		142,203
	Toyota Auto Receivables 2023-C Owner Trust
		Series 2023-A2A-C, 5.60%, 08/17/26	120,000		120,005
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	27,930		27,533
		Series 2012-A-2, 4.00%, 10/29/24	23,719		23,050
	Verizon Master Trust
		Series 2022-A1A-5, 3.72%, 01/22/24 (f)	114,000		113,402
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (e)	36,656		29,564
	Westlake Automobile Receivables Trust 2021-3
		Series 2021-A3-3A, REMIC, 0.95%, 06/16/25	67,836		67,514
	World Omni Auto Receivables Trust 2023-C
		Series 2023-A2A-C, 5.57%, 12/15/26	172,000		171,753
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,158,778)			3,923,038
SENIOR FLOATING RATE INSTRUMENTS 1.6%
Communication Services 0.6%
	Cimpress Public Limited Company
		USD Term Loan B, 8.95%, (1 Month Term SOFR + 3.50%), 04/29/28 (e)	35,485		35,048
	CSC Holdings, LLC
		2022 Term Loan B6, 9.83%, (1 Month Term SOFR + 4.50%), 01/17/28 (e)	42,418		40,121
	DirecTV Financing, LLC
		Term Loan, 10.45%, (1 Month Term SOFR + 5.00%), 07/22/27 (e)	29,783		29,071
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 7.95%, (1 Month Term SOFR + 2.50%), 06/13/26 (e)	40,013		39,945
	Stars Group Holdings B.V. (The)
		2022 USD Term Loan B, 8.75%, (3 Month Term SOFR + 3.25%), 07/04/28 (e)	9,900		9,905
	UFC Holdings, LLC
		2021 Term Loan B, 8.37%, (3 Month Term SOFR + 2.75%), 04/29/26 (e)	51,225		51,144
				205,234

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
Consumer Discretionary 0.4%
	Adient US LLC
		2021 Term Loan B, 8.70%, (1 Month Term SOFR + 3.25%), 04/30/28 (e)	50,283		50,229
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 7.18%, (1 Month Term SOFR + 1.75%), 08/29/25 (e)	100,000		99,725
				149,954
Industrials 0.2%
	Air Canada
		2021 Term Loan B, 9.13%, (3 Month Term SOFR + 3.50%), 07/27/28 (e)	23,700		23,695
	Genesee & Wyoming Inc. (New)
		Term Loan, 7.34%, (3 Month Term SOFR + 2.00%), 10/29/26 (e)	49,215		49,107
				72,802
Information Technology 0.2%
	Peraton Corp.
		Term Loan B, 9.18%, (1 Month Term SOFR + 3.75%), 02/22/28 (e)	67,701		67,490
Materials 0.1%
	INEOS Styrolution US Holding LLC
		2021 USD Term Loan B, 8.20%, (1 Month Term SOFR + 2.75%), 01/21/26 (e)	26,392		26,247
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 9.22%, (3 Month Term SOFR + 3.75%), 09/22/24 (e)	26,279		26,205
	Total Senior Floating Rate Instruments (cost $547,588)			547,932
COMMON STOCKS 0.1%
Financials 0.1%
	Nordic Aviation Capital Designated Activity Company (j)		1,215		19,174
	Total Common Stocks (cost $30,702)			19,174
SHORT TERM INVESTMENTS 5.7%
Investment Companies 2.4%
	State Street U.S. Government Money Market Fund, 5.23% (k)		813,259		813,259
Securities Lending Collateral 2.1%
	State Street Navigator Securities Lending Government Money Market Portfolio - Institutional Class, 5.28% (k)		682,685		682,685
U.S. Treasury Bill 1.2%
	Treasury, United States Department of
		4.86%, 11/30/23	413,000		409,379
	Total Short Term Investments (cost $1,905,643)			1,905,323
Total Investments 103.0% (cost $37,958,672)					34,506,014
Other Derivative Instruments 0.0%					4,387
Other Assets and Liabilities, Net (3.0)%					(998,308)
Total Net Assets 100.0%					33,512,093

(a) Convertible security.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2023, the value and the percentage of net assets of these securities was $2,927,784 and 8.7% of the Fund.

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

(e) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(f) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2023.

(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, 2023.

(h) All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2023, the total payable for investments purchased on a delayed delivery basis was $700,164.

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

(j) Non-income producing security.

(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2023.


