NPORT-EX 2 ppmfunds033124.htm PPM FUNDS PART F ATTACHMENT 03.31.24 Untitled Document

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 

PPM Core Plus Fixed Income Fund

CORPORATE BONDS AND NOTES 48.8%

Financials 25.6%

 

AerCap Ireland Capital Designated Activity Company

     
 

2.45%, 10/29/26

 

115,000

 

106,845

 
 

3.00%, 10/29/28

 

151,000

 

136,826

 
 

American Honda Finance Corporation

     
 

4.90%, 03/12/27 - 03/13/29

 

180,000

 

179,592

 
 

AON North America, Inc.

     
 

5.45%, 03/01/34

 

90,000

 

91,016

 
 

5.75%, 03/01/54

 

63,000

 

64,562

 
 

Ares Capital Corporation

     
 

7.00%, 01/15/27

 

80,000

 

82,335

 
 

Banco Santander, S.A.

     
 

9.63%, (100, 05/21/33) (a) (b)

 

100,000

 

110,125

 
 

6.35%, 03/14/34 (b)

 

200,000

 

199,494

 
 

Bank of America Corporation

     
 

3.56%, 04/23/27

 

172,000

 

165,931

 
 

4.27%, 07/23/29

 

233,000

 

224,574

 
 

3.19%, 07/23/30

 

23,000

 

20,887

 
 

2.59%, 04/29/31

 

55,000

 

47,434

 
 

5.47%, 01/23/35

 

240,000

 

241,757

 
 

Bank of Nova Scotia, The

     
 

5.25%, 12/06/24 (b)

 

70,000

 

69,882

 
 

Barclays PLC

     
 

9.63%, (100, 12/15/29) (a) (b)

 

125,000

 

132,656

 
 

BlackRock Funding, Inc.

     
 

5.25%, 03/14/54

 

52,000

 

52,254

 
 

Blackstone Private Credit Fund

     
 

3.25%, 03/15/27

 

38,000

 

35,062

 
 

Blackstone Secured Lending Fund

     
 

2.85%, 09/30/28

 

55,000

 

48,437

 
 

Citigroup Inc.

     
 

5.00%, (100, 09/12/24) (a)

 

143,000

 

142,246

 
 

4.41%, 03/31/31

 

100,000

 

95,343

 
 

6.17%, 05/25/34

 

44,000

 

44,779

 
 

Citizens Financial Group, Inc.

     
 

5.84%, 01/23/30

 

89,000

 

88,902

 
 

CNO Global Funding

     
 

2.65%, 01/06/29 (c)

 

100,000

 

87,704

 
 

Credit Suisse AG

     
 

4.75%, 08/09/24

 

98,000

 

97,541

 
 

7.95%, 01/09/25

 

24,000

 

24,402

 
 

Daimler Trucks Finance North America LLC

     
 

5.20%, 01/17/25 (c)

 

100,000

 

99,612

 
 

Deutsche Bank Aktiengesellschaft

     
 

7.15%, 07/13/27

 

150,000

 

153,960

 
 

3.73%, 01/14/32 (b)

 

84,000

 

70,328

 
 

F&G Global Funding

     
 

2.00%, 09/20/28 (c)

 

60,000

 

51,052

 
 

Fairfax Financial Holdings Limited

     
 

6.35%, 03/22/54 (c)

 

82,000

 

83,665

 
 

Federation des caisses Desjardins du Quebec

     
 

5.25%, 04/26/29 (c)

 

100,000

 

99,696

 
 

Ford Motor Credit Company LLC

     
 

5.13%, 06/16/25

 

55,000

 

54,501

 
 

6.95%, 06/10/26

 

140,000

 

142,984

 
 

4.13%, 08/17/27

 

13,000

 

12,334

 
 

3.82%, 11/02/27

 

105,000

 

98,395

 
 

7.35%, 11/04/27

 

103,000

 

108,177

 
 

6.80%, 05/12/28

 

98,000

 

101,791

 
 

FS KKR Capital Corp.

     
 

3.40%, 01/15/26

 

114,000

 

108,164

 
 

General Motors Financial Company, Inc.

     
 

5.75%, 02/08/31

 

22,000

 

22,212

 
 

6.10%, 01/07/34

 

40,000

 

41,158

 
 

Global Atlantic Financial Company

     
 

6.75%, 03/15/54 (c)

 

33,000

 

33,829

 
 

Icahn Enterprises L.P.

     
 

4.38%, 02/01/29

 

72,000

 

61,292

 
 

Intercontinental Exchange, Inc.

     
 

2.10%, 06/15/30

 

30,000

 

25,407

 
 

Intesa Sanpaolo SPA

     
 

7.80%, 11/28/53 (c)

 

75,000

 

84,977

 
 

7.78%, 06/20/54 (c)

 

80,000

 

85,207

 
 

John Deere Capital Corporation

     
 

4.90%, 03/07/31

 

175,000

 

175,056

 
 

JPMorgan Chase & Co.

     
 

8.82%, (3 Month Term SOFR + 3.51%), (100, 05/01/24) (a) (d)

 

170,000

 

170,012

 
 

2.01%, 03/13/26

 

72,000

 

69,594

 
 

6.07%, 10/22/27

 

110,000

 

112,214

 
 

2.07%, 06/01/29

 

84,000

 

74,481

 
 

4.20%, 07/23/29

 

92,000

 

88,771

 
 

2.74%, 10/15/30

 

85,000

 

75,265

 
 

5.34%, 01/23/35

 

122,000

 

122,417

 
 

JPMorgan Chase Bank, National Association

     
 

5.11%, 12/08/26

 

250,000

 

250,547

 
 

Lloyds Banking Group PLC

     
 

7.50%, (100, 09/27/25) (a) (b)

 

79,000

 

78,704

 
 

Macquarie Airfinance Holdings Limited

     
 

6.40%, 03/26/29 (c)

 

16,000

 

16,245

 
 

8.13%, 03/30/29 (c) (e)

 

30,000

 

31,718

 
 

6.50%, 03/26/31 (c)

 

42,000

 

42,755

 
 

Markel Group Inc.

     
 

6.00%, (100, 06/01/25) (a)

 

85,000

 

84,213

 
 

Morgan Stanley

     
 

0.99%, 12/10/26

 

75,000

 

69,470

 
 

5.12%, 02/01/29

 

53,000

 

52,868

 
 

5.16%, 04/20/29

 

70,000

 

69,943

 
 

5.17%, 01/16/30

 

104,000

 

104,033

 
 

3.62%, 04/01/31

 

22,000

 

20,167

 
 

2.51%, 10/20/32

 

42,000

 

34,781

 
 

6.34%, 10/18/33

 

95,000

 

101,752

 
 

6.63%, 11/01/34

 

85,000

 

93,025

 
 

5.47%, 01/18/35 (e)

 

43,000

 

43,390

 
 

5.95%, 01/19/38

 

52,000

 

52,119

 
 

Morgan Stanley Bank, National Association

     
 

5.88%, 10/30/26

 

125,000

 

127,329

 
 

National Rural Utilities Cooperative Finance Corporation

     
 

5.80%, 01/15/33

 

19,000

 

19,756

 
 

National Securities Clearing Corporation

     
 

5.10%, 11/21/27 (c)

 

105,000

 

105,910

 
 

NatWest Markets PLC

     
 

1.60%, 09/29/26 (c)

 

172,000

 

157,210

 
 

New York Life Global Funding

     
 

4.85%, 01/09/28 (c)

 

155,000

 

154,564

 
 

1.20%, 08/07/30 (c)

 

94,000

 

74,641

 
 

5.00%, 01/09/34 (c)

 

108,000

 

106,820

 
 

Northwestern Mutual Global Funding

     
 

4.90%, 06/12/28 (c)

 

85,000

 

84,675

 
 

Royal Bank of Canada

     
 

5.15%, 02/01/34 (b) (e)

 

59,000

 

59,069

 
 

Sammons Financial Group, Inc.

     
 

6.88%, 04/15/34 (c)

 

110,000

 

110,960

 
 

Skandinaviska Enskilda Banken AB

     
 

5.38%, 03/05/29 (c)

 

200,000

 

200,474

 
 

State Street Corporation

     
 

6.70%, (100, 03/15/29) (a)

 

96,000

 

97,667

 
 

5.27%, 08/03/26

 

230,000

 

231,032

 
 

5.75%, 11/04/26

 

34,000

 

34,159

 
 

The Bank of New York Mellon Corporation

     
 

5.77%, 03/13/26 (d)

 

250,000

 

250,191

 
 

6.47%, 10/25/34

 

252,000

 

274,436

 
 

The Goldman Sachs Group, Inc.

     
 

2.60%, 02/07/30

 

73,000

 

63,930

 
 

The Hartford Financial Services Group, Inc.

     
 

2.90%, 09/15/51

 

46,000

 

30,047

 
 

The PNC Financial Services Group, Inc.

     
 

6.62%, 10/20/27

 

110,000

 

113,290

 
 

Toronto-Dominion Bank, The

     
 

5.53%, 07/17/26 (b)

 

230,000

 

231,970

 
 

Toyota Motor Credit Corporation

     
 

5.40%, 11/20/26

 

85,000

 

85,999

 
 

5.00%, 03/19/27

 

120,000

 

120,366

 

Abbreviations and additional footnotes are defined on page 11

1

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 
 

Transocean Poseidon Limited

     
 

6.88%, 02/01/27 (c)

 

26,325

 

26,372

 
 

UBS AG

     
 

5.80%, 09/11/25

 

200,000

 

201,272

 
 

UBS Group AG

     
 

9.02%, 11/15/33 (b) (c)

 

59,000

 

71,297

 
 

Wells Fargo & Company

     
 

5.57%, 07/25/29

 

230,000

 

232,710

 
 

5.39%, 04/24/34

 

106,000

 

105,460

 
 

9,534,473

 

Energy 4.9%

 

Antero Midstream Partners LP

     
 

5.38%, 06/15/29 (c)

 

8,000

 

7,695

 
 

Baytex Energy Corp.

     
 

7.38%, 03/15/32 (c)

 

49,000

 

49,521

 
 

BP Capital Markets America Inc.

     
 

4.81%, 02/13/33

 

109,000

 

107,633

 
 

4.89%, 09/11/33

 

90,000

 

89,470

 
 

Cheniere Energy Partners, L.P.

