Form NPORT-P PPM Funds For: Mar 31

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May 25, 2022 2:46 PM EDT

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      PPM Funds
      811-23308
      0001722478
      549300UPJLTA0X102E93
      225 W. Wacker Drive
      Suite 1200
      Chicago
      
      60606
      312-634-2500
      PPM High Yield Core Fund
      S000061238
      549300MC39185L8C1I66
      2022-12-31
      2022-03-31
      N
    
    
      67124709.830000000000
      5244655.850000000000
      61880053.980000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
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      0.000000000000
      0.000000000000
      127573.380000000000
      
        
          USD
          
          
        
      
      
      
      
        
        
        
        
        
        
        
        
        
      
      
        
          
            UST
          
        
      
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Ford Motor Credit Company LLC
        UDSQCVRUX5BONN0VY111
        Ford Motor Credit Company LLC
        345397A29
        
          
          
          
        
        200000
        PA
        USD
        200250
        0.3236099310
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-01-09
          Fixed
          3.09
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Credit Company LLC
        UDSQCVRUX5BONN0VY111
        Ford Motor Credit Company LLC
        345397A60
        
          
          
          
        
        132000
        PA
        USD
        135304.79
        0.2186565481
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-16
          Fixed
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Frontier Communications Parent, Inc.
        549300ZCZ76HYCS0H445
        Frontier Communications Parent, Inc.
        35906ABE7
        
          
          
        
        13000
        PA
        USD
        12924.76
        0.0208867950
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-15
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Frontier Communications Parent, Inc.
        549300ZCZ76HYCS0H445
        Frontier Communications Parent, Inc.
        35906ABF4
        
          
          
        
        93000
        PA
        USD
        89498.74
        0.1446326146
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-05-01
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Frontier Communications Parent, Inc.
        549300ZCZ76HYCS0H445
        Frontier Communications Parent, Inc.
        35906ABG2
        
          
          
        
        331000
        PA
        USD
        318187.89
        0.5142010544
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-05-01
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PetSmart, Inc.
        N/A
        PetSmart, Inc.
        71677KAB4
        
          
          
        
        220000
        PA
        USD
        227189.86
        0.3671455427
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-15
          Fixed
          7.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Telesat Canada
        5493004V5GLBY6SO5Y34
        Telesat Canada
        87952VAM8
        
          
          
        
        201000
        PA
        USD
        98582.87
        0.1593128378
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-15
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Telesat Canada
        5493004V5GLBY6SO5Y34
        Telesat Canada
        87952VAR7
        
          
          
        
        98000
        PA
        USD
        74803.25
        0.1208842675
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-12-06
          Fixed
          5.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Asbury Automotive Group, Inc.
        549300JH4DTA7U42GL91
        Asbury Automotive Group, Inc.
        043436AW4
        
          
          
        
        54000
        PA
        USD
        50294.33
        0.0812771269
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-11-15
          Fixed
          4.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Asbury Automotive Group, Inc.
        549300JH4DTA7U42GL91
        Asbury Automotive Group, Inc.
        043436AX2
        
          
          
        
        165000
        PA
        USD
        153496.96
        0.2480556336
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-02-15
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bombardier Inc.
        W7L3VLU8EHQY34Z36697
        Bombardier Inc.
        097751BM2
        
          
          
        
        80000
        PA
        USD
        80422.51
        0.1299651581
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-15
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bombardier Inc.
        W7L3VLU8EHQY34Z36697
        Bombardier Inc.
        097751BV2
        
          
          
        
        97000
        PA
        USD
        95056.97
        0.1536148789
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-06-15
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bombardier Inc.
        W7L3VLU8EHQY34Z36697
        Bombardier Inc.
        097751BX8
        
          
          
        
        112000
        PA
        USD
        104940.33
        0.1695866814
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-15
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CVR Partners, LP
        529900LE0OS06MYQRP11
        CVR Partners, LP
        12663QAC9
        
          
          
        
        76000
        PA
        USD
        76288.93
        0.1232851704
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-15
          Fixed
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Beazer Homes USA, Inc.
        549300DUPYT2T0F60I45
        Beazer Homes USA, Inc.
        07556QBM6
        
          
          
          
        
        75000
        PA
        USD
        75782.1
        0.1224661181
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-03-15
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Beazer Homes USA, Inc.
        549300DUPYT2T0F60I45
        Beazer Homes USA, Inc.
        07556QBT1
        
          
          
        
        47000
        PA
        USD
        47342.34
        0.0765066236
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-15
          Fixed
          7.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freedom Mortgage Corporation
        549300LYRWPSYPK6S325
        Freedom Mortgage Corporation
        35640YAF4
        
          
          
        
        319000
        PA
        USD
        304733.47
        0.4924583131
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-01
          Fixed
          7.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KB Home
        549300LGUCWQURMWLG09
        KB Home
        48666KAY5
        
          
          
          
        
        66000
        PA
        USD
        63817.56
        0.1031310671
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-11-15
          Fixed
          4.8
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Liberty Media Corporation
        549300ZKUTPIBZLWLL89
        Liberty Media Corporation
        530715AJ0
        
          
          
        
        172000
        PA
        USD
        157380
        0.2543307413
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-02-01
          Fixed
          8.25
          N
          N
          N
        
        
          N
          N
          
        
      
      
        MEG Energy Corp.
        5493002WXPTG5ZC1T326
        MEG Energy Corp.
        552704AD0
        
          
          
        
        27000
        PA
        USD
        27438.75
        0.0443418327
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-01-15
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Community Health Systems, Inc.
        5493007X5NC5XI1BB106
        Community Health Systems, Inc.
        12543DBJ8
        
          
          
        
        112000
        PA
        USD
        109647.12
        0.1771929935
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-15
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Community Health Systems, Inc.
        5493007X5NC5XI1BB106
        Community Health Systems, Inc.
        12543DBK5
        
          
          
        
        213000
        PA
        USD
        201285
        0.3252825217
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-02-15
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEG Energy Corp.
        5493002WXPTG5ZC1T326
        MEG Energy Corp.
        552704AE8
        
          
          
        
        91000
        PA
        USD
        95330.37
        0.1540567014
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-02-01
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marb Bondco PLC
        254900PVA1EU6QM1JN57
        Marb Bondco PLC
        566007AC4
        
          
          
        
        290000
        PA
        USD
        256764.8
        0.4149395217
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-01-29
          Fixed
          3.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Consolidated Communications, Inc.
        549300WW675Y48HDVX34
        Consolidated Communications, Inc.
        20903XAF0
        
          
          
        
        241000
        PA
        USD
        222332.23
        0.3592954687
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-10-01
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Credit Suisse Group AG
        549300506SI9CRFV9Z86
        Credit Suisse Group AG
        225436AA2
        
          
          
          
        
        60000
        PA
        USD
        60450
        0.0976889904
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2500-12-31
          Fixed
          6.25
          N
          N
          N
          N
          N
          
            
              Credit Suisse Group AG
              Credit Suisse Group AG
              USD
              
                
                
                
              
            
          
          
            
          
          XXXX
        
        
          N
          N
          N
        
      
      
        News Corporation
        549300ITS31QK8VRBQ14
        News Corporation
        65249BAB5
        
          
          
        
        38000
        PA
        USD
        38209.24
        0.0617472635
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-02-15
          Fixed
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nordstrom, Inc.
        549300S3IZB5P35KNV16
        Nordstrom, Inc.
        655664AS9
        
          
          
          
        
        201000
        PA
        USD
        193796.31
        0.3131805768
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-15
          Fixed
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Iliad Holding
        9695009PXA7OI9NXN582
        Iliad Holding
        449691AC8
        
          
          
        
        298000
        PA
        USD
        298541.81
        0.4824524072
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-10-15
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clarios Global LP
        549300474L1ZLXZY2P98
        Clarios Global LP
        69867DAC2
        
          
          
        
        230000
        PA
        USD
        238666.63
        0.3856923429
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-15
          Fixed
          8.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sigma Holdco B.V.
        254900RAPCKVT00GAO59
        Sigma Holdco B.V.
        82660CAA0
        
          
          
        
        328000
        PA
        USD
        272257.68
        0.4399764746
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2026-05-15
          Fixed
          7.88
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Vistra Operations Company LLC
        549300ZH5GKBTJZ7NM23
        Vistra Operations Company LLC
        92840VAF9
        
          
          
        
        153000
        PA
        USD
        150460.78
        0.2431490768
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-31
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NOVA Chemicals Corporation
        5493007M1XGU5E55ZJ25
        NOVA Chemicals Corporation
        66977WAR0
        
          
          
        
        185000
        PA
        USD
        184395.16
        0.2979880400
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-01
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shea Homes Limited Partnership, A California Limited Partnership
        N/A
        Shea Homes Limited Partnership, A California Limited Partnership
        82088KAE8
        
          
          
        
        140000
        PA
        USD
        132991.99
        0.2149189948
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-15
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vistra Operations Company LLC
        549300ZH5GKBTJZ7NM23
        Vistra Operations Company LLC
        92840VAH5
        
          
          
        
        139000
        PA
        USD
        131336.25
        0.2122432699
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-05-01
          Fixed
          4.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Finastra USA, Inc.
        N/A
        Finastra USA, Inc.
        02034DAC1
        
          
        
        9600.61
        PA
        USD
        9467.55
        0.0152998412
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2024-04-26
          Floating
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shea Homes Limited Partnership, A California Limited Partnership
        N/A
        Shea Homes Limited Partnership, A California Limited Partnership
        82088KAG3
        
          
          
        
        164000
        PA
        USD
        154371.62
        0.2494691101
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-01
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sirius XM Radio Inc.
        WP5O65E6BMU84LNO4227
        Sirius XM Radio Inc.
        82967NBM9
        
          
          
        
        285000
        PA
        USD
        259370.42
        0.4191502808
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-09-01
          Fixed
          3.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TKC Holdings, Inc.
        N/A
        TKC Holdings, Inc.
        87256YAA1
        
          
          
        
        150000
        PA
        USD
        154492.71
        0.2496647951
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-05-15
          Fixed
          10.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenneco Inc.
        549300U0EXXFAQFAD785
        Tenneco Inc.
        880349AS4
        
          
          
        
        50000
        PA
        USD
        52686.44
        0.0851428475
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-01-15
          Fixed
          7.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Securus Technologies Holdings, Inc.
        N/A
        Securus Technologies Holdings, Inc.
        78410QAB8
        
          
        
        159066.54
        PA
        USD
        151113.21
        0.2442034230
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2024-06-20
          Floating
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verifone Systems, Inc.
        N/A
        Verifone Systems, Inc.
        92346NAB5
        
          
        
        62318.15
        PA
        USD
        61324.8
        0.0991026931
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2025-08-09
          Floating
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dynasty Acquisition Co., Inc.
        N/A
        Dynasty Acquisition Co., Inc.
        26812CAE6
        
          
        
        43752.23
        PA
        USD
        42913.5
        0.0693494870
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2026-04-06
          Floating
          3.72
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mileage Plus Holdings LLC
        N/A
        Mileage Plus Holdings LLC
        59921PAB2
        
          
        
        49200
        PA
        USD
        50983.5
        0.0823908460
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2023-12-31
          Floating
          6.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Michaels Companies, Inc.
        N/A
        Michaels Companies, Inc.
        59408UAB3
        
          
        
        122871.5
        PA
        USD
        115004.04
        0.1858499348
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-04-08
          Floating
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GOGO Intermediate Holdings LLC
        N/A
        GOGO Intermediate Holdings LLC
        38046JAB0
        
          
        
        152569.17
        PA
        USD
        151234.19
        0.2443989303
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-04-21
          Floating
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenneco Inc.
        549300U0EXXFAQFAD785
        Tenneco Inc.
        880349AT2
        
          
          
        
        412000
        PA
        USD
        408658.58
        0.6604043690
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-15
          Fixed
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Transocean Proteus Limited
        5493000CTMQ2LH21VM89
        Transocean Proteus Limited
        893829AA9
        
          
          
        
        125000
        PA
        USD
        124049.53
        0.2004677146
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-12-01
          Fixed
          6.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lonza Group AG
        N/A
        Lonza Group AG
        N/A
        
          
        
        81461.5
        PA
        USD
        79323.14
        0.1281885436
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-04-29
          Floating
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Raptor Acquisition Corp.
        N/A
        Raptor Acquisition Corp.
        N/A
        
          
        
        154612.5
        PA
        USD
        153598.24
        0.2482193051
        Long
        LON
        CORP
        CA
        
        N
        
        2
        
          2026-11-01
          Floating
          4.93
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TGP Holdings III, LLC
        N/A
        TGP Holdings III, LLC
        87251RAL7
        
          
        
        13392.85
        PA
        USD
        12790.17
        0.0206692935
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-06-24
          Floating
          0
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Illuminate Merger Sub Corp.
        N/A
        Illuminate Merger Sub Corp.
        N/A
        
          
        
        154000
        PA
        USD
        148610
        0.2401581615
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-06-30
          Floating
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Triumph Group, Inc.
        5493007L6S47Q14SL582
        Triumph Group, Inc.
        896818AS0
        
          
          
        
        65000
        PA
        USD
        68653.83
        0.1109466227
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-06-01
          Fixed
          8.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Watco Companies, L.L.C.
        549300UK74AMHGBXZG45
        Watco Companies, L.L.C.
        941130AB2
        
          
          
        
        171000
        PA
        USD
        168267.8
        0.2719257486
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-15
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allen Media, LLC
        N/A
        Allen Media, LLC
        01771JAG8
        
          
        
        113767.79
        PA
        USD
        112658.55
        0.1820595535
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2027-02-10
          Floating
          5.72
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Intelsat Jackson Holdings S.A.
        N/A
        Intelsat Jackson Holdings S.A.
        N/A
        
          
        
        70118.55
        PA
        USD
        68869.74
        0.1112955396
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2029-01-25
          Floating
          0
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Intelsat Jackson Holdings S.A.
        N/A
        Intelsat Jackson Holdings S.A.
        L5137LAQ8
        
          
        
        84268.98
        PA
        USD
        82768.15
        0.1337557818
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2029-01-25
          Floating
          4.92
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NAC Aviation 29 DAC
        N/A
        NAC Aviation 29 DAC
        N/A
        
          
        
        3610.12
        PA
        USD
        3682.32
        0.0059507382
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2022-09-07
          Floating
          0
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zacapa S.a. r.l.
        N/A
        Zacapa S.a. r.l.
        N/A
        
          
        
        152874.04
        PA
        USD
        151689.27
        0.2451343531
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2029-02-10
          Floating
          0
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Airlines, Inc.
        IWUQB36BXD6OWD6X4T14
        American Airlines, Inc.
        00253XAA9
        
          
          
        
        207000
        PA
        USD
        206845.39
        0.3342682766
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-20
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Airlines, Inc.
        IWUQB36BXD6OWD6X4T14
        American Airlines, Inc.
        00253XAB7
        
          
          
        
        292000
        PA
        USD
        291000.05
        0.4702646997
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-20
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Airlines, Inc.
        IWUQB36BXD6OWD6X4T14
        American Airlines, Inc.
        023771S58
        
          
          
        
        112000
        PA
        USD
        130821.43
        0.2114113056
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-07-15
          Fixed
          11.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CP Atlas Buyer, Inc.
        2549006ZZ07G0NDDCR36
        CP Atlas Buyer, Inc.
        12597YAA7
        
          
          
        
        178000
        PA
        USD
        151926.33
        0.2455174490
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-12-01
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Calpine Corporation
        43R4VPJBXTU2O15HEF41
        Calpine Corporation
        131347CM6
        
          
          
        
        217000
        PA
        USD
        211748.84
        0.3421923970
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-15
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Calpine Corporation
        43R4VPJBXTU2O15HEF41
        Calpine Corporation
        131347CN4
        
          
          
        
        212000
        PA
        USD
        202241.18
        0.3268277369
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-03-15
          Fixed
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Calpine Corporation
        43R4VPJBXTU2O15HEF41
        Calpine Corporation
        131347CR5
        
          
          
        
        72000
        PA
        USD
        64515.58
        0.1042590881
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-03-01
          Fixed
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clear Channel International B.V.
        N/A
        Clear Channel International B.V.
        18452MAB2
        
          
          
        
        85000
        PA
        USD
        86926.52
        0.1404758309
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-08-01
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clydesdale Acquisition Holdings Inc
        N/A
        Clydesdale Acquisition Holdings Inc
        18972EAA3
        
          
          
        
        98000
        PA
        USD
        99307.58
        0.1604839906
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-04-15
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clydesdale Acquisition Holdings Inc
        N/A
        Clydesdale Acquisition Holdings Inc
        18972EAB1
        
          
          
        
        170000
        PA
        USD
        160012.5
        0.2585849393
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-04-15
          Fixed
          8.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Delta Air Lines, Inc.
        Q2CCMS6R0AS67HJMBN42
        Delta Air Lines, Inc.
        247361ZX9
        
          
          
        
        111000
        PA
        USD
        118770
        0.1919358377
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Graham Packaging Company Europe LLC
        N/A
        Graham Packaging Company Europe LLC
        384701AA6
        
          
          
        
        166000
        PA
        USD
        151333.06
        0.2445587072
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-08-15
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Markel Corporation
        549300SCNO12JLWIK605
        Markel Corporation
        570535AW4
        
          
          
        
        129000
        PA
        USD
        134585.88
        0.2174947683
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2500-12-31
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Steel Corporation
        JNLUVFYJT1OZSIQ24U47
        United States Steel Corporation
        912909AU2
        
          
          
          
        
        293000
        PA
        USD
        304896.02
        0.4927209988
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-03-01
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          
        
      
      
        TK Elevator U.S. Newco, Inc.
        549300C2AFWPAYWS5574
        TK Elevator U.S. Newco, Inc.
        92537RAA7
        
          
          
        
        88000
        PA
        USD
        87332.19
        0.1411314057
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-15
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMC Entertainment Holdings, Inc.
        549300ZO77UNR6NRBR11
        AMC Entertainment Holdings, Inc.
        00165CAP9
        
          
          
        
        85000
        PA
        USD
        76264.79
        0.1232461595
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-06-15
          Fixed
          10
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        AMC Entertainment Holdings, Inc.
        549300ZO77UNR6NRBR11
        AMC Entertainment Holdings, Inc.
        00165CBA1
        
          
          
        
        154000
        PA
        USD
        149746.47
        0.2419947307
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-15
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Safeway Inc.
        549300YKWOC0AOR16R51
        Safeway Inc.
        013092AB7
        
          
          
        
        157000
        PA
        USD
        156754.29
        0.2533195754
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-15
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arches Buyer Inc.
        2549009ADY4208OH2Y47
        Arches Buyer Inc.
        039524AB9
        
          
          
        
        19000
        PA
        USD
        17526.72
        0.0283236986
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-12-01
          Fixed
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PDV America, Inc.
        549300NYHOALWZ2BSL72
        PDV America, Inc.
        17302WAB4
        
          
          
        
        150000
        PA
        USD
        151543.6
        0.2448989460
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-08-01
          Fixed
          9.25
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Energy Transfer LP
        5493008K8W3OKZE54J59
        Energy Transfer LP
        29273VAL4
        
          
          
        
        106000
        PA
        USD
        103099.47
        0.1666117971
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2500-12-31
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Energy Transfer LP
        5493008K8W3OKZE54J59
        Energy Transfer LP
        29273VAM2
        
          
          
        
        62000
        PA
        USD
        60433.01
        0.0976615341
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2500-12-31
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Energy Transfer LP
        5493008K8W3OKZE54J59
        Energy Transfer LP
        29273VAN0
        
          
          
        
        30000
        PA
        USD
        29560.08
        0.0477699648
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2500-12-31
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hilton Grand Vacations Borrower LLC
        N/A
        Hilton Grand Vacations Borrower LLC
        43284MAA6
        
          
          
        
        201000
        PA
        USD
        191812.15
        0.3099741155
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-06-01
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hilton Grand Vacations Borrower LLC
        N/A
        Hilton Grand Vacations Borrower LLC
        43284MAB4
        
          
          
        
        174000
        PA
        USD
        161906.57
        0.2616458125
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-07-01
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hughes Satellite Systems Corporation
        N/A
        Hughes Satellite Systems Corporation
        444454AF9
        
          
          
        
        82000
        PA
        USD
        85077.93
        0.1374884547
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-01
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LSF11 A5 Holdco LLC
        254900FPK7P5WNA66Y10
        LSF11 A5 Holdco LLC
        50221DAA7
        
          
          
        
        243000
        PA
        USD
        226059.78
        0.3653192999
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-15
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Meritage Homes Corporation
        52990044W9UMFJO2FB97
        Meritage Homes Corporation
        59001ABD3
        
          
          
        
        109000
        PA
        USD
        103788.16
        0.1677247406
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-15
          Fixed
          3.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ortho-Clinical Diagnostics, Inc.
        5493006VJVVGE5PD4517
        Ortho-Clinical Diagnostics, Inc.
        68752DAA6
        
          
          
        
        27000
        PA
        USD
        27802.43
        0.0449295503
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-01
          Fixed
          7.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ortho-Clinical Diagnostics, Inc.
        5493006VJVVGE5PD4517
        Ortho-Clinical Diagnostics, Inc.
        68752DAC2
        
          
          
