PPM Funds NCSR Certified 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) 338-5800

Date of Fiscal Year End: December 31

Date of Reporting Period: December 31, 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

December 31, 2022

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


PPMFunds	PPM Core Plus Fixed Income Fund

PPM Core Plus Fixed Income Fund


Average Annual Total Return
Institutional Class†
1 Year	-13.91	%
Since Inception	0.84	%
†Inception date July 16, 2018 The Fund’s investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.

The graph shows the change in value of an assumed $10,000 investment in the Fund's Institutional Class shares over 10 years, or since inception if the inception is less than 10 years, as well as the Fund's benchmark(s) performance for the same period.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses.


Composition as of December 31, 2022*:
Corporate Bonds and Notes	41.8	%
Government and Agency Obligations	40.2
Non-US Government Agency ABS	11.6
Senior Floating Rate Instruments	1.9
Common Stocks	0.1
Short Term Investments	4.4
Total Investments^*	100.0	%

^*Percentages are based on market values as of December 31, 2022 and differ from the percentages shown in the Schedules of Investments, which are based on net assets.

For the year ended December 31, 2022, the PPM Core Plus Fixed Income Fund (“the Fund”) underperformed its primary benchmark by posting a net return of -13.91% compared to -13.01% for the Bloomberg U.S. Aggregate Bond Index.

An overweight to corporate bonds (both investment grade (“IG”) and high yield (“HY”)) detracted and drove the underperformance. While US fixed income experienced broad declines in 2022, corporate bonds underperformed on a relative basis given spread widening. Treasury futures also detracted from performance. We typically use Treasury futures to hedge duration or to increase or decrease the Fund’s exposure to interest rates or yield curve risk. Conversely, out-of-Index positioning in floating rate loans positively contributed to performance. Given their floating rate nature, loans outperformed bonds over the year. Positioning in mortgage-backed securities (“MBS”) also contributed.

The investment objective of the Fund is to seek to realize maximum total return, consistent with the preservation of capital and prudent investment management. The Fund invests at least 80% of its assets in a diversified portfolio of IG debt securities of US and foreign issuers and generally maintains an average portfolio duration within two years of the duration of the benchmark. We seek to consistently add value by making investment decisions based on our view of longer term trends and non-economic factors that may affect interest rates. We also consider quantitative and qualitative factors, such as economic and market factors, in terms of how they could impact an individual company or a specific sector.

Relative to the benchmark on December 31, 2022, the Fund held underweight positions in US Treasuries and MBS, overweight positions in IG corporate bonds and asset-backed securities (“ABS”), as well as an out-of-Index position in HY corporate bonds. Year-over-year, we increased the overweight to ABS and decreased the overweight to HY. We believe the opportunity in HY is reduced as many companies have been upgraded to IG and also spreads on BB-rated bonds have narrowed to less attractive levels compared to IG bonds.

Anything more than a short and shallow US recession is the largest risk to the Fund, in our opinion, given its overweight positioning in corporate bonds.


PPMFunds	PPM High Yield Core Fund

PPM High Yield Core Fund


Average Annual Total Return
Institutional Class†
1 Year	-11.34	%
Since Inception	1.75	%
†Inception date July 16, 2018 The Fund’s investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which performance results would have been lower.


Composition as of December 31, 2022*:
Corporate Bonds and Notes	86.7	%
Senior Floating Rate Instruments	3.8
Investment Companies	0.8
Common Stocks	0.2
Short Term Investments	8.5
Total Investments^*	100.0	%

^*Percentages are based on market values as of December 31, 2022 and differ from the percentages shown in the Schedules of Investments, which are based on net assets.

For the year ended December 31, 2022, the PPM High Yield Core Fund (“the Fund”) underperformed its primary benchmark by posting a return of -11.34% compared to -11.21% for the ICE BofA US High Yield Constrained Index .

Security selection and the resulting overweight in the Media sector was the largest detractor. Security selection in Consumer Goods also detracted. Security selection and the resulting overweight to Energy was the primary contributor, followed by cash holdings. The Fund holds cash from time to time to provide liquidity as needed. Derivative positioning did not materially impact Fund performance.

The investment objective of the Fund is to maximize current income. As a secondary objective, the Fund seeks capital appreciation. The Fund seeks to identify the best relative value investment opportunities across various debt sectors by analyzing overall economic conditions and identifying companies we believe have the highest potential for improving credit fundamentals. The Fund primarily invests in high yield, high risk debt securities. The Fund has flexibility to invest in bank loans, equities and foreign issuers.

During 2022, the Fund increased exposure to Healthcare and Banking sectors and reduced exposure to Media and Services sectors. Relative to the benchmark on December 31, 2022, the Fund’s largest overweight positions were in Financial Services, Energy and Telecommunications. The largest underweight positions on December 31, 2022, were in Real Estate, Services and Basic Industry. The Fund modestly decreased exposure to bank loans during the year and held approximately 3.98% at year-end.

The primary risks to the high yield bond market in 2023 are macro, in our opinion, led by a severe recession. We believe the US high yield market is in the early stages of a “slow burn” credit cycle – downgrades, distress and defaults are increasing, but at measured paces. A severe recession would likely result in much higher-than-expected defaults.

PPMFunds

December 31, 2022

Important Disclosures and Glossary

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 Foreside Financial Services, LLC.¹

Certain comments in this annual report are based on current management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as “believe,” “may,” “will,” “anticipate” and other similar terms. We cannot promise future returns. Our opinions reflect our best judgment at the time this report is compiled, and we disclaim any obligation to update or revise forward-looking statements. Our opinions may not be relied upon as investment advice and because the investment decisions we make are based on many factors, may not be relied upon as an indication of any intent to trade.

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 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.

¹Prior to July 1, 2022, PPM Funds were distributed by Jackson National Life Distributors LLC, member FINRA

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 42.3%
Financials 16.2%
	AerCap Ireland Capital Designated Activity Company
		2.45%, 10/29/26	165,000		144,302
		3.00%, 10/29/28	211,000		177,090
		3.30%, 01/30/32	25,000		19,533
	Ares Finance Co. IV LLC
		3.65%, 02/01/52 (a)	66,000		40,394
	Bank of America Corporation
		3.56%, 04/23/27	242,000		226,756
		1.73%, 07/22/27	103,000		90,283
		4.95%, 07/22/28	70,000		68,407
		6.20%, 11/10/28	49,000		50,594
		4.27%, 07/23/29	333,000		310,989
		2.59%, 04/29/31	100,000		81,575
		2.68%, 06/19/41	65,000		43,888
	Barclays PLC
		3.56%, 09/23/35 (b)	95,000		72,356
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	95,000		63,906
	BlackRock, Inc.
		2.10%, 02/25/32	188,000		151,326
	Blackstone Holdings Finance Co. L.L.C.
		2.00%, 01/30/32 (a)	69,000		50,763
		6.20%, 04/22/33 (a)	176,000		177,439
	Blackstone Private Credit Fund
		1.75%, 09/15/24	17,000		15,635
		3.25%, 03/15/27	141,000		118,825
	Blackstone Secured Lending Fund
		2.85%, 09/30/28	135,000		105,372
	BNP Paribas
		2.59%, 08/12/35 (a) (b)	90,000		65,973
	Citigroup Inc.
		5.00%, (100, 09/12/24) (c) (d)	83,000		74,037
		3.52%, 10/27/28	131,000		119,452
		2.67%, 01/29/31	125,000		102,515
		2.57%, 06/03/31	72,000		57,834
		6.27%, 11/17/33	100,000		103,195
	CNO Global Funding
		2.65%, 01/06/29 (a) (c)	150,000		127,114
	Credit Suisse AG
		4.75%, 08/09/24	138,000		131,824
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (a) (d)	130,000		85,367
		6.50%, 08/08/23 (a) (b)	75,000		72,373
		9.02%, 11/15/33 (a) (b)	130,000		133,535
	Deutsche Bank Aktiengesellschaft
		3.73%, 01/14/32 (b)	124,000		90,888
	F&G Global Funding
		2.00%, 09/20/28 (a)	120,000		99,428
	Fifth Third Bancorp
		6.36%, 10/27/28	142,000		146,198
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	75,000		72,304
		4.13%, 08/17/27	13,000		11,617
		3.82%, 11/02/27	155,000		136,008
		7.35%, 11/04/27	235,000		240,805
	FS KKR Capital Corp.
		3.40%, 01/15/26	102,000		90,582
		3.13%, 10/12/28 (c)	90,000		72,798
	Icahn Enterprises L.P.
		4.75%, 09/15/24	28,000		27,072
	Intercontinental Exchange, Inc.
		2.10%, 06/15/30 (c)	40,000		32,640
		4.95%, 06/15/52	25,000		23,322
	JPMorgan Chase & Co.
		5.55%, 12/15/25	125,000		124,968
		2.01%, 03/13/26	132,000		122,310
		2.07%, 06/01/29	114,000		95,401
		2.74%, 10/15/30	145,000		121,844
	KKR Group Finance Co. XII LLC
		4.85%, 05/17/32 (a)	66,000		61,742
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (b) (d)	109,000		106,144
	LSEGA Financing PLC
		2.50%, 04/06/31 (a)	90,000		74,653
		3.20%, 04/06/41 (a)	28,000		20,556
	Markel Corporation
		6.00%, (100, 06/01/25) (d)	125,000		120,936
	Morgan Stanley
		0.99%, 12/10/26	105,000		92,127
		3.59%, 07/22/28	110,000		101,090
		3.62%, 04/01/31	32,000		28,027
		2.51%, 10/20/32	62,000		48,458
		6.34%, 10/18/33	135,000		141,267
		2.48%, 09/16/36	90,000		65,425
	National Rural Utilities Cooperative Finance Corporation
		5.80%, 01/15/33	149,000		155,434
	National Securities Clearing Corporation
		5.10%, 11/21/27 (a)	250,000		251,362
	NatWest Markets PLC
		1.60%, 09/29/26 (a) (c)	242,000		210,091
	New York Life Global Funding
		1.20%, 08/07/30 (a)	134,000		102,666
	Owl Rock Capital Corporation
		3.40%, 07/15/26	87,000		76,169
	State Street Corporation
		5.75%, 11/04/26	44,000		45,196
		5.82%, 11/04/28	47,000		48,552
	The Bank of New York Mellon Corporation
		5.83%, 10/25/33	112,000		116,502
	The Bank of Nova Scotia
		5.25%, 12/06/24 (b)	100,000		100,263
	The Goldman Sachs Group, Inc.
		2.64%, 02/24/28	133,000		118,334
		4.22%, 05/01/29	50,000		46,577
		3.80%, 03/15/30	211,000		189,620
		2.62%, 04/22/32	39,000		31,080
	The Hartford Financial Services Group, Inc.
		2.90%, 09/15/51	66,000		41,596
	The Huntington National Bank
		5.65%, 01/10/30	250,000		251,028
	The Toronto-Dominion Bank
		8.13%, 10/31/82 (b)	200,000		206,518
	Toyota Motor Credit Corporation
		4.55%, 09/20/27	170,000		167,699
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	42,875		41,776
	UBS Group AG
		4.99%, 08/05/33 (a) (b)	67,000		62,022
	Wells Fargo & Company
		4.90%, 07/25/33	221,000		209,045
	Westpac Banking Corporation
		2.67%, 11/15/35 (b)	48,000		35,540
				7,958,332
Energy 5.2%
	Antero Midstream Partners LP
		5.38%, 06/15/29 (a)	18,000		16,465
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29	125,000		112,503
		3.25%, 01/31/32	20,000		15,930
	Continental Resources, Inc.
		5.75%, 01/15/31 (a)	95,000		88,517
	Devon Energy Corporation
		5.88%, 06/15/28	39,000		39,403
		4.50%, 01/15/30	34,000		31,724
	Energy Transfer LP
		6.50%, (100, 08/15/26) (c) (d)	20,000		17,371
		6.75%, (100, 05/15/25) (d)	102,000		88,230
		7.13%, (100, 05/15/30) (d)	119,000		99,411
		5.55%, 02/15/28	211,000		209,055
		5.75%, 02/15/33	104,000		102,076
		5.80%, 06/15/38	45,000		41,311
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	40,000		37,356