     
 

4.50%, 10/01/29

 

85,000

 

81,010

 
 

3.25%, 01/31/32

 

10,000

 

8,515

 
 

Civitas Resources, Inc.

     
 

8.38%, 07/01/28 (c)

 

53,000

 

55,753

 
 

ConocoPhillips Company

     
 

5.30%, 05/15/53

 

86,000

 

85,354

 
 

Devon Energy Corporation

     
 

5.88%, 06/15/28

 

29,000

 

29,111

 
 

Energy Transfer LP

     
 

6.50%, (100, 08/15/26) (a)

 

10,000

 

9,815

 
 

6.75%, (100, 05/15/25) (a)

 

72,000

 

70,834

 
 

7.13%, (100, 05/15/30) (a)

 

64,000

 

62,705

 
 

5.95%, 05/15/54

 

40,000

 

39,806

 
 

8.00%, 05/15/54

 

64,000

 

66,914

 
 

Enlink Midstream, LLC

     
 

6.50%, 09/01/30 (c)

 

38,000

 

39,073

 
 

EQM Midstream Partners, LP

     
 

6.38%, 04/01/29 (c) (e)

 

18,000

 

18,127

 
 

Hilcorp Energy I, L.P.

     
 

8.38%, 11/01/33 (c)

 

40,000

 

43,294

 
 

Marathon Oil Corporation

     
 

4.40%, 07/15/27

 

16,000

 

15,550

 
 

ONEOK, Inc.

     
 

7.15%, 01/15/51

 

30,000

 

33,667

 
 

Permian Resources Operating, LLC

     
 

7.00%, 01/15/32 (c)

 

35,000

 

36,284

 
 

Petroleos Mexicanos

     
 

10.00%, 02/07/33 (e)

 

32,000

 

31,841

 
 

Pioneer Natural Resources Company

     
 

5.10%, 03/29/26

 

127,000

 

126,800

 
 

1.90%, 08/15/30

 

40,000

 

33,599

 
 

Sabine Pass Liquefaction, LLC

     
 

4.20%, 03/15/28

 

150,000

 

145,245

 
 

Targa Resources Corp.

     
 

6.25%, 07/01/52

 

25,000

 

25,969

 
 

6.50%, 02/15/53

 

20,000

 

21,448

 
 

Targa Resources Partners LP

     
 

5.50%, 03/01/30

 

40,000

 

39,810

 
 

4.88%, 02/01/31

 

36,000

 

34,418

 
 

Transocean Inc

     
 

8.75%, 02/15/30 (c)

 

12,600

 

13,139

 
 

Var Energi ASA

     
 

8.00%, 11/15/32 (c)

 

130,000

 

146,024

 
 

Venture Global Calcasieu Pass, LLC

     
 

3.88%, 08/15/29 (c)

 

8,000

 

7,202

 
 

6.25%, 01/15/30 (c)

 

54,000

 

54,364

 
 

Venture Global LNG, Inc.

     
 

9.50%, 02/01/29 (c)

 

118,000

 

127,207

 
 

Western Midstream Operating, LP

     
 

6.15%, 04/01/33

 

50,000

 

51,240

 
 

1,808,437

 

Utilities 4.7%

 

Constellation Energy Generation, LLC

     
 

6.13%, 01/15/34 (e)

 

30,000

 

31,718

 
 

Edison International

     
 

5.25%, 11/15/28

 

152,000

 

151,270

 
 

6.95%, 11/15/29

 

56,000

 

60,046

 
 

Florida Power & Light Company

     
 

4.80%, 05/15/33 (e)

 

87,000

 

85,703

 
 

Nevada Power Company

     
 

6.00%, 03/15/54

 

20,000

 

21,006

 
 

Pacific Gas And Electric Company

     
 

3.30%, 12/01/27

 

36,000

 

33,482

 
 

3.25%, 06/01/31

 

38,000

 

33,055

 
 

5.90%, 06/15/32

 

94,000

 

95,680

 
 

6.40%, 06/15/33

 

30,000

 

31,631

 
 

4.50%, 07/01/40

 

131,000

 

112,031

 
 

6.75%, 01/15/53

 

118,000

 

128,494

 
 

PPL Electric Utilities Corporation

     
 

5.00%, 05/15/33

 

157,000

 

156,725

 
 

4.85%, 02/15/34

 

43,000

 

42,227

 
 

Public Service Electric And Gas Company

     
 

3.10%, 03/15/32

 

26,000

 

22,808

 
 

4.90%, 12/15/32

 

86,000

 

85,600

 
 

Public Service Enterprise Group Incorporated

     
 

5.20%, 04/01/29

 

90,000

 

90,076

 
 

San Diego Gas & Electric Company

     
 

1.70%, 10/01/30

 

52,000

 

42,831

 
 

5.35%, 04/01/53

 

82,000

 

80,801

 
 

Sempra

     
 

5.40%, 08/01/26

 

100,000

 

100,360

 
 

Southern California Edison Company

     
 

5.20%, 06/01/34

 

96,000

 

94,913

 
 

The AES Corporation

     
 

3.30%, 07/15/25 (c)

 

93,000

 

89,948

 
 

Vistra Operations Company LLC

     
 

3.70%, 01/30/27 (c)

 

80,000

 

76,081

 
 

6.95%, 10/15/33 (c)

 

82,000

 

87,607

 
 

1,754,093

 

Health Care 4.0%

 

AbbVie Inc.

     
 

4.80%, 03/15/29 (e)

 

100,000

 

100,044

 
 

5.40%, 03/15/54

 

100,000

 

102,894

 
 

Amgen Inc.

     
 

5.65%, 03/02/53

 

87,000

 

88,689

 
 

Ascension Health

     
 

2.53%, 11/15/29

 

18,000

 

16,033

 
 

AstraZeneca Finance LLC

     
 

4.85%, 02/26/29

 

73,000

 

73,258

 
 

Baylor Scott & White Holdings

     
 

2.84%, 11/15/50

 

34,000

 

23,081

 
 

Centene Corporation

     
 

3.00%, 10/15/30

 

78,000

 

66,879

 
 

CVS Health Corporation

     
 

5.88%, 06/01/53

 

155,000

 

157,383

 
 

HCA Inc.

     
 

5.88%, 02/15/26

 

20,000

 

20,097

 
 

3.50%, 09/01/30

 

67,000

 

60,564

 
 

Humana Inc.

     
 

5.38%, 04/15/31

 

83,000

 

83,074

 
 

5.75%, 04/15/54

 

59,000

 

59,394

 
 

Indiana University Health, Inc.

     
 

2.85%, 11/01/51

 

31,000

 

21,029

 
 

Roche Holdings, Inc.

     
 

4.99%, 03/08/34 (c)

 

200,000

 

201,559

 
 

Smith & Nephew PLC

     
 

5.15%, 03/20/27

 

150,000

 

149,914

 
 

5.40%, 03/20/34

 

116,000

 

115,460

 
 

Trinity Healthcare Group Pte. Ltd.

     
 

2.63%, 12/01/40

 

11,000

 

7,847

 
 

UnitedHealth Group Incorporated

     
 

4.75%, 05/15/52

 

55,000

 

50,954

 
 

5.88%, 02/15/53

 

72,000

 

77,986

 
 

1,476,139

 

Industrials 2.2%

 

Aircastle Limited

     
 

5.25%, 08/11/25 (c)

 

78,000

 

77,339

 

Abbreviations and additional footnotes are defined on page 11

2

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 
 

Boeing Company, The

     
 

5.71%, 05/01/40 (f)

 

120,000

 

114,980

 
 

Builders FirstSource, Inc.

     
 

6.38%, 03/01/34 (c)

 

46,000

 

46,177

 
 

CIMIC Finance (USA) Pty Ltd

     
 

7.00%, 03/25/34 (c) (e)

 

51,000

 

52,358

 
 

Delta Air Lines, Inc.

     
 

7.00%, 05/01/25 (c)

 

94,000

 

95,432

 
 

ESAB Corporation

     
 

6.25%, 04/15/29 (c)

 

15,000

 

15,080

 
 

Regal Rexnord Corporation

     
 

6.05%, 02/15/26 (c) (f)

 

53,000

 

53,309

 
 

6.40%, 04/15/33 (c) (f)

 

54,000

 

55,954

 
 

RTX Corporation

     
 

5.15%, 02/27/33

 

43,000

 

43,108

 
 

6.10%, 03/15/34

 

41,000

 

43,780

 
 

6.40%, 03/15/54

 

56,000

 

63,189

 
 

Siemens Financieringsmaatschappij N.V.

     
 

2.15%, 03/11/31 (c)

 

36,000

 

30,344

 
 

Smyrna Ready Mix Concrete, LLC

     
 

8.88%, 11/15/31 (c)

 

61,000

 

65,179

 
 

Summit Materials, LLC

     
 

7.25%, 01/15/31 (c)

 

21,000

 

21,819

 
 

XPO, Inc.

     
 

6.25%, 06/01/28 (c)

 

54,000

 

54,458

 
 

832,506

 

Consumer Discretionary 2.0%

 

Amazon.com, Inc.

     
 

2.10%, 05/12/31

 

85,000

 

72,177

 
 

3.10%, 05/12/51

 

35,000

 

25,096

 
 

Carnival Corporation

     
 

4.00%, 08/01/28 (c)

 

31,000

 

28,876

 
 

Hyundai Capital America

     
 

5.80%, 06/26/25 (c)

 

85,000

 

85,128

 
 

6.10%, 09/21/28 (c)

 

110,000

 

113,330

 
 

Kohl's Corporation

     
 

4.63%, 05/01/31 (e) (f) (g)

 

31,000

 

26,098

 
 

Lowe`s Companies, Inc.

     
 

3.00%, 10/15/50

 

26,000

 

17,033

 
 

M.D.C. Holdings, Inc.

     
 

6.00%, 01/15/43 (f)

 

11,000

 

11,216

 
 

Macys Retail Holdings

     
 

5.88%, 03/15/30 (c) (e)

 

24,000

 

23,341

 
 

6.13%, 03/15/32 (c)

 

12,000

 

11,635

 
 

Mileage Plus Holdings, LLC

     
 

6.50%, 06/20/27 (c)

 

16,267

 

16,338

 
 

Resorts World Las Vegas LLC

     
 

4.63%, 04/06/31 (c) (e)

 

100,000

 

87,259

 
 

Royal Caribbean Cruises Ltd.