        
        90000
        PA
        USD
        92859.5
        0.1500637023
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-01
          Fixed
          7.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pearl Merger Sub Inc.
        N/A
        Pearl Merger Sub Inc.
        70478JAA2
        
          
          
        
        182000
        PA
        USD
        182574
        0.2950449915
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-10-01
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pitney Bowes Inc.
        549300N2O26NW4ST6W55
        Pitney Bowes Inc.
        724479AP5
        
          
          
        
        217000
        PA
        USD
        205477.09
        0.3320570633
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-15
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Radiate HoldCo, LLC
        5493000GQJ5RDX9DNJ71
        Radiate HoldCo, LLC
        75026JAE0
        
          
          
        
        378000
        PA
        USD
        357797.76
        0.5782117774
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-09-15
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Staples, Inc.
        XQM2JINI1UL7642TU573
        Staples, Inc.
        855030AN2
        
          
          
        
        149000
        PA
        USD
        144621.56
        0.2337127244
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-15
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Staples, Inc.
        XQM2JINI1UL7642TU573
        Staples, Inc.
        855030AP7
        
          
          
        
        161000
        PA
        USD
        143313.79
        0.2315993293
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-15
          Fixed
          10.75
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Tap Rock Resources LLC
        549300Y3SDS1HPFQ6H17
        Tap Rock Resources LLC
        87602LAA0
        
          
          
        
        154000
        PA
        USD
        159382.33
        0.2575665659
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-10-01
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citigroup Inc.
        6SHGI4ZSSLCXXQSBB395
        Citigroup Inc.
        172967MG3
        
          
          
        
        166000
        PA
        USD
        164520.2
        0.2658695160
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2500-12-31
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Quantum Minerals Ltd
        549300I7UVBGWRYMYZ18
        First Quantum Minerals Ltd
        335934AL9
        
          
          
        
        110000
        PA
        USD
        111802.9
        0.1806767978
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-04-01
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Quantum Minerals Ltd
        549300I7UVBGWRYMYZ18
        First Quantum Minerals Ltd
        335934AT2
        
          
          
        
        140000
        PA
        USD
        146411.95
        0.2366060476
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-15
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Townsquare Media, Inc.
        549300XBA8C68H0DR538
        Townsquare Media, Inc.
        892231AB7
        
          
          
        
        54000
        PA
        USD
        55587.78
        0.0898314989
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-01
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Venture Global Calcasieu Pass, LLC
        549300GKHS6RS20NLH85
        Venture Global Calcasieu Pass, LLC
        92328MAA1
        
          
          
        
        212000
        PA
        USD
        206201.52
        0.3332277636
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-15
          Fixed
          3.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Foxtrot Escrow Issuer LLC
        N/A
        Foxtrot Escrow Issuer LLC
        35166FAA0
        
          
          
        
        148000
        PA
        USD
        160168.66
        0.2588372984
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-11-15
          Fixed
          12.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUB International Limited
        549300JQT6ATTUNS5E06
        HUB International Limited
        44332PAD3
        
          
          
        
        129000
        PA
        USD
        130583.31
        0.2110264966
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-01
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IRB Holding Corp.
        549300HVW4WNWYBXN830
        IRB Holding Corp.
        44988MAA3
        
          
          
        
        115000
        PA
        USD
        117044.64
        0.1891476049
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-15
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IRB Holding Corp.
        549300HVW4WNWYBXN830
        IRB Holding Corp.
        44988MAC9
        
          
          
        
        90000
        PA
        USD
        93954.92
        0.1518339335
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-15
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PM General Purchaser LLC
        N/A
        PM General Purchaser LLC
        69356MAA4
        
          
          
        
        296000
        PA
        USD
        290768.6
        0.4698906696
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-10-01
          Fixed
          9.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shelf Drilling Management Services DMCC
        54930078ZJ3XP4MRYB68
        Shelf Drilling Management Services DMCC
        822538AG9
        
          
          
        
        79000
        PA
        USD
        80397.1
        0.1299240948
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-11-15
          Fixed
          8.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Venture Global Calcasieu Pass, LLC
        549300GKHS6RS20NLH85
        Venture Global Calcasieu Pass, LLC
        92328MAB9
        
          
          
        
        23000
        PA
        USD
        22579.03
        0.0364883812
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-08-15
          Fixed
          4.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Venture Global Calcasieu Pass, LLC
        549300GKHS6RS20NLH85
        Venture Global Calcasieu Pass, LLC
        92328MAC7
        
          
          
        
        45000
        PA
        USD
        43011.27
        0.0695074862
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2033-11-01
          Fixed
          3.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Natural Foods, Inc.
        549300GKGW6WPZ282D40
        United Natural Foods, Inc.
        911163AA1
        
          
          
        
        198000
        PA
        USD
        202905.54
        0.3279013623
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-10-15
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Virgin Media Secured Finance PLC
        213800X3RLP4NOTPY579
        Virgin Media Secured Finance PLC
        92769XAR6
        
          
          
        
        39000
        PA
        USD
        36353.19
        0.0587478318
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-08-15
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allied Universal Holdco LLC
        98450038B4549046D794
        Allied Universal Holdco LLC
        019576AA5
        
          
          
        
        207000
        PA
        USD
        209601.04
        0.3387214886
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-15
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allied Universal Holdco LLC
        98450038B4549046D794
        Allied Universal Holdco LLC
        019576AB3
        
          
          
        
        254000
        PA
        USD
        262512.46
        0.4242279105
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-15
          Fixed
          9.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Allied Universal Holdco LLC
        98450038B4549046D794
        Allied Universal Holdco LLC
        019579AA9
        
          
          
        
        61000
        PA
        USD
        57609.79
        0.0930991269
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-01
          Fixed
          4.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Baytex Energy Corp.
        549300R5LTV2H7I1I079
        Baytex Energy Corp.
        07317QAH8
        
          
          
        
        153000
        PA
        USD
        164868.08
        0.2664317004
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-01
          Fixed
          8.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Builders FirstSource, Inc.
        549300W0SKP6L3H7DP63
        Builders FirstSource, Inc.
        12008RAM9
        
          
          
        
        112000
        PA
        USD
        116151.28
        0.1877039087
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-01
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Builders FirstSource, Inc.
        549300W0SKP6L3H7DP63
        Builders FirstSource, Inc.
        12008RAP2
        
          
          
        
        478000
        PA
        USD
        445125.27
        0.7193356201
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-02-01
          Fixed
          4.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citgo Petroleum Corporation
        YX52P86PXMLYDOTUQ225
        Citgo Petroleum Corporation
        17302XAK2
        
          
          
        
        135000
        PA
        USD
        136573.79
        0.2207072897
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-15
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citgo Petroleum Corporation
        YX52P86PXMLYDOTUQ225
        Citgo Petroleum Corporation
        17302XAM8
        
          
          
        
        255000
        PA
        USD
        256635.14
        0.4147299873
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-06-15
          Fixed
          6.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cumulus Media New Holdings Inc.
        5493001D9VBAVY1OKJ46
        Cumulus Media New Holdings Inc.
        23110AAA4
        
          
          
        
        326000
        PA
        USD
        326020.26
        0.5268583963
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-01
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Jacobs Entertainment, Inc.
        5493004U9JIWY3HSUO63
        Jacobs Entertainment, Inc.
        469815AK0
        
          
          
        
        204000
        PA
        USD
        206791.72
        0.3341815443
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-15
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LCPR Senior Secured Financing Designated Activity Company
        549300LE5FM8IKMXSP90
        LCPR Senior Secured Financing Designated Activity Company
        50201DAA1
        
          
          
        
        319000
        PA
        USD
        327395.42
        0.5290806955
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-15
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LCPR Senior Secured Financing Designated Activity Company
        549300LE5FM8IKMXSP90
        LCPR Senior Secured Financing Designated Activity Company
        50201DAD5
        
          
          
        
        220000
        PA
        USD
        210217.44
        0.3397176093
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-15
          Fixed
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MIWD Holdco II LLC
        254900X3SPV5RVFJEY72
        MIWD Holdco II LLC
        55337PAA0
        
          
          
        
        52000
        PA
        USD
        48626.66
        0.0785821228
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-02-01
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Open Text Corporation
        549300HP7ONDQODZJV16
        Open Text Corporation
        683715AC0
        
          
          
        
        112000
        PA
        USD
        107281.14
        0.1733694997
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-15
          Fixed
          3.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Open Text Corporation
        549300HP7ONDQODZJV16
        Open Text Corporation
        683715AD8
        
          
          
        
        157000
        PA
        USD
        149165.33
        0.2410555913
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-12-01
          Fixed
          3.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Open Text Corporation
        549300HP7ONDQODZJV16
        Open Text Corporation
        683720AA4
        
          
          
        
        150000
        PA
        USD
        142359.2
        0.2300566836
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-02-15
          Fixed
          4.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Finastra USA, Inc.
        N/A
        Finastra USA, Inc.
        02034DAC1
        
          
        
        8627.37
        PA
        USD
        8507.79
        0.0137488406
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2024-04-26
          Floating
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CoreLogic, Inc.
        N/A
        CoreLogic, Inc.
        21870FBA6
        
          
        
        90772.5
        PA
        USD
        89581.56
        0.1447664542
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-04-14
          Floating
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        APX Group, Inc.
        549300OMQVKPRU98OE64
        APX Group, Inc.
        00213MAW4
        
          
          
        
        200000
        PA
        USD
        182717.94
        0.2952776028
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-15
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Aethon United BR LP
        5493007HPG2M9K9X5V41
        Aethon United BR LP
        00810GAC8
        
          
          
        
        250000
        PA
        USD
        260143.81
        0.4204001019
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-15
          Fixed
          8.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Colgate Energy Partners III, LLC
        549300QRLZK0B17DH791
        Colgate Energy Partners III, LLC
        19416MAB5
        
          
          
        
        132000
        PA
        USD
        136170.98
        0.2200563368
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-01
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Connect Finco SARL
        2594001KNYIQ456J2792
        Connect Finco SARL
        20752TAA2
        
          
          
        
        60000
        PA
        USD
        61162.86
        0.0988409933
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-10-01
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fortress Transportation And Infrastructure Investors LLC
        529900E7PUVK6BC8PE80
        Fortress Transportation And Infrastructure Investors LLC
        34960PAB7
        
          
          
        
        100000
        PA
        USD
        99297.69
        0.1604680080
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-10-01
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fortress Transportation And Infrastructure Investors LLC
        529900E7PUVK6BC8PE80
        Fortress Transportation And Infrastructure Investors LLC
        34960PAC5
        
          
          
        
        55000
        PA
        USD
        57523.67
        0.0929599545
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-08-01
          Fixed
          9.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fortress Transportation And Infrastructure Investors LLC
        529900E7PUVK6BC8PE80
        Fortress Transportation And Infrastructure Investors LLC
        34960PAD3
        
          
          
        
        371000
        PA
        USD
        337723.08
        0.5457705000
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-05-01
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Gap, Inc.
        T2ZG1WRWZ4BUCMQL9224
        The Gap, Inc.
        364760AP3
        
          
          
        
        26000
        PA
        USD
        23030.72
        0.0372183256
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-01
          Fixed
          3.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Gap, Inc.
        T2ZG1WRWZ4BUCMQL9224
        The Gap, Inc.
        364760AQ1
        
          
          
        
        188000
        PA
        USD
        164099.57
        0.2651897654
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-10-01
          Fixed
          3.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Life Time, Inc.
        549300PALKE96VYH4X17
        Life Time, Inc.
        53190FAA3
        
          
          
        
        142000
        PA
        USD
        141836.99
        0.2292127768
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Life Time, Inc.
        549300PALKE96VYH4X17
        Life Time, Inc.
        53190FAC9
        
          
          
        
        293000
        PA
        USD
        292518.06
        0.4727178488
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-15
          Fixed
          8
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Majordrive Holdings IV, LLC
        N/A
        Majordrive Holdings IV, LLC
        56085RAA8
        
          
          
        
        216000
        PA
        USD
        192217.43
        0.3106290600
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-06-01
          Fixed
          6.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Rentals (North America), Inc.
        NGIZXNT70J2LYT3FBI09
        United Rentals (North America), Inc.
        911365BP8
        
          
          
        
        155000
        PA
        USD
        144564.46
        0.2336204491
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-01-15
          Fixed
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Acrisure, LLC
        549300R0Z1Q47XRTGO22
        Acrisure, LLC
        00489LAA1
        
          
          
        
        129000
        PA
        USD
        128714.95
        0.2080071715
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-11-15
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Acrisure, LLC
        549300R0Z1Q47XRTGO22
        Acrisure, LLC
        00489LAH6
        
          
          
        
        187000
        PA
        USD
        173087.07
        0.2797138316
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-01
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Archrock Partners, L.P.
        549300YFKOM2XNCKQU76
        Archrock Partners, L.P.
        03959KAC4
        
          
          
        
        180000
        PA
        USD
        177565.3
        0.2869507839
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-04-01
          Fixed
          6.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cheniere Energy Partners, L.P.
        5493005UEC8AZ34LDV29
        Cheniere Energy Partners, L.P.
        16411QAL5
        
          
          
        
        58000
        PA
        USD
        52824.1
        0.0853653101
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-01-31
          Fixed
          3.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eldorado Resorts, Inc.
        549300V3UCT773B1KR38
        Eldorado Resorts, Inc.
        28470RAK8
        
          
          
        
        186000
        PA
        USD
        199506.34
        0.3224081544
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-01
          Fixed
          8.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Endeavor Energy Resources, L.P.
        549300WY5QI80P9WHD46
        Endeavor Energy Resources, L.P.
        29260FAE0
        
          
          
        
        93000
        PA
        USD
        95956.64
        0.1550687723
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-30
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Endeavor Energy Resources, L.P.
        549300WY5QI80P9WHD46
        Endeavor Energy Resources, L.P.
        29260FAF7
        
          
          
        
        85000
        PA
        USD
        88488.97
        0.1430007964
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-07-15
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hertz Vehicle Financing II LP
        549300PD0C69OJ0NLB27
        Hertz Vehicle Financing II LP
        428040DB2
        
          
          
        
        74000
        PA
        USD
        67312.2
        0.1087785089
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-12-01
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Howmet Aerospace Inc.
        549300HO5WFZUT5N2T22
        Howmet Aerospace Inc.
        443201AA6
        
          
          
          
        
        4000
        PA
        USD
        4333.22
        0.0070026119
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jaguar Land Rover Automotive PLC
        529900L73GEWN1O5NH84
        Jaguar Land Rover Automotive PLC
        47010BAA2
        
          
          
        
        83000
        PA
        USD
        82522.64
        0.1333590304
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-02-01
          Fixed
          5.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jaguar Land Rover Automotive PLC
        529900L73GEWN1O5NH84
        Jaguar Land Rover Automotive PLC
        47010BAK0
        
          
          
        
        60000
        PA
        USD
        54933.73
        0.0887745347
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jaguar Land Rover Automotive PLC
        529900L73GEWN1O5NH84
        Jaguar Land Rover Automotive PLC
        47010BAM6
        
          
          
        
        200000
        PA
        USD
        177979.17
        0.2876196101
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-15
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Level 3 Financing, Inc.
        254900AE5FEFIJOXWL19
        Level 3 Financing, Inc.
        527298BR3
        
          
          
        
        122000
        PA
        USD
        112019.42
        0.1810267005
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-07-01
          Fixed
          4.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Level 3 Financing, Inc.
        254900AE5FEFIJOXWL19
        Level 3 Financing, Inc.
        527298BS1
        
          
          
        
        140000
        PA
        USD
        122508.05
        0.1979766373
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-01-15
          Fixed
          3.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Matterhorn Merger Sub, LLC
        549300JY2LK0EQ95YT44
        Matterhorn Merger Sub, LLC
        577088AA5
        
          
          
        
        247000
        PA
        USD
        237356.49
        0.3835751179
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-06-01
          Fixed
          8.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navient Corporation
        54930067J0ZNOEBRW338
        Navient Corporation
        63938CAH1
        
          
          
        
        58000
        PA
        USD
        59625.84
        0.0963571234
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-25
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navient Corporation
        54930067J0ZNOEBRW338
        Navient Corporation
        63938CAJ7
        
          
          
        
        162000
        PA
        USD
        166443.78
        0.2689780782
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-06-15
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navient Corporation
        54930067J0ZNOEBRW338
        Navient Corporation
        63938CAL2
        
          
          
        
        30000
        PA
        USD
        27610.31
        0.0446190787
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-03-15
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Navient Corporation
        54930067J0ZNOEBRW338
        Navient Corporation
        63938CAM0
        
          
          
        
        112000
        PA
        USD
        104668.34
        0.1691471375
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-03-15
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NFP Corp.
        VO2L9FZNXDJNQNEYH039
        NFP Corp.
        65342RAD2
        
          
          
        
        236000
        PA
        USD
        225349.2
        0.3641709816
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-08-15
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Altice France Holding S.A.
        5493001ZMCICV4N02J21
        Altice France Holding S.A.
        02156LAF8
        
          
          
        
        202000
        PA
        USD
        180961.79
        0.2924396124
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-15
          Fixed
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Altice France Holding S.A.
        5493001ZMCICV4N02J21
        Altice France Holding S.A.
        02156LAH4
        
          
          
        
        200000
        PA
        USD
        179645.33
        0.2903121740
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-15
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Scientific Games International, Inc.
        RLTHESQ0RNFQJWPBJN60
        Scientific Games International, Inc.
        80874YAW0
        
          
          
        
        107000
        PA
        USD
        109675
        0.1772380484
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-10-15
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Scientific Games International, Inc.
        RLTHESQ0RNFQJWPBJN60
        Scientific Games International, Inc.
        80874YBC3
        
          
          
        
        91000
        PA
        USD
        94367.05
        0.1524999478
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-05-15
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc.
        B3BS7ACMDUWISF18KY76
        Bausch Health Companies Inc.
        071734AD9
        
          
          
        
        51000
        PA
        USD
        45697.06
        0.0738478024
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc.
        B3BS7ACMDUWISF18KY76
        Bausch Health Companies Inc.
        071734AH0
        
          
          
        
        40000
        PA
        USD
        32936.88
        0.0532269736
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-30
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southwestern Energy Company
        EFWMP121W54QV9MGOP87
        Southwestern Energy Company
        845467AN9
        
          
          
          
        
        90000
        PA
        USD
        95286.29
        0.1539854668
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-01
          Fixed
          7.75
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Southwestern Energy Company
        EFWMP121W54QV9MGOP87
        Southwestern Energy Company
        845467AP4
        
          
          
          
        
        96000
        PA
        USD
        105669.47
        0.1707649932
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-09-15
          Fixed
          8.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southwestern Energy Company
        EFWMP121W54QV9MGOP87
        Southwestern Energy Company
        845467AR0
        
          
          
        
        60000
        PA
        USD
        60887.39
        0.0983958256
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-01
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southwestern Energy Company
        EFWMP121W54QV9MGOP87
        Southwestern Energy Company
        845467AS8
        
          
          
        
        228000
        PA
        USD
        231760.94
        0.3745325434
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-03-15
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc.
        B3BS7ACMDUWISF18KY76
        Bausch Health Companies Inc.
        071734AK3
        
          
          
        
        203000
        PA
        USD
        167705.88
        0.2710176692
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-15
          Fixed
          6.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc.
        B3BS7ACMDUWISF18KY76
        Bausch Health Companies Inc.
        071734AN7
        
          
          
        
        41000
        PA
        USD
        39265.05
        0.0634534838
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-01
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Southwestern Energy Company
        EFWMP121W54QV9MGOP87
        Southwestern Energy Company
        845467AT6
        
          
          
        
        211000
        PA
        USD
        210753.81
        0.3405843991
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-02-01
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CommScope Holding Company, Inc.
        M4TWC4QDOKW45N7T6Y12
        CommScope Holding Company, Inc.
        20337YAA5
        
          
          
        
        85000
        PA
        USD
        80476.03
        0.1300516480
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-15
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dana Financing Luxembourg S.a r.l.
        222100DKCE3D036DQU13
        Dana Financing Luxembourg S.a r.l.
        235822AB9
        
          
          
        
        35000
        PA
        USD
        35356.83
        0.0571376845
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-04-15
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ascent Resources - Utica, LLC
        549300EGLQ2M2CL7JZ89
        Ascent Resources - Utica, LLC
        04364VAG8
        
          
          
        
        264000
        PA
        USD
        271010.99
        0.4379617867
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-11-01
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ascent Resources - Utica, LLC
        549300EGLQ2M2CL7JZ89
        Ascent Resources - Utica, LLC
        04364VAR4
        
          
          
        
        56000
        PA
        USD
        58775.08
        0.0949822701
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-12-31
          Fixed
          8.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Blue Racer Midstream, LLC
        N/A
        Blue Racer Midstream, LLC
        095796AE8
        
          
          
        
        57000
        PA
        USD
        57917.83
        0.0935969287
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-15
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Blue Racer Midstream, LLC
        N/A
        Blue Racer Midstream, LLC
        095796AH1
        
          
          
        
        35000
        PA
        USD
        36664.28
        0.0592505624
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-12-15
          Fixed
          7.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH DBS Corporation
        N/A
        DISH DBS Corporation
        25470XAW5
        
          
          
          
        
        86000
        PA
        USD
        85928.07
        0.1388623061
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-11-15
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH DBS Corporation
        N/A
        DISH DBS Corporation
        25470XAY1
        
