PPM Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23308

PPM Funds

(Exact Name of registrant as specified in charter)

225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606

(Address of principal executive offices)

225 West Wacker Drive, Suite 1200, Chicago, Illinois 60606

(Mailing address)

Andrew Tedeschi

PPM Funds

225 West Wacker Drive, Suite 1200

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 634-2500

Date of Fiscal Year End: December 31

Date of Reporting Period: January 1, 2022 – June 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Report to Shareholders.



PPMFunds

Semi-Annual Report

June 30, 2022

As permitted by regulations adopted by the SEC, paper copies of the PPM Funds’ annual and semi-annual shareholder reports are no longer
sent by mail, unless you specifically request paper copies of the reports from the Funds. Instead, the reports are made available on PPM
America’s website (www.ppmamerica.com/ppmfunds), and you will be notified by mail each time a report is posted and provided with a
website link to access the report.

If you hold your shares directly with the Funds and wish to receive paper copies of your shareholder reports free of charge, you may elect to
do so by contacting the Funds at 1-844-446-4PPM (1-844-446-4776) or by logging into your account online. If you hold your shares through
a financial intermediary, you may elect to receive paper copies of your shareholder reports by contacting your financial intermediary. Your
election to receive reports in paper will apply to all PPM Funds that you hold directly or all PPM Funds you hold through your financial
intermediary, as applicable.

PPMFunds (Unaudited)

June 30, 2022

PPM Funds including: PPM Core Plus Fixed Income Fund (PKPIX) and PPM High Yield Core Fund (PKHIX)


Schedules of Investments	3
Statements of Assets and Liabilities	16
Statements of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	21
Additional Disclosures	31
PPM Funds Liquidity Narrative for Shareholders	32
Privacy Policy	33

PPMFunds

June 30, 2022 (Unaudited)

Important Disclosures and Glossary (Unaudited)

Before investing, investors should carefully read the prospectus and/or summary prospectus and consider the investment objectives, risk, charges and expenses. For this and more complete information about the Funds, investors may obtain a prospectus or summary prospectus by calling 1-844-446-4PPM (1-844-446-4776), by writing PPM Funds, P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, or by visiting https://www.ppmamerica.com/ppmfunds.

Mutual funds are issued by PPM America, Inc. PPM Funds are distributed by Jackson National Life Distributors LLC¹, member FINRA.

The discussion of the Funds’ investments and investment strategy (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) represents the Funds’ investments and the views of the portfolio managers and PPM America, Inc., the Funds’ investment adviser, at the time of this report, and are subject to change without notice.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance shown. All returns reflect the reinvestment of income dividends and capital gains. You cannot invest directly in an index.

Mutual fund investing involves risk. Please see the Notes to the Financial Statements of this semi-annual report, as well as the prospectus for more information on risks.

The Bloomberg US Aggregate Bond Index provides a broad measure of US investment grade, USD-denominated fixed rate bonds. It includes Treasuries, government-rated issues, corporate bonds, MBS, CMBS and ABS securities.

The ICE BofA US High Yield Constrained Index provides a measure of below investment grade bonds, is constructed based on the ICE BofA US High Yield Index and imposes a 2% issuer cap. The ICE BofA US High Yield Index provides a broad measure of below investment grade, USD-denominated fixed rate corporate debt. It includes corporate bonds with risk exposures to countries that are members of the FX-G10, Western Europe or territories of the US and Western Europe.

¹As of July 1, 2022, PPM Funds are distributed by Foreside Financial Services, LLC

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
PPM Core Plus Fixed Income Fund
GOVERNMENT AND AGENCY OBLIGATIONS 45.1%
Mortgage-Backed Securities 21.1%
	Federal Home Loan Mortgage Corporation
		2.00%, 12/01/35 - 03/01/52	1,154,409		1,021,798
		4.00%, 10/01/45 - 06/01/48	206,450		206,755
		3.50%, 01/01/46 - 04/01/50	472,661		461,980
		3.00%, 11/01/46 - 12/01/49	93,246		87,874
		4.50%, 11/01/48	11,769		11,972
		2.50%, 05/01/50 - 11/01/51	823,156		743,712
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 03/01/52	1,027,148		973,046
		2.50%, 10/01/35 - 01/01/52	1,291,323		1,189,204
		2.00%, 05/01/36 - 01/01/52	1,795,475		1,584,572
		TBA, 3.00%, 07/15/37 - 07/15/52 (a)	470,000		449,934
		TBA, 3.50%, 07/15/37 (a)	235,000		233,430
		3.50%, 10/01/46 - 06/01/52	524,903		509,390
		4.00%, 01/01/47 - 09/01/49	369,575		369,080
		4.50%, 05/01/47 - 12/01/48	288,533		294,301
		TBA, 4.00%, 07/15/52 (a)	400,000		394,312
	Government National Mortgage Association
		3.00%, 10/20/46 - 02/20/52	619,456		587,866
		3.50%, 05/20/47 - 07/20/51	498,359		488,366
		4.00%, 07/20/47	140,677		141,393
		4.50%, 12/20/48 - 02/20/49	58,661		59,960
		2.50%, 03/20/51 - 07/20/51	579,709		534,065
		2.00%, 09/20/51 - 03/20/52	305,241		271,803
				10,614,813
U.S. Treasury Note 19.4%
	Treasury, United States Department of
		0.25%, 03/15/24 - 07/31/25	342,000		317,197
		1.50%, 10/31/24 - 02/15/30	1,466,000		1,360,744
		2.88%, 06/15/25 - 05/15/32	2,896,400		2,864,758
		2.25%, 11/15/25	980,000		954,275
		0.38%, 12/31/25 - 01/31/26	1,500,000		1,364,924
		0.88%, 09/30/26	200,000		182,656
		1.25%, 11/30/26 - 06/30/28	1,245,000		1,121,962
		0.63%, 03/31/27	335,000		298,988
		2.63%, 05/31/27	904,000		886,909
		1.38%, 11/15/31	403,000		349,540
		1.88%, 02/15/32	82,000		74,274
				9,776,227
U.S. Treasury Bond 3.9%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		484,194
		2.00%, 11/15/41	125,000		99,238
		3.13%, 11/15/41	316,000		303,163
		2.50%, 02/15/45 - 02/15/46	756,000		640,811
		3.00%, 02/15/48	317,000		298,673
		1.63%, 11/15/50	81,000		56,953
		2.88%, 05/15/52	80,000		75,525
				1,958,557
U.S. Government Agency Obligations 0.4%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (b)	229,000		189,465
Municipal 0.3%
	Dallas/Fort Worth International Airport
		2.84%, 11/01/46	55,000		42,761
	Dormitory Authority State of New York
		3.19%, 02/15/43	100,000		82,022
				124,783
	Total Government And Agency Obligations (cost $24,277,728)			22,663,845
CORPORATE BONDS AND NOTES 42.8%
Financials 16.3%
	AerCap Ireland Capital Designated Activity Company
		6.50%, 07/15/25	50,000		51,110
		2.45%, 10/29/26	165,000		143,641
		3.00%, 10/29/28	163,000		137,128
		3.30%, 01/30/32	195,000		155,398
	Ares Finance Co. IV LLC
		3.65%, 02/01/52 (c)	66,000		46,624
	Bank of America Corporation
		4.25%, 10/22/26	35,000		34,526
		3.56%, 04/23/27	65,000		62,341
		1.73%, 07/22/27	103,000		91,797
		3.59%, 07/21/28	90,000		84,981
		4.27%, 07/23/29	333,000		320,245
		2.59%, 04/29/31	100,000		84,813
		2.30%, 07/21/32	140,000		113,162
		2.68%, 06/19/41	65,000		46,793
	Barclays PLC
		3.56%, 09/23/35 (d)	295,000		244,706
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	95,000		68,536
	BlackRock, Inc.
		2.10%, 02/25/32	268,000		221,579
	Blackstone Holdings Finance Co. L.L.C.
		2.00%, 01/30/32 (c)	142,000		113,009
	Blackstone Private Credit Fund
		1.75%, 09/15/24 (c)	52,000		47,996
		2.63%, 12/15/26 (c)	99,000		82,569
		3.25%, 03/15/27 (c)	141,000		119,676
		4.00%, 01/15/29 (c)	60,000		48,942
	Blackstone Secured Lending Fund
		2.85%, 09/30/28	135,000		108,868
	BNP Paribas
		2.16%, 09/15/29 (c)	110,000		92,138
		2.59%, 08/12/35 (c) (d)	90,000		70,890
	Citigroup Inc.
		5.00%, (100, 09/12/24) (e)	83,000		72,977
		4.45%, 09/29/27	76,000		74,519
		3.52%, 10/27/28	131,000		122,342
		2.67%, 01/29/31	224,000		190,272
		2.57%, 06/03/31	142,000		118,693
		3.06%, 01/25/33	58,000		49,265
	CNO Global Funding
		1.75%, 10/07/26 (c)	150,000		132,895
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (c) (e)	200,000		154,957
		7.50%, (100, 12/11/23) (c) (d) (e)	150,000		142,500
		6.50%, 08/08/23 (c) (d)	250,000		249,955
	Deutsche Bank Aktiengesellschaft
		3.73%, 01/14/32 (d)	100,000		75,527
		3.04%, 05/28/32 (d)	90,000		70,965
	F&G Global Funding
		2.00%, 09/20/28 (c)	120,000		101,461
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	75,000		71,670
		4.95%, 05/28/27	50,000		46,403
		3.82%, 11/02/27	78,000		66,300
	FS KKR Capital Corp.
		3.40%, 01/15/26	102,000		90,626
		3.13%, 10/12/28	90,000		71,621
	Glencore Funding LLC
		4.88%, 03/12/29 (c)	75,000		73,060
	Icahn Enterprises L.P.
		4.75%, 09/15/24	100,000		93,778
	Intercontinental Exchange, Inc.
		4.35%, 06/15/29	71,000		69,951
		4.95%, 06/15/52	85,000		83,651
	JBS Finance Luxembourg S.a r.l.
		3.63%, 01/15/32 (c) (f)	94,000		75,809
	JPMorgan Chase & Co.
		2.01%, 03/13/26	132,000		123,419
		2.07%, 06/01/29	114,000		97,876
		2.74%, 10/15/30	215,000		187,656
	KKR Group Finance Co. XII LLC
		4.85%, 05/17/32 (c)	66,000		64,834
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (d) (e)	109,000		106,411
		3.87%, 07/09/25 (d)	200,000		197,035
	LSEGA Financing PLC
		2.50%, 04/06/31 (c)	90,000		77,064
		3.20%, 04/06/41 (c)	28,000		21,918

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
	Markel Corporation
		6.00%, (100, 06/01/25) (e) (f)	78,000		76,977
	Morgan Stanley
		0.99%, 12/10/26	200,000		177,154
		1.51%, 07/20/27	135,000		118,691
		3.62%, 04/01/31	32,000		29,419
		2.51%, 10/20/32	62,000		51,338
		2.48%, 09/16/36	90,000		69,099
	NatWest Group PLC
		3.07%, 05/22/28 (d)	124,000		112,308
	NatWest Markets PLC
		1.60%, 09/29/26 (c)	242,000		213,574
	New York Life Global Funding
		1.85%, 08/01/31 (c)	119,000		96,555
	Owl Rock Capital Corporation
		3.40%, 07/15/26	87,000		77,548
	The Goldman Sachs Group, Inc.
		2.64%, 02/24/28	183,000		165,973
		3.80%, 03/15/30	211,000		195,151
		2.62%, 04/22/32	39,000		32,357
		2.38%, 07/21/32	170,000		137,597
		3.10%, 02/24/33	127,000		108,606
		6.75%, 10/01/37	70,000		77,492
	The Hartford Financial Services Group, Inc.
		2.90%, 09/15/51 (f)	66,000		45,814
	Toll Brothers Finance Corp
		3.80%, 11/01/29 (f)	160,000		136,516
	UBS Group AG
		4.88%, (100, 02/12/27) (c) (e)	200,000		167,618
	Wells Fargo & Company
		4.61%, 04/25/53	197,000		182,305
	Westpac Banking Corporation
		2.67%, 11/15/35 (d)	48,000		38,294
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (c)	144,000		132,840
				8,210,104
Energy 5.2%
	Antero Midstream Partners LP
		5.38%, 06/15/29 (c)	18,000		16,142
	BP Capital Markets America Inc.
		2.72%, 01/12/32	110,000		94,768
	Cenovus Energy Inc.
		2.65%, 01/15/32 (f)	127,000		105,337
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32 (c)	33,000		26,012
	Cheniere Energy, Inc.
		4.63%, 10/15/28	65,000		58,806
		4.50%, 10/01/29	125,000		111,679
	Continental Resources, Inc.
		5.75%, 01/15/31 (c)	95,000		91,749
	DCP Midstream Operating, LP
		3.25%, 02/15/32	12,000		9,420
		5.60%, 04/01/44	80,000		64,733
	Devon Energy Corporation
		5.88%, 06/15/28	39,000		39,606
		4.50%, 01/15/30	34,000		32,053
	Energy Transfer LP
		6.50%, (100, 08/15/26) (e)	110,000		98,024
		6.75%, (100, 05/15/25) (e)	102,000		85,180
		7.13%, (100, 05/15/30) (e)	119,000		102,342
		3.75%, 05/15/30	142,000		127,864
		5.80%, 06/15/38	45,000		42,343
		6.25%, 04/15/49	40,000		38,799
	EQM Midstream Partners, LP
		4.13%, 12/01/26	113,000		97,608
		4.50%, 01/15/29 (c)	31,000		25,183
	EQT Corporation
		3.13%, 05/15/26 (c)	10,000		9,377
		3.90%, 10/01/27	59,000		55,136
	Helmerich & Payne, Inc.
		2.90%, 09/29/31 (f)	45,000		38,533
	Marathon Oil Corporation
		4.40%, 07/15/27 (f)	103,000		100,482
	ONEOK, Inc.
		4.50%, 03/15/50	60,000		48,001
	Pioneer Natural Resources Company
		1.90%, 08/15/30	90,000		73,525
	Rattler Midstream LP
		5.63%, 07/15/25 (c)	15,000		14,978
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	300,000		288,671
		4.50%, 05/15/30	80,000		76,851
	Santos Finance Ltd
		3.65%, 04/29/31 (c)	153,000		129,698
	Southwestern Energy Company
		4.75%, 02/01/32	105,000		89,817
	Targa Resources Corp
		5.50%, 03/01/30	140,000		133,302
		4.88%, 02/01/31	56,000		51,085
		4.00%, 01/15/32	60,000		51,454
	Transocean Pontus Limited
		6.13%, 08/01/25 (c)	12,300		11,289
	Transocean Poseidon Limited
		6.88%, 02/01/27 (c)	45,937		40,967
	Transocean Proteus Limited
		6.25%, 12/01/24 (c)	78,750		74,349
	Venture Global Calcasieu Pass, LLC
		3.88%, 11/01/33 (c)	70,000		57,736
				2,612,899
Health Care 4.1%
	AbbVie Inc.
		3.20%, 11/21/29	135,000		124,155
		4.50%, 05/14/35	55,000		53,352
	Amgen Inc.
		3.15%, 02/21/40	134,000		105,759
		4.20%, 02/22/52 (f)	37,000		32,462
	Ascension Health
		2.53%, 11/15/29	28,000		25,204
	Bausch Health Companies Inc.
		5.50%, 11/01/25 (c)	22,000		19,350
		6.13%, 02/01/27 (c)	77,000		65,624
		4.88%, 06/01/28 (c)	78,000		61,043
	Baylor Scott & White Holdings
		2.84%, 11/15/50	54,000		39,528
	Centene Corporation
		4.63%, 12/15/29	60,000		55,950
		3.38%, 02/15/30	238,000		201,836
		3.00%, 10/15/30	192,000		159,120
	Cigna Holding Company
		4.38%, 10/15/28	50,000		49,580
		4.80%, 08/15/38	28,000		27,272
	CVS Health Corporation
		4.78%, 03/25/38	190,000		179,613
	HCA Inc.
		5.38%, 02/01/25	130,000		129,750
		5.88%, 02/15/26	30,000		30,199
		3.50%, 09/01/30	57,000		48,606
		4.63%, 03/15/52 (c) (f)	66,000		52,803
	Indiana University Health, Inc.
		2.85%, 11/01/51 (f)	51,000		37,120
	McKesson Corporation
		1.30%, 08/15/26 (g)	175,000		155,901
	Northwestern Memorial HealthCare
		2.63%, 07/15/51	55,000		38,675
	Piedmont Healthcare, Inc.
		2.04%, 01/01/32	43,000		35,253
	Royalty Pharma PLC
		3.30%, 09/02/40	184,000		135,810
	STERIS Irish FinCo Unlimited Company
		3.75%, 03/15/51	56,000		43,533
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		8,086
	UnitedHealth Group Incorporated
		4.75%, 05/15/52	155,000		154,654
				2,070,238