PPM Core Plus Fixed Income Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 10 Year Note	14	December 2023		1,534,794	1,903			(21,919)
United States 2 Year Note	1	January 2024		203,308	102			(598)
United States 5 Year Note	23	January 2024		2,443,943	3,594			(20,677)
United States Long Bond	15	December 2023		1,797,008	5,217			(90,289)
United States Ultra Bond	7	December 2023		890,043	2,625			(59,230)
					13,441			(192,713)
Short Contracts
United States 10 Year Ultra Bond	(35)	December 2023		(4,015,206)	(9,054)			110,518

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 90.1%
Energy 15.6%
	Antero Midstream Partners LP
		5.75%, 03/01/27 (a)	89,000		84,841
		5.38%, 06/15/29 (a)	112,000		102,591
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	316,000		308,963
	Baytex Energy Corp.
		8.50%, 04/30/30 (a)	172,000		173,651
	Bip-V Chinook
		5.50%, 06/15/31 (a)	335,000		296,832
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (a)	66,000		66,220
		6.63%, 07/15/26 (a)	36,000		35,212
	Buckeye Partners, L.P.
		5.85%, 11/15/43	74,000		53,966
		5.60%, 10/15/44	12,000		8,541
	Callon Petroleum Company
		6.38%, 07/01/26	197,000		193,224
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32	144,000		114,795
		5.95%, 06/30/33 (a)	42,000		40,453
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	232,000		228,574
		8.38%, 01/15/29 (a)	114,000		113,857
	Civitas Resources, Inc.
		8.75%, 07/01/31 (a)	114,000		116,695
	DT Midstream, Inc.
		4.38%, 06/15/31 (a)	16,000		13,455
	Enerflex Ltd.
		9.00%, 10/15/27 (a)	175,000		172,846
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (b)	249,000		231,259
	Energy Transfer LP
		6.50%, (100, 08/15/26) (c)	19,000		17,497
		6.75%, (100, 05/15/25) (c)	167,000		154,430
	Enlink Midstream, LLC
		6.50%, 09/01/30 (a)	25,000		24,254
	EQM Midstream Partners, LP
		4.13%, 12/01/26	102,000		94,370
		7.50%, 06/01/27 (a)	53,000		52,828
		6.50%, 07/01/27 (a)	65,000		63,500
		4.50%, 01/15/29 (a)	67,000		59,651
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 - 04/15/32 (a)	223,000		206,215
		5.75%, 02/01/29 (a)	38,000		34,374
		6.00%, 04/15/30 (a)	47,000		42,306
	Husky Energy Inc.
		13.00%, 02/15/25 (a) (d)	250,000		247,939
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	200,000		171,000
	Kinetik Holdings LP
		5.88%, 06/15/30 (a)	151,000		141,515
	Nabors Industries Ltd.
		7.50%, 01/15/28 (a)	38,000		35,085
	Nabors Industries, Inc.
		7.38%, 05/15/27 (a)	122,000		118,340
	Noble Finance II LLC
		8.00%, 04/15/30 (a)	30,000		30,361
	NuStar Logistics, L.P.
		6.00%, 06/01/26	53,000		51,494
	Occidental Petroleum Corporation
		6.95%, 07/01/24	59,000		59,280
		8.88%, 07/15/30	50,000		56,075
