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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File number: 811-23308

PPM Funds

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices)

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

(Mailing address)

Andrew Tedeschi

PPM Funds

225 West Wacker Drive, Suite 1200

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 338-5800

Date of Fiscal Year End: December 31

Date of Reporting Period: January 1, 2024 – June 30, 2024

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Report to Shareholders.


	PPMFunds
PPM Core Plus Fixed Income Fund - PKPIX
Semi-Annual Shareholder Report
Institutional Class
	June 30, 2024

This shareholder report contains important information about PPM Core Plus Fixed Income Fund for the period ended June 30, 2024. You can find additional information at https://www.ppmamerica.com/ppmfunds. You can also request this information by contacting us at 1-844-446-4PPM (1-844-446-4776).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$22	0.45%

What are some key Fund statistics as of June 30, 2024?


Fund Statistic	Value
Fund Size ($):	36,005,848
Number of Investments:	451
Portfolio Turnover (%):	46

What did the Fund invest in as of June 30, 2024?^†


Credit Rating (%)*
AAA		10.3
AA		37.7
A		18.9
BBB		22.0
BB		9.6
B		1.1
CCC		0.0
D		0.0
Cash		0.4
Unassigned		0.0
Total Investments		100.0


Asset Class (%)
Long Investments
Corporate Bonds And Notes	52.1
Government And Agency Obligations	33.9
Non-U.S. Government Agency Asset-Backed Securities	9.8
Senior Floating Rate Instruments	2.9
Short Term Investments	1.7
Total Net Assets	100.4

PPM Core Plus Fixed Income Fund


Industry Sector (%)
Long Investments
Financials	27.2
U.S. Government Agency MBS	21.8
Government Securities	12.1
Non-U.S. Government Agency ABS	9.8
Energy	5.9
Utilities	4.7
Consumer Discretionary	3.6
Health Care	3.5
Industrials	3.3
Materials	2.5
Other Sectors	6.0
Total Net Assets	100.4


Top 10 Holdings (%)
Treasury, United States Department of, 2.88%, 05/15/32	2.5
Treasury, United States Department of, 3.88%, 08/15/33	1.2
State Street U.S. Government Money Market Fund, 5.19%	1.2
Federal National Mortgage Association, Inc., 3.00%, 05/01/46	1.0
Treasury, United States Department of, 1.38%, 11/15/31	0.9
Treasury, United States Department of, 1.50%, 02/15/30	0.9
Treasury, United States Department of, 3.75%, 08/15/41	0.8
Treasury, United States Department of, 3.50%, 02/15/33	0.8
The Bank of New York Mellon Corporation, 6.47%, 10/25/34	0.8
Government National Mortgage Association, 2.50%, 03/20/51	0.7
Total Net Assets	10.8

^†Does not reflect investments in derivative instruments, if applicable. Totals may not equal 100% due to rounding, if applicable.

* Credit ratings for securities held in the Fund are typically provided by at least one of three nationally recognized statistical rating organizations (“NRSRO”): Standard & Poor’s (S&P), Moody’s Investor Service and Fitch, Inc. For purposes of this presentation, credit ratings are determined based on the Bloomberg U.S. Aggregate Index’s credit rating methodology. If there are multiple ratings for a security, the lowest rating is used unless ratings are provided by all three agencies, in which case the middle rating is used. If no NRSRO ratings are available, the internal rating is used. For more information on the Fund’s credit rating methodology, please refer to the Fund’s Prospectus. Additional information about NRSRO ratings is contained in the Fund’s Statement of Additional Information.

Visit https://www.ppmamerica.com/ppmfunds for more recent holdings information.

true


Where can I find additional information about the Fund?

Additional information is available on the Fund’s website at https://www.ppmamerica.com/ppmfunds, including:
w	Prospectus and Statement of Additional Information
w	Financial information
w	Holdings
w	Proxy voting information
w	Description of credit ratings of investments


	PPMFunds
PPM High Yield Core Fund - PKHIX
Semi-Annual Shareholder Report
Institutional Class
	June 30, 2024

This shareholder report contains important information about PPM High Yield Core Fund for the period ended June 30, 2024. You can find additional information at https://www.ppmamerica.com/ppmfunds. You can also request this information by contacting us at 1-844-446-4PPM (1-844-446-4776).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$35	0.70%

What are some key Fund statistics as of June 30, 2024?


Fund Statistic	Value
Fund Size ($):	38,522,037
Number of Investments:	325
Portfolio Turnover (%):	44

What did the Fund invest in as of June 30, 2024?^†


Credit Rating (%)*
AAA		0.0
AA		0.0
A		0.3
BBB		4.9
BB		47.2
B		34.5
CCC		9.8
D		0.2
Cash		2.8
Unassigned		0.3
Total Investments		100.0


Asset Class (%)
Long Investments
Corporate Bonds And Notes	87.1
Senior Floating Rate Instruments	8.4
Short Term Investments	7.0
Common Stocks	0.3
Total Net Assets	102.8

PPM High Yield Core Fund


Industry Sector (%)
Long Investments
Energy	16.1
Financials	15.1
Consumer Discretionary	14.8
Communication Services	13.2
Industrials	10.4
Health Care	6.8
Information Technology	6.2
Consumer Staples	6.0
Securities Lending Collateral	4.1
Materials	3.8
Other Sectors	6.3
Total Net Assets	102.8


Top 10 Holdings (%)
State Street Navigator Securities Lending Government Money Market Portfolio, 5.25% - Institutional Class	4.1
State Street U.S. Government Money Market Fund, 5.19%	2.9
Carnival Corporation, 4.00%, 08/01/28	2.0
Energean Israel Finance Ltd, 4.88%, 03/30/26	1.1
MCE Finance Limited, 5.38%, 12/04/29	1.0
Organon & Co., 5.13%, 04/30/31	0.9
Cimpress NV, 7.00%, 06/15/26	0.9
Enerflex Ltd., 9.00%, 10/15/27	0.8
Pilgrim's Pride Corporation, 4.25%, 04/15/31	0.8
Bip-V Chinook, 5.50%, 06/15/31	0.8
Total Net Assets	15.3

^†Does not reflect investments in derivative instruments, if applicable. Totals may not equal 100% due to rounding, if applicable.

Visit https://www.ppmamerica.com/ppmfunds for more recent holdings information.

true


Where can I find additional information about the Fund?

Additional information is available on the Fund’s website at https://www.ppmamerica.com/ppmfunds, including:
w	Prospectus and Statement of Additional Information
w	Financial information
w	Holdings
w	Proxy voting information
w	Description of credit ratings of investments

Item 2. Code of Ethics.

Not applicable to the semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to the semi-annual fling.

Item 4. Principal Accountant Fees and Services.

Not applicable to the semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Included as a part of the financial statements filed under Item 7.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

PPMFunds (Unaudited)

June 30, 2024

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


Schedules of Investments	3
Statements of Assets and Liabilities	15
Statements of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	20
Additional Disclosures	29
Privacy Policy	32

PPMFunds

June 30, 2024 (Unaudited)

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.

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 report, as well as the prospectus for more information on risks.

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹	Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 52.1%
Financials 25.5%
	AerCap Ireland Capital Designated Activity Company
		2.45%, 10/29/26	115,000	107,261
		3.00%, 10/29/28	111,000	100,868
	AON North America, Inc.
		5.45%, 03/01/34	90,000	89,640
		5.75%, 03/01/54	63,000	61,591
	Apollo Global Management, Inc.
		5.80%, 05/21/54	85,000	83,552
	Ares Capital Corporation
		7.00%, 01/15/27	80,000	81,312
		5.95%, 07/15/29	84,000	82,531
	Banco Santander, S.A.
		9.63%, (100, 05/21/33) (a) (b)	100,000	111,125
		6.35%, 03/14/34 (b)	200,000	200,393
	Bank of America Corporation
		3.56%, 04/23/27	172,000	166,277
		4.27%, 07/23/29	233,000	224,342
		3.19%, 07/23/30	23,000	20,882
		2.59%, 04/29/31	55,000	47,507
		5.47%, 01/23/35	200,000	199,575
	Bank of Nova Scotia, The
		5.25%, 12/06/24 (b)	70,000	69,827
		6.42%, 08/01/29 (c)	111,000	110,941
	Barclays PLC
		9.63%, (100, 12/15/29) (a) (b)	125,000	135,469
		6.82%, (SOFR + 1.49%), 03/12/28 (b) (c)	90,000	90,912
	BlackRock Funding, Inc.
		5.25%, 03/14/54	52,000	50,235
	Blackstone Private Credit Fund
		3.25%, 03/15/27	38,000	35,072
	Blue Owl Credit Income Corp.
		6.60%, 09/15/29 (d) (e)	15,000	14,801
	Citigroup Inc.
		5.00%, (100, 09/12/24) (a)	143,000	142,291
		7.13%, (100, 08/15/29) (a)	180,000	179,878
	Citizens Financial Group, Inc.
		6.65%, 04/25/35	50,000	51,733
	CNO Financial Group, Inc.
		6.45%, 06/15/34	84,000	83,794
	CNO Global Funding
		2.65%, 01/06/29 (e)	100,000	87,515
	Credit Suisse AG
		4.75%, 08/09/24	98,000	97,842
		7.95%, 01/09/25	24,000	24,249
	Deutsche Bank Aktiengesellschaft
		7.15%, 07/13/27	150,000	153,550
		3.73%, 01/14/32 (b)	84,000	70,826
	F&G Annuities & Life, Inc.
		6.50%, 06/04/29	29,000	28,857
	F&G Global Funding
		2.00%, 09/20/28 (e)	60,000	51,394
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	55,000	54,523
		6.95%, 06/10/26	140,000	142,721
		4.13%, 08/17/27	13,000	12,357
		3.82%, 11/02/27	105,000	98,505
		7.35%, 11/04/27	103,000	107,331
		6.80%, 05/12/28	98,000	100,991
	Franklin BSP Capital Corporation
		7.20%, 06/15/29 (e)	55,000	54,878
	Freedom Mortgage Corporation
		9.25%, 02/01/29 (e)	17,000	17,004
		9.13%, 05/15/31 (e)	59,000	57,469
	Global Atlantic Financial Company
		6.75%, 03/15/54 (e)	33,000	32,608
		7.95%, 10/15/54 (e)	113,000	113,565
	Goldman Sachs Group Inc, The
		7.50%, (100, 05/10/29) (a)	180,000	185,332
	Hartford Financial Services Group, Inc. , The
		2.90%, 09/15/51	46,000	28,958
	Icahn Enterprises L.P.
		4.38%, 02/01/29	72,000	61,501
	Intesa Sanpaolo SPA
		7.80%, 11/28/53 (e)	75,000	82,423
		7.78%, 06/20/54 (e)	80,000	83,693
	John Deere Capital Corporation
		5.93%, (SOFR + 0.60%), 06/11/27 (c)	90,000	90,164
		5.05%, 06/12/34	54,000	53,548
	JPMorgan Chase & Co.
		2.01%, 03/13/26	72,000	70,138
		6.07%, 10/22/27	110,000	111,919
		6.27%, (SOFR + 0.92%), 04/22/28 (c)	61,000	61,238
		2.07%, 06/01/29	84,000	74,726
		4.20%, 07/23/29	92,000	88,526
		2.74%, 10/15/30	85,000	75,243
		5.34%, 01/23/35	122,000	121,295
		5.77%, 04/22/35	72,000	73,725
	JPMorgan Chase Bank, National Association
		5.11%, 12/08/26	175,000	174,873
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (a) (b)	79,000	79,099
	Macquarie Airfinance Holdings Limited
		6.40%, 03/26/29 (e)	16,000	16,281
		8.13%, 03/30/29 (e)	30,000	31,715
		6.50%, 03/26/31 (d) (e)	42,000	43,091
	Markel Group Inc.
		6.00%, (100, 06/01/25) (a)	85,000	84,513
	MassMutual Global Funding II
		6.09%, (SOFR + 0.74%), 04/09/27 (c) (e)	200,000	200,410
	Morgan Stanley
		0.99%, 12/10/26	75,000	70,124
		6.37%, (SOFR + 1.02%), 04/13/28 (c)	180,000	180,719
		5.16%, 04/20/29	70,000	69,755
		3.62%, 04/01/31	22,000	20,189
		6.63%, 11/01/34	85,000	91,737
		5.47%, 01/18/35	43,000	42,862
		5.83%, 04/19/35	58,000	59,398
		5.95%, 01/19/38	52,000	51,676
	Morgan Stanley Bank, National Association
		6.20%, (SOFR + 0.86%), 05/26/28 (c) (f)	250,000	250,149
	National Securities Clearing Corporation
		5.10%, 11/21/27 (e)	105,000	105,075
	NatWest Markets PLC
		1.60%, 09/29/26 (e)	172,000	157,921
		6.48%, (SOFR + 1.14%), 05/17/29 (c) (e)	200,000	200,693
	New York Life Global Funding
		4.85%, 01/09/28 (e)	155,000	153,968
		1.20%, 08/07/30 (e)	94,000	75,213
		5.00%, 01/09/34 (e)	108,000	106,154
	North American Company for Life and Health Insurance
		6.88%, 04/15/34 (e)	76,000	77,874
	Northwestern Mutual Global Funding
		4.90%, 06/12/28 (e)	85,000	84,368
	Pine Street Trust III
		6.22%, 05/15/54 (e)	100,000	99,832
	RGA Global Funding
		5.45%, 05/24/29 (e)	113,000	113,095
	Standard Chartered PLC
		6.51%, (SOFR + 1.17%), 05/14/28 (c) (e)	200,000	200,449
	State Street Corporation
		6.70%, (100, 03/15/29) (a)	96,000	96,720
	The Bank of New York Mellon Corporation
		5.78%, 03/13/26 (c)	250,000	250,114
		6.47%, 10/25/34	252,000	271,984
	The PNC Financial Services Group, Inc.
		6.62%, 10/20/27	110,000	112,614
	Transocean Poseidon Limited
		6.88%, 02/01/27 (e)	26,325	26,287
	UBS AG
		5.80%, 09/11/25	90,000	90,323
	UBS Group AG
		9.02%, 11/15/33 (b) (e)	59,000	71,177
	Wells Fargo & Company
		6.42%, (SOFR + 1.07%), 04/22/28 (c)	180,000	180,880