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
	EQM Midstream Partners, LP
		4.13%, 12/01/26	113,000		100,390
		4.50%, 01/15/29 (a)	31,000		26,226
	Helmerich & Payne, Inc.
		2.90%, 09/29/31	45,000		36,433
	Marathon Oil Corporation
		4.40%, 07/15/27	103,000		98,503
	ONEOK, Inc.
		6.10%, 11/15/32	67,000		67,208
		4.50%, 03/15/50	60,000		44,926
		7.15%, 01/15/51	50,000		50,929
	Pioneer Natural Resources Company
		1.90%, 08/15/30	90,000		70,628
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	300,000		281,994
		4.50%, 05/15/30	80,000		74,301
	Santos Finance Ltd
		3.65%, 04/29/31 (a)	153,000		122,042
	Southwestern Energy Company
		4.75%, 02/01/32	121,000		103,314
	Targa Resources Corp.
		4.20%, 02/01/33	60,000		51,919
	Targa Resources Partners LP
		5.50%, 03/01/30	60,000		56,542
		4.88%, 02/01/31	56,000		50,599
	The Williams Companies, Inc.
		4.65%, 08/15/32	113,000		105,393
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	11,200		11,022
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	70,000		69,300
	Var Energi ASA
		8.00%, 11/15/32 (a)	240,000		247,416
	Venture Global Calcasieu Pass, LLC
		3.88%, 08/15/29 (a)	8,000		7,004
				2,575,441
Utilities 5.0%
	American Electric Power Company, Inc.
		5.75%, 11/01/27	120,000		123,495
	Baltimore Gas and Electric Company
		4.55%, 06/01/52	45,000		40,139
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		61,792
	Consolidated Edison Company of New York, Inc.
		4.20%, 03/15/42	57,000		47,714
	Duke Energy Corporation
		4.50%, 08/15/32	170,000		159,749
	Duke Energy Florida, LLC
		5.95%, 11/15/52	109,000		116,655
	Duquesne Light Holdings, Inc.
		2.53%, 10/01/30 (a) (c)	61,000		48,457
	Edison International
		6.95%, 11/15/29	76,000		79,625
	Enel Finance International N.V.
		2.25%, 07/12/31 (a)	93,000		68,143
		7.50%, 10/14/32 (a)	32,000		34,006
	Eversource Energy
		3.38%, 03/01/32	80,000		69,523
	Nevada Power Company
		3.70%, 05/01/29	140,000		131,810
	Pacific Gas And Electric Company
		3.30%, 12/01/27	46,000		40,575
		3.25%, 06/01/31	58,000		47,147
		5.90%, 06/15/32	134,000		130,852
		4.50%, 07/01/40	181,000		141,778
	Public Service Electric And Gas Company
		3.10%, 03/15/32 (c)	36,000		31,523
		4.90%, 12/15/32	126,000		126,269
	Public Service Enterprise Group Incorporated
		5.85%, 11/15/27	155,000		159,669
	San Diego Gas & Electric Company
		1.70%, 10/01/30	72,000		57,059
		2.95%, 08/15/51	60,000		40,747
	Southern California Edison Company
		5.85%, 11/01/27	88,000		90,864
		5.95%, 11/01/32	107,000		113,304
		4.13%, 03/01/48	46,000		36,859
		3.65%, 02/01/50 (c)	67,000		49,191
	Southwest Gas Corporation
		4.05%, 03/15/32	50,000		43,846
	Tampa Electric Company
		3.45%, 03/15/51	87,000		61,175
	The AES Corporation
		3.30%, 07/15/25 (a)	133,000		125,653
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	71,000		68,135
		3.70%, 01/30/27 (a)	110,000		100,326
				2,446,080
Health Care 3.3%
	AbbVie Inc.
		3.20%, 11/21/29	105,000		94,824
		4.50%, 05/14/35	55,000		51,161
	Amgen Inc.
		3.15%, 02/21/40	62,000		45,911
	Ascension Health
		2.53%, 11/15/29	28,000		23,988
	Baylor Scott & White Holdings
		2.84%, 11/15/50	54,000		35,434
	Centene Corporation
		3.00%, 10/15/30	168,000		137,517
		2.50%, 03/01/31	285,000		223,246
	Cigna Corporation
		4.38%, 10/15/28	50,000		48,231
	CVS Health Corporation
		4.78%, 03/25/38	130,000		119,087
	HCA Inc.
		5.38%, 02/01/25	130,000		129,860
		5.88%, 02/15/26	30,000		30,192
		3.50%, 09/01/30	57,000		49,043
	Indiana University Health, Inc.
		2.85%, 11/01/51 (c)	51,000		31,991
	Northwestern Memorial HealthCare
		2.63%, 07/15/51	55,000		34,967
	Piedmont Healthcare, Inc.
		2.04%, 01/01/32	43,000		33,052
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		7,553
	UnitedHealth Group Incorporated
		5.30%, 02/15/30	207,000		213,947
		4.75%, 05/15/52	155,000		144,111
		5.88%, 02/15/53	102,000		110,746
		6.05%, 02/15/63	71,000		78,182
				1,643,043
Consumer Discretionary 3.2%
	Amazon.com, Inc.
		2.10%, 05/12/31	115,000		94,119
		3.88%, 08/22/37	90,000		79,968
		3.10%, 05/12/51	55,000		39,412
	Booking Holdings Inc.
		4.63%, 04/13/30	149,000		144,176
	Carnival Corporation
		4.00%, 08/01/28 (a)	51,000		41,549
	Ford Motor Company
		6.10%, 08/19/32 (c)	36,000		33,353
	General Motors Company
		5.60%, 10/15/32	106,000		98,849
	General Motors Financial Company, Inc.
		3.10%, 01/12/32	48,000		37,703
	Hyatt Hotels Corporation
		5.63%, 04/23/25 (e) (f)	45,000		44,671
	Kohl's Corporation
		3.63%, 05/01/31 (e) (f)	41,000		28,700
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	36,000		23,085
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (f)	11,000		9,001

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
	Macys Retail Holdings
		5.88%, 03/15/30 (a) (c)	69,000		59,977
		6.13%, 03/15/32 (a)	40,000		33,621
	Magallanes, Inc.
		5.05%, 03/15/42 (a)	175,000		134,575
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	31,525		31,410
	Newell Brands Inc.
		6.38%, 09/15/27	52,000		51,610
		6.63%, 09/15/29 (c)	55,000		54,297
	Prosus N.V.
		4.19%, 01/19/32 (a) (c)	53,000		44,059
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (a)	200,000		134,875
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (a)	10,000		9,747
		4.75%, 10/20/28 (a)	16,000		15,071
	Toll Brothers Finance Corp.
		3.80%, 11/01/29 (c)	160,000		136,411
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (a)	186,000		175,162
				1,555,401
Communication Services 2.8%
	AT&T Inc.
		2.55%, 12/01/33	155,000		119,195
		4.90%, 08/15/37	16,000		14,773
		4.85%, 03/01/39	150,000		134,340
	Charter Communications Operating, LLC
		5.38%, 04/01/38	45,000		37,602
		4.80%, 03/01/50	50,000		36,531
		6.83%, 10/23/55	51,000		47,386
	Comcast Corporation
		3.75%, 04/01/40	35,000		28,979
		3.40%, 07/15/46	50,000		36,894
		2.89%, 11/01/51	51,000		32,974
		4.05%, 11/01/52	13,000		10,438
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	37,000		33,181
	Meta Platforms, Inc.
		3.85%, 08/15/32	130,000		114,392
		4.45%, 08/15/52	130,000		103,305
	Netflix, Inc.
		5.88%, 11/15/28	90,000		91,323
	The Walt Disney Company
		4.63%, 03/23/40	80,000		74,951
	T-Mobile USA, Inc.
		2.63%, 04/15/26	236,000		216,149
	Verizon Communications Inc.
		4.33%, 09/21/28	89,000		85,941
		4.02%, 12/03/29	15,000		14,058
		3.15%, 03/22/30	84,000		74,005
		1.75%, 01/20/31	47,000		36,502
		2.55%, 03/21/31	74,000		60,885
				1,403,804
Industrials 2.2%
	Air Canada
		3.88%, 08/15/26 (a)	35,000		31,094
	Aircastle Limited
		5.25%, 08/11/25 (a)	108,000		103,965
	Ardagh Packaging Finance Public Limited Company
		4.13%, 08/15/26 (a)	165,000		143,035
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	134,000		136,927
	General Electric Company
		8.10%, (3 Month USD LIBOR + 3.33%), (100, 03/15/23) (d) (g)	419,000		414,810
	NAC Aviation 29 Designated Activity Company
		4.75%, 06/30/26	68,901		55,293
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (a)	46,000		37,442
	The Boeing Company
		5.15%, 05/01/30 (f)	160,000		156,013
	United Airlines Pass Through Certificates, Series 2015-1
		4.63%, 04/15/29 (a)	37,000		32,290
				1,110,869
Consumer Staples 2.2%
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	200,000		188,555
	Anheuser-Busch InBev Worldwide Inc.
		5.45%, 01/23/39	141,000		140,235
	B. A. T. Capital Corporation
		4.39%, 08/15/37	45,000		34,915
		3.73%, 09/25/40	55,000		37,376
	JBS USA Food Company
		5.50%, 01/15/30 (a)	50,000		47,535
		5.75%, 04/01/33 (a)	62,000		59,233
		6.50%, 12/01/52 (a)	170,000		161,619
	Northwestern University
		2.64%, 12/01/50	38,000		24,879
	Pilgrim's Pride Corporation
		3.50%, 03/01/32 (a)	180,000		140,698
	Safeway Inc.
		3.50%, 02/15/23 (a)	100,000		99,414
	The Trustees of Princeton University
		4.20%, 03/01/52	78,000		71,704
	University of Washington
		4.35%, 04/15/22	76,000		59,909
				1,066,072
Real Estate 1.0%
	EPR Properties
		4.95%, 04/15/28	60,000		51,377
		3.60%, 11/15/31	61,000		44,042
	Essential Properties, L.P.
		2.95%, 07/15/31	78,000		56,735
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		14,691
		3.25%, 01/15/32	37,000		29,607
	Sun Communities Operating Limited Partnership
		2.30%, 11/01/28	65,000		54,076
		2.70%, 07/15/31	57,000		44,941
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	55,000		51,327
		3.75%, 02/15/27 (a)	63,000		57,279
		4.13%, 08/15/30 (a)	94,000		82,159
				486,234
Materials 0.7%
	Anglo American Capital PLC
		2.63%, 09/10/30 (a)	50,000		40,709
	Celanese US Holdings LLC
		6.33%, 07/15/29 (f)	115,000		111,933
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (a)	110,000		99,496
	Yara International ASA
		7.38%, 11/14/32 (a)	87,000		90,852
				342,990
Information Technology 0.5%
	Apple Inc.
		2.70%, 08/05/51	28,000		18,639
	Broadcom Inc.
		3.47%, 04/15/34 (a)	60,000		47,635
	Dell International L.L.C.
		8.35%, 07/15/46 (f)	25,000		28,843
	Microsoft Corporation
		3.50%, 02/12/35	90,000		81,566
	VMware, Inc.
		2.20%, 08/15/31	76,000		57,699
				234,382
	Total Corporate Bonds And Notes (cost $23,081,205)			20,822,648
GOVERNMENT AND AGENCY OBLIGATIONS 40.7%
Mortgage-Backed Securities 20.1%
	Federal Home Loan Mortgage Corporation
		2.00%, 04/01/36 - 03/01/52	838,006		692,408
		3.50%, 08/01/37 - 09/01/52	681,121		637,398
		3.50%, 10/01/37 (h)	53,223		50,998