          
          
        
        156000
        PA
        USD
        154838.82
        0.2502241191
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-01
          Fixed
          7.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ITT Holdings LLC
        549300TH2PHOLK31LB42
        ITT Holdings LLC
        45074JAA2
        
          
          
        
        249000
        PA
        USD
        229138.88
        0.3702952167
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-01
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Icahn Enterprises L.P.
        549300T0G4GS0SINS786
        Icahn Enterprises L.P.
        451102BT3
        
          
          
        
        319000
        PA
        USD
        327361.01
        0.5290250880
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-15
          Fixed
          6.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH DBS Corporation
        N/A
        DISH DBS Corporation
        25470XBE4
        
          
          
        
        102000
        PA
        USD
        97325.16
        0.1572803411
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-12-01
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH DBS Corporation
        N/A
        DISH DBS Corporation
        25470XBF1
        
          
          
        
        70000
        PA
        USD
        66455.83
        0.1073945896
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-12-01
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQM Midstream Partners, LP
        549300NELT611CL6XM83
        EQM Midstream Partners, LP
        26885BAB6
        
          
          
          
        
        163000
        PA
        USD
        156484.89
        0.2528842170
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-12-01
          Fixed
          4.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQM Midstream Partners, LP
        549300NELT611CL6XM83
        EQM Midstream Partners, LP
        26885BAH3
        
          
          
        
        104000
        PA
        USD
        108575.98
        0.1754619995
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-01
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Icahn Enterprises L.P.
        549300T0G4GS0SINS786
        Icahn Enterprises L.P.
        451102BZ9
        
          
          
        
        196000
        PA
        USD
        192516.43
        0.3111122528
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-15
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marriott Ownership Resorts, Inc.
        BW4532OH033VURR0IT68
        Marriott Ownership Resorts, Inc.
        57164PAF3
        
          
          
        
        64000
        PA
        USD
        61632.6
        0.0996001070
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Marriott Ownership Resorts, Inc.
        BW4532OH033VURR0IT68
        Marriott Ownership Resorts, Inc.
        57164PAG1
        
          
          
        
        25000
        PA
        USD
        25660.83
        0.0414686613
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-09-15
          Fixed
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MCE Finance Limited
        N/A
        MCE Finance Limited
        58547DAD1
        
          
          
          
        
        215000
        PA
        USD
        183438.37
        0.2964418390
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-12-04
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQM Midstream Partners, LP
        549300NELT611CL6XM83
        EQM Midstream Partners, LP
        26885BAK6
        
          
          
        
        248000
        PA
        USD
        233044.08
        0.3766061356
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-01-15
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQM Midstream Partners, LP
        549300NELT611CL6XM83
        EQM Midstream Partners, LP
        26885BAL4
        
          
          
        
        206000
        PA
        USD
        193151.77
        0.3121389811
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-01-15
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EverArc Escrow
        N/A
        EverArc Escrow
        29977LAA9
        
          
          
        
        158000
        PA
        USD
        144269.39
        0.2331436072
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-30
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HCA Inc.
        L3CJ6J7LJ2DX62FTXD46
        HCA Inc.
        404119BR9
        
          
          
          
        
        109000
        PA
        USD
        113614.52
        0.1836044294
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-01
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Telecom Italia Capital
        549300777DJZOR5C4L39
        Telecom Italia Capital
        87927VAM0
        
          
          
          
        
        109000
        PA
        USD
        100762.03
        0.1628344249
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2034-09-30
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Travel + Leisure Co.
        T4VNTWMFQ7JQB65L7T35
        Travel + Leisure Co.
        894164AA0
        
          
          
        
        124000
        PA
        USD
        115180.81
        0.1861356004
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-12-01
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Travel + Leisure Co.
        T4VNTWMFQ7JQB65L7T35
        Travel + Leisure Co.
        98310WAN8
        
          
          
        
        65000
        PA
        USD
        67217.16
        0.1086249214
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-01
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Travel + Leisure Co.
        T4VNTWMFQ7JQB65L7T35
        Travel + Leisure Co.
        98310WAQ1
        
          
          
        
        95000
        PA
        USD
        88358.87
        0.1427905509
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-03-01
          Fixed
          4.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IQVIA Inc.
        549300PLWY28YB00C717
        IQVIA Inc.
        46266TAA6
        
          
          
        
        125000
        PA
        USD
        126454.1
        0.2043535709
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-15
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Midwest Gaming Borrower, LLC
        5493005826VXDUREHL94
        Midwest Gaming Borrower, LLC
        59833DAB6
        
          
          
        
        212000
        PA
        USD
        195728.89
        0.3163036834
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-05-01
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Travel + Leisure Co.
        T4VNTWMFQ7JQB65L7T35
        Travel + Leisure Co.
        98310WAS7
        
          
          
        
        101000
        PA
        USD
        105817.07
        0.1710035192
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-31
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Murphy Oil Corporation
        QBKYQD0ODE7DC7PDIN91
        Murphy Oil Corporation
        626717AJ1
        
          
          
          
        
        90000
        PA
        USD
        91835.42
        0.1484087587
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-08-15
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Murphy Oil Corporation
        QBKYQD0ODE7DC7PDIN91
        Murphy Oil Corporation
        626717AM4
        
          
          
          
        
        170000
        PA
        USD
        172983.62
        0.2795466534
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-12-01
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nabors Industries Ltd
        549300VFQWRKICUFNU92
        Nabors Industries Ltd
        629571AB6
        
          
          
        
        237000
        PA
        USD
        231009.45
        0.3733181133
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nabors Industries, Inc.
        549300VFQWRKICUFNU92
        Nabors Industries, Inc.
        62957HAJ4
        
          
          
        
        147000
        PA
        USD
        152701.53
        0.2467701952
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-15
          Fixed
          7.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nemak, S.A.B. de C.V.
        5493000MY3DAIB0BP706
        Nemak, S.A.B. de C.V.
        64045DAC8
        
          
          
        
        118000
        PA
        USD
        102437.87
        0.1655426319
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-06-28
          Fixed
          3.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Seaworld Entertainment, Inc.
        549300UZV72O3371JJ53
        Seaworld Entertainment, Inc.
        81282UAG7
        
          
          
        
        186000
        PA
        USD
        177634.59
        0.2870627586
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-15
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Sprint Corporation
        549300ZTTY7CXOLJ6539
        Sprint Corporation
        85207UAF2
        
          
          
          
        
        25000
        PA
        USD
        26576.76
        0.0429488313
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-09-15
          Fixed
          7.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sprint Corporation
        549300ZTTY7CXOLJ6539
        Sprint Corporation
        85207UAK1
        
          
          
          
        
        25000
        PA
        USD
        28232.72
        0.0456249117
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-01
          Fixed
          7.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc.
        B3BS7ACMDUWISF18KY76
        Bausch Health Companies Inc.
        91911XAV6
        
          
          
        
        272000
        PA
        USD
        278627.15
        0.4502697268
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-01
          Fixed
          9.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bausch Health Companies Inc.
        B3BS7ACMDUWISF18KY76
        Bausch Health Companies Inc.
        91911XAW4
        
          
          
        
        142000
        PA
        USD
        141584.84
        0.2288052949
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-01-31
          Fixed
          8.5
          N
          N
          N
        
        
          N
          N
          
        
      
      
        AMS-Osram AG
        5299001JPPT2QFTV5D76
        AMS-Osram AG
        03217CAA4
        
          
          
        
        462000
        PA
        USD
        469740.86
        0.7591151426
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-07-31
          Fixed
          7
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carnival Corporation
        F1OF2ZSX47CR0BCWA982
        Carnival Corporation
        143658BL5
        
          
          
        
        121000
        PA
        USD
        121817.72
        0.1968610435
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-01
          Fixed
          7.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carnival Corporation
        F1OF2ZSX47CR0BCWA982
        Carnival Corporation
        143658BN1
        
          
          
        
        216000
        PA
        USD
        205885.41
        0.3327169205
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-01
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carnival Corporation
        F1OF2ZSX47CR0BCWA982
        Carnival Corporation
        143658BQ4
        
          
          
        
        40000
        PA
        USD
        37284.7
        0.0602531795
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-08-01
          Fixed
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carnival Corporation
        F1OF2ZSX47CR0BCWA982
        Carnival Corporation
        143658BR2
        
          
          
        
        108000
        PA
        USD
        101769.37
        0.1644623161
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-05-01
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hawaiian Brand Intellectual Property, Ltd.
        N/A
        Hawaiian Brand Intellectual Property, Ltd.
        41984LAA5
        
          
          
        
        254000
        PA
        USD
        254165.96
        0.4107397193
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-20
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hudbay Minerals Inc.
        549300WI524AL577IX21
        Hudbay Minerals Inc.
        443628AH5
        
          
          
        
        277000
        PA
        USD
        285371.1
        0.4611681497
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-01
          Fixed
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mileage Plus Holdings, LLC
        N/A
        Mileage Plus Holdings, LLC
        599191AA1
        
          
          
        
        115053
        PA
        USD
        119786.07
        0.1935778370
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-20
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SkyMiles IP Ltd.
        Q2CCMS6R0AS67HJMBN42
        SkyMiles IP Ltd.
        830867AB3
        
          
          
        
        42000
        PA
        USD
        42375.05
        0.0684793359
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-10-20
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Albion Financing 2 S.a r.l.
        2594009X2UW7EQPIKY23
        Albion Financing 2 S.a r.l.
        013305AA5
        
          
          
        
        125000
        PA
        USD
        120237.01
        0.1943065693
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-15
          Fixed
          8.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Callon Petroleum Company
        549300EFOWPEB0WLZW21
        Callon Petroleum Company
        13123XAZ5
        
          
          
        
        199000
        PA
        USD
        197752.08
        0.3195732183
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-01
          Fixed
          6.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Edgewell Personal Care Colombia S A S
        549300CY8QZDL4Z3RU59
        Edgewell Personal Care Colombia S A S
        28035QAA0
        
          
          
        
        74000
        PA
        USD
        73659.49
        0.1190359175
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-01
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Company
        20S05OYHG0MQM4VUIC57
        Ford Motor Company
        345370BY5
        
          
          
          
        
        83000
        PA
        USD
        90729.01
        0.1466207674
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-10-01
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Company
        20S05OYHG0MQM4VUIC57
        Ford Motor Company
        345370CR9
        
          
          
          
        
        72000
        PA
        USD
        72396.88
        0.1169955023
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-12-08
          Fixed
          4.35
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Company
        20S05OYHG0MQM4VUIC57
        Ford Motor Company
        345370CS7
        
          
          
          
        
        62000
        PA
        USD
        60263.36
        0.0973873746
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-12-08
          Fixed
          5.29
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Company
        20S05OYHG0MQM4VUIC57
        Ford Motor Company
        345370CX6
        
          
          
          
        
        64000
        PA
        USD
        83447.14
        0.1348530498
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-04-22
          Fixed
          9.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ford Motor Company
        20S05OYHG0MQM4VUIC57
        Ford Motor Company
        345370DA5
        
          
          
        
        159000
        PA
        USD
        141989.07
        0.2294585426
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-02-12
          Fixed
          3.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        International Game Technology PLC
        549300UQ6KHRCZDRGZ76
        International Game Technology PLC
        460599AE3
        
          
          
        
        141000
        PA
        USD
        140683.36
        0.2273484765
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-01-15
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JBS USA Food Company
        P77IMDGVZE8EFBTF2M92
        JBS USA Food Company
        46590XAA4
        
          
          
        
        48000
        PA
        USD
        50867.7
        0.0822037098
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-15
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jane Street Group, LLC
        5493002N1IVX6KHGYO08
        Jane Street Group, LLC
        47077WAA6
        
          
          
        
        38000
        PA
        USD
        35996.61
        0.0581715879
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-11-15
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kraft Heinz Foods Company
        5493003STKEZ2S0RNU91
        Kraft Heinz Foods Company
        50077LAX4
        
          
          
        
        218000
        PA
        USD
        220805.2
        0.3568277430
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2039-10-01
          Fixed
          4.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kraft Heinz Foods Company
        5493003STKEZ2S0RNU91
        Kraft Heinz Foods Company
        50077LAZ9
        
          
          
          
        
        153000
        PA
        USD
        161309.49
        0.2606809135
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-10-01
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Midas Opco Holdings LLC
        N/A
        Midas Opco Holdings LLC
        59565JAA9
        
          
          
        
        396000
        PA
        USD
        373788.8
        0.6040537717
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-15
          Fixed
          5.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mozart Debt Merger Sub Inc.
        254900QT3R363TVK6F09
        Mozart Debt Merger Sub Inc.
        62482BAA0
        
          
          
        
        215000
        PA
        USD
        198864.99
        0.3213717138
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-01
          Fixed
          3.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mozart Debt Merger Sub Inc.
        254900QT3R363TVK6F09
        Mozart Debt Merger Sub Inc.
        62482BAB8
        
          
          
        
        243000
        PA
        USD
        226084.95
        0.3653599754
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-01
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          
        
      
      
        NuStar Logistics, L.P.
        N62BF2PKP51FIIOIUN20
        NuStar Logistics, L.P.
        67059TAE5
        
          
          
          
        
        115000
        PA
        USD
        112644.13
        0.1820362504
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-28
          Fixed
          5.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NuStar Logistics, L.P.
        N62BF2PKP51FIIOIUN20
        NuStar Logistics, L.P.
        67059TAF2
        
          
          
          
        
        85000
        PA
        USD
        86013.38
        0.1390001696
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-06-01
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NuStar Logistics, L.P.
        N62BF2PKP51FIIOIUN20
        NuStar Logistics, L.P.
        67059TAH8
        
          
          
          
        
        194000
        PA
        USD
        196567.48
        0.3176588696
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-10-01
          Fixed
          6.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Rocket Mortgage, LLC
        549300FGXN1K3HLB1R50
        Rocket Mortgage, LLC
        77313LAB9
        
          
          
        
        160000
        PA
        USD
        140333.32
        0.2267828015
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2033-10-15
          Fixed
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Royal Caribbean Cruises Ltd.
        K2NEH8QNVW44JIWK7Z55
        Royal Caribbean Cruises Ltd.
        780153AY8
        
          
          
        
        177000
        PA
        USD
        188654.35
        0.3048710172
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-06-01
          Fixed
          10.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Royal Caribbean Cruises Ltd.
        K2NEH8QNVW44JIWK7Z55
        Royal Caribbean Cruises Ltd.
        780153BC5
        
          
          
        
        80000
        PA
        USD
        83387.11
        0.1347560395
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-06-15
          Fixed
          9.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Royal Caribbean Cruises Ltd.
        K2NEH8QNVW44JIWK7Z55
        Royal Caribbean Cruises Ltd.
        780153BH4
        
          
          
        
        124000
        PA
        USD
        115439.06
        0.1865529400
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-01
          Fixed
          4.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Royal Caribbean Cruises Ltd.
        K2NEH8QNVW44JIWK7Z55
        Royal Caribbean Cruises Ltd.
        780153BJ0
        
          
          
        
        213000
        PA
        USD
        206977.71
        0.3344821096
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-31
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Onemain Finance Corporation
        5493008I795YYBFWFU90
        Onemain Finance Corporation
        85172FAS8
        
          
          
          
        
        51000
        PA
        USD
        53762.78
        0.0868822448
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-01
          Fixed
          8.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Targa Resource Corporation
        6OQWTZ1SPC04IFT4T704
        Targa Resource Corporation
        87612BBQ4
        
          
          
        
        83000
        PA
        USD
        86240.25
        0.1393667983
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-03-01
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Targa Resource Corporation
        6OQWTZ1SPC04IFT4T704
        Targa Resource Corporation
        87612BBS0
        
          
          
        
        56000
        PA
        USD
        56433.72
        0.0911985630
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-02-01
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Transocean Inc
        DOL4HJ22ADYSIWES4H94
        Transocean Inc
        893830BQ1
        
          
          
        
        94000
        PA
        USD
        97641.4
        0.1577913944
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-01-30
          Fixed
          11.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Boxer Parent Company Inc.
        5493006T045HLTF7YX04
        Boxer Parent Company Inc.
        103186AB8
        
          
          
        
        46000
        PA
        USD
        47659.89
        0.0770197938
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-10-02
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Midstream, Inc.
        N/A
        DT Midstream, Inc.
        23345MAA5
        
          
          
        
        101000
        PA
        USD
        96907.39
        0.1566052125
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-06-15
          Fixed
          4.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DT Midstream, Inc.
        N/A
        DT Midstream, Inc.
        23345MAB3
        
          
          
        
        74000
        PA
        USD
        70838.76
        0.1144775343
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-06-15
          Fixed
          4.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIRECTV Financing, LLC
        N/A
        DIRECTV Financing, LLC
        25461LAA0
        
          
          
        
        189000
        PA
        USD
        186319.63
        0.3010980405
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-08-15
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EPR Properties
        549300YSSXFHMPOWZ492
        EPR Properties
        26884UAF6
        
          
          
          
        
        136000
        PA
        USD
        128373.88
        0.2074559923
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-15
          Fixed
          3.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Entegris, Inc.
        IYX6OWO7BT5DKO3BYG52
        Entegris, Inc.
        29362UAC8
        
          
          
        
        82000
        PA
        USD
        80007.24
        0.1292940695
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-04-15
          Fixed
          4.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FXI Holdings, Inc.
        549300VLKCUZW3MSVS50
        FXI Holdings, Inc.
        36120RAA7
        
          
          
        
        148000
        PA
        USD
        147340.5
        0.2381066119
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-11-01
          Fixed
          7.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lions Gate Capital Holdings LLC
        549300MWJHNLR35C0837
        Lions Gate Capital Holdings LLC
        53627NAE1
        
          
          
        
        316000
        PA
        USD
        304569.39
        0.4921931550
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-15
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Masonite International Corporation
        549300H0H07ZFT4JYM32
        Masonite International Corporation
        575385AD1
        
          
          
        
        60000
        PA
        USD
        60451.51
        0.0976914306
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-01
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Rolls-Royce Plc
        213800EC7997ZBLZJH69
        Rolls-Royce Plc
        77578JAC2
        
          
          
          
        
        239000
        PA
        USD
        245164.4
        0.3961929317
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-15
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sprint Corporation
        549300ZTTY7CXOLJ6539
        Sprint Corporation
        85207UAH8
        
          
          
          
        
        331000
        PA
        USD
        355115.59
        0.5738773113
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-06-15
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Uber Technologies, Inc.
        549300B2FTG34FILDR98
        Uber Technologies, Inc.
        90353TAE0
        
          
          
        
        179000
        PA
        USD
        190999.6
        0.3086610106
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-15
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Uber Technologies, Inc.
        549300B2FTG34FILDR98
        Uber Technologies, Inc.
        90353TAF7
        
          
          
        
        53000
        PA
        USD
        55300.12
        0.0893666318
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-15
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Uber Technologies, Inc.
        549300B2FTG34FILDR98
        Uber Technologies, Inc.
        90353TAK6
        
          
          
        
        90000
        PA
        USD
        84376.5
        0.1363549231
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-15
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aretec Escrow Issuer Inc
        N/A
        Aretec Escrow Issuer Inc
        040133AA8
        
          
          
        
        85000
        PA
        USD
        81783.9
        0.1321652047
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-01
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Booz Allen Hamilton Inc.
        549300D7XCH2480XU542
        Booz Allen Hamilton Inc.
        09951LAB9
        
          
          
        
        67000
        PA
        USD
        65436.91
        0.1057479847
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-01
          Fixed
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Endo Designated Activity Company
        N/A
        Endo Designated Activity Company
        29273DAB6
        
          
          
        
        187000
        PA
        USD
        164448.42
        0.2657535174
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-31
          Fixed
          9.5
          N
          N
          N
        
        
          N
          N
          
        
      
      
        IHOL Verwaltungs GmbH
        529900JL0HDVGZMUJF32
        IHOL Verwaltungs GmbH
        44963BAD0
        
          
          
        
        161000
        PA
        USD
        158872.61
        0.2567428433
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-05-15
          Fixed
          6.38
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        IHOL Verwaltungs GmbH
        529900JL0HDVGZMUJF32
        IHOL Verwaltungs GmbH
        44963BAE8
        
          
          
        
        88000
        PA
        USD
        86246.32
        0.1393766076
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-15
          Fixed
          6
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        iHeartCommunications, Inc.
        54930076J6KDZL504O62
        iHeartCommunications, Inc.
        45174HBC0
        
          
          
        
        38565
        PA
        USD
        39702.64
        0.0641606422
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-01
          Fixed
          6.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iHeartCommunications, Inc.
        54930076J6KDZL504O62
        iHeartCommunications, Inc.
        45174HBD8
        
          
          
        
        326651
        PA
        USD
        337678.78
        0.5456989099
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-01
          Fixed
          8.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iHeartCommunications, Inc.
        54930076J6KDZL504O62
        iHeartCommunications, Inc.
        45174HBE6
        
          
          
        
        120000
        PA
        USD
        118750.86
        0.1919049069
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-08-15
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iHeartCommunications, Inc.
        54930076J6KDZL504O62
        iHeartCommunications, Inc.
        45174HBG1
        
          
          