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹		Value ($)
		5.57%, 07/25/29	77,000		77,709
		5.39%, 04/24/34	66,000		65,221
				9,194,685
Energy 5.9%
	Baytex Energy Corp.
		7.38%, 03/15/32 (e)	49,000		49,744
	Blue Racer Midstream, LLC
		7.00%, 07/15/29 (e)	19,000		19,350
		7.25%, 07/15/32 (e)	12,000		12,338
	BP Capital Markets America Inc.
		4.81%, 02/13/33	109,000		105,657
		4.89%, 09/11/33	50,000		48,603
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29	85,000		80,804
		3.25%, 01/31/32	10,000		8,524
	Civitas Resources, Inc.
		8.38%, 07/01/28 (e)	53,000		55,608
	ConocoPhillips Company
		5.30%, 05/15/53	86,000		82,171
	Diamondback Energy, Inc.
		5.40%, 04/18/34	63,000		62,304
		5.75%, 04/18/54	104,000		100,825
	Energy Transfer LP
		6.50%, (100, 08/15/26) (a)	10,000		9,892
		6.75%, (100, 05/15/25) (a)	72,000		71,638
		7.13%, (100, 05/15/30) (a)	64,000		63,322
		5.95%, 05/15/54	40,000		38,727
		8.00%, 05/15/54	64,000		66,971
	Eni S.p.A.
		5.50%, 05/15/34 (e)	50,000		49,506
		5.95%, 05/15/54 (e)	50,000		49,053
	Enlink Midstream, LLC
		6.50%, 09/01/30 (e)	38,000		38,915
	EQM Midstream Partners, LP
		6.38%, 04/01/29 (d) (e)	18,000		18,178
	Hilcorp Energy I, L.P.
		8.38%, 11/01/33 (e)	40,000		42,621
		6.88%, 05/15/34 (e)	59,000		58,340
	MPLX LP
		5.50%, 06/01/34	152,000		149,669
	NGL Energy Operating LLC
		8.13%, 02/15/29 (e)	30,000		30,593
		8.38%, 02/15/32 (e)	30,000		30,454
	ONEOK, Inc.
		7.15%, 01/15/51	30,000		33,044
	Petroleos Mexicanos
		10.00%, 02/07/33 (d)	32,000		32,056
	Pioneer Natural Resources Company
		1.90%, 08/15/30	40,000		33,499
	Schlumberger Investment S.A.
		5.00%, 06/01/34 (b)	120,000		117,049
	Sunoco LP
		7.25%, 05/01/32 (e)	42,000		43,423
	Targa Resources Corp.
		6.25%, 07/01/52	25,000		25,325
		6.50%, 02/15/53	20,000		21,147
	Targa Resources Partners LP
		5.50%, 03/01/30	40,000		39,676
		4.88%, 02/01/31	36,000		34,330
	TotalEnergies SE
		5.15%, 04/05/34	101,000		101,078
		5.49%, 04/05/54	109,000		107,601
	Venture Global LNG, Inc.
		9.50%, 02/01/29 (e)	118,000		129,231
	Western Midstream Operating, LP
		6.15%, 04/01/33	50,000		51,027
				2,112,293
Consumer Discretionary 4.6%
	Amazon.com, Inc.
		3.10%, 05/12/51	35,000		24,000
	Carnival Corporation
		4.00%, 08/01/28 (e)	31,000		29,053
	Daimler Trucks Finance North America LLC
		5.20%, 01/17/25 (e)	100,000		99,735
		6.29%, (SOFR + 0.96%), 09/25/27 (c) (e)	150,000		149,974
	General Motors Financial Company, Inc.
		6.69%, 05/08/27 (c)	110,000		110,695
		5.75%, 02/08/31	22,000		22,060
		6.10%, 01/07/34	40,000		40,445
		5.95%, 04/04/34	50,000		50,040
	Home Depot, Inc. , The
		4.75%, 06/25/29 (d)	63,000		62,535
		4.95%, 06/25/34	98,000		96,999
	Hyundai Capital America
		5.80%, 06/26/25 (e)	85,000		85,088
		6.37%, (SOFR + 1.04%), 06/24/27 (c) (e)	104,000		104,171
		6.10%, 09/21/28 (e)	110,000		112,954
	Kohl's Corporation
		4.63%, 05/01/31 (g) (h)	31,000		25,932
	Las Vegas Sands Corp.
		5.90%, 06/01/27	46,000		46,250
		6.20%, 08/15/34 (d)	27,000		27,029
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	26,000		16,266
	Macys Retail Holdings
		5.88%, 03/15/30 (e)	24,000		22,972
		6.13%, 03/15/32 (e)	12,000		11,462
	MCE Finance Limited
		5.38%, 12/04/29 (e)	40,000		35,956
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (e)	15,016		15,045
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (e)	100,000		86,529
	Royal Caribbean Cruises Ltd.
		6.25%, 03/15/32 (e)	25,000		25,189
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (e)	4,999		4,943
	Tapestry, Inc.
		7.85%, 11/27/33 (h)	30,000		31,571
	Warnermedia Holdings, Inc.
		5.05%, 03/15/42	70,000		56,871
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (e)	96,000		94,751
		6.75%, 04/23/30 (e)	150,000		152,901
				1,641,416
Utilities 4.5%
	Duke Energy Corporation
		5.80%, 06/15/54	82,000		79,671
	Edison International
		5.25%, 11/15/28	152,000		150,611
		6.95%, 11/15/29	56,000		59,556
	Florida Power & Light Company
		4.80%, 05/15/33	87,000		84,410
	Pacific Gas And Electric Company
		3.30%, 12/01/27	36,000		33,552
		3.25%, 06/01/31	38,000		32,691
		5.90%, 06/15/32	94,000		94,167
		6.40%, 06/15/33	30,000		31,002
		4.50%, 07/01/40	131,000		107,907
		6.75%, 01/15/53	118,000		122,413
	PPL Electric Utilities Corporation
		5.00%, 05/15/33	157,000		154,701
		4.85%, 02/15/34	43,000		41,796
	Public Service Electric And Gas Company
		3.10%, 03/15/32	26,000		22,645
		4.90%, 12/15/32	86,000		84,661
	San Diego Gas & Electric Company
		1.70%, 10/01/30	32,000		26,244
		5.35%, 04/01/53	82,000		77,512
	Southern California Edison Company
		5.20%, 06/01/34	96,000		93,567
	The AES Corporation
		3.30%, 07/15/25 (e)	93,000		90,660
	Vistra Operations Company LLC
		3.70%, 01/30/27 (e)	80,000		76,452
		6.88%, 04/15/32 (e)	63,000		63,957
		6.95%, 10/15/33 (e)	82,000		87,527
				1,615,702

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹		Value ($)
Health Care 3.4%
	AbbVie Inc.
		5.40%, 03/15/54	100,000		98,865
	Amgen Inc.
		5.15%, 11/15/41	25,000		23,295
		5.65%, 03/02/53	67,000		66,001
	AstraZeneca Finance LLC
		4.85%, 02/26/29	73,000		72,861
	Centene Corporation
		3.00%, 10/15/30	78,000		66,641
	CVS Health Corporation
		5.88%, 06/01/53	96,000		92,001
	HCA Inc.
		5.88%, 02/15/26	20,000		20,015
		3.50%, 09/01/30	67,000		60,432
	Humana Inc.
		5.38%, 04/15/31	83,000		82,578
		5.75%, 04/15/54	59,000		56,861
	Roche Holdings, Inc.
		4.99%, 03/08/34 (e)	200,000		198,347
	Smith & Nephew PLC
		5.40%, 03/20/34	116,000		114,228
	Takeda Pharmaceutical Co Ltd
		5.30%, 07/05/34	200,000		198,410
	UnitedHealth Group Incorporated
		5.88%, 02/15/53	72,000		74,767
				1,225,302
Industrials 2.9%
	Aircastle Limited
		5.25%, 08/11/25 (e)	78,000		77,237
	Boeing Company, The
		6.86%, 05/01/54 (e)	35,000		35,830
		7.01%, 05/01/64 (e) (h)	51,000		52,133
	Builders FirstSource, Inc.
		6.38%, 03/01/34 (e)	46,000		45,533
	Burlington Northern Santa Fe, LLC
		5.50%, 03/15/55	70,000		70,172
	CIMIC Finance (USA) Pty Ltd
		7.00%, 03/25/34 (e)	51,000		51,768
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (e)	94,000		94,536
	GXO Logistics Inc.
		6.25%, 05/06/29	75,000		76,407
		6.50%, 05/06/34	105,000		106,698
	Regal Rexnord Corporation
		6.05%, 02/15/26 (h)	53,000		53,167
		6.40%, 04/15/33 (h)	54,000		55,138
	RTX Corporation
		5.15%, 02/27/33	43,000		42,530
		6.10%, 03/15/34	41,000		43,198
		6.40%, 03/15/54	56,000		61,145
	Smyrna Ready Mix Concrete, LLC
		8.88%, 11/15/31 (e)	61,000		64,713
	Verisk Analytics, Inc.
		5.25%, 06/05/34	74,000		72,726
	XPO, Inc.
		6.25%, 06/01/28 (e)	54,000		54,270
				1,057,201
Materials 2.3%
	Anglo American Capital PLC
		5.75%, 04/05/34 (e)	200,000		199,231
		6.00%, 04/05/54 (e)	8,000		7,910
	Celanese US Holdings LLC
		6.35%, 11/15/28 (h)	45,000		46,230
		6.55%, 11/15/30 (h)	116,000		121,146
		6.38%, 07/15/32 (h)	56,000		57,527
	First Quantum Minerals Ltd
		6.88%, 10/15/27 (e)	40,000		38,982
	Glencore Funding LLC
		5.63%, 04/04/34 (e)	120,000		118,114
	Mineral Resources Limited
		9.25%, 10/01/28 (e)	42,000		44,083
	Newmont Corporation
		5.35%, 03/15/34 (e)	67,000		66,810
	NOVA Chemicals Corporation
		8.50%, 11/15/28 (e)	48,000		50,902
	Yara International ASA
		7.38%, 11/14/32 (e)	57,000		62,033
				812,968
Consumer Staples 1.1%
	Ashtead Capital, Inc.
		5.80%, 04/15/34 (e)	100,000		99,501
	B.A.T Capital Corporation
		4.39%, 08/15/37	35,000		29,562
	JBS USA Lux S.A.
		7.25%, 11/15/53 (e)	189,000		205,017
	Marb Bondco PLC
		3.95%, 01/29/31 (e)	70,000		58,079
				392,159
Communication Services 0.9%
	Charter Communications Operating, LLC
		6.10%, 06/01/29	40,000		40,128
		5.38%, 04/01/38	35,000		30,471
		5.75%, 04/01/48	13,000		10,878
	Comcast Corporation
		5.30%, 06/01/34	86,000		86,158
		3.75%, 04/01/40	25,000		20,279
		5.35%, 05/15/53	25,000		23,952
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (e)	27,000		25,408
	T-Mobile USA, Inc.
		6.00%, 06/15/54	87,000		90,107
				327,381
Real Estate 0.5%
	Essential Properties, L.P.
		2.95%, 07/15/31	58,000		47,706
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		15,021
	VICI Properties Inc.
		4.25%, 12/01/26 (e)	35,000		33,789
		3.75%, 02/15/27 (e)	43,000		40,889
		4.13%, 08/15/30 (e)	64,000		58,187
				195,592
Information Technology 0.5%
	Cisco Systems, Inc.
		4.95%, 02/26/31	38,000		37,976
		5.05%, 02/26/34	91,000		90,915
		5.30%, 02/26/54	34,000		33,333
	TD SYNNEX Corporation
		6.10%, 04/12/34	26,000		26,061
				188,285
	Total Corporate Bonds And Notes (cost $18,860,991)			18,762,984
GOVERNMENT AND AGENCY OBLIGATIONS 33.9%
Mortgage-Backed Securities 21.8%
	Federal Home Loan Mortgage Corporation
		2.00%, 04/01/36 - 03/01/52	772,596		614,773
		4.00%, 10/01/37 - 01/01/53	339,600		315,677
		4.50%, 07/01/38 - 08/01/52	498,571		473,420
		3.00%, 11/01/46 - 01/01/52	103,414		88,502
		3.50%, 10/01/47 - 04/01/50	151,978		136,636
		2.50%, 05/01/50 - 11/01/51	372,858		308,732
		5.00%, 09/01/52 - 01/01/53	124,777		120,820
		5.50%, 04/01/53 - 05/01/53	105,988		104,746
		6.00%, 11/01/53	164,973		165,525
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 06/01/52	814,130		708,434
		2.50%, 10/01/35 - 01/01/52	652,514		556,119
		4.00%, 10/01/37 - 05/01/52	408,344		381,171
		4.50%, 05/01/38 - 08/01/53	330,766		315,910
		3.50%, 10/01/46 - 04/01/48	174,251		156,970
		2.00%, 11/01/50 - 03/01/52	1,255,698		992,510
		5.00%, 08/01/52 - 06/01/53	349,923		338,596
		5.50%, 02/01/53 - 09/01/53	445,511		440,085
	Government National Mortgage Association
		3.00%, 10/20/46 - 04/20/51	336,212		294,970
		4.00%, 07/20/47 - 10/20/52	308,808		286,597