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
		4.00%, 10/01/45 - 09/01/52	301,638		286,993
		3.00%, 11/01/46 - 05/01/52	277,024		244,830
		4.50%, 11/01/48 - 08/01/52	179,552		173,400
		2.50%, 05/01/50 - 11/01/51	501,985		429,745
		5.00%, 09/01/52 - 01/01/53	137,542		135,704
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 03/01/50	994,593		900,060
		2.50%, 10/01/35 - 01/01/52	1,227,927		1,075,003
		3.50%, 08/01/37 - 12/01/52	680,075		629,453
		4.00%, 10/01/37 - 09/01/49	360,825		345,400
		TBA, 4.00%, 11/01/37 - 01/15/53 (h)	261,232		247,321
		TBA, 3.50%, 01/15/38 (h)	35,000		33,523
		4.50%, 05/01/47 - 12/01/48	264,466		259,726
		2.00%, 10/01/50 - 01/01/52	1,515,264		1,244,968
		5.00%, 08/01/52	58,103		57,342
		TBA, 5.00%, 01/15/53 (h)	195,000		192,288
	Government National Mortgage Association
		3.00%, 10/20/46 - 02/20/52	476,991		428,807
		3.50%, 05/20/47 - 07/20/51	460,068		428,814
		4.00%, 07/20/47 - 10/20/52	347,222		330,526
		4.50%, 12/20/48 - 11/20/52	352,126		342,374
		2.50%, 03/20/51 - 07/20/51	543,759		473,543
		2.00%, 09/20/51 - 03/20/52	293,332		246,463
				9,887,087
U.S. Treasury Note 16.2%
	Treasury, United States Department of
		2.25%, 11/15/25	585,000		553,556
		4.00%, 12/15/25	260,000		258,375
		0.38%, 12/31/25 - 01/31/26	1,370,000		1,220,413
		1.50%, 08/15/26 - 02/15/30	1,081,000		946,930
		0.88%, 09/30/26	200,000		177,563
		1.25%, 11/30/26 - 06/30/28	1,245,000		1,078,537
		0.63%, 03/31/27	265,000		229,929
		2.63%, 05/31/27	1,089,000		1,026,383
		1.38%, 11/15/31	403,000		327,878
		1.88%, 02/15/32	82,000		69,495
		2.88%, 05/15/32	1,966,600		1,811,730
		2.75%, 08/15/32	310,000		281,955
				7,982,744
U.S. Treasury Bond 3.8%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		437,806
		2.00%, 11/15/41	125,000		89,356
		3.13%, 11/15/41	316,000		272,846
		2.50%, 02/15/45 - 02/15/46	756,000		567,169
		3.00%, 02/15/48	444,000		364,149
		1.63%, 11/15/50	81,000		48,322
		2.88%, 05/15/52	80,000		64,250
				1,843,898
U.S. Government Agency Obligations 0.4%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (c) (i)	229,000		182,164
Municipal 0.2%
	Dallas/Fort Worth International Airport
		2.84%, 11/01/46	55,000		39,467
	The Dormitory Authority of the State of New York
		3.19%, 02/15/43	100,000		73,638
				113,105
	Total Government And Agency Obligations (cost $22,438,586)			20,008,998
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.7%
	Air Canada
		Series 2020-A-2, 5.25%, 04/01/29	20,212		19,072
	Alaska Air Pass Through Trust 2020-1A
		Series 2020-A-1, 4.80%, 08/15/27	79,263		75,341
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	143,900		125,557
	American Express Credit Account Master Trust
		Series 2022-A-4, 4.95%, 10/15/25	350,000		352,691
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		263,437
	Americredit Automobile Receivables Trust 2019-3
		Series 2019-B-3, 2.13%, 07/18/25	46,287		46,243
	Avid Automobile Receivables Trust 2021-1
		Series 2021-A-1, 0.61%, 01/15/25	6,045		6,039
	BX Trust 2022-PSB
		Series 2022-A-PSB, REMIC, 6.79%, (1 Month Term SOFR + 2.45%), 08/15/39 (g)	155,204		153,872
	Capital One Prime Auto Receivables Trust 2022-2
		Series 2022-A2A-2, 3.74%, 09/15/25	246,000		243,132
	CCG Receivables Trust 2019-2
		Series 2019-A2-2, 2.11%, 03/14/23	2,267		2,264
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	180,731		172,259
	Chase Issuance Trust
		Series 2022-A-A1, 3.97%, 09/15/25	160,000		155,828
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (g)	149,330		119,965
	CNH Equipment Trust 2022-A
		Series 2022-A2-A, 2.39%, 01/16/24	144,715		142,460
	CNH Equipment Trust 2022-B
		Series 2022-A2-B, 3.94%, 12/15/25	181,000		179,394
	COMM 2014-UBS3 Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		47,135
	Dell Equipment Finance Trust 2022-1
		Series 2022-A2-1, 2.11%, 11/22/23	74,874		74,071
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	190,000		179,920
	DLLMT 2021-1 LLC
		Series 2021-A3-1A, 1.00%, 07/20/25	223,000		211,455
	DLLST 2022-1 LLC
		Series 2022-A3-1A, 3.40%, 01/21/25	102,662		99,799
	First Investors Auto Owner Trust 2021-1
		Series 2021-A-1A, 0.45%, 12/15/23	21,861		21,601
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	56,556		54,678
	GM Financial Automobile Leasing Trust 2022-3
		Series 2022-A2A-3, 4.01%, 01/22/24	143,000		141,736
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		75,950
	GM Financial Consumer Automobile Receivables Trust 2022-2
		Series 2022-A3-2, 3.10%, 02/16/27	104,000		100,907
		Series 2022-B-2, 3.77%, 04/17/28	107,000		102,309
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		136,303
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	49,086		45,815
	Hilton Grand Vacations Trust 2020-A
		Series 2020-A-AA, 2.74%, 02/25/39	57,344		53,942
	Honda Auto Receivables 2022-2 Owner Trust
		Series 2022-A2-2, 3.81%, 03/18/24	126,000		124,844
	Hudson Yards 2019-30HY Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		128,600
	Hyundai Auto Lease Securitization Trust 2021-B
		Series 2021-A3-B, 0.33%, 06/17/24	265,000		261,001
	Hyundai Auto Lease Securitization Trust 2022-C
		Series 2022-A3-C, 4.38%, 12/16/24	100,000		98,636
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		47,152
	J.P. Morgan Mortgage Trust 2022-4
		Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (g)	176,911		147,969
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	100,000		95,573
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	201,074		171,727
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 4.80%, (1 Month USD LIBOR + 0.48%), 10/16/23 (g)	113,087		108,075
	Prestige Auto Receivables Trust 2021-1
		Series 2021-A3-1A, 0.83%, 07/15/25	266,000		262,281
	Santander Retail Auto Lease Trust 2021-B
		Series 2021-A3-B, 0.51%, 08/20/24	101,000		97,603
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (g)	82,078		64,491

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	39,932		38,177
		Series 2012-A-2, 4.00%, 10/29/24	35,881		34,091
	Verizon Master Trust
		Series 2022-A1A-5, 3.72%, 01/22/24 (e)	114,000		112,014
		Series 2022-A1A-7, 5.23%, 11/20/24	310,000		311,845
	Wells Fargo Commercial Mortgage Trust 2017-C38
		Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (g)	57,000		50,054
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (g)	39,531		32,736
	Westlake Automobile Receivables Trust 2021-3
		Series 2021-A3-3A, REMIC, 0.95%, 06/16/25	192,000		186,367
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,085,362)			5,776,411
SENIOR FLOATING RATE INSTRUMENTS 1.9%
Consumer Discretionary 0.8%
	Adient US LLC
		2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 04/30/28 (g)	77,998		77,047
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 7.57%, (1 Month USD LIBOR + 3.50%), 06/19/25 (g)	45,761		45,605
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 5.82%, (1 Month USD LIBOR + 1.75%), 08/29/25 (g)	100,000		98,700
	PCI Gaming Authority
		Term Loan, 6.57%, (1 Month USD LIBOR + 2.50%), 05/15/26 (g)	109,653		108,831
	UFC Holdings, LLC
		2021 Term Loan B, 7.11%, (3 Month USD LIBOR + 2.75%), 04/29/26 (g)	51,806		51,058
				381,241
Industrials 0.5%
	Air Canada
		2021 Term Loan B, 8.13%, (3 Month USD LIBOR + 3.50%), 07/27/28 (g)	23,880		23,552
	Berry Global, Inc.
		2021 Term Loan Z, 6.02%, (1 Month USD LIBOR + 1.75%), 07/01/26 (g)	114,480		113,440
	Cimpress Public Limited Company
		USD Term Loan B, 7.57%, (1 Month USD LIBOR + 3.50%), 04/29/28 (g)	35,757		31,990
	Genesee & Wyoming Inc. (New)
		Term Loan, 5.67%, (3 Month USD LIBOR + 2.00%), 10/29/26 (g)	49,598		49,275
	Hertz Corporation, (The)
		2021 Term Loan B, 7.32%, (1 Month USD LIBOR + 3.25%), 06/11/28 (g)	10,592		10,361
		2021 Term Loan C, 7.32%, (1 Month USD LIBOR + 3.25%), 06/11/28 (g)	2,027		1,982
	INEOS Styrolution US Holding LLC
		2021 USD Term Loan B, 6.82%, (1 Month USD LIBOR + 2.75%), 01/21/26 (g)	26,595		26,083
				256,683
Communication Services 0.4%
	CenturyLink, Inc.
		2020 Term Loan B, 6.32%, (1 Month USD LIBOR + 2.25%), 03/15/27 (g)	96,943		91,939
	CSC Holdings, LLC
		2017 Term Loan B1, 6.57%, (1 Month USD LIBOR + 2.25%), 07/15/25 (g)	42,632		40,180
	DirecTV Financing, LLC
		Term Loan, 9.07%, (1 Month USD LIBOR + 5.00%), 07/22/27 (g)	32,234		31,314
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 6.57%, (1 Month USD LIBOR + 2.50%), 06/13/26 (g)	40,013		39,643
	Stars Group Holdings B.V. (The)
		2022 USD Term Loan B, 7.04%, (3 Month Term SOFR + 3.25%), 07/04/28 (g)	9,975		9,918
				212,994
Information Technology 0.1%
	Peraton Corp.
		Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/22/28 (g)	68,430		66,705
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 8.80%, (3 Month Term SOFR + 4.25%), 09/22/24 (g)	27,018		26,925
	Total Senior Floating Rate Instruments (cost $961,373)			944,548
COMMON STOCKS 0.0%
Financials 0.0%
	Nordic Aviation Capital Designated Activity Company (j) (k)		1,215		21,870
	Total Common Stocks (cost $30,702)			21,870
SHORT TERM INVESTMENTS 4.5%
Securities Lending Collateral 2.4%
	State Street Navigator Securities Lending Government Money Market Portfolio, 4.28% (l)		1,184,325		1,184,325
U.S. Treasury Bill 2.0%
	Treasury, United States Department of
		4.49%, 06/15/23 (c)	435,000		426,235
		4.55%, 11/30/23 (c)	567,000		543,645
				969,880
Investment Companies 0.1%
	State Street U.S. Government Money Market Fund - Premier Class, 4.05% (l)		37,166		37,166
	Total Short Term Investments (cost $2,191,097)			2,191,371
Total Investments 101.1% (cost $54,788,325)					49,765,846
Other Derivative Instruments (0.0)%					(8,788)
Other Assets and Liabilities, Net (1.1)%					(547,833)
Total Net Assets 100.0%					49,209,225

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $4,885,902 and 9.9% of the Fund.

(b) Convertible security.

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

(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 December 31, 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 December 31, 2022.

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

(h) All or a portion of the security was purchased on a delayed delivery basis. As of December 31, 2022, the total payable for investments purchased on a delayed delivery basis was $531,919.

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

(j) Non-income producing security.

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

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022

as of December 31, 2022.


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	2	March 2023		224,784	(281)			(190)
United States 2 Year Note	8	April 2023		1,643,832	(1,250)			(3,207)
United States 5 Year Note	4	April 2023		432,842	(344)			(1,123)
United States Long Bond	12	March 2023		1,510,706	(3,316)			(6,581)
United States Ultra Bond	12	March 2023		1,615,544	(6,000)			(3,794)
					(11,191)			(14,895)
Short Contracts
United States 10 Year Ultra Bond	(19)	March 2023		(2,270,928)	2,402			23,584