        
        50000
        PA
        USD
        47857.41
        0.0773389920
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iShares Broad USD High Yield Corporate Bond ETF
        5493000860OXIC4B5K91
        iShares Broad USD High Yield Corporate Bond ETF
        46435U853
        
          
          
          
        
        45096
        NS
        USD
        1752430.56
        2.8319796886
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SLM Corporation
        4K8SLPBF5DXXGPW03H93
        SLM Corporation
        78442FAZ1
        
          
          
        
        190000
        PA
        USD
        159868.11
        0.2583516007
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2033-08-01
          Fixed
          5.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SLM Corporation
        4K8SLPBF5DXXGPW03H93
        SLM Corporation
        78442FET1
        
          
          
        
        140000
        PA
        USD
        143552.05
        0.2319843645
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-03-25
          Fixed
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Transdigm UK Holdings PLC
        549300JTYP71LZZSE903
        Transdigm UK Holdings PLC
        89365DAB9
        
          
          
        
        51000
        PA
        USD
        52026.85
        0.0840769305
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-15
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Antero Midstream Partners LP
        529900HFO1BDEIT4QU11
        Antero Midstream Partners LP
        03690AAD8
        
          
          
        
        203000
        PA
        USD
        206963.56
        0.3344592428
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-01
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Antero Midstream Partners LP
        529900HFO1BDEIT4QU11
        Antero Midstream Partners LP
        03690AAH9
        
          
          
        
        269000
        PA
        USD
        268652.15
        0.4341498314
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-06-15
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Antero Midstream Partners LP
        529900HFO1BDEIT4QU11
        Antero Midstream Partners LP
        03690EAA6
        
          
          
        
        90000
        PA
        USD
        97430.51
        0.1574505899
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-15
          Fixed
          7.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Boyd Gaming Corporation
        254900787YGRYS2A1Z35
        Boyd Gaming Corporation
        103304BV2
        
          
          
        
        241000
        PA
        USD
        232192.53
        0.3752300056
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-06-15
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Braskem Idesa, S.A.P.I.
        YH0V7ZHY352ITDGEYB83
        Braskem Idesa, S.A.P.I.
        10554NAB4
        
          
          
        
        155000
        PA
        USD
        152347.22
        0.2461976198
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-02-20
          Fixed
          6.99
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clear Channel Outdoor Holdings, Inc.
        N/A
        Clear Channel Outdoor Holdings, Inc.
        18453H106
        
          
          
          
        
        8143
        NS
        USD
        28174.78
        0.0455312790
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Clear Channel Outdoor Holdings, Inc.
        N/A
        Clear Channel Outdoor Holdings, Inc.
        18453HAC0
        
          
          
        
        144000
        PA
        USD
        144735.11
        0.2338962245
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-04-15
          Fixed
          7.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clear Channel Outdoor Holdings, Inc.
        N/A
        Clear Channel Outdoor Holdings, Inc.
        18453HAD8
        
          
          
        
        264000
        PA
        USD
        263475.93
        0.4257849065
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-06-01
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freeport-McMoRan Inc.
        549300IRDTHJQ1PVET45
        Freeport-McMoRan Inc.
        35671DCC7
        
          
          
        
        117000
        PA
        USD
        120368.46
        0.1945189964
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-01
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corporation
        674599CG8
        
          
          
          
        
        35000
        PA
        USD
        35080.97
        0.0566918866
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-15
          Fixed
          3.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corporation
        674599CR4
        
          
          
          
        
        231000
        PA
        USD
        227211.02
        0.3671797379
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-15
          Fixed
          3.2
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corporation
        674599DB8
        
          
          
        
        198000
        PA
        USD
        212562.17
        0.3435067624
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-07-01
          Fixed
          6.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corporation
        674599DF9
        
          
          
        
        234000
        PA
        USD
        274993.7
        0.4443979640
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2036-09-15
          Fixed
          6.45
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corporation
        674599DH5
        
          
          
        
        55000
        PA
        USD
        69757.95
        0.1127309133
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2039-06-15
          Fixed
          7.95
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corporation
        674599DL6
        
          
          
        
        139000
        PA
        USD
        164615.67
        0.2660237983
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2046-03-15
          Fixed
          6.6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corporation
        674599EA9
        
          
          
          
        
        80000
        PA
        USD
        102868.12
        0.1662379287
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-07-15
          Fixed
          8.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SSL Robotics LLC
        N/A
        SSL Robotics LLC
        78472GAA7
        
          
          
        
        32000
        PA
        USD
        34094.49
        0.0550977057
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-12-31
          Fixed
          9.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Terex Corporation
        YAWJZJYEQ7M1SYMOS462
        Terex Corporation
        880779BA0
        
          
          
        
        191000
        PA
        USD
        183494.44
        0.2965324498
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-05-15
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UBS Group AG
        549300SZJ9VS8SGXAN81
        UBS Group AG
        902613AJ7
        
          
          
        
        210000
        PA
        USD
        202058.58
        0.3265326499
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2500-12-31
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lumen Technologies Inc.
        8M3THTGWLTYZVE6BBY25
        Lumen Technologies Inc.
        156700AM8
        
          
          
          
        
        24000
        PA
        USD
        23134.65
        0.0373862796
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2039-09-15
          Fixed
          7.6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lumen Technologies Inc.
        8M3THTGWLTYZVE6BBY25
        Lumen Technologies Inc.
        156700BB1
        
          
          
        
        112000
        PA
        USD
        106677.77
        0.1723944359
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-12-15
          Fixed
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Guitar Center Escrow Issuer II, Inc.
        N/A
        Guitar Center Escrow Issuer II, Inc.
        40204BAA3
        
          
          
        
        375000
        PA
        USD
        382439.58
        0.6180336884
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          8.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        iHeartMedia, Inc.
        N/A
        iHeartMedia, Inc.
        45174J509
        
          
          
          
        
        3283
        NS
        USD
        62147.19
        0.1004316997
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        JBS Finance Luxembourg S.a r.l.
        N/A
        JBS Finance Luxembourg S.a r.l.
        46592QAA7
        
          
          
        
        300000
        PA
        USD
        276144.15
        0.4462571253
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-01-15
          Fixed
          3.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MPLX LP
        5493000CZJ19CK4P3G36
        MPLX LP
        55336V100
        
          
          
          
        
        2200
        NS
        USD
        72996
        0.1179636980
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Sprint Capital Corporation
        549300L17W0GQBR1PO80
        Sprint Capital Corporation
        852060AD4
        
          
          
          
        
        94000
        PA
        USD
        108845.79
        0.1758980204
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-11-15
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Muzinich U.S. High Yield Corporate Bond Fund
        N/A
        Muzinich U.S. High Yield Corporate Bond Fund
        92535WAA8
        
          
          
        
        147000
        PA
        USD
        153004.06
        0.2472590926
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-15
          Fixed
          9.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Viper Energy Partners LP
        5299009LINL232255G03
        Viper Energy Partners LP
        92763MAA3
        
          
          
        
        44000
        PA
        USD
        44846.36
        0.0724730460
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-11-01
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Advantage Sales & Marketing Inc.
        549300T4O24KQDED1182
        Advantage Sales & Marketing Inc.
        00775PAA5
        
          
          
        
        292000
        PA
        USD
        277173.83
        0.4479211186
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-11-15
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSC Holdings, LLC
        3HG2WD2W22M120IUNG49
        CSC Holdings, LLC
        126307AS6
        
          
          
        
        448000
        PA
        USD
        435010.76
        0.7029902723
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-01
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSC Holdings, LLC
        3HG2WD2W22M120IUNG49
        CSC Holdings, LLC
        126307AY3
        
          
          
        
        300000
        PA
        USD
        294799.11
        0.4764040931
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-04-01
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSC Holdings, LLC
        3HG2WD2W22M120IUNG49
        CSC Holdings, LLC
        126307BH9
        
          
          
        
        305000
        PA
        USD
        273341.52
        0.4417279922
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-11-15
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Commscope Finance LLC
        254900AW4CEPCQWSRI58
        Commscope Finance LLC
        20338QAA1
        
          
          
        
        93000
        PA
        USD
        90468.42
        0.1461996462
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-01
          Fixed
          8.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Commscope Finance LLC
        254900AW4CEPCQWSRI58
        Commscope Finance LLC
        20338QAD5
        
          
          
        
        95000
        PA
        USD
        96065.63
        0.1552449034
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-01
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Diamond Sports Group, LLC
        5493002K6DHWNZH8YA34
        Diamond Sports Group, LLC
        25277LAC0
        
          
          
        
        113000
        PA
        USD
        23365.11
        0.0377587098
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-08-15
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Diamond Sports Group, LLC
        5493002K6DHWNZH8YA34
        Diamond Sports Group, LLC
        25277LAF3
        
          
          
        
        93000
        PA
        USD
        35636.52
        0.0575896718
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-08-15
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gray Television, Inc.
        529900TM5726KDN7UU35
        Gray Television, Inc.
        389286AA3
        
          
          
        
        203000
        PA
        USD
        194171.03
        0.3137861355
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-11-15
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Service Properties Trust
        529900IS770AG1K9QG27
        Service Properties Trust
        44106MAV4
        
          
          
        
        373000
        PA
        USD
        352737.18
        0.5700337303
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-02-15
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Intelligent Packaging Limited Purchaser Inc.
        549300D73EZIFX49H897
        Intelligent Packaging Limited Purchaser Inc.
        45827MAA5
        
          
          
        
        172000
        PA
        USD
        170110.59
        0.2749037518
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-09-15
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MPH Acquisition Holdings LLC
        5493002WXOPRPTXWTU06
        MPH Acquisition Holdings LLC
        553283AD4
        
          
          
        
        189000
        PA
        USD
        181297.04
        0.2929813863
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-09-01
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        T-Mobile USA, Inc.
        549300V2JRLO5DIFGE82
        T-Mobile USA, Inc.
        87264ABV6
        
          
          
        
        149000
        PA
        USD
        142009.62
        0.2294917520
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-15
          Fixed
          3.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        USA Compression Finance Corp.
        N/A
        USA Compression Finance Corp.
        91740PAC2
        
          
          
        
        104000
        PA
        USD
        105306.03
        0.1701776634
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-01
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        USA Compression Finance Corp.
        N/A
        USA Compression Finance Corp.
        91740PAF5
        
          
          
        
        325000
        PA
        USD
        326732.23
        0.5280089609
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-01
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VistaJet Malta Finance P.L.C.
        5299001UK94VGT0CPQ36
        VistaJet Malta Finance P.L.C.
        92840JAB5
        
          
          
        
        310000
        PA
        USD
        291731
        0.4714459365
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-02-01
          Fixed
          6.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC
        N/A
        CCO Holdings, LLC
        1248EPBT9
        
          
          
        
        108000
        PA
        USD
        108198.11
        0.1748513504
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-05-01
          Fixed
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC
        N/A
        CCO Holdings, LLC
        1248EPBX0
        
          
          
        
        203000
        PA
        USD
        201017.72
        0.3248505893
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-01
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC
        N/A
        CCO Holdings, LLC
        1248EPCB7
        
          
          
        
        351000
        PA
        USD
        350358.33
        0.5661894382
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-06-01
          Fixed
          5.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC
        N/A
        CCO Holdings, LLC
        1248EPCN1
        
          
          
        
        111000
        PA
        USD
        101578.08
        0.1641531858
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-05-01
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC
        N/A
        CCO Holdings, LLC
        1248EPCP6
        
          
          
        
        125000
        PA
        USD
        108392.28
        0.1751651349
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2034-01-15
          Fixed
          4.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO Holdings, LLC
        N/A
        CCO Holdings, LLC
        1248EPCQ4
        
          
          
        
        74000
        PA
        USD
        68962.35
        0.1114452001
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-02-01
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bip-V Chinook
        N/A
        Bip-V Chinook
        12657NAA8
        
          
          
        
        395000
        PA
        USD
        389496.69
        0.6294381872
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-06-15
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Endo Luxembourg Finance Company I S.a r.l.
        222100B15VY0VVCTG251
        Endo Luxembourg Finance Company I S.a r.l.
        29280BAA3
        
          
          
        
        118000
        PA
        USD
        107639.34
        0.1739483615
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-01
          Fixed
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Flex Acquisition Company, Inc.
        549300HHED2KGPBEDW39
        Flex Acquisition Company, Inc.
        33936YAA3
        
          
          
        
        155000
        PA
        USD
        155591.76
        0.2514408925
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-01-15
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hexion Inc.
        54930030FZF8HYAEHM46
        Hexion Inc.
        42829LAF1
        
          
          
        
        163000
        PA
        USD
        172541.75
        0.2788325784
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-15
          Fixed
          7.88
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Logan Merger Sub, Inc.
        549300D12V5KRBV00592
        Logan Merger Sub, Inc.
        541056AA5
        
          
          
        
        202000
        PA
        USD
        189034.47
        0.3054853024
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-01
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Macys Retail Holdings
        N/A
        Macys Retail Holdings
        55617LAQ5
        
          
          
        
        118000
        PA
        USD
        116468.44
        0.1882164486
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-03-15
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Macys Retail Holdings
        N/A
        Macys Retail Holdings
        55617LAR3
        
          
          
        
        181000
        PA
        USD
        178750.93
        0.2888667971
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-03-15
          Fixed
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prime Security Services Borrower, LLC
        549300O6QPZVWXV2DC15
        Prime Security Services Borrower, LLC
        74166MAB2
        
          
          
        
        52000
        PA
        USD
        53276.62
        0.0860965959
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-04-15
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prime Security Services Borrower, LLC
        549300O6QPZVWXV2DC15
        Prime Security Services Borrower, LLC
        74166MAC0
        
          
          
        
        81000
        PA
        USD
        82611.93
        0.1335033257
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-15
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prime Security Services Borrower, LLC
        549300O6QPZVWXV2DC15
        Prime Security Services Borrower, LLC
        74166MAE6
        
          
          
        
        233000
        PA
        USD
        228191.68
        0.3687645135
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          6.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prime Security Services Borrower, LLC
        549300O6QPZVWXV2DC15
        Prime Security Services Borrower, LLC
        74166MAF3
        
          
          
        
        55000
        PA
        USD
        50433.63
        0.0815022398
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-08-31
          Fixed
          3.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        QVC, Inc.
        549300WBLU5NKPX5X472
        QVC, Inc.
        747262AW3
        
          
          
        
        247000
        PA
        USD
        205987.4
        0.3328817394
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2034-08-15
          Fixed
          5.45
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Summit Materials, LLC
        549300C97P3BW8QROE16
        Summit Materials, LLC
        86614RAN7
        
          
          
        
        138000
        PA
        USD
        136318.83
        0.2202952668
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-01-15
          Fixed
          5.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Uniti Group Inc.
        549300V3NU625PJUVA84
        Uniti Group Inc.
        91327AAA0
        
          
          
        
        55000
        PA
        USD
        57169.59
        0.0923877507
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-15
          Fixed
          7.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ViaSat, Inc.
        UFC8NYMNFSYIHNSM2I38
        ViaSat, Inc.
        92552VAK6
        
          
          
        
        179000
        PA
        USD
        175072.99
        0.2829231372
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-09-15
          Fixed
          5.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ViaSat, Inc.
        UFC8NYMNFSYIHNSM2I38
        ViaSat, Inc.
        92552VAL4
        
          
          
        
        96000
        PA
        USD
        94716.03
        0.1530639098
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-15
          Fixed
          5.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ViaSat, Inc.
        UFC8NYMNFSYIHNSM2I38
        ViaSat, Inc.
        92552VAN0
        
          
          
        
        91000
        PA
        USD
        87364.1
        0.1411829732
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-07-15
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Energean Israel Finance Ltd
        98450044QACBL3F8EB03
        Energean Israel Finance Ltd
        N/A
        
          
          
        
        265000
        PA
        USD
        255725
        0.4132591741
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-03-30
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CDI Escrow Issuer Inc
        N/A
        CDI Escrow Issuer Inc
        12511VAA6
        
          
          
        
        168000
        PA
        USD
        169797.28
        0.2743974335
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-04-02
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Centene Corporation
        549300Z7JJ4TQSQGT333
        Centene Corporation
        15135BAV3
        
          
          
        
        88000
        PA
        USD
        82957.6
        0.1340619386
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-02-15
          Fixed
          3.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cushman & Wakefield U.S. Borrower, LLC
        N/A
        Cushman & Wakefield U.S. Borrower, LLC
        23166MAA1
        
          
          
        
        93000
        PA
        USD
        97181.97
        0.1570489419
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-05-15
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Husky Energy Inc.
        5493001LRMU2TM8ZZZ78
        Husky Energy Inc.
        44810RAA6
        
          
          
        
        297000
        PA
        USD
        308880.4
        0.4991598748
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-15
          Fixed
          13
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        Nielsen Finance LLC
        UJ76Y189LDMPCOCW7204
        Nielsen Finance LLC
        65409QBF8
        
          
          
        
        140000
        PA
        USD
        140323.47
        0.2267668836
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-10-01
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nielsen Finance LLC
        UJ76Y189LDMPCOCW7204
        Nielsen Finance LLC
        65409QBK7
        
          
          
        
        215000
        PA
        USD
        214692.89
        0.3469500690
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-07-15
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Owens & Minor, Inc.
        549300LMT5KQQXCEZ733
        Owens & Minor, Inc.
        690732AG7
        
          
          
        
        98000
        PA
        USD
        100833.84
        0.1629504719
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-04-01
          Fixed
          6.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corporation
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corporation
        88033GCN8
        
          
          
          
        
        76000
        PA
        USD
        79190.34
        0.1279739349
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2023-06-15
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corporation
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corporation
        88033GCY4
        
          
          
        
        93000
        PA
        USD
        94107.06
        0.1520797962
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-01
          Fixed
          4.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corporation
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corporation
        88033GDA5
        
          
          
        
        183000
        PA
        USD
        183944.39
        0.2972595823
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-11-01
          Fixed
          5.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corporation
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corporation
        88033GDG2
        
          
          
        
        140000
        PA
        USD
        137878.55
        0.2228158205
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-15
          Fixed
          4.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corporation
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corporation
        88033GDN7
        
          
          
        
        160000
        PA
        USD
        153722.44
        0.2484200160
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-01-15
          Fixed
          4.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Airlines Pass Through Certificates, Series 2015-1
        K1OQBWM7XEOO08LDNP29
        United Airlines Pass Through Certificates, Series 2015-1
        90932LAG2
        
          
          
        
        41000
        PA
        USD
        40368.62
        0.0652368856
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-15
          Fixed
          4.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Airlines Pass Through Certificates, Series 2015-1
        K1OQBWM7XEOO08LDNP29
        United Airlines Pass Through Certificates, Series 2015-1
        90932LAH0
        
          
          
        
        308000
        PA
        USD
        293215.65
        0.4738451749
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-15
          Fixed
          4.63
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        APi Escrow Corp.
        N/A
        APi Escrow Corp.
        00185PAA9
        
          
          
        
        157000
        PA
        USD
        146006.63
        0.2359510385
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-15
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carpenter Technology Corporation
        DX6I6ZD3X5WNNCDJKP85
        Carpenter Technology Corporation
        144285AL7
        
          
          
          
        
        63000
        PA
        USD
        63232.39
        0.1021854151
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-07-15
          Fixed
          6.38
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Castlelake Aviation Finance Designated Activity Company
        N/A
        Castlelake Aviation Finance Designated Activity Company
        14856HAA6
        
          
          
        
        157000
        PA
        USD
        140176.2
        0.2265288909
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-15
          Fixed
          5
          N
          N
          N
        
        
          N
          N
          
        
      
      
        EG Global Finance PLC
        549300TL8Q5207VYET27
        EG Global Finance PLC
        28228PAA9
        
          
          
        
        180000
        PA
        USD
        178875
        0.2890672979
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-07
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EG Global Finance PLC
        549300TL8Q5207VYET27
        EG Global Finance PLC
        28228PAB7
        
          
          
        
        230000
        PA
        USD
        235411.14
        0.3804313747
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-10-30
          Fixed
          8.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Embarq Corporation
        N/A
        Embarq Corporation
        29078EAA3
        
          
          
          
        
        144000
        PA
        USD
        138776.81
        0.2242674353
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2036-06-01
          Fixed
          8
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State Street U.S. Government Money Market Fund
        N/A
        State Street U.S. Government Money Market Fund
        857492706
        
          
          
          
        
        1979899.14
        NS
        USD
        1979899.14
        3.1995756510
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TK Elevator Holdco GmbH
        2549008GCHWX9EEMIS56
        TK Elevator Holdco GmbH
        92537VAA8
        
          
          
        
        186000
        PA
        USD
        186103.11
        0.3007481378
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-07-15
          Fixed
          7.63
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Finastra USA, Inc.
        N/A
        Finastra USA, Inc.
        02034DAC1
        
          
        
        47025.11
        PA
        USD
        46373.34
        0.0749406909
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2024-04-26
          Floating
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Acrisure, LLC
        N/A
        Acrisure, LLC
        00488PAL9
        
          
        
        95794.97
        PA
        USD
        94278.54
        0.1523569130
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2027-01-30
          Floating
          3.72
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dynasty Acquisition Co., Inc.
        N/A
        Dynasty Acquisition Co., Inc.
        26812CAF3
        
          
        