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹		Value ($)
		4.50%, 12/20/48 - 06/20/53	263,441		251,073
		3.50%, 01/20/49 - 07/20/51	148,679		134,605
		2.50%, 03/20/51	297,860		250,749
		2.00%, 03/20/52	155,181		125,601
		5.00%, 10/20/52 - 07/20/53	217,553		211,912
		TBA, 5.50%, 07/15/54 (i)	75,000		74,411
				7,848,544
U.S. Treasury Note 7.8%
	Treasury, United States Department of
		4.63%, 09/30/28	202,000		203,704
		3.75%, 12/31/28	118,000		115,013
		1.50%, 02/15/30	366,000		314,188
		4.88%, 10/31/30	98,000		100,772
		1.38%, 11/15/31	392,000		318,806
		2.88%, 05/15/32	986,600		888,865
		2.75%, 08/15/32	46,000		40,933
		3.50%, 02/15/33	313,000		293,340
		3.88%, 08/15/33	466,000		448,379
		4.50%, 11/15/33	80,000		80,750
				2,804,750
U.S. Treasury Bond 3.3%
	Treasury, United States Department of
		3.75%, 08/15/41	334,000		301,539
		2.00%, 11/15/41	28,000		19,224
		3.13%, 11/15/41	219,000		180,333
		2.50%, 02/15/45 - 02/15/46	525,000		371,713
		3.00%, 02/15/48	306,000		232,799
		1.63%, 11/15/50	56,000		30,642
		2.88%, 05/15/52	70,000		51,297
				1,187,547
U.S. Government Agency Obligations 0.5%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (j)	229,000		185,520
Sovereign 0.4%
	Ministerul Finantelor Publice
		5.88%, 01/30/29 (e)	80,000		79,356
		6.38%, 01/30/34 (e)	68,000		68,127
				147,483
Municipal 0.1%
	Dallas-Fort Worth International Airport Facility Improvement Corporation
		2.84%, 11/01/46	55,000		39,267
	Total Government And Agency Obligations (cost $13,709,041)			12,213,111
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.8%
	Alaska Air Pass Through Trust 2020-1A
		Series 2020-A-1, 4.80%, 08/15/27	46,441		45,466
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	91,280		84,206
	Americredit Automobile Receivables Trust 2023-2
		Series 2023-A2A-2, 6.19%, 04/19/27	77,898		78,116
	BX Trust 2022-PSB
		Series 2022-A-PSB, REMIC, 7.78%, (1 Month Term SOFR + 2.45%), 08/15/39 (c)	25,536		25,496
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	42,242		41,523
	Chase Issuance Trust
		Series 2022-A-A1, 3.97%, 09/15/25	160,000		157,329
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (c)	137,653		109,703
	Citibank Credit Card Issuance Trust
		Series 2023-A1-A1, 5.23%, 12/08/25	100,000		99,907
	Dell Equipment Finance Trust 2023-1
		Series 2023-A2-1, 5.65%, 09/22/28	64,485		64,492
	Dell Equipment Finance Trust 2023-2
		Series 2023-A3-2, 5.65%, 02/23/26	100,000		100,004
	Dell Equipment Finance Trust 2023-3
		Series 2023-A2-3, 6.10%, 06/23/25	93,883		94,014
	Dell Equipment Finance Trust 2024-1
		Series 2024-A3-1, 5.39%, 12/22/26	192,000		192,298
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	52,917		51,984
	DLLAD 2024-1 LLC
		Series 2024-A2-1A, 5.50%, 06/20/26	108,000		108,048
	DLLST 2022-1 LLC
		Series 2022-A3-1A, 3.40%, 01/21/25	7,175		7,167
	DLLST 2024-1 LLC
		Series 2024-A3-1A, 5.05%, 10/21/26	69,000		68,485
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	5,940		5,905
	GM Financial Automobile Leasing Trust 2023-2
		Series 2023-A3-2, 5.05%, 07/20/26	205,000		204,278
	GM Financial Automobile Leasing Trust 2023-3
		Series 2023-A3-3, 5.38%, 11/20/26	91,000		90,963
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		79,896
	GM Financial Consumer Automobile Receivables Trust 2022-2
		Series 2022-B-2, 3.77%, 04/17/28	107,000		103,871
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		144,165
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	28,288		27,108
	Hilton Grand Vacations Trust 2020-A
		Series 2020-A-AA, 2.74%, 02/25/39	33,846		32,318
	HPEFS Equipment Trust 2023-1
		Series 2023-A2-1A, 5.43%, 02/20/25	97,098		97,030
	HPEFS Equipment Trust 2023-2
		Series 2023-A2-2A, 6.04%, 07/21/25	100,000		100,234
	Hudson Yards 2019-30HY Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		133,329
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		49,972
	J.P. Morgan Mortgage Trust 2022-4
		Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (c)	161,741		134,403
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	15,821		15,711
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	101,074		89,907
	NRTH 2024-PARK Mortgage Trust
		Series 2024-A-PARK, REMIC, 6.97%, 03/15/29 (c)	111,000		111,050
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 5.92%, (1 Month Term SOFR + 0.59%), 10/15/36 (c)	98,924		97,259
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (c)	74,715		59,717
	SFS Auto Receivables Securitization Trust 2023- 1
		Series 2023-A2A-1A, 5.89%, 06/20/25	87,844		87,984
		Series 2023-A3-1A, 5.47%, 12/20/26	144,000		144,108
	SFS Auto Receivables Securitization Trust 2024-1
		Series 2024-A3-1A, 4.95%, 05/21/29	55,000		54,592
	SFS Auto Receivables Securitization Trust 2024-2
		Series 2024-A2-2A, 5.71%, 10/20/27	89,000		89,087
	Toyota Auto Receivables 2023-C Owner Trust
		Series 2023-A2A-C, 5.60%, 08/17/26	84,522		84,484
	United Airlines, Inc.
		Series 2012-A-2, 4.00%, 10/29/24	21,504		21,343
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (c)	33,550		27,923
	World Omni Auto Receivables Trust 2023-C
		Series 2023-A2A-C, 5.57%, 12/15/26	121,797		121,782
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,697,803)			3,536,657
SENIOR FLOATING RATE INSTRUMENTS 2.9%
Communication Services 1.1%
	Cedar Fair, L.P.
		2024 Term Loan B, 7.33%, (SOFR + 2.00%), 04/18/31 (c)	56,570		56,393
	Charter Communications Operating, LLC
		2023 Term Loan B4, 7.30%, (SOFR + 2.00%), 12/02/30 (c)	71,820		70,940
	Cimpress Public Limited Company
		2024 Term Loan B, 8.32%, (1 Month Term SOFR + 3.00%), 05/17/28 (c)	62,148		62,148

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹		Value ($)
	Flutter Financing B.V.
		Term Loan B, 7.56%, (3 Month Term SOFR + 2.25%), 11/18/30 (c)	151,111		151,017
	UFC Holdings, LLC
		2021 Term Loan B, 8.34%, (3 Month SOFR + 2.75%), 04/29/26 (c)	50,790		50,883
				391,381
Financials 0.4%
	Delos Aircraft Designated Activity Co
		Term Loan, 7.32%, (3 Month Term SOFR + 1.75%), 10/14/27 (c)	49,137		49,383
	Jane Street Group, LLC
		2024 Term Loan B, 7.94%, (SOFR + 2.50%), 01/26/28 (c)	88,771		88,649
				138,032
Industrials 0.4%
	Air Canada
		2024 Term Loan B, 7.85%, (3 Month Term SOFR + 2.50%), 03/14/31 (c)	55,262		55,279
	Genesee & Wyoming Inc. (New)
		2024 Term Loan B, 7.30%, (SOFR + 2.00%), 03/27/31 (c)	81,593		81,480
				136,759
Consumer Discretionary 0.3%
	1011778 B.C. Unlimited Liability Company
		2023 Term Loan B5, 0.00%, (1 Month Term SOFR + 2.25%), 09/12/30 (c) (k)	4,818		4,801
	Adient US LLC
		2024 Term Loan B2, 8.08%, (1 Month Term SOFR + 2.75%), 01/31/31 (c)	50,157		50,429
	First Brands Group, LLC
		2021 Term Loan, 0.00%, (3 Month Term SOFR + 5.00%), 03/30/27 (c) (k)	11,104		11,017
		2022 Incremental Term Loan, 10.59%, (3 Month Term SOFR + 5.00%), 03/30/27 (c)	58,817		58,358
				124,605
Materials 0.3%
	INEOS Quattro Holdings UK Ltd
		2023 USD 1st Lien Term Loan B, 9.68%, (SOFR + 4.25%), 03/09/29 (c)	26,393		26,294
	Staples, Inc.
		2024 Term Loan B, 0.00%, (SOFR + 5.75%), 08/22/29 (c) (k)	78,010		71,262
				97,556
Utilities 0.2%
	Vistra Zero Operating Company, LLC
		Term Loan B, 8.09%, (1 Month Term SOFR + 2.75%), 03/20/31 (c)	86,882		87,230
Information Technology 0.1%
	SS&C Technologies Inc.
		2024 Term Loan B8, 7.33%, (SOFR + 2.00%), 05/09/31 (c)	50,900		50,957
Health Care 0.1%
	Concentra Health Services Inc
		Term Loan, 0.00%, (SOFR + 2.25%), 06/26/31 (c) (k)	23,000		23,058
	Total Senior Floating Rate Instruments (cost $1,051,012)			1,049,578
SHORT TERM INVESTMENTS 1.7%
Investment Companies 1.2%
	State Street U.S. Government Money Market Fund, 5.19% (l)		420,646		420,646
Securities Lending Collateral 0.5%
	State Street Navigator Securities Lending Government Money Market Portfolio - Institutional Class, 5.25% (l)		177,347		177,347
	Total Short Term Investments (cost $597,993)			597,993
Total Investments 100.4% (cost $37,916,840)					36,160,323
Other Derivative Instruments (0.0)%					(11,984)
Other Assets and Liabilities, Net (0.4)%					(142,491)
Total Net Assets 100.0%					36,005,848

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

(b) Convertible security.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

(e) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2024, the value and the percentage of net assets of these securities was $6,266,411 and 17.4% of the Fund.