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 90.0%
Consumer Discretionary 16.2%
	Bath & Body Works, Inc.
		7.50%, 06/15/29 (a)	140,000		138,082
		6.88%, 11/01/35	165,000		146,679
	Boyd Gaming Corporation
		4.75%, 06/15/31 (b)	241,000		209,759
	Carnival Corporation
		7.63%, 03/01/26 (a) (b)	248,000		198,073
		5.75%, 03/01/27 (b)	316,000		225,463
		9.88%, 08/01/27 (b)	387,000		366,587
		4.00%, 08/01/28 (b)	40,000		32,588
	CDI Escrow Issuer Inc
		5.75%, 04/01/30 (b)	228,000		205,558
	Churchill Downs Incorporated
		4.75%, 01/15/28 (b)	45,000		40,269
	Clarios Global LP
		8.50%, 05/15/27 (a) (b)	230,000		225,014
	Dana Incorporated
		5.38%, 11/15/27	43,000		39,876
		5.63%, 06/15/28	93,000		84,604
		4.25%, 09/01/30	13,000		10,476
		4.50%, 02/15/32	140,000		113,029
	EG Global Finance PLC
		8.50%, 10/30/25 (b)	230,000		215,424
	Eldorado Resorts, Inc.
		6.25%, 07/01/25 (b)	140,000		136,209
		8.13%, 07/01/27 (b)	186,000		182,923
	Ford Motor Company
		4.35%, 12/08/26	72,000		68,150
		6.63%, 10/01/28	83,000		82,606
		9.63%, 04/22/30	64,000		72,487
		5.29%, 12/08/46	62,000		47,500
	General Motors Company
		5.60%, 10/15/32	151,000		140,814
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (b)	381,000		344,727
	Hilton Grand Vacations Borrower LLC
		5.00%, 06/01/29 (b)	51,000		44,275
		4.88%, 07/01/31 (b)	274,000		224,255
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (b) (c)	88,000		77,386
		6.38%, 05/15/29 (b) (c)	167,000		140,973
	International Game Technology PLC
		4.13%, 04/15/26 (b)	52,000		48,658
		5.25%, 01/15/29 (b)	202,000		189,601
	IRB Holding Corp.
		7.00%, 06/15/25 (b)	101,000		100,726
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (b)	331,000		301,021
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (b)	111,000		110,587
		7.75%, 10/15/25 (b)	145,000		134,817
		5.88%, 01/15/28 (b)	60,000		46,166
		5.50%, 07/15/29 (b)	240,000		170,880
	KB Home
		4.80%, 11/15/29	191,000		166,273
		7.25%, 07/15/30	56,000		54,384
	Macys Retail Holdings
		5.88%, 03/15/30 (b)	130,000		112,999
		6.13%, 03/15/32 (b)	278,000		233,667
	Magic Mergeco, Inc.
		5.25%, 05/01/28 (b)	145,000		117,106
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (b)	286,000		213,589
	Marriott Ownership Resorts, Inc.
		4.75%, 01/15/28	76,000		66,047
	MCE Finance Limited
		5.38%, 12/04/29 (b)	198,000		159,761
	Midwest Gaming Borrower, LLC
		4.88%, 05/01/29 (b)	180,000		153,805
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (b)	157,558		156,982
	Nemak, S.A.B. de C.V.
		3.63%, 06/28/31 (b)	118,000		91,256
	Newell Brands Inc.
		6.63%, 09/15/29 (a)	90,000		88,850
	Nissan Motor Acceptance Corporation
		2.75%, 03/09/28 (b)	110,000		89,301
	Nissan Motor Co., Ltd.
		4.81%, 09/17/30 (b)	315,000		267,153
	NMG Holding Company, Inc.
		7.13%, 04/01/26 (b)	290,000		272,758
	Nordstrom, Inc.
		4.00%, 03/15/27 (a)	84,000		69,841
	Odeon Finco PLC
		12.75%, 11/01/27 (a) (b)	85,000		74,456
	PetSmart, Inc.
		7.75%, 02/15/29 (b)	230,000		214,566
	PM General Purchaser LLC
		9.50%, 10/01/28 (b)	211,000		160,433
	QVC, Inc.
		5.45%, 08/15/34	140,000		74,063
	Scientific Games International, Inc.
		7.00%, 05/15/28 (b)	91,000		87,012
	Seaworld Entertainment, Inc.
		5.25%, 08/15/29 (b)	186,000		162,237
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 - 04/01/29	159,000		138,353
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (b)	42,000		39,560
	Staples, Inc.
		7.50%, 04/15/26 (b)	250,000		215,207
	TKC Holdings, Inc.
		6.88%, 05/15/28 (b)	97,000		75,909
		10.50%, 05/15/29 (a) (b)	150,000		84,820
	Travel + Leisure Co.
		6.00%, 04/01/27 (d) (e)	65,000		61,818
		4.50%, 12/01/29 (b)	124,000		101,071
		4.63%, 03/01/30 (b)	95,000		79,164
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (b)	86,000		80,989
				8,879,672
Communication Services 15.7%
	Altice Financing S.A.
		5.75%, 08/15/29 (b)	165,000		129,988
	Altice France
		6.00%, 02/15/28 (b)	69,000		40,740
	Altice France Holding S.A.
		5.50%, 01/15/28 - 10/15/29 (b)	398,000		307,317
		5.13%, 07/15/29 (b)	67,000		50,112
	AMC Entertainment Holdings, Inc.
		10.00%, 06/15/26 (b) (c) (d)	68,000		28,219
		7.50%, 02/15/29 (b)	205,000		111,514
	Arches Buyer Inc.
		6.13%, 12/01/28 (a) (b)	19,000		15,247
	CCO Holdings, LLC
		5.13%, 05/01/27 (b)	108,000		100,777
		5.38%, 06/01/29 (b)	542,000		489,927
		4.75%, 03/01/30 - 02/01/32 (b)	274,000		225,578
		4.25%, 02/01/31 - 01/15/34 (b)	368,000		282,778
		4.50%, 05/01/32	111,000		88,356
	Clear Channel International B.V.
		6.63%, 08/01/25 (b)	85,000		81,119
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a) (b)	129,000		94,678
		7.50%, 06/01/29 (a) (b)	264,000		192,026
	Connect Finco SARL
		6.75%, 10/01/26 (b)	150,000		139,741
	CSC Holdings, LLC
		5.25%, 06/01/24 (a)	85,000		79,229
		5.38%, 02/01/28 (b)	448,000		361,126
		7.50%, 04/01/28 (b)	210,000		142,315
		4.50%, 11/15/31 (b)	137,000		95,215
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (b)	93,000		11,072

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (b)	454,000		407,134
	DISH DBS Corporation
		7.75%, 07/01/26	204,000		164,629
	Frontier Communications Holdings, LLC
		8.75%, 05/15/30 (b)	118,000		120,480
	Frontier Communications Parent, Inc.
		5.88%, 10/15/27 (b)	13,000		12,099
		5.00%, 05/01/28 (b)	93,000		81,098
		6.75%, 05/01/29 (b)	202,000		167,004
	Gray Television, Inc.
		5.38%, 11/15/31 (b)	314,000		227,259
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	82,000		76,540
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		35,474
		8.38%, 05/01/27 (a)	150,651		128,310
		5.25%, 08/15/27 (b)	120,000		101,577
		4.75%, 01/15/28 (a) (b)	50,000		40,666
	Iliad Holding
		7.00%, 10/15/28 (b)	363,000		329,233
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (b)	377,000		354,179
		5.13%, 07/15/29 (b)	220,000		182,974
	Level 3 Financing, Inc.
		4.25%, 07/01/28 (b)	186,000		146,527
		3.63%, 01/15/29 (b)	140,000		102,423
	Liberty Media Corporation
		8.25%, 02/01/30	245,000		110,096
	Lumen Technologies Inc.
		5.13%, 12/15/26 (a) (b)	152,000		132,041
		7.60%, 09/15/39	24,000		16,355
	News Corporation
		3.88%, 05/15/29 (b)	89,000		77,119
		5.13%, 02/15/32 (a) (b)	59,000		53,641
	Radiate HoldCo, LLC
		6.50%, 09/15/28 (b)	367,000		153,815
	Sirius XM Radio Inc.
		5.00%, 08/01/27 (b)	59,000		54,595
		4.13%, 07/01/30 (b)	189,000		156,140
		3.88%, 09/01/31 (b)	184,000		145,387
	Sprint Capital Corporation
		6.88%, 11/15/28	94,000		97,755
	Sprint Corporation
		7.88%, 09/15/23	25,000		25,373
		7.13%, 06/15/24	331,000		337,725
		7.63%, 03/01/26	25,000		26,308
	Stagwell Inc.
		5.63%, 08/15/29 (b)	420,000		346,243
	Telecom Italia SPA
		5.30%, 05/30/24 (b)	85,000		80,614
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (b)	200,000		176,000
	Telesat Canada
		5.63%, 12/06/26 (b)	193,000		90,202
		6.50%, 10/15/27 (b)	201,000		59,058
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (b)	150,000		112,860
	T-Mobile USA, Inc.
		3.38%, 04/15/29	149,000		131,281
	Townsquare Media, Inc.
		6.88%, 02/01/26 (b)	54,000		47,586
	Virgin Media Secured Finance PLC
		4.50%, 08/15/30 (b)	287,000		239,844
	VMED O2 UK Financing I PLC
		4.75%, 07/15/31 (b)	233,000		189,736
				8,604,454
Energy 14.7%
	Antero Midstream Partners LP
		5.75%, 03/01/27 (b)	143,000		135,103
		5.38%, 06/15/29 (b)	269,000		246,061
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (b)	359,000		349,517
	Bip-V Chinook
		5.50%, 06/15/31 (b)	301,000		263,741
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (b)	106,000		105,440
		6.63%, 07/15/26 (b)	57,000		55,112
	Buckeye Partners, L.P.
		5.85%, 11/15/43	120,000		89,394
		5.60%, 10/15/44	19,000		13,780
	Callon Petroleum Company
		6.38%, 07/01/26 (a)	316,000		297,232
		7.50%, 06/15/30 (b)	28,000		25,705
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (b)	146,000		142,716
	Colgate Energy Partners III, LLC
		5.88%, 07/01/29 (b)	199,000		171,341
	DT Midstream, Inc.
		4.38%, 06/15/31 (b)	26,000		21,745
	Earthstone Energy Holdings, LLC
		8.00%, 04/15/27 (b)	170,000		162,083
	Endeavor Energy Resources, L.P.
		5.75%, 01/30/28 (b)	93,000		89,049
	Enerflex Ltd.
		9.00%, 10/15/27 (b)	190,000		189,554
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (f)	397,000		367,721
	Energy Transfer LP
		6.50%, (100, 08/15/26) (g)	30,000		26,057
		6.75%, (100, 05/15/25) (g)	106,000		91,690
		7.13%, (100, 05/15/30) (g)	62,000		51,794
		5.55%, 02/15/28	97,000		96,106
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		144,810
		7.50%, 06/01/27 (b)	84,000		82,293
		6.50%, 07/01/27 (b)	104,000		99,429
		4.50%, 01/15/29 (b)	237,000		200,505
		4.75%, 01/15/31 (b)	128,000		105,476
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 - 04/15/32 (b)	357,000		319,649
		5.75%, 02/01/29 (b)	61,000		54,508
		6.00%, 04/15/30 (b)	76,000		68,013
	Husky Energy Inc.
		13.00%, 02/15/25 (b) (c)	402,000		356,006
	ITT Holdings LLC
		6.50%, 08/01/29 (b)	313,000		264,104
	Kinetik Holdings LP
		5.88%, 06/15/30 (b)	182,000		170,560
	Murphy Oil Corporation
		5.88%, 12/01/27	187,000		179,949
	Nabors Industries Ltd
		7.50%, 01/15/28 (b)	117,000		106,631
	Nabors Industries, Inc.
		7.38%, 05/15/27 (b)	147,000		144,036
	NuStar Logistics, L.P.
		6.00%, 06/01/26	85,000		82,096
		5.63%, 04/28/27	172,000		161,688
		6.38%, 10/01/30	189,000		175,333
	Occidental Petroleum Corporation
		6.95%, 07/01/24	94,000		95,526
		3.50%, 06/15/25	35,000		33,511
		8.88%, 07/15/30	80,000		90,339
		6.45%, 09/15/36	106,000		108,141
		7.95%, 06/15/39	55,000		60,015
		6.60%, 03/15/46	78,000		80,274
	ONEOK, Inc.
		6.10%, 11/15/32	46,000		46,143
	PDV America, Inc.
		9.25%, 08/01/24 (b)	175,000		175,520
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (b)	189,000		185,182
	Southwestern Energy Company
		7.75%, 10/01/27 (a)	90,000		92,925
		8.38%, 09/15/28	96,000		99,425
		5.38%, 02/01/29 - 03/15/30	233,000		212,906
		4.75%, 02/01/32	211,000		180,159