        23522.77
        PA
        USD
        23071.84
        0.0372847768
        Long
        LON
        CORP
        CA
        
        N
        
        2
        
          2026-04-06
          Floating
          3.72
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Advisor Group, Inc.
        N/A
        Advisor Group, Inc.
        00775KAE8
        
          
        
        83505.01
        PA
        USD
        83061.6
        0.1342300057
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2026-07-31
          Floating
          4.71
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Peraton Corp.
        N/A
        Peraton Corp.
        71360HAB3
        
          
        
        141928.42
        PA
        USD
        140730.54
        0.2274247208
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-02-22
          Floating
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AAdvantage Loyalty IP Ltd.
        N/A
        AAdvantage Loyalty IP Ltd.
        02376CBJ3
        
          
        
        187000
        PA
        USD
        189161.72
        0.3056909421
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-03-10
          Floating
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Redstone Holdco 2 LP
        N/A
        Redstone Holdco 2 LP
        75774EAG0
        
          
        
        149250
        PA
        USD
        145518.75
        0.2351626100
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-04-27
          Floating
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United Airlines, Inc.
        N/A
        United Airlines, Inc.
        90932RAJ3
        
          
        
        53694.25
        PA
        USD
        52978.51
        0.0856148413
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-04-14
          Floating
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TGP Holdings III, LLC
        N/A
        TGP Holdings III, LLC
        87251RAK9
        
          
        
        101571.43
        PA
        USD
        97000.72
        0.1567560365
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-06-24
          Floating
          4
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cornerstone OnDemand, Inc.
        N/A
        Cornerstone OnDemand, Inc.
        86803YAB9
        
          
        
        69876
        PA
        USD
        69089.9
        0.1116513247
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2026-09-08
          Floating
          4.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Great Outdoors Group, LLC
        N/A
        Great Outdoors Group, LLC
        07014QAN1
        
          
        
        148711.83
        PA
        USD
        147968.27
        0.2391211069
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2028-02-26
          Floating
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NAC Aviation 29 DAC
        N/A
        NAC Aviation 29 DAC
        N/A
        
          
        
        4332.16
        PA
        USD
        4418.8
        0.0071409117
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2022-09-07
          Floating
          9
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NAC Aviation 29 DAC
        N/A
        NAC Aviation 29 DAC
        N/A
        
          
        
        4332.16
        PA
        USD
        4418.8
        0.0071409117
        Long
        LON
        CORP
        US
        
        N
        
        2
        
          2022-09-07
          Floating
          9
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Advisor Group Holdings, Inc.
        N/A
        Advisor Group Holdings, Inc.
        00791GAA5
        
          
          
        
        188000
        PA
        USD
        202223.62
        0.3267993594
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-08-01
          Fixed
          10.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Altice France
        5493001ZMCICV4N02J21
        Altice France
        02156TAA2
        
          
          
        
        84000
        PA
        USD
        72450.52
        0.1170821862
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-15
          Fixed
          6
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Buckeye Partners, L.P.
        549300C1PQJLVEIUBK50
        Buckeye Partners, L.P.
        118230AM3
        
          
          
        
        120000
        PA
        USD
        101889.36
        0.1646562235
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2043-11-15
          Fixed
          5.85
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Buckeye Partners, L.P.
        549300C1PQJLVEIUBK50
        Buckeye Partners, L.P.
        118230AP6
        
          
          
        
        19000
        PA
        USD
        15931.25
        0.0257453719
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2044-10-15
          Fixed
          5.6
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Buckeye Partners, L.P.
        549300C1PQJLVEIUBK50
        Buckeye Partners, L.P.
        118230AU5
        
          
          
        
        167000
        PA
        USD
        160115.9
        0.2587520367
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-03-01
          Fixed
          4.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cargo Aircraft Management, Inc.
        549300GH5J7LOMV44F11
        Cargo Aircraft Management, Inc.
        14180LAA4
        
          
          
        
        166000
        PA
        USD
        161835.35
        0.2615307189
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-01
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Churchill Downs Incorporated
        529900FODTBQC8MIS994
        Churchill Downs Incorporated
        171484AE8
        
          
          
        
        45000
        PA
        USD
        43650.56
        0.0705405978
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          4.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Audacy, Inc.
        N/A
        Audacy, Inc.
        29365DAB5
        
          
          
        
        233000
        PA
        USD
        217584.23
        0.3516225601
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-03-31
          Fixed
          6.75
          N
          N
          N
        
        
          N
          N
          
        
      
      
        General Electric Company
        3C7474T6CDKPR9K6YT90
        General Electric Company
        369604BQ5
        
          
          
          
        
        53000
        PA
        USD
        50913.13
        0.0822771260
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2500-12-31
          Floating
          4.16
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hilcorp Energy I, L.P.
        549300ITPIHLG0LHEC09
        Hilcorp Energy I, L.P.
        431318AS3
        
          
          
        
        264000
        PA
        USD
        267174.7
        0.4317622284
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-11-01
          Fixed
          6.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hilcorp Energy I, L.P.
        549300ITPIHLG0LHEC09
        Hilcorp Energy I, L.P.
        431318AU8
        
          
          
        
        61000
        PA
        USD
        61024.94
        0.0986181105
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-01
          Fixed
          5.75
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Intelligent Packaging Holdco Issuer Ltd Partnership
        N/A
        Intelligent Packaging Holdco Issuer Ltd Partnership
        45827CAA7
        
          
          
        
        39000
        PA
        USD
        38613.27
        0.0624001880
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          9
          N
          N
          Y
        
        
          N
          N
          N
        
      
      
        Bath & Body Works, Inc.
        GR3KVMWVCR54YWQNXU90
        Bath & Body Works, Inc.
        501797AL8
        
          
          
          
        
        165000
        PA
        USD
        169980.14
        0.2746929407
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2035-11-01
          Fixed
          6.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bath & Body Works, Inc.
        GR3KVMWVCR54YWQNXU90
        Bath & Body Works, Inc.
        501797AR5
        
          
          
          
        
        140000
        PA
        USD
        151748.39
        0.2452298927
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-06-15
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Minerva Merger Sub Inc
        N/A
        Minerva Merger Sub Inc
        60337JAA4
        
          
          
        
        98000
        PA
        USD
        95075.34
        0.1536445654
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-02-15
          Fixed
          6.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NMG Holding Company, Inc.
        N/A
        NMG Holding Company, Inc.
        62929RAC2
        
          
          
        
        230000
        PA
        USD
        236700.21
        0.3825145500
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-01
          Fixed
          7.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Par Pharmaceutical, Inc.
        549300GLBA6FLQZ70X71
        Par Pharmaceutical, Inc.
        69888XAA7
        
          
          
        
        89000
        PA
        USD
        83080.14
        0.1342599669
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-04-01
          Fixed
          7.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pilgrim's Pride Corporation
        549300ZSLGV64ZL3HD75
        Pilgrim's Pride Corporation
        72147KAE8
        
          
          
        
        131000
        PA
        USD
        132431.39
        0.2140130486
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-30
          Fixed
          5.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pilgrim's Pride Corporation
        549300ZSLGV64ZL3HD75
        Pilgrim's Pride Corporation
        72147KAF5
        
          
          
        
        210000
        PA
        USD
        194192.77
        0.3138212679
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-04-15
          Fixed
          4.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pilgrim's Pride Corporation
        549300ZSLGV64ZL3HD75
        Pilgrim's Pride Corporation
        72147KAG3
        
          
          
        
        53000
        PA
        USD
        46335.74
        0.0748799282
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-03-01
          Fixed
          3.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Stena International S.A R.L.
        213800A4LTGG4W55QP46
        Stena International S.A R.L.
        85858EAB9
        
          
          
        
        142000
        PA
        USD
        142108.36
        0.2296513187
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-01
          Fixed
          6.13
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Terrier Media Buyer, Inc.
        N/A
        Terrier Media Buyer, Inc.
        88146LAA1
        
          
          
        
        429000
        PA
        USD
        439977.58
        0.7110168006
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-12-15
          Fixed
          8.88
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TransDigm Inc.
        88Q84GB3X55CF5OC7582
        TransDigm Inc.
        893647BE6
        
          
          
        
        296000
        PA
        USD
        304780.44
        0.4925342181
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-03-15
          Fixed
          6.25
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TransDigm Inc.
        88Q84GB3X55CF5OC7582
        TransDigm Inc.
        893647BK2
        
          
          
        
        34000
        PA
        USD
        35460.72
        0.0573055738
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-12-15
          Fixed
          8
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Telenet Finance Luxembourg Notes S.A R.L.
        2138007RI9GLJPCC3E25
        Telenet Finance Luxembourg Notes S.A R.L.
        N/A
        
          
          
        
        200000
        PA
        USD
        193250
        0.3122977237
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-03-01
          Fixed
          5.5
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nordic Aviation Capital DAC
        N/A
        Nordic Aviation Capital DAC
        N/A
        
          
        
        129133.33
        PA
        USD
        106535
        0.1721637154
        Long
        DBT
        CORP
        US
        
        N
        
        3
        
          2027-03-14
          Fixed
          0
          Y
          N
          Y
        
        
          N
          N
          N
        
      
      
        Nordic Aviation Capital DAC
        N/A
        Nordic Aviation Capital DAC
        N/A
        
          
        
        81782.11
        PA
        USD
        59128.47
        0.0955533588
        Long
        DBT
        CORP
        US
        
        N
        
        3
        
          2024-02-27
          Fixed
          0
          Y
          N
          Y
        
        
          N
          N
          N
        
      
      
        State Street Navigator Securities Lending Government Money Market Portfolio
        N/A
        State Street Navigator Securities Lending Government Money Market Portfolio
        N/A
        
          
        
        3956135
        NS
        USD
        3956135
        6.3932313331
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
    
    
      2022-05-25
      PPM Funds
      Andrew Tedeschi
      Andrew Tedeschi
      Principal Financial Officer
    
  
  XXXX

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
PPM Core Plus Fixed Income Fund
CORPORATE BONDS AND NOTES 49.5%
Financials 19.6%
	AerCap Ireland Capital Designated Activity Company
		6.50%, 07/15/25	50,000		53,026
		2.45%, 10/29/26	165,000		152,531
		3.00%, 10/29/28	163,000		150,260
		3.30%, 01/30/32	195,000		176,260
	Aon Corporation
		3.90%, 02/28/52	49,000		48,311
	Ares Finance Co. IV LLC
		3.65%, 02/01/52 (a)	66,000		56,102
	Bank of America Corporation
		6.30%, (100, 03/10/26) (b) (c)	45,000		47,855
		4.00%, 01/22/25	46,000		46,842
		4.25%, 10/22/26	165,000		169,653
		3.56%, 04/23/27	115,000		115,415
		1.73%, 07/22/27	103,000		95,745
		3.59%, 07/21/28	150,000		150,274
		4.27%, 07/23/29	333,000		343,684
		2.59%, 04/29/31	100,000		92,376
		2.30%, 07/21/32	265,000		235,837
		2.68%, 06/19/41	65,000		55,073
	Barclays PLC
		3.56%, 09/23/35 (d)	295,000		270,080
	Berkshire Hathaway Finance Corporation
		2.85%, 10/15/50	123,000		106,630
	BlackRock, Inc.
		2.10%, 02/25/32	268,000		242,045
	Blackstone Holdings Finance Co. L.L.C.
		2.00%, 01/30/32 (a)	142,000		123,666
	Blackstone Private Credit Fund
		1.75%, 09/15/24 (a)	52,000		48,823
		2.63%, 12/15/26 (a)	99,000		88,846
		3.25%, 03/15/27 (a)	141,000		129,455
		4.00%, 01/15/29 (a)	60,000		55,477
	Blackstone Secured Lending Fund
		2.85%, 09/30/28 (a)	135,000		117,146
	BNP Paribas
		2.16%, 09/15/29 (a)	110,000		98,088
		2.59%, 08/12/35 (a) (d)	150,000		130,034
	Canadian Imperial Bank of Commerce
		3.60%, 04/07/32 (d)	110,000		109,532
	Citigroup Inc.
		5.00%, (100, 09/12/24) (c)	83,000		82,260
		4.45%, 09/29/27	76,000		78,376
		3.52%, 10/27/28	131,000		129,983
		2.67%, 01/29/31	224,000		207,043
		2.57%, 06/03/31	142,000		129,606
		3.06%, 01/25/33	135,000		126,359
		3.79%, 03/17/33	78,000		77,513
	CNO Global Funding
		1.75%, 10/07/26 (a)	150,000		138,566
	Credit Suisse Group AG
		5.25%, (100, 02/11/27) (a) (c)	200,000		184,697
		7.50%, (100, 12/11/23) (a) (b) (c) (d)	150,000		154,901
		6.50%, 08/08/23 (a) (d)	250,000		256,400
	Deutsche Bank Aktiengesellschaft
		3.73%, 01/14/32 (b) (d)	100,000		88,702
		3.04%, 05/28/32 (d)	90,000		80,469
	F&G Global Funding
		2.00%, 09/20/28 (a)	120,000		107,380
	Ford Motor Credit Company LLC
		5.13%, 06/16/25	75,000		76,878
		4.95%, 05/28/27	128,000		130,137
	FS KKR Capital Corp.
		3.40%, 01/15/26	102,000		98,878
		3.13%, 10/12/28 (b)	90,000		80,401
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	75,000		79,049
	HSBC Holdings PLC
		2.80%, 05/24/32	200,000		182,079
	Icahn Enterprises L.P.
		4.75%, 09/15/24	100,000		100,502
		6.25%, 05/15/26	69,000		70,808
	Jane Street Group, LLC
		4.50%, 11/15/29 (a)	34,000		32,207
	JBS Finance Luxembourg S.a r.l.
		2.50%, 01/15/27 (a)	68,000		63,351
	JPMorgan Chase & Co.
		2.01%, 03/13/26	132,000		127,267
		2.95%, 02/24/28	86,000		83,945
		2.07%, 06/01/29	174,000		159,591
		2.74%, 10/15/30	215,000		203,217
	Lloyds Banking Group PLC
		7.50%, (100, 09/27/25) (c) (d)	109,000		116,630
		3.87%, 07/09/25 (d)	200,000		201,718
	LSEGA Financing PLC
		2.50%, 04/06/31 (a)	90,000		82,235
		3.20%, 04/06/41 (a)	28,000		25,282
	Macquarie Group Limited
		2.87%, 01/14/33 (a)	82,000		72,743
	Markel Corporation
		6.00%, (100, 06/01/25) (b) (c)	78,000		81,378
	Morgan Stanley
		0.99%, 12/10/26	200,000		184,032
		1.51%, 07/20/27	135,000		124,351
		3.62%, 04/01/31	206,000		205,210
		2.51%, 10/20/32	300,000		271,656
		2.94%, 01/21/33	64,000		59,969
		2.48%, 09/16/36	90,000		77,230
	NatWest Group PLC
		3.07%, 05/22/28 (d)	124,000		118,939
		3.03%, 11/28/35 (d)	100,000		88,507
	NatWest Markets PLC
		1.60%, 09/29/26 (a)	242,000		221,608
	New York Life Global Funding
		1.85%, 08/01/31 (a)	119,000		104,282
	Nordic Aviation Capital
		0.00%, 03/14/25 (e) (f) (g) (h) (i)	139,295		105,586
	Owl Rock Capital Corporation
		3.40%, 07/15/26	87,000		81,790
	Rassman, Joel H.
		3.80%, 11/01/29 (b)	190,000		184,022
	S&P Global Inc.
		4.25%, 05/01/29 (a)	73,000		76,816
	The Goldman Sachs Group, Inc.
		3.50%, 04/01/25	82,000		82,548
		2.64%, 02/24/28	183,000		175,145
		3.80%, 03/15/30	211,000		212,668
		2.62%, 04/22/32	39,000		35,449
		2.38%, 07/21/32	170,000		151,066
		3.10%, 02/24/33	127,000		119,837
		6.75%, 10/01/37	70,000		87,978
	The Hartford Financial Services Group, Inc.
		2.90%, 09/15/51 (b)	66,000		54,540
	The Toronto-Dominion Bank
		3.20%, 03/10/32 (d)	96,000		94,321
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (c)	200,000		192,437
	Wells Fargo & Company
		3.53%, 03/24/28	239,000		238,684
	Westpac Banking Corporation
		2.67%, 11/15/35 (d)	48,000		41,780
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (a)	144,000		143,971
				10,954,039
Energy 5.5%
	Aker BP ASA
		3.75%, 01/15/30 (a)	155,000		151,715
	BP Capital Markets America Inc.
		2.72%, 01/12/32	110,000		103,662
	Cenovus Energy Inc.
		2.65%, 01/15/32 (b)	217,000		196,182
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	54,000		57,153

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32 (a)	33,000		30,055
	Cheniere Energy, Inc.
		4.63%, 10/15/28	65,000		65,388
		4.50%, 10/01/29	125,000		125,610
	Continental Resources, Inc.
		5.75%, 01/15/31 (a)	95,000		103,822
	Devon Energy Corporation
		5.88%, 06/15/28	39,000		41,197
		4.50%, 01/15/30	34,000		34,905
	Endeavor Energy Resources, L.P.
		5.75%, 01/30/28 (a)	14,000		14,445
	Energy Transfer LP
		6.50%, (100, 08/15/26) (b) (c)	110,000		108,387
		6.75%, (100, 05/15/25) (b) (c)	102,000		99,209
		7.13%, (100, 05/15/30) (c)	119,000		115,992
		3.75%, 05/15/30	142,000		139,918
		5.80%, 06/15/38	45,000		48,760
		6.25%, 04/15/49	40,000		45,881
	Enlink Midstream, LLC
		4.15%, 06/01/25	71,000		70,769
	EQM Midstream Partners, LP
		4.13%, 12/01/26 (b)	113,000		108,483
		4.50%, 01/15/29 (a)	49,000		46,045
	EQT Corporation
		3.13%, 05/15/26 (a)	10,000		9,697
		3.90%, 10/01/27	47,000		46,905
	Helmerich & Payne, Inc.
		2.90%, 09/29/31 (a)	45,000		41,312
	Marathon Oil Corporation
		4.40%, 07/15/27	103,000		106,504
	NuStar Logistics, L.P.
		5.75%, 10/01/25	11,000		11,234
	Occidental Petroleum Corporation
		4.30%, 08/15/39	20,000		18,876
	Rattler Midstream LP
		5.63%, 07/15/25 (a)	15,000		15,207
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	300,000		308,169
		4.50%, 05/15/30	80,000		83,835
	Santos Finance Ltd
		3.65%, 04/29/31 (a)	153,000		143,598
	Southwestern Energy Company
		4.75%, 02/01/32	60,000		59,930
	Targa Resources Corp.
		5.50%, 03/01/30	140,000		145,465
		4.88%, 02/01/31	56,000		56,434
		4.20%, 02/01/33	46,000		46,427
		4.95%, 04/15/52	64,000		63,360
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	12,300		12,222
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	45,937		45,475
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	87,500		86,835
	Venture Global Calcasieu Pass, LLC
		3.88%, 11/01/33 (a)	70,000		66,906
				3,075,969
Consumer Discretionary 5.1%
	Amazon.com, Inc.
		2.10%, 05/12/31	115,000		106,932
		2.88%, 05/12/41	90,000		83,038
		3.10%, 05/12/51	55,000		51,663
	BMW US Capital, LLC
		3.70%, 04/01/32 (a)	97,000		98,033
	Booking Holdings Inc.
		4.63%, 04/13/30	149,000		161,811
	Carnival Corporation
		4.00%, 08/01/28 (a)	51,000		47,538
	Cedar Fair, L.P.
		5.50%, 05/01/25 (a)	83,000		85,254
	General Motors Company
		6.80%, 10/01/27	39,000		44,021
	General Motors Financial Company, Inc.
		2.40%, 04/10/28	100,000		90,676
		3.10%, 01/12/32 (b)	161,000		144,873
	Hilton Domestic Operating Company Inc.
		5.38%, 05/01/25 (a)	33,000		33,761
		5.75%, 05/01/28 (a)	33,000		34,151
	Hyatt Hotels Corporation
		5.38%, 04/23/25 (j) (k)	45,000		47,162
	Kohl's Corporation
		3.38%, 05/01/31 (b) (k)	85,000		81,600
	Lowe`s Companies, Inc.
		3.00%, 10/15/50	36,000		30,606
	M.D.C. Holdings, Inc.
		6.00%, 01/15/43 (k)	11,000		11,430
	Macys Retail Holdings
		5.88%, 03/15/30 (a) (b)	69,000		68,104
		6.13%, 03/15/32 (a)	65,000		64,192
	Magallanes, Inc.
		4.28%, 03/15/32 (a)	107,000		107,603
		5.05%, 03/15/42 (a)	205,000		209,140
		5.14%, 03/15/52 (a)	128,000		131,038
		5.39%, 03/15/62 (a)	44,000		45,462
	Marriott International, Inc.
		3.75%, 03/15/25	60,000		60,553
		5.75%, 05/01/25 (k)	6,000		6,371
	Mattel, Inc.
		3.38%, 04/01/26 (a)	63,000		61,780
	Meritage Homes Corporation
		3.88%, 04/15/29 (a) (b)	80,000		76,175
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	35,026		36,467
	Newell Brands Inc.
		4.88%, 06/01/25	46,000		47,522
	NIKE, Inc.
		3.25%, 03/27/40	74,000		71,918
	NVR, Inc.
		3.00%, 05/15/30	134,000		125,141
	Prosus N.V.
		4.19%, 01/19/32 (a)	73,000		64,005
	Resorts World Las Vegas LLC
		4.63%, 04/06/31 (a)	200,000		175,536
	Restaurant Brands International Limited Partnership
		3.88%, 01/15/28 (a)	19,000		18,022
		3.50%, 02/15/29 (a)	16,000		14,784
	Ross Stores, Inc.
		4.60%, 04/15/25 (b)	99,000		102,954
	Royal Caribbean Cruises Ltd.
		11.50%, 06/01/25 (a)	13,000		14,284
	Sands China Ltd.
		2.55%, 03/08/27 (a) (j) (k)	200,000		170,743
				2,824,343
Health Care 4.5%
	AbbVie Inc.
		3.20%, 11/21/29	135,000		133,420
		4.50%, 05/14/35	55,000		59,010
	Amgen Inc.
		3.35%, 02/22/32 (b)	97,000		96,197
		3.15%, 02/21/40	64,000		58,599
		4.20%, 02/22/52	37,000		38,320
	Ascension Health
		2.53%, 11/15/29	28,000		26,975
	Bausch Health Companies Inc.
		5.50%, 11/01/25 (a)	22,000		21,953
		8.50%, 01/31/27 (a) (b)	21,000		20,939
		6.13%, 02/01/27 (a) (b)	77,000		77,568
		4.88%, 06/01/28 (a)	78,000		74,699
	Baylor Scott & White Holdings
		2.84%, 11/15/50	54,000		46,815
	Centene Corporation
		4.63%, 12/15/29	60,000		60,584
		3.38%, 02/15/30	238,000		224,363
		3.00%, 10/15/30	192,000		176,726
	Cigna Holding Company
		3.40%, 03/01/27	114,000		114,983