(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) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2024.

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

(i) All or a portion of the security was purchased on a delayed delivery basis. As of June 30, 2024, the total payable for investments purchased on a delayed delivery basis was $74,728.

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

(k) This senior floating rate interest will settle after June 30, 2024. If a reference rate and spread is presented, it will go into effect upon settlement.

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

PPM Core Plus Fixed Income Fund — Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Morgan Stanley Bank, National Association, 6.20%, 05/26/28

05/28/24

250,000

250,149

0.7

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


PPM Core Plus Fixed Income Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Value/ Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 10 Year Note	20	September 2024		2,168,015	(5,312)			31,673
United States 2 Year Note	12	October 2024		2,443,995	(281)			6,630
United States 5 Year Note	26	October 2024		2,747,186	(2,844)			23,845
United States Long Bond	8	September 2024		933,614	(6,000)			12,885
United States Ultra Bond	7	September 2024		849,355	(11,594)			28,052
					(26,031)			103,085
Short Contracts
United States 10 Year Ultra Bond	(29)	September 2024		(3,231,738)	14,047			(60,669)

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 87.1%
Energy 15.9%
	Antero Midstream Partners LP
		5.75%, 03/01/27 (a)	89,000		88,336
		5.38%, 06/15/29 (a)	112,000		108,667
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	316,000		316,507
		8.25%, 12/31/28 (a)	24,000		24,571
	Baytex Energy Corp.
		8.50%, 04/30/30 (a)	87,000		90,988
		7.38%, 03/15/32 (a)	71,000		72,078
	Bip-V Chinook
		5.50%, 06/15/31 (a)	335,000		317,492
	Blue Racer Midstream, LLC
		6.63%, 07/15/26 (a)	36,000		35,989
		7.00%, 07/15/29 (a)	47,000		47,866
		7.25%, 07/15/32 (a)	31,000		31,873
	Buckeye Partners, L.P.
		5.85%, 11/15/43	74,000		63,399
		5.60%, 10/15/44	12,000		9,479
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32	110,000		93,769
		5.95%, 06/30/33	42,000		42,459
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	232,000		232,006
		8.38%, 01/15/29 (a)	114,000		117,506
	Civitas Resources, Inc.
		8.63%, 11/01/30 (a)	15,000		16,100
		8.75%, 07/01/31 (a)	142,000		152,037
	CQP Holdco LP
		7.50%, 12/15/33 (b)	160,000		165,893
	Crescent Energy Finance LLC
		7.38%, 01/15/33 (a)	191,000		191,409
	Enerflex Ltd.
		9.00%, 10/15/27 (a)	316,000		320,768
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (b)	444,000		418,470
	Energy Transfer LP
		6.50%, (100, 08/15/26) (c)	39,000		38,579
		6.75%, (100, 05/15/25) (c)	202,000		200,985
		8.00%, 05/15/54	67,000		70,111
	EQM Midstream Partners, LP
		4.13%, 12/01/26	102,000		98,159
		7.50%, 06/01/27 (a)	53,000		54,167
		6.50%, 07/01/27 (a)	65,000		65,718
		4.50%, 01/15/29 (a)	67,000		63,259
		6.38%, 04/01/29 (a)	18,000		18,178
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 - 04/15/32 (a)	223,000		218,805
		5.75%, 02/01/29 (a)	38,000		36,778
		6.00%, 02/01/31 (a)	32,000		30,583
		6.88%, 05/15/34 (a)	66,000		65,262
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	100,000		90,700
	Kinetik Holdings LP
		5.88%, 06/15/30 (a)	151,000		148,847
	Nabors Industries, Inc.
		7.38%, 05/15/27 (a)	157,000		159,358
	NGL Energy Operating LLC
		8.13%, 02/15/29 (a)	73,000		74,443
		8.38%, 02/15/32 (a)	205,000		208,103
	NuStar Logistics, L.P.
		6.00%, 06/01/26	53,000		52,901
	Occidental Petroleum Corporation
		8.88%, 07/15/30	50,000		57,632
	Permian Resources Operating, LLC
		7.00%, 01/15/32 (a)	88,000		90,440
	Southwestern Energy Company
		8.38%, 09/15/28	60,000		62,049
		5.38%, 02/01/29 - 03/15/30	145,000		140,227
	Sunoco LP
		4.50%, 05/15/29	58,000		54,323
		7.25%, 05/01/32 (a)	56,000		57,897
	Transocean Aquila Ltd.
		8.00%, 09/30/28 (a)	26,000		26,435
	Transocean Inc
		8.00%, 02/01/27 (a)	141,000		140,593
		8.25%, 05/15/29 (a)	90,000		90,178
		8.75%, 02/15/30 (a)	34,200		35,908
		8.50%, 05/15/31 (a)	90,000		89,911
	Transocean Titan Financing Ltd.
		8.38%, 02/01/28 (a)	36,000		37,134
	Vallourec
		7.50%, 04/15/32 (a)	95,000		98,334
	Venture Global LNG, Inc.
		8.13%, 06/01/28 (a)	86,000		88,693
		9.50%, 02/01/29 (a)	179,000		196,038
		8.38%, 06/01/31 (a)	86,000		89,172
		9.88%, 02/01/32 (a)	95,000		103,387
				6,110,949
Financials 14.7%
	Acrisure, LLC
		8.25%, 02/01/29 (a)	180,000		181,293
		6.00%, 08/01/29 (a)	175,000		161,921
	Aretec Escrow Issuer 2 Inc
		10.00%, 08/15/30 (a)	94,000		102,330
	Aretec Escrow Issuer Inc
		7.50%, 04/01/29 (a)	100,000		96,375
	Benteler International Aktiengesellschaft
		10.50%, 05/15/28 (a)	158,000		169,985
	Citigroup Inc.
		5.00%, (100, 09/12/24) (c)	246,000		244,781
	Corebridge Financial, Inc.
		6.88%, 12/15/52	88,000		88,786
	Dana Financing Luxembourg S.a r.l.
		5.75%, 04/15/25 (a)	14,000		13,969
	Deutsche Bank Aktiengesellschaft
		4.88%, 12/01/32	134,000		125,947
	Encore Capital Group, Inc.
		9.25%, 04/01/29 (a) (d)	200,000		208,500
		8.50%, 05/15/30 (a)	40,000		40,674
	Ford Motor Credit Company LLC
		6.95%, 06/10/26	153,000		155,974
		7.20%, 06/10/30	75,000		78,821
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (a)	95,000		94,349
		6.63%, 01/15/27 (a)	40,000		38,627
		9.25%, 02/01/29 (a)	114,000		114,026
		12.25%, 10/01/30 (a)	116,000		124,939
		9.13%, 05/15/31 (a)	35,000		34,092
	Global Atlantic Financial Company
		7.95%, 10/15/54 (a)	115,000		115,575
	Goldman Sachs Group Inc, The
		7.50%, (100, 05/10/29) (c)	120,000		123,555
	HUB International Limited
		5.63%, 12/01/29 (a)	54,000		51,057
	Icahn Enterprises L.P.
		6.25%, 05/15/26	194,000		192,380
		4.38%, 02/01/29	98,000		83,710
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (e)	23,000		21,995
	Jane Street Group, LLC
		7.13%, 04/30/31 (a)	183,000		187,670
	Macquarie Airfinance Holdings Limited
		6.40%, 03/26/29 (a)	23,000		23,403
		8.13%, 03/30/29 (a)	214,000		226,234
		6.50%, 03/26/31 (a)	45,000		46,169
	Markel Group Inc.
		6.00%, (100, 06/01/25) (c)	99,000		98,433
	MoneyGram International, Inc.
		9.00%, 06/01/30 (a)	189,000		187,442
	Morgan Stanley
		5.25%, 04/21/34	113,000		111,197
	OneMain Finance Corporation
		7.13%, 03/15/26	92,000		93,399
		3.50%, 01/15/27	102,000		95,556
		6.63%, 01/15/28	27,000		27,104

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹		Value ($)
		3.88%, 09/15/28	69,000		61,844
		5.38%, 11/15/29	81,000		75,974
		7.88%, 03/15/30	51,000		52,568
		7.50%, 05/15/31	68,000		68,840
	Osaic Holdings, Inc.
		10.75%, 08/01/27 (a)	117,000		120,370
	PennyMac Financial Services, Inc.
		5.38%, 10/15/25 (a)	210,000		208,202
		4.25%, 02/15/29 (a)	181,000		164,569
		5.75%, 09/15/31 (a)	103,000		96,547
	PRA Group, Inc.
		8.38%, 02/01/28 (a)	199,000		198,868
		8.88%, 01/31/30 (a)	136,000		136,032
	Stena International S.A.
		7.63%, 02/15/31 (a)	182,000		186,316
	Toronto-Dominion Bank, The
		8.13%, 10/31/82 (d)	80,000		81,662
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	89,100		88,973
	U S I, Inc.
		7.50%, 01/15/32 (a)	59,000		59,976
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (c)	132,000		121,278
	VistaJet Malta Finance P.L.C.
		7.88%, 05/01/27 (a) (f)	128,000		113,085
		6.38%, 02/01/30 (a) (f)	100,000		78,099
				5,673,471
Consumer Discretionary 13.3%
	Amer Sports Company
		6.75%, 02/16/31 (a)	230,000		229,359
	American Axle & Manufacturing, Inc.
		6.25%, 03/15/26	49,000		48,884
	BRE RC Pitney Road PA LP
		6.63%, 01/15/32 (a)	249,000		250,133
	Carnival Corporation
		4.00%, 08/01/28 (a)	817,000		765,682
	Clarios Global LP
		8.50%, 05/15/27 (a)	113,000		113,690
	Dana Incorporated
		5.38%, 11/15/27	27,000		26,422
		5.63%, 06/15/28 (f)	58,000		56,224
		4.50%, 02/15/32	197,000		168,747
	EG Global Finance PLC
		12.00%, 11/30/28 (a)	200,000		212,541
	Ford Motor Company
		9.63%, 04/22/30	40,000		46,545
	Garrett Motion Holdings Inc.
		7.75%, 05/31/32 (a)	54,000		54,838
	Gates Corporation
		6.88%, 07/01/29 (a)	70,000		71,265
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (a) (e)	55,000		54,189
	International Game Technology PLC
		5.25%, 01/15/29 (a)	71,000		68,738
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (a)	201,000		187,001
	Jaguar Land Rover Automotive PLC
		7.75%, 10/15/25 (a)	91,000		91,490
		5.50%, 07/15/29 (a)	94,000		90,026
	Magic Mergeco, Inc.
		5.25%, 05/01/28 (a)	215,000		171,661
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (a)	331,000		311,494
	MCE Finance Limited
		5.38%, 12/04/29 (a)	406,000		364,954
	NCL Corporation Ltd.
		7.75%, 02/15/29 (a) (f)	51,000		53,053
	Odeon Finco PLC
		12.75%, 11/01/27 (a)	85,000		89,166
	PetSmart, LLC
		7.75%, 02/15/29 (a)	130,000		126,480
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	245,000		249,899
	QVC, Inc.
		4.45%, 02/15/25	132,000		129,896
		4.38%, 09/01/28 (f)	163,000		118,915
		5.45%, 08/15/34	88,000		53,212
	Resorts World Las Vegas LLC
		8.45%, 07/27/30 (a)	140,000		148,227
	Royal Caribbean Cruises Ltd.
		7.25%, 01/15/30 (a)	90,000		93,192
	Staples, Inc.
		10.75%, 09/01/29 (a)	90,000		85,559
	Tenneco Inc.
		8.00%, 11/17/28 (a)	61,000		55,484
	TKC Holdings, Inc.
		6.88%, 05/15/28 (a)	111,000		107,739
		10.50%, 05/15/29 (a)	93,000		91,590
	Wynn Macau, Limited
		5.13%, 12/15/29 (a)	153,000		138,163
	ZF North America Capital, Inc.
		6.88%, 04/23/32 (a)	188,000		194,381
				5,118,839
Communication Services 10.7%
	A + N Real Estate & Business Management Corporation
		5.63%, 08/15/29 (a)	207,000		191,282
	Altice Financing S.A.
		5.75%, 08/15/29 (a)	345,000		250,664
	Altice France Holding S.A.
		8.13%, 02/01/27 (a)	205,000		153,754
	AMC Networks, Inc.
		10.25%, 01/15/29 (a)	113,413		111,700
	Cable One, Inc.
		4.00%, 11/15/30 (a) (f)	250,000		186,500
	CCO Holdings, LLC
		5.38%, 06/01/29 (a)	348,000		316,551
		4.75%, 03/01/30 - 02/01/32 (a)	247,000		205,627
		4.25%, 02/01/31 (a)	105,000		85,703
		4.50%, 05/01/32	179,000		144,357
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a)	27,000		23,659
		9.00%, 09/15/28 (a) (f)	115,000		120,040
		7.50%, 06/01/29 (a) (f)	127,000		106,106
		7.88%, 04/01/30 (a)	93,000		93,612
	CMG Media Corporation
		8.88%, 12/15/27 (a)	94,000		53,611
	Connect Finco SARL
		6.75%, 10/01/26 (a)	114,000		110,112
	CSC Holdings, LLC
		5.38%, 02/01/28 (a)	100,000		75,955
		4.50%, 11/15/31 (a)	125,000		80,655
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	260,000		244,670
		8.88%, 02/01/30 (a)	59,000		57,776
	Frontier Communications Holdings, LLC
		8.75%, 05/15/30 (a)	163,000		169,544
		8.63%, 03/15/31 (a)	75,000		77,265
	Frontier Communications Parent, Inc.
		6.75%, 05/01/29 (a)	75,000		68,786
	Gray Television, Inc.
		4.75%, 10/15/30 (a)	69,000		41,393
		5.38%, 11/15/31 (a)	91,000		51,649
	Iliad Holding
		7.00%, 10/15/28 (a)	93,000		92,176
		8.50%, 04/15/31 (a)	144,000		146,010
	Intelsat Jackson Holdings S.A.
		6.50%, 03/15/30 (a)	321,000		299,430
	Ion Trading Technologies S.a r.l.
		9.50%, 05/30/29 (a)	94,000		95,750
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	245,000		229,633
	Liberty Media Corporation
		8.25%, 02/01/30	145,000		67,977
	Sprint Capital Corporation
		6.88%, 11/15/28	59,000		62,558