		6.45%, 09/15/36	41,000		40,497
		7.95%, 06/15/39	34,000		37,023
	Oceaneering International, Inc.
		6.00%, 02/01/28 (a)	77,000		72,455
	Ovintiv Canada ULC
		5.65%, 05/15/28	87,000		85,055
		6.25%, 07/15/33	48,000		46,425
	Permian Resources Operating, LLC
		7.00%, 01/15/32 (a)	88,000		86,807
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (a)	118,000		117,893
		9.63%, 04/15/29 (a)	200,000		197,960
	Southwestern Energy Company
		8.38%, 09/15/28	60,000		61,967
		5.38%, 02/01/29 - 03/15/30	145,000		132,588
		4.75%, 02/01/32	72,000		61,767
	Transocean Aquila Ltd.
		8.00%, 09/30/28 (a)	26,000		26,000
	Transocean Inc
		8.00%, 02/01/27 (a)	100,000		96,280
		8.75%, 02/15/30 (a)	36,100		36,904
	Transocean Titan Financing Ltd.
		8.38%, 02/01/28 (a)	121,000		123,058
	USA Compression Finance Corp.
		6.88%, 09/01/27	87,000		84,064
	Venture Global LNG, Inc.
		8.13%, 06/01/28 (a)	86,000		85,163
		8.38%, 06/01/31 (a)	86,000		84,783
				5,493,178
Financials 14.7%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	221,000		213,947
	AG TTMT Escrow Issuer LLC
		8.63%, 09/30/27 (a)	36,000		36,260
	Banco Santander, S.A.
		6.92%, 08/08/33	90,000		86,017
	Benteler International Aktiengesellschaft
		10.50%, 05/15/28 (a)	98,000		98,409
	Citigroup Inc.
		5.00%, (100, 09/12/24) (c)	246,000		233,141
	Corebridge Financial, Inc.
		6.88%, 12/15/52	88,000		84,768
	Dana Financing Luxembourg S.a r.l.
		5.75%, 04/15/25 (a)	14,000		13,703
	Deutsche Bank Aktiengesellschaft
		4.88%, 12/01/32	265,000		226,146
	EG Global Finance PLC
		6.75%, 02/07/25 (a)	200,000		195,794
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	83,000		80,352
		6.95%, 06/10/26	235,000		234,706
		4.27%, 01/09/27	364,000		336,476
		2.90%, 02/10/29	207,000		169,999
		7.20%, 06/10/30	75,000		75,390
	Freedom Mortgage Corporation
		12.00%, 10/01/28 (a)	33,000		33,495
		12.25%, 10/01/30 (a)	116,000		117,909
	HUB International Limited
		7.00%, 05/01/26 (a)	81,000		80,820
	Icahn Enterprises L.P.
		6.25%, 05/15/26	199,000		184,982
		5.25%, 05/15/27	198,000		174,156
		4.38%, 02/01/29	107,000		85,754
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (d)	23,000		19,080
	Macquarie Airfinance Holdings Limited
		8.13%, 03/30/29 (a)	114,000		114,124
	Markel Group Inc.
		6.00%, (100, 06/01/25) (c)	99,000		95,608
	Morgan Stanley
		5.25%, 04/21/34	113,000		104,921
	Navient Corporation
		6.13%, 03/25/24	88,000		87,550
	NFP Corp.
		7.50%, 10/01/30 (a)	58,000		55,609
	OneMain Finance Corporation
		6.13%, 03/15/24	61,000		60,761
		6.88%, 03/15/25	28,000		27,761
		7.13%, 03/15/26	92,000		89,961
		3.50%, 01/15/27	202,000		172,977
		3.88%, 09/15/28	69,000		55,425
		5.38%, 11/15/29	81,000		67,815