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
		4.80%, 08/15/38	28,000		30,771
	CVS Health Corporation
		4.30%, 03/25/28	21,000		22,016
		4.78%, 03/25/38	190,000		207,742
	HCA Inc.
		5.38%, 02/01/25	130,000		135,504
		5.88%, 02/15/26	30,000		31,911
		3.63%, 03/15/32 (a)	117,000		114,657
	Indiana University Health, Inc.
		2.85%, 11/01/51	51,000		43,529
	McKesson Corporation
		1.30%, 08/15/26 (k)	175,000		160,929
	Northwestern Memorial HealthCare
		2.63%, 07/15/51	55,000		46,019
	Piedmont Healthcare, Inc.
		2.04%, 01/01/32	43,000		37,753
	Royalty Pharma PLC
		3.30%, 09/02/40	309,000		264,250
	STERIS Irish FinCo Unlimited Company
		3.75%, 03/15/51	56,000		52,365
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	140,000		141,667
	Trinity Healthcare Group Pte. Ltd.
		2.63%, 12/01/40	11,000		9,175
				2,529,439
Communication Services 4.1%
	AT&T Inc.
		5.25%, 03/01/37	116,000		131,704
		4.90%, 08/15/37 (b)	16,000		17,401
		4.30%, 12/15/42	155,000		156,563
		3.10%, 02/01/43	131,000		113,429
	CCO Holdings, LLC
		4.75%, 03/01/30 (a)	295,000		283,554
	Charter Communications Operating, LLC
		4.91%, 07/23/25	140,000		145,032
		2.25%, 01/15/29	45,000		40,446
		5.38%, 04/01/38	45,000		46,360
		4.80%, 03/01/50	50,000		47,547
		6.83%, 10/23/55	51,000		60,495
	Comcast Corporation
		3.75%, 04/01/40	35,000		35,032
		3.40%, 07/15/46	50,000		46,991
		2.89%, 11/01/51 (a)	65,000		55,349
	CSC Holdings, LLC
		6.50%, 02/01/29 (a)	100,000		100,898
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	37,000		36,475
	Live Nation Entertainment, Inc.
		6.50%, 05/15/27 (a)	60,000		63,861
	The Walt Disney Company
		4.63%, 03/23/40	80,000		89,228
	T-Mobile US, Inc.
		2.63%, 04/15/26 (b)	306,000		292,739
	Verizon Communications Inc.
		2.10%, 03/22/28	175,000		163,473
		4.33%, 09/21/28	105,000		110,753
		2.55%, 03/21/31	74,000		68,710
		3.40%, 03/22/41	58,000		54,698
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	120,000		130,690
				2,291,428
Utilities 3.1%
	Commonwealth Edison Company
		3.75%, 08/15/47	79,000		78,741
		3.85%, 03/15/52	49,000		50,941
	Consolidated Edison Company of New York, Inc.
		4.20%, 03/15/42	57,000		57,837
	DPL Inc.
		4.13%, 07/01/25	102,000		101,368
	Duquesne Light Holdings, Inc.
		2.53%, 10/01/30 (a)	61,000		54,796
	Enel Finance International N.V.
		2.25%, 07/12/31 (a)	108,000		95,655
	Eversource Energy
		3.38%, 03/01/32	80,000		78,297
	Exelon Corporation
		5.10%, 06/15/45	75,000		83,591
	FirstEnergy Corp.
		4.40%, 07/15/27 (j) (k)	69,000		69,388
		2.65%, 03/01/30	39,000		35,449
	Nevada Power Company
		3.70%, 05/01/29 (b)	140,000		144,085
	Pacific Gas And Electric Company
		3.30%, 12/01/27	46,000		43,463
		4.50%, 07/01/40	181,000		165,017
	Public Service Electric and Gas Company
		3.10%, 03/15/32	36,000		35,612
	San Diego Gas & Electric Company
		1.70%, 10/01/30	72,000		63,440
		2.95%, 08/15/51	60,000		52,709
	Southern California Edison Company
		4.13%, 03/01/48	46,000		45,153
		3.65%, 02/01/50	67,000		62,588
	Southwest Gas Corporation
		4.05%, 03/15/32	50,000		49,843
	Tampa Electric Company
		3.45%, 03/15/51	87,000		81,311
	The AES Corporation
		3.30%, 07/15/25 (a)	133,000		130,671
	Vistra Operations Company LLC
		3.55%, 07/15/24 (a)	71,000		70,367
		3.70%, 01/30/27 (a)	110,000		105,754
				1,756,076
Consumer Staples 2.7%
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	200,000		217,371
	Anheuser-Busch InBev Worldwide Inc.
		5.45%, 01/23/39 (b)	141,000		164,589
	BAT Capital Corp.
		2.26%, 03/25/28	76,000		68,326
		2.73%, 03/25/31	75,000		66,169
		4.39%, 08/15/37	45,000		41,836
	JBS USA Food Company
		6.50%, 04/15/29 (a)	84,000		89,018
		5.50%, 01/15/30 (a)	50,000		50,987
		3.00%, 05/15/32 (a)	144,000		128,694
	Kraft Heinz Foods Company
		3.88%, 05/15/27	69,000		70,071
		4.63%, 10/01/39	20,000		20,257
	Mars Inc.
		3.88%, 04/01/39 (a)	200,000		203,711
	Northwestern University
		2.64%, 12/01/50	38,000		31,522
	Pilgrim's Pride Corporation
		3.50%, 03/01/32 (a) (b)	89,000		77,809
	Prime Security Services Borrower, LLC
		3.38%, 08/31/27 (a)	57,000		52,268
	Safeway Inc.
		3.50%, 02/15/23 (a)	100,000		100,093
	United Rentals (North America), Inc.
		3.75%, 01/15/32	30,000		27,980
	University of Washington
		4.35%, 04/15/22	76,000		77,100
				1,487,801
Industrials 2.0%
	Air Canada
		3.88%, 08/15/26 (a)	35,000		33,075
	Aircastle Limited
		5.25%, 08/11/25 (a)	108,000		110,327
	American Airlines, Inc.
		5.50%, 04/20/26 (a)	31,000		30,977
		5.75%, 04/20/29 (a)	11,000		10,962
	Burlington Northern Santa FE, LLC
		2.88%, 06/15/52 (b)	67,000		59,289
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	134,000		143,380

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
	Equifax Inc.
		2.35%, 09/15/31	190,000		170,020
	General Electric Company
		4.16%, (3 Month USD LIBOR + 3.33%), (100, 06/15/22) (c) (l)	419,000		402,502
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,333
	Siemens Financieringsmaatschappij N.V.
		2.15%, 03/11/31 (a)	46,000		42,288
	SkyMiles IP Ltd.
		4.50%, 10/20/25 (a)	10,000		10,071
		4.75%, 10/20/28 (a)	16,000		16,143
	United Airlines Pass Through Trust
		4.38%, 04/15/26 (a)	52,000		51,199
		4.63%, 04/15/29 (a)	37,000		35,224
				1,119,790
Materials 1.1%
	Anglo American Capital PLC
		2.63%, 09/10/30 (a)	50,000		45,392
	CEMEX S.A.B. de C.V.
		5.45%, 11/19/29 (a)	130,000		131,668
		5.20%, 09/17/30 (a)	75,000		74,601
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	61,000		62,756
		5.40%, 11/14/34	35,000		38,920
	Ineos Quattro Finance 2 PLC
		3.38%, 01/15/26 (a)	110,000		101,817
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	130,000		131,444
		4.25%, 05/15/29 (a)	39,000		35,983
				622,581
Information Technology 1.0%
	Apple Inc.
		2.65%, 02/08/51	70,000		60,724
		2.70%, 08/05/51	28,000		24,397
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	22,000		21,487
	Broadcom Inc.
		2.45%, 02/15/31 (a)	90,000		79,927
		3.47%, 04/15/34 (a)	160,000		148,113
	Dell International L.L.C.
		5.85%, 07/15/25 (k)	6,000		6,417
		6.02%, 06/15/26 (k)	67,000		72,689
		8.35%, 07/15/46 (k)	25,000		36,802
	Microsoft Corporation
		3.50%, 02/12/35	90,000		93,921
				544,477
Real Estate 0.8%
	EPR Properties
		3.60%, 11/15/31	61,000		55,456
	Essential Properties, L.P.
		2.95%, 07/15/31	78,000		68,394
	GLP Financing, LLC
		5.75%, 06/01/28	15,000		16,137
		5.30%, 01/15/29	100,000		105,033
		3.25%, 01/15/32	37,000		33,543
	Sun Communities Operating Limited Partnership
		2.30%, 11/01/28	65,000		58,968
		2.70%, 07/15/31	87,000		78,504
	VICI Properties Inc.
		4.25%, 12/01/26 (a)	55,000		54,824
				470,859
	Total Corporate Bonds And Notes (cost $29,082,850)			27,676,802
GOVERNMENT AND AGENCY OBLIGATIONS 38.4%
Mortgage-Backed Securities 22.5%
	Federal Home Loan Mortgage Corporation
		2.00%, 12/01/35 - 03/01/52	1,568,527		1,470,124
		2.50%, 11/01/36 - 11/01/51	935,217		897,695
		4.00%, 10/01/45 - 06/01/48	228,879		235,935
		3.50%, 01/01/46 - 04/01/50	506,500		513,343
		3.00%, 11/01/46 - 12/01/49	96,573		95,238
		4.50%, 11/01/48	13,586		14,156
		1.50%, 10/01/51 - 11/01/51	271,444		242,466
	Federal National Mortgage Association, Inc.
		3.00%, 09/01/32 - 03/01/52	1,242,142		1,227,977
		2.50%, 10/01/35 - 01/01/52	1,157,173		1,116,026
		1.50%, 11/01/35 - 11/01/36	242,428		230,405
		2.00%, 05/01/36 - 04/01/51	1,768,648		1,656,900
		TBA, 2.00%, 04/15/37 (m)	80,000		77,679
		TBA, 2.50%, 04/15/37 (m)	305,000		301,307
		TBA, 3.00%, 04/15/37 - 04/15/52 (m)	425,000		419,459
		3.50%, 10/01/46 - 08/01/49	373,149		376,691
		4.00%, 01/01/47 - 09/01/49	411,606		422,955
		4.50%, 05/01/47 - 12/01/48	328,747		343,514
		TBA, 3.50%, 04/15/52 (m)	185,000		185,332
	Government National Mortgage Association
		3.00%, 10/20/46 - 02/20/52	658,986		654,166
		3.50%, 05/20/47 - 07/20/51	542,048		549,684
		4.00%, 07/20/47	154,689		159,656
		4.50%, 12/20/48 - 02/20/49	65,388		67,937
		2.50%, 03/20/51 - 07/20/51	610,176		593,162
		2.00%, 09/20/51 - 03/20/52	566,265		539,099
		TBA, 2.50%, 04/15/52 (m)	200,000		193,967
				12,584,873
U.S. Treasury Note 11.2%
	Treasury, United States Department of
		0.25%, 03/15/24 - 07/31/25	342,000		320,068
		1.50%, 10/31/24 - 08/15/26	911,000		880,794
		2.25%, 11/15/25	980,000		969,894
		0.38%, 12/31/25 - 01/31/26	1,500,000		1,383,337
		0.88%, 09/30/26 - 11/15/30	364,000		331,456
		1.25%, 11/30/26 - 06/30/28	1,245,000		1,159,383
		0.63%, 03/31/27	420,000		383,906
		2.88%, 08/15/28	375,000		384,141
		1.38%, 11/15/31	429,000		393,675
		1.88%, 02/15/32	85,000		81,613
				6,288,267
U.S. Treasury Bond 4.0%
	Treasury, United States Department of
		3.75%, 08/15/41	461,000		541,459
		2.00%, 11/15/41	125,000		112,988
		3.13%, 11/15/41	316,000		340,391
		2.50%, 02/15/45 - 02/15/46	756,000		738,262
		3.00%, 02/15/48	317,000		344,886
		1.63%, 11/15/50	81,000		66,445
		1.88%, 11/15/51	85,000		74,455
				2,218,886
U.S. Government Agency Obligations 0.4%
	Federal National Mortgage Association, Inc.
		0.88%, 08/05/30 (n)	229,000		199,787
Municipal 0.3%
	Dallas/Fort Worth International Airport
		2.84%, 11/01/46	55,000		48,036
	Dormitory Authority State of New York
		3.19%, 02/15/43	100,000		94,095
				142,131
	Total Government And Agency Obligations (cost $22,360,504)			21,433,944
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.5%
	Air Canada 2020-2 Class A Pass Through Trust
		Series 2020-A-2, 5.25%, 04/01/29	23,606		24,333
	Alaska Airlines 2020-1 Class A Pass Through Trust
		Series 2020-A-1, 4.80%, 08/15/27	82,947		83,861
	American Airlines, Inc.
		Series 2016-AA-2, 3.20%, 06/15/28	152,900		145,107
	American Tower Trust #1
		Series 2013-A-2, 3.07%, 03/15/23	265,000		265,062
	Avid Automobile Receivables Trust 2021-1
		Series 2021-A-1, 0.61%, 01/15/25	44,550		44,176
	CCG Receivables Trust
		Series 2019-A2-2, 2.11%, 03/14/23	18,369		18,400
	CCG Receivables Trust 2021-2
		Series 2021-A2-2, 0.54%, 03/14/29	192,000		186,863
	CIM Trust 2021-J2
		Series 2021-A1-J2, REMIC, 2.50%, 11/25/42 (l)	155,938		143,810
	CNH Equipment Trust 2022-A
		Series 2022-A2-A, 2.53%, 01/16/24	150,000		149,997

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
	COMM Mortgage Trust
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	49,000		49,582
	Dell Equipment Finance Trust 2022-1
		Series 2022-A2-1, REMIC, 2.11%, 11/22/23	84,000		83,562
	DLLAA 2021-1 LLC
		Series 2021-A3-1A, 0.67%, 04/17/26	190,000		183,201
	DLLMT 2021-1 LLC
		Series 2021-A3-1A, 1.00%, 07/20/25	223,000		216,029
	First Investors Auto Owner Trust 2021-1
		Series 2021-A-1A, 0.45%, 12/15/23	69,393		68,893
	First Investors Auto Owner Trust 2021-2
		Series 2021-A-2A, 0.48%, 10/15/24	107,233		104,757
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22	5,451		5,462
	GM Financial Automobile Leasing Trust 2020-1
		Series 2020-A3-1, 1.67%, 12/20/22	16,684		16,687
	GM Financial Consumer Automobile Receivables Trust 2021-4
		Series 2021-B-4, 1.25%, 10/18/27	85,000		80,321
	Grace Trust
		Series 2020-A-GRCE, REMIC, 2.35%, 12/12/30	177,000		160,360
	Hilton Grand Vacations Trust 2019-A
		Series 2019-A-AA, 2.34%, 07/25/33	66,411		65,941
	Hudson Yards Mortgage Trust
		Series 2019-A-30HY, REMIC, 3.23%, 07/12/29	150,000		145,644
	Hyundai Auto Lease Securitization Trust 2021-B
		Series 2021-A3-B, 0.33%, 06/17/24	265,000		259,294
	Hyundai Auto Receivables Trust 2021-C
		Series 2021-B-C, 1.49%, 11/15/25	53,000		50,681
	Kubota Credit Owner Trust 2020-1
		Series 2021-A3-1A, 0.62%, 08/15/25	100,000		96,790
	Manhattan West 2020-1MW Mortgage Trust
		Series 2020-A-OMW, REMIC, 2.13%, 09/10/27	201,074		186,255
	OPG Trust 2021-PORT
		Series 2021-A-PORT, REMIC, 0.88%, (1 Month USD LIBOR + 0.48%), 10/16/23 (l)	165,000		159,173
	Prestige Auto Receivables Trust 2021-1
		Series 2021-A3-1A, 0.83%, 07/15/25	95,000		92,543
	Santander Retail Auto Lease Trust 2021-B
		Series 2021-A3-B, 0.51%, 08/20/24	101,000		97,881
	Sequoia Mortgage Trust 2020-4
		Series 2020-A2-4, REMIC, 2.50%, 10/25/43 (l)	90,550		84,752
	United Airlines, Inc.
		Series 2012-A-1, 4.15%, 04/11/24	43,623		43,773
		Series 2012-A-2, 4.00%, 10/29/24	39,078		38,885
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, REMIC, 3.92%, 06/17/27 (l)	57,000		56,792
	Wells Fargo Mortgage Backed Securities Trust
		Series 2020-A1-3, REMIC, 3.00%, 12/25/42 (l)	43,644		42,702
	Westlake Automobile Receivables Trust 2021-3
		Series 2021-A3-3A, REMIC, 0.95%, 06/16/25	192,000		188,200
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $3,769,462)			3,639,769
SENIOR FLOATING RATE INSTRUMENTS 2.2%
Consumer Discretionary 0.7%
	Adient US LLC
		2021 Term Loan B, 3.46%, (1 Month USD LIBOR + 3.25%), 04/30/28 (l)	78,592		77,216
	Caesars Resort Collection, LLC
		2020 Term Loan B1, 3.71%, (1 Month USD LIBOR + 3.50%), 06/19/25 (l)	80,770		80,407
	Marriott Ownership Resorts, Inc.
		2019 Term Loan B, 1.96%, (1 Month USD LIBOR + 1.75%), 08/29/25 (l)	100,000		96,925
	PCI Gaming Authority
		Term Loan, 2.71%, (1 Month USD LIBOR + 2.50%), 05/15/26 (l)	109,653		108,676
	UFC Holdings, LLC
		2021 Term Loan B, 3.50%, (6 Month USD LIBOR + 2.75%), 04/29/26 (l)	53,177		52,579
				415,803
Industrials 0.5%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 03/10/28 (l)	21,000		21,243
	Air Canada
		2021 Term Loan B, 4.25%, (3 Month USD LIBOR + 3.50%), 07/27/28 (l)	24,000		23,750
	Berry Global, Inc.
		2021 Term Loan Z, 2.07%, (1 Month USD LIBOR + 1.75%), 07/01/26 (l)	116,168		114,371
	Cimpress Public Limited Company
		USD Term Loan B, 4.00%, (1 Month USD LIBOR + 3.50%), 04/29/28 (l)	36,030		35,602
	Genesee & Wyoming Inc.
		Term Loan, 2.22%, (3 Month USD LIBOR + 2.00%), 10/29/26 (l)	49,980		49,371
	Hertz Corporation, (The)
		2021 Term Loan B, 3.75%, (3 Month USD LIBOR + 3.50%), 06/11/28 (l)	2,027		2,008
		2021 Term Loan B, 3.75%, (1 Month USD LIBOR + 3.25%), 06/11/28 (l)	10,699		10,603
	INEOS Styrolution US Holding LLC
		2021 USD Term Loan B, 3.25%, (1 Month USD LIBOR + 2.75%), 01/21/26 (l)	26,797		26,288
				283,236
Communication Services 0.5%
	CenturyLink, Inc.
		2020 Term Loan B, 2.46%, (1 Month USD LIBOR + 2.25%), 03/15/27 (l)	97,750		95,032
	CSC Holdings, LLC
		2017 Term Loan B1, 2.65%, (1 Month USD LIBOR + 2.25%), 07/15/25 (l)	42,970		42,191
	Diamond Sports Group, LLC
		2022 2nd Lien Term Loan, 3.44%, (SOFR 90-Day Average + 3.25%), 08/24/26 (l)	33,235		11,238
	DirecTV Financing, LLC
		Term Loan, 5.75%, (1 Month USD LIBOR + 5.00%), 07/22/27 (l)	34,686		34,609
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 2.73%, (1 Month USD LIBOR + 2.50%), 06/13/26 (l)	67,769		67,442
				250,512
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 2.80%, (6 Month USD LIBOR + 2.00%), 04/27/26 (l)	93,156		92,205
Materials 0.1%
	Sylvamo Corporation
		Term Loan B, 5.00%, (3 Month USD LIBOR + 4.50%), 08/18/28 (g) (l)	80,000		78,000
Information Technology 0.1%
	Peraton Corp.
		Term Loan B, 4.50%, (1 Month USD LIBOR + 3.75%), 02/22/28 (l)	68,962		68,380
Energy 0.1%
	Traverse Midstream Partners LLC
		2017 Term Loan, 5.25%, (SOFR 90-Day Average + 4.25%), 09/22/24 (l)	30,121		29,958
Financials 0.0%
	NAC Aviation 29 DAC
		2022 DIP Delayed Draw Term Loan, 0.00%, (3 Month USD LIBOR + 8.00%), 09/07/22 (l) (o)	2,352		2,399
		2022 DIP Delayed Draw Term Loan, 9.00%, (3 Month USD LIBOR + 8.00%), 09/07/22 (l)	2,823		2,879
		2022 DIP Delayed Draw Term Loan, 9.00%, (1 Month USD LIBOR + 8.00%), 09/07/22 (l)	2,823		2,879
				8,157
	Total Senior Floating Rate Instruments (cost $1,258,973)			1,226,251
SHORT TERM INVESTMENTS 7.1%
Securities Lending Collateral 4.6%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (p)		2,560,315		2,560,315

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


		Shares/Par¹		Value ($)
Investment Companies 2.5%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.25% (p)	1,407,896		1,407,896
	Total Short Term Investments (cost $3,968,211)		3,968,211
Total Investments 103.7% (cost $60,440,000)				57,944,977
Other Derivative Instruments 0.0%				6,989
Other Assets and Liabilities, Net (3.7)%				(2,056,797)
Total Net Assets 100.0%				55,895,169

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2022, the value and the percentage of net assets of these securities was $8,567,313 and 15.3% of the Fund.