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹		Value ($)
	Sprint LLC
		7.63%, 03/01/26	16,000		16,434
	Telesat Canada
		5.63%, 12/06/26 (a)	187,000		86,458
				4,117,397
Industrials 8.6%
	Air Canada
		3.88%, 08/15/26 (a)	122,000		116,369
	American Airlines, Inc.
		5.75%, 04/20/29 (a)	95,000		92,574
		8.50%, 05/15/29 (a)	39,000		40,528
	Bombardier Inc.
		7.88%, 04/15/27 (a)	25,000		25,078
		8.75%, 11/15/30 (a)	87,000		94,060
		7.25%, 07/01/31 (a)	99,000		101,638
		7.00%, 06/01/32 (a)	54,000		54,738
	Builders FirstSource, Inc.
		4.25%, 02/01/32 (a)	224,000		197,816
	Cimpress NV
		7.00%, 06/15/26	327,000		326,440
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	70,000		70,399
	Fortress Transportation And Infrastructure Investors LLC
		7.00%, 05/01/31 - 06/15/32 (a)	171,000		174,226
	Genesee & Wyoming Inc.
		6.25%, 04/15/32 (a)	95,000		94,667
	Howmet Aerospace Inc.
		6.88%, 05/01/25	2,000		2,015
	Husky Injection Molding Systems Ltd.
		9.00%, 02/15/29 (a)	184,000		190,542
	Imola Merger Corporation
		4.75%, 05/15/29 (a)	134,000		125,354
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	187,000		181,145
	LABL Escrow Issuer LLC
		6.75%, 07/15/26 (a)	93,000		92,129
	Rand Parent LLC
		8.50%, 02/15/30 (a) (f)	194,000		196,224
	Smyrna Ready Mix Concrete, LLC
		8.88%, 11/15/31 (a)	237,000		251,426
	TransDigm Inc.
		6.75%, 08/15/28 (a)	89,000		90,178
		6.38%, 03/01/29 (a)	115,000		115,712
		6.63%, 03/01/32 (a)	115,000		116,330
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (a)	95,000		93,127
	Uber Technologies, Inc.
		7.50%, 09/15/27 (a)	112,000		114,174
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	146,000		145,428
	WESCO Distribution, Inc.
		6.38%, 03/15/29 (a)	68,000		68,272
		6.63%, 03/15/32 (a)	68,000		68,765
	XPO, Inc.
		6.25%, 06/01/28 (a)	90,000		90,450
				3,329,804
Consumer Staples 6.0%
	Albion Financing 1 S.a r.l.
		6.13%, 10/15/26 (a)	31,000		30,622
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (a)	193,000		194,996
	Allied Universal Holdco LLC
		9.75%, 07/15/27 (a)	95,000		94,439
	Ashtead Capital, Inc.
		5.50%, 08/11/32 (a)	125,000		122,319
	Coty Inc.
		6.63%, 07/15/30 (a)	90,000		91,399
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	46,000		44,935
	Grifols Escrow Issuer S.A.
		4.75%, 10/15/28 (a) (f)	142,000		122,468
	Kraft Heinz Foods Company
		4.63%, 10/01/39	137,000		121,522
	Macquarie Airfinance Holdings Limited
		8.38%, 05/01/28 (a)	139,000		146,591
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	345,000		286,248
	Neptune BidCo US Inc.
		9.29%, 04/15/29 (a)	200,000		191,487
	Pilgrim's Pride Corporation
		4.25%, 04/15/31	351,000		318,809
	Prime Security Services Borrower, LLC
		6.25%, 01/15/28 (a)	123,000		121,030
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)	306,000		301,887
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a) (f)	132,000		119,059
				2,307,811
Health Care 6.0%
	DaVita Inc.
		4.63%, 06/01/30 (a)	207,000		187,313
		3.75%, 02/15/31 (a)	230,000		196,329
	IQVIA Inc.
		5.00%, 05/15/27 (a)	105,000		102,580
	Lifepoint Health, Inc.
		9.88%, 08/15/30 (a)	250,000		266,777
		10.00%, 06/01/32 (a)	93,000		95,245
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (a)	246,000		226,511
	Organon & Co.
		5.13%, 04/30/31 (a)	371,000		333,108
	Owens & Minor, Inc.
		6.63%, 04/01/30 (a) (f)	206,000		187,292
	Perrigo Finance Unlimited Company
		4.38%, 03/15/26	27,000		26,159
	Tenet Healthcare Corporation
		4.63%, 06/15/28 (b)	34,000		32,342
		4.25%, 06/01/29	130,000		121,031
		4.38%, 01/15/30	50,000		46,332
		6.13%, 06/15/30	102,000		101,367
		6.75%, 05/15/31	88,000		89,359
	Teva Pharmaceutical Finance Netherlands III B.V.
		3.15%, 10/01/26	70,000		65,712
		8.13%, 09/15/31 (f)	198,000		220,074
				2,297,531
Information Technology 5.3%
	Ahead DB Holdings, LLC
		6.63%, 05/01/28 (a)	110,000		104,118
	AMS-Osram AG
		12.25%, 03/30/29 (a)	180,000		187,204
	Central Parent Inc.
		8.00%, 06/15/29 (a)	77,000		78,181
	Cloud Software Group, Inc.
		6.50%, 03/31/29 (a)	100,000		96,065
		8.25%, 06/30/32 (a)	78,000		79,519
	Entegris Escrow Corporation
		4.75%, 04/15/29 (a)	72,000		68,961
		5.95%, 06/15/30 (a)	178,000		176,214
	Entegris, Inc.
		4.38%, 04/15/28 (a)	101,000		95,242
	Fortress Intermediate 3 Inc.
		7.50%, 06/01/31 (a)	62,000		63,591
	Helios Software Holdings, Inc.
		8.75%, 05/01/29 (a)	200,000		203,653
	NCR Voyix Corporation
		5.13%, 04/15/29 (a)	103,000		96,965
	Open Text Corporation
		3.88%, 02/15/28 (a)	171,000		158,263
		3.88%, 12/01/29 (a)	129,000		115,589
		4.13%, 02/15/30 (a)	134,000		120,920
	Rocket Software, Inc.
		9.00%, 11/28/28 (a)	71,000		72,306
	ViaSat, Inc.
		5.63%, 09/15/25 (a)	209,000		202,830
		7.50%, 05/30/31 (a) (f)	178,000		118,155
				2,037,776

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹		Value ($)
Materials 3.2%
	First Quantum Minerals Ltd
		6.88%, 10/15/27 (a)	157,000		153,005
		8.63%, 06/01/31 (a)	130,000		129,578
	FMG Resources (August 2006) Pty Ltd
		4.38%, 04/01/31 (a)	126,000		112,620
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a)	170,000		161,182
	Mercer International Inc.
		12.88%, 10/01/28 (a)	34,000		36,603
		5.13%, 02/01/29	106,000		93,325
	Mineral Resources Limited
		8.13%, 05/01/27 (a)	28,000		28,265
		9.25%, 10/01/28 (a)	207,000		217,269
		8.50%, 05/01/30 (a)	55,000		56,942
	NOVA Chemicals Corporation
		4.25%, 05/15/29 (a)	189,000		166,406
	Trinseo Materials Operating S.C.A.
		5.13%, 04/01/29 (a)	217,000		83,959
				1,239,154
Utilities 2.4%
	Calpine Corporation
		3.75%, 03/01/31 (a)	32,000		28,303
	DPL Inc.
		4.13%, 07/01/25	71,000		69,530
	NextEra Energy Capital Holdings, Inc.
		6.75%, 06/15/54	130,000		131,138
	Vistra Corp.
		8.00%, (100, 10/15/26) (a) (c)	123,000		123,967
		8.88%, (100, 12/15/29) (c)	90,000		93,050
	Vistra Operations Company LLC
		5.50%, 09/01/26 (a)	91,000		89,777
		5.00%, 07/31/27 (a)	143,000		138,359
		4.38%, 05/01/29 (a)	26,000		24,221
		4.30%, 07/15/29 (a)	21,000		19,829
		7.75%, 10/15/31 (a)	26,000		27,082
		6.88%, 04/15/32 (a)	189,000		191,872
				937,128
Real Estate 1.0%
	Greystar Real Estate Partners, LLC
		7.75%, 09/01/30 (a)	116,000		122,274
	RHP Hotel Properties, LP
		6.50%, 04/01/32 (a)	197,000		196,974
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	56,000		54,063
				373,311
	Total Corporate Bonds And Notes (cost $33,358,672)			33,543,171
SENIOR FLOATING RATE INSTRUMENTS 8.4%
Communication Services 2.5%
	888 Acquisitions Limited
		USD Term Loan B, 10.58%, (6 Month Term SOFR + 5.25%), 07/01/28 (g)	92,839		92,235
	Allen Media, LLC
		2021 Term Loan B, 10.98%, (3 Month Term SOFR + 5.50%), 02/10/27 (e) (g)	95,461		70,641
	Aventiv Technologies, LLC
		2024 PIK Third Out Term Loan, 10.66%, (3 Month Term SOFR + 5.09%), 07/31/25 (g)	158,917		128,988
		2024 Incremental Second Out Term Loan, 13.07%, (3 Month Term SOFR + 7.50%), 07/31/25 (g)	4,825		4,874
	Connect Finco Sarl
		2024 Extended Term Loan B, 9.82%, (1 Month Term SOFR + 4.50%), 09/11/29 (g)	101,545		95,548
	DirecTV Financing, LLC
		2024 Term Loan, 10.69%, (1 Month Term SOFR + 5.25%), 08/02/29 (g)	90,725		90,210
	Flutter Financing B.V.
		Term Loan B, 7.56%, (3 Month Term SOFR + 2.25%), 11/18/30 (g)	46,765		46,736
	Gray Television, Inc.
		2024 Term Loan B, 0.00%, (3 Month Term SOFR + 5.25%), 05/22/29 (g) (h)	120,000		113,850
		2024 Term Loan B, 10.58%, (3 Month Term SOFR + 5.25%), 05/22/29 (g)	59,459		56,412
	Great Outdoors Group, LLC
		2021 Term Loan B1, 9.19%, (SOFR + 3.75%), 02/26/28 (g)	184,617		184,329
	ViaSat, Inc.
		2023 Term Loan, 9.94%, (SOFR + 4.50%), 05/30/30 (g)	89,325		79,313
				963,136
Industrials 1.8%
	Advisor Group, Inc.
		2024 Term Loan, 9.33%, (1 Month Term SOFR + 4.00%), 08/16/28 (g)	35,000		35,092
		2023 Term Loan B, 9.33%, (1 Month Term SOFR + 4.00%), 08/17/28 (g)	139,650		140,465
	Grant Thornton Advisors LLC
		Term Loan B, 0.00%, (SOFR + 3.25%), 05/30/31 (g) (h)	29,602		29,676
	Mileage Plus Holdings LLC
		2020 Term Loan B, 10.74%, (3 Month SOFR + 5.25%), 06/21/27 (g)	29,520		30,094
	Pitney Bowes Inc.
		2021 Term Loan B, 9.44%, (SOFR + 4.00%), 03/12/28 (g)	89,206		89,151
	PUG LLC
		2024 Extended Term Loan B, 10.08%, (3 Month Term SOFR + 4.75%), 03/12/30 (g)	92,116		91,972
	Titan Acquisition Limited
		2024 Term Loan B, 10.33%, (6 Month Term SOFR + 5.00%), 02/01/29 (g)	93,000		93,155
	United Airlines, Inc.
		2024 Term Loan B, 8.09%, (SOFR + 2.75%), 02/15/31 (g)	47,880		47,923
	WestJet Loyalty LP
		Term Loan B, 9.05%, (3 Month Term SOFR + 3.75%), 02/01/31 (g)	126,000		126,504
				684,032
Consumer Discretionary 1.5%
	Clarios Global LP
		2024 Term Loan B, 8.33%, (1 Month Term SOFR + 3.00%), 05/06/30 (g)	96,758		96,878
	First Brands Group, LLC
		2022 Incremental Term Loan, 10.59%, (3 Month Term SOFR + 5.00%), 03/30/27 (g)	160,022		158,772
	J&J Ventures Gaming, LLC
		2023 Incremental Term Loan B, 9.69%, (1 Month Term SOFR + 4.25%), 04/26/28 (g)	94,763		94,407
	PetSmart, Inc.
		2021 Term Loan B, 9.18%, (SOFR + 3.75%), 12/31/24 (g)	94,514		94,120
	Tenneco, Inc.
		2022 Term Loan B, 10.40%, (SOFR + 5.00%), 11/17/28 (g)	394		378
		2022 Term Loan B, 10.43%, (SOFR + 5.00%), 11/17/28 (g)	139,606		133,723
				578,278
Information Technology 0.9%
	Ahead DB Holdings, LLC
		2024 Incremental Term Loan B, 9.56%, (3 Month Term SOFR + 4.25%), 01/24/31 (g)	94,000		94,177
	Cloud Software Group, Inc.
		2024 USD Term Loan B, 0.00%, (1 Month Term SOFR + 4.00%), 03/30/29 (g) (h)	20,000		19,970
	Fortress Intermediate 3, Inc.
		Term Loan, 0.00%, (SOFR + 3.75%), 05/09/31 (g) (h)	93,642		93,642
	Rocket Software, Inc.
		2023 USD Term Loan B, 10.08%, (1 Month Term SOFR + 4.75%), 11/28/28 (g)	95,759		96,024
	Roper Industrial Products Investment Company LLC
		2023 USD Term Loan, 8.58%, (3 Month Term SOFR + 4.00%), 11/22/29 (g)	49,501		49,687
				353,500