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
Consumer Discretionary 3.5%
	Amazon.com, Inc.
		2.10%, 05/12/31	115,000		98,498
		2.88%, 05/12/41	90,000		72,168
		3.10%, 05/12/51	55,000		43,383
	Booking Holdings Inc.
		4.63%, 04/13/30	149,000		148,292
	Carnival Corporation
		4.00%, 08/01/28 (c) (f)	51,000		41,836
	General Motors Company
		6.80%, 10/01/27	39,000		41,020
	General Motors Financial Company, Inc.
		2.40%, 04/10/28	100,000		84,455
		3.10%, 01/12/32	161,000		129,392
	Hyatt Hotels Corporation
		5.63%, 04/23/25 (g) (h)	45,000		45,682
	Kohl's Corporation
		3.38%, 05/01/31 (f) (g)	85,000		73,883
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	36,000		25,101
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (g)	11,000		9,044
	Macys Retail Holdings
		5.88%, 03/15/30 (c) (f)	69,000		58,099
		6.13%, 03/15/32 (c)	65,000		54,222
	Magallanes, Inc.
		5.05%, 03/15/42 (c)	255,000		216,862
		5.14%, 03/15/52 (c)	56,000		47,014
	Marriott International, Inc.
		5.75%, 05/01/25 (g)	6,000		6,215
	Meritage Homes Corporation
		3.88%, 04/15/29 (c)	60,000		49,770
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (c)	35,026		34,399
	NAC Aviation 29 Designated Activity Company
		4.75%, 06/30/26 (i)	71,309		58,830
	Newell Brands Inc.
		4.88%, 06/01/25	46,000		45,373
	Prosus N.V.
		4.19%, 01/19/32 (c) (f)	53,000		42,631
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (c)	200,000		160,059
	Royal Caribbean Cruises Ltd.
		11.50%, 06/01/25 (c)	13,000		13,358
	Sands China Ltd.
		2.55%, 03/08/27 (c) (g) (h)	200,000		146,025
				1,745,611
Communication Services 3.1%
	AT&T Inc.
		2.55%, 12/01/33	190,000		154,093
		4.90%, 08/15/37	16,000		15,952
		4.30%, 12/15/42 (f)	140,000		121,628
	CCO Holdings, LLC
		4.75%, 03/01/30 (c)	175,000		149,680
	Charter Communications Operating, LLC
		5.38%, 04/01/38	45,000		40,000
		4.80%, 03/01/50	50,000		39,461
		6.83%, 10/23/55	51,000		51,135
	Comcast Corporation
		3.75%, 04/01/40	35,000		30,727
		3.40%, 07/15/46	50,000		40,112
		2.89%, 11/01/51	65,000		46,487
	CSC Holdings, LLC
		6.50%, 02/01/29 (c)	77,000		70,043
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (c)	37,000		31,566
	Netflix, Inc.
		5.88%, 11/15/28	90,000		88,104
	The Walt Disney Company
		4.63%, 03/23/40	80,000		78,353
	T-Mobile US, Inc.
		2.63%, 04/15/26	236,000		214,216
	Verizon Communications Inc.
		4.33%, 09/21/28	105,000		104,422
		3.15%, 03/22/30	130,000		118,183
		2.55%, 03/21/31	74,000		63,357
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	120,000		114,935
				1,572,454
Utilities 3.0%
	Baltimore Gas and Electric Company
		4.55%, 06/01/52	45,000		43,510
	Commonwealth Edison Company
		3.75%, 08/15/47 (f)	79,000		68,119
	Consolidated Edison Company of New York, Inc.
		4.20%, 03/15/42	57,000		50,198
	DPL Inc.
		4.13%, 07/01/25	102,000		95,097
	Duquesne Light Holdings, Inc.
		2.53%, 10/01/30 (c)	61,000		50,212
	Enel Finance International N.V.
		2.25%, 07/12/31 (c)	108,000		84,957
		5.50%, 06/15/52 (c)	40,000		38,137
	Eversource Energy
		3.38%, 03/01/32	80,000		71,818
	Exelon Corporation
		5.10%, 06/15/45	75,000		73,855
	Nevada Power Company
		3.70%, 05/01/29	140,000		134,851
	Pacific Gas And Electric Company
		3.30%, 12/01/27	46,000		40,169
		4.50%, 07/01/40	181,000		140,315
	Public Service Electric And Gas Company Inc.
		3.10%, 03/15/32 (f)	36,000		33,129
	San Diego Gas & Electric Company
		1.70%, 10/01/30	72,000		59,193
		2.95%, 08/15/51	60,000		44,191
	Southern California Edison Company
		4.13%, 03/01/48	46,000		37,820
		3.65%, 02/01/50	67,000		51,131
	Southwest Gas Corporation
		4.05%, 03/15/32	50,000		45,464
	Tampa Electric Company
		3.45%, 03/15/51	87,000		68,535
	The AES Corporation
		3.30%, 07/15/25 (c)	133,000		125,755
	Vistra Operations Company LLC
		3.55%, 07/15/24 (c)	71,000		68,523
		3.70%, 01/30/27 (c)	110,000		101,171
				1,526,150
Industrials 2.7%
	Air Canada
		3.88%, 08/15/26 (c)	35,000		29,708
	Aircastle Limited
		5.25%, 08/11/25 (c)	108,000		104,322
	American Airlines, Inc.
		5.50%, 04/20/26 (c)	31,000		28,561
		5.75%, 04/20/29 (c)	11,000		9,392
	Ardagh Packaging Finance Public Limited Company
		4.13%, 08/15/26 (c)	65,000		55,070
	Burlington Northern Santa FE, LLC
		2.88%, 06/15/52	67,000		49,777
		4.45%, 01/15/53	117,000		113,129
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (c)	134,000		135,643
	Equifax Inc.
		2.35%, 09/15/31	126,000		100,196
	General Electric Company
		5.16%, (3 Month USD LIBOR + 3.33%), (100, 09/15/22) (e) (f) (j)	419,000		365,915
	Norfolk Southern Corporation
		4.55%, 06/01/53	134,000		126,582
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (c)	46,000		38,993
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (c)	10,000		9,713
		4.75%, 10/20/28 (c)	16,000		15,101

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
	The Boeing Company
		5.15%, 05/01/30 (g)	160,000		153,536
	United Airlines Pass Through Trust
		4.63%, 04/15/29 (c)	37,000		31,376
				1,367,014
Consumer Staples 2.4%
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	200,000		191,984
	Anheuser-Busch InBev Worldwide Inc.
		5.45%, 01/23/39	141,000		143,054
	BAT Capital Corp.
		2.26%, 03/25/28	76,000		63,604
		4.39%, 08/15/37	45,000		35,713
		3.73%, 09/25/40	55,000		38,704
	JBS USA Food Company
		6.50%, 04/15/29 (c)	14,000		14,246
		5.50%, 01/15/30 (c)	50,000		47,457
		6.50%, 12/01/52 (c)	170,000		160,423
	Kraft Heinz Foods Company
		4.63%, 10/01/39	20,000		17,534
	Mars Inc.
		3.88%, 04/01/39 (c)	200,000		179,901
	Northwestern University
		2.64%, 12/01/50	38,000		28,106
	Pilgrim's Pride Corporation
		3.50%, 03/01/32 (c)	80,000		62,717
	Safeway Inc.
		3.50%, 02/15/23 (c)	100,000		98,945
	The Trustees of Princeton University
		4.20%, 03/01/52	78,000		79,589
	University of Washington
		4.35%, 04/15/22	76,000		64,927
				1,226,904
Real Estate 1.2%
	EPR Properties
		3.60%, 11/15/31	61,000		48,286
	Essential Properties, L.P.
		2.95%, 07/15/31	78,000		61,064
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		14,667
		5.30%, 01/15/29	100,000		95,445
		3.25%, 01/15/32	37,000		29,709
	Sun Communities Operating Limited Partnership
		2.30%, 11/01/28	65,000		55,441
		2.70%, 07/15/31	87,000		70,109
	VICI Properties Inc.
		4.25%, 12/01/26 (c)	55,000		50,488
		3.75%, 02/15/27 (c)	63,000		55,282
		4.13%, 08/15/30 (c)	94,000		81,001
	VICI Properties L.P.
		4.95%, 02/15/30	27,000		25,530
				587,022
Information Technology 0.8%
	Apple Inc.
		2.70%, 08/05/51	28,000		20,863
	Broadcom Inc.
		3.47%, 04/15/34 (c)	122,000		99,111
	Dell International L.L.C.
		5.85%, 07/15/25 (g)	6,000		6,192
		6.02%, 06/15/26 (g)	67,000		69,414
		8.35%, 07/15/46 (g)	25,000		31,169
	Microsoft Corporation
		3.50%, 02/12/35	90,000		86,436
	VMware, Inc.
		2.20%, 08/15/31	76,000		59,850
				373,035
Materials 0.5%
	Anglo American Capital PLC
		2.63%, 09/10/30 (c) (f)	50,000		41,142
	CEMEX S.A.B. de C.V.
		5.20%, 09/17/30 (c)	65,000		55,652
	Freeport-McMoRan Inc.
		5.40%, 11/14/34	35,000		34,167
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (c)	110,000		92,402
				223,363
	Total Corporate Bonds And Notes (cost $24,663,376)			21,514,794
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.0%
	Air Canada 2020-2 Class A Pass Through Trust
		Series 2020-A-2, 5.25%, 04/01/29	21,909		22,122
	Alaska Airlines 2020-1 Class A Pass Through Trust
		Series 2020-A-1, 4.80%, 08/15/27	82,947		81,304
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	148,400		134,768
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		263,752
	Avid Automobile Receivables Trust 2021-1
		Series 2021-A-1, 0.61%, 01/15/25	30,220		29,770
	CCG Receivables Trust
		Series 2019-A2-2, 2.11%, 03/14/23	12,197		12,176
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	223,804		216,348
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (j)	152,815		130,520
	CNH Equipment Trust 2022-A
		Series 2022-A2-A, 2.39%, 01/16/24	150,000		148,276
	COMM Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		48,358
	Dell Equipment Finance Trust 2022-1
		Series 2022-A2-1, 2.11%, 11/22/23	84,000		82,676
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	190,000		181,499
	DLLMT 2021-1 LLC
		Series 2021-A3-1A, 1.00%, 07/20/25	223,000		213,855
	DLLST 2022-1 LLC
		Series 2022-A3-1A, 3.40%, 01/21/25	102,662		101,057
	First Investors Auto Owner Trust 2021-1
		Series 2021-A-1A, 0.45%, 12/15/23	49,915		49,425
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	86,908		85,157
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22	2,175		2,175
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		79,103
	GM Financial Consumer Automobile Receivables Trust 2022-2
		Series 2022-A3-2, 3.10%, 02/16/27	104,000		103,074
		Series 2022-B-2, 3.77%, 04/17/28	107,000		105,921
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		145,307
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	59,599		58,492
	Hilton Grand Vacations Trust 2020-A
		Series 2020-A-AA, 2.74%, 02/25/39	69,377		66,713
	Hudson Yards Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		136,533
	Hyundai Auto Lease Securitization Trust 2021-B
		Series 2021-A3-B, 0.33%, 06/17/24	265,000		258,240
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		49,580
	J.P. Morgan Mortgage Trust 2022-4
		Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (j)	181,918		161,956
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	100,000		95,268
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	201,074		176,883
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 1.81%, (1 Month USD LIBOR + 0.48%), 10/16/23 (j)	165,000		155,091
	Prestige Auto Receivables Trust 2021-1
		Series 2021-A3-1A, 0.83%, 07/15/25	95,000		92,058
	Santander Retail Auto Lease Trust 2021-B
		Series 2021-A3-B, 0.51%, 08/20/24	101,000		97,438
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (j)	85,842		75,356

