# EDGAR Filing Document

**Accession Number:** 0001722478
**File Stem:** 0001145549-23-016540
**Filing Date:** 2023-3
**Character Count:** 43273
**Document Hash:** 706cf088e012e7d465e813738de59009
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-016540.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001145549-23-016540

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**EFFECTIVENESS DATE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PPM Funds
- **CENTRAL INDEX KEY:** 0001722478
- **IRS NUMBER:** 363714794
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23308
- **FILM NUMBER:** 23734946

**BUSINESS ADDRESS:**
- **STREET 1:** 225 WEST WACKER DRIVE
- **STREET 2:** SUITE 1200
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126342500

**MAIL ADDRESS:**
- **STREET 1:** 225 WEST WACKER DRIVE
- **STREET 2:** SUITE 1200
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### PPM Core Plus Fixed Income Fund (Series ID: S000061235)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000198333 | PPM Core Plus Fixed Income Fund (Inst) |  |

### PPM Floating Rate Income Fund (Series ID: S000061237)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000198335 | PPM Floating Rate Income Fund (Inst) |  |

### PPM High Yield Core Fund (Series ID: S000061238)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000198336 | PPM High Yield Core Fund (Inst) |  |

### PPM Long Short Credit Fund (Series ID: S000061239)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000198337 | PPM Long Short Credit Fund (Inst) |  |

### PPM Large Cap Value Fund (Series ID: S000061241)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000198339 | PPM Large Cap Value Fund (Inst) |  |

### PPM Mid Cap Value Fund (Series ID: S000061242)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000198340 | PPM Mid Cap Value Fund (Inst) |  |

### PPM Small Cap Value Fund (Series ID: S000061243)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000198341 | PPM Small Cap Value Fund (Inst) |  |

### PPM Core Fixed Income Fund (Series ID: S000067083)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000215796 | PPM Core Fixed Income Fund (Inst) |  |

### PPM Investment Grade Credit Fund (Series ID: S000067084)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000215797 | PPM Investment Grade Credit Fund (Inst) |  |

## Internal

#### Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Trustees

PPM Funds:

In planning and performing our audits of the financial statements and financial highlights of the Funds listed in the Appendix (the Funds), each a series within PPM Funds, as of and for the year ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and financial highlights and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements and financial highlights for external purposes in accordance with U.S. generally accepted accounting principles (GAAP). A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and Board of Trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements and financial highlights.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements and financial highlights will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, which we consider to be a material weakness as defined above as of December 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of PPM Funds and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.

/s/ KPMG LLP

Chicago, Illinois

February 23, 2023

#### Appendix

PPM Core Plus Fixed Income Fund <br> <u> PPM High Yield Core Fund </u>

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001722478

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** PPM Funds

- **Item B.1.b - Investment Company Act file number:** 811-23308

- **Item B.1.c - CIK:** 0001722478

- **Item B.1.d - LEI:** 549300UPJLTA0X102E93

- **Item B.2.a - Street 1:** 225 West Wacker Drive

- **Item B.2.a - Street 2:** Suite 1200

- **Item B.2.b - City:** Chicago

- **Item B.2.c - State:** IL

- **Item B.2.e - Zip Code:** 60606

- **Item B.2.f - Telephone:** 3126342500

- **Item B.2.g - Public Website:** www.ppmamerica.com/ppmfunds

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Offices of the Registrant

- **b. Street 1:** 225 West Wacker Drive

- **Street 2:** Suite 1200

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60606

- **g. Telephone number:** 3126342500

- **h. Briefly describe the books and records kept at this location:** The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Office of the Administrator: Jackson National Asset Management, LLC

- **b. Street 1:** 225 West Wacker Drive

- **Street 2:** Suite 1200

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60606

- **g. Telephone number:** 3126342500

- **h. Briefly describe the books and records kept at this location:** The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Office of Custodian: State Street Bank and Trust Company

- **b. Street 1:** 1776 Heritage Drive

- **Street 2:** John Adams Building

- **c. City:** North Quincy

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02171

- **g. Telephone number:** 6177863000

- **h. Briefly describe the books and records kept at this location:** The accounts, books, and other documents required to be maintained by Registrant pursuant to section 31(a) of the Investment Company Act of 1940 and the Rules thereunder.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 2

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name             | Is Interested Person?   | Other Investment Company File Numbers                                                             |
|:---|:---|:---|
| Kevin Callahan   | No                      | 811-23728                                                                                         |
| Janet D. Olsen   | No                      | 811-22668                                                                                         |
| Mary Capasso     | Yes                     | N/A                                                                                               |
| Ronald A. Nyberg | No                      | 811-01136, 811-02753, 811-22946, 811-22309, 811-21309, 811-22437, 811-21982, 811-23057, 811-23702 |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Joseph O'Boyle

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 225 West Wacker Drive

- **   Street Address 2:** Suite 1000

- **d. City:** Chicago

- **e. State, if applicable:** IL

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 60606

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Foreside Financial Services, LLC

- **ii. SEC file number:** 8-68027

- **iii. CRD number:** 000148477

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** Yes

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** KPMG LLP

- **b. PCAOB Number:** 00185

- **c. LEI, if any:** 5493003PVCIGA21K0K42

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - PPM Core Plus Fixed Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** PPM Core Plus Fixed Income Fund

- **b. Series identification number, if any:** S000061235

- **c. LEI:** 549300MDZOMM4ZCFYT38

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Institutional           | C000198333                                | PKPIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [x] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $1,206,938.81

- **g. Provide the net income from securities lending activities:** $4,892.28

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** PPM America, Inc.