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
	Osaic Holdings, Inc.
		10.75%, 08/01/27 (a) (e)	117,000		117,580
	PennyMac Financial Services, Inc.
		5.38%, 10/15/25 (a)	183,000		174,112
		5.75%, 09/15/31 (a)	273,000		222,815
	PRA Group, Inc.
		8.38%, 02/01/28 (a)	199,000		181,671
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	177,000		174,935
	The PNC Financial Services Group, Inc.
		6.25%, (100, 03/15/30) (c)	119,000		102,121
	The Toronto-Dominion Bank
		8.13%, 10/31/82 (f)	80,000		79,749
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	99,000		97,374
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (c)	132,000		110,157
	VistaJet Malta Finance P.L.C.
		7.88%, 05/01/27 (a)	54,000		46,504
		6.38%, 02/01/30 (a)	145,000		112,023
	VMED O2 UK Financing I PLC
		4.25%, 01/31/31 (a)	46,000		36,628
				5,169,485
Consumer Discretionary 13.9%
	American Axle & Manufacturing, Inc.
		6.25%, 03/15/26	91,000		88,208
	Bath & Body Works, Inc.
		6.88%, 11/01/35	57,000		50,846
	Caesars Entertainment, Inc.
		7.00%, 02/15/30 (a)	89,000		86,555
	Carnival Corporation
		5.75%, 03/01/27 (a)	421,000		380,813
		4.00%, 08/01/28 (a)	266,000		230,235
	CDI Escrow Issuer Inc
		5.75%, 04/01/30 (a)	142,000		128,320
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	28,000		25,263
	Clarios Global LP
		8.50%, 05/15/27 (a)	144,000		143,378
	Dana Incorporated
		5.38%, 11/15/27	27,000		25,067
		5.63%, 06/15/28 (e)	58,000		53,071
		4.25%, 09/01/30	8,000		6,418
		4.50%, 02/15/32	150,000		116,307
	EG Global Finance PLC
		8.50%, 10/30/25 (a)	162,000		159,923
	Eldorado Resorts, Inc.
		6.25%, 07/01/25 (a)	88,000		86,872
	Ford Motor Company
		6.63%, 10/01/28	52,000		52,226
		9.63%, 04/22/30	40,000		45,741
		5.29%, 12/08/46	39,000		29,640
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (a)	128,000		115,201
	Hilton Grand Vacations Borrower LLC
		5.00%, 06/01/29 (a)	32,000		27,795
		4.88%, 07/01/31 (a)	69,000		56,221
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (a) (d)	55,000		51,539
	International Game Technology PLC
		5.25%, 01/15/29 (a)	71,000		65,459
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (a)	126,000		111,675
	Jaguar Land Rover Automotive PLC
		7.75%, 10/15/25 (a)	91,000		91,315
		5.50%, 07/15/29 (a)	134,000		114,525
	Light and Wonder International, Inc.
		7.00%, 05/15/28 (a)	57,000		56,046
	LKQ Corporation
		6.25%, 06/15/33 (a)	45,000		43,512
	Macys Retail Holdings
		5.88%, 03/15/30 (a)	81,000		68,651
		6.13%, 03/15/32 (a)	174,000		143,666
	Magic Mergeco, Inc.
		5.25%, 05/01/28 (a)	131,000		104,609
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (a)	211,000		174,502
	Marriott Ownership Resorts, Inc.
		4.75%, 01/15/28	108,000		94,605
		4.50%, 06/15/29 (a)	94,000		78,777
	MCE Finance Limited
		5.38%, 12/04/29 (a)	402,000		331,059
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	91,540		90,849
	Odeon Finco PLC
		12.75%, 11/01/27 (a)	85,000		84,521
	PetSmart, Inc.
		7.75%, 02/15/29 (a)	144,000		134,242
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	178,000		165,343
	QVC, Inc.
		4.38%, 09/01/28	78,000		40,897
		5.45%, 08/15/34	88,000		39,082
	Resorts World Las Vegas LLC
		8.45%, 07/27/30 (a)	110,000		106,039
	Royal Caribbean Cruises Ltd.
		7.25%, 01/15/30 (a)	90,000		89,205
	Sands China Ltd
		3.10%, 03/08/29 (g) (h)	179,000		148,302
		3.50%, 08/08/31 (g) (h)	109,000		86,077
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (a)	26,000		24,707
	Staples, Inc.
		7.50%, 04/15/26 (a)	156,000		128,320
	TKC Holdings, Inc.
		6.88%, 05/15/28 (a)	61,000		54,051
		10.50%, 05/15/29 (a)	93,000		77,899
	Travel + Leisure Co.
		6.00%, 04/01/27 (g) (h)	41,000		38,980
		4.50%, 12/01/29 (a)	77,000		64,747
		4.63%, 03/01/30 (a)	23,000		19,435
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (a)	54,000		51,964
				4,882,700
Communication Services 13.0%
	Altice Financing S.A.
		5.75%, 08/15/29 (a)	217,000		177,907
	Altice France
		10.50%, 05/15/27 (a)	60,000		37,465
		6.00%, 02/15/28 (a)	43,000		21,222
	Altice France Holding S.A.
		5.50%, 10/15/29 (a)	165,000		118,764
	AMC Entertainment Holdings, Inc.
		7.50%, 02/15/29 (a) (e)	161,000		111,875
	Arches Buyer Inc.
		6.13%, 12/01/28 (a)	12,000		9,739
	CCO Holdings, LLC
		5.13%, 05/01/27 (a)	67,000		62,402
		5.38%, 06/01/29 (a)	338,000		303,288
		4.75%, 03/01/30 - 02/01/32 (a)	171,000		138,489
		4.25%, 02/01/31 - 01/15/34 (a)	231,000		176,522
		4.50%, 05/01/32	179,000		140,481
	Clear Channel International B.V.
		6.63%, 08/01/25 (a)	53,000		52,466
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a) (e)	27,000		21,556
		7.50%, 06/01/29 (a) (e)	127,000		97,214
	Connect Finco SARL
		6.75%, 10/01/26 (a)	114,000		106,517
	CSC Holdings, LLC
		5.25%, 06/01/24 (e)	190,000		180,696
		5.38%, 02/01/28 (a)	35,000		28,558
		5.75%, 01/15/30 (a)	293,000		164,061
	Diamond Sports Group, LLC
		0.00%, 08/15/26 (a) (i) (j)	61,000		1,445
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	322,000		284,819