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	41,777		40,830
		Series 2012-A-2, 4.00%, 10/29/24	37,458		35,789
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (j)	57,000		53,284
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (j)	41,258		38,018
	Westlake Automobile Receivables Trust 2021-3
		Series 2021-A3-3A, REMIC, 0.95%, 06/16/25	192,000		186,292
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $4,239,923)			4,014,464
SENIOR FLOATING RATE INSTRUMENTS 2.2%
Consumer Discretionary 0.8%
	Adient US LLC
		2021 Term Loan B, 4.31%, (1 Month USD LIBOR + 3.25%), 04/30/28 (j)	78,394		72,775
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 4.56%, (1 Month USD LIBOR + 3.50%), 06/19/25 (j)	80,565		77,483
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 2.81%, (1 Month USD LIBOR + 1.75%), 08/29/25 (j)	100,000		95,125
	PCI Gaming Authority
		Term Loan, 3.56%, (1 Month USD LIBOR + 2.50%), 05/15/26 (j)	109,653		104,734
	UFC Holdings, LLC
		2021 Term Loan B, 3.50%, (6 Month USD LIBOR + 2.75%), 04/29/26 (j)	52,887		49,132
				399,249
Industrials 0.5%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.81%, (3 Month USD LIBOR + 4.75%), 03/10/28 (j)	21,000		19,995
	Air Canada
		2021 Term Loan B, 4.25%, (3 Month USD LIBOR + 3.50%), 07/27/28 (j)	24,000		22,020
	Berry Global, Inc.
		2021 Term Loan Z, 3.00%, (1 Month USD LIBOR + 1.75%), 07/01/26 (j)	116,168		111,990
	Cimpress Public Limited Company
		USD Term Loan B, 4.56%, (1 Month USD LIBOR + 3.50%), 04/29/28 (j)	35,939		33,198
	Genesee & Wyoming Inc.
		Term Loan, 3.01%, (3 Month USD LIBOR + 2.00%), 10/29/26 (j)	49,852		47,778
	Hertz Corporation, (The)
		2021 Term Loan B, 4.31%, (1 Month USD LIBOR + 3.25%), 06/11/28 (j)	10,645		10,003
		2021 Term Loan C, 4.31%, (1 Month USD LIBOR + 3.25%), 06/11/28 (j)	2,027		1,904
	INEOS Styrolution US Holding LLC
		2021 USD Term Loan B, 3.81%, (1 Month USD LIBOR + 2.75%), 01/21/26 (j)	26,730		25,168
				272,056
Communication Services 0.4%
	CenturyLink, Inc.
		2020 Term Loan B, 3.31%, (1 Month USD LIBOR + 2.25%), 03/15/27 (j)	97,500		89,487
	CSC Holdings, LLC
		2017 Term Loan B1, 3.57%, (1 Month USD LIBOR + 2.25%), 07/15/25 (j)	42,857		39,771
	DirecTV Financing, LLC
		Term Loan, 6.06%, (1 Month USD LIBOR + 5.00%), 07/22/27 (j)	33,869		31,089
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 3.56%, (1 Month USD LIBOR + 2.50%), 06/13/26 (j)	44,063		43,340
				203,687
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 2.80%, (6 Month USD LIBOR + 2.00%), 04/27/26 (j)	92,677		89,201
Materials 0.1%
	Sylvamo Corporation
		Term Loan B, 5.56%, (1 Month USD LIBOR + 4.50%), 08/18/28 (j)	69,268		65,372
Information Technology 0.1%
	Peraton Corp.
		Term Loan B, 4.81%, (1 Month USD LIBOR + 3.75%), 02/22/28 (j)	68,784		64,448
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.38%, (SOFR + 4.25%), 09/22/24 (j)	671		639
		2017 Term Loan, 5.95%, (SOFR + 4.25%), 09/22/24 (j)	28,584		27,202
				27,841
	Total Senior Floating Rate Instruments (cost $1,180,167)			1,121,854
COMMON STOCKS 0.1%
Financials 0.1%
	Nordic Aviation Capital Designated Activity Company (i) (k)		1,204		28,896
	Total Common Stocks (cost $30,702)			28,896
SHORT TERM INVESTMENTS 7.3%
Investment Companies 4.7%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 1.42% (l)		2,358,281		2,358,281
Securities Lending Collateral 2.6%
	State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (l)		1,337,348		1,337,348
	Total Short Term Investments (cost $3,695,629)			3,695,629
Total Investments 105.5% (cost $58,087,525)					53,039,482
Other Derivative Instruments 0.0%					11,105
Other Assets and Liabilities, Net (5.5)%					(2,761,539)
Total Net Assets 100.0%					50,289,048

(a) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2022, the total payable for investments purchased on a delayed delivery basis was $1,075,045.

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

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2022, the value and the percentage of net assets of these securities was $6,104,149 and 12.1% of the Fund.

(d) Convertible security.

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

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

(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 June 30, 2022.

(h) 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 June 30, 2022.

(i) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(j) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022

(k) Non-income producing security.

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


Composition as of June 30, 2022*:
Government and Agency Obligations	42.7	%
Corporate Bonds and Notes	40.5
Non-US Government Agency ABS	7.6
Senior Floating Rate Instruments	2.1
Common Stocks	0.1
Short Term Investments	7.0
Total Investments^*	100.0	%

^*Percentages are based on market values as of June 30, 2022 and differ from the percentages shown in the Schedules of Investments, which are based on net assets.


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	12	September 2022		1,407,018	12,187			15,357
United States 2 Year Note	11	October 2022		2,318,256	6,188			(8,085)
United States 5 Year Note	4	October 2022		449,654	2,813			(654)
United States Long Bond	8	September 2022		1,118,601	18,277			(9,601)
United States Ultra Bond	10	September 2022		1,579,687	23,437			(36,249)
					62,902			(39,232)
Short Contracts
United States 10 Year Ultra Bond	(39)	September 2022		(5,041,617)	(51,797)			73,992

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 90.5%
Consumer Discretionary 17.2%
	Asbury Automotive Group, Inc.
		4.63%, 11/15/29 (a)	40,000		33,042
		5.00%, 02/15/32 (a)	195,000		159,503
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		69,139
	Boyd Gaming Corporation
		4.75%, 06/15/31 (a)	241,000		203,945
	Carnival Corporation
		7.63%, 03/01/26 (a)	153,000		119,437
		5.75%, 03/01/27 (a)	216,000		156,036
		4.00%, 08/01/28 (a)	40,000		32,812
	CDI Escrow Issuer Inc
		5.75%, 04/01/30 (a)	228,000		207,491
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	45,000		40,051
	Dana Incorporated
		4.25%, 09/01/30	13,000		10,150
		4.50%, 02/15/32	32,000		23,735
	Eldorado Resorts, Inc.
		6.25%, 07/01/25 (a)	55,000		53,009
		8.13%, 07/01/27 (a) (b)	186,000		179,352
	Ford Motor Company
		4.35%, 12/08/26 (b)	72,000		66,651
		6.63%, 10/01/28	83,000		81,859
		9.63%, 04/22/30	64,000		71,868
		3.25%, 02/12/32	159,000		118,849
		5.29%, 12/08/46	62,000		47,245
	Guitar Center Escrow Issuer II, Inc.
		8.50%, 01/15/26 (a)	270,000		238,199
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (a)	330,000		295,721
	Hilton Grand Vacations Borrower LLC
		5.00%, 06/01/29 (a)	201,000		162,876
		4.88%, 07/01/31 (a)	242,000		184,409
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (a) (c)	88,000		79,302
		6.38%, 05/15/29 (a) (c)	161,000		140,334
	International Game Technology PLC
		4.13%, 04/15/26 (a)	52,000		47,191
		5.25%, 01/15/29 (a)	202,000		182,939
	IRB Holding Corp.
		7.00%, 06/15/25 (a)	101,000		98,568
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (a)	216,000		178,100
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (a)	111,000		108,597
		5.88%, 01/15/28 (a)	60,000		45,790
		5.50%, 07/15/29 (a)	200,000		148,582
	KB Home
		4.80%, 11/15/29	191,000		160,741
		7.25%, 07/15/30	56,000		53,054
	L Brands, Inc.
		7.50%, 06/15/29	140,000		127,652
		6.88%, 11/01/35	165,000		134,024
	Life Time, Inc.
		5.75%, 01/15/26 (a)	142,000		127,611
		8.00%, 04/15/26 (a) (b)	145,000		129,482
	Macys Retail Holdings
		5.88%, 03/15/30 (a) (b)	130,000		109,462
		6.13%, 03/15/32 (a)	193,000		160,996
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (a)	216,000		147,920
	Marriott Ownership Resorts, Inc.
		4.75%, 01/15/28	76,000		66,720
	MCE Finance Limited
		5.38%, 12/04/29 (a)	198,000		119,255
	Meritage Homes Corporation
		3.88%, 04/15/29 (a)	109,000		90,415
	Midwest Gaming Borrower, LLC
		4.88%, 05/01/29 (a)	212,000		173,103
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	115,053		112,995
	NAC Aviation 29 Designated Activity Company
		4.75%, 06/30/26 (d)	109,578		90,402
	Nemak, S.A.B. de C.V.
		3.63%, 06/28/31 (a)	118,000		81,928
	NMG Holding Company, Inc.
		7.13%, 04/01/26 (a)	290,000		268,262
	Nordstrom, Inc.
		4.00%, 03/15/27	213,000		187,529
	Panther BF Aggregator 2 LP
		8.50%, 05/15/27 (a)	230,000		222,482
	PetSmart, Inc.
		7.75%, 02/15/29 (a) (b)	145,000		130,818
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	281,000		236,618
	QVC, Inc.
		5.45%, 08/15/34	140,000		97,428
	Royal Caribbean Cruises Ltd.
		10.88%, 06/01/23 (a)	177,000		177,664
		9.13%, 06/15/23 (a)	240,000		238,249
		4.25%, 07/01/26 (a)	124,000		88,066
		5.50%, 08/31/26 - 04/01/28 (a)	321,000		231,603
	Scientific Games International, Inc.
		7.00%, 05/15/28 (a)	91,000		85,910
	Seaworld Entertainment, Inc.
		5.25%, 08/15/29 (a) (b)	186,000		157,606
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 - 04/01/29 (a)	159,000		127,636
	Staples, Inc.
		7.50%, 04/15/26 (a)	149,000		123,557
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	282,000		273,941
	Tenneco Inc.
		7.88%, 01/15/29 (a)	50,000		48,427
		5.13%, 04/15/29 (a)	470,000		442,084
	TKC Holdings, Inc.
		6.88%, 05/15/28 (a)	97,000		83,505
		10.50%, 05/15/29 (a)	150,000		122,918
	Travel + Leisure Co.
		4.50%, 12/01/29 (a)	124,000		98,212
	Wyndham Destinations, Inc.
		6.63%, 07/31/26 (a)	101,000		96,467
		6.00%, 04/01/27 (e) (f)	65,000		58,479
		4.63%, 03/01/30 (a)	95,000		73,633
				9,141,636
Energy 16.4%
	Aethon United BR LP
		8.25%, 02/15/26 (a)	272,000		264,563
	Antero Midstream Partners LP
		7.88%, 05/15/26 (a)	90,000		89,914
		5.75%, 03/01/27 (a)	143,000		133,060
		5.38%, 06/15/29 (a)	269,000		241,240
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	359,000		334,781
	Baytex Energy Corp.
		8.75%, 04/01/27 (a) (b)	129,000		128,689
	Bip-V Chinook
		5.50%, 06/15/31 (a)	335,000		286,316
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (a)	51,000		48,601
		6.63%, 07/15/26 (a)	57,000		51,543
	Buckeye Partners, L.P.
		4.50%, 03/01/28 (a)	167,000		141,305
		5.85%, 11/15/43	120,000		85,971
		5.60%, 10/15/44	19,000		13,275
	Callon Petroleum Company
		6.38%, 07/01/26	316,000		291,005
		7.50%, 06/15/30 (a)	28,000		25,875
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32 (a)	58,000		45,719
	Cheniere Energy, Inc.
		4.63%, 10/15/28	60,000		54,283