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
	Tap Rock Resources, LLC
		7.00%, 10/01/26 (b)	134,000		124,692
	Targa Resources Partners LP
		5.50%, 03/01/30	119,000		112,142
		4.88%, 02/01/31	56,000		50,599
	Transocean Inc
		8.00%, 02/01/27 (b)	160,000		130,374
	Transocean Proteus Limited
		6.25%, 12/01/24 (b)	110,800		109,693
	USA Compression Finance Corp.
		6.88%, 09/01/27	140,000		131,298
	Var Energi ASA
		8.00%, 11/15/32 (b)	200,000		206,180
	Viper Energy Partners LP
		5.38%, 11/01/27 (b)	44,000		41,852
				8,072,923
Financials 11.3%
	Acrisure, LLC
		7.00%, 11/15/25 (b)	204,000		187,611
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (b)	188,000		191,763
	AG TTMT Escrow Issuer LLC
		8.63%, 09/30/27 (b)	57,000		57,533
	Barclays PLC
		8.00%, (100, 03/15/29) (g) (h)	200,000		188,139
	Citigroup Inc.
		5.00%, (100, 09/12/24) (g)	166,000		148,074
	Corebridge Financial, Inc.
		6.88%, 12/15/52 (b)	141,000		131,258
	Credit Suisse Group AG
		6.25%, (100, 12/18/24) (b) (g)	395,000		309,107
		6.44%, 08/11/28 (b) (h)	250,000		229,415
	Dana Financing Luxembourg S.a r.l.
		5.75%, 04/15/25 (b)	47,000		46,337
	Deutsche Bank Aktiengesellschaft
		4.88%, 12/01/32	565,000		471,765
	EG Global Finance PLC
		6.75%, 02/07/25 (b)	180,000		155,700
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	132,000		127,254
		4.27%, 01/09/27	194,000		175,558
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (b)	159,000		133,682
	HUB International Limited
		7.00%, 05/01/26 (b)	129,000		126,628
	Icahn Enterprises L.P.
		6.25%, 05/15/26	319,000		308,626
		5.25%, 05/15/27	316,000		289,771
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (b) (c)	39,000		27,085
	Markel Corporation
		6.00%, (100, 06/01/25) (g)	157,000		151,896
	Navient Corporation
		6.13%, 03/25/24	140,000		137,778
		6.75%, 06/15/26	112,000		106,972
		4.88%, 03/15/28	130,000		106,713
		5.63%, 08/01/33	107,000		76,941
	NFP Corp.
		6.88%, 08/15/28 (b)	156,000		129,166
		7.50%, 10/01/30 (b)	93,000		87,420
	OneMain Finance Corporation
		6.13%, 03/15/24	195,000		188,617
		3.50%, 01/15/27	302,000		250,192
		5.38%, 11/15/29	130,000		106,501
	PennyMac Financial Services, Inc.
		5.75%, 09/15/31 (b)	438,000		354,807
	Rocket Mortgage, LLC
		4.00%, 10/15/33 (b)	57,000		42,636
	Stena International S.A R.L.
		6.13%, 02/01/25 (b)	282,000		262,457
	The Toronto-Dominion Bank
		8.13%, 10/31/82 (h)	200,000		206,518
	Transocean Poseidon Limited
		6.88%, 02/01/27 (b)	166,250		161,989
	UBS Group AG
		4.88%, (100, 02/12/27) (b) (g)	210,000		177,844
	VistaJet Malta Finance P.L.C.
		7.88%, 05/01/27 (a) (b)	86,000		77,828
		6.38%, 02/01/30 (b)	232,000		186,365
	VMED O2 UK Financing I PLC
		4.25%, 01/31/31 (b)	73,000		59,134
				6,177,080
Industrials 9.8%
	Ardagh Packaging Finance Public Limited Company
		4.13%, 08/15/26 (b)	353,000		306,008
	Berry Global, Inc.
		4.50%, 02/15/26 (a) (b)	114,000		109,785
	Bombardier Inc.
		7.50%, 03/15/25 (b)	53,000		52,631
		7.13%, 06/15/26 (b)	232,000		227,393
	Builders FirstSource, Inc.
		4.25%, 02/01/32 (b)	638,000		519,412
	Chart Industries, Inc.
		7.50%, 01/01/30 (b)	69,000		69,286
		9.50%, 01/01/31 (b)	58,000		59,484
	Clydesdale Acquisition Holdings Inc
		6.63%, 04/15/29 (b)	98,000		93,933
		8.75%, 04/15/30 (b)	236,000		207,042
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (b)	111,000		113,425
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (b)	424,000		398,935
		9.75%, 08/01/27 (b)	55,000		55,189
		5.50%, 05/01/28 (b)	161,000		137,227
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (b)	166,000		138,756
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,101
	Imola Merger Corporation
		4.75%, 05/15/29 (b)	141,000		122,168
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (b)	181,000		146,131
	Masonite International Corporation
		5.38%, 02/01/28 (b)	71,000		65,763
	NAC Aviation 29 Designated Activity Company
		4.75%, 06/30/26	105,878		84,967
	Pitney Bowes Inc.
		6.88%, 03/15/27 (a) (b)	282,000		241,339
	Rolls-Royce PLC
		5.75%, 10/15/27 (b)	295,000		280,319
	Sensata Technologies B.V.
		4.00%, 04/15/29 (b)	225,000		194,072
	Summit Materials, LLC
		5.25%, 01/15/29 (b)	150,000		139,744
	Terex Corporation
		5.00%, 05/15/29 (b)	191,000		171,625
	TransDigm Inc.
		8.00%, 12/15/25 (b)	34,000		34,442
		6.25%, 03/15/26 (b)	462,000		456,605
	Transdigm UK Holdings PLC
		6.88%, 05/15/26	51,000		49,980
	Triumph Group, Inc.
		8.88%, 06/01/24 (b)	63,000		64,155
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (b)	232,000		232,202
		4.50%, 08/15/29 (b)	90,000		78,464
	United Airlines Pass Through Certificates, Series 2015-1
		4.38%, 04/15/26 (b)	70,000		65,196
		4.63%, 04/15/29 (b)	368,000		321,159
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (b)	171,000		162,198
				5,403,136
Consumer Staples 6.1%
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (b)	264,000		223,955

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
	Ashtead Capital, Inc.
		5.50%, 08/11/32 (b)	200,000		191,679
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (b)	74,000		69,278
	Hertz Vehicle Financing II LP
		5.00%, 12/01/29 (b)	74,000		56,125
	Kraft Heinz Foods Company
		4.63%, 10/01/39	218,000		191,380
		4.88%, 10/01/49	153,000		133,518
	Marb Bondco PLC
		3.95%, 01/29/31 (b)	327,000		252,506
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (b)	247,000		141,730
	MPH Acquisition Holdings LLC
		5.50%, 09/01/28 (b)	189,000		147,501
	Muzinich U.S. High Yield Corporate Bond Fund
		9.75%, 08/15/26 (b)	147,000		143,995
	Neptune BidCo US Inc.
		9.29%, 04/15/29 (b)	194,000		182,795
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (b)	131,000		128,372
		4.25%, 04/15/31 (b)	426,000		362,602
		3.50%, 03/01/32 (b)	48,000		37,520
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (b)	52,000		51,142
		5.75%, 04/15/26 (b)	152,000		146,466
		3.38%, 08/31/27 (b)	55,000		47,794
		6.25%, 01/15/28 (b)	198,000		180,795
	Safeway Inc.
		5.88%, 02/15/28 (b)	131,000		124,627
		3.50%, 03/15/29 (b)	151,000		126,619
	Sigma Holdco B.V.
		7.88%, 05/15/26 (b)	187,000		132,398
	United Natural Foods, Inc.
		6.75%, 10/15/28 (b)	258,000		248,158
				3,320,955
Health Care 6.1%
	Bausch Health Companies Inc.
		6.13%, 02/01/27 (b)	117,000		80,488
		4.88%, 06/01/28 (b)	41,000		26,231
	Centene Corporation
		2.50%, 03/01/31	48,000		37,599
	Community Health Systems, Inc.
		4.75%, 02/15/31 (b)	198,000		144,106
	DaVita Inc.
		3.75%, 02/15/31 (b)	470,000		350,536
	HCA Inc.
		5.38%, 02/01/25	109,000		108,882
	IQVIA Inc.
		5.00%, 05/15/27 (b)	125,000		119,275
	Legacy Lifepoint Health, LLC
		6.75%, 04/15/25 (b)	216,000		203,209
		4.38%, 02/15/27 (b)	39,000		33,010
		5.38%, 01/15/29 (b)	135,000		76,427
	Molina Healthcare, Inc.
		3.88%, 05/15/32 (b)	100,000		83,115
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (b)	150,000		120,894
		5.25%, 10/01/29 (a) (b)	308,000		244,792
	Organon & Co.
		5.13%, 04/30/31 (b)	247,000		213,957
	Owens & Minor, Inc.
		6.63%, 04/01/30 (b)	327,000		281,183
	Perrigo Finance Unlimited Company
		4.40%, 06/15/30 (d) (e)	155,000		132,234
	Royalty Pharma PLC
		2.20%, 09/02/30	175,000		136,925
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (b)	178,000		169,586
		5.13%, 11/01/27 (b)	55,000		51,322
		6.13%, 10/01/28 (b)	302,000		271,005
		4.25%, 06/01/29 (b)	208,000		180,089
		4.38%, 01/15/30 (b)	80,000		69,311
		6.13%, 06/15/30 (b)	196,000		186,673
				3,320,849
Information Technology 3.8%
	AMS-Osram AG
		7.00%, 07/31/25 (a) (b)	572,000		538,007
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (b)	67,000		59,379
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (b)	46,000		45,114
	Commscope Finance LLC
		6.00%, 03/01/26 (b)	81,000		74,754
	Entegris Escrow Corporation
		4.75%, 04/15/29 (b)	115,000		105,183
		5.95%, 06/15/30 (b)	241,000		222,334
	Entegris, Inc.
		4.38%, 04/15/28 (b)	94,000		83,021
	Flex Ltd.
		6.00%, 01/15/28	79,000		78,977
	Logan Merger Sub, Inc.
		5.50%, 09/01/27 (b)	216,000		116,586
	NCR Corporation
		5.75%, 09/01/27 (b)	140,000		134,189
	Open Text Corporation
		3.88%, 02/15/28 (b)	112,000		96,122
		3.88%, 12/01/29 (b)	157,000		126,385
		4.13%, 02/15/30 (b)	215,000		174,911
	Seagate HDD Cayman
		5.75%, 12/01/34	29,000		24,819
	ViaSat, Inc.
		5.63%, 09/15/25 (b)	167,000		155,872
		6.50%, 07/15/28 (b)	78,000		59,750
				2,095,403
Materials 3.2%
	Braskem Idesa, S.A.P.I.
		6.99%, 02/20/32 (b)	87,000		62,183
	Carpenter Technology Corporation
		6.38%, 07/15/28	63,000		59,963
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (b)	121,000		118,330
		6.88%, 10/15/27 (b)	298,000		278,175
	FMG Resources (August 2006) Pty Ltd
		6.13%, 04/15/32 (b)	202,000		188,400
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	117,000		113,823
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (b)	95,000		85,928
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a) (b)	231,000		187,329
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (b)	86,000		83,313
		5.25%, 06/01/27 (b)	93,000		83,546
	Olin Corporation
		5.63%, 08/01/29	200,000		189,642
	Pearl Merger Sub Inc.
		6.75%, 10/01/28 (b)	159,000		137,946
	Trinseo Materials Operating S.C.A.
		5.13%, 04/01/29 (b)	195,000		126,438
	Yara International ASA
		7.38%, 11/14/32 (b)	48,000		50,125
				1,765,141
Utilities 2.4%
	Calpine Corporation
		4.50%, 02/15/28 (b)	217,000		193,942
		5.13%, 03/15/28 (b)	212,000		189,767
		3.75%, 03/01/31 (b)	72,000		58,218
	DPL Inc.
		4.13%, 07/01/25	114,000		107,557
	Pacific Gas And Electric Company
		3.25%, 06/01/31	170,000		138,191
		5.90%, 06/15/32	170,000		166,007
	TransAlta Corporation
		7.75%, 11/15/29	39,000		39,942
	Vistra Operations Company LLC
		5.50%, 09/01/26 (b)	95,000		91,637