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
	DISH DBS Corporation
		7.75%, 07/01/26	212,000		158,826
	Frontier Communications Holdings, LLC
		8.75%, 05/15/30 (a)	74,000		70,242
		8.63%, 03/15/31 (a)	75,000		70,393
	Frontier Communications Parent, Inc.
		5.00%, 05/01/28 (a)	138,000		117,951
	Gray Television, Inc.
		4.75%, 10/15/30 (a)	69,000		45,699
		5.38%, 11/15/31 (a)	91,000		59,394
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26 (e)	51,000		43,597
	iHeartCommunications, Inc.
		6.38%, 05/01/26	24,565		21,188
		8.38%, 05/01/27 (e)	47,651		34,160
		5.25%, 08/15/27 (a)	97,000		76,922
		4.75%, 01/15/28 (a)	31,000		23,569
	Iliad Holding
		7.00%, 10/15/28 (a)	185,000		168,239
	Intelsat Jackson Holdings S.A.
		6.50%, 03/15/30 (a)	125,000		110,977
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	120,000		110,163
	Level 3 Financing, Inc.
		10.50%, 05/15/30 (a)	7,000		7,041
	Liberty Media Corporation
		8.25%, 02/01/30	153,000		48,417
	Sirius XM Radio Inc.
		4.13%, 07/01/30 (a)	183,000		146,518
		3.88%, 09/01/31 (a)	115,000		87,100
	Sprint Capital Corporation
		6.88%, 11/15/28	59,000		60,942
	Sprint Corporation
		7.13%, 06/15/24	85,000		85,531
		7.63%, 03/01/26	16,000		16,446
	Stagwell Inc.
		5.63%, 08/15/29 (a)	132,000		106,647
	Telecom Italia SPA
		5.30%, 05/30/24 (a)	53,000		52,068
	Telesat Canada
		5.63%, 12/06/26 (a)	146,000		100,707
		6.50%, 10/15/27 (a)	161,000		83,442
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	94,000		73,575
	Virgin Media Secured Finance PLC
		4.50%, 08/15/30 (a)	179,000		147,863
	VMED O2 UK Financing I PLC
		4.75%, 07/15/31 (a)	265,000		214,484
				4,577,587
Industrials 10.1%
	Air Canada
		3.88%, 08/15/26 (a)	94,000		85,343
	American Airlines, Inc.
		7.25%, 02/15/28 (a)	230,000		219,911
	Ardagh Packaging Finance Public Limited Company
		4.13%, 08/15/26 (a)	183,000		167,203
	Bombardier Inc.
		7.50%, 03/15/25 (a)	14,000		13,949
		7.13%, 06/15/26 (a)	145,000		140,504
	Builders FirstSource, Inc.
		4.25%, 02/01/32 (a)	193,000		158,306
	Cimpress NV
		7.00%, 06/15/26	242,000		226,564
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	70,000		70,778
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	300,000		295,010
		9.75%, 08/01/27 (a)	34,000		35,124
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (a)	129,000		108,528
	Howmet Aerospace Inc.
		6.88%, 05/01/25	2,000		2,007
	Imola Merger Corporation
		4.75%, 05/15/29 (a)	134,000		117,291
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	249,000		217,527
	Labl, Inc.
		9.50%, 11/01/28 (a)	53,000		54,441
	Masonite International Corporation
		5.38%, 02/01/28 (a)	44,000		40,939
	Owens-Brockway Glass Container Inc.
		7.25%, 05/15/31 (a)	58,000		56,730
	Pitney Bowes Inc.
		6.88%, 03/15/27 (a) (e)	144,000		114,201
	Rand Parent LLC
		8.50%, 02/15/30 (a) (e)	93,000		86,011
	Regal Rexnord Corporation
		6.05%, 04/15/28 (a) (h)	88,000		85,619
	Rolls-Royce PLC
		5.75%, 10/15/27 (a)	118,000		113,698
	Sensata Technologies B.V.
		4.00%, 04/15/29 (a)	141,000		121,635
	Summit Materials, LLC
		5.25%, 01/15/29 (a)	93,000		84,796
	Terex Corporation
		5.00%, 05/15/29 (a)	119,000		106,963
	TransDigm Inc.
		6.25%, 03/15/26 (a)	289,000		285,044
		6.75%, 08/15/28 (a)	89,000		87,715
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (a)	95,000		88,727
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (a)	145,000		146,113
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	146,000		137,762
	XPO, Inc.
		7.13%, 06/01/31 (a)	86,000		84,661
				3,553,100
Health Care 7.1%
	Bausch Health Companies Inc.
		6.13%, 02/01/27 (a)	73,000		45,697
		4.88%, 06/01/28 (a)	26,000		14,796
	Centene Corporation
		2.50%, 03/01/31	30,000		23,018
	DaVita Inc.
		3.75%, 02/15/31 (a)	315,000		239,724
	IQVIA Inc.
		5.00%, 05/15/27 (a)	78,000		73,503
	Legacy Lifepoint Health, LLC
		4.38%, 02/15/27 (a)	188,000		161,685
		5.38%, 01/15/29 (a)	84,000		58,784
		9.88%, 08/15/30 (a)	195,000		188,945
	Molina Healthcare, Inc.
		3.88%, 05/15/32 (a)	62,000		49,790
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (a)	246,000		207,855
	Organon & Co.
		5.13%, 04/30/31 (a)	201,000		161,188
	Owens & Minor, Inc.
		6.63%, 04/01/30 (a) (e)	263,000		233,449
	Perrigo Finance Unlimited Company
		4.65%, 06/15/30 (g) (h)	97,000		82,768
	Pfizer Investment Enterprises Pte. Ltd
		4.75%, 05/19/33	175,000		165,649
	Royalty Pharma PLC
		2.20%, 09/02/30	109,000		84,669
	Tenet Healthcare Corporation
		4.88%, 01/01/26	111,000		106,426
		4.63%, 06/15/28 (b)	34,000		30,633
		4.25%, 06/01/29	130,000		111,963
		4.38%, 01/15/30	50,000		43,066
		6.13%, 06/15/30	123,000		115,543
		6.75%, 05/15/31 (a)	88,000		84,930
	Teva Pharmaceutical Finance Netherlands III B.V.
		7.88%, 09/15/29	50,000		50,814