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	146,000		141,262
		6.38%, 06/15/26 (a)	266,000		246,167
	Colgate Energy Partners III, LLC
		5.88%, 07/01/29 (a)	199,000		174,342
	DT Midstream, Inc.
		4.13%, 06/15/29 (a)	101,000		85,882
		4.38%, 06/15/31 (a)	86,000		71,891
	Earthstone Energy Holdings, LLC
		8.00%, 04/15/27 (a)	220,000		208,208
	Endeavor Energy Resources, L.P.
		6.63%, 07/15/25 (a)	85,000		85,515
		5.75%, 01/30/28 (a)	93,000		88,584
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (g)	397,000		349,360
	Energy Transfer LP
		6.50%, (100, 08/15/26) (h)	30,000		26,734
		6.75%, (100, 05/15/25) (h)	106,000		88,520
		7.13%, (100, 05/15/30) (h)	62,000		53,321
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		140,798
		7.50%, 06/01/27 (a)	84,000		80,924
		6.50%, 07/01/27 (a)	104,000		96,742
		4.50%, 01/15/29 (a)	237,000		192,529
		4.75%, 01/15/31 (a) (b)	141,000		112,474
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 - 04/15/32 (a)	297,000		271,303
		5.75%, 02/01/29 (a)	61,000		53,241
		6.00%, 04/15/30 (a)	76,000		66,916
	Husky Energy Inc.
		13.00%, 02/15/25 (a) (c)	297,000		291,256
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	313,000		253,576
	Kinetik Holdings LP
		5.88%, 06/15/30 (a)	112,000		106,791
	Murphy Oil Corporation
		5.75%, 08/15/25	90,000		88,716
		5.88%, 12/01/27	187,000		174,506
	Nabors Industries Ltd
		7.50%, 01/15/28 (a)	177,000		152,536
	Nabors Industries, Inc.
		7.38%, 05/15/27 (a)	147,000		138,473
	NuStar Logistics, L.P.
		6.00%, 06/01/26	85,000		78,707
		5.63%, 04/28/27	172,000		153,351
		6.38%, 10/01/30	134,000		116,834
	Occidental Petroleum Corporation
		6.95%, 07/01/24	198,000		204,298
		3.50%, 06/15/25	35,000		33,685
		8.88%, 07/15/30	80,000		91,960
		6.45%, 09/15/36	106,000		110,410
		7.95%, 06/15/39	55,000		62,150
		6.60%, 03/15/46	78,000		82,797
	PDV America, Inc.
		9.25%, 08/01/24 (a) (b)	175,000		170,308
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (a)	189,000		185,812
	Southwestern Energy Company
		7.75%, 10/01/27 (b)	90,000		92,163
		8.38%, 09/15/28	96,000		101,272
		5.38%, 02/01/29 - 03/15/30	233,000		214,925
		4.75%, 02/01/32	211,000		180,489
	Tap Rock Resources, LLC
		7.00%, 10/01/26 (a)	134,000		128,254
	Targa Resources Corp
		5.50%, 03/01/30	185,000		176,150
		4.88%, 02/01/31	56,000		51,085
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	112,500		106,213
	Venture Global Calcasieu Pass, LLC
		3.88%, 08/15/29 - 11/01/33 (a)	257,000		222,981
		4.13%, 08/15/31 (a)	23,000		19,754
	Viper Energy Partners LP
		5.38%, 11/01/27 (a)	44,000		42,325
				8,702,630
Communication Services 16.1%
	Advantage Sales & Marketing Inc.
		6.50%, 11/15/28 (a)	193,000		165,693
	Altice France Holding S.A.
		5.13%, 07/15/29 (a)	102,000		76,961
		5.50%, 10/15/29 (a)	200,000		153,212
	Altice France S.A.
		6.00%, 02/15/28 (a) (b)	69,000		47,588
	AMC Entertainment Holdings, Inc.
		10.00%, 06/15/26 (a) (c) (e)	68,000		45,266
		7.50%, 02/15/29 (a) (b)	125,000		105,724
	CCO Holdings, LLC
		5.13%, 05/01/27 (a)	108,000		101,909
		5.38%, 06/01/29 (a)	408,000		371,735
		4.25%, 02/01/31 - 01/15/34 (a)	293,000		234,726
		4.75%, 02/01/32 (a)	149,000		122,675
		4.50%, 05/01/32	111,000		89,867
	CenturyLink, Inc.
		5.13%, 12/15/26 (a)	112,000		94,411
		7.60%, 09/15/39	24,000		18,947
	Clear Channel International B.V.
		6.63%, 08/01/25 (a)	85,000		78,982
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a) (b)	129,000		93,865
		7.50%, 06/01/29 (a)	264,000		190,740
	Connect Finco SARL
		6.75%, 10/01/26 (a)	60,000		53,621
	CSC Holdings, LLC
		5.25%, 06/01/24	85,000		79,555
		5.38%, 02/01/28 (a)	448,000		391,553
		7.50%, 04/01/28 (a)	300,000		253,144
		4.50%, 11/15/31 (a)	137,000		105,779
	Cumulus Media New Holdings Inc.
		6.75%, 07/01/26 (a) (b)	326,000		300,449
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	93,000		23,729
		6.63%, 08/15/27 (a)	113,000		13,507
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	249,000		212,432
	DISH DBS Corporation
		7.75%, 07/01/26	204,000		158,330
		5.25%, 12/01/26 (a)	102,000		79,931
	Embarq Corporation
		8.00%, 06/01/36	144,000		108,857
	Frontier Communications Holdings, LLC
		8.75%, 05/15/30 (a)	118,000		119,379
	Frontier Communications Parent, Inc.
		5.88%, 10/15/27 (a)	13,000		11,700
		5.00%, 05/01/28 (a)	93,000		79,473
		6.75%, 05/01/29 (a)	211,000		173,459
	Gray Television, Inc.
		5.38%, 11/15/31 (a)	314,000		251,531
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	82,000		71,763
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		35,735
		8.38%, 05/01/27 (b)	306,651		245,045
		5.25%, 08/15/27 (a)	120,000		102,707
		4.75%, 01/15/28 (a) (b)	50,000		41,199
	Iliad Holding
		7.00%, 10/15/28 (a)	298,000		260,472
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	347,000		323,505
		5.13%, 07/15/29 (a)	220,000		184,494
	Level 3 Financing, Inc.
		4.25%, 07/01/28 (a)	122,000		97,758
		3.63%, 01/15/29 (a)	140,000		107,444
	Liberty Media Corporation
		8.25%, 02/01/30 (b)	245,000		162,619
	Midas Opco Holdings LLC
		5.63%, 08/15/29 (a)	450,000		360,953
	News Corporation
		3.88%, 05/15/29 (a)	29,000		25,123
		5.13%, 02/15/32 (a) (b)	59,000		52,367

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
	Radiate HoldCo, LLC
		6.50%, 09/15/28 (a)	367,000		283,959
	Sirius XM Radio Inc.
		5.00%, 08/01/27 (a)	59,000		54,732
		3.88%, 09/01/31 (a)	184,000		146,520
	Sprint Corporation
		7.88%, 09/15/23	25,000		25,821
		7.13%, 06/15/24	331,000		340,491
		7.63%, 03/01/26	25,000		26,371
		6.88%, 11/15/28	94,000		99,051
	Telecom Italia S.p.A.
		5.30%, 05/30/24 (a)	85,000		81,710
	Telecom Italia SpA
		6.00%, 09/30/34	97,000		73,566
	Telesat Canada
		5.63%, 12/06/26 (a)	193,000		120,174
		6.50%, 10/15/27 (a)	201,000		86,169
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	414,000		327,125
	T-Mobile US, Inc.
		3.38%, 04/15/29	149,000		130,405
	Townsquare Media, Inc.
		6.88%, 02/01/26 (a)	54,000		48,749
	Virgin Media Secured Finance PLC
		4.50%, 08/15/30 (a)	250,000		207,026
				8,531,783
Industrials 12.3%
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	264,000		242,103
		9.75%, 07/15/27 (a)	254,000		214,957
		4.63%, 06/01/28 (a)	61,000		50,475
	American Airlines, Inc.
		5.50%, 04/20/26 (a)	207,000		190,710
		5.75%, 04/20/29 (a)	279,000		238,211
	Ardagh Packaging Finance Public Limited Company
		5.25%, 04/30/25 (a)	11,000		10,203
		4.13%, 08/15/26 (a)	291,000		246,546
	Berry Global, Inc.
		4.50%, 02/15/26 (a)	114,000		106,066
	Bombardier Inc.
		7.50%, 03/15/25 (a)	80,000		72,315
		7.13%, 06/15/26 (a)	97,000		79,136
		6.00%, 02/15/28 (a)	112,000		84,030
	Builders FirstSource, Inc.
		4.25%, 02/01/32 (a)	478,000		365,246
		6.38%, 06/15/32 (a)	178,000		159,557
	Cargo Aircraft Management, Inc.
		4.75%, 02/01/28 (a)	166,000		151,598
	Clydesdale Acquisition Holdings Inc
		6.63%, 04/15/29 (a)	98,000		92,186
		8.75%, 04/15/30 (a)	236,000		202,948
	CP Atlas Buyer, Inc.
		7.00%, 12/01/28 (a) (b)	98,000		70,838
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	111,000		112,361
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	300,000		283,172
		9.75%, 08/01/27 (a)	55,000		54,439
		5.50%, 05/01/28 (a)	161,000		133,279
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	38,000		33,728
	GFL Environmental Inc.
		3.75%, 08/01/25 (a)	19,000		17,616
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (a) (b)	166,000		133,091
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,109
	Imola Merger Corporation
		4.75%, 05/15/29 (a)	206,000		172,739
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	172,000		142,671
	Masonite International Corporation
		5.38%, 02/01/28 (a)	71,000		64,043
	Pitney Bowes Inc.
		6.88%, 03/15/27 (a) (b)	217,000		172,804
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	52,000		50,926
		5.75%, 04/15/26 (a)	152,000		142,509
		6.25%, 01/15/28 (a)	233,000		195,619
	Rolls-Royce PLC
		5.75%, 10/15/27 (a)	268,000		242,810
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (a)	42,000		39,641
	Summit Materials, LLC
		5.25%, 01/15/29 (a)	150,000		132,355
	Terex Corporation
		5.00%, 05/15/29 (a)	191,000		164,278
	TransDigm Inc.
		8.00%, 12/15/25 (a)	34,000		34,442
		6.25%, 03/15/26 (a)	462,000		446,433
	TransDigm UK Holdings PLC
		6.88%, 05/15/26	51,000		47,797
	Triumph Group, Inc.
		8.88%, 06/01/24 (a)	65,000		65,403
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (a)	232,000		226,250
		4.50%, 08/15/29 (a)	90,000		74,036
	United Airlines Pass Through Trust
		4.38%, 04/15/26 (a)	70,000		62,084
		4.63%, 04/15/29 (a)	308,000		261,182
	Vertical U.S. Newco Inc.
		5.25%, 07/15/27 (a)	334,000		298,282
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	171,000		157,726
				6,542,950
Financials 10.1%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	129,000		116,294
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (a)	188,000		186,953
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (a) (b)	125,000		105,553
	Citigroup Inc.
		5.00%, (100, 09/12/24) (h)	166,000		145,954
	Credit Suisse Group AG
		6.25%, (100, 12/18/24) (a) (h)	120,000		109,200
	EG Global Finance PLC
		6.75%, 02/07/25 (a)	180,000		169,425
		8.50%, 10/30/25 (a)	230,000		222,787
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	132,000		126,138
		4.27%, 01/09/27	29,000		26,028
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (a)	159,000		125,150
	Hertz Vehicle Financing II LP
		5.00%, 12/01/29 (a)	74,000		56,998
	HUB International Limited
		7.00%, 05/01/26 (a)	129,000		121,804
	Icahn Enterprises L.P.
		6.25%, 05/15/26	319,000		298,542
		5.25%, 05/15/27	256,000		226,576
	IHS Luxembourg S.A R.L.
		5.75%, 04/15/25 (a)	47,000		45,186
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (c)	39,000		34,337
	Jane Street Group, LLC
		4.50%, 11/15/29 (a)	38,000		33,702
	JBS Finance Luxembourg S.a r.l.
		3.63%, 01/15/32 (a)	300,000		241,944
	Lions Gate Capital Holdings LLC
		5.50%, 04/15/29 (a)	306,000		238,741
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a) (b)	231,000		194,632
	Markel Corporation
		6.00%, (100, 06/01/25) (b) (h)	157,000		154,940
	Navient Corporation
		6.75%, 06/25/25 - 06/15/26	170,000		152,126

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
		4.88%, 03/15/28	30,000		23,436
		5.50%, 03/15/29	112,000		87,288
		5.63%, 08/01/33	172,000		120,645
	NFP Corp.
		6.88%, 08/15/28 (a)	156,000		129,728
	Nielsen Finance LLC
		5.88%, 10/01/30 (a)	140,000		128,613
		4.75%, 07/15/31 (a)	215,000		194,002
	Rocket Mortgage, LLC
		4.00%, 10/15/33 (a)	249,000		177,653
	SLM Corporation
		6.13%, 03/25/24	140,000		132,644
	Springleaf Finance Corporation
		6.13%, 03/15/24	115,000		109,852
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (a)	200,000		173,000
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (h)	210,000		175,999
	USA Compression Finance Corp.
		6.88%, 04/01/26 - 09/01/27	384,000		343,110
	VistaJet Malta Finance P.L.C.
		7.88%, 05/01/27 (a)	86,000		75,878
		6.38%, 02/01/30 (a)	372,000		297,761
	VMED O2 UK Financing I PLC
		4.75%, 07/15/31 (a)	81,000		66,524
				5,369,143
Health Care 5.0%
	Avantor Funding, Inc.
		4.63%, 07/15/28 (a)	230,000		210,578
	Bausch Health Companies Inc.
		9.25%, 04/01/26 (a)	157,000		112,299
		6.13%, 02/01/27 (a)	117,000		99,715
		7.00%, 01/15/28 (a)	26,000		14,885
		5.00%, 01/30/28 (a)	40,000		21,313
		4.88%, 06/01/28 (a)	41,000		32,087
		6.25%, 02/15/29 (a)	88,000		46,977
	Centene Corporation
		3.38%, 02/15/30	88,000		74,628
	Community Health Systems, Inc.
		4.75%, 02/15/31 (a)	198,000		145,650
	HCA Inc.
		5.38%, 02/01/25	109,000		108,790
	IQVIA Inc.
		5.00%, 05/15/27 (a)	125,000		118,266
	Molina Healthcare, Inc.
		3.88%, 05/15/32 (a)	65,000		54,621
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (a)	215,000		183,282
		5.25%, 10/01/29 (a) (b)	308,000		256,000
	Organon & Co.
		5.13%, 04/30/31 (a)	152,000		131,184
	Owens & Minor, Inc.
		6.63%, 04/01/30 (a)	184,000		167,790
	Tenet Healthcare Corporation
		6.75%, 06/15/23	76,000		78,651
		4.88%, 01/01/26 (a)	178,000		164,206
		5.13%, 11/01/27 (a)	263,000		237,618
		4.63%, 06/15/28 (a)	212,000		185,035
		4.38%, 01/15/30 (a)	80,000		67,966
		6.13%, 06/15/30 (a)	140,000		131,237
				2,642,778
Consumer Staples 4.1%
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	74,000		66,889
	JBS USA Food Company
		6.50%, 04/15/29 (a)	8,000		8,140
	Kraft Heinz Foods Company
		4.63%, 10/01/39	218,000		191,117
		4.88%, 10/01/49	153,000		135,308
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	327,000		250,971
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	247,000		173,046
	MPH Acquisition Holdings LLC
		5.50%, 09/01/28 (a)	189,000		168,408
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (a)	131,000		125,383
		4.25%, 04/15/31 (a)	266,000		221,912
		3.50%, 03/01/32 (a)	48,000		37,630
	Prime Security Services Borrower, LLC
		3.38%, 08/31/27 (a)	55,000		45,710
	Safeway Inc.
		5.88%, 02/15/28 (a)	192,000		179,540
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a) (b)	122,000		68,374
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a) (b)	258,000		241,589
	United Rentals (North America), Inc.
		3.75%, 01/15/32	155,000		127,457
	Verscend Holding Corp.
		9.75%, 08/15/26 (a)	147,000		142,929
				2,184,403
Information Technology 3.6%
	ams AG
		7.00%, 07/31/25 (a) (b)	490,000		468,969
	Arches Buyer Inc.
		6.13%, 12/01/28 (a)	19,000		15,509
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	67,000		59,227
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (a)	46,000		44,060
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	81,000		74,669
	Entegris Escrow Corporation
		4.75%, 04/15/29 (a)	96,000		89,486
		5.95%, 06/15/30 (a)	241,000		229,646
	Entegris, Inc.
		4.38%, 04/15/28 (a)	94,000		83,951
	LogMeIn, Inc.
		5.50%, 09/01/27 (a)	216,000		147,832
	Open Text Corporation
		3.88%, 02/15/28 (a)	112,000		99,493
		3.88%, 12/01/29 (a)	157,000		132,157
		4.13%, 02/15/30 (a)	215,000		183,317
	Seagate HDD Cayman
		5.75%, 12/01/34	29,000		25,447
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	263,000		218,905
		6.50%, 07/15/28 (a)	78,000		54,202
				1,926,870
Materials 3.1%
	Braskem Idesa, S.A.P.I.
		6.99%, 02/20/32 (a)	87,000		67,758
	Carpenter Technology Corporation
		6.38%, 07/15/28	63,000		55,878
	CVR Partners, LP
		6.13%, 06/15/28 (a)	32,000		29,308
	EverArc Escrow
		5.00%, 10/30/29 (a)	158,000		132,416
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (a)	121,000		114,237
		6.88%, 10/15/27 (a)	151,000		135,174
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	117,000		116,099
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	122,000		105,870
	Hudbay Minerals Inc.
		6.13%, 04/01/29 (a)	277,000		224,612
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (a)	95,000		79,801
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	86,000		82,460
		5.25%, 06/01/27 (a)	93,000		79,906
	Pearl Merger Sub Inc.
		6.75%, 10/01/28 (a)	159,000		150,531