     
 

6.25%, 03/15/32 (c)

 

25,000

 

25,194

 
 

SkyMiles IP Ltd.

     
 

4.50%, 10/20/25 (c)

 

5,832

 

5,769

 
 

Tapestry, Inc.

     
 

7.85%, 11/27/33 (f)

 

30,000

 

32,585

 
 

Warnermedia Holdings, Inc.

     
 

5.05%, 03/15/42

 

70,000

 

60,166

 
 

ZF North America Capital, Inc.

     
 

4.75%, 04/29/25 (c)

 

96,000

 

94,836

 
 

736,077

 

Materials 1.6%

 

Celanese US Holdings LLC

     
 

6.35%, 11/15/28 (f)

 

45,000

 

46,668

 
 

6.55%, 11/15/30 (f)

 

116,000

 

122,192

 
 

6.38%, 07/15/32 (f)

 

56,000

 

58,165

 
 

First Quantum Minerals Ltd

     
 

6.88%, 10/15/27 (c)

 

40,000

 

38,363

 
 

Glencore Funding LLC

     
 

5.63%, 04/04/34 (c)

 

120,000

 

120,591

 
 

Mineral Resources Limited

     
 

9.25%, 10/01/28 (c)

 

42,000

 

44,212

 
 

Newmont Corporation

     
 

5.35%, 03/15/34 (c)

 

67,000

 

67,406

 
 

NOVA Chemicals Corporation

     
 

8.50%, 11/15/28 (c)

 

48,000

 

51,086

 
 

Yara International ASA

     
 

7.38%, 11/14/32 (c)

 

57,000

 

63,217

 
 

611,900

 

Consumer Staples 1.6%

 

Ashtead Capital, Inc.

     
 

5.80%, 04/15/34 (c)

 

100,000

 

99,842

 
 

B.A.T Capital Corporation

     
 

4.39%, 08/15/37

 

35,000

 

29,503

 
 

3.73%, 09/25/40

 

35,000

 

26,036

 
 

JBS USA Lux S.A.

     
 

7.25%, 11/15/53 (c)

 

159,000

 

170,938

 
 

Marb Bondco PLC

     
 

3.95%, 01/29/31 (c)

 

70,000

 

57,728

 
 

Northwestern University

     
 

2.64%, 12/01/50

 

28,000

 

18,793

 
 

Philip Morris International Inc.

     
 

5.25%, 02/13/34

 

180,000

 

178,742

 
 

581,582

 

Communication Services 1.3%

 

Charter Communications Operating, LLC

     
 

6.15%, 11/10/26

 

80,000

 

80,610

 
 

5.38%, 04/01/38

 

35,000

 

30,449

 
 

5.75%, 04/01/48

 

13,000

 

10,940

 
 

Comcast Corporation

     
 

3.75%, 04/01/40

 

25,000

 

20,815

 
 

5.35%, 05/15/53

 

25,000

 

24,729

 
 

DIRECTV Financing, LLC

     
 

5.88%, 08/15/27 (c)

 

27,000

 

25,545

 
 

Meta Platforms, Inc.

     
 

4.45%, 08/15/52

 

50,000

 

44,340

 
 

T-Mobile USA, Inc.

     
 

2.63%, 04/15/26

 

166,000

 

157,881

 
 

6.00%, 06/15/54

 

87,000

 

93,038

 
 

488,347

 

Real Estate 0.5%

 

Essential Properties, L.P.

     
 

2.95%, 07/15/31

 

58,000

 

46,911

 
 

GLP Financing, LLC

     
 

5.75%, 06/01/28

 

15,000

 

15,007

 
 

VICI Properties Inc.

     
 

4.25%, 12/01/26 (c)

 

35,000

 

33,696

 
 

3.75%, 02/15/27 (c)

 

43,000

 

40,788

 
 

4.13%, 08/15/30 (c)

 

64,000

 

58,255

 
 

194,657

 

Information Technology 0.4%

 

Cisco Systems, Inc.

     
 

4.95%, 02/26/31

 

38,000

 

38,346

 
 

5.05%, 02/26/34

 

91,000

 

92,186

 
 

5.30%, 02/26/54

 

34,000

 

34,846

 
 

165,378

 
 

Total Corporate Bonds And Notes (cost $18,237,498)

18,183,589

 

GOVERNMENT AND AGENCY OBLIGATIONS 35.2%

Mortgage-Backed Securities 21.8%

 

Federal Home Loan Mortgage Corporation

     
 

2.00%, 04/01/36 - 03/01/52

 

786,961

 

632,917

 
 

4.00%, 10/01/37 - 01/01/53

 

348,522

 

327,670

 
 

4.50%, 07/01/38 - 08/01/52

 

509,641

 

488,278

 
 

3.00%, 11/01/46 - 01/01/52

 

105,012

 

90,826

 
 

3.50%, 10/01/47 - 04/01/50

 

155,940

 

141,898

 
 

2.50%, 05/01/50 - 11/01/51

 

383,369

 

320,696

 
 

5.00%, 09/01/52 - 01/01/53

 

127,455

 

124,524

 
 

5.50%, 04/01/53 - 05/01/53

 

108,004

 

107,650

 
 

6.00%, 11/01/53

 

168,596

 

170,179

 
 

Federal National Mortgage Association, Inc.

     
 

3.00%, 09/01/32 - 06/01/52

 

835,365

 

733,619

 
 

2.50%, 10/01/35 - 01/01/52

 

670,781

 

576,955

 
 

4.00%, 10/01/37 - 05/01/52

 

420,006

 

396,543

 
 

4.50%, 05/01/38 - 08/01/53

 

339,822

 

328,104

 
 

3.50%, 10/01/46 - 04/01/48

 

179,520

 

163,819

 
 

2.00%, 11/01/50 - 03/01/52

 

1,283,653

 

1,024,209

 
 

5.00%, 08/01/52 - 06/01/53

 

357,294

 

348,910

 
 

5.50%, 02/01/53 - 09/01/53

 

452,678

 

451,134

 

Abbreviations and additional footnotes are defined on page 11

3

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 
 

Government National Mortgage Association

     
 

3.00%, 10/20/46 - 04/20/51

 

345,222

 

306,821

 
 

4.00%, 07/20/47 - 10/20/52

 

315,802

 

296,709

 
 

4.50%, 12/20/48 - 06/20/53

 

268,952

 

258,816

 
 

3.50%, 01/20/49 - 07/20/51

 

152,071

 

139,389

 
 

2.50%, 03/20/51

 

305,439

 

260,343

 
 

2.00%, 03/20/52

 

158,441

 

129,737

 
 

5.00%, 10/20/52 - 07/20/53

 

221,524

 

217,783

 
 

5.50%, 02/20/53

 

73,873

 

73,890

 
 

8,111,419

 

U.S. Treasury Note 8.2%

 

Treasury, United States Department of

     
 

4.63%, 02/28/26 (e)

 

35,000

 

34,973

 
 

4.63%, 09/30/28

 

202,000

 

204,904

 
 

4.88%, 10/31/28 - 10/31/30

 

161,000

 

166,168

 
 

3.75%, 12/31/28

 

118,000

 

115,492

 
 

4.25%, 02/28/29 (e)

 

75,000

 

75,105

 
 

1.50%, 02/15/30

 

366,000

 

314,531

 
 

1.38%, 11/15/31

 

392,000

 

320,215

 
 

2.88%, 05/15/32

 

986,600

 

895,956

 
 

2.75%, 08/15/32

 

46,000

 

41,263

 
 

3.50%, 02/15/33

 

313,000

 

296,470

 
 

3.88%, 08/15/33

 

466,000

 

453,767

 
 

4.50%, 11/15/33

 

80,000

 

81,775

 
 

4.00%, 02/15/34

 

55,000

 

54,089

 
 

3,054,708

 

U.S. Treasury Bond 3.3%

 

Treasury, United States Department of

     
 

3.75%, 08/15/41

 

334,000

 

307,384

 
 

2.00%, 11/15/41

 

28,000

 

19,635

 
 

3.13%, 11/15/41

 

219,000

 

183,926

 
 

2.50%, 02/15/45 - 02/15/46

 

525,000

 

381,194

 
 

3.00%, 02/15/48

 

306,000

 

239,254

 
 

1.63%, 11/15/50

 

56,000

 

31,623

 
 

2.88%, 05/15/52

 

70,000

 

52,948

 
 

4.25%, 02/15/54

 

25,000

 

24,586

 
 

1,240,550

 

Sovereign 1.3%

 

Israel, State of

     
 

4.50%, 01/17/33

 

84,000

 

78,110

 
 

Ministerul Finantelor Publice

     
 

5.88%, 01/30/29 (c)

 

80,000

 

79,937

 
 

6.38%, 01/30/34 (c)

 

68,000

 

68,952

 
 

ROP Sukuk Trust

     
 

5.05%, 06/06/29 (c)

 

200,000

 

200,772

 
 

Urzad Rady Ministrow

     
 

5.50%, 03/18/54

 

53,000

 

52,588

 
 

480,359

 

U.S. Government Agency Obligations 0.5%

 

Federal National Mortgage Association, Inc.

     
 

0.88%, 08/05/30 (h)

 

229,000

 

185,857

 

Municipal 0.1%

 

Dallas/Fort Worth International Airport

     
 

2.84%, 11/01/46

 

55,000

 

40,765

 
 

Total Government And Agency Obligations (cost $14,503,100)

13,113,658

 

NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.0%

 

Air Canada

     
 

Series 2020-A-2, 5.25%, 04/01/29

 

10,589

 

10,356

 
 

Alaska Air Pass Through Trust 2020-1A

     
 

Series 2020-A-1, 4.80%, 08/15/27

 

46,441

 

45,234

 
 

American Airlines, Inc.