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

(d) Convertible security.

(e) Non-income producing security.

(f) As of March 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(h) 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.

(i) Security is restricted to resale to institutional investors. See Restricted Securities table following the Schedules of Investments.

(j) 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, 2022.

(k) 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, 2022.

(l) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(m) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2022, the total payable for investments purchased on a delayed delivery basis was $1,186,942.

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

(o) This senior floating rate interest will settle after March 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

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

PPM Core Plus Fixed Income Fund — Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Nordic Aviation Capital, 0.00%, 03/14/25

10/01/19

139,295

105,586

0.2


PPM Core Plus Fixed Income Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 10 Year Note	17	June 2022		2,121,931	3,250			(33,056)
United States 2 Year Note	11	July 2022		2,359,304	1,805			(28,163)
United States 5 Year Note	34	July 2022		3,987,233	4,781			(87,858)
United States Long Bond	11	June 2022		1,696,035	6,875			(45,348)
United States Ultra Bond	8	June 2022		1,460,084	8,186			(43,084)
					24,897			(237,509)
Short Contracts
United States 10 Year Ultra Bond	(42)	June 2022		(5,865,113)	(17,908)			175,426

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
PPM High Yield Core Fund
CORPORATE BONDS AND NOTES 88.7%
Consumer Discretionary 17.0%
	Asbury Automotive Group, Inc.
		4.63%, 11/15/29 (a)	54,000		50,294
		5.00%, 02/15/32 (a)	205,000		190,708
	Beazer Homes USA, Inc.
		6.75%, 03/15/25	75,000		75,782
		7.25%, 10/15/29	47,000		47,342
	Boyd Gaming Corporation
		4.75%, 06/15/31 (a)	241,000		232,193
	Carnival Corporation
		7.63%, 03/01/26 (a)	153,000		154,034
		5.75%, 03/01/27 (a)	216,000		205,885
		4.00%, 08/01/28 (a)	40,000		37,285
		6.00%, 05/01/29 (a)	108,000		101,769
	CDI Escrow Issuer Inc
		5.75%, 04/02/30 (a)	168,000		169,797
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	45,000		43,651
	Eldorado Resorts, Inc.
		8.13%, 07/01/27 (a)	186,000		199,506
	Ford Motor Company
		4.35%, 12/08/26	72,000		72,397
		6.63%, 10/01/28	83,000		90,729
		9.63%, 04/22/30	64,000		83,447
		3.25%, 02/12/32	159,000		141,989
		5.29%, 12/08/46	62,000		60,263
	Guitar Center Escrow Issuer II, Inc.
		8.50%, 01/15/26 (a)	375,000		382,440
	Hawaiian Brand Intellectual Property, Ltd.
		5.75%, 01/20/26 (a)	254,000		254,166
	Hilton Grand Vacations Borrower LLC
		5.00%, 06/01/29 (a)	201,000		191,812
		4.88%, 07/01/31 (a)	174,000		161,907
	IHOL Verwaltungs GmbH
		6.00%, 05/15/27 (a) (b)	88,000		86,246
		6.38%, 05/15/29 (a) (b)	161,000		158,873
	International Game Technology PLC
		5.25%, 01/15/29 (a)	141,000		140,683
	IRB Holding Corp.
		7.00%, 06/15/25 (a)	90,000		93,955
		6.75%, 02/15/26 (a)	115,000		117,045
	Jacobs Entertainment, Inc.
		6.75%, 02/15/29 (a)	204,000		206,792
	Jaguar Land Rover Automotive PLC
		5.63%, 02/01/23 (a)	83,000		82,523
		5.88%, 01/15/28 (a)	60,000		54,934
		5.50%, 07/15/29 (a)	200,000		177,979
	KB Home
		4.80%, 11/15/29	131,000		126,668
	L Brands, Inc.
		7.50%, 06/15/29	140,000		151,748
		6.88%, 11/01/35	165,000		169,980
	Life Time, Inc.
		5.75%, 01/15/26 (a)	142,000		141,837
		8.00%, 04/15/26 (a)	293,000		292,518
	Macys Retail Holdings
		5.88%, 03/15/30 (a) (c)	118,000		116,468
		6.13%, 03/15/32 (a)	181,000		178,751
	Majordrive Holdings IV, LLC
		6.38%, 06/01/29 (a)	216,000		192,217
	Marriott Ownership Resorts, Inc.
		6.13%, 09/15/25 (a)	25,000		25,661
		4.75%, 01/15/28	64,000		61,633
	MCE Finance Limited
		5.38%, 12/04/29 (a)	215,000		183,438
	Meritage Homes Corporation
		3.88%, 04/15/29 (a)	109,000		103,788
	Midwest Gaming Borrower, LLC
		4.88%, 05/01/29 (a)	212,000		195,729
	Mileage Plus Holdings, LLC
		6.50%, 06/20/27 (a)	115,053		119,786
	Nemak, S.A.B. de C.V.
		3.63%, 06/28/31 (a)	118,000		102,438
	NMG Holding Company, Inc.
		7.13%, 04/01/26 (a)	230,000		236,700
	Nordstrom, Inc.
		4.00%, 03/15/27	201,000		193,796
	Panther BF Aggregator 2 LP
		8.50%, 05/15/27 (a)	230,000		238,667
	PetSmart, Inc.
		7.75%, 02/15/29 (a)	220,000		227,190
	PM General Purchaser LLC
		9.50%, 10/01/28 (a)	296,000		290,769
	QVC, Inc.
		5.45%, 08/15/34	247,000		205,987
	Royal Caribbean Cruises Ltd.
		10.88%, 06/01/23 (a)	177,000		188,654
		9.13%, 06/15/23 (a)	80,000		83,387
		4.25%, 07/01/26 (a)	124,000		115,439
		5.50%, 08/31/26 (a)	213,000		206,978
	Scientific Games International, Inc.
		5.00%, 10/15/25 (a)	107,000		109,675
		7.00%, 05/15/28 (a)	91,000		94,367
	Seaworld Entertainment, Inc.
		5.25%, 08/15/29 (a) (c)	186,000		177,635
	Shea Homes Limited Partnership, A California Limited Partnership
		4.75%, 02/15/28 - 04/01/29 (a)	304,000		287,364
	Staples, Inc.
		7.50%, 04/15/26 (a)	149,000		144,622
		10.75%, 04/15/27 (a) (c)	161,000		143,314
	Stena International S.A R.L.
		6.13%, 02/01/25 (a)	142,000		142,108
	Tenneco Inc.
		7.88%, 01/15/29 (a)	50,000		52,686
		5.13%, 04/15/29 (a)	412,000		408,659
	The Gap, Inc.
		3.63%, 10/01/29 (a)	26,000		23,031
		3.88%, 10/01/31 (a)	188,000		164,100
	TKC Holdings, Inc.
		10.50%, 05/15/29 (a)	150,000		154,493
	Travel + Leisure Co.
		4.50%, 12/01/29 (a)	124,000		115,181
	Wyndham Destinations, Inc.
		6.63%, 07/31/26 (a)	101,000		105,817
		6.00%, 04/01/27 (d) (e)	65,000		67,217
		4.63%, 03/01/30 (a)	95,000		88,359
				10,495,281
Communication Services 16.4%
	Advantage Sales & Marketing Inc.
		6.50%, 11/15/28 (a)	292,000		277,174
	Altice France Holding S.A.
		5.13%, 07/15/29 (a)	202,000		180,962
		5.50%, 10/15/29 (a)	200,000		179,645
	Altice France S.A.
		6.00%, 02/15/28 (a) (c)	84,000		72,451
	AMC Entertainment Holdings, Inc.
		10.00%, 06/15/26 (a) (b) (d)	85,000		76,265
		7.50%, 02/15/29 (a) (c)	154,000		149,746
	Audacy, Inc.
		6.75%, 03/31/29 (a) (c)	233,000		217,584
	CCO Holdings, LLC
		5.13%, 05/01/27 (a)	108,000		108,198
		5.00%, 02/01/28 (a)	203,000		201,018
		5.38%, 06/01/29 (a)	351,000		350,358
		4.75%, 02/01/32 (a)	74,000		68,962
		4.50%, 05/01/32	111,000		101,578
		4.25%, 01/15/34 (a)	125,000		108,392
	CenturyLink, Inc.
		5.13%, 12/15/26 (a)	112,000		106,678
		7.60%, 09/15/39	24,000		23,135
	Clear Channel International B.V.
		6.63%, 08/01/25 (a)	85,000		86,927
	Clear Channel Outdoor Holdings, Inc.
		7.75%, 04/15/28 (a)	144,000		144,735
		7.50%, 06/01/29 (a)	264,000		263,476

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
	Connect Finco SARL
		6.75%, 10/01/26 (a)	60,000		61,163
	Consolidated Communications, Inc.
		6.50%, 10/01/28 (a)	241,000		222,332
	CSC Holdings, LLC
		5.38%, 02/01/28 (a)	448,000		435,011
		7.50%, 04/01/28 (a)	300,000		294,799
		4.50%, 11/15/31 (a)	305,000		273,342
	Cumulus Media New Holdings Inc.
		6.75%, 07/01/26 (a) (c)	326,000		326,020
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	93,000		35,637
		6.63%, 08/15/27 (a)	113,000		23,365
	DIRECTV Financing, LLC
		5.88%, 08/15/27 (a)	189,000		186,320
	DISH DBS Corporation
		5.88%, 11/15/24	86,000		85,928
		7.75%, 07/01/26	156,000		154,839
		5.25%, 12/01/26 (a)	102,000		97,325
		5.75%, 12/01/28 (a)	70,000		66,456
	Embarq Corporation
		8.00%, 06/01/36	144,000		138,777
	Frontier Communications Parent, Inc.
		5.88%, 10/15/27 (a)	13,000		12,925
		5.00%, 05/01/28 (a)	93,000		89,499
		6.75%, 05/01/29 (a)	331,000		318,188
	Gray Television, Inc.
		5.38%, 11/15/31 (a)	203,000		194,171
	Hughes Satellite Systems Corporation
		6.63%, 08/01/26	82,000		85,078
	iHeartCommunications, Inc.
		6.38%, 05/01/26	38,565		39,703
		8.38%, 05/01/27	326,651		337,679
		5.25%, 08/15/27 (a)	120,000		118,751
		4.75%, 01/15/28 (a)	50,000		47,857
	Iliad Holding
		7.00%, 10/15/28 (a)	298,000		298,542
	LCPR Senior Secured Financing Designated Activity Company
		6.75%, 10/15/27 (a)	319,000		327,395
		5.13%, 07/15/29 (a)	220,000		210,217
	Level 3 Financing, Inc.
		4.25%, 07/01/28 (a)	122,000		112,019
		3.63%, 01/15/29 (a)	140,000		122,508
	Liberty Media Corporation
		8.25%, 02/01/30 (c)	172,000		157,380
	Midas Opco Holdings LLC
		5.63%, 08/15/29 (a)	396,000		373,789
	News Corporation
		5.13%, 02/15/32 (a)	38,000		38,209
	Radiate HoldCo, LLC
		6.50%, 09/15/28 (a) (c)	378,000		357,798
	Sirius XM Radio Inc.
		3.88%, 09/01/31 (a)	285,000		259,370
	Sprint Corporation
		7.88%, 09/15/23	25,000		26,577
		7.13%, 06/15/24	331,000		355,116
		7.63%, 03/01/26	25,000		28,233
		6.88%, 11/15/28	94,000		108,846
	SSL Robotics LLC
		9.75%, 12/31/23 (a)	32,000		34,094
	Telecom Italia SpA
		6.00%, 09/30/34	109,000		100,762
	Telesat Canada
		5.63%, 12/06/26 (a)	98,000		74,803
		6.50%, 10/15/27 (a)	201,000		98,583
	Terrier Media Buyer, Inc.
		8.88%, 12/15/27 (a)	429,000		439,978
	T-Mobile US, Inc.
		3.38%, 04/15/29	149,000		142,010
	Townsquare Media, Inc.
		6.88%, 02/01/26 (a)	54,000		55,588
	Virgin Media Secured Finance PLC
		4.50%, 08/15/30 (a)	39,000		36,353
				10,120,619
Energy 15.3%
	Aethon United BR LP
		8.25%, 02/15/26 (a)	250,000		260,144
	Antero Midstream Partners LP
		7.88%, 05/15/26 (a)	90,000		97,431
		5.75%, 03/01/27 (a)	203,000		206,964
		5.38%, 06/15/29 (a)	269,000		268,652
	Archrock Partners, L.P.
		6.25%, 04/01/28 (a)	180,000		177,565
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (a)	264,000		271,011
		8.25%, 12/31/28 (a)	56,000		58,775
	Baytex Energy Corp.
		8.75%, 04/01/27 (a)	153,000		164,868
	Bip-V Chinook
		5.50%, 06/15/31 (a)	395,000		389,497
	Blue Racer Midstream, LLC
		7.63%, 12/15/25 (a)	35,000		36,664
		6.63%, 07/15/26 (a)	57,000		57,918
	Buckeye Partners, L.P.
		4.50%, 03/01/28 (a)	167,000		160,116
		5.85%, 11/15/43	120,000		101,889
		5.60%, 10/15/44	19,000		15,931
	Callon Petroleum Company
		6.38%, 07/01/26	199,000		197,752
	Cheniere Energy Partners, L.P.
		3.25%, 01/31/32 (a)	58,000		52,824
	Citgo Petroleum Corporation
		7.00%, 06/15/25 (a)	135,000		136,574
		6.38%, 06/15/26 (a)	255,000		256,635
	Colgate Energy Partners III, LLC
		5.88%, 07/01/29 (a)	132,000		136,171
	DT Midstream, Inc.
		4.13%, 06/15/29 (a)	101,000		96,907
		4.38%, 06/15/31 (a)	74,000		70,839
	Endeavor Energy Resources, L.P.
		6.63%, 07/15/25 (a)	85,000		88,489
		5.75%, 01/30/28 (a)	93,000		95,957
	Energean Israel Finance Ltd
		4.88%, 03/30/26 (f)	265,000		255,725
	Energy Transfer LP
		6.50%, (100, 08/15/26) (g)	30,000		29,560
		6.75%, (100, 05/15/25) (g)	106,000		103,099
		7.13%, (100, 05/15/30) (g)	62,000		60,433
	EQM Midstream Partners, LP
		4.13%, 12/01/26	163,000		156,485
		6.50%, 07/01/27 (a)	104,000		108,576
		4.50%, 01/15/29 (a)	248,000		233,044
		4.75%, 01/15/31 (a)	206,000		193,152
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 (a)	264,000		267,175
		5.75%, 02/01/29 (a)	61,000		61,025
	Husky Energy Inc.
		13.00%, 02/15/25 (a) (b)	297,000		308,880
	ITT Holdings LLC
		6.50%, 08/01/29 (a)	249,000		229,139
	MEG Energy Corp.
		6.50%, 01/15/25 (a)	27,000		27,439
		7.13%, 02/01/27 (a)	91,000		95,330
	Murphy Oil Corporation
		5.75%, 08/15/25	90,000		91,835
		5.88%, 12/01/27	170,000		172,984
	Nabors Industries Ltd
		7.50%, 01/15/28 (a)	237,000		231,009
	Nabors Industries, Inc.
		7.38%, 05/15/27 (a)	147,000		152,702
	NuStar Logistics, L.P.
		6.00%, 06/01/26	85,000		86,013
		5.63%, 04/28/27	115,000		112,644
		6.38%, 10/01/30	194,000		196,567
	Occidental Petroleum Corporation
		6.95%, 07/01/24	198,000		212,562
		3.50%, 06/15/25	35,000		35,081
		3.20%, 08/15/26	231,000		227,211

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
		8.88%, 07/15/30	80,000		102,868
		6.45%, 09/15/36	234,000		274,994
		7.95%, 06/15/39	55,000		69,758
		6.60%, 03/15/46	139,000		164,616
	PDV America, Inc.
		9.25%, 08/01/24 (a) (c)	150,000		151,544
	Shelf Drilling Management Services DMCC
		8.88%, 11/15/24 (a)	79,000		80,397
	Southwestern Energy Company
		7.75%, 10/01/27 (c)	90,000		95,286
		8.38%, 09/15/28	96,000		105,669
		5.38%, 02/01/29 - 03/15/30	288,000		292,648
		4.75%, 02/01/32	211,000		210,754
	Tap Rock Resources LLC
		7.00%, 10/01/26 (a)	154,000		159,382
	Targa Resources Corp.
		5.50%, 03/01/30	83,000		86,240
		4.88%, 02/01/31	56,000		56,434
	Transocean Inc
		11.50%, 01/30/27 (a)	94,000		97,641
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	125,000		124,050
	Venture Global Calcasieu Pass, LLC
		3.88%, 08/15/29 - 11/01/33 (a)	257,000		249,213
		4.13%, 08/15/31 (a)	23,000		22,579
	Viper Energy Partners LP
		5.38%, 11/01/27 (a)	44,000		44,846
				9,436,162
Industrials 11.0%
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	207,000		209,601
		9.75%, 07/15/27 (a)	254,000		262,512
		4.63%, 06/01/28 (a)	61,000		57,610
	American Airlines, Inc.
		11.75%, 07/15/25 (a)	112,000		130,821
		5.50%, 04/20/26 (a)	207,000		206,845
		5.75%, 04/20/29 (a)	292,000		291,000
	APX Group, Inc.
		5.75%, 07/15/29 (a) (c)	200,000		182,718
	Bombardier Inc.
		7.50%, 03/15/25 (a)	80,000		80,423
		7.13%, 06/15/26 (a)	97,000		95,057
		6.00%, 02/15/28 (a)	112,000		104,940
	Builders FirstSource, Inc.
		6.75%, 06/01/27 (a)	112,000		116,151
		4.25%, 02/01/32 (a)	478,000		445,125
	Cargo Aircraft Management, Inc.
		4.75%, 02/01/28 (a)	166,000		161,835
	Clydesdale Acquisition Holdings Inc
		6.63%, 04/15/29 (a)	98,000		99,308
		8.75%, 04/15/30 (a)	236,000		222,135
	CP Atlas Buyer, Inc.
		7.00%, 12/01/28 (a) (c)	178,000		151,926
	Delta Air Lines, Inc.
		7.00%, 05/01/25 (a)	111,000		118,770
	Fortress Transportation And Infrastructure Investors LLC
		6.50%, 10/01/25 (a)	100,000		99,298
		9.75%, 08/01/27 (a)	55,000		57,524
		5.50%, 05/01/28 (a)	371,000		337,723
	Foxtrot Escrow Issuer LLC
		12.25%, 11/15/26 (a)	148,000		160,169
	General Electric Company
		4.16%, (3 Month USD LIBOR + 3.33%), (100, 06/15/22) (g) (h)	53,000		50,913
	Graham Packaging Company Europe LLC
		7.13%, 08/15/28 (a)	166,000		151,333
	Howmet Aerospace Inc.
		6.88%, 05/01/25	4,000		4,333
	Intelligent Packaging Limited Purchaser Inc.
		6.00%, 09/15/28 (a)	172,000		170,111
	Masonite International Corporation
		5.38%, 02/01/28 (a)	60,000		60,452
	MIWD Holdco II LLC
		5.50%, 02/01/30 (a)	52,000		48,627
	Pitney Bowes Inc.
		6.88%, 03/15/27 (a) (c)	217,000		205,477
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (a)	52,000		53,277
		5.75%, 04/15/26 (a)	81,000		82,612
		6.25%, 01/15/28 (a)	233,000		228,192
	Rolls-Royce Plc
		5.75%, 10/15/27 (a)	239,000		245,164
	SkyMiles IP Ltd.
		4.75%, 10/20/28 (a)	42,000		42,375
	Summit Materials, LLC
		5.25%, 01/15/29 (a)	138,000		136,319
	Terex Corporation
		5.00%, 05/15/29 (a)	191,000		183,494
	TransDigm Inc.
		8.00%, 12/15/25 (a)	34,000		35,461
		6.25%, 03/15/26 (a)	296,000		304,780
	TransDigm UK Holdings PLC
		6.88%, 05/15/26	51,000		52,027
	Triumph Group, Inc.
		8.88%, 06/01/24 (a)	65,000		68,654
	Uber Technologies, Inc.
		7.50%, 05/15/25 - 09/15/27 (a)	232,000		246,300
		4.50%, 08/15/29 (a)	90,000		84,376
	United Airlines Pass Through Trust
		4.38%, 04/15/26 (a)	41,000		40,369
		4.63%, 04/15/29 (a)	308,000		293,216
	Vertical Holdco GmbH
		7.63%, 07/15/28 (a) (c)	186,000		186,103
	Vertical U.S. Newco Inc.
		5.25%, 07/15/27 (a)	88,000		87,332
	Watco Companies, L.L.C.
		6.50%, 06/15/27 (a)	171,000		168,268
				6,821,056
Financials 10.8%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	129,000		128,715
		6.00%, 08/01/29 (a)	187,000		173,087
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (a)	188,000		202,224
	Albion Financing 2 S.a r.l.
		8.75%, 04/15/27 (a)	125,000		120,237
	Aretec Escrow Issuer Inc
		7.50%, 04/01/29 (a)	85,000		81,784
	Castlelake Aviation Finance Designated Activity Company
		5.00%, 04/15/27 (a) (c)	157,000		140,176
	Citigroup Inc.
		5.00%, (100, 09/12/24) (g)	166,000		164,520
	Credit Suisse Group AG
		6.25%, (100, 12/18/24) (a) (g) (i)	120,000		120,900
	EG Global Finance PLC
		6.75%, 02/07/25 (a)	180,000		178,875
		8.50%, 10/30/25 (a)	230,000		235,411
	Ford Motor Credit Company LLC
		3.09%, 01/09/23	200,000		200,250
		5.13%, 06/16/25	132,000		135,305
	Freedom Mortgage Corporation
		7.63%, 05/01/26 (a)	319,000		304,733
	Hertz Vehicle Financing II LP
		5.00%, 12/01/29 (a)	74,000		67,312
	HUB International Limited
		7.00%, 05/01/26 (a)	129,000		130,583
	Icahn Enterprises L.P.
		6.25%, 05/15/26	319,000		327,361
		5.25%, 05/15/27	196,000		192,516
	IHS Luxembourg S.A R.L.
		5.75%, 04/15/25 (a)	35,000		35,357
	Intelligent Packaging Holdco Issuer Ltd Partnership
		9.00%, 01/15/26 (a) (b)	39,000		38,613
	Jane Street Group, LLC
		4.50%, 11/15/29 (a)	38,000		35,997
	JBS Finance Luxembourg S.a r.l.
		3.63%, 01/15/32 (a)	300,000		276,144