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022


			Shares/Par¹		Value ($)
	United States Steel Corporation
		6.88%, 03/01/29 (b)	283,000		244,812
				1,618,862
Utilities 1.8%
	Calpine Corporation
		4.50%, 02/15/28 (a)	217,000		197,510
		5.13%, 03/15/28 (a)	212,000		188,007
		3.75%, 03/01/31 (a)	72,000		58,628
	DPL Inc.
		4.13%, 07/01/25	114,000		106,284
	Vistra Operations Company LLC
		5.50%, 09/01/26 (a)	95,000		89,643
		5.00%, 07/31/27 (a)	229,000		207,571
		4.38%, 05/01/29 (a)	139,000		116,767
				964,410
Real Estate 0.8%
	Cushman & Wakefield PLC
		6.75%, 05/15/28 (a)	93,000		86,416
	Service Properties Trust
		5.25%, 02/15/26	353,000		271,883
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	90,000		82,617
				440,916
	Total Corporate Bonds And Notes (cost $55,385,294)			48,066,381
SENIOR FLOATING RATE INSTRUMENTS 3.9%
Communication Services 1.1%
	Allen Media, LLC
		2021 Term Loan B, 0.00%, (3 Month USD LIBOR + 5.50%), 02/10/27 (i) (j)	60,000		53,040
		2021 Term Loan B, 6.30%, (3 Month USD LIBOR + 5.50%), 02/10/27 (i)	113,189		100,059
	GOGO Intermediate Holdings LLC
		Term Loan B, 4.99%, (3 Month USD LIBOR + 3.75%), 04/21/28 (i)	151,802		143,302
	Intelsat Jackson Holdings S.A.
		2021 Exit Term Loan B, 4.92%, (SOFR + 4.25%), 01/25/29 (i)	147,302		134,755
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 5.51%, (3 Month USD LIBOR + 4.50%), 06/20/24 (i)	158,651		143,878
				575,034
Consumer Discretionary 1.0%
	Great Canadian Gaming Corporation
		2021 Term Loan, 6.10%, (3 Month USD LIBOR + 4.00%), 11/01/26 (i)	155,000		145,467
	Great Outdoors Group, LLC
		2021 Term Loan B1, 4.81%, (1 Month USD LIBOR + 3.75%), 02/26/28 (i)	148,338		134,839
	Groupe Solmax Inc.
		Term Loan, 4.75%, (3 Month USD LIBOR + 4.75%), 12/30/24 (i)	31,258		27,871
		Term Loan, 5.76%, (3 Month USD LIBOR + 4.75%), 12/30/24 (i)	83,020		74,026
	Michaels Companies, Inc.
		2021 Term Loan B, 5.26%, (3 Month USD LIBOR + 4.25%), 04/08/28 (i)	122,562		100,637
	Mileage Plus Holdings LLC
		2020 Term Loan B, 7.31%, (3 Month USD LIBOR + 5.25%), 12/31/23 (i)	49,200		48,511
				531,351
Information Technology 0.9%
	CoreLogic, Inc.
		Term Loan, 4.56%, (1 Month USD LIBOR + 3.50%), 04/14/28 (i)	90,317		74,873
	Cornerstone OnDemand, Inc.
		2021 Term Loan, 4.81%, (1 Month USD LIBOR + 3.75%), 09/08/26 (i)	69,701		62,151
	Peraton Corp.
		Term Loan B, 4.81%, (1 Month USD LIBOR + 3.75%), 02/22/28 (i)	141,563		132,639
	Redstone Holdco 2 LP
		2021 Term Loan, 5.93%, (3 Month USD LIBOR + 4.75%), 04/27/28 (i)	148,875		127,537
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 5.52%, (3 Month USD LIBOR + 4.00%), 08/09/25 (i)	62,157		55,568
				452,768
Health Care 0.5%
	Advisor Group, Inc.
		2021 Term Loan, 5.56%, (1 Month USD LIBOR + 4.50%), 07/31/26 (i)	83,291		79,068
	Illuminate Merger Sub Corp.
		Term Loan, 4.51%, (6 Month USD LIBOR + 3.50%), 06/30/28 (i)	153,230		133,407
	Lonza Group AG
		USD Term Loan B, 5.01%, (3 Month USD LIBOR + 4.00%), 04/29/28 (i)	81,258		72,319
				284,794
Industrials 0.4%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.81%, (3 Month USD LIBOR + 4.75%), 03/10/28 (i)	187,000		178,050
	United Airlines, Inc.
		2021 Term Loan B, 5.39%, (1 Month USD LIBOR + 3.75%), 04/14/28 (i)	53,424		49,517
				227,567
	Total Senior Floating Rate Instruments (cost $2,278,167)			2,071,514
INVESTMENT COMPANIES 1.0%
	iShares Broad USD High Yield Corporate Bond ETF		15,247		527,851
	Total Investment Companies (cost $586,552)			527,851
COMMON STOCKS 0.3%
Energy 0.1%
	MPLX LP		2,200		64,130
Financials 0.1%
	Nordic Aviation Capital Designated Activity Company (d) (k)		1,851		44,424
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (k)		8,143		8,713
	iHeartMedia, Inc. - Class A (k)		3,283		25,903
				34,616
	Total Common Stocks (cost $222,418)			143,170
SHORT TERM INVESTMENTS 9.8%
Securities Lending Collateral 7.6%
	State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (l)		4,009,158		4,009,158
Investment Companies 2.2%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 1.42% (l)		1,180,492		1,180,492
	Total Short Term Investments (cost $5,189,650)			5,189,650
Total Investments 105.5% (cost $63,662,081)					55,998,566
Other Assets and Liabilities, Net (5.5)%					(2,922,613)
Total Net Assets 100.0%					53,075,953

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2022, the value and the percentage of net assets of these securities was $38,282,129 and 72.1% of the Fund.

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

(c) Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by the security may be paid in cash or additional par.

(d) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(e) 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 June 30, 2022.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2022.

(g) Security is restricted to resale to institutional investors or subject to trading restrictions due to sanctions on foreign issuers. See Restricted Securities table following the Schedules of Investments.

(h) Perpetual security. Next contractual call price and date are presented in

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022

parentheses, if applicable.

(i) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

(k) Non-income producing security.

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


Composition as of June 30, 2022*:
Corporate Bonds and Notes	85.8	%
Senior Floating Rate Instruments	3.7
Investment Companies	0.9
Common Stocks	0.3
Short Term Investments	9.3
Total Investments^*	100.0	%

^*Percentages are based on market values as of June 30, 2022 and differ from the percentages shown in the Schedules of Investments, which are based on net assets.

PPM High Yield Core Fund — Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Energean Israel Finance Ltd, 4.88%, 03/30/26

03/09/21

386,780

349,360

0.7


PPM High Yield Core Fund – Unfunded Commitments
		Unfunded Commitment ($)	Unrealized Appreciation/ (Depreciation) ($)
	NAC Aviation 8 Limited (Nordic Aviation) - 2022 1st Lien Revolver	18,222	-

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 15

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2022

Currency Abbreviations:

USD - United States Dollar

Abbreviations:


ETF - Exchange Traded Fund
LIBOR – London Interbank Offered Rate
MBS - Mortgage-Backed Security MLP – Merrill Lynch Professional Clearing Corp
REMIC - Real Estate Mortgage Investment Conduit
TBA - To Be Announced (Securities purchased on a delayed delivery basis)
U.S. or US - United States

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

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Assets and Liabilities (Unaudited)

June 30, 2022


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Assets
Investments, at value		$	53,039,482		$	56,016,788
Variation margin on futures			67,964			—
Cash			105,760			19,437
Receivable from:
	Investment securities sold		55,544			495,634
	Dividends and interest		336,612			897,543
	Adviser		27,325			24,233
	Deposits with brokers and counterparties		3,464			—
Other assets			16,227			—
Total assets			53,652,378			57,453,635
Liabilities
Variation margin on futures			56,859			—
Payable for:
	Investment securities purchased		1,882,601			263,923
	Deposits from counterparties		3,464			—
	Return of securities loaned		1,337,348			4,009,158
	Advisory fees		16,566			24,820
	Administrative fees		4,141			4,513
	Board of Trustees fees		3,777			4,116
	Chief Compliance Officer fees		2,600			2,832
	Other expenses		55,974			68,320
Total liabilities			3,363,330			4,377,682
Net assets		$	50,289,048		$	53,075,953
Net assets consist of:
Paid-in capital		$	56,791,581		$	62,612,903
Total distributable earnings (loss)			(6,502,533	)		(9,536,950	)
Net assets		$	50,289,048		$	53,075,953
Net assets - Institutional Class		$	50,289,048		$	53,075,953
Shares outstanding - Institutional Class			5,657,477			6,288,642
Net asset value per share - Institutional Class		$	8.89		$	8.44
Investments, at cost		$	58,087,525		$	63,680,303
Securities on loan included in
	Investments, at value		1,301,922			4,216,817

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Operations (Unaudited)

For the Period Ended June 30, 2022


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Investment income
Dividends		$	2,967		$	17,854
Interest			753,118			1,718,203
Securities lending			2,037			7,755
Total investment income			758,122			1,743,812

Expenses
Advisory fees			106,534			160,428
Administrative fees			26,633			29,168
Legal fees			56,287			61,198
Transfer agent fees			17,177			14,474
Board of Trustees fees			35,201			38,280
Chief Compliance Officer fees			16,661			18,119
Registration and filing fees			23,497			23,631
Other expenses			8,739			9,505
Total expenses			290,729			354,803
Expense waiver			(170,975	)		(150,819	)
Net expenses			119,754			203,984
Net investment income (loss)			638,368			1,539,828

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments		(1,076,686	)		(946,123	)
	Futures contracts		(418,895	)		—
Net change in unrealized appreciation
	(depreciation) on:
	Investments		(6,180,385	)		(9,534,265	)
	Futures contracts		30,705			—
Net realized and unrealized gain (loss)			(7,645,261	)		(10,480,388	)
Change in net assets from operations		$	(7,006,893	)	$	(8,940,560	)

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Period Ended June 30, 2022


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Operations
Net investment income (loss)		$	638,368		$	1,539,828
Net realized gain (loss)			(1,495,581	)		(946,123	)
Net change in unrealized appreciation
	(depreciation)		(6,149,680	)		(9,534,265	)
Change in net assets from operations			(7,006,893	)		(8,940,560	)
Distributions to shareholders
From distributable earnings
	Institutional Class		(672,873	)		(1,539,708	)
Total distributions to shareholders			(672,873	)		(1,539,708	)
Share transactions¹
Proceeds from the sale of shares
	Institutional Class		1,647,154			1,647,237
Reinvestment of distributions
	Institutional Class		672,424			1,539,708
Cost of shares redeemed
	Institutional Class		(2,334,954	)		(2,504,248	)
Change in net assets from
	share transactions		(15,376	)		682,697
Change in net assets			(7,695,142	)		(9,797,571	)
Net assets beginning of period			57,984,190			62,873,524
Net assets end of period		$	50,289,048		$	53,075,953





¹Share transactions
Shares sold
	Institutional Class		171,222			173,202
Reinvestment of distributions
	Institutional Class		71,713			166,108
Shares redeemed
	Institutional Class		(246,059	)		(262,399	)
Change in shares
	Institutional Class		(3,124	)		76,911
Purchases and sales of long term
	investments
Purchase of securities		$	20,302,158		$	18,728,846
Purchase of U.S. government securities			11,436,326			—
Total purchases		$	31,738,484		$	18,728,846
Proceeds from sales of securities		$	23,610,409		$	18,838,658
Proceeds from sales of U.S. government
	securities		8,815,822			—
Total proceeds from sales		$	32,426,231		$	18,838,658

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Year Ended December 31, 2021


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Operations
Net investment income (loss)		$	1,214,238		$	3,082,917
Net realized gain (loss)			842,508			1,768,869
Net change in unrealized appreciation
	(depreciation)		(2,481,407	)		(1,533,334	)
Change in net assets from operations			(424,661	)		3,318,452
Distributions to shareholders
From distributable earnings
	Institutional Class		(2,226,697	)		(3,067,863	)
Total distributions to shareholders			(2,226,697	)		(3,067,863	)
Share transactions¹
Proceeds from the sale of shares
	Institutional Class		3,741,040			3,806,970
Reinvestment of distributions
	Institutional Class		2,224,764			3,067,863
Cost of shares redeemed
	Institutional Class		(1,654,984	)		(1,712,936	)
Change in net assets from
	share transactions		4,310,820			5,161,897
Change in net assets			1,659,462			5,412,486
Net assets beginning of year			56,324,728			57,461,038
Net assets end of year		$	57,984,190		$	62,873,524





¹Share transactions
Shares sold
	Institutional Class		359,026			376,612
Reinvestment of distributions
	Institutional Class		214,319			303,176
Shares redeemed
	Institutional Class		(158,777	)		(169,419	)
Change in shares
	Institutional Class		414,568			510,369

See accompanying Notes to Financial Statements.

PPMFunds

Financial Highlights (Unaudited)

For a Share Outstanding

Net Investment Income (Loss). The net investment income (loss) per share is calculated using the average shares method.

Total Return. Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year.

Portfolio Turnover. Portfolio turnover is not annualized for periods of less than one year. Dollar roll and in-kind transactions are excluded for purposes of calculating portfolio turnover. Fixed income securities with maturities greater than one year that are purchased for short term investment are excluded from the portfolio turnover calculation.

Ratios. Ratios are annualized for periods less than one year.


