Principal Owners Headquartered in Chicago, PPM America, Inc. (“PPM”) was founded in 1990 and, along with its affiliate PPM Loan Management Company 2, LLC, provides clients with investment solutions across markets, including public fixed income, private equity, private debt, commercial real estate and collateralized loan obligations (“CLOs”). PPM is an indirect, wholly owned subsidiary of Jackson Financial Inc. (“JFI”), a publicly traded company (NYSE: JXN) and parent company of Jackson National Life Insurance Company (“Jackson”). PPM’s direct parent company is PPM Holdings, Inc., which is owned by Jackson Holdings, LLC, a subsidiary of JFI. Types of Advisory Services PPM is the primary investment manager for the general account assets of JFI’s insurance subsidiaries and also serves as sub-adviser to US mutual funds associated with Jackson’s variable annuities and advised by Jackson National Asset Management LLC (“JNAM”), a subsidiary of Jackson. PPM is also the adviser to the PPM Funds, a family of institutional share class mutual funds. Additionally, PPM provides advisory services to non-US pooled investment vehicles, structured vehicles such as CLOs, private equity funds, and separately managed accounts for third-party institutional clients. (See Items 7 and 10). Generally, PPM provides clients with investment advice across a range of investment strategies which include, but are not limited to:  Public fixed income strategies  Investment grade private placement debt  Investment grade public / private credit  Floating rate debt  Private equity  Commercial real estate debt Depending on the strategy, PPM provides advice on a wide variety of security types, primarily US dollar-denominated, although, to a lesser extent, PPM also offers advice on similar types of securities or instruments denominated in currencies other than the US dollar. Such security and instrument types include but are not limited to:  Corporate debt securities (including investment grade corporate debt and high yield corporate debt)  Syndicated bank loans  Mortgage securities (residential and commercial)  Asset-backed securities  Commercial mortgage loans (“CMLs”)  Real estate investment trusts (“REITs”) (both equity and debt)  US government securities  Commercial paper  Taxable municipal securities  Derivatives (including, but not limited to options, futures, options on futures, swaps, options on swaps and other similar transactions)  Private investments (including equity, debt and interests in partnerships or other entities)  Equity securities (exchange-listed and over-the-counter, both US and foreign issuers) PPM also provides advice to clients regarding the workout or restructuring of troubled or defaulted investments. Information regarding the investment strategies and the instruments utilized in each strategy is included in Item 8 of this brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss.” PPM focuses primarily on investment management for its clients, and generally does not provide other types of services to advisory clients (for example, investment accounting or custodial services). However, for certain clients PPM provides various support

services, including portfolio valuation and performance analysis; commercial mortgage loan origination and servicing; marketing and distribution support; assistance with regulatory inquiries; and analysis of existing and proposed statutes and regulations governing certain 5 | PPM America, Inc. investments. On a limited basis, PPM also provides services to third parties that are not advisory clients, including commercial mortgage loan origination and servicing and facilitation of private equity co-investments. Investment Restrictions PPM designs each of its investment strategies based on an investment objective and risk appetite, as described in more detail in Item 8. However, PPM will work with clients to tailor a strategy to a client’s mandate, including specific investment guidelines and restrictions. Generally, all investment guidelines and restrictions are incorporated into each client’s investment advisory agreement or, in the case of pooled investment vehicles, a prospectus or other governing disclosure document. Client-imposed investment guidelines or restrictions that vary from PPM’s established strategies may affect the account’s performance, which can result in performance that is better or worse relative to other client accounts with similar investment strategies but differing guidelines or restrictions. If a client requires guidelines that direct PPM to avoid investments based on common socially responsible investment themes (e.g., alcohol, tobacco or gambling) or other governmental imposed sanctions (e.g., Syria and Iran), and the client does not otherwise provide a specified list of restricted issuers or investments, PPM will use a third-party service provider to identify the universe of restricted securities. Absent a client providing specific direction on prohibited securities or issuers, PPM’s interpretation of the socially responsible restriction will control. Wrap Fee Programs PPM does not currently provide portfolio management or other services in connection with wrap fee programs. Class Actions In addition to investment advisory services, PPM may assist its clients with class action claim filings throughout the course of a client’s contractual relationship with PPM. In this regard, pursuant to an agreement with the client or other client direction, PPM will process class action claim filings on behalf of the client (with the cooperation and assistance of the client or its custodian), whereby PPM arranges (directly or through a service) for the filing and monitoring of such claims on behalf of the client. Absent client direction, PPM will have no obligation to recommend to a client whether the client should submit a claim, opt-in to a lawsuit, opt-out of a settlement or otherwise participate in litigation, and accordingly, the client and/or its custodian or other client agent would be responsible for handling such claims. Assets Under Management As of December 31, 2023, PPM managed approximately $73,107,200,000 in assets under management (“AUM”)1 for its 37 clients. Of this amount, approximately $72,524,700,000 was managed for 33 clients on a discretionary basis and approximately $582,500,000 was managed for 4 clients on a non-discretionary basis.