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
		8.13%, 09/15/31 (e)	173,000		178,447
				2,513,342
Consumer Staples 5.8%
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (a)	163,000		151,819
	Ashtead Capital, Inc.
		5.50%, 08/11/32 (a)	125,000		115,455
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	46,000		42,591
	Grifols Escrow Issuer S.A.
		4.75%, 10/15/28 (a) (e)	203,000		173,533
	Kraft Heinz Foods Company
		4.63%, 10/01/39	137,000		115,314
	Macquarie Airfinance Holdings Limited
		8.38%, 05/01/28 (a)	115,000		116,546
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	280,000		207,575
	MPH Acquisition Holdings LLC
		5.50%, 09/01/28 (a)	84,000		71,445
	Neptune BidCo US Inc.
		9.29%, 04/15/29 (a)	188,000		170,386
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (a)	82,000		83,193
		4.25%, 04/15/31	351,000		292,421
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	26,000		25,853
		6.25%, 01/15/28 (a)	123,000		113,900
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a) (e)	161,000		134,748
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a) (e)	202,000		154,068
	Verscend Escrow Corp
		9.75%, 08/15/26 (a)	92,000		92,008
				2,060,855
Information Technology 4.0%
	AMS-Osram AG
		7.00%, 07/31/25 (a)	253,000		249,836
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	42,000		37,280
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (a)	29,000		28,873
	Entegris Escrow Corporation
		4.75%, 04/15/29 (a)	72,000		64,779
		5.95%, 06/15/30 (a)	151,000		139,640
	Goto Group, Inc.
		5.50%, 09/01/27 (a)	117,000		64,111
	NCR Corporation
		5.75%, 09/01/27 (a)	88,000		88,677
		5.13%, 04/15/29 (a)	103,000		90,833
		6.13%, 09/01/29 (a)	87,000		89,088
	Open Text Corporation
		3.88%, 02/15/28 (a)	70,000		61,141
		3.88%, 12/01/29 (a)	98,000		80,424
		4.13%, 02/15/30 (a)	134,000		112,180
	ViaSat, Inc.
		5.63%, 09/15/25 (a)	184,000		169,950
		6.50%, 07/15/28 (a)	49,000		33,898
		7.50%, 05/30/31 (a)	178,000		117,389
				1,428,099
Materials 3.3%
	CEMEX S.A.B. de C.V.
		9.13%, (100, 03/14/28) (a) (c)	86,000		89,546
	Diamond Escrow Issuer, LLC
		9.75%, 11/15/28 (a)	153,000		152,788
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (a)	76,000		75,726
		6.88%, 10/15/27 (a)	233,000		223,654
	FMG Resources (August 2006) Pty Ltd
		6.13%, 04/15/32 (a)	126,000		115,099
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a)	145,000		120,133
	Mineral Resources Limited
		9.25%, 10/01/28 (a)	112,000		113,018
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	54,000		53,038
	Olin Corporation
		5.63%, 08/01/29	125,000		117,610
	Sealed Air Corporation
		6.13%, 02/01/28 (a)	33,000		31,947
	Trinseo Materials Operating S.C.A.
		5.13%, 04/01/29 (a)	122,000		64,261
				1,156,820
Utilities 2.2%
	Calpine Corporation
		5.13%, 03/15/28 (a)	132,000		117,550
		5.00%, 02/01/31 (a)	45,000		36,440
	DPL Inc.
		4.13%, 07/01/25	71,000		67,523
	Pacific Gas And Electric Company
		3.25%, 06/01/31	106,000		84,189
		5.90%, 06/15/32	49,000		45,687
		6.15%, 01/15/33	30,000		28,523
	PG&E Corporation
		5.00%, 07/01/28 (e)	123,000		111,378
	Vistra Operations Company LLC
		5.50%, 09/01/26 (a)	128,000		121,915
		5.00%, 07/31/27 (a)	143,000		131,492
		4.38%, 05/01/29 (a)	26,000		22,352
		4.30%, 07/15/29 (a)	21,000		18,397
				785,446
Real Estate 0.4%
	Greystar Real Estate Partners, LLC
		7.75%, 09/01/30 (a)	90,000		88,609
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	56,000		52,279
				140,888
	Total Corporate Bonds And Notes (cost $33,421,688)			31,761,500
SENIOR FLOATING RATE INSTRUMENTS 5.7%
Communication Services 2.5%
	888 Acquisitions Limited
		USD Term Loan B, 10.21%, (3 Month Term SOFR + 5.25%), 07/18/28 (k)	148,587		139,237
	Allen Media, LLC
		2021 Term Loan B, 10.89%, (3 Month Term SOFR + 5.50%), 02/10/27 (d) (k)	96,209		85,289
	CSC Holdings, LLC
		2017 Term Loan B1, 7.70%, (1 Month USD LIBOR + 2.25%), 07/15/25 (k)	125,000		120,937
	Great Outdoors Group, LLC
		2021 Term Loan B1, 9.20%, (1 Month Term SOFR + 3.75%), 02/26/28 (k)	185,563		184,934
	Intelsat Jackson Holdings S.A.
		2021 Exit Term Loan B, 9.77%, (SOFR + 4.25%), 01/25/29 (k)	47,989		47,836
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 10.23%, (3 Month USD LIBOR + 4.50%), 06/20/24 (k)	156,575		139,895
	Stars Group Holdings B.V. (The)
		2022 USD Term Loan B, 8.75%, (3 Month Term SOFR + 3.25%), 07/04/28 (k)	73,877		73,914
	Viasat Inc.
		Term Loan, 0.00%, (SOFR + 4.50%), 05/30/30 (k) (l)	90,000		83,307
				875,349
Consumer Discretionary 1.2%
	Carnival Corporation
		2023 Term Loan B, 8.33%, (1 Month Term SOFR + 3.00%), 08/01/27 (k)	45,000		44,831
	Clarios Global LP
		2023 Incremental Term Loan, 9.08%, (1 Month Term SOFR + 3.75%), 04/20/30 (k)	97,000		96,697
	First Brands Group, LLC
		2022 Incremental Term Loan, 10.88%, (6 Month Term SOFR + 5.00%), 03/30/27 (k)	101,489		100,030
	Michaels Companies, Inc.
		2021 Term Loan B, 9.75%, (3 Month Term SOFR + 4.25%), 04/08/28 (k)	71,269		64,887