     
 

Series 2016-AA-2, 3.20%, 06/15/28

 

94,430

 

86,317

 
 

Americredit Automobile Receivables Trust 2023-2

     
 

Series 2023-A2A-2, 6.19%, 04/19/27

 

101,738

 

102,082

 
 

BX Trust 2022-PSB

     
 

Series 2022-A-PSB, REMIC, 7.78%, (1 Month Term SOFR + 2.45%), 08/15/39 (d)

 

27,880

 

28,020

 
 

CCG Receivables Trust 2021-2

     
 

Series 2021-A2-2, 0.54%, 03/14/29

 

63,345

 

61,797

 
 

Chase Issuance Trust

     
 

Series 2022-A-A1, 3.97%, 09/15/25

 

160,000

 

157,185

 
 

CIM Trust 2021-J2

     
 

Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (d)

 

141,108

 

113,526

 
 

Citibank Credit Card Issuance Trust

     
 

Series 2023-A1-A1, 5.23%, 12/08/25

 

100,000

 

100,043

 
 

CNH Equipment Trust 2022-B

     
 

Series 2022-A2-B, 3.94%, 12/15/25

 

35,721

 

35,661

 
 

Dell Equipment Finance Trust 2023-1

     
 

Series 2023-A2-1, 5.65%, 09/22/28

 

105,185

 

105,168

 
 

Dell Equipment Finance Trust 2023-2

     
 

Series 2023-A3-2, 5.65%, 02/23/26

 

100,000

 

100,390

 
 

Dell Equipment Finance Trust 2023-3

     
 

Series 2023-A2-3, 6.10%, 06/23/25

 

100,000

 

100,279

 
 

DLLAA 2021-1 LLC

     
 

Series 2021-A3-1A, 0.67%, 04/17/26

 

74,980

 

73,213

 
 

DLLST 2022-1 LLC

     
 

Series 2022-A3-1A, 3.40%, 01/21/25

 

33,248

 

33,112

 
 

DLLST 2024-1 LLC

     
 

Series 2024-A3-1A, 5.05%, 10/21/26

 

69,000

 

68,641

 
 

First Investors Auto Owner Trust 2021-2

     
 

Series 2021-A-2A, 0.48%, 10/15/24

 

12,575

 

12,426

 
 

Ford Credit Auto Owner Trust 2023-C

     
 

Series 2023-A3-C, 5.53%, 04/15/27

 

148,000

 

149,509

 
 

GM Financial Automobile Leasing Trust 2023-2

     
 

Series 2023-A3-2, 5.05%, 07/20/26

 

205,000

 

204,246

 
 

GM Financial Automobile Leasing Trust 2023-3

     
 

Series 2023-A3-3, 5.38%, 11/20/26

 

91,000

 

91,084

 
 

GM Financial Consumer Automobile Receivables Trust 2021-4

     
 

Series 2021-B-4, 1.25%, 10/18/27

 

85,000

 

78,615

 
 

GM Financial Consumer Automobile Receivables Trust 2022-2

     
 

Series 2022-B-2, 3.77%, 04/17/28

 

107,000

 

103,362

 
 

GM Financial Consumer Automobile Receivables Trust 2024-1

     
 

Series 2024-B-1, 5.16%, 08/16/29

 

46,000

 

45,690

 
 

Grace Trust

     
 

Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30

 

177,000

 

143,395

 
 

Hilton Grand Vacations Trust 2019-A

     
 

Series 2019-A-AA, 2.34%, 07/25/33

 

30,852

 

29,322

 
 

Hilton Grand Vacations Trust 2020-A

     
 

Series 2020-A-AA, 2.74%, 02/25/39

 

36,788

 

35,046

 
 

Honda Auto Receivables 2022-2 Owner Trust

     
 

Series 2022-A2-2, 3.81%, 03/18/25

 

12,664

 

12,647

 
 

HPEFS Equipment Trust 2023-1

     
 

Series 2023-A2-1A, 5.43%, 02/20/25

 

125,693

 

125,537

 
 

HPEFS Equipment Trust 2023-2

     
 

Series 2023-A2-2A, 6.04%, 07/21/25

 

100,000

 

100,386

 
 

Hudson Yards 2019-30HY Mortgage Trust

     
 

Series 2019-A-30HY, REMIC, 3.23%, 07/12/29

 

150,000

 

134,381

 
 

Hyundai Auto Receivables Trust 2021-C

     
 

Series 2021-B-C, 1.49%, 11/15/25

 

53,000

 

49,647

 
 

J.P. Morgan Mortgage Trust 2022-4

     
 

Series 2022-A3-4, REMIC, 3.00%, 09/25/43 (d)

 

163,214

 

136,768

 
 

Kubota Credit Owner Trust 2020-1

     
 

Series 2021-A3-1A, 0.62%, 08/15/25

 

32,216

 

31,785

 
 

Manhattan West 2020-1MW Mortgage Trust

     
 

Series 2020-A-OMW, REMIC, 2.13%, 09/10/27

 

101,074

 

89,959

 
 

NRTH 2024-PARK Mortgage Trust

     
 

Series 2024-A-PARK, REMIC, 6.94%, 03/15/29 (d)

 

111,000

 

111,139

 
 

OPG Trust 2021-PORT

     
 

Series 2021-A-PORT, REMIC, 5.92%, (1 Month Term SOFR + 0.59%), 10/15/36 (d)

 

108,628

 

107,203

 
 

Sequoia Mortgage Trust 2020-4

     
 

Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (d)

 

76,394

 

61,765

 
 

SFS Auto Receivables Securitization Trust 2023- 1

     
 

Series 2023-A2A-1A, 5.89%, 06/20/25

 

117,317

 

117,496

 
 

Series 2023-A3-1A, 5.47%, 12/20/26

 

144,000

 

144,731

 
 

SFS Auto Receivables Securitization Trust 2024-1

     
 

Series 2024-A3-1A, 4.95%, 05/21/29

 

55,000

 

54,761

 
 

Toyota Auto Receivables 2023-C Owner Trust

     
 

Series 2023-A2A-C, 5.60%, 08/17/26

 

110,013

 

110,034

 
 

United Airlines, Inc.

     
 

Series 2012-A-1, 4.15%, 04/11/24

 

26,576

 

26,536

 

Abbreviations and additional footnotes are defined on page 11

4

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 
 

Series 2012-A-2, 4.00%, 10/29/24

 

22,626

 

22,343

 
 

Wells Fargo Mortgage Backed Securities Trust

     
 

Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (d)

 

34,874

 

29,355

 
 

World Omni Auto Receivables Trust 2023-C

     
 

Series 2023-A2A-C, 5.57%, 12/15/26

 

161,668

 

161,762

 
 

Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,904,516)

3,741,954

 

INVESTMENT COMPANIES 2.8%

 

iShares iBoxx $ High Yield Corporate Bond ETF (e)

 

975

 

75,787

 
 

iShares iBoxx $ Investment Grade Corporate Bond ETF

 

5,475

 

596,337

 
 

iShares MBS ETF

 

3,800

 

351,196

 
 

Total Investment Companies (cost $1,025,515)

1,023,320

 

SENIOR FLOATING RATE INSTRUMENTS 1.7%

Communication Services 0.6%

 

Cimpress Public Limited Company

     
 

USD Term Loan B, 8.94%, (SOFR + 3.50%), 04/29/28 (d)

 

35,304

 

35,249

 
 

Flutter Financing B.V.

     
 

Term Loan B, 0.00%, (3 Month Term SOFR + 2.25%), 11/18/30 (d) (i)

 

88,870

 

88,822

 
 

Term Loan B, 7.60%, (3 Month Term SOFR + 2.25%), 11/18/30 (d)

 

62,842

 

62,809

 
 

UFC Holdings, LLC

     
 

2021 Term Loan B, 8.34%, (3 Month Term SOFR + 2.75%), 04/29/26 (d)

 

50,935

 

50,999

 
 

237,879

 

Consumer Discretionary 0.5%

 

Adient US LLC

     
 

2024 Term Loan B2, 8.08%, (SOFR + 2.75%), 01/31/31 (d)

 

50,283

 

50,396

 
 

First Brands Group, LLC

     
 

2022 Incremental Term Loan, 10.57%, (3 Month Term SOFR + 5.00%), 03/30/27 (d)

 

20,000

 

19,992

 
 

Marriott Ownership Resorts, Inc.

     
 

2019 Term Loan B, 7.18%, (SOFR + 1.75%), 08/29/25 (d)

 

100,000

 

99,600

 
 

169,988

 

Financials 0.2%

 

Jane Street Group, LLC

     
 

2024 Term Loan B, 7.94%, (SOFR + 2.50%), 01/26/28 (d)

 

89,000

 

89,022

 

Utilities 0.2%

 

Vistra Zero Operating Company, LLC

     
 

Term Loan, 0.00%, (SOFR + 2.75%), 03/20/31 (d) (i)

 

62,100

 

62,100

 

Industrials 0.1%

 

Air Canada

     
 

2024 Term Loan B, 7.83%, (SOFR + 2.50%), 03/14/31 (d)

 

55,400

 

55,435

 

Materials 0.1%

 

INEOS Quattro Holdings UK Ltd

     
 

2023 USD 1st Lien Term Loan B, 9.68%, (SOFR + 4.25%), 03/09/29 (d)

 

26,392

 

26,277

 
 

Total Senior Floating Rate Instruments (cost $639,039)

640,701

 

SHORT TERM INVESTMENTS 3.2%

Securities Lending Collateral 2.0%

 

State Street Navigator Securities Lending Government Money Market Portfolio - Institutional Class, 5.27% (j)

 

752,969

 

752,969

 

Investment Companies 1.2%

 

State Street U.S. Government Money Market Fund, 5.19% (j)

 

443,242

 

443,242

 
 

Total Short Term Investments (cost $1,196,211)

1,196,211

 

Total Investments 101.7% (cost $39,505,879)

 

37,899,433

 

Other Derivative Instruments (0.0)%

 

(17)

 

Other Assets and Liabilities, Net (1.7)%

 

(615,910)

 

Total Net Assets 100.0%

 

37,283,506

 

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

(b) Convertible security.

(c) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2024, the value and the percentage of net assets of these securities was $5,142,744 and 13.8% of the Fund.

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

(e) All or a portion of the security was on loan as of March 31, 2024.

(f) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2024.

(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 March 31, 2024.

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

(i) This senior floating rate interest will settle after March 31, 2024. If a reference rate and spread is presented, it will go into effect upon settlement.