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024


			Shares/Par¹		Value ($)
Health Care 0.8%
	Global Medical Response Inc
		Term Loan, 0.00%, (SOFR + 5.50%), 10/02/28 (g) (h)	195,000		188,516
	Radiology Partners Inc
		2024 Extended Term Loan B, 0.00%, (3 Month Term SOFR + 3.50%), 01/31/29 (g) (h)	35,000		33,075
		2024 Extended Term Loan B, 9.09%, (3 Month Term SOFR + 3.50%), 01/31/29 (g)	98,122		92,725
				314,316
Materials 0.6%
	LSF11 A5 Holdco LLC
		2023 Incremental Term Loan B, 9.68%, (SOFR + 4.25%), 10/15/28 (g)	104,207		104,121
	Staples, Inc.
		2024 Term Loan B, 11.08%, (SOFR + 5.75%), 08/22/29 (g)	86,678		79,180
	Windsor Holdings III, LLC
		2024 USD Term Loan B, 9.34%, (1 Month Term SOFR + 4.00%), 08/01/30 (g)	31,767		31,934
				215,235
Financials 0.3%
	Cotiviti Corporation
		2024 Term Loan, 8.58%, (SOFR + 3.25%), 02/21/31 (g)	131,670		130,847
	Total Senior Floating Rate Instruments (cost $3,241,597)			3,239,344
COMMON STOCKS 0.3%
Energy 0.3%
	MPLX LP		2,200		93,698
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (i)		8,143		11,482
	iHeartMedia, Inc. - Class A (f) (i)		3,283		3,578
				15,060
	Total Common Stocks (cost $173,512)			108,758
SHORT TERM INVESTMENTS 7.0%
Securities Lending Collateral 4.1%
	State Street Navigator Securities Lending Government Money Market Portfolio - Institutional Class, 5.25% (j)		1,585,921		1,585,921
Investment Companies 2.9%
	State Street U.S. Government Money Market Fund, 5.19% (j)		1,121,732		1,121,732
	Total Short Term Investments (cost $2,707,653)			2,707,653
Total Investments 102.8% (cost $39,481,434)					39,598,926
Other Assets and Liabilities, Net (2.8)%					(1,076,889)
Total Net Assets 100.0%					38,522,037

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of June 30, 2024, the value and the percentage of net assets of these securities was $27,315,829 and 70.9% of the Fund.

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

(d) Convertible security.

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

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

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(h) This senior floating rate interest will settle after June 30, 2024. If a reference rate and spread is presented, it will go into effect upon settlement.

(i) Non-income producing security.

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


PPM High Yield Core Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	CQP Holdco LP, 7.50%, 12/15/33	12/08/23	160,000	165,893	0.4
	Energean Israel Finance Ltd, 4.88%, 03/30/26	12/07/21	429,697	418,470	1.1
	Tenet Healthcare Corporation, 4.63%, 06/15/28	01/03/23	31,507	32,342	0.1
			621,204	616,705	1.6

See accompanying Notes to Financial Statements.

Abbreviations, counterparties and additional footnotes are defined on page 14

PPMFunds

Schedules of Investments (Unaudited)

June 30, 2024

Currency Abbreviations:

USD - United States Dollar

Abbreviations:


MBS - Mortgage-Backed Security
PIK - Payment-in-Kind
REMIC - Real Estate Mortgage Investment Conduit
SOFR - Secured Overnight Financing Rate
TBA – To Be Announced (Securities purchased on a delated delivery basis)
U.S. or US - United States

Counterparty Abbreviations:


BOA - Bank of America

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

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Assets and Liabilities (Unaudited)

June 30, 2024


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Assets
Investments, at value		$	36,160,323		$	39,598,926
Variation margin on futures			14,047			—
Cash			21,714			37,871
Receivable from:
	Investment securities sold		—			442,027
	Dividends and interest		305,952			587,391
	Adviser		11,853			17,296
	Administrator		11,959			3,732
	Deposits with brokers and counterparties		108,559			—
Other assets			17,442			15,766
Total assets			36,651,849			40,703,009
Liabilities
Variation margin on futures			26,031			—
Payable for:
	Investment securities purchased		387,675			532,745
	Return of securities loaned		177,347			1,585,921
	Advisory fees		11,796			17,265
	Administrative fees		2,949			3,139
	Board of Trustees fees		2,051			2,257
	Chief Compliance Officer fees		2,515			2,674
	Other expenses		35,637			36,971
Total liabilities			646,001			2,180,972
Net assets		$	36,005,848		$	38,522,037
Net assets consist of:
Paid-in capital		$	44,024,543		$	46,224,573
Total distributable earnings (loss)			(8,018,695	)		(7,702,536	)
Net assets		$	36,005,848		$	38,522,037
Net assets - Institutional Class		$	36,005,848		$	38,522,037
Shares outstanding - Institutional Class			4,176,947			4,363,193
Net asset value per share - Institutional Class		$	8.62		$	8.83
Investments, at cost		$	37,916,840		$	39,481,434
Securities on loan included in
	Investments, at value		200,697			1,613,694

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Operations (Unaudited)

For the Period Ended June 30, 2024


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Investment income
Dividends		$	15,579		$	60,946
Interest			855,435			1,493,970
Securities lending			937			7,446
Total investment income			871,951			1,562,362

Expenses
Advisory fees			71,119			103,809
Administrative fees			17,780			18,874
Legal fees			59,152			61,635
Transfer agent fees			17,766			14,810
Board of Trustees fees			33,507			34,931
Chief Compliance Officer fees			17,042			17,768
Registration and filing fees			3,281			1,949
Other expenses			11,219			11,591
Total expenses			230,866			265,367
Expense waiver			(150,867	)		(133,251	)
Net expenses			79,999			132,116
Net investment income (loss)			791,952			1,430,246

Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Investments		(222,569	)		(173,962	)
	Futures contracts		(138,298	)		—
Net change in unrealized appreciation
	(depreciation) on:
	Investments		(426,857	)		(78,901	)
	Futures contracts		10,651			—
Net realized and unrealized gain (loss)			(777,073	)		(252,863	)
Change in net assets from operations		$	14,879		$	1,177,383

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Period Ended June 30, 2024


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Operations
Net investment income (loss)		$	791,952		$	1,430,246
Net realized gain (loss)			(360,867	)		(173,962	)
Net change in unrealized appreciation
	(depreciation)		(416,206	)		(78,901	)
Change in net assets from operations			14,879			1,177,383
Distributions to shareholders
From distributable earnings
	Institutional Class		(786,935	)		(1,425,727	)
Total distributions to shareholders			(786,935	)		(1,425,727	)
Share transactions¹
Proceeds from the sale of shares
	Institutional Class		1,410,146			1,410,766
Reinvestment of distributions
	Institutional Class		786,935			1,425,727
Cost of shares redeemed
	Institutional Class		(1,388,642	)		(1,578,192	)
Change in net assets from
	share transactions		808,439			1,258,301
Change in net assets			36,383			1,009,957
Net assets beginning of period			35,969,465			37,512,080
Net assets end of period		$	36,005,848		$	38,522,037





¹Share transactions
Shares sold
	Institutional Class		161,529			158,622
Reinvestment of distributions
	Institutional Class		91,303			161,454
Shares redeemed
	Institutional Class		(160,909	)		(178,327	)
Change in shares
	Institutional Class		91,923			141,749
Purchases and sales of long term
	investments
Purchase of securities		$	16,976,959		$	17,522,065
Purchase of U.S. Government securities			811,098	(a)		—
Total purchases		$	17,788,057		$	17,522,065
Proceeds from sales of securities		$	15,646,022		$	15,980,706
Proceeds from sales of U.S. Government
	securities		635,805	(a)		—
Total proceeds from sales		$	16,281,827		$	15,980,706


(a)	Amounts exclude $242,266 and $432,737 of purchases and sales, respectively, of dollar roll transaction securities.

See accompanying Notes to Financial Statements.

PPMFunds

Statements of Changes in Net Assets (Unaudited)

For the Year Ended December 31, 2023


		PPM Core Plus Fixed Income Fund			PPM High Yield Core Fund
Operations
Net investment income (loss)		$	1,629,817		$	3,177,029
Net realized gain (loss)			(2,610,756	)		(4,106,139	)
Net change in unrealized appreciation
	(depreciation)		3,715,895			6,108,056
Change in net assets from operations			2,734,956			5,178,946
Distributions to shareholders
From distributable earnings
	Institutional Class		(1,625,940	)		(3,175,831	)
Total distributions to shareholders			(1,625,940	)		(3,175,831	)
Share transactions¹
Proceeds from the sale of shares
	Institutional Class		1,392,277			1,392,812
Reinvestment of distributions
	Institutional Class		1,625,233			3,175,831
Cost of shares redeemed
	Institutional Class		(17,366,286	)		(23,917,784	)
Change in net assets from
	share transactions		(14,348,776	)		(19,349,141	)
Change in net assets			(13,239,760	)		(17,346,026	)
Net assets beginning of year			49,209,225			54,858,106
Net assets end of year		$	35,969,465		$	37,512,080





¹Share transactions
Shares sold
	Institutional Class		160,630			163,609
Reinvestment of distributions
	Institutional Class		188,761			369,321
Shares redeemed
	Institutional Class		(2,011,213	)		(2,799,226	)
Change in shares
	Institutional Class		(1,661,822	)		(2,266,296	)

See accompanying Notes to Financial Statements.