			Increase (decrease) from investment operations			Distributions from				Supplemental data				Ratios
Period ended		Net asset value, beginning of period($)	Net investment income (loss)($)	Net realized & unrealized gains (losses)($)	Total from investment operations($)	Net investment income($)	Net realized gains on investment transactions($)	Net asset value, end of period($)	Total return(%)	Net assets,end of period (in thousands)($)	Portfolio turnover (%)		Net expenses to average net assets(%)	Total expenses to average net assets(%)	Net investment income (loss) to average net assets(%)

PPM Core Plus Fixed Income Fund

Institutional Class
06/30/22		10.24	0.11	(1.34)	(1.23)	(0.12)	—	8.89	(12.08)	50,289	41	(b)	0.45	1.09	2.40
12/31/21		10.74	0.22	(0.31)	(0.09)	(0.25)	(0.16)	10.24	(0.88)	57,984	121	(b)	0.45	1.02	2.12
12/31/20		10.40	0.27	0.76	1.03	(0.30)	(0.39)	10.74	9.98	56,325	80	(b)	0.49	0.85	2.55
12/31/19		9.85	0.31	0.71	1.02	(0.31)	(0.16)	10.40	10.51	51,333	108	(b)	0.50	0.70	3.02
12/31/18	(a)	10.00	0.15	(0.14)	0.01	(0.16)	—	9.85	0.07	50,198	25	(b)	0.50	0.78	3.30


PPM High Yield Core Fund

Institutional Class
06/30/22		10.12	0.25	(1.68)	(1.43)	(0.25)	—	8.44	(14.36)	53,076	33		0.70	1.22	5.28
12/31/21		10.08	0.51	0.04	0.55	(0.51)	—	10.12	5.60	62,874	58		0.70	1.19	5.07
12/31/20		10.09	0.51	(0.01)	0.50	(0.51)	—	10.08	5.34	57,461	82		0.69	1.01	5.30
12/31/19		9.26	0.54	0.83	1.37	(0.54)	—	10.09	15.02	55,615	78		0.70	0.85	5.50
12/31/18	(a)	10.00	0.25	(0.71)	(0.46)	(0.26)	(0.02)	9.26	(4.74)	48,121	18		0.70	0.92	5.53


(a)	The Fund commenced operations on July 16, 2018.
(b)	Portfolio turnover including dollar roll transactions for PPM Core Plus Fixed Income Fund was 31%, 113%, 118%, 165% and 60% for 2018, 2019, 2020, 2021 and 2022, respectively.

See accompanying Notes to Financial Statements.

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2022

NOTE 1. ORGANIZATION

PPM Funds (the “Trust”) is an open-ended management investment company, organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated November 9, 2017, as amended and restated March 12, 2018. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended ("the 1940 Act"), and its shares are registered under the Securities Act of 1933, as amended ("the 1933 Act"). The Trust currently consists of two series, (collectively, the “Funds” and each individually a “Fund”): PPM Core Plus Fixed Income Fund and PPM High Yield Core Fund. The Funds offer only Institutional Class shares. Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each with its own investment objective, policies and strategies. The Funds are classified as diversified under the 1940 Act.

PPM America, Inc. (“PPM” or “Adviser”) serves as the investment adviser of the Funds, with responsibility for the professional investment supervision and management of the Funds. The Adviser is an indirect, wholly-owned subsidiary of Jackson Financial, Inc. (“Jackson”). Jackson National Asset Management LLC (“JNAM” or “Administrator”), an affiliate of PPM, serves as the administrator. JNAM is a wholly owned subsidiary of Jackson. Prudential plc and Athene Life Re Ltd. each hold a minority economic interest in Jackson. Prudential plc has no relation to Newark, New Jersey based Prudential Financial Inc.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with US generally accepted accounting principles (“GAAP”).

Security Valuation. Under the Trust’s valuation policy and procedures, the Board of Trustees (“Board” or “Trustees”) has delegated the daily operational oversight of the securities valuation function to the JNAM Valuation Committee (“Valuation Committee”), which consists of certain officers of the Trust and certain members of JNAM management. The Valuation Committee is responsible for determining fair valuations for any security for which market quotations are not readily available or are determined to be not reflective of fair value. For those securities fair valued under procedures adopted by the Board, the Valuation Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Valuation Committee’s fair valuation determinations are subject to review by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. The Board is promptly notified of any matters significantly impacting the application of the Funds' valuation policies and procedures. The Board also receives monthly reports on other fair valuation determinations deemed material.

The net asset value ("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). However, consistent with legal requirements, calculation of the 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. 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. 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. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter (“OTC”) market. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Debt and derivative securities are generally valued by independent pricing services approved by the Board. If a valuation from a third-party pricing service is unavailable or it is determined that such valuation does not approximate fair value, debt obligations with remaining maturities of sixty (60) days or less may be valued at their amortized cost, unless it is determined that such practice also does not approximate fair value. Pricing services utilized to value debt and derivative 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. 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. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day’s mid-price.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of US securities markets. Securities are fair valued based on observable and unobservable inputs, including the Administrator's or Valuation Committee’s own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Administrator may utilize pricing services or other sources in determining the fair value of an investment. Factors considered to determine fair value may include fundamental analytical data relating to the security; the nature and duration of restrictions, if any, on the disposition of the security; trading volume on markets, exchanges, or among dealers; evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other financial information about the issuer; the cost of the security at its date of purchase; the size of the Fund’s holding; the discount from market value of unrestricted securities of the same class, if applicable, at the time of purchase or at a later date; reports prepared by analysts; information as to any transactions in or offers for the security; the existence of any merger proposal, tender offer or other extraordinary event relating to the security; the price

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Notes to Financial Statements (Unaudited)

June 30, 2022

and extent of public or dealer trading in similar securities or derivatives of the issuer or of comparable companies; trading in depositary receipts; foreign currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

If an investment is valued at a fair value for purposes of calculating a Fund’s NAV, the value may be different from the last quoted price for the investment depending on the source and method used to determine the value. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

Distributions to Shareholders. The amount and timing of distributions are determined in accordance with federal income tax regulations which may differ from GAAP. Dividends from net investment income are declared daily and paid monthly for PPM Core Plus Fixed Income Fund and PPM High Yield Core Fund. Distributions of net realized capital gains, if any, are declared and distributed at least annually for the Funds only to the extent they exceeded available capital loss carryovers.

Other Service Providers. State Street Bank and Trust Company (“State Street” or "Custodian") acts as custodian and securities lending agent for the Funds. The Custodian has custody of all securities and cash of the Trust maintained in the United States and attends to the collection of principal and income and payment for and collection of proceeds of securities bought and sold by the Trust.

The Trust has entered into a Transfer Agency Agreement with UMB Fund Services, Inc. UMB Fund Services, Inc. is the transfer agent and dividend disbursing agent of all shares.

Security Transactions and Investment Income. Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses are determined on the specific identification basis. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date. Corporate actions involving foreign securities, including dividends, are recorded when the information becomes available. Income received in lieu of dividends for securities loaned is included in Dividends in the Statements of Operations. Interest income, including level-yield amortization of discounts and premiums on debt securities and convertible bonds, is accrued daily. A Fund may place a debt obligation on non-accrual status and reduce related interest income by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become uncollectable. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses are recorded on an accrual basis. Expenses of the Trust that are directly attributable to a specific Fund are charged to that Fund. Other Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund.

Foreign Taxes. The Funds may be subject to foreign taxes on income, gains on investments or foreign currency purchases and repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretations of tax rules and regulations that exist in the markets in which the Funds invest.

Guarantees and Indemnifications. In the normal course of business, the Trust may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. However, since their commencement of operations, the Funds have not had claims or losses pursuant to their contracts and expect the risk of loss to be remote. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements. In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new guidance provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued due to reference rate reform. The amendments in this update are elective and may be applied through December 31, 2022. Management is currently evaluating the potential impacts of reference rate reform and the adoption of this ASU on the Funds’ financial statements.

Effective March 8, 2021, the SEC adopted Rule 2a-5 under the Investment Company Act – Good Faith Determinations of Fair Value. The Rule addresses valuation practices and the role of a fund’s board of directors with respect to the fair value of the investments of a fund. The SEC has provided an eighteen-month transition period, beginning from the effective date of the rule, for funds to prepare to come into compliance with the rule. Management is currently evaluating potential impacts that adoption of Rule 2a-5 may have on the Funds’ financial statements.

Effective February 19, 2021, the SEC adopted Rule 18f-4 under the Investment Company Act – Use of Derivatives by Registered Investment Companies and Business Development Companies. The rule is designed to provide an updated and more comprehensive approach to the regulation of funds’ use of derivatives and other transactions. Funds are required to comply with Rule 18f-4 by August 19, 2022. Management is currently evaluating potential impacts, if any, that adoption of Rule 18f-4 may have on the Funds’ financial statements.

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Notes to Financial Statements (Unaudited)

June 30, 2022

NOTE 3. FASB ASC TOPIC 820, “FAIR VALUE MEASUREMENT”

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 June 30, 2022, by valuation level.


	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Government And Agency Obligations	—		22,663,845	—	22,663,845
Corporate Bonds And Notes	—		21,455,964	58,830	21,514,794
Non-U.S. Government Agency Asset-Backed Securities	—		4,014,464	—	4,014,464
Senior Floating Rate Instruments	—		1,121,854	—	1,121,854
Common Stocks	—		—	28,896	28,896
Short Term Investments	3,695,629		—	—	3,695,629
	3,695,629		49,256,127	87,726	53,039,482
Assets - Investments in Other Financial Instruments¹
Futures Contracts	89,349		—	—	89,349
	89,349		—	—	89,349
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(54,589	)	—	—	(54,589	)
	(54,589	)	—	—	(54,589	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		47,975,979	90,402	48,066,381
Senior Floating Rate Instruments	—		2,071,514	18,222	2,089,736
Investment Companies	527,851		—	—	527,851
Common Stocks	98,746		—	44,424	143,170
Short Term Investments	5,189,650		—	—	5,189,650
	5,816,247		50,047,493	153,048	56,016,788

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 June 30, 2022.

NOTE 4. SECURITIES AND OTHER INVESTMENTS

Securities Lending and Securities Lending Collateral. All Funds are approved to participate in agency based securities lending with 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

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Notes to Financial Statements (Unaudited)

June 30, 2022

borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. State Street has agreed to indemnify the Funds in the event of default by a third-party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, in addition to lending fees and rebates negotiated with the borrower. The Funds bear the market risk with respect to the collateral investment and securities loaned. The Funds also bear the risk that State Street may default on its obligations to the Funds. Non-cash collateral may include US government securities; US government agencies’ debt securities; and US government-sponsored agencies’ debt securities and mortgage-backed securities. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge and accordingly are not reflected in the Statements of Assets and Liabilities. 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.

Cash collateral received from the borrower is recorded in the Statements of Assets and Liabilities as Payable for Return of securities loaned. Investments acquired with such cash collateral are included in Investments, at value on the Statements of Assets and Liabilities. The value of securities on loan is included in Investments, at value on the Statements of Assets and Liabilities. 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.

US Government Securities. Certain Funds may invest in securities issued or guaranteed by the US Government or its agents or instrumentalities. Some US government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the US government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the US Department of the Treasury (“US Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the US government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. US government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

Government-related guarantors (i.e., guarantors that are not backed by the full faith and credit of the US government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers, which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the US government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the US government.

FNMA and FHMLC were placed into conservatorship by the Federal Housing Finance Agency (“FHFA”). As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and each enterprise’s assets. In connection with the conservatorship, the US Treasury entered into a Senior Preferred Stock Purchase Agreement with FNMA and FHLMC. This agreement contains various covenants that severely limit each enterprise’s operations. In exchange for entering into these agreements, the US Treasury received senior preferred stock in each enterprise and warrants to purchase each enterprise’s common stock. The US Treasury created a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and created a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities.

Unregistered Securities. The Funds may own certain investment securities that are unregistered and thus restricted as to resale. These securities may also be referred to as “private placements”. Unregistered securities may be classified as “illiquid” because there is no readily available market for sale of the securities. Where future dispositions of the securities require registration under the 1933 Act, the Funds have the right to include those securities in such registration generally without cost to the Funds. The Funds have no right to require registration of unregistered securities.

Senior and Junior Loans. Certain Funds may invest in Senior loans or secured and unsecured subordinated loans, second lien loans and subordinated bridge loans (Junior loans) which are purchased or sold on a when-issued or delayed-delivery basis and may be settled a month or more after the trade date. Interest income on these loans is accrued based on the terms of the securities. Senior and Junior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan.

Unfunded Commitments. Certain Funds may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market daily. Net unrealized appreciation/depreciation on unfunded commitments is reflected in Other assets or Payable for Investment securities purchased in the Statements of Assets and Liabilities, as applicable, and Net change in unrealized appreciation (depreciation) on investments in the Statements of Operations.

NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL

Under various agreements, certain investment transactions require collateral to be pledged to or from a Fund and a counterparty or segregated at the Custodian and managed pursuant to the terms of the agreement. US Treasury Bills and US dollars are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by a Fund that are used as collateral are identified as such within the

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Notes to Financial Statements (Unaudited)

June 30, 2022

Schedules of Investments. Collateral for OTC financial derivative transactions paid to or received from brokers and counterparties is included in Receivable for Deposits with brokers and counterparties or Payable for Deposits from counterparties in the Statements of Assets and Liabilities.

Counterparty Agreements. Certain Funds enter into various types of agreements with counterparties, which govern the terms of certain transactions and mitigate the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. A Fund may net exposure and collateralize multiple transaction types governed by the same agreement with the same counterparty and may close out and net its total exposure to a counterparty in the event of a default and/or termination event with respect to all the transactions governed under a single agreement with a counterparty. Each agreement defines whether the Fund is contractually able to net settle daily payments. Additionally, certain circumstances, such as laws of a particular jurisdiction or settlement of amounts due in different currencies, may prohibit or restrict the right of offset as defined in the agreements.

These agreements also help limit credit and counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral) governed under the relevant agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of agreement. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant agreement. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds’ Adviser attempts to limit counterparty risk by only entering into agreements with counterparties that the Adviser believes to have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For swap agreements executed with a Derivatives Clearing Organization (“DCO”) in a multilateral or other trade facility platform (“centrally cleared swaps”), counterparty risk is reduced by shifting exposure from the counterparty to the DCO. Additionally, the DCO has broad powers to provide an orderly liquidation in the event of a default.