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

 

12

 

June 2024

  

1,327,114

 

(938)

  

2,448

 

United States 2 Year Note

 

3

 

July 2024

  

613,583

 

(609)

  

(129)

 

United States 5 Year Note

 

26

 

July 2024

  

2,778,810

 

(3,047)

  

3,596

 

United States Ultra Long Bond

 

11

 

June 2024

  

1,401,109

 

5,156

  

17,891

 
         

562

  

23,806

 

Short Contracts

United States 10 Year Ultra Bond

 

(21)

 

June 2024

  

(2,401,262)

 

(328)

  

(5,535)

 
              

Abbreviations and additional footnotes are defined on page 11

5

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 

PPM High Yield Core Fund

CORPORATE BONDS AND NOTES 84.9%

Energy 15.6%

 

Antero Midstream Partners LP

     
 

7.88%, 05/15/26 (a)

 

24,000

 

24,476

 
 

5.75%, 03/01/27 (a)

 

89,000

 

87,808

 
 

5.38%, 06/15/29 (a)

 

112,000

 

107,731

 
 

Ascent Resources - Utica, LLC

     
 

7.00%, 11/01/26 (a)

 

316,000

 

316,784

 
 

8.25%, 12/31/28 (a)

 

24,000

 

24,651

 
 

Baytex Energy Corp.

     
 

8.50%, 04/30/30 (a)

 

87,000

 

90,769

 
 

7.38%, 03/15/32 (a)

 

71,000

 

71,754

 
 

Bip-V Chinook

     
 

5.50%, 06/15/31 (a)

 

335,000

 

316,458

 
 

Blue Racer Midstream, LLC

     
 

7.63%, 12/15/25 (a)

 

66,000

 

66,536

 
 

6.63%, 07/15/26 (a)

 

36,000

 

35,925

 
 

Buckeye Partners, L.P.

     
 

5.85%, 11/15/43

 

74,000

 

63,746

 
 

5.60%, 10/15/44

 

12,000

 

9,577

 
 

Callon Petroleum Company

     
 

6.38%, 07/01/26

 

97,000

 

98,031

 
 

Cheniere Energy Partners, L.P.

     
 

3.25%, 01/31/32

 

110,000

 

93,660

 
 

5.95%, 06/30/33

 

42,000

 

42,908

 
 

Citgo Petroleum Corporation

     
 

7.00%, 06/15/25 (a)

 

232,000

 

231,760

 
 

8.38%, 01/15/29 (a)

 

114,000

 

119,451

 
 

Civitas Resources, Inc.

     
 

8.63%, 11/01/30 (a)

 

15,000

 

16,103

 
 

8.75%, 07/01/31 (a)

 

142,000

 

152,045

 
 

CQP Holdco LP

     
 

7.50%, 12/15/33 (b)

 

250,000

 

257,766

 
 

Enerflex Ltd.

     
 

9.00%, 10/15/27 (a)

 

316,000

 

324,594

 
 

Energean Israel Finance Ltd

     
 

4.88%, 03/30/26 (b)

 

404,000

 

382,790

 
 

Energy Transfer LP

     
 

6.50%, (100, 08/15/26) (c)

 

19,000

 

18,649

 
 

6.75%, (100, 05/15/25) (c)

 

167,000

 

164,296

 
 

8.00%, 05/15/54

 

67,000

 

70,050

 
 

EQM Midstream Partners, LP

     
 

4.13%, 12/01/26

 

102,000

 

98,249

 
 

7.50%, 06/01/27 (a)

 

53,000

 

54,337

 
 

6.50%, 07/01/27 (a)

 

65,000

 

65,627

 
 

4.50%, 01/15/29 (a)

 

67,000

 

62,851

 
 

6.38%, 04/01/29 (a)

 

18,000

 

18,127

 
 

Hilcorp Energy I, L.P.

     
 

6.25%, 11/01/28 - 04/15/32 (a)

 

223,000

 

222,135

 
 

5.75%, 02/01/29 (a)

 

38,000

 

37,063

 
 

6.00%, 02/01/31 (a)

 

32,000

 

31,186

 
 

8.38%, 11/01/33 (a)

 

66,000

 

71,435

 
 

Husky Energy Inc.

     
 

13.00%, 02/15/25 (a) (d)

 

250,000

 

250,132

 
 

ITT Holdings LLC

     
 

6.50%, 08/01/29 (a)

 

200,000

 

182,625

 
 

Kinetik Holdings LP

     
 

5.88%, 06/15/30 (a)

 

151,000

 

147,671

 
 

Nabors Industries, Inc.

     
 

7.38%, 05/15/27 (a)

 

157,000

 

156,714

 
 

NGL Energy Operating LLC

     
 

8.13%, 02/15/29 (a)

 

73,000

 

74,772

 
 

8.38%, 02/15/32 (a)

 

109,000

 

111,770

 
 

NuStar Logistics, L.P.

     
 

6.00%, 06/01/26

 

53,000

 

52,837

 
 

Occidental Petroleum Corporation

     
 

6.95%, 07/01/24

 

59,000

 

58,999

 
 

8.88%, 07/15/30

 

50,000

 

58,325

 
 

Oceaneering International, Inc.

     
 

6.00%, 02/01/28

 

71,000

 

68,374

 
 

Permian Resources Operating, LLC

     
 

7.00%, 01/15/32 (a)

 

88,000

 

91,227

 
 

Shelf Drilling Management Services DMCC

     
 

9.63%, 04/15/29 (a)

 

95,000

 

91,699

 
 

Southwestern Energy Company

     
 

8.38%, 09/15/28

 

60,000

 

62,247

 
 

5.38%, 02/01/29 - 03/15/30

 

145,000

 

140,005

 
 

Transocean Aquila Ltd.

     
 

8.00%, 09/30/28 (a)

 

26,000

 

26,680

 
 

Transocean Inc

     
 

8.00%, 02/01/27 (a)

 

100,000

 

99,296

 
 

8.75%, 02/15/30 (a)

 

34,200

 

35,664

 
 

Transocean Titan Financing Ltd.

     
 

8.38%, 02/01/28 (a)

 

121,000

 

125,927

 
 

Venture Global LNG, Inc.

     
 

8.13%, 06/01/28 (a)

 

86,000

 

87,741

 
 

9.50%, 02/01/29 (a)

 

179,000

 

192,967

 
 

8.38%, 06/01/31 (a)

 

86,000

 

88,778

 
 

9.88%, 02/01/32 (a)

 

95,000

 

102,416

 
 

6,156,194

 

Financials 13.9%

 

Acrisure, LLC

     
 

8.25%, 02/01/29 (a)

 

250,000

 

251,319

 
 

6.00%, 08/01/29 (a)

 

105,000

 

96,334

 
 

Aretec Escrow Issuer 2 Inc

     
 

10.00%, 08/15/30 (a)

 

94,000

 

102,864

 
 

Aretec Escrow Issuer Inc

     
 

7.50%, 04/01/29 (a)

 

100,000

 

95,169

 
 

Benteler International Aktiengesellschaft

     
 

10.50%, 05/15/28 (a)

 

158,000

 

171,166

 
 

Citigroup Inc.

     
 

5.00%, (100, 09/12/24) (c)

 

246,000

 

244,704

 
 

Corebridge Financial, Inc.

     
 

6.88%, 12/15/52

 

88,000

 

88,202

 
 

Dana Financing Luxembourg S.a r.l.

     
 

5.75%, 04/15/25 (a)

 

14,000

 

13,944

 
 

Deutsche Bank Aktiengesellschaft

     
 

4.88%, 12/01/32

 

134,000

 

125,603

 
 

Encore Capital Group, Inc.

     
 

9.25%, 04/01/29 (a) (e)

 

200,000

 

204,250

 
 

Ford Motor Credit Company LLC

     
 

6.95%, 06/10/26

 

153,000

 

156,261

 
 

7.20%, 06/10/30

 

75,000

 

79,536

 
 

Freedom Mortgage Corporation

     
 

7.63%, 05/01/26 (a)

 

95,000

 

94,731

 
 

6.63%, 01/15/27 (a)

 

40,000

 

38,775

 
 

9.25%, 02/01/29 (a)

 

94,000

 

96,180

 
 

12.25%, 10/01/30 (a)

 

116,000

 

127,388

 
 

Icahn Enterprises L.P.

     
 

6.25%, 05/15/26

 

294,000

 

287,924

 
 

5.25%, 05/15/27

 

198,000

 

183,449

 
 

Intelligent Packaging Holdco Issuer Ltd Partnership

     
 

9.00%, 01/15/26 (a) (d)

 

23,000

 

21,638

 
 

Macquarie Airfinance Holdings Limited

     
 

6.40%, 03/26/29 (a)

 

23,000

 

23,353

 
 

8.13%, 03/30/29 (a)

 

214,000

 

226,255

 
 

6.50%, 03/26/31 (a)

 

45,000

 

45,809

 
 

Markel Group Inc.

     
 

6.00%, (100, 06/01/25) (c)

 

99,000

 

98,084

 
 

MoneyGram International, Inc.

     
 

9.00%, 06/01/30 (a)

 

125,000

 

124,289

 
 

Morgan Stanley

     
 

5.25%, 04/21/34

 

113,000

 

112,248

 
 

OneMain Finance Corporation

     
 

6.88%, 03/15/25

 

28,000

 

28,295

 
 

7.13%, 03/15/26

 

92,000

 

93,644

 
 

3.50%, 01/15/27

 

202,000

 

187,542

 
 

6.63%, 01/15/28

 

27,000

 

27,069

 
 

3.88%, 09/15/28

 

69,000

 

61,676

 
 

5.38%, 11/15/29

 

81,000

 

76,134

 
 

7.88%, 03/15/30

 

51,000

 

52,714

 
 

Osaic Holdings, Inc.

     
 

10.75%, 08/01/27 (a) (f)

 

117,000

 

120,859

 
 

PennyMac Financial Services, Inc.

     
 

5.38%, 10/15/25 (a)

 

210,000

 

207,575

 
 

7.88%, 12/15/29 (a)

 

181,000

 

186,022

 

Abbreviations and additional footnotes are defined on page 11

6

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 
 

5.75%, 09/15/31 (a)

 

203,000

 

188,504

 
 

PRA Group, Inc.

     
 

8.38%, 02/01/28 (a)

 

199,000

 

197,773

 
 

Stena International S.A.

     
 

7.63%, 02/15/31 (a)

 

257,000

 

260,328

 
 

The PNC Financial Services Group, Inc.

     
 

6.25%, (100, 03/15/30) (c)

 

119,000

 

115,054

 
 

Toronto-Dominion Bank, The

     
 

8.13%, 10/31/82 (e)

 

80,000

 

83,534

 
 

Transocean Poseidon Limited

     
 

6.88%, 02/01/27 (a)

 

89,100

 

89,258

 
 

U S I, Inc.

     
 

7.50%, 01/15/32 (a)

 

94,000

 

94,103

 
 

UBS Group AG

     
 

4.88%, (100, 02/12/27) (a) (c)

 

132,000

 

121,171

 
 

VistaJet Malta Finance P.L.C.