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022


			Shares/Par¹		Value ($)
		5.00%, 07/31/27 (b)	229,000		213,109
		4.38%, 05/01/29 (b)	105,000		90,595
		4.30%, 07/15/29 (b)	34,000		30,617
				1,319,582
Real Estate 0.7%
	Cushman & Wakefield U.S. Borrower, LLC
		6.75%, 05/15/28 (b)	116,000		110,970
	Service Properties Trust
		5.25%, 02/15/26	248,000		207,359
	VICI Properties Inc.
		4.25%, 12/01/26 (b)	90,000		83,989
				402,318
	Total Corporate Bonds And Notes (cost $54,985,311)			49,361,513
SENIOR FLOATING RATE INSTRUMENTS 3.9%
Consumer Discretionary 1.5%
	888 Acquisitions Limited
		USD Term Loan B, 8.28%, (3 Month Term SOFR + 5.25%), 07/18/28 (i)	150,000		132,875
	Great Canadian Gaming Corporation
		2021 Term Loan, 8.75%, (3 Month USD LIBOR + 4.00%), 11/01/26 (i)	154,225		151,076
	Great Outdoors Group, LLC
		2021 Term Loan B1, 7.82%, (1 Month USD LIBOR + 3.75%), 02/26/28 (i)	287,237		275,389
	Groupe Solmax Inc.
		Term Loan, 8.39%, (3 Month USD LIBOR + 4.75%), 12/30/24 (i)	113,513		93,648
	Michaels Companies, Inc.
		2021 Term Loan B, 7.92%, (3 Month USD LIBOR + 4.25%), 04/08/28 (i)	121,943		104,939
	Mileage Plus Holdings LLC
		2020 Term Loan B, 10.00%, (3 Month USD LIBOR + 5.25%), 12/31/23 (i)	44,280		45,487
				803,414
Communication Services 1.2%
	Allen Media, LLC
		2021 Term Loan B, 9.20%, (3 Month USD LIBOR + 5.50%), 02/10/27 (c) (i)	172,150		140,411
	GOGO Intermediate Holdings LLC
		Term Loan B, 8.16%, (3 Month USD LIBOR + 3.75%), 04/21/28 (i)	151,036		149,525
	Intelsat Jackson Holdings S.A.
		2021 Exit Term Loan B, 7.44%, (SOFR + 4.50%), 01/25/29 (i)	135,882		130,931
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 8.17%, (3 Month USD LIBOR + 4.50%), 06/20/24 (i)	157,821		117,453
	Stars Group Holdings B.V. (The)
		2022 USD Term Loan B, 7.04%, (3 Month Term SOFR + 3.25%), 07/04/28 (i)	149,625		148,774
				687,094
Information Technology 0.6%
	CoreLogic, Inc.
		Term Loan, 7.63%, (1 Month USD LIBOR + 3.50%), 04/14/28 (i)	89,863		74,698
	Cornerstone OnDemand, Inc.
		2021 Term Loan, 7.82%, (1 Month USD LIBOR + 3.75%), 09/08/26 (i)	69,352		61,723
	Peraton Corp.
		Term Loan B, 7.82%, (1 Month USD LIBOR + 3.75%), 02/22/28 (i)	140,833		137,283
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 8.36%, (3 Month USD LIBOR + 4.00%), 08/09/25 (i)	61,835		56,589
				330,293
Health Care 0.3%
	Advisor Group, Inc.
		2021 Term Loan, 8.57%, (1 Month USD LIBOR + 4.50%), 07/31/26 (i)	82,864		80,905
	Lonza Group AG
		USD Term Loan B, 7.67%, (3 Month USD LIBOR + 4.00%), 04/29/28 (i)	80,852		73,879
				154,784
Materials 0.2%
	PMHC II, Inc.
		2022 Term Loan B, 8.49%, (3 Month Term SOFR + 4.25%), 02/03/29 (i)	149,625		126,074
Industrials 0.1%
	United Airlines, Inc.
		2021 Term Loan B, 8.11%, (3 Month USD LIBOR + 3.75%), 04/14/28 (i)	53,153		52,386
	Total Senior Floating Rate Instruments (cost $2,303,962)			2,154,045
INVESTMENT COMPANIES 0.8%
	iShares Broad USD High Yield Corporate Bond ETF		12,747		440,154
	Total Investment Companies (cost $490,377)			440,154
COMMON STOCKS 0.2%
Energy 0.1%
	MPLX LP		2,200		72,248
Financials 0.1%
	Nordic Aviation Capital Designated Activity Company (j) (k)		1,868		33,624
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (j)		8,143		8,550
	iHeartMedia, Inc. - Class A (j)		3,283		20,125
				28,675
	Total Common Stocks (cost $222,418)			134,547
SHORT TERM INVESTMENTS 8.9%
Securities Lending Collateral 5.4%
	State Street Navigator Securities Lending Government Money Market Portfolio, 4.28% (l)		2,954,895		2,954,895
Investment Companies 2.0%
	State Street U.S. Government Money Market Fund - Premier Class, 4.05% (l)		1,071,185		1,071,185
U.S. Treasury Bill 1.5%
	Treasury, United States Department of
		3.73%, 03/16/23	280,000		277,668
		4.44%, 03/28/23	560,000		554,499
				832,167
	Total Short Term Investments (cost $4,858,101)			4,858,247
Total Investments 103.8% (cost $62,860,169)					56,948,506
Other Assets and Liabilities, Net (3.8)%					(2,090,400)
Total Net Assets 100.0%					54,858,106

(a) All or a portion of the security was on loan as of December 31, 2022.

(b) Security is exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2022, the value and the percentage of net assets of these securities was $38,161,916 and 69.6% of the Fund.

(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 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 December 31, 2022.

(e) 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 December 31, 2022.

(f) 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.

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

(h) Convertible security.

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

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022

after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(j) Non-income producing security.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2022.

PPM High Yield Core Fund — Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

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

03/09/21

388,010

367,721

0.7

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 17

PPMFunds

Schedules of Investments

December 31, 2022

Currency Abbreviations:

USD - United States Dollar

Abbreviations:


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

Counterparty Abbreviations:

MLP - Merrill Lynch Professional Clearing Corp.

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

December 31, 2022


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Assets
Investments, at value		$	49,765,846		$	56,948,506
Variation margin on futures			2,902			—
Cash			25,738			25,529
Receivable from:
	Investment securities sold		849,462			—
	Dividends and interest		335,140			898,055
	Adviser		13,628			12,046
	Deposits with brokers and counterparties		121,825			—
Other assets			7,252			7,237
Total assets			51,121,793			57,891,373
Liabilities
Variation margin on futures			11,690			—
Payable for:
	Investment securities purchased		650,384			—
	Return of securities loaned		1,184,325			2,954,895
	Advisory fees		16,928			25,873
	Administrative fees		4,232			4,704
	Board of Trustees fees		116			113
	Chief Compliance Officer fees		3,912			4,352
	Other expenses		40,981			43,330
Total liabilities			1,912,568			3,033,267
Net assets		$	49,209,225		$	54,858,106
Net assets consist of:
Paid-in capital		$	57,564,880		$	64,315,427
Total distributable earnings (loss)			(8,355,655	)		(9,457,321	)
Net assets		$	49,209,225		$	54,858,106
Net assets - Institutional Class		$	49,209,225		$	54,858,106
Shares outstanding - Institutional Class			5,746,846			6,487,740
Net asset value per share - Institutional Class		$	8.56		$	8.46
Investments, at cost		$	54,788,325		$	62,860,169
Securities on loan included in
	Investments, at value		1,768,751			3,056,265

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Operations

For the Period Ended December 31, 2022


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Investment income
Dividends		$	17,231		$	58,611
Interest			1,615,271			3,600,703
Securities lending			4,892			17,310
Total investment income			1,637,394			3,676,624

Expenses
Advisory fees			206,476			312,094
Administrative fees			51,619			56,744
Legal fees			100,133			109,870
Transfer agent fees			34,267			27,227
Board of Trustees fees			69,170			75,286
Chief Compliance Officer fees			33,430			36,482
Registration and filing fees			35,267			10,672
Other expenses			22,328			24,302
Total expenses			552,690			652,677
Expense waiver			(323,683	)		(286,136	)
Net expenses			229,007			366,541
Net investment income (loss)			1,408,387			3,310,083

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments		(2,586,654	)		(2,626,575	)
	Futures contracts		(702,007	)		—
Net change in unrealized appreciation
	(depreciation) on:
	Investments		(6,154,821	)		(7,782,413	)
	Futures contracts		4,634			—
Net realized and unrealized gain (loss)			(9,438,848	)		(10,408,988	)
Change in net assets from operations		$	(8,030,461	)	$	(7,098,905	)

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Changes in Net Assets

For the Period Ended December 31, 2022


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Operations
Net investment income (loss)		$	1,408,387		$	3,310,083
Net realized gain (loss)			(3,288,661	)		(2,626,575	)
Net change in unrealized appreciation
	(depreciation)		(6,150,187	)		(7,782,413	)
Change in net assets from operations			(8,030,461	)		(7,098,905	)
Distributions to shareholders
From distributable earnings
	Institutional Class		(1,502,427	)		(3,301,748	)
Total distributions to shareholders			(1,502,427	)		(3,301,748	)
Share transactions¹
Proceeds from the sale of shares
	Institutional Class		1,647,195			1,647,153
Reinvestment of distributions
	Institutional Class		1,501,425			3,301,748
Cost of shares redeemed
	Institutional Class		(2,390,697	)		(2,563,666	)
Change in net assets from
	share transactions		757,923			2,385,235
Change in net assets			(8,774,965	)		(8,015,418	)
Net assets beginning of year			57,984,190			62,873,524
Net assets end of year		$	49,209,225		$	54,858,106





¹Share transactions
Shares sold
	Institutional Class		171,221			173,202
Reinvestment of distributions
	Institutional Class		167,594			372,211
Shares redeemed
	Institutional Class		(252,570	)		(269,405	)
Change in shares
	Institutional Class		86,245			276,008
Purchases and sales of long term
	investments
Purchase of securities		$	41,000,708		$	33,705,431
Purchase of U.S. government securities			2,661,098	(a)		—
Total purchases		$	43,661,806		$	33,705,431
Proceeds from sales of securities		$	42,759,291		$	32,956,855
Proceeds from sales of U.S. government
	securities		4,738,236	(a)		—
Total proceeds from sales		$	47,497,527		$	32,956,855


(a)	Amounts exclude $14,286,416 and $11,500,609 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Changes in Net Assets

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

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
12/31/22		10.24	0.25	(1.66)	(1.41)	(0.26)	(0.01)	8.56	(13.91)	49,209	86	(b)	0.45	1.07	2.73
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
12/31/22		10.12	0.52	(1.65)	(1.13)	(0.53)	—	8.46	(11.34)	54,858	60		0.65	1.15	5.83
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 114% for 2018, 2019, 2020, 2021 and 2022 respectively.

See accompanying Notes to Financial Statements.

PPMFunds

Notes to Financial Statements

December 31, 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, procedures and guidelines (“Valuation Policies and Procedures”), the Trust’s Board of Trustees (“Board” or “Trustees”), on behalf of each Fund, has designated to the Administrator the responsibility for carrying out certain functions relating to the valuation of portfolio securities for the purpose of determining the net asset value (“NAV”) of each Fund. Further, the Board has designated the Adviser as the Valuation Designee. As the Valuation Designee, the Adviser has established a Valuation Committee (the “Valuation Committee”) and adopted the Valuation Policies and Procedures pursuant to which the Adviser determines the “fair value” of a security for which market quotations are not readily available, or are determined to be not reflective of market value.

The NAV of a Fund's shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). The NAV of a Fund’s shares may also not be determined on days designated by the Board or on days designated by the SEC. Consistent with legal requirements, calculation of a Fund’s NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. In the event that the NYSE is closed unexpectedly or opens for trading but closes earlier than scheduled, the Funds’ Valuation Committee will evaluate if trading activity on other US exchanges and markets for equity securities is considered reflective of normal market activity. To the extent a NYSE closure is determined to be accompanied by a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE closed for purposes of measuring and calculating the Funds’ NAVs. To the extent a NYSE closure is determined to not have resulted in a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Funds’ NAVs.

The NAV per share of each Fund is calculated by adding the value of all securities and other assets of a Fund, deducting its liabilities, and dividing by the number of shares outstanding. Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. The Administrator typically uses independent pricing services to value debt securities. Term loans are generally valued at the composite bid prices provided by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. Exchange-traded options are valued by approved pricing sources at the last traded price prior to the close of business on the local exchange. In the event that current day trades are unavailable, or the trade price falls outside of the current bid ask spread, exchange traded options are valued at the current day’s mid-price. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE, unless an unexpected disruption on the NYSE and the Funds’ Valuation Policies and Procedures require the Administrator to determine the “fair value” of the contracts. Pricing services utilized to value debt instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. To the extent circumstances prevent the use of the primary calculation methodology previously described, the Adviser may use alternative methods to calculate the NAV.

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

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

PPMFunds

Notes to Financial Statements

December 31, 2022

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

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.

The Trust has entered into a Distribution Agreement with Foreside Financial Services, LLC ("Foreside" or "Distributor"). Foreside is the principal underwriter of the Funds. Prior to July 1, 2022, PPM Funds were distributed by Jackson National Life Distributors LLC, member FINRA.

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, 2024. Management is currently evaluating the potential impacts of reference rate reform and the adoption of this ASU on the Funds’ financial statements.

Effective August 19, 2022, the Funds were required to comply with Rule 18f-4 under the Investment Company Act – Use of Derivatives by Registered Investment Companies and Business Development Companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. The Funds’ compliance with Rule 18f-4 did not have a material impact to the Funds’ financial statements.

Effective September 8, 2022, the Funds were required to comply with 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 Rule also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and rescinded previously issued guidance,

PPMFunds

Notes to Financial Statements

December 31, 2022

including with respect to the role of a fund’s board in determining fair value and the accounting and auditing of fund investments. The Funds’ compliance with Rule 2a-5 did not have a material impact to the Funds’ financial statements.

In June 2022, FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale

Restrictions. The amendments in the ASU clarify guidance in Topic 820 when measuring the fair value of equity securities subject to contractual

restrictions prohibiting their sale and introduce new disclosure requirements for these securities. The amendments in this update are effective for fiscal

years beginning after December 15, 2023. Management is currently evaluating the potential impacts of this ASU on the Funds’ financial statements.

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 December 31, 2022, by valuation level.


	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		20,822,648	—	20,822,648
Government And Agency Obligations	—		20,008,998	—	20,008,998
Non-U.S. Government Agency Asset-Backed Securities	—		5,776,411	—	5,776,411
Senior Floating Rate Instruments	—		944,548	—	944,548
Common Stocks	—		—	21,870	21,870
Short Term Investments	1,221,491		969,880	—	2,191,371
	1,221,491		48,522,485	21,870	49,765,846
Assets - Investments in Other Financial Instruments¹
Futures Contracts	23,584		—	—	23,584
	23,584		—	—	23,584
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(14,895	)	—	—	(14,895	)
	(14,895	)	—	—	(14,895	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		49,361,513	—	49,361,513
Senior Floating Rate Instruments	—		2,154,045	—	2,154,045
Investment Companies	440,154		—	—	440,154
Common Stocks	100,923		—	33,624	134,547
Short Term Investments	4,026,080		832,167	—	4,858,247
	4,567,157		52,347,725	33,624	56,948,506

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 year. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at December 31, 2022.