Customer Account Agreements. Customer Account Agreements and related addendums govern exchange traded or centrally cleared derivative transactions such as futures, options on futures and centrally cleared derivatives. If a Fund transacts in exchange traded or centrally cleared derivatives, the Adviser is a party to agreements with (1) a Futures Commissions Merchant (“FCM”) in which the FCM facilitates the execution of the exchange traded and centrally cleared derivative with the DCO and (2) with an executing broker/swap dealer to agree to the terms of the swap and resolution process in the event the centrally cleared swap is not accepted for clearing by the designated DCO. Exchange traded and centrally cleared derivatives transactions require posting an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the “initial margin” as determined by each relevant clearing agency and is segregated at an FCM which is registered with the Commodity Futures Trading Commission (“CFTC”) or the applicable regulator. The Fund receives from, or pays to, the counterparty an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as the “variation margin”. Variation margin on the Statements of Assets and Liabilities may include variation margin on closed unsettled derivative transactions. Variation margin received may not be netted between exchange traded and centrally cleared derivatives. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to the Fund’s assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk.

International Swaps and Derivatives Association Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”). ISDA Master Agreements govern OTC financial derivative transactions entered into by PPM and select counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, events of default, termination and maintenance of collateral. Termination includes conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election of early termination could be material to the financial statements. In the event of default, the total financial derivative value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. The amount of collateral exchanged is based on provisions within the ISDA Master Agreements and is determined by the net exposure with the counterparty and is not identified for a specific OTC derivative instrument.

NOTE 6. FINANCIAL DERIVATIVE INSTRUMENTS

Futures Contracts. A Fund may buy and sell futures on, among other things, financial instruments, individual equity securities, securities indices, interest rates, currencies and inflation indices. A futures contract is a standardized contract obligating two parties to exchange a specified asset at an agreed upon price and date. Variation margin is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the securities held by the Fund or the change in the value of an underlying entity and the prices of the futures contracts and the possibility the Fund may not be able to enter into a closing transaction because of an illiquid market. With futures, counterparty risk to the Fund is reduced because futures contracts are exchange traded and the exchange’s clearinghouse, acting as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Swap Agreements. Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the OTC market or executed and centrally cleared with a DCO.

A Fund enters into a swap agreement in an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost to the Fund than if the Fund had invested directly in an instrument that yield the desired return. In addition, the Fund may enter into swap agreements to manage certain risks and to implement investment strategies in a more efficient manner.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the unrealized gain or loss recorded by a Fund. Such risks include that there is no liquid market for OTC swaps, that the counterparty to the agreements may default on its

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June 30, 2022

obligation to perform or disagree as to the meaning of contractual terms in the agreement and that there may be unfavorable changes in interest rates or value of underlying securities. Centrally cleared swaps involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Credit Default Swap Agreements. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. If an event of default occurs, the seller must pay the buyer the full notional value of the reference obligation in exchange for the reference obligation. A Fund may be either the buyer or the seller in a credit default swap transaction. If a Fund is a buyer and no event of default occurs, the Fund will lose its investment and recover nothing. However, if an event of default occurs and the counterparty fulfills its payment obligation under the swap agreement, the Fund will receive the full notional value of the reference obligation that may have little or no value. As a seller, a Fund receives a fixed rate of income throughout the term of the contract, which typically is between six months and three years. If an event of default occurs, the Fund (if the seller) must pay the buyer the full notional value of the reference obligation as disclosed in the Schedules of Investments. Credit default swap transactions involve greater risks than if a Fund had invested in the reference obligation directly.

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is limited to the total notional amount which is defined under the terms of each swap agreement. If the Fund is a buyer of protection, the Fund pays the fixed rate. If the Fund is a seller of protection, the Fund receives the fixed rate.

FASB ASC Topic 815, “Derivatives and Hedging” and Financial Instruments Eligible for Offset. FASB ASC Topic 815 includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments, as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument’s primary underlying risk exposure which is categorized as credit, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund’s derivative investments during the period; (2) A summary table of the fair valuations of each Fund’s derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of June 30, 2022. Funds which held only one type of derivative during the period are not included in the tables as the location on the Statements of Assets and Liabilities and the realized and unrealized gain loss on the Statements of Operations can be referenced directly on each Fund’s respective statements; (3) A summary table of derivative instruments and certain investments of each Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statements of Assets and Liabilities as of June 30, 2022.For Funds which held only one type of derivative during the period, amounts eligible for offset are presented gross in the Statements of Assets and Liabilities. Net exposure can be referenced in the assets and liabilities on the Statements of Assets and Liabilities and, if collateral exists, the net exposure is offset by collateral identified in the segregated or pledged collateral table; and (4) A table reflecting each Fund’s average monthly derivative volume for the period ended June 30, 2022.

PPM Core Plus Fixed Income Fund Derivative Strategies - The Fund entered into futures contracts as a means of risk management/hedging and to obtain exposure to or hedge changes in interest rates.


PPM Core Plus Fixed Income Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)	Equity($)	Foreign Exchange($)	Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2022
Derivative instruments assets:
²	Variation margin on futures/futures options contracts	—	—	—	—	67,964		67,964
Total derivative instruments assets		—	—	—	—	67,964		67,964
Derivative instruments liabilities:
²	Variation margin on futures/futures options contracts	—	—	—	—	56,859		56,859
Total derivative instruments liabilities		—	—	—	—	56,859		56,859
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2022
Net realized gain (loss) on:
	Futures/futures options contracts	—	—	—	—	(418,895	)	(418,895	)
Net change in unrealized appreciation (depreciation) on:
	Futures/futures options contracts	—	—	—	—	30,705		30,705

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2022

PPM Core Plus Fixed Income Fund – Average Derivative Volume¹


	Cost of Options Purchased and Written ($)	Notional Value at Purchase of Futures Contracts ($)	Cost of Forward Foreign Currency Contracts ($)	Notional Amount of Interest Rate Swap Agreements ($)	Notional Amount of Cross-Currency Swap Agreements ($)	Notional Amount of Credit Default Swap Agreements ($)	Notional Amount of Total Return Swap Agreements ($)
Average monthly volume	—	15,747,961	—	—	—	—	—

¹ The derivative instruments outstanding as of June 30, 2022, as disclosed in the Schedules of Investments, and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period ended June 30, 2022, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

² Derivative asset or liability is not eligible for offset, and a Derivative and Financial Instruments Eligible for Offset table is not presented for the asset or liability, as applicable.

Pledged Collateral. The following table summarizes cash and securities collateral pledged for the Funds at June 30, 2022:




	Counterparties	Pledged or Segregated Securities($)
PPM Core Plus Fixed Income Fund	MLP	74,346

None of the futures contracts held by the Funds are subject to master netting agreements or a similar agreement and are not eligible for offset in the Statements of Assets and Liabilities as of June 30, 2022. Net exposure to the Funds for futures contracts is the variation margin in addition to any collateral pledged for the initial margin on the futures contracts.

NOTE 7. INVESTMENT RISKS AND REGULATORY MATTERS

The Funds' risks include, but are not limited to, the following:

Corporate, Sovereign Entity, and Bank Loan Risk. Commercial banks, sovereign entities, and other financial institutions or institutional investors make corporate loans to companies or sovereign entities that need capital to grow, restructure, or for infrastructure projects. These instruments are commonly referred to as loans or bank loans. Borrowers generally pay interest on corporate loans at floating rates that change in response to changes in market interest rates such as the LIBOR, the prime rates of US banks or another relevant index. As a result, the value of such loan investments is generally less exposed to the adverse effects of interest rate fluctuations than investments that pay a fixed rate of interest. However, the market for certain loans may not be sufficiently liquid, and a Fund may have difficulty selling them. It may take longer than seven days for transactions in loans to settle. Certain loans may be classified as illiquid securities. Additionally, because a loan may not be considered a security, a Fund may not be afforded the same legal protections afforded securities under federal securities laws. Thus, a Fund generally must rely on contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

Credit Risk. Credit risk is the actual or perceived risk that the issuer of a bond, borrower, guarantor, counterparty, or other entity responsible for payment will not pay interest and principal payments when due. The price of a debt instrument can decline in response to changes in the financial condition of the issuer, borrower, guarantor, counterparty, or other entity responsible for payment. A Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations.

Distressed Debt Risk. A Fund may invest in securities of issuers that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy (also known as “distressed debt”). Such distressed debt securities involve substantial risk in addition to the risks of investing in lower-grade debt securities. To the extent that a Fund invests in distressed debt, a Fund is subject to the risk that it may lose a portion or all or its investment in the distressed debt and may incur higher expenses trying to protect its interests in distressed debt.

High Yield Bonds, Lower-Rated Bonds, and Unrated Securities Risk. High yield bonds, lower-rated bonds, and certain unrated securities are broadly referred to as junk bonds, and are considered below investment-grade by a nationally recognized statistical rating organization (“NRSRO”). Junk bonds are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. As a result, an investment in junk bonds is considered speculative. High yield bonds may be subject to liquidity risk, and a Fund may not be able to sell a high yield bond at the price at which it is currently valued.

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2022

Income Risk. A Fund is subject to the risk that the income generated from a Fund’s investments may decline in the event of falling interest rates. Income risk may be high if a Fund’s income is predominantly based on short-term interest rates, which can fluctuate significantly over short periods. A Fund’s distributions to shareholders may decline when interest rates fall.

Interest Rate Risk. When interest rates increase, fixed-income securities generally will decline in value. Long-term fixed-income securities normally have more price volatility than short-term fixed-income securities.

Issuer Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A security’s value may decline for reasons that directly relate to the issuer, such as management performance, corporate governance, financial leverage and reduced demand for the issuer’s goods or services.

Leverage Risk. Certain transactions, such as reverse repurchase agreements, futures, forwards, swaps, or other derivative instruments, include the use of leverage and may cause a Fund to liquidate portfolio positions at disadvantageous times to satisfy its obligations or to meet asset segregation requirements. The effect of using leverage is to increase a Fund’s potential gains and losses in comparison to the amount of a Fund’s assets (that is, assets other than borrowed assets) at risk, which may cause a Fund’s portfolio to be more volatile. If a Fund uses leverage, the Fund has the risk of capital losses that exceed the net assets of the Fund.

Liquidity Risk. Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if a Fund is unable to sell the securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk arises, for example, from small average trading volumes, trading restrictions, or temporary suspensions of trading. To meet redemption requests, a Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.

Market Risk. Portfolio securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates, adverse investor sentiment, regional and global health epidemics, war, terrorism or natural disasters, among others. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

Mortgage-Related Securities Risk. Mortgage-related securities are generally more sensitive to changes in interest rates and may exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Rising interest rates and falling property prices may increase the likelihood that individuals and entities will fall behind or fail to make payments on their mortgages. When there are a number of mortgage defaults, the interest paid by mortgage-backed and mortgage-related securities may decline, or may not be paid. A number of mortgage defaults could lead to a decline in the value of the securities.

US Government Securities Risk. Obligations issued by agencies and instrumentalities of the US Government vary in the level of support they receive from the US Government. They may be: (i) supported by the full faith and credit of the US Treasury; (ii) supported by the right of the issuer to borrow from the US Treasury; (iii) supported by the discretionary authority of the US Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some US Government Securities may greatly exceed their current resources or their legal right to receive support from the US Treasury.

NOTE 8. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

Advisory and Administrative Fees. The Trust has entered into an Investment Advisory and Management Agreement (the "Investment Advisory Agreement") with PPM. Subject to the oversight of the Trust’s Board of Trustees, PPM is responsible for managing the affairs of the Trust including, but not limited to, continuously providing the Trust with investment advice and business management to the Funds. Pursuant to the Investment Advisory Agreement, PPM receives an annual fee accrued daily and payable monthly, at an annual rate of 0.40% of the average daily net assets of PPM Core Plus Fixed Income Fund and 0.55% of the average daily net assets of PPM High Yield Core Fund.

The Trust has entered into an Administration Agreement with JNAM, an affiliate of PPM. Pursuant to the Administration Agreement, JNAM receives an annual fee accrued daily and payable monthly, at an annual rate of 0.10% of the average daily net assets of each Fund. In return for the fees paid under the Administration Agreement, JNAM provides or procures all necessary administrative functions and services for the operation of the Funds. This includes, among other things, fund accounting; calculation of the daily NAV of each Fund; monitoring the Funds’ expense accruals; calculating monthly total return; prospectus and statement of additional information compliance monitoring; preparing certain financial statements of the Trust; and preparing the Trust’s regulatory filings. In addition, JNAM, at its own expense, arranges for legal, audit, custody (except overdraft and interest expense), printing and mailing of financial statements and prospectuses, a portion of the Chief Compliance Officer costs, and other services necessary for the operation of the Funds. Each Fund is responsible for investment advisory services; transfer agency services; trading expenses including brokerage commissions; interest expenses; taxes; costs and expenses associated with short sales; nonrecurring and extraordinary expenses; registration fees; license fees; directors’ and officers’ insurance; the fees and expenses of the independent Trustees; independent legal counsel to the independent Trustees; and a portion of the costs associated with the Chief Compliance Officer.

Advisory Fee Waivers. The Trust and the Adviser have entered into an Expense Limitation Agreement whereby PPM has contractually agreed to waive a portion of its management fee and/or reimburse expenses for each of the Funds to the extent necessary to limit the annualized ordinary operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, dividend and interest expenses related to short sales, indirect expenses of investing in other investment companies, and extraordinary expenses) to 0.45% for PPM Core Plus Fixed Income Fund and 0.70% for PPM High Yield Core Fund. Any waived amounts are not subject to future recoupment by the Adviser.

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2022

Security Transactions. Security transactions can occur in the Funds where both the buyer and seller of the security are portfolios or accounts for which PPM serves as the Adviser. Such transactions occur to eliminate transaction costs normally associated with security trading activity. Such transactions are subject to compliance with Rule 17a-7 under the 1940 Act (“Rule 17a-7 transactions”) and are reviewed by the Chief Compliance Officer. Rule 17a-7 trades are executed at current market price at the time of the transaction. There were no 17a-7 transactions for the period ended June 30, 2022.

NOTE 9. INCOME TAX MATTERS

Each Fund is treated as a separate tax payer for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company ("RIC") and to distribute substantially all net investment income and net capital gains, if any, to its shareholders and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to RICs. Therefore, no federal income tax provision is required.

The following information for the Funds is presented on an income tax basis. Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: foreign currency reclassifications, premium amortization or paydown reclassifications, reclassifications on the sale of passive foreign investment company ("PFIC") or Real Estate Investment Trust ("REIT") securities, net operating losses, accounting treatment of notional principal contracts and partnerships, equalization and other distribution adjustments. These reclassifications have no impact on net assets.

At December 31, 2021, the following Funds had capital loss carryforwards available for US federal income tax purposes to offset future net realized capital gains. The amount and character of the capital loss carryforwards are listed in the table below.