     
 

7.88%, 05/01/27 (a) (f)

 

128,000

 

108,385

 
 

6.38%, 02/01/30 (a) (f)

 

145,000

 

106,988

 
 

5,516,103

 

Consumer Discretionary 12.0%

 

Amer Sports Company

     
 

6.75%, 02/16/31 (a)

 

230,000

 

229,881

 
 

American Axle & Manufacturing, Inc.

     
 

6.25%, 03/15/26

 

65,000

 

64,404

 
 

BRE RC Pitney Road PA LP

     
 

6.63%, 01/15/32 (a)

 

204,000

 

204,604

 
 

Carnival Corporation

     
 

4.00%, 08/01/28 (a)

 

817,000

 

761,035

 
 

Clarios Global LP

     
 

8.50%, 05/15/27 (a)

 

113,000

 

113,151

 
 

Dana Incorporated

     
 

5.38%, 11/15/27

 

27,000

 

26,437

 
 

5.63%, 06/15/28 (f)

 

58,000

 

56,594

 
 

4.25%, 09/01/30

 

125,000

 

110,446

 
 

4.50%, 02/15/32

 

150,000

 

129,379

 
 

EG Global Finance PLC

     
 

12.00%, 11/30/28 (a)

 

200,000

 

212,714

 
 

Ford Motor Company

     
 

9.63%, 04/22/30

 

40,000

 

46,961

 
 

IHOL Verwaltungs GmbH

     
 

6.00%, 05/15/27 (a) (d)

 

55,000

 

54,932

 
 

International Game Technology PLC

     
 

5.25%, 01/15/29 (a)

 

71,000

 

68,626

 
 

Jacobs Entertainment, Inc.

     
 

6.75%, 02/15/29 (a)

 

126,000

 

122,142

 
 

Jaguar Land Rover Automotive PLC

     
 

7.75%, 10/15/25 (a)

 

91,000

 

91,848

 
 

5.50%, 07/15/29 (a)

 

94,000

 

90,375

 
 

Majordrive Holdings IV, LLC

     
 

6.38%, 06/01/29 (a)

 

331,000

 

309,855

 
 

MCE Finance Limited

     
 

5.38%, 12/04/29 (a)

 

207,000

 

188,844

 
 

NCL Corporation Ltd.

     
 

7.75%, 02/15/29 (a) (f)

 

51,000

 

53,031

 
 

Odeon Finco PLC

     
 

12.75%, 11/01/27 (a)

 

85,000

 

86,782

 
 

PetSmart, LLC

     
 

7.75%, 02/15/29 (a)

 

230,000

 

223,974

 
 

PM General Purchaser LLC

     
 

9.50%, 10/01/28 (a)

 

178,000

 

181,916

 
 

QVC, Inc.

     
 

4.45%, 02/15/25

 

132,000

 

127,859

 
 

4.38%, 09/01/28

 

163,000

 

130,596

 
 

5.45%, 08/15/34

 

88,000

 

58,451

 
 

Resorts World Las Vegas LLC

     
 

8.45%, 07/27/30 (a)

 

140,000

 

150,794

 
 

Royal Caribbean Cruises Ltd.

     
 

7.25%, 01/15/30 (a)

 

90,000

 

93,423

 
 

Sands China Ltd

     
 

2.85%, 03/08/29 (g) (h)

 

179,000

 

155,543

 
 

3.25%, 08/08/31 (g) (h)

 

109,000

 

91,241

 
 

Staples, Inc.

     
 

7.50%, 04/15/26 (a)

 

156,000

 

152,240

 
 

Tenneco Inc.

     
 

8.00%, 11/17/28 (a)

 

141,000

 

128,638

 
 

TKC Holdings, Inc.

     
 

6.88%, 05/15/28 (a)

 

61,000

 

57,873

 
 

10.50%, 05/15/29 (a)

 

93,000

 

89,142

 
 

Wynn Macau, Limited

     
 

5.13%, 12/15/29 (a)

 

110,000

 

100,189

 
 

4,763,920

 

Communication Services 11.9%

 

A + N Real Estate & Business Management Corporation

     
 

5.63%, 08/15/29 (a)

 

167,000

 

151,803

 
 

Altice Financing S.A.

     
 

5.75%, 08/15/29 (a)

 

445,000

 

355,810

 
 

Altice France

     
 

10.50%, 05/15/27 (a)

 

60,000

 

22,156

 
 

6.00%, 02/15/28 (a)

 

43,000

 

11,780

 
 

Altice France Holding S.A.

     
 

8.13%, 02/01/27 (a)

 

205,000

 

159,986

 
 

AMC Networks, Inc.

     
 

10.25%, 01/15/29 (a)

 

113,413

 

114,236

 
 

Cable One, Inc.

     
 

4.00%, 11/15/30 (a) (f)

 

250,000

 

195,060

 
 

CCO Holdings, LLC

     
 

5.13%, 05/01/27 (a)

 

67,000

 

63,820

 
 

5.38%, 06/01/29 (a)

 

238,000

 

217,861

 
 

4.75%, 03/01/30 - 02/01/32 (a)

 

201,000

 

167,128

 
 

4.25%, 02/01/31 (a)

 

105,000

 

85,464

 
 

4.50%, 05/01/32

 

179,000

 

143,789

 
 

Clear Channel Outdoor Holdings, Inc.

     
 

7.75%, 04/15/28 (a)

 

27,000

 

23,631

 
 

9.00%, 09/15/28 (a)

 

115,000

 

119,788

 
 

7.50%, 06/01/29 (a) (f)

 

127,000

 

105,052

 
 

7.88%, 04/01/30 (a)

 

123,000

 

122,259

 
 

CMG Media Corporation

     
 

8.88%, 12/15/27 (a)

 

94,000

 

61,775

 
 

Connect Finco SARL

     
 

6.75%, 10/01/26 (a)

 

114,000

 

111,898

 
 

CSC Holdings, LLC

     
 

5.38%, 02/01/28 (a)

 

100,000

 

86,013

 
 

11.75%, 01/31/29 (a)

 

100,000

 

100,027

 
 

5.75%, 01/15/30 (a)

 

167,000

 

88,352

 
 

4.50%, 11/15/31 (a)

 

125,000

 

88,460

 
 

DIRECTV Financing, LLC

     
 

5.88%, 08/15/27 (a)

 

260,000

 

245,993

 
 

8.88%, 02/01/30 (a)

 

94,000

 

93,769

 
 

Frontier Communications Holdings, LLC

     
 

8.75%, 05/15/30 (a)

 

163,000

 

166,932

 
 

8.63%, 03/15/31 (a)

 

75,000

 

76,574

 
 

Frontier Communications Parent, Inc.

     
 

6.75%, 05/01/29 (a)

 

75,000

 

66,829

 
 

Gray Television, Inc.

     
 

4.75%, 10/15/30 (a)

 

69,000

 

45,303

 
 

5.38%, 11/15/31 (a)

 

91,000

 

59,734

 
 

iHeartCommunications, Inc.

     
 

8.38%, 05/01/27

 

47,651

 

26,544

 
 

Iliad Holding

     
 

7.00%, 10/15/28 (a)

 

93,000

 

92,071

 
 

Intelsat Jackson Holdings S.A.

     
 

6.50%, 03/15/30 (a)

 

430,000

 

400,600

 
 

LCPR Senior Secured Financing Designated Activity Company

     
 

6.75%, 10/15/27 (a)

 

245,000

 

229,644

 
 

Liberty Media Corporation

     
 

8.25%, 02/01/30

 

153,000

 

93,756

 
 

Sirius XM Radio Inc.

     
 

4.13%, 07/01/30 (a)

 

183,000

 

159,987

 
 

3.88%, 09/01/31 (a)

 

38,000

 

31,671

 
 

Sprint Capital Corporation

     
 

6.88%, 11/15/28

 

59,000

 

62,817

 
 

Sprint LLC

     
 

7.63%, 03/01/26

 

16,000

 

16,528

 
 

Telecom Italia SPA

     
 

5.30%, 05/30/24 (a)

 

53,000

 

52,788

 

Abbreviations and additional footnotes are defined on page 11

7

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 
 

Telesat Canada

     
 

5.63%, 12/06/26 (a)

 

187,000

 

111,565

 
 

6.50%, 10/15/27 (a)

 

161,000

 

68,808

 
 

4,698,061

 

Industrials 10.2%

 

Air Canada

     
 

3.88%, 08/15/26 (a)

 

122,000

 

116,574

 
 

American Airlines, Inc.

     
 

7.25%, 02/15/28 (a) (f)

 

107,000

 

108,602

 
 

5.75%, 04/20/29 (a)

 

95,000

 

93,451

 
 

8.50%, 05/15/29 (a)

 

39,000

 

41,186

 
 

Ardagh Packaging Finance Public Limited Company

     
 

4.13%, 08/15/26 (a)

 

76,000

 

68,942

 
 

Bombardier Inc.

     
 

7.13%, 06/15/26 (a)

 

136,000

 

138,009

 
 

7.88%, 04/15/27 (a)

 

45,000

 

45,069

 
 

8.75%, 11/15/30 (a)

 

87,000

 

92,981

 
 

7.25%, 07/01/31 (a)

 

99,000

 

99,280

 
 

Builders FirstSource, Inc.

     
 

4.25%, 02/01/32 (a)

 

224,000

 

200,977

 
 

Cimpress NV

     
 

7.00%, 06/15/26

 

327,000

 

326,983

 
 

Delta Air Lines, Inc.

     
 

7.00%, 05/01/25 (a)

 

70,000

 

71,067

 
 

Fortress Transportation And Infrastructure Investors LLC

     
 

6.50%, 10/01/25 (a)

 

300,000

 

299,445

 
 

9.75%, 08/01/27 (a)

 

34,000

 

35,230

 
 

Howmet Aerospace Inc.

     
 

6.88%, 05/01/25

 

2,000

 

2,023

 
 

Husky Injection Molding Systems Ltd.

     
 

9.00%, 02/15/29 (a)

 

184,000

 

190,301

 
 

Imola Merger Corporation

     
 

4.75%, 05/15/29 (a)

 

134,000

 

125,660

 
 

Intelligent Packaging Limited Purchaser Inc.