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023


			Shares/Par¹		Value ($)
	Tenneco, Inc.
		2022 Term Loan B, 10.41%, (SOFR + 5.00%), 11/17/28 (k)	394		334
		2022 Term Loan B, 10.48%, (SOFR + 5.00%), 11/17/28 (k)	139,606		118,211
				424,990
Information Technology 0.9%
	CDK Global, Inc.
		2022 USD Term Loan B, 9.49%, (3 Month Term SOFR + 4.25%), 06/09/29 (k)	129,673		129,603
	Peraton Corp.
		Term Loan B, 9.18%, (1 Month Term SOFR + 3.75%), 02/22/28 (k)	79,819		79,570
	Pitney Bowes Inc.
		Term Loan, 0.00%, (3 Month USD LIBOR + 4.00%), 03/12/28 (k) (l)	82,000		78,618
	Roper Industrial Products Investment Company LLC
		USD Term Loan, 9.74%, (3 Month Term SOFR + 4.50%), 11/22/29 (k)	49,750		49,821
				337,612
Industrials 0.9%
	Advisor Group, Inc.
		2023 Term Loan B, 9.87%, (3 Month Term SOFR + 4.50%), 08/17/28 (k)	140,000		139,782
	Mileage Plus Holdings LLC
		2020 Term Loan B, 10.80%, (3 Month Term SOFR + 5.25%), 12/31/23 (k)	36,900		38,288
	PMHC II, Inc.
		2022 Term Loan B, 9.70%, (3 Month Term SOFR + 4.25%), 02/03/29 (k)	98,751		92,983
	United Airlines, Inc.
		2021 Term Loan B, 9.18%, (3 Month USD LIBOR + 3.75%), 04/14/28 (k)	41,983		41,992
				313,045
Materials 0.2%
	Lonza Group AG
		USD Term Loan B, 9.27%, (3 Month Term SOFR + 3.92%), 04/29/28 (k)	80,448		71,079
	Total Senior Floating Rate Instruments (cost $2,038,423)			2,022,075
COMMON STOCKS 0.4%
Energy 0.2%
	MPLX LP		2,200		78,254
Financials 0.1%
	Nordic Aviation Capital Designated Activity Company (i)		1,868		29,479
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (i)		8,143		12,866
	iHeartMedia, Inc. - Class A (i)		3,283		10,374
				23,240
	Total Common Stocks (cost $220,713)			130,973
SHORT TERM INVESTMENTS 8.3%
Securities Lending Collateral 5.1%
	State Street Navigator Securities Lending Government Money Market Portfolio - Institutional Class, 5.28% (m)		1,786,620		1,786,620
Investment Companies 3.2%
	State Street U.S. Government Money Market Fund, 5.23% (m)		1,132,053		1,132,053
	Total Short Term Investments (cost $2,918,673)			2,918,673
Total Investments 104.5% (cost $38,599,497)					36,833,221
Other Assets and Liabilities, Net (4.5)%					(1,595,628)
Total Net Assets 100.0%					35,237,593