PPMFunds

Notes to Financial Statements

December 31, 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 borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. State Street has agreed to indemnify the Funds in the event of default by a third-party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, which is shared with the borrower through negotiated rebates. The Funds bear the market risk with respect to the collateral investment and securities loaned. The Funds also bear the risk that State Street may default on its obligations to the Funds. Non-cash collateral may include US government securities; US government agencies’ debt securities; and US government-sponsored agencies’ debt securities and mortgage-backed securities. Certain Funds receive non-cash collateral in the form of securities received, which the Funds may not sell or re-pledge 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

PPMFunds

Notes to Financial Statements

December 31, 2022

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 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.

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

PPMFunds

Notes to Financial Statements

December 31, 2022

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 year; (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 December 31, 2022. Funds which held only one type of derivative during the year 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 December 31, 2022.For Funds which held only one type of derivative during the year, 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 year ended December 31, 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 December 31, 2022
Derivative instruments assets:
¹	Variation margin on futures/futures options contracts	—	—	—	—	2,902		2,902
Total derivative instruments assets		—	—	—	—	2,902		2,902
Derivative instruments liabilities:
¹	Variation margin on futures/futures options contracts	—	—	—	—	11,690		11,690
Total derivative instruments liabilities		—	—	—	—	11,690		11,690
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022
Net realized gain (loss) on:
	Futures/futures options contracts	—	—	—	—	(702,007	)	(702,007	)
Net change in unrealized appreciation (depreciation) on:
	Futures/futures options contracts	—	—	—	—	4,634		4,634

PPMFunds

Notes to Financial Statements

December 31, 2022

PPM Core Plus Fixed Income Fund – Average Derivative Volume²


	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	—	13,641,126	—	—	—	—	—

¹ 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.

² The derivative instruments outstanding as of December 31, 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 year ended December 31, 2022, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

Pledged Collateral. The following table summarizes cash and securities collateral pledged for the Funds at December 31, 2022:



		Futures Contracts
	Counterparties	Pledged or Segregated Cash($)
PPM Core Plus Fixed Income Fund	MLP	121,825

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 December 31, 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 Loan, Sovereign Entity Loan, 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 London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR), 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

December 31, 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 Board, 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

December 31, 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 year ended December 31, 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.


	Net Increase(Decrease)
	Total Distributable Earnings (Loss)($)	Paid-in Capital($)
PPM High Yield Core Fund	14	(14	)

At December 31, 2022, 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 Core Plus Fixed Income Fund	1,581,931	1,353,166	2,935,097
PPM High Yield Core Fund	884,099	1,296,061	2,180,160

At December 31, 2022, the Funds’ last fiscal year end, the following Funds had capital, currency and/or PFIC mark-to-market losses realized after October 31, 2022 (“Post-October losses”), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2023:


	Amount($)
PPM Core Plus Fixed Income Fund	418,622
PPM High Yield Core Fund	1,357,315

As of December 31, 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	54,801,909	147,687	(5,183,750	)	(5,036,063	)
PPM High Yield Core Fund	62,884,025	295,466	(6,230,985	)	(5,935,519	)

As of December 31, 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	8,689	—	—	—

As of December 31, 2022, the components of distributable taxable earnings for US federal income tax purposes were as follows:


	Undistributed Net Ordinary Income*($)	Undistributed Net Long-Term Capital Gain($)	Unrealized Gains (Losses)**($)		Capital Loss Carryforward($)
PPM Core Plus Fixed Income Fund	48,045	—	(5,468,603	)	(2,935,097	)
PPM High Yield Core Fund	14,908	—	(7,292,069	)	(2,180,160	)

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

PPMFunds

Notes to Financial Statements

December 31, 2022

** Unrealized gains (losses) are adjusted for certain tax basis adjustments.

The tax character of distributions paid during the Funds’ fiscal year ended December 31, 2022 was as follows:


	Net Ordinary Income*($)	Long-term Capital Gain**($)	Return of Capital($)
PPM Core Plus Fixed Income Fund	1,450,035	52,392	—
PPM High Yield Core Fund	3,301,748	—	—

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

** The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gains to zero for the year ended December 31, 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 2019, 2020, 2021 and 2022 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 year ended December 31, 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 were no events that require adjustments to the financial statements or disclosure in the notes to financial statements.

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Trustees
PPM Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the Funds listed in the Appendix (the Funds), each a series within PPM Funds, including the schedules of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights, for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and broker or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more PPM investment companies since 2018.

Chicago, IL
February 23, 2023

Appendix

List of Funds

PPM Core Plus Fixed Income Fund

PPM High Yield Core Fund

PPMFunds

Additional Disclosures (Unaudited)

December 31, 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 July 1, 2022 through December 31, 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 07/01/22($)	Ending Account Value 12/31/22($)	Expenses Paid During Period($)†	Beginning Account Value 07/01/22($)	Ending Account Value 12/31/22($)	Expenses Paid During Period($)†
PPM Core Plus Fixed Income Fund
	Class I	0.45	1,000.00	979.20	2.24	1,000.00	1,022.94	2.29
PPM High Yield Core Fund
	Class I	0.60	1,000.00	1,035.20	3.08	1,000.00	1,022.18	3.06

† 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 184/365 (to reflect the most recent 6-month period).

Other Federal Income Tax Information. The information reported below is for the year ended December 31, 2022. Qualified dividend information will be provided on each shareholder’s 2022 Form 1099-DIV.

For the year ended December 31, 2022, the following Funds hereby designate the following percentages, or the maximum amount allowable under the Internal Revenue Code ("Code"), as qualified dividends:


PPM Core Plus Fixed Income Fund	0.00%
PPM High Yield Core Fund	0.00%

For the year ended December 31, 2022, the following Funds hereby designate the following percentages, or the maximum amount allowable under the Code, as distributions eligible for the dividends received deduction for corporations:


PPM Core Plus Fixed Income Fund	0.00%
PPM High Yield Core Fund	0.00%

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.

Trustees and Officers of PPM Funds (“Trust”)


Name and (Year of Birth)		Position(s) Held with Trust	Length of Time Served	Principal Occupation(s) During Past 5 Years	Other Directorships Held During Past 5 Years
	Interested Trustee
Mary Capasso¹ (1971)		Trustee² Chief Executive Officer, Chief Legal Officer and President Vice President, Chief Legal Officer and Assistant Secretary	Since 1/1/2021 Since 1/1/2021 Inception to 12/31/2020	Executive Vice President, Chief Operating Officer and General Counsel to PPM (1/1/2021 to Present); Senior Vice President and General Counsel of PPM (6/2018 to 12/31/20); Vice President and Deputy General Counsel of PPM (8/2015 to 6/2018)	None.
	Independent Trustees
Kevin Callahan (1965)		Trustee²Audit Committee Chairperson and Governance Committee Member	Since inception	Founder, Fairway Capital (1/2017 to present); President, Fairway Private Equity (8/2021 to present)	Trustee, Fairway Private Equity & Venture Capital Opportunities Fund.
Ronald A. Nyberg (1953)		Trustee² Audit Committee Member Governance Committee Chairperson	Since inception Since 1/1/2022	Of Counsel, Momkus LLP (1/2021 to present); previously, Partner, Momkus LLC (7/2016 to 12/2020)	Trustee, Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Transparent Value Trust, Advent Convertible and Income Fund, Guggenheim Taxable Municipal Managed Duration Trust, Guggenheim Strategic Opportunities Fund and Guggenheim Energy & Income Fund Formerly Trustee, Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Credit Allocation Fund, Guggenheim Enhanced Equity Income Fund, Western Asset Inflation-Linked Income Fund and Western Asset Inflation-Linked Opportunities & Income Fund.
Janet D. Olsen (1956)		Trustee²Audit Committee Memberand Governance Committee Member Independent Chairperson of the Board of Trustees³	Since inception Since 1/1/2022	None.	Trustee, ETF Series Solutions.
	¹ Ms. Capasso is an “interested person” of the Trust due to her position with PPM, the Adviser.
	² The Interested Trustee and the Independent Trustees are elected to serve for an indefinite term.
	³ The Board Chairperson may be reelected for a second three-year term. If the Board Chairperson has served two consecutive terms, he or she may not serve again as the Board Chairperson, unless at least one year has elapsed since the end of his or her second consecutive term as Board Chairperson.


Name and (Year of Birth)	Position(s) Held with Trust	Length of Time Served	Principal Occupation(s) During Past 5 Years:
Officers
Emily J. Bennett (1983)	Vice President and Assistant Secretary Vice President and Secretary	1/1/2021 to 5/17/2022 Inception to 12/31/2020 and Since 5/18/2022	Vice President of JNAM (8/2022 to present) and Deputy General Counsel (8/2021 to present); Assistant Vice President of JNAM (2/2018 to 8/2022) Associate General Counsel of JNAM (3/2016 to 8/2021); Senior Attorney of JNAM (10/2013 to 3/2016); Assistant Secretary of other investment companies advised by JNAM (3/2016 to present, 5/2012 to 12/2020, 3/2016 to 12/2020, and 3/2016 to 7/2018)
Eric A. Bjornson (1975)	Vice President	Since 8/12/2021	Senior Vice President of JNAM (3/2022 – present); Vice President of JNAM (6/2014 – 3/2022)
Daniel W. Koors (1970)	Vice President Principal Financial Officer and Treasurer	Since inception Inception to 12/31/2020	Senior Vice President of JNAM (1/2009 to present) and Chief Operating Officer of JNAM (4/2011 to present); Vice President of other Investment Companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 1/2018 to 12/2020, 8/2012 to 7/2018); Treasurer & Chief Financial Officer of other Investment Companies advised by JNAM (9/2016 to 6/2020, 9/2016 to 12/2020, 10/2011 to 12/2020, and 9/2016 to 7/2018)
Colleen P. McDermott (1960)	Vice President	Since inception	Senior Managing Director, Project Management Office of PPM (8/2017 to present)
Mark D. Nerud (1966)	Principal Executive Officer	Since inception	Chief Executive Officer of JNAM (1/2010 to present); President of JNAM (1/2007 to present); Managing Board Member of JNAM (5/2015 to present); President and Chief Executive Officer (Principal Executive Officer) of other investment companies advised by JNAM (12/2006 to present, 12/2006 to 12/2020, 8/2014 to 12/2020, and 8/2012 to 7/2018)
Joseph O’Boyle (1962)	Chief Compliance Officer and Anti-Money Laundering Officer	Since inception	Vice President of JNAM (8/2015 to present); Acting Chief Compliance Officer of JNAM (5/2018 to 8/2018); Vice President of other investment companies advised by JNAM (1/2018 to present, 1/2018 to 12/2020, and 1/2018 to 7/2018); Acting Chief Compliance Officer and Acting Anti-Money Laundering Officer of other investment companies advised by JNAM (5/2018 to 8/2018), Anti-Money Laundering Officer of another investment company advised by JNAM (12/2015 to 1/2018); Chief Compliance Officer of another investment company advised by JNAM (5/2012 to 1/2018)
Andrew Tedeschi (1965)	Vice President, Treasurer and Principal Financial Officer	Since 1/1/2021	Vice President, JNAM (1/2019 to present); Treasurer and Principal Financial Officer of other investment companies advised by JNAM (6/2020 to present); Controller, Fund Administration, Harris Associates L.P. (12/2007 to 12/2018); and Vice President (2/2008 to 12/2018), Treasurer (10/2018 to 12/2018), and Assistant Treasurer (2/2008 to 10/2018) of the Oakmark Funds

Trustees and Officers of PPM Funds (“Trust”)

The interested Trustee and the Officers of the Trust or the Adviser do not receive any compensation from the Trust for their services as Trustees or Officers. The Independent Trustees received the following compensation for their services for the twelve-month period ended December 31, 2022.


Independent Trustee	Aggregate Compensation from the Trust For the Fiscal Year Ended December 31, 2022	Pension or Retirement Benefits Accrued As Part of Fund Expenses	Estimated Annual Benefits Upon Retirement	Total Compensation from the Trust
Kevin Callahan	$48,000	None	None	$48,000
Ronald A. Nyberg	$48,000	None	None	$48,000
Janet D. Olsen	$48,000	None	None	$48,000

PPM Funds

(the “Trust”)

CONSIDERATION AND APPROVAL OF THE ADVISORY AGREEMENT

The Board of Trustees of the Trust (“Board”) oversees the management of the Trust and its separate series (each a “Fund” and collectively the “Funds”) and, as required by law, determines annually whether to approve the continuation of the Trust’s advisory agreement (“Advisory Agreement”) with PPM America, Inc. (“PPM” or the “Adviser”) with respect to each Fund.