     
 

6.00%, 09/15/28 (a)

 

283,000

 

269,829

 
 

LABL Escrow Issuer LLC

     
 

6.75%, 07/15/26 (a)

 

93,000

 

91,808

 
 

Rand Parent LLC

     
 

8.50%, 02/15/30 (a) (f)

 

194,000

 

191,946

 
 

Regal Rexnord Corporation

     
 

6.05%, 04/15/28 (a) (h)

 

88,000

 

89,354

 
 

Smyrna Ready Mix Concrete, LLC

     
 

8.88%, 11/15/31 (a)

 

237,000

 

253,235

 
 

Summit Materials, LLC

     
 

5.25%, 01/15/29 (a)

 

41,000

 

39,901

 
 

TransDigm Inc.

     
 

6.75%, 08/15/28 (a)

 

89,000

 

90,305

 
 

6.38%, 03/01/29 (a)

 

115,000

 

115,351

 
 

6.63%, 03/01/32 (a)

 

115,000

 

116,183

 
 

Trivium Packaging Finance B.V.

     
 

5.50%, 08/15/26 (a)

 

95,000

 

93,516

 
 

Uber Technologies, Inc.

     
 

7.50%, 09/15/27 (a)

 

112,000

 

114,722

 
 

Watco Companies, L.L.C.

     
 

6.50%, 06/15/27 (a)

 

146,000

 

144,254

 
 

WESCO Distribution, Inc.

     
 

6.38%, 03/15/29 (a)

 

68,000

 

68,715

 
 

6.63%, 03/15/32 (a)

 

68,000

 

69,127

 
 

XPO, Inc.

     
 

6.25%, 06/01/28 (a)

 

90,000

 

90,763

 
 

7.13%, 06/01/31 - 02/01/32 (a)

 

119,000

 

122,254

 
 

4,017,043

 

Health Care 6.5%

 

DaVita Inc.

     
 

4.63%, 06/01/30 (a)

 

207,000

 

185,286

 
 

3.75%, 02/15/31 (a)

 

315,000

 

263,551

 
 

IQVIA Inc.

     
 

5.00%, 05/15/27 (a)

 

105,000

 

102,507

 
 

Lifepoint Health, Inc.

     
 

4.38%, 02/15/27 (a)

 

78,000

 

74,284

 
 

5.38%, 01/15/29 (a)

 

84,000

 

69,032

 
 

9.88%, 08/15/30 (a)

 

250,000

 

261,492

 
 

Mozart Debt Merger Sub Inc.

     
 

3.88%, 04/01/29 (a)

 

246,000

 

223,920

 
 

Organon & Co.

     
 

5.13%, 04/30/31 (a)

 

371,000

 

328,562

 
 

Owens & Minor, Inc.

     
 

6.63%, 04/01/30 (a)

 

189,000

 

187,541

 
 

Perrigo Finance Unlimited Company

     
 

4.38%, 03/15/26

 

27,000

 

26,283

 
 

4.65%, 06/15/30 (g) (h)

 

97,000

 

89,181

 
 

Pfizer Investment Enterprises Pte. Ltd

     
 

4.75%, 05/19/33

 

90,000

 

88,786

 
 

Tenet Healthcare Corporation

     
 

4.63%, 06/15/28 (b)

 

34,000

 

32,392

 
 

4.25%, 06/01/29

 

130,000

 

120,782

 
 

4.38%, 01/15/30

 

50,000

 

46,234

 
 

6.13%, 06/15/30

 

102,000

 

101,887

 
 

6.75%, 05/15/31 (a)

 

88,000

 

89,665

 
 

Teva Pharmaceutical Finance Netherlands III B.V.

     
 

3.15%, 10/01/26

 

20,000

 

18,694

 
 

7.88%, 09/15/29

 

50,000

 

53,574

 
 

8.13%, 09/15/31

 

198,000

 

216,743

 
 

2,580,396

 

Consumer Staples 5.6%

 

Albion Financing 1 S.a r.l.

     
 

6.13%, 10/15/26 (a)

 

31,000

 

30,732

 
 

Albion Financing 2 S.a r.l.

     
 

8.75%, 04/15/27 (a)

 

193,000

 

194,349

 
 

Allied Universal Holdco LLC

     
 

9.75%, 07/15/27 (a)

 

95,000

 

95,248

 
 

Ashtead Capital, Inc.

     
 

5.50%, 08/11/32 (a)

 

125,000

 

122,222

 
 

Coty Inc.

     
 

6.63%, 07/15/30 (a)

 

90,000

 

91,317

 
 

Edgewell Personal Care Colombia S A S

     
 

5.50%, 06/01/28 (a)

 

46,000

 

44,977

 
 

Grifols Escrow Issuer S.A.

     
 

4.75%, 10/15/28 (a) (f)

 

142,000

 

117,510

 
 

Kraft Heinz Foods Company

     
 

4.63%, 10/01/39

 

137,000

 

124,446

 
 

Macquarie Airfinance Holdings Limited

     
 

8.38%, 05/01/28 (a)

 

139,000

 

147,341

 
 

Marb Bondco PLC

     
 

3.95%, 01/29/31 (a)

 

345,000

 

284,519

 
 

Neptune BidCo US Inc.

     
 

9.29%, 04/15/29 (a)

 

200,000

 

189,225

 
 

Pilgrim's Pride Corporation

     
 

4.25%, 04/15/31

 

351,000

 

316,449

 
 

Prime Security Services Borrower, LLC

     
 

5.25%, 04/15/24 (a)

 

4,000

 

3,994

 
 

6.25%, 01/15/28 (a)

 

123,000

 

120,511

 
 

Sigma Holdco B.V.

     
 

7.88%, 05/15/26 (a)

 

266,000

 

255,362

 
 

Verscend Escrow Corp

     
 

9.75%, 08/15/26 (a)

 

92,000

 

92,317

 
 

2,230,519

 

Information Technology 4.1%

 

Ahead DB Holdings, LLC

     
 

6.63%, 05/01/28 (a)

 

110,000

 

99,573

 
 

AMS-Osram AG

     
 

12.25%, 03/30/29 (a) (f)

 

289,000

 

290,349

 
 

Cloud Software Group, Inc.

     
 

6.50%, 03/31/29 (a)

 

100,000

 

94,959

 
 

Entegris Escrow Corporation

     
 

4.75%, 04/15/29 (a)

 

72,000

 

68,983

 
 

5.95%, 06/15/30 (a)

 

178,000

 

175,953

 
 

NCR Voyix Corporation

     
 

5.13%, 04/15/29 (a)

 

103,000

 

95,491

 
 

Open Text Corporation

     
 

3.88%, 02/15/28 (a)

 

171,000

 

158,340

 
 

3.88%, 12/01/29 (a)

 

129,000

 

115,051

 
 

4.13%, 02/15/30 (a)

 

134,000

 

120,097

 
 

ViaSat, Inc.

     
 

5.63%, 09/15/25 (a)

 

209,000

 

203,677

 
 

6.50%, 07/15/28 (a)

 

99,000

 

76,434

 

Abbreviations and additional footnotes are defined on page 11

8

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 
 

7.50%, 05/30/31 (a) (f)

 

178,000

 

129,190

 
 

1,628,097

 

Materials 3.1%

 

Diamond Escrow Issuer, LLC

     
 

9.75%, 11/15/28 (a)

 

113,000

 

120,475

 
 

First Quantum Minerals Ltd

     
 

6.88%, 10/15/27 (a)

 

320,000

 

306,903

 
 

FMG Resources (August 2006) Pty Ltd

     
 

6.13%, 04/15/32 (a)

 

126,000

 

124,567

 
 

LSF11 A5 Holdco LLC

     
 

6.63%, 10/15/29 (a)

 

170,000

 

153,279

 
 

Mineral Resources Limited

     
 

8.13%, 05/01/27 (a)

 

28,000

 

28,314

 
 

9.25%, 10/01/28 (a)

 

207,000

 

217,904

 
 

8.50%, 05/01/30 (a)

 

55,000

 

56,641

 
 

NOVA Chemicals Corporation

     
 

9.00%, 02/15/30 (a)

 

189,000

 

195,300

 
 

Trinseo Materials Operating S.C.A.

     
 

5.13%, 04/01/29 (a)

 

122,000

 

35,382

 
 

1,238,765

 

Utilities 1.0%

 

Calpine Corporation

     
 

3.75%, 03/01/31 (a)

 

32,000

 

28,083

 
 

DPL Inc.

     
 

4.13%, 07/01/25

 

71,000

 

69,354

 
 

Vistra Operations Company LLC

     
 

5.50%, 09/01/26 (a)

 

91,000

 

89,621

 
 

5.00%, 07/31/27 (a)

 

143,000

 

138,563

 
 

4.38%, 05/01/29 (a)

 

26,000

 

24,095

 
 

4.30%, 07/15/29 (a)

 

21,000

 

19,738

 
 

7.75%, 10/15/31 (a)

 

26,000

 

27,213

 
 

396,667

 

Real Estate 1.0%

 

Greystar Real Estate Partners, LLC

     
 

7.75%, 09/01/30 (a)

 

116,000

 

121,442

 
 

RHP Hotel Properties, LP

     
 

6.50%, 04/01/32 (a)

 

197,000

 

197,564

 
 

VICI Properties Inc.

     
 

4.25%, 12/01/26 (a)

 

56,000

 

53,913

 
 

372,919

 
 

Total Corporate Bonds And Notes (cost $33,318,156)

33,598,684

 

SENIOR FLOATING RATE INSTRUMENTS 7.0%

Communication Services 2.2%

 

888 Acquisitions Limited

     
 

USD Term Loan B, 10.82%, (6 Month Term SOFR + 5.25%), 07/18/28 (i)

 

148,043

 

146,859

 
 

Allen Media, LLC

     
 

2021 Term Loan B, 11.00%, (3 Month Term SOFR + 5.50%), 02/10/27 (d) (i)

 

95,739

 

83,203

 
 

Connect Finco SARL

     
 

Term Loan, 0.00%, (SOFR + 4.50%), 09/11/29 (i) (j)

 

101,800

 

100,044

 
 

DirecTV Financing, LLC

     
 

2024 Term Loan, 0.00%, (SOFR + 5.25%), 08/02/29 (i) (j)

 

25,000

 

24,960

 
 

2024 Term Loan, 10.83%, (SOFR + 5.25%), 08/02/29 (i)

 

70,000

 

69,889

 
 

Fleet Midco I Limited

     
 

2024 Term Loan B, 8.57%, (SOFR + 3.25%), 01/31/31 (i)

 

26,000

 

26,000

 
 

Flutter Financing B.V.