PPMFunds

Financial Highlights (Unaudited)

For a Share Outstanding

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

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

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

Income and Expense Ratios. Ratios are annualized for periods less than one year.


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

PPM Core Plus Fixed Income Fund

Institutional Class
06/30/24	8.81	0.19	(0.19)	0.00	(0.19)	—	8.62	0.02	36,006	46	(a)	0.45	1.30	4.45
12/31/23	8.56	0.33	0.25	0.58	(0.33)	—	8.81	7.02	35,969	99	(a)	0.45	1.21	3.87
12/31/22	10.24	0.25	(1.66)	(1.41)	(0.26)	(0.01)	8.56	(13.91)	49,209	86	(a)	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	(a)	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	(a)	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	(a)	0.50	0.70	3.02



PPM High Yield Core Fund

Institutional Class
06/30/24	8.89	0.33	(0.06)	0.27	(0.33)	—	8.83	3.12	38,522	44		0.70	1.41	7.58
12/31/23	8.46	0.60	0.42	1.02	(0.59)	—	8.89	12.71	37,512	66		0.70	1.31	6.97
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


(a)	Portfolio turnover including dollar roll transactions for PPM Core Plus Fixed Income Fund was 113%, 118%, 165%, 114%, 132%, and 48% for 2019, 2020, 2021, 2022, 2023, and 2024 respectively.

See accompanying Notes to Financial Statements.

PPMFunds

Notes to Financial Statements (Unaudited)

June 30, 2024

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.

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

A Fund calculates its NAV per share, and effects sales, redemptions and repurchases of its shares at that NAV per share, as of the close of the NYSE once on each Business Day. Because the calculation of a Fund’s NAV does not take place contemporaneously with the determination of the closing prices of the majority of the foreign equity portfolio securities used in such calculation, the Valuation Policies and Procedures authorize the Adviser, to determine the “fair value” of such foreign equity securities for purposes of calculating a Fund’s NAV. When fair valuing such foreign equity securities, the Adviser adjusts the closing prices of foreign equity portfolio securities based upon pricing models provided by a third party vendor in order to reflect the “fair value” of such securities for purposes of determining a Fund’s NAV. Foreign equity securities traded in North America and South America may be fair valued

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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.

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 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 has evaluated the amendments and determined that they will not have a significant impact on 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 has evaluated the amendments and determined that they will not have a significant impact on the Funds' financial statements.

NOTE 3. FAIR VALUE MEASUREMENT

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

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

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

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

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

The following table summarizes each Fund’s investments in securities and other financial instruments as of June 30, 2024, by valuation level.


	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		18,762,984	—	18,762,984
Government And Agency Obligations	—		12,213,111	—	12,213,111
Non-U.S. Government Agency Asset-Backed Securities	—		3,536,657	—	3,536,657
Senior Floating Rate Instruments	—		1,049,578	—	1,049,578
Short Term Investments	597,993		—	—	597,993
	597,993		35,562,330	—	36,160,323
Assets - Investments in Other Financial Instruments¹
Futures Contracts	103,085		—	—	103,085
	103,085		—	—	103,085
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(60,669	)	—	—	(60,669	)
	(60,669	)	—	—	(60,669	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		33,543,171	—	33,543,171
Senior Floating Rate Instruments	—		3,239,344	—	3,239,344
Common Stocks	108,758		—	—	108,758
Short Term Investments	2,707,653		—	—	2,707,653
	2,816,411		36,782,515	—	39,598,926

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

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security’s valuation. There were no significant transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at June 30, 2024.

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.

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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. The value of securities on loan and collateral received at June 30, 2024 was as follows:


Fund	Securities on Loan ($)	NonCash Collateral ($)	Cash Collateral ($)	Total Collateral ($)
PPM Core Plus Fixed Income Fund	200,697	28,013	177,347	205,360
PPM High Yield Core Fund	1,613,694	60,760	1,585,921	1,646,681

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 have been operating as going concerns in a conservatorship overseen by the Federal Housing Finance Agency ("FHFA") since 2008. 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. However, each remains liable for all of its obligations, including its guarantees, associated with its mortgage-backed securities. 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.

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

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

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

NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL

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

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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.

Derivatives and Hedging and Financial Instruments Eligible for Offset. FASB ASC Topic 815 includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments, as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument’s primary underlying risk exposure which is categorized as credit, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund’s derivative investments during the period; (2) A summary table of the fair valuations of each Fund’s derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of June 30, 2024. Funds which held only one type of derivative during the period are not included in the tables as the location on the Statements of Assets and Liabilities and the realized and unrealized gain loss on the Statements of Operations can be referenced directly on each Fund’s respective statements; (3) A summary table of derivative instruments and certain investments of each Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statements of Assets and Liabilities as of June 30, 2024.For Funds which held only one type of derivative during the period, amounts eligible for offset are presented gross in the Statements of Assets and Liabilities. Net exposure can be referenced in the assets and liabilities on the Statements of Assets and Liabilities and, if collateral exists, the

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net exposure is offset by collateral identified in the segregated or pledged collateral table; and (4) A table reflecting each Fund’s average monthly derivative volume for the period ended June 30, 2024.

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


PPM Core Plus Fixed Income Fund - Derivative Instruments Categorized by Risk Exposure
		Commodity($)	Credit($)	Equity($)	Foreign Exchange($)	Interest Rate($)		Total($)
Fair values of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2024
Derivative instruments assets:
¹	Variation margin on futures/futures options contracts	—	—	—	—	14,047		14,047
Total derivative instruments assets		—	—	—	—	14,047		14,047
Derivative instruments liabilities:
¹	Variation margin on futures/futures options contracts	—	—	—	—	26,031		26,031
Total derivative instruments liabilities		—	—	—	—	26,031		26,031
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2024
Net realized gain (loss) on:
	Futures/futures options contracts	—	—	—	—	(138,299	)	(138,299	)
Net change in unrealized appreciation (depreciation) on:
	Futures/futures options contracts	—	—	—	—	10,651		10,651

PPM Core Plus Fixed Income Fund – Average Derivative Volume²



		Notional Value at Purchase of Futures Contracts ($)
Average monthly volume		9,692,864

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 June 30, 2024, as disclosed in the Schedules of Investments, and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period ended June 30, 2024, 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 June 30, 2024:



		Futures Contracts
	Counterparties	Pledged or Segregated Cash($)
PPM Core Plus Fixed Income Fund	BOA	108,559

None of the futures contracts held by the Funds are subject to master netting agreements or a similar agreement and are not eligible for offset in the Statements of Assets and Liabilities as of June 30, 2024. 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 comprised of (i) a benchmark rate that changes in response to changes in market interest rates plus (ii) the spread. 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

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June 30, 2024

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.

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. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

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

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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.

Security Transactions. Security transactions can occur in the Funds where both the buyer and seller of the security are portfolios or accounts for which PPM serves as the Adviser. Such transactions occur to eliminate transaction costs normally associated with security trading activity. Such transactions are subject to compliance with Rule 17a-7 under the 1940 Act (“Rule 17a-7 transactions”) and are reviewed by the Chief Compliance Officer. Rule 17a-7 trades are executed at current market price at the time of the transaction. There were no 17a-7 transactions for the period ended June 30, 2024.

NOTE 9. INCOME TAX MATTERS

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

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

At December 31, 2023, 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	1,814,427	4,124,647	5,939,074
PPM High Yield Core Fund	1,153,781	4,841,556	5,995,337

At December 31, 2023, the Funds’ last fiscal year end, the following Funds had capital, currency and/or PFIC mark-to-market losses realized after October 31, 2023 (“Post-October losses”), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2024:


	Amount($)
PPM High Yield Core Fund	1,573,590

As of June 30, 2024, 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	37,939,488	296,426	(2,075,591	)	(1,779,165	)
PPM High Yield Core Fund	39,573,883	877,501	(852,458	)	25,043

As of June 30, 2024, 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	42,416	—	—	—

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Notes to Financial Statements (Unaudited)

June 30, 2024

The tax character of distributions paid during the Funds’ fiscal year ended December 31, 2023 was as follows:


	Net Ordinary Income*($)	Long-term Capital Gain($)	Return of Capital($)
PPM Core Plus Fixed Income Fund	1,625,940	—	—
PPM High Yield Core Fund	3,175,831	—	—

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

The Funds file US federal and various state and local tax returns. A Fund’s federal tax returns are generally subject to examination for a period of three fiscal years after the date they are filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management completed an evaluation of the Funds’ tax positions taken for all open tax years and based on that evaluation, determined that no provision for federal income tax was required in the Funds’ financial statements during the period ended June 30, 2024.

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.

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June 30, 2024

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, 2024, 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.

PPM FUNDS

SUPPLEMENT DATED JULY 15, 2024

TO THE PROSPECTUS DATED APRIL 30, 2024

PPM Core Plus Fixed Income Fund

PPM High Yield Core Fund

(the “Funds”)

PKPIX

PKHIX

This supplement provides new and additional information pertaining to the Funds that affects information contained in the Funds’ Prospectus and should be read in conjunction with the Prospectus.

Jon Nelson was added as a portfolio manager of PPM Core Plus Fixed Income Fund, effective July 1, 2024. Accordingly, the following changes are being made to the Prospectus:

In the PPM Core Plus Fixed Income Fund summary section of the Prospectus “Portfolio Management,” the paragraph and table under the sub-heading “Investment Adviser” are deleted and replaced with the following:

Investment Adviser:

PPM America, Inc. is the investment adviser for the Fund. Michael Kennedy, Josh Settle and Jon Nelson are primarily responsible for the day-to day management of the Fund.


Portfolio Managers	Title	Length of Service
Michael Kennedy, CFA*	Portfolio Manager	Since inception
Josh Settle, CFA	Portfolio Manager	Since 2021
Jon Nelson	Portfolio Manager	Since July 2024

*Mr. Kennedy will retire in early 2025.

In the PPM Core Plus Fixed Income Fund summary section of the Prospectus “Purchase and Redemption of Fund Shares,” the first paragraph after the sub-heading “Minimum Investment” table is deleted and replaced with the following:

Due to the relatively high cost of maintaining accounts below the minimum account balance, the Fund reserves the right to redeem shares if an account balance falls below the minimum account balance for any reason. Investors will be given 60 days’ notice to reestablish the minimum account balance. If the account balance is not increased, the account may be closed and the proceeds sent to the investor. The Fund may also reduce or waive the minimum investment amount under certain circumstances. There is no investment minimum for subsequent investments.

In the PPM High Yield Core Fund summary section of the Prospectus “Portfolio Management,” the paragraph and table under the sub-heading “Investment Adviser” is deleted and replaced with the following:

Investment Adviser:

PPM America, Inc. is the investment adviser for the Fund. Adam Spielman, John Broz and Karl Petrovich are primarily responsible for the day-to day management of the Fund.


Portfolio Managers	Title	Length of Service
Adam Spielman	Portfolio Manager	Since 2018
John Broz	Portfolio Manager	Since 2019
Karl Petrovich	Portfolio Manager	Since inception

In the sub-section of the Prospectus entitled “Portfolio Manager(s)” under the section “Management of the Funds,” the following paragraphs are added before the table:

Michael Kennedy, Josh Settle and Jon Nelson are primarily responsible for the day-to day management of the Core Plus Fixed Income Fund. Mike, Josh and Jon are members of PPM’s Total Return Team which is comprised of Mike Kennedy, Josh Settle, Jon Nelson, David Frizzie, Mark Redfearn and Calvin

Walker, who are collectively responsible for the stewardship of PPM’s investment grade public fixed income strategies through collaboration on risk positioning, security selection, sector relative value decisions, and the use of macro inputs.

Adam Spielman, John Broz and Karl Petrovich are primarily responsible for the day-to-day management of the PPM High Yield Core Fund. Adam, John and Karl are members of PPM’s Leveraged Credit Team which is comprised of seven portfolio managers, who are collectively responsible for the stewardship of PPM’s leveraged credit strategies through collaboration on risk positioning, security selection, sector relative value decisions, and the use of macro inputs.