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of September 30, 2023, the value and the percentage of net assets of these securities was $23,470,684 and 66.6% 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.

(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) All or a portion of the security was on loan as of September 30, 2023.

(f) Convertible security.

(g) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2023.

(h) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2023.

(i) Non-income producing security.

(j) As of September 30, 2023, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(l) This senior floating rate interest will settle after September 30, 2023. If a reference rate and spread is presented, it will go into effect upon settlement.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2023.


PPM High Yield Core Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Energean Israel Finance Ltd, 4.88%, 03/30/26	12/07/21	241,606	231,259	0.6
	Tenet Healthcare Corporation, 4.63%, 06/15/28	01/03/23	31,105	30,633	0.1
			272,711	261,892	0.7

Abbreviations and additional footnotes are defined on page 11

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023

Currency Abbreviations:

USD - United States Dollar

Abbreviations:


LIBOR - London Interbank Offered Rate
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.

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023

Securities Lending and Securities Lending Collateral. All Funds are approved to participate in agency based securities lending with State Street Bank and Trust Company (“State Street”). Per the securities lending agreements, State Street is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: US equities – 102%; US corporate fixed income – 102%; US Government fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral requirements are evaluated at the close of each business day; any additional collateral required is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. State Street has agreed to indemnify the Funds in the event of default by a third-party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, which is shared with the borrower through negotiated rebates. The Funds bear the market risk with respect to the collateral investment and securities loaned. The Funds also bear the risk that State Street may default on its obligations to the Funds. Non-cash collateral may include US Government securities; US Government agencies’ debt securities; and US Government-sponsored agencies’ debt securities and mortgage-backed securities. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge. For non-cash collateral, the Funds receive lending fees negotiated with the borrower. State Street has agreed to indemnify the Funds with respect to the market risk related to the non-cash collateral investments.

The cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund and a series of State Street Navigator Securities Lending Trust, which is an open-end management company registered under the 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 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.

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023

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, "Fair Value Measurement". This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:

Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds.

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third-party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, including certain term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, swap agreements valued by pricing services, American Depositary Receipts and Global Depositary Receipts for which quoted prices in active markets are not available or securities limited by foreign ownership.

Level 3 includes valuations determined from significant unobservable inputs including the Administrator's own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index or changes in comparable securities’ models. Level 3 valuations include securities; term loans that do not meet certain liquidity thresholds; securities where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; private placements; or investments for which reliable quotes are otherwise not available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes each Fund’s investments in securities and other financial instruments as of September 30, 2023, by valuation level.


	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		15,310,182	—	15,310,182
Government And Agency Obligations	—		12,800,365	—	12,800,365
Non-U.S. Government Agency Asset-Backed Securities	—		3,923,038	—	3,923,038
Senior Floating Rate Instruments	—		547,932	—	547,932
Common Stocks	19,174		—	—	19,174
Short Term Investments	1,495,944		409,379	—	1,905,323
	1,515,118		32,990,896	—	34,506,014
Assets - Investments in Other Financial Instruments¹
Futures Contracts	110,518		—	—	110,518
	110,518		—	—	110,518
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(192,713	)	—	—	(192,713	)
	(192,713	)	—	—	(192,713	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		31,761,500	—	31,761,500
Senior Floating Rate Instruments	—		2,022,075	—	2,022,075
Common Stocks	130,973		—	—	130,973
Short Term Investments	2,973,628		—	—	2,973,628
	3,104,601		33,783,575	—	36,888,176

¹ All 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, 2023.

PPMFunds

Schedules of Investments (Unaudited)

September 30, 2023

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

PPM Funds NPORT-PMonthly portfolio investment report