     
 

Term Loan B, 7.60%, (3 Month Term SOFR + 2.25%), 11/18/30 (i)

 

46,882

 

46,857

 
 

Great Outdoors Group, LLC

     
 

2021 Term Loan B1, 9.19%, (SOFR + 3.75%), 02/26/28 (i)

 

184,617

 

184,591

 
 

Securus Technologies Holdings, Inc.

     
 

2023 Term Loan, 10.50%, (3 Month Term SOFR + 4.90%), 11/01/24 (i)

 

157,699

 

116,618

 
 

ViaSat, Inc.

     
 

2023 Term Loan, 9.93%, (SOFR + 4.50%), 05/30/30 (i)

 

89,775

 

86,902

 
 

885,923

 

Consumer Discretionary 1.7%

 

Clarios Global LP

     
 

2024 Term Loan B, 8.33%, (1 Month Term SOFR + 3.00%), 05/03/30 (i)

 

96,757

 

96,908

 
 

First Brands Group, LLC

     
 

2021 Term Loan, 10.57%, (3 Month Term SOFR + 5.00%), 03/22/27 (i)

 

24,936

 

24,948

 
 

2022 Incremental Term Loan, 10.57%, (3 Month Term SOFR + 5.00%), 03/30/27 (i)

 

129,233

 

129,179

 
 

Michaels Companies, Inc.

     
 

2021 Term Loan B, 0.00%, (3 Month Term SOFR + 4.25%), 04/08/28 (i) (j)

 

145,000

 

129,775

 
 

2021 Term Loan B, 9.86%, (3 Month Term SOFR + 4.25%), 04/08/28 (i)

 

70,904

 

63,459

 
 

PetSmart, Inc.

     
 

2021 Term Loan B, 9.18%, (SOFR + 3.75%), 12/31/24 (i)

 

94,757

 

94,422

 
 

Tenneco, Inc.

     
 

2022 Term Loan B, 10.30%, (SOFR + 5.00%), 11/17/28 (i)

 

139,606

 

131,136

 
 

2022 Term Loan B, 10.45%, (SOFR + 5.00%), 11/17/28 (i)

 

394

 

370

 
 

670,197

 

Industrials 1.7%

 

Advisor Group, Inc.

     
 

2023 Term Loan B, 9.83%, (SOFR + 4.50%), 08/17/28 (i)

 

140,000

 

140,463

 
 

Husky Injection Molding Systems Ltd.

     
 

Term Loan, 0.00%, (SOFR + 5.00%), 02/01/29 (i) (j)

 

93,000

 

93,193

 
 

Mileage Plus Holdings LLC

     
 

2020 Term Loan B, 10.73%, (3 Month Term SOFR + 5.25%), 06/21/27 (i)

 

31,980

 

32,892

 
 

Osaic Holdings Inc

     
 

Term Loan, 0.00%, (SOFR + 4.00%), 08/16/28 (i) (j)

 

35,000

 

35,116

 
 

Pitney Bowes Inc.

     
 

2021 Term Loan B, 9.44%, (SOFR + 4.00%), 03/12/28 (i)

 

89,437

 

89,139

 
 

PUG LLC

     
 

2024 Extended Term Loan B, 0.00%, (3 Month Term SOFR + 4.75%), 03/12/30 (i) (j)

 

93,500

 

93,461

 
 

United Airlines, Inc.

     
 

2024 Term Loan B, 8.08%, (SOFR + 2.75%), 02/15/31 (i)

 

48,000

 

47,992

 
 

WestJet Loyalty LP

     
 

Term Loan B, 9.06%, (3 Month Term SOFR + 3.75%), 02/01/31 (i)

 

126,000

 

125,895

 
 

658,151

 

Information Technology 0.6%

 

Ahead DB Holdings, LLC

     
 

2024 Incremental Term Loan B, 9.57%, (SOFR + 4.25%), 01/24/31 (i)

 

94,000

 

94,250

 
 

Cloud Software Group Inc

     
 

Term Loan, 0.00%, (SOFR + 4.50%), 03/19/31 (i) (j)

 

76,900

 

76,372

 
 

Cloud Software Group, Inc.

     
 

2022 USD Term Loan B, 0.00%, (3 Month Term SOFR + 4.50%), 03/20/29 (i) (j)

 

20,000

 

19,894

 
 

Roper Industrial Products Investment Company LLC

     
 

2023 USD Term Loan, 9.35%, (3 Month Term SOFR + 4.00%), 11/22/29 (i)

 

49,626

 

49,895

 
 

240,411

 

Materials 0.3%

 

LSF11 A5 Holdco LLC

     
 

2023 Incremental Term Loan B, 9.68%, (SOFR + 4.25%), 10/15/28 (i)

 

104,737

 

104,789

 
 

Windsor Holdings III, LLC

     
 

USD Term Loan B, 9.82%, (SOFR + 4.50%), 06/21/30 (i) (k)

 

31,847

 

31,807

 
 

136,596

 

Financials 0.3%

 

Cotiviti Inc

     
 

Term Loan, 0.00%, (SOFR + 3.25%), 02/21/31 (i) (j)

 

132,000

 

131,670

 

Abbreviations and additional footnotes are defined on page 11

9

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

        
  

Shares/Par1

 

Value ($)

 

Utilities 0.2%

 

Vistra Zero Operating Company, LLC

     
 

Term Loan, 0.00%, (SOFR + 2.75%), 03/20/31 (i) (j)

 

66,000

 

66,000

 
 

Total Senior Floating Rate Instruments (cost $2,757,181)

2,788,948

 

INVESTMENT COMPANIES 4.0%

 

iShares Broad USD High Yield Corporate Bond ETF

 

43,000

 

1,573,370

 
 

Total Investment Companies (cost $1,564,340)

1,573,370

 

COMMON STOCKS 0.3%

Energy 0.2%

 

MPLX LP

 

2,200

 

91,432

 

Communication Services 0.1%

 

Clear Channel Outdoor Holdings, Inc. (l)

 

8,143

 

13,436

 
 

iHeartMedia, Inc. - Class A (l)

 

3,283

 

6,861

 
 

20,297

 
 

Total Common Stocks (cost $173,512)

111,729

 

SHORT TERM INVESTMENTS 8.0%

Investment Companies 4.4%

 

State Street U.S. Government Money Market Fund, 5.19% (m)

 

1,770,378

 

1,770,378

 

Securities Lending Collateral 3.6%

 

State Street Navigator Securities Lending Government Money Market Portfolio - Institutional Class, 5.27% (m)

 

1,419,563

 

1,419,563

 
 

Total Short Term Investments (cost $3,189,941)

3,189,941

 

Total Investments 104.2% (cost $41,003,130)

 

41,262,672

 

Other Assets and Liabilities, Net (4.2)%

 

(1,676,561)

 

Total Net Assets 100.0%

 

39,586,111

 

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2024, the value and the percentage of net assets of these securities was $26,781,346 and 67.7% of the Fund.

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

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

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

(e) Convertible security.

(f) All or a portion of the security was on loan as of March 31, 2024.

(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 March 31, 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 March 31, 2024.

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

(j) This senior floating rate interest will settle after March 31, 2024. If a reference rate and spread is presented, it will go into effect upon settlement.

(k) Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified based on the applicable valuation inputs. See "Fair Value Measurement" in the Schedules of Investments.

(l) Non-income producing security.

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

 

250,000

 

257,766

 

0.6

 
 

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

12/07/21

 

390,250

 

382,790

 

1.0

 
 

Tenet Healthcare Corporation, 4.63%, 06/15/28

01/03/23

 

31,367

 

32,392

 

0.1

 
    

671,617

 

672,948

 

1.7

 

Abbreviations and additional footnotes are defined on page 11

10

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

Currency Abbreviations:

 

USD - United States Dollar

Abbreviations:

  

ETF – Exchange-Traded Fund

 

MBS - Mortgage-Backed Security

 

REMIC - Real Estate Mortgage Investment Conduit

 

SOFR - Secured Overnight Financing Rate

 

U.S. or US - United States

 

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

11

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

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

The cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund and a series of State Street Navigator Securities Lending Trust, which is an open-end management company registered under the 1940 Act. The Funds also bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of the State Street Navigator Securities Lending Government Money Market Portfolio.

Each Fund’s net exposure to a borrower is determined by the amount of any excess or shortfall in cash collateral received compared to the value of securities on loan.

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

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

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

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.

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PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

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

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

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

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

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

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

The following table summarizes each Fund’s investments in securities and other financial instruments as of March 31, 2024, by valuation level.

         
 

. Level 1 ($) .

 

. Level 2 ($) .

 

. Level 3 ($) .

 

. Total ($) .

 

PPM Core Plus Fixed Income Fund

Assets - Securities

        

Corporate Bonds And Notes

—

 

18,183,589

 

—

 

18,183,589

 

Government And Agency Obligations

—

 

13,113,658

 

—

 

13,113,658

 

Non-U.S. Government Agency Asset-Backed Securities

—

 

3,741,954

 

—

 

3,741,954

 

Investment Companies

1,023,320

 

—

 

—

 

1,023,320

 

Senior Floating Rate Instruments

—

 

640,701

 

—

 

640,701

 

Short Term Investments

1,196,211

 

—

 

—

 

1,196,211

 
 

2,219,531

 

35,679,902

 

—

 

37,899,433

 

Assets - Investments in Other Financial Instruments1

        

Futures Contracts

23,935

 

—

 

—

 

23,935

 
 

23,935

 

—

 

—

 

23,935

 

Liabilities - Investments in Other Financial Instruments1

        

Futures Contracts

(5,664

)

—

 

—

 

(5,664

)

 

(5,664

)

—

 

—

 

(5,664

)

PPM High Yield Core Fund

Assets - Securities

        

Corporate Bonds And Notes

—

 

33,598,684

 

—

 

33,598,684

 

Senior Floating Rate Instruments

—

 

2,757,141

 

31,807

 

2,788,948

 

Investment Companies

1,573,370

 

—

 

—

 

1,573,370

 

Common Stocks

111,729

 

—

 

—

 

111,729

 

Short Term Investments

3,189,941

 

—

 

—

 

3,189,941

 
 

4,875,040

 

36,355,825

 

31,807

 

41,262,672

 

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 March 31, 2024.

13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2024

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

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