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
	Lions Gate Capital Holdings LLC
		5.50%, 04/15/29 (a)	316,000		304,569
	LSF11 A5 Holdco LLC
		6.63%, 10/15/29 (a)	243,000		226,060
	Markel Corporation
		6.00%, (100, 06/01/25) (g)	129,000		134,586
	Navient Corporation
		6.75%, 06/25/25 - 06/15/26	220,000		226,070
		4.88%, 03/15/28	30,000		27,610
		5.50%, 03/15/29	112,000		104,668
	NFP Corp.
		6.88%, 08/15/28 (a)	236,000		225,349
	Nielsen Finance LLC
		5.88%, 10/01/30 (a)	140,000		140,323
		4.75%, 07/15/31 (a)	215,000		214,693
	Nordic Aviation Capital
		0.00%, 02/27/24 - 03/14/27 (b) (f) (j) (k) (l)	210,915		162,242
	Rocket Mortgage, LLC
		4.00%, 10/15/33 (a)	160,000		140,333
	SLM Corporation
		6.13%, 03/25/24	140,000		143,552
		5.63%, 08/01/33	190,000		159,868
	Springleaf Finance Corporation
		8.88%, 06/01/25	51,000		53,763
	Telenet Finance Luxembourg Notes S.A R.L.
		5.50%, 03/01/28 (a)	200,000		193,250
	UBS Group AG
		4.88%, (100, 02/12/27) (a) (g)	210,000		202,059
	USA Compression Finance Corp.
		6.88%, 04/01/26 - 09/01/27	429,000		432,038
	VistaJet Malta Finance P.L.C.
		6.38%, 02/01/30 (a)	310,000		291,731
				6,672,864
Health Care 4.8%
	Bausch Health Companies Inc.
		9.25%, 04/01/26 (a)	272,000		278,627
		8.50%, 01/31/27 (a) (c)	142,000		141,585
		7.00%, 01/15/28 (a)	51,000		45,697
		5.00%, 01/30/28 (a)	40,000		32,937
		4.88%, 06/01/28 (a)	41,000		39,265
		6.25%, 02/15/29 (a)	203,000		167,706
	Centene Corporation
		3.38%, 02/15/30	88,000		82,958
	Community Health Systems, Inc.
		6.88%, 04/15/29 (a) (c)	112,000		109,647
		4.75%, 02/15/31 (a)	213,000		201,285
	Endo Designated Activity Company
		9.50%, 07/31/27 (a) (c)	187,000		164,448
	Endo Luxembourg Finance Company I S.a r.l.
		6.13%, 04/01/29 (a)	118,000		107,639
	HCA Inc.
		5.38%, 02/01/25	109,000		113,615
	IQVIA Inc.
		5.00%, 05/15/27 (a)	125,000		126,454
	Mozart Debt Merger Sub Inc.
		3.88%, 04/01/29 (a)	215,000		198,865
		5.25%, 10/01/29 (a) (c)	243,000		226,085
	Ortho-Clinical Diagnostics, Inc.
		7.38%, 06/01/25 (a)	90,000		92,859
		7.25%, 02/01/28 (a)	27,000		27,802
	Owens & Minor, Inc.
		6.63%, 04/01/30 (a)	98,000		100,834
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	89,000		83,080
	Tenet Healthcare Corporation
		6.75%, 06/15/23	76,000		79,190
		4.88%, 01/01/26 (a)	93,000		94,107
		5.13%, 11/01/27 (a)	183,000		183,944
		4.63%, 06/15/28 (a)	140,000		137,879
		4.38%, 01/15/30 (a)	160,000		153,722
				2,990,230
Consumer Staples 4.3%
	APi Escrow Corp.
		4.75%, 10/15/29 (a)	157,000		146,007
	Edgewell Personal Care Colombia S A S
		5.50%, 06/01/28 (a)	74,000		73,659
	JBS USA Food Company
		6.50%, 04/15/29 (a)	48,000		50,868
	Kraft Heinz Foods Company
		4.63%, 10/01/39	218,000		220,805
		4.88%, 10/01/49	153,000		161,309
	Marb Bondco PLC
		3.95%, 01/29/31 (a)	290,000		256,765
	Matterhorn Merger Sub, LLC
		8.50%, 06/01/26 (a)	247,000		237,356
	MPH Acquisition Holdings LLC
		5.50%, 09/01/28 (a)	189,000		181,297
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (a)	131,000		132,431
		4.25%, 04/15/31 (a)	210,000		194,193
		3.50%, 03/01/32 (a)	53,000		46,336
	Prime Security Services Borrower, LLC
		3.38%, 08/31/27 (a)	55,000		50,434
	Safeway Inc.
		5.88%, 02/15/28 (a)	157,000		156,754
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a) (c)	328,000		272,258
	United Natural Foods, Inc.
		6.75%, 10/15/28 (a)	198,000		202,906
	United Rentals (North America), Inc.
		3.75%, 01/15/32	155,000		144,564
	Verscend Holding Corp.
		9.75%, 08/15/26 (a)	147,000		153,004
				2,680,946
Materials 3.6%
	Braskem Idesa, S.A.P.I.
		6.99%, 02/20/32 (a)	155,000		152,347
	Carpenter Technology Corporation
		6.38%, 07/15/28	63,000		63,232
	CVR Partners, LP
		6.13%, 06/15/28 (a)	76,000		76,289
	EverArc Escrow
		5.00%, 10/30/29 (a)	158,000		144,269
	First Quantum Minerals Ltd
		7.50%, 04/01/25 (a)	110,000		111,803
		6.88%, 10/15/27 (a)	140,000		146,412
	Flex Acquisition Company, Inc.
		6.88%, 01/15/25 (a)	155,000		155,592
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	117,000		120,368
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	148,000		147,340
	Hexion Inc.
		7.88%, 07/15/27 (a) (c)	163,000		172,542
	Hudbay Minerals Inc.
		6.13%, 04/01/29 (a)	277,000		285,371
	NOVA Chemicals Corporation
		5.25%, 06/01/27 (a)	185,000		184,395
	Pearl Merger Sub Inc.
		6.75%, 10/01/28 (a)	182,000		182,574
	United States Steel Corporation
		6.88%, 03/01/29 (c)	293,000		304,896
				2,247,430
Information Technology 3.2%
	ams AG
		7.00%, 07/31/25 (a)	462,000		469,741
	Arches Buyer Inc.
		6.13%, 12/01/28 (a)	19,000		17,527
	Booz Allen Hamilton Inc.
		4.00%, 07/01/29 (a)	67,000		65,437
	Boxer Parent Company Inc.
		7.13%, 10/02/25 (a)	46,000		47,660
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	95,000		96,066
		8.25%, 03/01/27 (a)	93,000		90,468
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (a)	85,000		80,476

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


			Shares/Par¹		Value ($)
	Entegris, Inc.
		4.38%, 04/15/28 (a)	82,000		80,007
	LogMeIn, Inc.
		5.50%, 09/01/27 (a)	202,000		189,034
	Minerva Merger Sub Inc
		6.50%, 02/15/30 (a)	98,000		95,075
	Open Text Corporation
		3.88%, 02/15/28 (a)	112,000		107,281
		3.88%, 12/01/29 (a)	157,000		149,165
		4.13%, 02/15/30 (a)	150,000		142,359
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	275,000		269,789
		6.50%, 07/15/28 (a)	91,000		87,364
				1,987,449
Utilities 1.3%
	Calpine Corporation
		4.50%, 02/15/28 (a)	217,000		211,749
		5.13%, 03/15/28 (a)	212,000		202,241
		3.75%, 03/01/31 (a)	72,000		64,516
	Vistra Operations Company LLC
		5.00%, 07/31/27 (a)	218,000		214,382
		4.38%, 05/01/29 (a)	139,000		131,336
				824,224
Real Estate 1.0%
	Cushman & Wakefield PLC
		6.75%, 05/15/28 (a)	93,000		97,182
	EPR Properties
		3.75%, 08/15/29	136,000		128,374
	Service Properties Trust
		5.25%, 02/15/26	373,000		352,737
	Uniti Group Inc.
		7.88%, 02/15/25 (a)	55,000		57,170
				635,463
	Total Corporate Bonds And Notes (cost $56,495,976)			54,911,724
SENIOR FLOATING RATE INSTRUMENTS 4.2%
Communication Services 1.2%
	Allen Media, LLC
		2021 Term Loan B, 5.72%, (3 Month USD LIBOR + 5.50%), 02/10/27 (h)	113,768		112,659
	GOGO Intermediate Holdings LLC
		Term Loan B, 4.50%, (3 Month USD LIBOR + 3.75%), 04/21/28 (h)	152,569		151,234
	Intelsat Jackson Holdings S.A.
		2021 Exit Term Loan B, 0.00%, (SOFR + 4.25%), 01/25/29 (h) (m)	70,119		68,870
		2021 Exit Term Loan B, 4.92%, (SOFR 180-Day Average + 4.25%), 01/25/29 (h)	84,269		82,768
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 5.50%, (3 Month USD LIBOR + 4.50%), 06/20/24 (h)	159,067		151,113
	Zacapa S.a. r.l.
		2022 Term Loan, 0.00%, (SOFR + 4.25%), 02/10/29 (h) (m)	152,874		151,690
				718,334
Information Technology 0.9%
	Almonde, Inc.
		USD 1st Lien Term Loan, 4.50%, (3 Month USD LIBOR + 3.50%), 04/26/24 (h)	65,253		64,349
	CoreLogic, Inc.
		Term Loan, 4.00%, (1 Month USD LIBOR + 3.50%), 04/14/28 (h)	90,773		89,582
	Cornerstone OnDemand, Inc.
		2021 Term Loan, 4.25%, (3 Month USD LIBOR + 3.75%), 09/08/26 (h)	69,876		69,090
	Peraton Corp.
		Term Loan B, 4.50%, (1 Month USD LIBOR + 3.75%), 02/22/28 (h)	141,928		140,731
	Redstone Holdco 2 LP
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 04/27/28 (h)	149,250		145,519
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 4.50%, (3 Month USD LIBOR + 4.00%), 08/09/25 (h)	62,318		61,325
				570,596
Consumer Discretionary 0.7%
	Great Outdoors Group, LLC
		2021 Term Loan B1, 4.50%, (1 Month USD LIBOR + 3.75%), 02/26/28 (h)	148,712		147,968
	Michaels Companies, Inc.
		2021 Term Loan B, 5.00%, (3 Month USD LIBOR + 4.25%), 04/08/28 (h)	122,872		115,004
	Mileage Plus Holdings LLC
		2020 Term Loan B, 6.25%, (3 Month USD LIBOR + 5.25%), 12/31/23 (h)	49,200		50,984
	TGP Holdings III, LLC
		2021 Delayed Draw Term Loan , 0.00%, 06/24/28 (h) (m)	13,393		12,790
		2021 Term Loan, 4.00%, (1 Month USD LIBOR + 3.25%), 06/24/28 (h)	101,571		97,001
				423,747
Health Care 0.5%
	Advisor Group, Inc.
		2021 Term Loan, 4.71%, (1 Month USD LIBOR + 4.50%), 07/31/26 (h)	83,505		83,062
	Illuminate Merger Sub Corp.
		Term Loan, 4.00%, (3 Month USD LIBOR + 3.50%), 06/30/28 (h)	154,000		148,610
	Lonza Group AG
		USD Term Loan B, 4.75%, (6 Month USD LIBOR + 4.00%), 04/29/28 (h)	81,462		79,323
				310,995
Industrials 0.5%
	AAdvantage Loyalty IP Ltd.
		2021 Term Loan, 5.50%, (3 Month USD LIBOR + 4.75%), 03/10/28 (h)	187,000		189,162
	Dynasty Acquisition Co., Inc.
		2020 CAD Term Loan B2, 3.72%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	23,523		23,072
		2020 Term Loan B1, 3.72%, (3 Month USD LIBOR + 3.50%), 04/06/26 (h)	43,752		42,914
	United Airlines, Inc.
		2021 Term Loan B, 4.50%, (3 Month USD LIBOR + 3.75%), 04/14/28 (h)	53,694		52,979
				308,127
Financials 0.4%
	Acrisure, LLC
		2020 Term Loan B, 3.72%, (1 Month USD LIBOR + 3.50%), 01/30/27 (h)	95,795		94,279
	NAC Aviation 29 DAC
		2022 DIP Delayed Draw Term Loan, 0.00%, (3 Month USD LIBOR + 8.00%), 09/07/22 (h) (m)	3,610		3,682
		2022 DIP Delayed Draw Term Loan, 9.00%, (3 Month USD LIBOR + 8.00%), 09/07/22 (h)	4,332		4,419
		2022 DIP Delayed Draw Term Loan, 9.00%, (1 Month USD LIBOR + 8.00%), 09/07/22 (h)	4,332		4,419
	Raptor Acquisition Corp.
		2021 Term Loan, 4.93%, (3 Month USD LIBOR + 4.00%), 11/01/26 (h)	154,612		153,598
				260,397
	Total Senior Floating Rate Instruments (cost $2,627,165)			2,592,196
INVESTMENT COMPANIES 0.9%
	iShares Broad USD High Yield Corporate Bond ETF		15,247		592,498
	Total Investment Companies (cost $586,552)			592,498
COMMON STOCKS 0.3%
Communication Services 0.2%
	Clear Channel Outdoor Holdings, Inc. (j)		8,143		28,175
	iHeartMedia, Inc. - Class A (j)		3,283		62,147
				90,322
Energy 0.1%
	MPLX LP		2,200		72,996
	Total Common Stocks (cost $175,217)			163,318
SHORT TERM INVESTMENTS 9.6%
Securities Lending Collateral 6.4%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (n)		3,956,135		3,956,135

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022


		Shares/Par¹		Value ($)
Investment Companies 3.2%
	State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.25% (n)	1,979,899		1,979,899
	Total Short Term Investments (cost $5,936,034)		5,936,034
Total Investments 103.7% (cost $65,820,944)				64,195,770
Other Assets and Liabilities, Net (3.7)%				(2,315,716)
Total Net Assets 100.0%				61,880,054

(a) Security is exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2022, the value and the percentage of net assets of these securities was $43,618,397 and 70.5% of the Fund.

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

(d) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2022.

(e) The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2022.

(f) Security is restricted to resale to institutional investors. See Restricted Securities table following the Schedules of Investments.

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

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(i) Convertible security.

(j) Non-income producing security.

(k) As of March 31, 2022, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(m) This senior floating rate interest will settle after March 31, 2022. If a reference rate and spread is presented, it will go into effect upon settlement.

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


PPM High Yield Core Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Energean Israel Finance Ltd, 4.88%, 03/30/26	03/09/21	262,655	255,725	0.4
	Nordic Aviation Capital, 0.00%, 02/27/24	02/06/20	81,782	57,902	0.1
	Nordic Aviation Capital, 0.00%, 03/14/27	10/01/19	129,133	104,340	0.2
			473,570	417,967	0.7

Abbreviations and additional footnotes are defined on page 13

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

Currency Abbreviations:

USD - United States Dollar

CAD - Canadian Dollar

Abbreviations:


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

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

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

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” or “Custodian”). 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, in addition to lending fees and rebates negotiated with the borrower. The Funds bear the market risk with respect to the collateral investment and securities loaned. The Funds also bear the risk that State Street may default on its obligations to the Funds. Non-cash collateral may include US government securities; US government agencies’ debt securities; and US government-sponsored agencies’ debt securities and mortgage-backed securities. 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 Investment Company Act of 1940, as amended (“the1940 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.

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

The net asset value ("NAV") of a Fund's shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). However, consistent with legal requirements, calculation of the Fund’s NAV may be suspended on days determined by the Board during times of NYSE market closure, which may include times during which the SEC issues policies or protocols associated with such closure pursuant to Section 22(e) of the 1940 Act. To the extent an NYSE closure is determined to not have resulted in a disruption of normal market activity, the Valuation Committee may utilize the time the NYSE was scheduled to close for purposes of measuring and calculating the Funds’ NAVs. Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter (“OTC”) market. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Debt and derivative securities are generally valued by independent pricing services approved by the Board. If a valuation from a third-party pricing service is unavailable or it is determined that such valuation does not approximate fair value, debt obligations with remaining maturities of sixty (60) days or less may be valued at their amortized cost, unless it is determined that such practice also does not approximate fair value. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day’s mid-price.

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

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

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

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

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

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

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

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

The following table summarizes each Fund’s investments in securities and other financial instruments as of March 31, 2022, by valuation level.


	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
PPM Core Plus Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		27,571,216	105,586	27,676,802
Government And Agency Obligations	—		21,433,944	—	21,433,944
Non-U.S. Government Agency Asset-Backed Securities	—		3,639,769	—	3,639,769
Senior Floating Rate Instruments	—		1,148,251	78,000	1,226,251
Short Term Investments	3,968,211		—	—	3,968,211
	3,968,211		53,793,180	183,586	57,944,977
Assets - Investments in Other Financial Instruments¹
Futures Contracts	175,426		—	—	175,426
	175,426		—	—	175,426
Liabilities - Investments in Other Financial Instruments¹
Futures Contracts	(237,509	)	—	—	(237,509	)
	(237,509	)	—	—	(237,509	)
PPM High Yield Core Fund
Assets - Securities
Corporate Bonds And Notes	—		54,749,482	162,242	54,911,724
Senior Floating Rate Instruments	—		2,592,196	—	2,592,196
Investment Companies	592,498		—	—	592,498
Common Stocks	163,318		—	—	163,318
Short Term Investments	5,936,034		—	—	5,936,034
	6,691,850		57,341,678	162,242	64,195,770

¹ All derivatives, except for purchased and written options, are reflected at the unrealized appreciation (depreciation) on the instrument. Purchased and written options are reflected at value.

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, 2022.

PPMFunds

Schedules of Investments (Unaudited)

March 31, 2022

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.

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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