In the sub-section of the Prospectus entitled “Portfolio Manager(s)” under the section “Management of the Funds,” the table is deleted and replaced with the following:


Name	Title	Fund Responsibility	Length of Service
Michael Kennedy, CFA*	Portfolio Manager	Core Plus Fixed Income	Since inception
Josh Settle, CFA	Portfolio Manager	Core Plus Fixed Income	Since 2021
Jon Nelson	Portfolio Manager	Core Plus Fixed Income	Since July 2024
David Frizzie	Portfolio Manager	Core Plus Fixed Income	Since April 2024
Mark Redfearn	Portfolio Manager	Core Plus Fixed Income	Since April 2024
Calvin Walker	Portfolio Manager	Core Plus Fixed Income	Since April 2024
Adam Spielman	Portfolio Manager	High Yield Core	Since 2018
John Broz	Portfolio Manager	High Yield Core	Since 2019
Karl Petrovich	Portfolio Manager	High Yield Core	Since inception

*Mr. Kennedy will retire in early 2025.

Additionally, in the sub-section of the Prospectus entitled “Portfolio Managers” under the section “Management of the Funds,” the following paragraph on Jon Nelson is added as the third paragraph:

Jon Nelson is a vice president and portfolio manager on the total return team at PPM America, Inc. (“PPM”). He is responsible for investment and allocation decisions for the firm's core plus fixed income and investment grade credit plus strategies, which are managed on behalf of investors globally. In addition, he is responsible for making investment recommendations for the firm's other total return strategies. Prior to his current role, Jon was a credit analyst on the fixed income team at PPM and was responsible for the credit coverage and investment recommendations for the metals and mining, building products and homebuilding sectors. Prior to joining PPM in 2023, Jon was an analyst at DoubleLine. He earned a bachelor's degree in finance from the University of Minnesota. Jon is a CFA^® charterholder.

Adam Spielman Adam Spielman is a senior managing director, portfolio manager and head of leveraged credit at PPM. In this role, he oversees the bank loan and high yield teams and is responsible for investment and allocation decisions for several of the firm’s high yield and bank loan strategies which are managed on behalf of investors globally. Prior to his current role, he was head of fixed income research and managed a team of individuals focused on corporate credit and structured security analysis. Prior to joining PPM in 2001, Adam worked in the investment group at a Chicago-based software company. Previously, he was an investment banker at Lehman Brothers, and started his career at Peterson Consulting. Adam earned a master’s degree in business administration with concentrations in accounting and finance from the University of Chicago and a bachelor’s degree in economics from Indiana University.

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

PERSONAL INFORMATION COLLECTED WITHIN THE PAST 12 MONTHS

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


Category	Collected
Identifiers such as a real name, alias, postal address, unique personal identifier, online identifier, Internet Protocol address, email address, account name, social security number, driver’s license number, passport number, or other similar identifiers.	Yes
Any category of personal information described in Cal. Civ. Code § 1798.80(e): “Personal information” means any information that identifies, relates to, describes, or is capable of being associated with, a particular individual, including, but not limited to, his or her name, signature, social security number, physical characteristics or description, address, telephone number, passport number, driver's license or state identification card number, insurance policy number, education, employment, employment history, bank account number, or any other financial information, medical information, or health insurance information. “Personal information” does not include publicly available information that is lawfully made available to the general public from federal, state, or local government records.	Yes
Characteristics of protected classifications under California or federal law: sexual orientation; race; national origin; medical conditions; disability (physical or mental); genetic information; military or veteran status; status as a victim of domestic violence assault, or stalking; gender identity and gender expression; color; religion; sex (including pregnancy, childbirth, and related medical conditions); age (40 or older); marital status; political affiliates or activities.	Yes
Commercial information, including records of personal property, products or services purchased, obtained, or considered, or other purchasing or consuming histories or tendencies.	Yes
Biometric information.	Yes
Internet or other electronic network activity information, including, but not limited to, browsing history, search history, and information regarding a consumer’s interaction with an Internet Web site, application, or advertisement.	Yes
Any category of sensitive personal information described in Cal. Civ. Code § 1798.140(ae)(1) to (2): “Sensitive personal information” means (1) “personal information” that reveals: a consumer’s social security, driver’s license, state identification card, or passport number; a consumer’s account log-in, financial account, debit card, or credit card number in combination with any required security or access code, password, or credentials allowing access to an account; a consumer’s precise geolocation; a consumer’s racial or ethnic origin, religious or philosophical beliefs, or union membership; the contents of a consumer’s mail, email, and text messages unless the business is the intended recipient of the communication; a consumer’s genetic data; or (2) the processing of biometric information for the purpose of uniquely identifying a consumer; personal information collected and analyzed concerning a consumer’s health; or personal information collected and analyzed concerning a consumer’s sex life or sexual orientation.	Yes
Geolocation data.	No
Audio, electronic, visual, thermal, olfactory, or similar information.	No
Professional or employment-related information.	No
Education information, defined as information that is not publicly available personally identifiable information as defined in the Family Educational Rights and Privacy Act (20 U.S.C. section 1232g, 34 C.F.R. Part 99).	No


Inferences drawn from any of the information identified in this chart to create a profile about a consumer reflecting the consumer’s preferences, characteristics, psychological trends, predispositions, behavior, attitudes, intelligence, abilities, and aptitudes.	No

CATEGORIES OF SOURCES FROM WHICH PERSONAL INFORMATION IS COLLECTED

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

Information you provide. In the course of serving you as someone associated with a corporate or institutional client, PPM obtains personal information about you principally through requests by email or telephone. Obtaining this information is important to our ability to fulfill your requests and deliver the highest level of service. PPM also works with LinkedIn to collect personal information that you provide on its website to access online and mobile advertisements for PPM products and services that we think may be of interest to you. We do not control and are not responsible for the actions or privacy practices of other websites (whether accessed through an advertisement, service or content link) and urge you to review such practices prior to submitting any information to such websites.

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

Google’s Privacy & Terms at http://policies.google.com/technologies/partner-sites.

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

BUSINESS PURPOSES FOR WHICH WE COLLECT PERSONAL INFORMATION

Use of your personal information depends on your relationship to PPM. We did not necessarily collect all the specific pieces of personal information listed above for any one specific business purpose, but rather, we used personal information, generally, in the below circumstances. Except as indicated below, PPM retains personal information pursuant to its document retention policy which is in accordance with our governing laws and regulations.

• To perform services on behalf of PPM and our clients that are reasonably necessary and proportionate for those services. For example, personal information may be needed to maintain or service accounts as would be expected by an average consumer, process or fulfill orders and transactions, process payments and transactions, verify personal information, providing financing, or similar services on behalf of PPM or its service providers.

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

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

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

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

• To detect security incidents. For example, to protect against malicious, deceptive, fraudulent, or illegal activity, and to prosecute those responsible for that activity.

• Verify, maintain or enhance quality of a product, service or device. For example, we provide our employees with the ability to opt-in to providing their unique biometric data as a method of authenticating their identity to unlock devices owned by PPM (i.e., fingerprint ID on iPads), pursuant to our Biometric Information Policy. However PPM does not use or have access to Biometric Identifiers stored on those devices, nor does PPM sell, lease, trade, share, disclose or disseminate, or profit from any Biometric Identifiers.

• Respond to your requests or questions, or for other purposes that do not infer characteristics. For example, we might use the information you provided us to respond to your questions or feedback.

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

• Provide relevant news and information, including for short-term, transient use. For example, we might use your information to customize your experience with us and help us better understand your interests and needs so that we can improve your experience with our online content or provide contextual advertising for other services.

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

SHARING OR SELLING PERSONAL INFORMATION

PPM does not sell or share consumer personal information with “third parties”, as defined by California law.

DISCLOSING PERSONAL INFORMATION

In order to run our business and provide our services and products, there are occasions where we may disclose your personal information with affiliates and non-affiliated vendors that perform support services for PPM. These parties are subject to agreements that require them to maintain the confidentiality of your information and to use it only in the course of providing such services. We will also share information if you so direct or with your consent, if we are compelled by law or regulation, as part of a corporate transaction with a successor or affiliate or in connected with any acquisition, merger or sale of assets, or in other circumstances as permitted by law (for example, to protect your account from fraud). PPM has not disclosed personal information for a business purpose to “third parties”, as defined by California law, within the last 12 months.

CALIFORNIA-SPECIFIC PRIVACY RIGHTS

California-specific privacy rights. California consumers have certain privacy rights granted under the California Consumer Privacy Act (“CCPA”) This section sets out those rights and provides individuals a form to submit privacy data requests. Below is a list of privacy rights regarding your personal information under California law:

• Right to know what personal information a business has collected, including the categories of personal information, the categories of sources from which personal information is collected, the business or commercial purpose for collecting, selling, or sharing personal information, the categories of third parties to whom a business discloses personal information, and the specific pieces of personal information the business has collected.

• Right to request PPM delete your personal information that the business has collected, subject to certain exceptions.

• Right to correct inaccurate personal information that the business maintains.

• Right to opt-out of the sale or sharing of personal information, if sold or shared by a business.

• Right to limit the use or disclosure of sensitive personal information by the business if the business uses or discloses sensitive personal information for reasons other than those set forth in section 7027(m) of the CCPA.

• Right not to receive discriminatory treatment by the business for the exercise of privacy rights conferred by the CCPA, including an employee’s, applicant’s, or independent contractor’s right not to be retaliated against for the exercise of their CCPA rights.

We do not discriminate against you, for example, by offering a different level of service for exercising any of these rights. While the CCPA also provides California residents with the right to opt-out of sales or sharing of personal information to third parties, it is important to know we do not sell or share your personal information and within the last 12 months PPM has not sold or shared consumer personal information with “third parties”, as defined by California law. We have no actual knowledge that we sell or share the personal information of consumers under 16 years of age. Additionally, we do not use or disclose sensitive personal information for purposes other than as specified in section 7027(m) of the CCPA, and we do not collect or process sensitive personal information to infer characteristics.

Instructions for submitting a California consumer request. Should you or your authorized representative wish to exercise any of the above rights, please use this link to submit a request, or if you received this notice in a printed format or are otherwise unable to complete the form, please email PPMPrivacyOperations@ppmamerica.com. Upon submission of your request we will take commercially reasonable steps to verify your identity and, if applicable, your authorized agent’s identity before granting access or making any changes to your personal information. You will be required to verify your identity by providing general information such as your first name, last name, and email address. In some instances we may reach out to you directly to provide other information, such as your mailing address. Only you, or an agent authorized to act on your behalf, may make a verifiable consumer request related to your personal information.

We will make good faith efforts to provide you with access to your data when you request it, but there may be circumstances in which we need not provide access as allowed by law, including but not limited to instances where the information contains legal privilege, where your identity could not be verified, or where the information may compromise yours or others’ privacy or other legitimate rights. If we

determine that access should be restricted in any particular instance, we will provide you with an explanation of why that determination has been made and a contact point for any further inquiries.

Additionally, under California Civil law, Californians are entitled to request information relating to whether a business has disclosed personal data to any third parties for the third parties’ direct marketing purposes. Californians who wish to request further information about our compliance with this statute should contact us at privacy@ppmamerica.com or at PPM America, 225 West Wacker Dr., Suite 1200, Chicago, Illinois 60606. This section on California-Specific Privacy Rights was last updated on December 30, 2022.

USE OF COOKIES

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

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

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

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

LINKS TO THIRD PARTY SITES

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

SAFEGUARDING INFORMATION

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

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

CHANGES TO POLICY

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

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

This policy was last updated on July 11, 2023.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

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 (except for the Chief Compliance Officer of the Trust). The compensation paid to the Chief Compliance Officer of the Trust for the six-month period ended June 30, 2024 is disclosed as a part of the financial statements to shareholders filed under Form N-CSR Item 7. The Independent Trustees received the following compensation for their services for the six-month period ended June 30, 2024.

Independent Trustee	Aggregate Compensation from the Trust For the six-month period Ended June 30, 2024	Pension or Retirement Benefits Accrued As Part of Fund Expenses	Estimated Annual Benefits Upon Retirement	Total Compensation from the Trust
Kevin Callahan	$21,000	None	None	$21,000
Ronald A. Nyberg	$21,000	None	None	$21,000
Janet D. Olsen	$21,000	None	None	$21,000

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

No material changes have been made.

Item 16. Controls and Procedures.

(a) The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant's filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized, and reported within the periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Exhibits.

(a)

(1) Not applicable to the semi-annual filing.

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

(3) Not applicable.

(b)

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

SIGNATURES

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

	PPM Funds

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

Date:	August 30, 2024

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:	August 30, 2024


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

Date:	August 30, 2024

EXHIBIT LIST

Exhibit 18(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 18(b)	Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.

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