At meetings held on July 20, 2022 and August 17, 2022, the Board, including all of the trustees who are not interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the “Independent Trustees”), considered information relating to the continuation of the Advisory Agreement for each Fund.

In advance of the meetings, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Advisory Agreement. The Board received, and had the opportunity to review, this and other materials, ask questions and request further information in connection with its consideration of the Advisory Agreement. At the conclusion of the Board’s discussions, the Board approved the continuation of the Advisory Agreement through September 30, 2023.

In reviewing the Advisory Agreement and considering the information, the Board was advised by independent legal counsel. The Board considered the factors it deemed relevant, as applicable, including: (1) the nature, quality and extent of the services provided; (2) the investment performance of each Fund; (3) the fees paid for services by each Fund; (4) profitability data related to PPM’s services for each Fund; (5) whether economies of scale may be realized and shared, in some measure, with investors as each Fund grows; and (6) other benefits that may accrue to PPM through its relationship with the Trust.

Before approving the Advisory Agreement, the Independent Trustees met in multiple executive sessions over the course of several weeks with their independent legal counsel to consider the materials provided by PPM and to consider the terms of the Advisory Agreement. Based on its evaluation of those materials and the information the Board received throughout the year at its regular meetings, the Board, including the interested and Independent Trustees, concluded that the Advisory Agreement is in the best interests of the shareholders of each Fund. In reaching its conclusions and exercising its business judgment, the Board considered numerous factors, including those noted above and described further below. The Board’s conclusions as to the approval of the Advisory Agreement were based on a comprehensive consideration of all information provided to the Board, and were not based on any single factor alone. Some of the factors that figured particularly in the Board’s deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

Nature, Quality and Extent of Services

The Board examined the nature, quality, and extent of the services provided by PPM.

The Board considered the services provided by PPM as adviser to the Funds. The Board noted that PPM furnishes the Funds with investment advisory services, subject to the supervision of the Board, and in conformity with the stated policies of each Fund. The Board also considered information

provided by PPM regarding the firm’s track record and experience managing accounts and strategies similar to the Funds. The Board also considered the various business-related risks PPM faces as a result of advising the Funds, including entrepreneurial, legal and litigation risks, some of which may be significant. The Board also took into account that PPM monitors the performance of the various organizations that provide services to the Funds, including the Funds’ administrator, distributor, transfer agent and custodian. In this regard, the Board considered that PPM negotiates certain service providers’ fees and evaluates service providers’ infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Board also considered PPM’s ongoing development of its own infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, risk management, and support and reporting provided to the Board in connection with its Board and Committee meetings.

The Board reviewed the qualifications, backgrounds and responsibilities of PPM’s senior management, including the individuals responsible for managing the Funds. The Board also reviewed information pertaining to PPM’s organizational structure, financial condition, investment operations, and other relevant information pertaining to PPM. The Board considered compliance reports regarding PPM, both from PPM’s Chief Compliance Officer and the Funds’ Chief Compliance Officer.

Based on the foregoing, the Board concluded that each Fund has benefitted and is likely to continue to benefit from the nature, extent and quality of the services provided by PPM under the Advisory Agreement.

Investment Performance of the Funds

The Board considered the investment performance of PPM Core Plus Fixed Income Fund and PPM High Yield Core Fund as described in quarterly reports prepared by PPM. The Board noted that PPM reviews with the Board on a quarterly basis detailed information about each Fund’s performance results and investment strategies. The Board also considered the performance of each Fund, including how the Fund’s performance on a gross basis (unless otherwise noted) compared to the performance of a group of comparable funds (“peer group”) identified by an independent data service and how the Fund performed versus its primary benchmark index (“benchmark”). The Board noted that comparisons to peer groups provide a helpful way to evaluate the Funds’ performance, but took into account that peer group universes are constantly evolving, and as such, the universe of comparable funds in the Funds’ peer groups may change from time to time. The Board also considered information furnished by PPM at the Board’s request, comparing the performance of each Fund relative to a peer group identified by PPM as representative of peer funds that are similarly positioned to the Funds in the marketplace.

In considering performance, the Board noted that each Fund commenced operations in 2018 and therefore had a limited performance record against which to evaluate PPM. In this regard, the Board also considered that PPM manages other advisory accounts that have substantially similar investment objectives, policies and investment strategies as each Fund. Accordingly, the Board also considered information provided by PPM regarding the composite performance of accounts managed by PPM with similar investment strategies to the Funds.

Certain performance data considered by the Board is summarized below. Unless otherwise noted, the performance data summarized below is for periods ended on March 31, 2022.

PPM Core Plus Fixed Income Fund. The Board considered that the Fund outperformed its benchmark for the one-year, three-year, and since-inception periods ended March 31, 2022. The Board also considered that the Fund outperformed its peer group median for the three-year and since

inception periods ended March 31, 2022, though the Fund underperformed its peer group median for the one-year period ended March 31, 2022. The Board also considered that the Fund outperformed its benchmark for the three-year and since-inception periods ended June 30, 2022. The Board further considered that the Fund outperformed its benchmark for the month-to-date, three-year, and since-inception periods ended July 31, 2022.

PPM High Yield Core Fund. The Board considered that the Fund outperformed its benchmark for the one-year, three-year, and since-inception periods ended March 31, 2022, though the Fund underperformed its peer group median for the same periods. The Board also considered that the Fund outperformed its benchmark for the one-year, three-year, and since-inception periods ended June 30, 2022. The Board further considered that the Fund outperformed its benchmark for the one-year, three-year, and since inception periods ended July 31, 2022.

Costs of Services

The Board reviewed the advisory fee rates paid to PPM by each Fund as well as the total expense ratio of each Fund. The Board reviewed such fee and expense information as compared to that of comparable funds managed by other advisers. Using information provided by an independent data service, the Board evaluated each Fund’s contractual advisory fees and total expense ratios (net of waivers) in comparison to the contractual advisory fees and total expense ratios of each Fund’s peer group. The Board noted that comparisons to peer groups provide a helpful way to evaluate the Funds’ fees, but took into account that peer group universes are constantly evolving, and as such, the universe of comparable funds in the Funds’ peer groups may change from time to time. The Board also considered the contractual management fees and total expenses of each Fund relative to a peer group identified by PPM at the Board’s request, which represented funds that the Adviser believed to be similarly positioned to the Funds in the marketplace.

In considering the Funds’ fees and expenses, the Board also considered that PPM manages other advisory accounts that have substantially similar investment objectives, policies and investment strategies as each Fund. Accordingly, the Board also considered information provided by PPM regarding the fees charged by PPM to accounts with similar investment strategies to the Funds.

The Board also considered that PPM has entered into an Expense Limitation Agreement with each Fund through April 30, 2023, whereby PPM 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 the PPM Core Plus Fixed Income Fund and 0.70% for the PPM High Yield Core Fund. The Board also considered that the Expense Limitation Agreement renews automatically for successive one-year terms unless the Board approves the termination of the agreement.

Further detail considered by the Board regarding the advisory fees and expense ratios of each Fund is set forth below:

PPM Core Plus Fixed Income Fund. The Board considered that the Fund’s contractual advisory fee is in the fourth quintile and its total expense ratio is in the third quintile of its peer group. The Board further considered that the Fund’s net total expenses are 0.012% and 0.02% less than those of its peer group median and average, respectively, and 0.02% less than those of each of the median and average of the peer group identified by PPM. The Board also considered that, effective November 30, 2020, the Board approved an expense limitation amendment reducing the expense limitation of the

Fund by five basis points to its current limit of 0.45%. The Board noted the Adviser’s assertion that it continues to believe the Fund is positioned well relative to its peers.

PPM High Yield Core Fund. The Board considered that the Fund’s contractual advisory fee is in the second quintile and its total expense ratio is in the third quintile of its peer group. The Board further considered that the Fund’s net total expenses are 0.023% and 0.007% less than those of its peer group median and average, respectively, and equal to the median and average, respectively, of the peer group identified by PPM. The Board noted the Adviser’s assertion that it continues to believe the Fund is positioned well relative to its peers.

Economies of Scale

The Board considered whether each Fund’s advisory fee reflects the potential for economies of scale for the benefit of the Funds’ shareholders. Based on information provided by PPM, the Board noted that, while PPM did not propose breakpoints in its advisory fee schedule for the Funds, the Board would continue to review the Adviser’s fees on an ongoing basis. The Board further noted that the Adviser had agreed to waive certain fees for each Fund, which limits the expenses borne by shareholders as the Funds raise assets. The Board also considered that economies of scale can be shared with the Funds in other ways, including pricing Funds at scale from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment.

Profitability

The Board considered information concerning the costs incurred and profits or losses realized by PPM with respect to the Funds. The Board considered that, based on the profitability analyses provided by PPM, PPM had not realized profits with respect to the Funds. The Board also considered information from PPM indicating that as the Funds begin to receive more inflows from external shareholders, PPM expects profitability to increase accordingly.

Other Benefits to Affiliates of PPM

In evaluating the benefits that accrue to PPM through its relationship with the Funds, the Board noted that PPM and certain of its affiliates serve or have served the Funds in various capacities, including as adviser, administrator, and distributor, and receive or have received compensation from the Funds in connection with providing certain of these services. In particular, the Board considered that Jackson National Asset Management, LLC (“JNAM”) serves as Administrator to the Funds, and that JNAM charges administration fees based on average daily net assets for the Funds. To the extent the fees exceed 0.10% of average daily net assets, PPM has agreed to reimburse JNAM. The Board considered that JNAM provides compliance services to the Funds as part of its administrative services. The Board further considered that Jackson National Life Distributors, Inc. served as Distributor to the Funds through June 30, 2022 and the current Distributor is Foreside Financial Services, LLC. The Board noted that each service provided to the Funds by JNAM or one of its affiliates is pursuant to a written agreement, which the Board evaluates periodically as required by law.

After full consideration of the foregoing factors, the Board concluded that continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders.

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or any waivers to this code of ethics during the period covered by this report. A copy of this code of ethics is filed as Exhibit 13(a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The registrant has named Kevin Callahan as an Audit Committee financial expert serving on its Audit Committee. Kevin Callahan is not an “interested person” of the Trust, as that term is defined by Section 2(a)(19) of the Investment Company Act of 1940, as amended, and is considered “independent” for purposes of this Item.

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Trustees.

Item 4. Principal Accountant Fees and Services.

(a)-(d)

The administrator of the registrant is responsible for payment of all expenses associated with the annual audit and other required services of the independent registered accounting firm, and all expenses associated with the preparation and filing of the tax returns.

KPMG LLP (“KPMG”) was appointed by the Board of Managers as the independent registered public accounting firm of the registrant for the fiscal years ended December 31, 2021 and December 31, 2022. The following table sets forth aggregate fees billed by KPMG for the respective period for professional services rendered to the registrant.

Fees for Services Rendered to the Registrant by KPMG


Fiscal Year	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
2021	$64,070	$0	$0	$0
2022	$69,195	$0	$0	$0

The above Audit-Related Fees for 2021 and 2022 are the aggregate fees billed for professional services rendered by KPMG to the registrant for the services provided in connection with the registrant’s registration statement filings.

Fees for Services Rendered to Adviser Entities by KPMG

The following table sets forth the amount of fees that were billed by KPMG for the respective period to any entity controlling, controlled by, or under common control with the investment adviser that provided ongoing services to the registrant (“Adviser Entities”) that were directly related to the registrant’s operations and financial reporting.


Fiscal Year	Audit-Related Fees	Tax Fees	All Other Fees


2021	$0	$0	$0
2022	$0	$0	$0

(e)(1) The Audit Committee is authorized to pre-approve non-audit services provided by the registrant's auditors, if they find it appropriate in light of their fiduciary duties and in the exercise of their good faith business judgment and compatible with the auditors' independence. The Chairman of the Audit Committee is authorized to approve audit and non-audit services for newly established Funds of the registrant on the same terms as the full Audit Committee previously had approved for the then existing Funds.

(e)(2) 0%

(f) Not applicable.

(g) The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2021 was $0. The aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2022 was $0.

(h) For the fiscal years ended December 31, 2021 and December 31, 2022, the Audit Committee of the registrant’s Board of Managers considered the provision of non-audit services that were rendered to the Adviser Entities that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services were compatible with maintaining KPMG’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of 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 pf 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) Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (as defined in Item 2(b) of Form N-CSR) is attached hereto.

(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:	March 3, 2023

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:	March 3, 2023


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

Date:	March 3, 2023

EXHIBIT LIST


Exhibit 13(a)(1)	Registrant’s Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.

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-CSRCertified annual shareholder report (management investment company)