- **ii. SEC file number:** 801-40783

- **iii. CRD number:** 000107269

- **iv. LEI, if any:** JJRYDUHUMCZ72M58YS96

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** UMB Fund Services, Inc.

- **ii. SEC file number:** 084-05792

- **iii. LEI, if any:** 549300MGEH3N3CUCV828

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Jackson National Asset Management, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493007VBHOLN7EP1418

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** Yes

**Pricing Services Record: 2**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Intercontinental Exchange

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Bloomberg Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300RMUDWPHCUQNE66

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** S&P Global

- **ii. LEI, if any, or provide and describe other identifying number:** Y6X4K52KMJMZE7I7MY94

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Euroclear PLC

- **ii. LEI, if any:** 54930045L3MXWBD27H71

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** State Street Trust Company Canada

- **ii. LEI, if any:** 549300L71XG2CTQ2V827

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** UMB Fund Services, Inc.

- **ii. LEI, if any:** 549300MGEH3N3CUCV828

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** National Financial Services LLC

- **ii. LEI, if any:** 549300JRHF1MHHWUAW04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Jackson National Asset Management, LLC

- **ii. LEI, if any, or other identifying number:** 5493007VBHOLN7EP1418

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Banc of America Securities

- **ii. SEC file number:** 8-42263

- **iii. CRD number:** 000026091

- **iv. LEI, if any:** 549300IE5TDZLY0T0V30

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,296.16

**Aggregate Commission:** $2,296.16

**Item C.17.a. Principal transaction counterparties.**

| Name                           | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| State Street Corporation       | 8-31848           |    000015105 | 571474TGEMMWANRLN572 | MA      | US        | $74,454,918.92            |
| Wells Fargo Securities, LLC    | 8-35225           |    000017438 | VYVVCKR63DVZZN70PB21 | NY      | US        | $20,283,444.38            |
| CitiGroup Global Markets, Inc. | 8-08177           |    000007059 | MBNUM2BPBDO7JBLYG310 | MN      | US        | $19,863,930.20            |
| J.P. Morgan Securities LLC     | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $14,748,196.89            |
| Morgan Stanley & Co, Inc       | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $11,331,919.46            |
| Goldman Sachs & Co. LLC        | 8-00129           |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $11,186,376.29            |
| Banc of America Securities     | 8-42263           |    000026091 | 549300IE5TDZLY0T0V30 | NC      | US        | $10,958,454.78            |
| Credit Suisse                  | 8-00422           |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $5,513,640.83             |
| Barclays PLC                   | 8-41342           |    000019714 | G5GSEF7VJP5I7OUK5573 | NY      | US        | $5,280,951.48             |
| BMO Capital Markets Corp.      | 8-50538           |    000044057 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $4,263,128.98             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $198,194,088.60

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $51,617,582.01

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - PPM High Yield Core Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** PPM High Yield Core Fund

- **b. Series identification number, if any:** S000061238

- **c. LEI:** 549300MC39185L8C1I66

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Institutional           | C000198336                                | PKHIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [x] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $3,359,303.97

- **g. Provide the net income from securities lending activities:** $17,310.15

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** PPM America, Inc.

- **ii. SEC file number:** 801-40783

- **iii. CRD number:** 000107269

- **iv. LEI, if any:** JJRYDUHUMCZ72M58YS96

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** UMB Fund Services, Inc.

- **ii. SEC file number:** 084-05792

- **iii. LEI, if any:** 549300MGEH3N3CUCV828

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Jackson National Asset Management, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493007VBHOLN7EP1418

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** Yes

**Pricing Services Record: 2**

- **i. Full name:** Refinitiv US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Intercontinental Exchange

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Bloomberg Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300RMUDWPHCUQNE66

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 6**

- **i. Full name:** S&P Global

- **ii. LEI, if any, or provide and describe other identifying number:** Y6X4K52KMJMZE7I7MY94

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Euroclear PLC

- **ii. LEI, if any:** 54930045L3MXWBD27H71

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** State Street Trust Company Canada

- **ii. LEI, if any:** 549300L71XG2CTQ2V827

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** UMB Fund Services, Inc.

- **ii. LEI, if any:** 549300MGEH3N3CUCV828

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Jackson National Asset Management, LLC

- **ii. LEI, if any, or other identifying number:** 5493007VBHOLN7EP1418

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                           | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| State Street Corporation       | 8-31848           |    000015105 | 571474TGEMMWANRLN572 | MA      | US        | $63,522,304.66            |
| Banc of America Securities     | 8-42263           |    000026091 | 549300IE5TDZLY0T0V30 | NC      | US        | $7,148,260.82             |
| Credit Suisse                  | 8-00422           |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $7,088,689.61             |
| Goldman Sachs & Co. LLC        | 8-00129           |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $7,080,103.83             |
| J.P. Morgan Securities LLC     | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $6,780,148.96             |
| Barclays PLC                   | 8-41342           |    000019714 | G5GSEF7VJP5I7OUK5573 | NY      | US        | $5,290,617.40             |
| CitiGroup Global Markets, Inc. | 8-08177           |    000007059 | MBNUM2BPBDO7JBLYG310 | MN      | US        | $4,857,392.48             |
| Morgan Stanley & Co, Inc       | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $4,544,239.31             |
| Jefferies Group                | 8-15074           |    000002347 | NY9Q8VBNB6D1L6YV0J84 | NY      | US        | $3,820,534.63             |
| RBC Capital Markets, LLC       | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $2,995,650.66             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $126,815,740.60

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $56,747,927.71

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** PPM Funds

**Date:** 2023-03-15

**Signature:** Andrew Tedeschi

**Title:** Principal Financial Officer