	Capital Loss Carryforwards with No Expiration
	Short Term ($)	Long Term ($)	Total ($)

PPM High Yield Core Fund	797,937	—	797,937

At December 31, 2021, the Funds’ last fiscal year end, the following Funds had capital, currency and/or PFIC mark-to-market losses realized after October 31, 2021 (“Post-October losses”), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2022:


	Amount($)
PPM Core Plus Fixed Income Fund	29,996

As of June 30, 2022, the cost of investments and the components of net unrealized appreciation (depreciation) for the Funds were as follows:


	Tax Cost of Investments($)	Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
PPM Core Plus Fixed Income Fund	58,105,396	40,943	(5,106,857	)	(5,065,914	)
PPM High Yield Core Fund	63,805,313	164,396	(7,971,143	)	(7,806,747	)

As of June 30, 2022, the components of net unrealized appreciation (depreciation) for derivatives were as follows:


		Tax Cost/Premiums/Adjustment($)	Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)	Net Unrealized Appreciation (Depreciation)($)
PPM Core Plus Fixed Income Fund
	Futures/Futures Options Contracts	34,760	—	—	—

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2022

The tax character of distributions paid during the Funds’ fiscal year ended December 31, 2021 was as follows:


	Net Ordinary Income*($)	Long-term Capital Gain**($)	Return of Capital($)
PPM Core Plus Fixed Income Fund	1,509,591	717,106	—
PPM High Yield Core Fund	3,067,863	—	—

* Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

FASB ASC Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2018, 2019, 2020 and 2021 which remain subject to examination by the Internal Revenue Service and certain other jurisdictions. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, determined that no provision for federal income tax was required in the Funds’ financial statements during the period ended June 30, 2022.

NOTE 10. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements are issued and has concluded there are no events that require adjustments to the financial statements or disclosure in the notes to financial statements.

PPMFunds

Additional Disclosures (Unaudited)

June 30, 2022

Expense Example. As a shareholder of a Fund or Funds, you incur two types of costs: (1) transaction costs, including reinvested dividends or other distributions; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2022 through June 30, 2022.

Expenses Using Actual Fund Return. This section of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Expenses Using Hypothetical 5% Return. The section of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the “Expenses Using Hypothetical 5% Return” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


			Expenses Using Actual Fund Return			Expenses Using Hypothetical 5% Return
		Annualized Expense Ratios(%)	Beginning Account Value 01/01/22($)	Ending Account Value 06/30/22($)	Expenses Paid During Period($)†	Beginning Account Value 01/01/22($)	Ending Account Value 06/30/22($)	Expenses Paid During Period($)†
PPM Core Plus Fixed Income Fund
	Institutional Class	0.45	1,000.00	879.20	2.10	1,000.00	1,022.56	2.26
PPM High Yield Core Fund
	Institutional Class	0.70	1,000.00	856.40	3.22	1,000.00	1,021.32	3.51

† Expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 181/365 (to reflect the most recent 6-month period).

Quarterly Portfolio Holdings. The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available upon request by calling the Funds toll-free at 1-844-446-4PPM (1-844-446-4776).

Proxy Voting Policies and Procedures and Proxy Voting Record. A description of the Policy that the Funds’ Adviser used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2022, are available without charge (1) by calling 1-844-446-4PPM (1-844-446-4776), (2) by writing PPM Funds, P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, (3) online at www.ppmamerica.com/ppmfunds, and (4) by visiting the SEC’s website at www.sec.gov.

The Statement of Additional Information includes additional information about the Funds’ Trustees and is available without charge (1) by calling 1-844-446-4PPM, (2) by writing PPM Funds, P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, and (3) online at www.ppmamerica.com/ppmfunds.

Liquidity Risk Management Program

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, PPM Funds (the “Trust”), on behalf of each of its series (each a “Fund” and, collectively, the “Funds”), has established a liquidity risk management program to govern the Funds’ approach to managing liquidity risk (the “Program”). The Program is overseen by the Liquidity Committee, a committee comprised of representatives of the Trust’s investment adviser, PPM America, Inc. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Liquidity Committee to oversee the Program.

The Program’s principal objectives include supporting the Funds’ compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence each Fund’s liquidity and the periodic classification and re-classification of a Fund’s investments into groupings that reflect the Liquidity Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on May 18, 2022, the Trustees received a report from the Liquidity Committee regarding the design and operational effectiveness of the Program during the prior 12 months. The Liquidity Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage the Funds’ liquidity risk and has operated adequately and effectively to manage the Funds’ liquidity risk since implementation. The Liquidity Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Liquidity Committee further noted that no significant change was made to the Funds’ liquidity classifications during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

PPM America, Inc., PPM Loan Management Company, LLC, PPM Loan Management Company 2, LLC and PPM Funds (collectively, “PPM”) are committed to keeping nonpublic information about clients and potential clients secure and confidential. We do not disclose your information to anyone except as required by law, described in this policy, or as you otherwise permit. Most importantly, we do not sell your information to anyone.

PERSONAL INFORMATION COLLECTED WITHIN THE PAST 12 MONTHS

Below is a list of the categories of personal information we have collected within the past 12 months. We did not necessarily collect all the specific pieces of personal information listed for any given person. Please note that these personal information categories are as they are set forth under California law.


Category	Examples	Collected
Identifiers	Name, email address, postal address, government issued ID, or other similar identifiers	Yes
Personal Information (as listed in Cal. Civ. Code § 1798.80)	Signature, social security number, financial information or other similar personal information	Yes
Protected classification characteristics	Age, race, national origin, citizenship, gender	Yes
Commercial Information	Property records, business or other financial related commercial information	Yes
Biometric Information	Genetic, physiological, behavioral, and biological characteristics, such as fingerprints	Yes
Internet/Network Activity	Information on interactions with firm marketing emails	Yes
Geolocation Data	Physical location or movements	No
Sensory Data	Audio or visual information	No
Professional or employment-related information	Current or past job history or performance evaluations	No
Non-public education information	Transcripts, class lists	No
Inferences drawn from other personal information	Profile reflecting psychological trends, predispositions, behavior, attitudes,	No

HOW WE COLLECT PERSONAL INFORMATION

We receive personal information through two primary means: information you provide us directly and information we collect automatically.

Information you provide to PPM. In the course of serving you as someone associated with a corporate or institutional client, PPM obtains personal information about you principally through requests by email or telephone. Obtaining this information is important to our ability to fulfill your requests and deliver the highest level of service.

Digital Analytics Information. While we do not collect personal information from anyone who is merely visiting or browsing our website, to enhance our visitors' usability of the PPM website, we use digital analytics tools (e.g. Google Analytics) to understand and optimize performance. This may include, but is not limited to, the collection of IP addresses and information about what pages visited, and average time on pages. To learn more about how Google uses the information, visit Google’s Privacy & Terms at http://policies.google.com/technologies/partner-sites.

When interacting with our PPM email marketing materials, our systems automatically log information about your interaction with that email as well as information about your computer or mobile device. For example, our system logs when you open an email from us, what links in our emails you select, your IP address, your computer or mobile device operating system name and version, browser and email client type, how long you spent on a page, and information about your use of and actions on the email newsletter. If you currently receive PPM email marketing materials but wish to stop receiving these communications, please follow the opt-out instructions contained within the email message from PPM.

HOW WE USE YOUR INFORMATION

Use of your personal information depends on your relationship to PPM. We did not necessarily collect all the specific pieces of personal information listed above for any one specific business purpose, but rather, we used personal information, generally, in the following circumstances, including:

· Servicing clients. For example, personal information may be needed to maintain or service accounts, process or fulfill orders and transactions, or process payments.

· Performing due diligence. For example, we may need to conduct research or evaluate individuals in connection with an investment or sale on behalf of our clients or with respect to a corporate restructuring, merger or acquisition or similar proceeding.

· Pursuant to law or regulation. For example, we might use the information you provide us to verify your identity or identify individuals within your organization to help fulfill certain legal or regulatory requirements.

· Interacting with our service providers. For example, PPM may receive personal information during the course of our business relationship for onboarding, background checks, or, depending on your relationship to PPM, as required to attest to PPM’s compliance policies and code of conduct.

· As part of a corporate transaction. For example, a transaction with a successor or affiliate or in connected with any acquisition, merger or sale of assets.

· Respond to your requests or questions. For example, we might use the information you provided us to respond to your questions or feedback.

For those who interact with our PPM email marketing materials or our website, we collect and use your information to:

· Provide relevant news and information. For example, we might use your information to customize your experience with us and help us better understand your interests and needs so that we can improve your experience with our online content.

· Improve our website, products or services. For example, we might use anonymized information to enhance your experience with us or improve content on our websites.

SHARING PERSONAL INFORMATION

PPM does not share your personal information with “third parties” as defined by the California Consumer Privacy Act.

We may share your information with affiliates and non-affiliated third-parties that perform support services for PPM. These parties are subject to agreements that require them to maintain the confidentiality of your information and to use it only in the course of providing such services. We will also share information if you so direct or with your consent, if we are compelled by law or regulation, as part of a corporate transaction with a successor or affiliate or in connected with any acquisition, merger or sale of assets, or in other circumstances as permitted by law (for example, to protect your account from fraud).

SPECIFIC PRIVACY RIGHTS

California-specific privacy rights. The California Consumer Privacy Act (“CCPA”) provides residents of California enhanced privacy rights, including the following:

· Right to know about your personal information PPM collects and discloses

· Right to access information PPM has collected about you

· Right to request PPM delete your personal information

· Right to non-discrimination for exercising your privacy rights

We do not discriminate against you, for example, by offering a different level of service, for exercising any of these rights. While the CCPA also provides California residents with the right to opt-out of sales of personal information to third parties, it is important to know we do not sell your personal information. Additionally, we do not knowingly collect or sell the personal information of minors (individuals under 16 years of age) without affirmative authorization.

Should you wish to exercise any of the above rights, please use this link to submit a request, or if you received this notice in a printed format or are otherwise unable to complete the form, please call (800) 644-4565. To protect your privacy, you will be required to provide information to help verify your identity. Only you, or someone legally authorized to act on your behalf, may make a verifiable consumer request related to your personal information. We will make good faith efforts to provide you with access to your information when you request it, but we cannot grant your request if we cannot verify your identity or authority to make the request and confirm that the personal information relates to you. Further, there may be other circumstances in which we may not grant access. In all cases, we will provide you with an explanation of our determination and a point of contact for further enquiries.

Additionally, under California Civil law, Californians are entitled to request information relating to whether a business has disclosed personal data to any third parties for the third parties’ direct marketing purposes. Californians who wish to request further information about our compliance with this statute or who have questions, more generally, about our Privacy Policy and our privacy commitments and our website should contact us at privacy@ppmamerica.com or at PPM America, 225 West Wacker Dr., Suite 1200, Chicago, Illinois 60606.

USE OF COOKIES

A cookie is a piece of data stored within the web browser on your computer by the websites you visit. Cookies are widely used to improve browsing experience and help websites function more efficiently. The cookies we use enable certain functionality of the website and facilitate website usage analysis. This will enable us to continually improve the website and our systems. The cookies do not hold any personal information about you. We do not associate any data gathered from cookies with any of your personal information. From our website, PPM may place cookies on your computer. There are two types of cookies that we use:

· Session cookies - these cookies are temporarily created when you visit our website. When you leave the website all session cookies are deleted.

· Persistent cookies - these cookies remain on your computer for the period of time specified in the cookie. They are activated each time you visit our website which created that particular cookie.

Many Internet browsers allow you to adjust your cookie preferences or delete existing cookies. If you set your browser to reject cookies, you should be aware that certain website features may not be available to you or may not function correctly. Certain Internet browsers may provide you the choice to set "Do Not Track" preferences, to limit the collection of information about your online activities over time and across third-party websites or online services. PPM’s systems do not respond to Internet browser "do not track" signals or similar mechanisms.

LINKS TO THIRD-PARTY SITES

The PPM website may contain links to other websites. We are not responsible for the privacy practices of any such other website (whether accessed through an advertisement, service or content link) and urge you to review such practices prior to submitting any information to such websites.

SAFEGUARDING INFORMATION

We recognize that information security is a crucial topic. To protect information, we've utilized an information security program to protect the integrity of our systems and applications. We implemented precautions throughout our organization, as well as our affiliates, including, where appropriate, the following: password protection, multi-factor authentication, encryption, TLS, firewalls, and internal restrictions on who may access data to protect the information we collect from loss, misuse, and unauthorized access, disclosure, alteration, and destruction.

We restrict access to personal information to authorized employees and in some cases to third parties as permitted by law. In addition to the requirements in this policy, we maintain physical, electronic and procedural safeguards to guard sensitive information. We adhere to these standards even after a business relationship ends.

CHANGES TO POLICY

This policy provides a general statement of the ways in which PPM protects your personal information. You may, however, in connection with specific products or services offered by PPM, be provided with privacy policies or statements that supplement this policy. PPM reserves the right to change its privacy policy or any supporting or related policies or procedures at any time. If there are any changes to the terms of this privacy policy, documents containing the revised policy will be updated, including our website at the PPM Privacy Policy or at http://ppmamerica.com/privacy-policy, and will be effective immediately. Contact us at privacy@ppmamerica.com should you have any questions about this privacy policy.

Employees should review the Jackson Financial Inc. Associate Privacy Notice available at https://www.jackson.com for information on the categories of personal information that may be collected from and for employees and why PPM or its affiliates collect such information.

This policy was last updated on April 1, 2022.

Item 2. Code of Ethics.

Not applicable to the semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to the semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to the semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Included as a part of the report to shareholders filed under Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes have been made.

Item 11. Controls and Procedures.

(a) The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant's filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized, and reported within the periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such

information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within ninety (90) days prior to the filing date of this report on Form N-CSR, the registrant had carried out an evaluation, under the supervision and with the participation of the registrant's management, including the registrant's principal executive officer and the registrant's principal financial officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures. Based on such evaluation, the registrant's principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures are effective.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal controls over financial reporting. There have been no significant changes in the registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this report on Form N-CSR.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits.


(a)	(1) Not applicable to the semi-annual filing.
	(2) The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
	(3) Not applicable.

(b)	The certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	PPM Funds

By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer

Date:	September 1, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer

Date:	September 1, 2022


By:	/s/ Andrew Tedeschi
	Andrew Tedeschi
	Principal Financial Officer

Date:	September 1, 2022

EXHIBIT LIST


Exhibit 13(a)(2)	Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

	Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

Exhibit 13(b)	Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.

PPM Funds N-CSRSCertified semi-annual shareholder report (management investment company)